开栏语 珠江潮起，湾区奔涌。当粤港澳大湾区从宏伟蓝图加速照进现实，这片热土已成为无数创业梦 想拔节生长的首选之地和理想之城。刚刚圆满落幕的2025年粤港澳大湾区创业大赛，不仅是一场高手云 集、精彩纷呈的竞技，更是一次创新力量与未来产业的集中巡礼。 大赛虽已收官，但创新创业的故事才刚刚启幕。从7146个项目中脱颖而出的优秀团队，正手握技术的利 刃，怀揣改变世界的热情成为湾区建设中最具活力的"新星力量"。 为持续讲述这些动人的创新篇章，本系列报道推出专题《湾区创talk·一期一会》。以"一期一会"为主 线，我们将一次次走近大赛获奖项目，记录思想的碰撞、技术的迭代与梦想的生长。创业菁英们用人工 智能重塑生产力，以生物医药守护人类健康，借智能装备升级传统行业，凭文化创意点亮美好生活。从 院士领衔的尖端平台到青年学子的奇思妙想，从意向融资过亿的"航母项目"到扎根田野的智能"农 夫"……每一次相遇都是对创新精神的致敬，每一次"一期一会"都是湾区未来的注脚。 南都讯 在2025年粤港澳大湾区创业大赛上，一个身影的出现，让不少人倍感意外——清华大学教授、 清华大学-剑桥大学-麻省理工学院未来交通研究中心主任、俄罗斯工程院外籍 ...

Core Viewpoint - Despite the promising narratives surrounding autonomous driving, companies in this sector continue to face significant losses and unproven business models, with a focus on survival and financing becoming paramount [1][2]. Group 1: Company Performance - Both Pony.ai (2026.HK) and WeRide (0800.HK) have recently listed on the Hong Kong Stock Exchange, but their stock prices fell below the initial offering price, indicating a lukewarm market response [1][2]. - Pony.ai's revenue increased from 472 million yuan in 2022 to 548 million yuan in 2024, with a loss of 688 million yuan in the first half of this year, accumulating total losses of 9.908 billion yuan [3]. - WeRide's revenue decreased from 528 million yuan in 2022 to 361 million yuan in 2024, with a first-half revenue of 200 million yuan and total losses of 9.423 billion yuan [3]. Group 2: Business Models - Pony.ai follows a "deep operation" model focusing on autonomous ride-hailing services and truck services, while WeRide adopts a "product matrix" approach, selling autonomous vehicles and related services [2]. - Both companies have not yet achieved profitability, with high research and development (R&D) costs impacting their financial performance [4][5]. Group 3: Funding and Investment - Pony.ai raised approximately 7.194 billion HKD, with 40% allocated to R&D of L4 autonomous driving technology and 50% for large-scale commercialization [4]. - WeRide raised 2.932 billion HKD, with similar allocations for technology development and commercialization efforts [4]. Group 4: Industry Trends - The listing of these companies has spurred increased investment in the autonomous driving sector, indicating a growing interest in this area [6]. - Recent announcements from various companies, including the launch of Robotaxi services in multiple regions, suggest an acceleration in the commercialization of autonomous driving technology [7]. Group 5: Future Outlook - The industry anticipates significant advancements in L3 conditional autonomous driving technology by 2026, with expectations for commercial viability in urban settings [8]. - The reduction in hardware costs, such as the price of lidar, is expected to facilitate the commercialization of autonomous vehicles [8]. - Analysts predict that the Robotaxi market will mature by 2030, with widespread deployment in major global regions [9].

Investment Rating - The report assigns a "Buy" rating to WeRide (0800.HK) for its potential in the L4 autonomous driving market [4]. Core Insights - WeRide is a leading player in the global L4 autonomous driving sector, with operations in 11 countries and 30 cities, and holds autonomous driving licenses in seven countries, making it unique in the industry [1][15]. - The company has shown significant revenue growth, with FY25H1 revenue reaching 200 million RMB, a year-on-year increase of 32.8%, driven by a substantial 230% increase in product revenue [1]. - The Robotaxi business is expected to benefit from cost reductions and supportive policies, with a projected global market size of 66.6 billion USD by 2030 [2][44]. Summary by Sections Company Overview - WeRide was established in 2017 and plans to go public on NASDAQ in October 2024, aiming to be the first global autonomous driving stock [1][15]. - The company has a comprehensive technology stack from L2 to L4, providing solutions for mobility, logistics, and sanitation [1][15]. Robotaxi Business - The Robotaxi segment is focusing on cost reduction through various strategies, including decreasing hardware costs and optimizing the remote safety operator model [2][32]. - The company is expanding its Robotaxi operations in the Middle East, with significant growth in fleet size and revenue [3][4]. Financial Projections - Revenue forecasts for WeRide are 587 million RMB in 2025, 1.13 billion RMB in 2026, and 2.02 billion RMB in 2027, with corresponding price-to-sales (P/S) ratios of 34x, 17x, and 10x [5][4]. - The company is expected to achieve a gross profit of 60 million RMB in FY25H1, reflecting an 11.5% year-on-year increase [1]. Market Potential - The global Robotaxi market is projected to grow significantly, with China expected to capture a substantial share, reaching 39 billion USD by 2030 [44]. - The report highlights that the current penetration rate of Robotaxi in China is low, indicating significant growth potential as technology and policies evolve [44].

0:00 南方财经 21世纪经济报道记者郑青亭、实习生陈俊康 阿布扎比、北京报道 莫雳告诉记者，从技术上看，在F1赛道上实现全自动驾驶，主要面临两大技术挑战： 其一在于赛道环境的博弈与对抗性。与规则清晰、即便有意外也属个例的民用驾驶不同，竞技赛道中的 对手车辆会采取主动干扰策略，构成典型的"非合作博弈"场景，对算法的实时决策与动态路径规划能力 提出极高要求。 第二在于极限性能下的系统控制难度。"飞鹰"赛车在完全依赖激光雷达、未使用GPS辅助的条件下，实 现了最高220公里/小时的自主行驶速度，创下国内该技术路径下的速度纪录，展现出领先的系统性能。 然而，极限速度也带来了非线性动力学与边界控制等复杂问题，对系统的稳定性和响应能力构成严峻挑 战。 作为阿布扎比自动驾驶周的核心活动，11月15日，第二届阿布扎比自动驾驶赛车国际联赛（A2RL）将 在亚斯码头赛道举办。自2024年4月首届举办以来，这项由阿布扎比创新与赛事管理机构ASPIRE主办的 全球性赛事，已成为高校与研究机构展示自动驾驶技术的重要舞台。 本届赛事的奖金池达225万美元，吸引了来自10个国家的11支顶尖团队参赛，较首届的8支有所增加。在 比赛中，各 ...

Group 1 - The second Abu Dhabi Autonomous Racing International League (A2RL) will take place on November 15, 2023, at Yas Marina Circuit, featuring a prize pool of $2.25 million and participation from 11 top teams across 10 countries, an increase from 8 teams in the inaugural event [2] - The event serves as a significant platform for universities and research institutions to showcase autonomous driving technology, with teams required to develop their own autonomous driving software for Super Formula race cars [2][3] - The racing format ensures all teams use the same car chassis and sensor systems, allowing for a fair competition focused on software algorithm performance under uniform conditions [2] Group 2 - The 2025 event will see comprehensive upgrades in vehicle hardware, software platforms, and competition design, including technical improvements to the designated Dallara SF23 race car to enhance reliability and adaptability with complex sensors and AI systems [3] - A new virtual competition project, "Sim Sprint," has been introduced to help teams optimize their algorithms and gain practical experience through simulated racing [3] - The "Flying Eagle" team, a collaboration between Beijing Institute of Technology and Khalifa University, is the only Chinese university team participating, continuing their cross-border collaboration in autonomous vehicle technology [3] Group 3 - The technical challenges of achieving fully autonomous driving on an F1 track include dealing with adversarial racing environments and the high demands on real-time decision-making and dynamic path planning algorithms [4] - The "Flying Eagle" team has achieved a record autonomous driving speed of 220 km/h without GPS assistance, showcasing advanced system performance despite the complexities of nonlinear dynamics and boundary control [4] - The team aims to win the competition and believes A2RL is not just a technical contest but a global stage that merges technology, entertainment, and competition, with aspirations to advance China's autonomous driving technology towards greater safety and excellence [4] Group 4 - A2RL is seen as a potential milestone in the evolution of artificial intelligence in real-world applications, with the possibility of autonomous racing vehicles surpassing human capabilities in extreme racing and dynamic competition [5] - This achievement would mark a significant advancement in the development of more powerful and safer intelligent unmanned systems, following the success of AI in other domains like gaming [5]

基于持续的全球规模化部署与关键的商业化突破，今年以来，萝卜快跑已在北京、上海、武汉、深圳、香港、迪 拜、阿布扎比等22座城市落地，全球自动驾驶总里程突破2.4亿公里，相当于绕地球6000圈。其中，全无人驾驶里 程达1.4亿公里。11月10日，萝卜快跑还获得阿布扎比首批全无人驾驶商业化运营许可，并与阿联酋无人驾驶出行 公司AutoGo扩大合作，建成当地最大规模的全无人商业化运营车队。 大会现场，李彦宏通过视频连线与阿布扎比团队实时互动，生动展示了萝卜快跑在当地的运营实况。全无人驾驶 车辆正在阿布扎比街头有序行驶，这一场景也印证了萝卜快跑在全球范围内的落地能力。 "从旧金山到洛杉矶，从阿布扎比到迪拜，无人驾驶正在给越来越多的城市生活带来颠覆性改变。它不只是改变交 通、出行，甚至会改变整个社会生态。"李彦宏表示，无人驾驶对交通出行效率和方式的变革，也将带来土地价 值、居住需求等城市空间的全面重构。 中国经济导报、中国发展网讯记者王晓涛报道"萝卜快跑每周的全无人订单数已经超过了25万，全球的出行服务次 数超过了1700万次，成为全球第一。"11月13日，百度创始人李彦宏在百度世界2025大会上表示，得益于行业领先 的 ...

Core Viewpoint - Momenta, an autonomous driving unicorn, is currently facing scrutiny regarding its IPO plans, having initially aimed for a U.S. listing but now denying rumors of shifting to a Hong Kong IPO. The company has not yet made a final decision on its listing location and continues to navigate a competitive market landscape [1][3]. Company Overview - Founded in 2016, Momenta specializes in autonomous driving technologies, providing features such as high-speed and urban navigation assistance, and memory parking to major automotive manufacturers including SAIC, BYD, Mercedes-Benz, and BMW [1]. - The company has raised over $500 million across seven funding rounds, with its latest round in 2021 involving investments from notable firms like SAIC Group and Bosch [4]. Market Competition - The autonomous driving sector is highly competitive, with predictions that by 2026, only two or three companies may dominate the urban assisted driving market in China. This competitive pressure is compounded by the lack of transparency from many automotive manufacturers regarding their partnerships with technology suppliers [1][7]. - Industry experts suggest that Momenta, as a B2B brand, needs to enhance its influence on end consumers to better leverage its B2B market position [2]. Strategic Direction - Momenta employs a "one flywheel, two legs" strategy, focusing on both L2 assisted driving solutions and L4 autonomous driving development. The company has integrated perception and planning into a single model, which has allowed it to achieve significant advancements in autonomous driving technology [6]. - The company aims to transition its technical focus from "mass production flywheel" to "L4 level flywheel," with plans to achieve a fully autonomous Robotaxi by the end of the year [8]. Brand Influence and Consumer Engagement - There is a growing recognition of the importance of brand influence in the autonomous driving sector. Momenta is working to enhance its brand presence to support its automotive partners in sales and marketing efforts [7][8]. - The company acknowledges that building brand influence requires strong technical support and aims to address the complexities of integrating its technology with various vehicle models [8]. Regulatory Environment - The evolving regulatory landscape for autonomous driving may impact the collaboration dynamics between technology suppliers like Momenta and automotive manufacturers. The current model of cooperation is being reshaped, necessitating a deeper integration of technology and data sharing [9].

Core Insights - Wanma Technology's subsidiary, Youka Technology, has entered into a deep strategic partnership with Baidu's Apollo Intelligent Driving, transitioning from basic service cooperation to a comprehensive collaboration aimed at global markets [1][2] Group 1: Strategic Partnership - The partnership will leverage Youka Technology's full-chain technical capabilities to provide a high-level connected solution for Robotaxi, integrating software and hardware [2][3] - This collaboration aims to enhance the reliability, stability, and responsiveness of autonomous driving services by reducing end-to-end latency and expanding network coverage [2][3] Group 2: Market Context and Growth Potential - The partnership comes at a critical time for the global commercialization and expansion of Robotaxi services, with China accelerating the construction of 20 "vehicle-road-cloud integration" pilot cities [3][4] - The market for "vehicle-road-cloud integration" is projected to reach a total output value increase of 2.58 trillion yuan by 2030, with a compound annual growth rate exceeding 28% [4] - Industry experts view this collaboration as a typical case of innovation through cooperation between technology companies and industry leaders, which will facilitate the transition from single vehicle intelligence to system-level networking [4]

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area is embracing "All Sports Time" with the opening ceremony of the 15th National Games, showcasing technological innovations like the electric water mist system for the torch lighting [1] - Scene innovation is becoming a new engine for economic growth in China, emphasizing the importance of open collaboration and ecosystem building [1][2] Group 1: Scene Innovation and Economic Growth - Scene innovation is characterized by its integrative nature, combining new technologies, products, and business models to unlock deeper value and experiences [3] - The city of Hefei has launched 431 scene matching activities, resulting in over 1,200 cooperative projects, highlighting the effectiveness of demand-supply matching [2] - The establishment of various alliances, including state-owned enterprises and international collaborations, aims to promote resource sharing and innovation [2] Group 2: Technological Advancements and Applications - The "Flying Sea" model in Nansha, Guangzhou, integrates advanced technologies and resources to enhance deep-sea economic development [4] - The International Advanced Technology Application Promotion Center is facilitating the integration of major scientific infrastructure to support innovation in deep-sea applications [4][5] - The Guangdong region is leading in innovation, with initiatives like allowing L4 autonomous vehicles to operate without safety personnel, paving the way for commercial applications [5] Group 3: Regulatory and Institutional Framework - Effective scene cultivation requires not only infrastructure development but also regulatory and policy innovations to create a supportive environment for innovation [6] - The need for collaboration between effective markets and proactive government is emphasized to address uncertainties in scene development [5][6] Group 4: Urban Scene Innovation Practices - As of mid-2024, 65 cities in China have engaged in scene innovation practices, reflecting a significant increase and evolution in this area [7] - The transition from isolated actions to a more systematic approach in scene cultivation is noted, with a focus on integrating local resources and strengths [7][8] - Different cities have unique scene resource potentials based on their industrial foundations and consumer dynamics, necessitating tailored approaches to scene development [8]

Core Insights - Waymo has deployed 2,500 autonomous taxis across the United States, as reported on November 14 [1][2] - Tesla's CEO Elon Musk dismissed Waymo's deployment as "rookie numbers" and outlined Tesla's plans to operate Robotaxi services in 8 to 10 major U.S. cities by the end of 2025, with over 1,000 vehicles deployed by year-end [1][2] Summary by Category - **Waymo's Deployment** - Waymo has successfully deployed 2,500 autonomous taxis nationwide [1][2] - **Tesla's Plans** - Tesla plans to operate Robotaxi services in 8 to 10 major U.S. cities by the end of 2025 [1][2] - The company aims to deploy over 1,000 Robotaxis by the end of this year [1][2] - Tesla's long-term goal includes deploying 1 million Robotaxis on public roads across the U.S. [1][2]