证券研究报告：电子 | 公司点评报告 发布时间：2026-02-09 股票投资评级 买入 |首次覆盖 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港币） | 103.70 | | --- | --- | | 总股本/流通股本（亿股） | 4.34 / 3.52 | | 总市值/流通市值（亿港币）449.58 / 365.49 | | | 52 周内最高/最低价 | 136.90 / 85.60 | | 资产负债率(%) | 9.85% | | 市盈率 | -18.1 | | 第一大股东 | 彭军 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 小马智行(2026.HK) 智能驾驶龙头，Robotaxi 商业化初步落地 ⚫ 事件 2026 年 2 月 4 日，公司发布 2025 年业绩预告：2025 年度预期亏 损约 69.0 百万美元至 86.0 百万美元，较 2024 年度的 275.0 百万美 元大幅收窄约 68.7%至 74.9%；亏损收窄主因系报告期内对上市公司 的投资公允价值变动收益增长所致。 ...

谈及春节期间的保障工作，赵龙飞认为关键在于防患于未然。他最关注的是一份不断迭代的安全任务清单：首要环节 是安全员对车辆的日常技术检查与维护，坚决杜绝"带病上路"；其次是与车队长、运营人员加强跟车巡检，针对节日 交通特点组织专项安全培训，并密切关注安全员状态、科学优化班次以预防疲劳；最后则是通过节前专项应急演练， 确保流程熟练，并配齐应急物资。 作为一线运营者，赵龙飞深切感受到行业的发展。近年来，政策支持持续加码与央地协同构建起完善的发展环境，正 推动自动驾驶巴士从概念产品走向实地验证。如今，蘑菇车联的MOGOBUS已在全国十余个城市落地，更成功中标新 加坡首个L4级自动驾驶巴士项目，迈出中国智驾"出海"新步伐。 对于2026年的工作，赵龙飞有着清晰的规划。他将持续深耕服务品质，做好人员培训、车辆巡检和数据复盘，提升乘 客满意度；公司层面，将加速国际化落地，深化国内场景覆盖，同时迭代自研技术，推动"前装量产＋视觉与固态激 光雷达融合"技术路线的规模化落地。 "春节假期的路况，是自动驾驶全年中最大的'考场'之一。"蘑菇车联运营负责人赵龙飞说。节前最后一周，他和 团队已进入全天候"备考"状态。 谈及未来五年的行业变 ...

Core Viewpoint - WeRide (WRD.US) announced plans to deploy at least 1,200 autonomous taxis in the Middle East in collaboration with Uber by 2027, indicating a clear path to commercial scalability for the company [1] Group 1: Company Performance - WeRide's stock closed up 6.11% on February 6, reaching $7.81, and continued to rise by 1.41% in pre-market trading to $7.92 [1] - The company's total market capitalization is approximately $2.674 billion [1] - The stock has a 52-week high of $44.00 and a low of $6.03, indicating significant volatility [1] Group 2: Analyst Insights - Morgan Stanley reiterated an "Overweight" rating for WeRide with a target price of $17, expressing confidence in the company's global partnerships and focus on L4 ADAS technology [1] - The report suggests that as the market adjusts to competitive landscape changes, WeRide's asset-light model will enable it to perform well [1]

Core Insights - The article highlights the rapid advancement and penetration of intelligent driving technologies in the automotive industry, with significant developments in autonomous vehicle services and related technologies [4][16][19]. Group 1: Industry Developments - Waymo has completed a new round of financing amounting to $16 billion, achieving a post-money valuation of $126 billion, marking one of the largest single financings in the autonomous driving sector [16]. - Xiaoma Zhixing has partnered with Aitebo to establish a high-end Robotaxi service fleet, focusing on urban commuting and airport transportation [17][18]. - WeRide has launched its self-developed general simulation platform, WeRide GENESIS, which integrates physical AI and generative AI technologies to enhance autonomous driving system development [19]. - Xidi Zhijia has successfully delivered 40 units of its autonomous mining trucks, marking a significant milestone in the smart mining sector [20]. - Huayang Group's AIBOX has been selected for a core intelligent project by a leading domestic automaker, indicating a key step in the application of large models in pre-installed scenarios [21]. Group 2: Market Penetration and Technology Adoption - As of November 2025, the penetration rate of passenger cars with L2 and above functions reached 38%, a year-on-year increase of 22 percentage points [8]. - The penetration rates for various sensors in passenger vehicles are as follows: front-view cameras at 69.0%, front millimeter-wave radars at 58.4%, and LiDAR at 16.6%, with year-on-year increases of 9%, 9%, and 10% respectively [8]. - The penetration rate of passenger vehicles equipped with ADAS (Advanced Driver Assistance Systems) reached 38% in November 2025, with significant growth in both highway and urban NOA (Navigation on Autopilot) functionalities [7][39]. Group 3: Product Innovations and Collaborations - RoboSense announced that its laser radar products achieved sales of 303,000 units in the robotics sector in 2025, marking a year-on-year growth of 1141.8% [23]. - The collaboration between Black Sesame Intelligence and Baidu's Roborun aims to create a comprehensive ecosystem for autonomous driving, enhancing technological support and product development [26]. - GAC Aion and Didi Autonomous Driving have jointly developed a new generation of Robotaxi, R2, which has received road testing licenses in Guangzhou [31].

Core Viewpoint - Pony.ai is a global leader in the large-scale commercialization of autonomous driving, focusing on Robotaxi and Robotruck services, with significant progress in commercial operations and fleet expansion [4][8]. Financial Performance - For 2025, Pony.ai expects a net loss of approximately -$0.69 to -$0.86 billion, an improvement from a net loss of -$2.75 billion in 2024 [2][6]. - The company anticipates a net profit of about $0.66 to $0.83 billion in Q4 2025, compared to a loss of -$0.61 billion in Q3 2025 and -$1.81 billion in Q4 2024 [6][7]. Business Operations - As of the end of 2025, Pony.ai exceeded its target of 1,000 Robotaxis, achieving 1,159 units, and aims to have over 3,000 Robotaxis by the end of 2026 [4][11]. - The seventh-generation Robotaxi has achieved profitability on a per-vehicle basis in urban areas, validating the company's business model [11]. Strategic Partnerships - Pony.ai has entered a comprehensive strategic partnership with BAIC New Energy, focusing on the mass production and commercialization of L4-level Robotaxis, aiming to create a benchmark in the autonomous driving industry [15]. - A collaboration with Aitboda aims to develop a fully autonomous driving service fleet, targeting the high-end market and enhancing the travel experience for passengers [19]. Technological Advancements - The company has reduced the bill of materials (BOM) cost for the seventh-generation Robotaxi by over 20% compared to 2025 benchmarks, driven by strong AI algorithms and fleet management expertise [11]. - The seventh-generation Robotaxi has been launched in major cities like Guangzhou, Shenzhen, and Beijing, receiving positive user feedback for its enhanced performance and user experience features [11].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [33]. Core Insights - Significant breakthroughs in brain-computer interface and quantum communication technologies are expected to accelerate the development of related industrial chains, with a focus on companies such as Jiayuan Technology, iFlytek, Wanda Information, Anheng Information, and Guodun Quantum [4][2]. - The first brain-controlled acupuncture rehabilitation equipment has been successfully implemented, marking a substantial advancement in the medical application of brain-computer interfaces [2][13]. - Shanghai has identified brain-computer interfaces and semiconductors as key future industries, providing strong policy support for their development [15][16]. - The University of Science and Technology of China has achieved major breakthroughs in quantum networking, paving the way for practical quantum communication [17][19]. - Waymo has completed a significant financing round of $16 billion, indicating a new phase of development in the autonomous driving industry [20][21]. Summary by Sections Brain-Computer Interface - The first brain-controlled acupuncture rehabilitation platform, "Shengong-Hua Tuo," has been launched, integrating advanced brain-computer interface technology with traditional acupuncture for personalized treatment [13][14]. - This technology has been validated through space experiments, enhancing its reliability and potential for widespread clinical application [14]. Quantum Communication - The University of Science and Technology of China has made two critical advancements in quantum networking, addressing long-standing challenges in the field and significantly extending the distance for quantum key distribution [17][19]. - These breakthroughs position China as a leader in quantum communication, with implications for national security and information protection [19]. Autonomous Driving - Waymo's recent financing of $16 billion has raised its post-money valuation to $126 billion, reflecting strong growth in its business operations [20]. - The company plans to expand its services to over 20 cities globally, indicating a shift from technology validation to large-scale commercial operations in the autonomous driving sector [21].

证券研究报告 | 2026年02月09日 小马智行（PONY.O） 2025 年公司亏损净额约 0.69～0.86 亿美元，Robotaxi 商业化运营持续推进 |  公司研究·公司快评 | |  | 汽车·汽车零部件 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 唐旭霞 | 0755-81981814 | tangxx@guosen.com.cn | 执证编码：S0980519080002 | | 证券分析师： | 杨钐 | 0755-81982771 | yangshan@guosen.com.cn | 执证编码：S0980523110001 | 事项： 公司公告：2026 年 2 月 4 日，小马智行发布 2025 年业绩预告。公司预计 2025 年录得(i)净利润约-0.69～ -0.86 亿美元，2024 年净利润为-2.75 亿美元，及(ii)归属普通股东净利润约-1.26～-1.43 亿美元，2024 年归属普通股东净利润为-2.74 亿美元。拆单季度看，2025Q4，公司净利润约 0.66～0.83 亿美元（2 ...

Investment Rating - Kuaishou Technology is rated as BUY with a target price of HK$80.00 [6][7][8] - WeRide Inc. is also rated as BUY with a target price of US$13.00 for ADR and HK$34.00 for its Hong Kong shares [9][10][13] Core Insights - Kuaishou Technology is expected to achieve a 10% year-on-year revenue growth in 4Q25, with an adjusted net profit of RMB5.4 billion [6][8] - Despite short-term pressures from stricter tax scrutiny and intense competition, Kuaishou's long-term monetization potential is bolstered by its AI initiatives and ecosystem integrations [6][7][8] - WeRide Inc. anticipates a significant revenue increase of over 70% quarter-on-quarter in 4Q25, driven by growth in its Robotaxi and Robobus segments [9][10][13] - The company aims to double its Robotaxi fleet to over 2,000 units by the end of 2026, with a focus on key markets in China and international expansion in the Middle East [10][11][13] Summary by Sections Kuaishou Technology - The company is projected to have a revenue increase of 10% year-on-year for 4Q25, with an adjusted net profit of RMB5.4 billion [6][8] - Long-term monetization potential is supported by AI developments and integration with core business ecosystems [6][7][8] WeRide Inc. - Expected revenue for 4Q25 is projected to be between RMB290 million and RMB300 million, with a full-year revenue forecast of RMB660 million to RMB670 million [9][10][13] - The gross margin is anticipated to remain above 30%, although increased R&D spending may impact net profits [9][10][13] - The company plans to expand its Robotaxi fleet significantly, with a strategic focus on both domestic and international markets [10][11][13]

Core Viewpoint - Pony.ai's stock opened over 7% higher and is currently up 7.33%, trading at HKD 111.30 with a transaction volume of HKD 20.7 million [1] Group 1: Strategic Partnership - Pony.ai and Moore Threads (688795.SH) announced a strategic partnership focused on the implementation and scaling of L4 autonomous driving technology [1] - The collaboration will leverage Pony.ai's core technology, including world models and virtual driver systems, to enhance training and optimization [1] - This partnership represents a significant example of collaborative innovation within China's AI industry, marking the first large-scale application of domestic AI computing power in critical training and simulation processes [1] Group 2: Technological Development - The partnership will utilize Moore Threads' MTT S5000 training and inference integrated computing card and the Quasar computing cluster to advance the training adaptation and validation of Pony.ai's world model and vehicle models [1] - The joint effort aims to build an autonomous driving computing power ecosystem, achieving full-link collaboration across "algorithm-data-computing power-application" [1] - This initiative is expected to accelerate the maturity and cost optimization of L4 autonomous driving technology, providing robust support for the high-quality development of smart mobility and logistics industries [1]

文远知行-W（00800）盘初涨超6%，截至发稿，股价上涨5.42%，现报20.42港元，成交额309.80万港 元。 据文远知行官微消息，2月6日，公司与Uber宣布升级战略合作：双方计划于2027年内在中东地区部署至 少1，200辆Robotaxi，覆盖阿布扎比、迪拜和利雅得三大市场。 根据计划，这1，200辆Robotaxi将全部接入Uber App面向公众提供出行服务。目前，文远知行和Uber已 在阿布扎比开展Robotaxi纯无人商业化运营，并在迪拜和利雅得开放Robotaxi公开运营服务，基于现有 运营基础，双方将持续扩大Robotaxi车队规模。Uber承诺，在获得关键监管批准，以及实现各城市核心 区纯无人Robotaxi商业化部署等运营里程碑后，将进一步投入更多Robotaxi。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 文远知行-W（00800）盘初涨超6%，截至发稿，股价上涨5.42%，现报20.42港元，成交额309.80万港 元。 据文远知行官微消息，2月6日，公司与Uber宣布升级战略合作：双方计划于2027年内在中东地区部署至 少1 ...