Core Viewpoint - Zhejiang Meida, a leading integrated stove manufacturer, has announced an investment in the autonomous driving sector, acquiring a stake in Magic Vision Technology for a total of 110 million yuan, reflecting a strong belief in the industry's growth potential [2][4]. Investment Details - The investment consists of 100.8 million yuan for subscribing to new registered capital and 9.1664 million yuan for acquiring existing shares, totaling 110 million yuan [2]. - Post-transaction, Zhejiang Meida will hold 4.8657% of Magic Vision, which has a post-investment valuation of 2.261 billion yuan [2]. Financial Performance of Magic Vision - As of the end of 2024 and the first quarter of 2025, Magic Vision's net assets were 35.085 million yuan and 30.361 million yuan, respectively [3]. - The company's projected revenue for 2024 is 375 million yuan, with a net loss of 14.784 million yuan, while the first quarter of 2025 shows revenue of 71.81 million yuan and a net loss of 32.196 million yuan [3]. Industry Context - Magic Vision focuses on R&D and mass production of autonomous driving and advanced driver-assistance technologies, providing comprehensive solutions for various driving scenarios [4]. - The autonomous driving industry is experiencing rapid growth, with increasing penetration rates in both passenger and commercial vehicles [4]. Zhejiang Meida's Recent Performance - Zhejiang Meida has faced significant challenges, with a 32% decline in net profit in 2022 and a further 76% drop in 2024, resulting in a net profit of only 11 million yuan [4][5]. - The company's stock price has significantly decreased, with a market value of 4.619 billion yuan as of June 13, down nearly two-thirds from its peak in 2021 [6].

证券代码：002677 证券简称：浙江美大 公告编号：2025-019 浙江美大实业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、对外投资概述 浙江美大实业股份有限公司（以下简称"公司"）基于对智能驾驶行业发展前 景的看好，于 2025 年 6 月 13 日召开了公司第五届董事会第十二次会议，审议通过 了《关于公司对外投资的议案》，同意公司以人民币 100,833,551.50 元认购魔视智 能科技（上海）有限公司（以下简称"魔视智能"或"目标公司"）新增注册资本 智能注册资本 22,791 美元，合计投资金额 110,000,000.00 元。本次交易完成后， 公司将取得魔视智能 123,074 美元注册资本，占本次交易后魔视智能 4.8657%的股 权。 《关于魔视智能科技（上海）有限公司之投资协议》（以下简称"投资协议"），与 Motovis Limited、Forever Bright Technology Limited、上海俐智企业管理咨询 合伙企业(有限合伙)、大陆投资（中国）有限公司、徐州产发产业投资基金合伙企 业（有限合伙 ...

Group 1 - The company held its fifth board meeting on June 13, 2025, with all nine directors present, complying with relevant laws and regulations [1][2] - The board approved an investment in Magic Vision Technology (Shanghai) Co., Ltd., recognizing the growth potential in the intelligent driving industry and the company's R&D capabilities [2] - The company plans to invest RMB 100,833,551.50 to subscribe for new registered capital of USD 100,283 in Magic Vision, and acquire an additional stake from Motovis Limited, resulting in a total ownership of 4.8657% post-transaction [2]

Core Insights - The 2025 International Automotive and Supply Chain Expo in Hong Kong showcased cutting-edge vehicles and technologies, highlighting the future of transportation [2] - Horizon Robotics, a leading smart driving technology company, presented its Horizon SuperDrive (HSD) and Journey 6 series, receiving the 2025 China Automotive Supply Chain Innovation Achievement Award [2] - The company emphasizes its commitment to technological innovation and aims to provide optimal, flexible, and upgradable smart driving solutions for global customers [2] Company Developments - Horizon Robotics introduced the "User Trust in Smart Driving" formula, focusing on safety, professionalism, and intimacy to enhance user experience in urban driving [3] - The HSD system features an end-to-end architecture that ensures seamless operation from photon input to trajectory output, providing a human-like driving experience [3] - The system incorporates end-to-end reinforcement learning and a digital twin world to continuously improve driving capabilities [3] Product Offerings - HSD offers various configurations to meet diverse user needs, including HSD 300 for general urban driving, HSD 600 for high-performance L2 urban driving, and HSD 1200 for all-scenario driving [4] - The modular design of the Horizon Cell "magazine system" allows for easy upgrades of the onboard computing platform, similar to upgrading a personal computer [3][4] Market Collaborations - Horizon Robotics has partnered with Chery Group for the mass production of HSD, which will debut in the "Falcon" model under the Exeed brand, expected to launch in Q3 2025 [5] - The company has established close collaborations with leading Tier-1 companies such as Bosch, Denso, and ZF, with over 8 million units of its pre-installed solutions shipped to date [5] - Currently, one in three smart vehicles in the market is equipped with Horizon's driving assistance solutions [5]

地平线HSD是国内首个软硬结合全栈开发的城区辅助驾驶系统，搭载最高算力国产智驾计算方案征程 6P，采用一段式端到端架构，实现了从光子输入到轨迹输出的全局打通，可提供安全、专业、可靠的 极致拟人体验，让用户享受全场景无差别的安全出行体验。此外，HSD 还引入端到端强化学习，通过 构建数字孪生世界及建立相应的奖惩机制让模型自我学习和探索，学习开车的底层逻辑，夯实基础驾驶 能力。 2025年6月12日，2025首届国际汽车及供应链博览会（香港）在亚洲博览馆正式开幕。作为国内率先在 香港交易所主板挂牌上市的智驾科技企业，地平线携城区辅助驾驶系统Horizon SuperDrive™（简称 HSD）和车载智能计算方案征程（®）6系列首度亮相。凭借领先的软硬结合技术，地平线HSD获得了 大会颁发的2025中国汽车供应链创新成果奖，向全球展现了智驾科技的未来方向与实践路径。 香港作为国际著名的金融中心、贸易中心和科创中心，其地缘优势、金融实力和国际化服务能力为新能 源汽车全球化提供了坚实支撑。同时，作为连接内地和全球的贸易枢纽，香港也是中国汽车出海重要的 桥头堡，更是内地企业"引进来"、"走出去"的双向门户。本次博览会紧扣 ...

Group 1 - The "H+A" policy allows eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange, specifically targeting companies registered in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Currently, only 23 Hong Kong-listed companies meet the criteria of being registered in mainland China and located in the Greater Bay Area, indicating a limited number of potential candidates for this policy [1][2] - Among the 23 eligible companies, notable ones include Sunshine Insurance (6963.HK), UBTECH (9880.HK), and Wanwu Cloud (2602.HK), with market capitalizations of 38.76 billion HKD, 36.23 billion HKD, and 24.84 billion HKD respectively [2][3] Group 2 - The industries represented by these companies primarily include real estate and finance, with specific examples such as Guangzhou Rural Commercial Bank (1551.HK) and Wanwu Cloud (2602.HK) [3] - The return of these companies to the A-share market faces challenges, particularly in the finance and real estate sectors, where recent attempts to list have stalled [3][4] - In contrast, technology companies like UBTECH (9880.HK) and others in the AI and semiconductor sectors are seen as having more potential for successful listings [3][6] Group 3 - The three highlighted technology companies are currently operating at a loss, with UBTECH projected to generate 1.305 billion RMB in revenue but incurring a loss of 1.16 billion RMB in 2024 [4] - The "H+A" policy is expected to enhance the quality of listed companies on the Shenzhen Stock Exchange and attract long-term investment by narrowing the valuation gap between H-shares and A-shares [6] - Challenges remain in the implementation of the "H+A" policy, including the need for clearer regulations, addressing valuation discrepancies, and ensuring compliance with dual disclosure standards [6]

行业研究 不止于车载传感器，非车赛道激光雷达加速放量背景下，重点推荐全球激光雷达龙头速腾聚创、禾赛。 智能驾驶技术路线改变；L3/L4 渗透率不及预期；泛机器人视觉方案出现变动；国际关系端影响海外销售风险。 敬请参阅最后一页特别声明 1 行业研究 内容目录 | 1. 车规市场：AEBS 新规有望推动激光标配，下沉化+高端化或牵引量价齐升 5 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1.1 ≤L2 辅助驾驶：AEBS 系统或将升级为强制性国标，标配车载激光雷达或提上日程 5 | | | | | | | | | 1.2 L3 有条件的自动驾驶："接管缓冲期+责任转移"，单车 4-5 颗激光雷达或为刚需 8 | | | | | | | | | 自动驾驶：Robotaxi 落地车型搭载 颗激光雷达，中美主流厂商进展提速 9 1.3 L4 7-10 | | | | | | | | | 1.4 规模扩容：成本下探+政策催化激活中低端市场，L3/4 高阶智驾有望构筑"通胀引擎" 10 | | | | | | | | | 2. 割 ...

Core Viewpoint - Tianzhun Technology has achieved mass production and delivery of its intelligent driving domain controller based on the Horizon J6 platform in the commercial vehicle sector [1] Group 1 - The intelligent driving domain controller is specifically designed for commercial vehicles [1] - The product is based on the Horizon J6 platform, indicating a partnership or technology integration with Horizon [1]

Group 1 - The issuance of the policy allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, creating a new "H+A" listing channel for high-quality enterprises [1] - The policy is expected to improve the valuation of quality technology companies in the A-share market, addressing the valuation discount caused by liquidity issues in the Hong Kong market [1] - The example of CATL's record IPO of HKD 41 billion demonstrates the financing value of the Hong Kong market for mainland technology companies, while Shenzhen is positioned as a leader in technological innovation [1] Group 2 - Companies like Youjia Innovation, Sutech, and UBTECH, if they list on the Shenzhen Stock Exchange, will not only broaden their financing channels but also potentially enhance their valuations, alleviating financial pressure from R&D investments [2] - A report from Guozheng International highlights Youjia Innovation as one of the few companies capable of fully self-developing intelligent driving solutions, with a target price of HKD 31.4, indicating a 20% upside potential [2] - The return of these companies to the Shenzhen market will inject fresh blood into the A-share market, promoting further alignment with international standards [2] Group 3 - The ability to leverage the AEB mandatory assembly policy and capitalize on the capital opportunities presented by "H+A" will test the effectiveness of the current policies aimed at integrating technology, industry, and finance [3]

中国渐进式自动驾驶先锋 佑驾创新是一家自动驾驶科技公司。公司采取渐进式发展策略，从基础的 ADAS 功能起步， 逐步迭代升级。产品涵盖了从 L0 至 L4 自动驾驶的各类解决方案，可满足不同场景和车型 的需求。我们认为佑驾是中国少有的能够实现自动驾驶解决方案全栈自研的公司，考虑其 优秀的产品梯队和客户矩阵，未来有望展现出极强的业绩弹性。综合 PS 与 DCF 估值，首 次覆盖给与目标价 31.4 港元，距离现价有 20%上升空间，给与"买入"评级， 报告摘要 中国领先的自动驾驶科技公司，致力于用持续迭代的创新技术与规模化量产经验， 为智能汽车全方位赋能。公司创立于 2014 年，以深圳为总部，在上海、武汉、北 京、南京等地设立数据中心、研发中心等。公司采取渐进式发展策略，从 L0 级辅 助驾驶系统起步，逐步构建覆盖 L0 至 L2+级解决方案的产品矩阵，并于 2025 年 实现 L4 级自动驾驶解决方案交付，主要客户包括上汽、奇瑞、东风、吉利、长安 和比亚迪。根据灼识咨询的统计，于 2023 年，按 L0 至 L2+解决方案的收入计， 佑驾在中国所有新兴科技公司中排名第四。根据灼识咨询的资料，佑驾是中国内 地 ...