2026年1月19日，佑驾创新(02431)宣布近日已与印度领先汽车零部件供应商Sterling Tools Ltd.正式签署 谅解备忘录。双方将聚焦印度汽车智能化升级趋势，在智能驾驶解决方案落地与零部件本地化生产方 面，开展深度合作。这标志着佑驾创新出海战略迈入系统性、本地化的2.0新阶段。 总得来说，佑驾创新与Sterling集团的合作，不仅是市场拓展的关键一步，更是其技术实力、产品体系 与本地化运营能力的一次综合输出。在印度汽车产业智能化、网联化转型的浪潮中，此次携手有望加速 智能驾驶技术在当地的普及与应用，同时也为佑驾创新自身打开了更具规模潜力的增长空间。而浦银国 际的"买入"评级，则从资本市场角度印证了公司战略布局、技术积累及商业化前景已获得专业机构认 可。 据悉，此次合作充分发挥双方优势，形成"技术+渠道"双向赋能。佑驾创新凭借全栈自研能力，将输出 辅助驾驶系统(ADAS)、驾驶员状态监测系统(DMS)等成熟解决方案，覆盖乘用车及商用车市场。 Sterling集团则依托深厚的行业积淀、丰富的本地整车厂资源及零部件制造经验，助力产品快速适应印 度市场标准、完成合规认证。 此外，佑驾创新也获得资本市场 ...

Core Insights - The report outlines ten strategic technology trends in China's technology mobility industry for 2026, focusing on cost reduction, user experience enhancement, and ecological innovation [1][4][5]. Group 1: Cost Reduction and Efficiency Enhancement - The Chiplet technology is expected to drive the iteration of vehicle chip architecture, addressing the conflict between computing power and energy efficiency [1][7]. - The automotive industry is moving towards comprehensive domestic production of automotive-grade chips, with a significant shift in the communication and power semiconductor sectors anticipated by 2026 [1][13][16]. Group 2: User Experience Enhancement - The AI Box is emerging as a flexible solution for on-vehicle AI computing, enabling local operation of large models (7B and above) without altering existing vehicle hardware [1][11][12]. - The transition to a 3.0 era of smart cockpits is expected, driven by the innovative reasoning capabilities of large models, enhancing user interaction and experience [1][25][27]. Group 3: Ecological Innovation Development - The introduction of vehicle-mounted optical communication technology is projected to alleviate bandwidth crises, with pilot projects expected to commence in 2026 [1][17][21]. - The 48V low-voltage architecture is anticipated to gradually be adopted in vehicles, supporting the application of high-power intelligent components [1][19][22]. - The line control steering technology is set to scale up, with the integration of chassis control across X/Y/Z axes accelerating [1][23][24]. Group 4: Safety and Rational Development - The L3 level of autonomous driving is expected to see phased implementation, with a focus on safety and rational development in the industry [1][28][32]. - The industry is shifting from an overemphasis on technology competition to a balanced approach prioritizing safety and user experience [1][28][32]. Group 5: Interaction and Experience Innovation - In the context of homogenization of central screens, smaller screens are expected to create differentiated multi-touchpoint interaction experiences [1][30][33]. - The evolution of smart cockpits is moving towards a system that perceives, thinks, and collaborates, enhancing the interaction between humans, vehicles, and the environment [1][30][33]. Group 6: Physical AI and Ecosystem Collaboration - Physical AI technology is anticipated to facilitate multi-ecosystem collaboration, aiding manufacturers and supply chains in diversifying their business layouts [1][34][36]. - The core capabilities of Physical AI are expected to be rapidly reused across various applications, including humanoid robots and low-altitude flying vehicles, enhancing the value potential of the supply chain [1][36][38].

佑驾创新(02431)发布公告，公司近期已与Sterling Tools Limited(STL)签署谅解备忘录，以推进辅助驾驶 系统(ADAS)及驾驶员状态监测系统(DMS)在印度的部署。 谅解备忘录载列公司与STL就合作达成的关键条款及谅解。本次合作标志着集团进军印度市场的初步举 措，体现其更广泛的海外扩张战略。集团将为乘用车及商用车提供全栈式ADAS与DMS解决方案及产 品，而作为长期深耕印度市场、拥有广泛OEM关系网及本土化生产能力的汽车零部件制造商，STL将提 供本土化支持与产业协作。 STL成立于1979年，是印度领先的高强度冷镦汽车紧固件制造商，产品应用于乘用车、两轮摩托车、商 用车及工程机械设备。STL深耕精密工程与电动车零部件领域，为全球整车原厂提供服务，推动汽车供 应链创新。STL的股份于印度国家证券交易所(NSE：STERTOOLS)及孟买证券交易所(BOM：530759)上 市。 公司与STL的合作将整合双方专长，共同交付高性能、本土化的智能驾驶解决方案。通过将集团的 ADAS和DMS解决方案与STL的本土化布局相结合，本次合作不仅旨在满足印度市场对ADAS和DMS解 决方案日益增长的 ...

Core Viewpoint - The current environment of the Hong Kong stock market mirrors that of early 2025, with a potential for significant investment opportunities driven by AI applications despite weak overseas liquidity expectations [2][3]. Group 1: Market Environment - The Hong Kong stock market is at a critical juncture, similar to early 2025, where liquidity expectations are limited due to the Federal Reserve's policies, while AI applications are poised for explosive growth [2][3]. - Recent U.S. inflation data, although below expectations, has not reached a level that would prompt an immediate shift in Federal Reserve policy, indicating limited improvement in liquidity for the Hong Kong market [3]. Group 2: AI Value Reassessment - The report emphasizes a strong outlook for the reassessment of AI value in China for 2026, supported by a solid industrial catalyst timeline [6]. - The release of DeepSeek V4 during the Chinese New Year is expected to replicate last year's market surge, with increased capital expenditure from major domestic companies providing a robust foundation for model capabilities [6]. Group 3: Application Layer Developments - 2026 is projected to be a pivotal year for the application layer of AI, with significant advancements expected from platform-based internet companies in China [7]. - Alibaba's AI assistant "Qianwen app" has achieved over 100 million monthly active users within two months of launch, marking a shift from model-based to application-based AI strategies [7]. Group 4: Intelligent Driving - Intelligent driving is identified as the largest AI application expected to scale in 2026, driven by significant developments in both domestic and international markets [8]. - The combination of Tesla's FSD and Grok enhances driving experiences, while regulatory changes in the U.S. signal the imminent large-scale operation of Robotaxi services [8]. Group 5: Market Data and Fund Flows - Recent fund flows indicate strong investor preference for leading technology platforms, with Tencent, Kuaishou, and Xiaomi receiving substantial net inflows [9]. - As of January 16, 2026, the Hang Seng Index PE has risen to 11.7 times, reflecting a 1.66% increase from the previous week, while Alibaba and SMIC have shown significant stock price increases, validating the positive outlook for platform companies and hardware infrastructure [9].

本报讯(记者袁传玺)天眼查工商信息显示，近日，杭州至简动力科技有限公司发生工商变更，新增 TaobaoChinaHoldingLimited、广西腾讯创业投资有限公司等为股东，注册资本由约139.5万元增至约 151.9万元。公开资料显示，该公司是一家智能驾驶技术研发商，为前理想汽车智能驾驶技术研发负责 人贾鹏的创业项目。 ...

Investment Highlights - The company's revenue for 2024 is projected to be 7.035 billion yuan, a year-on-year increase of 3.9%, with automotive business revenue at 4.217 billion yuan, up 12.9% year-on-year, while motorcycle business remains stable at 2.14 billion yuan [2] - Cash flow has improved, with a net operating cash flow of 525 million yuan in 2024, marking a turnaround from losses; the debt-to-asset ratio is 46.28%, significantly improved from the peak of 85.4% in 2019, indicating a gradual release of financial risk [2] - As the proportion of intelligent driving business increases, the company's profit structure is expected to continue to optimize [2] Strategic Transformation - Following its bankruptcy restructuring in 2020, the company established a stable control structure by introducing Geely Group, Chongqing Liangjiang Capital, and Megvii Technology, forming a "car company + government + technology" triad [3] - The company officially changed its name from "Lifan Technology" to "Qianli Technology" in 2025, marking its expansion from traditional manufacturing to smart mobility [3] - The management team, led by Megvii's founder Yin Qi, focuses on AI strategy, while former Huawei Car BU president Wang Jun oversees technology implementation, providing talent support for the "AI + car" strategy [3] Intelligent Driving Technology - The company has launched the Qianli Intelligent Driving 1.0 plan, covering multiple levels of intelligent driving functions, with plans to release an L3-level solution within six months and Robotaxi technology by H2 2026 [4] - The "Qianli Haohan" system, combined with Thor chips and multimodal large models, has already been mass-produced in models like Zeekr 9X, with technical indicators leading the industry [4] - The company leverages Geely's computing power center and AI-Drive large model to generate complex driving scenarios at a rate of 10,000 kilometers per hour, showcasing industry-leading data iteration efficiency [4] Business Synergy and Growth - The terminal business, particularly Ruiblue Automotive, focuses on the charging and swapping new energy sector, achieving sales of 38,131 units in H1 2025, a year-on-year increase of 176% [5] - The company is closely tied to Cao Cao Mobility, which is projected to have a 5.4% market share in the ride-hailing sector in 2024, ranking among the top three in the industry [5] - The total cost of ownership (TCO) for Cao Cao's customized vehicles is estimated to be 33%-40% lower than industry standards, enhancing profitability in the ride-hailing business [6] Financial Forecast and Investment Rating - The company forecasts revenues of 8.9 billion yuan, 10.6 billion yuan, and 12.8 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PS valuations of 5.86, 4.89, and 4.06 times [7] - Given the successful AI transformation and expected growth in intelligent driving business, the company is rated as a "buy" for initial coverage [7] Motorcycle Business - The motorcycle business focuses on both fuel and new energy segments, with stable revenue and profitability, and an upward trend in revenue from 2020 to 2024 [43] - The company has launched high-displacement models and integrated smart features, with the motorcycle business expected to grow significantly, mirroring trends seen in Japan [46][49] Automotive Business - Qianli Technology's automotive segment, particularly through Ruiblue Automotive, is expected to see a significant increase in revenue share, reaching 59.96% of total revenue by 2024 [51] - The company has a strong export history, with fuel models seeing significant growth, and plans to expand its international market presence [59] Technology Business - The company aims to establish an "AI + car" ecosystem, with a focus on intelligent driving and smart cockpit technologies, leveraging partnerships with Geely and other industry players [65][106] - The establishment of Chongqing Qianli Intelligent Driving Technology Co., Ltd. in 2025 marks a significant step in integrating technology, capital, and policy resources for future growth in the intelligent driving sector [70][72]

Group 1 - Li Auto's subsidiary Jiangsu Li Auto Drive Technology Co., Ltd. increased its registered capital from 180 million RMB to 300 million RMB, a growth of approximately 67% [1] - Good Products expects a net loss of 120 million to 160 million RMB for the year 2025, with a decrease in sales revenue due to store structure optimization and product price adjustments [2] - CATL's subsidiary, Runan New Energy Co., Ltd., was established with a registered capital of 4.55 million RMB, focusing on emerging energy technology research and solar power services [3] Group 2 - Jiangzhong Pharmaceutical announced a name change to China Resources Jiangzhong Pharmaceutical Co., Ltd. and will change its stock abbreviation to China Resources Jiangzhong while keeping the stock code unchanged [4] - Furi Electronics expects a net loss of approximately 50 million RMB for the year 2025 [5] - Cainiao's global overseas warehouse order volume is projected to grow by 32% year-on-year in 2025, with plans for expansion in key markets [6] Group 3 - Tencent and Taobao have invested in Zhijia Power Technology Co., Ltd., increasing its registered capital to 1.5191 million RMB [7] - Noumena recently secured tens of millions of RMB in Pre-A round financing from investors including Lion City Capital and Baidu [8] - Alibaba Health's AI product "Hydrogen Ion" has completed internal testing and is now available for download, targeting clinical and research fields [9] Group 4 - Feishu is collaborating with Anker Innovation to launch a smart recording device named "AI Recording Bean," marking its first hardware product since its establishment [10] - Porsche's sales in China decreased by 26.28% in 2025, with the company acknowledging the challenges in the luxury car market [10] - Elon Musk stated that the AI5 chip will be a "very powerful" chip, with development progressing smoothly [11]

Investment Rating - The report gives a "Buy" rating for Qianli Technology (601777) for the first time [1]. Core Insights - The company is undergoing a significant transformation from traditional manufacturing to smart mobility, with a focus on AI-driven technologies and strategic partnerships [12][15]. - Financial performance is gradually improving, with revenue expected to grow significantly in the coming years, driven by the automotive and AI sectors [6][27]. - The strategic partnership with Geely and the establishment of Qianli Smart Driving are key to enhancing the company's competitive edge in the smart driving market [70][75]. Summary by Sections 1. Business Transformation and Financial Analysis - Qianli Technology has shifted from a motorcycle-focused business to a smart mobility company, with a new name and strategic direction since 2025 [12][95]. - The company has shown signs of financial recovery, with revenue expected to reach 70.35 billion yuan in 2024, a 3.94% increase year-on-year [1][27]. - The automotive business is projected to contribute significantly to revenue, with a forecast of 42.17 billion yuan in 2024, reflecting a 12.9% increase [6][27]. 2. Strategic Partnerships and Ecosystem Development - The company has formed a stable three-way equity structure involving Geely, local government, and AI technology partners, enhancing its strategic capabilities [19][75]. - Qianli Technology aims to build an "AI Smart Mobility Open Platform" through partnerships with Geely and other industry players, focusing on smart driving solutions [70][75]. 3. Revenue and Profitability Forecast - Revenue forecasts for 2025, 2026, and 2027 are 89 billion yuan, 106 billion yuan, and 128 billion yuan respectively, with corresponding PS valuations of 5.86, 4.89, and 4.06 times [1][6]. - The company expects to achieve a net profit of 89.39 million yuan in 2025, with significant growth anticipated in subsequent years [1][27]. 4. Technology and Product Development - Qianli Technology is advancing its smart driving technology, with plans to launch L3 level solutions and Robotaxi technology by 2026 [80][89]. - The company is focusing on developing next-generation intelligent cockpit systems and enhancing its AI capabilities through strategic investments and partnerships [70][80].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is undergoing a significant transformation from traditional manufacturing to smart mobility, with a focus on AI-driven technologies and strategic partnerships [12][15]. - Financial indicators are gradually improving, with a forecasted revenue increase and a positive cash flow outlook, indicating a recovery from previous financial difficulties [6][27]. - The strategic partnership with Geely and the introduction of new technologies are expected to enhance the company's competitive position in the smart driving sector [70][80]. Summary by Sections 1. Business Transformation and Financial Analysis - The company has shifted from a motorcycle-centric business to a focus on smart vehicles, with significant investments in AI technology and strategic partnerships [12][15]. - Revenue is projected to grow from 7.04 billion yuan in 2024 to 10.64 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 19.8% [1]. - The net profit is expected to increase significantly, from 40 million yuan in 2024 to 160 million yuan in 2026, reflecting a strong recovery trajectory [1]. 2. Business Segments Performance - The motorcycle business remains stable, with a focus on high-displacement models and a gradual recovery in revenue and profitability [43][44]. - The automotive segment, particularly through the joint venture with Geely, is expected to contribute significantly to revenue, with a projected 59.96% share of total revenue by 2024 [53][54]. - The technology segment is expanding, with a focus on AI-driven solutions and smart driving technologies, aiming to establish a comprehensive ecosystem [70][80]. 3. Strategic Partnerships and Market Position - The company has formed a robust partnership with Geely and other tech firms, enhancing its capabilities in AI and smart driving [70][80]. - The introduction of the "千里浩瀚" smart driving solution is expected to position the company as a key player in the autonomous driving market [89]. - The company plans to leverage its partnerships to enhance its product offerings and expand its market reach, particularly in the smart mobility sector [70][80].

2026年1月13日，车载立体视觉领域领军企业中科慧眼，与专注于第三代 E/E 架构全车智能芯片研 发的欧冶半导体正式签署战略合作协议。双方将以 "智能芯片 + 视觉感知" 的深度协同模式，携手推动 汽车产业智能化升级进程。中科慧眼创始人兼CEO姜安、欧冶半导体创始人周涤非，携两家企业核心团 队共同出席签约仪式。 一体化方案打造：针对组合驾驶辅助系统场景，联合开发商用车一体机产品。该产品不仅满足《营 运客车安全技术条件》《轻型汽车自动紧急制动系统技术要求及试验方法》等行业标准，更是兼具高性 价比与快速量产能力的落地方案，目前已斩获多家主机厂多个车型的项目定点； 市场规模化推广：携手推进合作成果在乘用车、商用车全场景的规模化落地。 生态共建 助力国产部件系统突围 中科慧眼创始人兼CEO姜安表示："'看得清'是智能驾驶的底层基石。中科慧眼在立体视觉领域的 技术积淀，与欧冶半导体芯片平台'算得快'的核心优势相结合，将实现'眼明心快'的协同效应。这不仅 能提升智能驾驶的安全性与高效性，更能有效降低车企研发成本与验证周期。" 欧冶半导体创始人周涤非指出："此次'芯 - 眼'协同合作，是国产智能汽车核心部件从单点突破迈向 ...