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 ...

Group 1 - The smart driving sector is experiencing active performance due to multiple catalysts including policy support, technological advancements, and industry promotion [1] - The smart driving ETF (516520) has attracted a cumulative net inflow of 517 million yuan since 2026, with an average daily trading volume increasing to 225 million yuan, a significant growth of 650% compared to 2025 [1] - The fund's scale and shares have risen to 1.22 billion yuan and 880 million shares respectively, indicating strong liquidity and substantial size [1] Group 2 - Recent strategic collaborations, such as between Lantu and Yingwang, aim to enhance cooperation in smart driving and software services, accelerating marketization [1] - A well-known new energy vehicle company has formed a comprehensive strategic partnership with an autonomous driving technology company, focusing on the mass production and commercialization of L4-level Robotaxi technology [1] - Shanghai has set clear goals for autonomous driving development, with plans to achieve large-scale application of high-level autonomous driving by 2027, fostering a competitive smart connected vehicle industry cluster [1] Group 3 - The smart driving ETF (516520) closely tracks the CSI Smart Car Theme Index, which reflects the overall performance of companies in the smart car industry [2] - The top five secondary industries represented in the index are automotive parts (24.0%), semiconductors (19.6%), passenger vehicles (14.4%), software development (11.3%), and communication equipment (7.1%), covering multiple segments of the smart car industry chain [2] - The current PE ratio of the smart driving ETF is 34.33, which is at a low valuation level compared to the past decade, indicating a potentially important investment opportunity [2]

Core Viewpoint - Ping An International has initiated coverage on Youjia Innovation (2431.HK) with a "Buy" rating and a target price of HKD 19.3, indicating a potential upside of 30% based on a projected 2026 price-to-sales ratio of 4.2 [1] Group 1: Business Strategy and Growth - Youjia's strategic focus is on two business lines: intelligent driving and cockpit solutions, with progressive iterations through its iSafety and iPilot solutions in the intelligent driving domain [1] - The company's DMS products are evolving, and with the implementation of mandatory regulations, there is potential for an expanded customer base and increased order volume [1] - The introduction of the intelligent assistant BamBam, leveraging large model capabilities, is expected to enhance the value of the cockpit business [1] Group 2: Revenue Projections - Youjia's revenue from intelligent components and solutions is anticipated to maintain rapid growth through 2026 [1] Group 3: Autonomous Driving Innovations - The company is advancing its L4-level autonomous driving solution, iRobo, through innovative applications across diverse scenarios, supported by its self-developed capabilities and experience in large-scale production [1] - Youjia's unmanned minibus project, which completed its first deployment in February 2025, is expected to contribute significantly to revenue due to its accumulated project experience [1] - The company is also entering the unmanned delivery sector with the Xiaozhu unmanned vehicle, which is expected to leverage supply chain resources from its front-end production projects, enhancing its cost-performance advantage [1] - Since its launch, the Xiaozhu unmanned vehicle has received numerous orders, with expectations to reach a delivery scale of 10,000 units in 2026, becoming a significant revenue source for the company [1] - If the business model for unmanned vehicles continues to be validated, Youjia's valuation flexibility is likely to increase further [1]

Group 1: Outdoor Apparel Industry - The outdoor footwear and apparel industry has maintained rapid growth since 2021, with a CAGR of 25.3% for outdoor apparel and 18.4% for outdoor footwear, projected to grow by 24.5% and 16.3% year-on-year in 2025 respectively [24][26] - Online sales of outdoor footwear are growing faster than apparel, with outdoor footwear online sales growth maintaining over 40%, while certain apparel categories like jackets and sun-protective clothing are experiencing slower growth [24][26] - Key outdoor brands such as Kailas and Berghaus are showing strong momentum, while brands like The North Face are underperforming; the market is becoming more diversified with new brands emerging [25][26] Group 2: AI Application in Computing Industry - Major international companies are focusing on AI application in vertical scenarios, with OpenAI and Anthropic launching healthcare-focused AI models, enhancing compliance and professional services [28] - Domestic companies are also advancing in AI applications, with Alibaba upgrading health services and Tencent providing comprehensive support for mini-programs, indicating a strong push towards AI integration [28] - The market for AI applications is expected to see significant growth, with predictions indicating that the GEO market will reach $24 billion globally by 2026, driven by high consumer trust in AI applications in China [30][32] Group 3: Public Utilities Industry - The public utilities sector, including electricity, gas, and water, is characterized by its "essential" nature, with stable long-term growth prospects [32] - The transition to low-carbon energy sources is accelerating, with the share of clean energy consumption expected to reach 28.6% of total energy consumption by 2024, up 2.2 percentage points year-on-year [32][33] - There is a growing trend of overseas funds over-allocating to the public utilities sector, with significant increases in holdings by institutional investors in this industry [33]

Group 1 - The core viewpoint of the report is that Xidi Intelligent Driving (03881) is a leading company in the commercial vehicle intelligent driving products and solutions sector, benefiting from the accelerated development of the Robo-X industry. The company is expected to achieve revenues of 1.006 billion, 1.867 billion, and 3.518 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 145.3%, 85.7%, and 88.4% [1] - Xidi Intelligent Driving specializes in autonomous mining trucks and logistics vehicle solutions, V2X, and intelligent perception, positioning itself as an innovative supplier driven by products in the commercial vehicle intelligent driving sector [1][2] - In the first half of 2025, the company reported revenues of 408 million yuan, a year-on-year increase of 57.9%, with a net loss of 450 million yuan [1] Group 2 - The commercialization of autonomous mining trucks is accelerating due to technological advancements, safety demands in the mining industry, and policy support. The market for autonomous mining truck solutions in China is projected to grow from 1.9 billion yuan in 2024 to 39.6 billion yuan by 2030, with a CAGR of 65.3% [2] - The potential total market size for autonomous mining truck solutions in China is estimated at approximately 550 billion yuan in 2024, assuming a 100% penetration rate of intelligent driving [2] - Xidi Intelligent Driving holds about 12.9% market share in the domestic autonomous mining truck solutions market as of 2024 [2] Group 3 - The company has a strong focus on research and development, with over 50% of its workforce dedicated to R&D. Core R&D members have an average of over 15 years of engineering experience [3] - Xidi Intelligent Driving has been one of the earliest companies in China to commercialize intelligent driving technology for commercial vehicles in closed environments since 2018 [3] - The company's diverse client base includes mine owners and operators, government entities, universities, commercial vehicle manufacturers, and other enterprises, indicating a high-quality and expanding customer group [3]

Core Viewpoint - Guosen Securities reports that Xidi Zhijia (03881) is a leading company in the field of intelligent driving products and solutions for commercial vehicles, benefiting from the accelerated development of the Robo-X industry [1] Group 1: Company Overview - Xidi Zhijia specializes in autonomous driving solutions for mining trucks and logistics vehicles, V2X, and intelligent perception, positioning itself as an innovative supplier driven by products in the commercial vehicle intelligent driving sector [2] - The company is expected to achieve revenues of 1.006 billion, 1.867 billion, and 3.518 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 145.3%, 85.7%, and 88.4% [1] Group 2: Market Potential - The market for autonomous mining truck solutions in China is projected to grow from 1.9 billion yuan in 2024 to 39.6 billion yuan by 2030, with a CAGR of 65.3% [3] - The total potential market size for autonomous mining truck solutions in 2024 is estimated to be around 550 billion yuan, assuming a 100% penetration rate of intelligent driving [3] - The V2X and intelligent perception market in China is expected to grow from 2 billion yuan in 2024 to 23.8 billion yuan by 2030, with a CAGR of 51% [3] Group 3: Technological and R&D Strength - The company has a strong focus on R&D, with over 50% of its workforce dedicated to research and development, and core R&D members averaging over 15 years of engineering experience [4] - Xidi Zhijia has been one of the earliest companies in China to commercialize intelligent driving technology for commercial vehicles in closed environments since 2018 [4] - The client base includes diverse and high-quality customers such as mine owners, government entities, universities, commercial vehicle manufacturers, and other enterprises [4]

Core Viewpoint - Xidi Intelligent Driving (03881.HK) is a leading enterprise in the field of commercial vehicle intelligent driving products and solutions, focusing on autonomous mining trucks and logistics vehicle solutions, V2X, and intelligent perception [2][7]. Company Overview - Established in 2017, Xidi Intelligent Driving is a global leader in intelligent driving hard technology products, dedicated to innovation in hard technology and the application of autonomous driving and vehicle-road collaboration technology [7]. - The company reported a revenue of 408 million yuan in the first half of 2025, representing a year-on-year growth of 57.9%, with a net loss of 450 million yuan [2][6]. Business Segments Autonomous Driving - The autonomous driving segment includes solutions for autonomous mining trucks and logistics vehicles, with a revenue contribution of 92.7% in 2025H1 [14]. - The market for autonomous mining truck solutions in China is projected to grow from 1.9 billion yuan in 2024 to 39.6 billion yuan by 2030, with a CAGR of 65.3% [3]. - Xidi holds approximately 12.9% market share in the autonomous mining truck solutions market in China [3]. V2X - The V2X market in China is expected to grow from 2 billion yuan in 2024 to 23.8 billion yuan by 2030, with a CAGR of 51% [3]. - Xidi's V2X solutions integrate advanced perception technology and traffic optimization algorithms, enhancing road safety and traffic management [24][25]. Intelligent Perception - The intelligent perception segment includes the Train Autonomous Perception System (TAPS) and vehicle-mounted intelligent perception solutions, contributing 5.0% to the revenue in 2025H1 [14][30]. - TAPS is designed to enhance train safety through active perception capabilities, utilizing various detection technologies [30]. Financial Analysis - The company has shown rapid revenue growth, with a significant increase in the autonomous driving segment's revenue by 142.47% year-on-year in 2025H1 [16]. - The gross margin for the autonomous driving segment was 15.59%, reflecting a slight decrease of 0.52 percentage points year-on-year [16]. Research and Development - Xidi emphasizes strong R&D capabilities, with over 50% of its workforce dedicated to research, and core team members averaging over 15 years of engineering experience [4][39]. - The company has been one of the earliest in China to commercialize intelligent driving technology in closed environments since 2018 [4]. Customer Base - Xidi's diverse customer base includes mine owners, government entities, universities, commercial vehicle manufacturers, and other enterprises, continuously expanding its clientele [4][10].

Core Insights - Huawei's CEO of Intelligent Automotive Solutions, Jin Yuzhi, addressed recent criticisms regarding Huawei's intelligent driving system, emphasizing that claims about the system being merely rule-based are unfounded [2] - The company plans to launch the next version of its intelligent driving system, ADS 5, by the end of 2026, with expectations of over 80 vehicle models equipped with the system and a total of 3 million units deployed [3] Group 1: Product Development and Performance - Huawei's intelligent driving system, QianKun ADS, is set to be released in April 2024, with version 4 expected in April 2025 [2] - In the last quarter of 2025, vehicles equipped with Huawei's QianKun ADS sold over 100,000 units for three consecutive months [2] - The safety of ADS 4 has improved by 50% compared to ADS 3.3, with user engagement in urban scenarios increasing [2] Group 2: User Engagement and Feedback - The QianKun app, launched at the 2025 Guangzhou Auto Show, has surpassed 1 million downloads and 660,000 users within two months [4] - Users have submitted 15,000 wish lists for future optimizations of the QianKun intelligent driving features through the app [4] Group 3: Industry Positioning and Technology - Huawei's QianKun ADS has accumulated over 7.2 billion kilometers of assisted driving mileage, demonstrating a safety record that is 3.58 times better than human drivers before a serious collision occurs [3] - The intelligent driving industry is diverging into two technical routes: VLA large models and "world models," with Huawei representing the "world model" approach [3] - Huawei supports the use of LiDAR in its multi-modal fusion hardware solutions, arguing that it enhances safety in extreme conditions where visual sensors may fail [3]

Core Viewpoint - The company, Xidi Zhijia, is a leading enterprise in the field of intelligent driving products and solutions for commercial vehicles, focusing on autonomous mining trucks and logistics vehicle solutions, V2X, and intelligent perception [1] Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 408 million yuan, a year-on-year increase of 57.9%, with a net loss of 450 million yuan (compared to a net loss of 120 million yuan in the first half of 2024) [1] - Adjusted net loss for the same period was 110 million yuan, compared to 60 million yuan in the first half of 2024 [1] - Revenue breakdown shows that autonomous driving accounted for 92.7%, V2X for 2.3%, and intelligent perception for 5.0% [1] Group 2: Market Potential - The market for autonomous mining truck solutions in China is expected to grow from 1.9 billion yuan in 2024 to 39.6 billion yuan by 2030, with a CAGR of 65.3% [2] - The total potential market size for autonomous mining truck solutions in 2024 is estimated at approximately 550 billion yuan, assuming a 100% penetration rate of intelligent driving [2] - The company holds about 12.9% market share in the domestic autonomous mining truck solutions market as of 2024 [2] Group 3: V2X and Intelligent Perception - The market for integrated vehicle-road-cloud systems in China is projected to grow from 2 billion yuan in 2024 to 23.8 billion yuan by 2030, with a CAGR of 51% [2] - The market for intelligent perception solutions in rail transit and commercial vehicles is expected to increase from 1.3 billion yuan in 2024 to 10.2 billion yuan by 2030, with a CAGR of 41% [2] Group 4: Technological and R&D Strength - The company has a strong focus on R&D, with over 50% of its workforce dedicated to this area, and core R&D members averaging over 15 years of engineering experience [3] - The company specializes in developing autonomous trucks for closed environments in mining and logistics, as well as V2X technology and intelligent perception solutions [3] - The client base includes mine owners, government entities, universities, commercial vehicle manufacturers, and other enterprises, indicating a diverse and high-quality customer portfolio [3]

(本文来自第一财经) 据西安发布，智能驾驶技术的快速发展和应用，让驾驶的安全性变得尤为重要。西安电子科技大学科研 团队基于中国工程院段宝岩院士所提出的电子装备机电耦合基础理论，研发了一款高精度毫米波车载雷 达天线，有效提升了智能驾驶的感知能力。该成果已经发表于天线领域顶级期刊《IEEE Transactions on Antennas and Propagation》。 ...