本报讯 （记者袁传玺）11月5日，小马智行-W（以下简称"小马智行"）港股暗盘开盘跌超15%，截至 17：15，跌幅收窄至11.01%，报价123.7港元/股。据了解，小马智行确定全球发售最终发售价为每股 139.00港元，全球发售所得款项总额（未扣除包销费用及开支）预计约67.1亿港元。 值得关注的是，11月6日，小马智行即将登陆港交所完成"美股+港股"双重主要上市架构，但在上市前 夕，其美股已在最近5个交易日连续下跌。 数据显示，美国当地时间周二（11月4日），美股三大股指全线收跌，受整体环境影响，小马智行大跌 9.79%，盘中最大跌幅达11.89%，收盘价为16.58美元/股，这也是小马智行连续5个交易日下跌，累计下 跌幅度达24.19%。同期，另一家自动驾驶公司文远知行，美股股价也累计下跌19.75%。 实际上，自10月2日小马智行股价创下历史新高24.92美元/股后，截至美国当地时间11月4日，其股价回 调幅度已超过33%。 有业内人士指出，自动驾驶企业股价的近期波动，是市场对持续亏损扩大与商业化节奏慢于预期的一种 反应，本质是从高估值幻想向现实商业模型的理性重估。 ...

Core Insights - The Chinese Robotaxi market is projected to grow rapidly from approximately $54 million in 2025 to $12 billion by 2030, with a compound annual growth rate (CAGR) exceeding 96% by 2035, reaching $47 billion [3] Group 1: Company Developments - Alibaba's Gaode Map has partnered with XPeng Motors to integrate XPeng's Robotaxi into the Gaode platform, marking the first collaboration between a ride-hailing platform and a mass-produced Robotaxi [1] - Gaode's CEO stated that this partnership is a significant step towards exploring General Artificial Intelligence (AGI) [1] - Gaode aims to replicate its ride-hailing aggregation model in the Robotaxi sector, having already integrated other leading Robotaxi companies like WeRide and Pony.ai into its platform [1] Group 2: Market Dynamics - The integration into Gaode's platform allows Robotaxi companies to access Gaode's user base of 800 million without the need to build their own user interfaces, enabling them to focus on autonomous driving technology and vehicle manufacturing [1] - Gaode's light-asset platform strategy contrasts with the heavy-asset model of directly operating Robotaxi fleets, allowing for rapid aggregation of multiple operators and cost savings on vehicle procurement and maintenance [1] Group 3: Industry Challenges - Despite the promising outlook, the commercialization of Robotaxi faces challenges such as the need for technological maturity, regulatory hurdles, and high operational costs [2] - The safety of L4 autonomous driving in complex urban environments remains to be validated, and varying regulatory standards complicate the acquisition of commercial operation licenses [2] - The differences in technology routes, operational areas, and service standards among Robotaxi companies pose a challenge for Gaode in providing a unified user experience on its platform [2]

Core Insights - WeRide, a leading autonomous driving technology company, has successfully achieved Start of Production (SOP) for its end-to-end integrated driver assistance solution in collaboration with Bosch, setting a new industry record of seven months from project initiation to SOP [1] Group 1: Technology and Product Development - The WePilot 3.0 represents a significant breakthrough in end-to-end large model, system-level integration, and hardware-software collaboration, featuring capabilities such as "seeing and reacting, what is seen is what is obtained, efficient and safe" [8] - WePilot 3.0 supports various computing power platforms and multi-modal sensor fusion, enabling it to handle complex traffic scenarios effectively, thus assisting manufacturers in rapidly matching, developing, and mass-producing advanced driver assistance functions [8] - The self-learning and expandable characteristics of WePilot 3.0 allow for quick adaptation and iteration across countries and continents, ensuring that vehicle functions meet local road conditions and user needs [8] Group 2: Market Performance and Reception - WePilot 3.0 has demonstrated impressive performance in multiple countries, including China, Germany, and France, receiving high praise from customers and media alike [8] - The end-to-end integrated driver assistance solution will be delivered alongside the updated Chery Exeed ES and ET models, with existing users receiving the technology update via OTA [9] - WeRide aims to continue collaborating with partners to promote the widespread application of integrated driver assistance functions in both domestic and international markets, enhancing the driving experience for global end users [9]

Core Insights - Alibaba's Gaode has partnered with XPeng Motors to integrate XPeng's Robotaxi into Gaode's platform, providing L4 autonomous driving services [1][3] - This collaboration marks the first global ecosystem partnership for XPeng's Robotaxi, which will open its SDK for global partners [1][3] Group 1: Partnership Details - XPeng Motors plans to launch three self-developed mass-produced Robotaxis by 2026, initiating trial operations [3] - The Robotaxi is designed for L4 autonomous driving, equipped with four Turing AI chips and a maximum computing power of 3000 TOPS, utilizing XPeng's second-generation VLA model [3] - Gaode has established deep collaborations with over 40 automotive manufacturers, leveraging its technical capabilities in smart cockpits and advanced driver-assistance systems (ADAS) [3] Group 2: Strategic Implications - The partnership represents a novel "mobility platform + pre-installed mass-produced Robotaxi" collaboration model, highlighting Gaode's shift towards spatial intelligence and the open application of AI capabilities [3] - Both companies aim to explore Artificial General Intelligence (AGI) together, with plans to expand their Robotaxi services internationally [3]

Core Insights - The company, Xiaoma Zhixing, has launched its seventh-generation Robotaxi models, the Extreme Fox Alpha T5 and Aion Tyrannosaurus, in Guangzhou and Shenzhen, marking a significant milestone in the deployment of L4 autonomous driving technology [2][5] - The company aims to expand its Robotaxi fleet to 1,000 vehicles by the end of 2025, with an estimated daily order volume of 20 per vehicle, which is expected to achieve overall breakeven at this scale [2][4] Deployment and Operations - The seventh-generation Robotaxi has transitioned from production to operational deployment in just six months, showcasing the company's strong capabilities in technology implementation and large-scale deployment [2] - The company currently operates over 720 Robotaxis and has accumulated over 55 million kilometers of autonomous driving test mileage, with more than 10 million kilometers of fully autonomous driving [5] Technological Advancements - The new Robotaxi features significant upgrades in human-vehicle interaction, including pre-setting air conditioning via an app, voice activation for starting trips, and a one-button remote assistance feature for emergencies [3][4] - The vehicle is equipped with a comprehensive sensor suite, including 9 LiDARs, 14 cameras, and 4 millimeter-wave radars, enabling 360-degree detection and coverage of objects up to 650 meters away [4] Financial Strategy and Market Expansion - The company plans to utilize approximately 50% of the funds raised from its upcoming IPO for market entry strategies and large-scale commercialization of L4 autonomous driving technology [5] - The IPO is expected to raise up to 7.7 billion HKD, with 40% allocated for the development of L4 autonomous driving technology and solutions, and 10% for operational funding and general corporate purposes [5]

来源：新浪港股 11月5日消息，文远知行-W港股暗盘跌超23%，报20.68港元，公司发售价厘定为每股27.1港元。 其在美股市场的表现同样不尽人意。当地时间11月4日，文远知行在美股市场收跌13.72%，报收9.41美 元。同日，其竞争对手小马智行也下跌了11.2%，纳斯达克中国金龙指数下跌2.05%，多家热门中概股 跟跌。 从财务数据来看，文远知行自身业绩持续承压，2022年至2024年，其收入分别为5.28亿元、4.02亿元、 3.61亿元，收入连年下滑。同时，2022年至2024年，其净亏损持续扩大，累计亏损近58亿元。 在行业整体承压的背景下，自动驾驶头部企业之间的竞争态势也愈发引人关注。 近期，文远知行与小马智行之间的"数据争议"成为行业焦点。，10月30日晚，文远知行CFO李璇在分析 师群里发长信息，直指小马智行在给香港投资人的路演材料中，存在对文远的不实数据指控，并作出正 面回应与驳斥。 22573:55 各位分析师,我们就小马智行在香港路演投资人材 料中对文远的数项虚假指控进行正面回应与驳斥: - 运营区域造假:我方 APP已公开在北京、广州提 供纯无人 Robotaxi 服务、"小马"所谓 ...

"高德与小鹏的合作，不仅仅是一次业务升级，更是我们基于共同认知、探索AGI的关键一步。"高德 CEO郭宁表示，未来双方将携手出海，把中国领先的Robotaxi服务推向世界舞台。 11月5日，阿里巴巴（NYSE：BABA；HKEX：09988）旗下高德宣布与小鹏汽车达成全球生态合作 ——小鹏Robotaxi将正式接入高德平台，共同为用户提供L4级自动驾驶出行服务。 这不仅是行业首个"出行平台+前装量产Robotaxi"合作模式，也是高德全面转向空间智能后，AI能力跨 界开放的重要一步——致力于以"技术+生态"服务全球客户，打造最大的Robotaxi聚合平台。 ...

文远知行-W港股暗盘跌超23%，报20.68港元。公司发售价厘定为每股27.1港元，公司于全球发售所得 款项总额（扣除承销费及发售开支前）预计约为23.92亿港元（假设超额配股权未获行使）。A类普通股 预期将于2025年11月6日在联交所主板开始买卖。 来源：滚动播报 ...

Core Insights - The seventh generation Robotaxi from Xiaoma Zhixing will officially launch in Guangzhou and Shenzhen starting November, offering a new level of autonomous driving service [1] - The new model is based on the Extreme Fox Alpha T5 and Aion Bawanglong, featuring 100% automotive-grade components with a design lifespan of 600,000 kilometers [1] - The total cost of the autonomous driving suite has decreased by 70% compared to the previous generation, and it claims to be the world's first Robotaxi to achieve L4-level full-scene autonomous driving based on automotive-grade SoC chips [1] Vehicle Specifications - The new Robotaxi is equipped with 34 sensors, including 9 LiDARs, 14 cameras, and 4 millimeter-wave radars, providing 360-degree coverage and a detection range of up to 650 meters [1] - The vehicle has completed over 3.5 million kilometers of public road testing and has passed various automotive-grade validations, including electromagnetic compatibility and durability tests [1] User Experience Enhancements - The seventh generation Robotaxi supports features such as automatic door opening via Bluetooth, customizable LED welcome lights, and voice-activated trip initiation [1] - For the first time, the front passenger seat is open to passengers, enhancing the utilization of interior space [1] - The system utilizes self-developed world models and virtual driver technology to optimize acceleration and deceleration control, aiming to reduce passenger dizziness [1]

Group 1 - The 15th National Games and Special Olympics Autonomous Driving Application Launch Ceremony was held in Guangzhou on November 3 [2] - Didi Autonomous Driving was awarded the "Autonomous Driving Service Provider" badge, allowing it to provide autonomous driving services during the event [2] - Didi Autonomous Driving will offer safe and convenient autonomous travel services for spectators, guests, media personnel, volunteers, and citizens during the National Games [2]