智通财经APP获悉，信达国际发布研报称，禾赛-W(02525)盈利能力及现金流优于同业，支持估值溢 价，维持其"买入"评级和200港元目标价。据机构综合预测，市场预期24至27财年收入及经调整盈利年 复合增长分别达41%及321%，现价对应26财年预测市销率5.5倍，高于同业速腾聚创(02498)的4.7倍。不 过，根据灼识咨询的资料显示，公司为全球首家实现全年净利润(非公认会计准则计量)的激光雷达公 司，以及23及24财年均录得全年正数经营现金流，成为首家产生正营运现金流量的激光雷达上市公司。 信达国际主要观点如下： 2025年第三季提前完成全年盈利目标，并上调指引 随着自动驾驶发展趋向更高级别，预计每辆车辆将搭配更多激光雷达设备。市场估计每辆L3级车型激 光雷达数量达3-6个，较L2级的1-2个有所增加。而禾赛已获得超过120个车型量产定点，据盖世汽车研 究院的数据，公司已连续七个月在车载主激光雷达领域稳居行业第一，8月市场份额高达46%，有望受 惠于渗透率提升。目前主要客户包括理想汽车-W(02015)、小米集团-W(01810)和零跑汽车(09863)。主 打低成本高性能的核心产品ET系列，以及针对L ...

Core Insights - Hyundai Motor Group has outlined its strategic vision for 2026, focusing on customer-centric transformation, enhanced ecosystem competitiveness, and AI-driven innovation to adapt to changing market dynamics and set new industry standards [1][10]. Group Priorities - The five key strategic priorities presented include customer-focused evolution, agile decision-making, ecosystem competitiveness, bold collaboration, and leading new industry standards to navigate the global landscape [2][10]. Customer-Centric Transformation - Executive Chair Chung emphasized the importance of continuous transformation driven by customer insights, stating that the ability to evolve in response to customer needs is crucial for maintaining competitiveness [4][5]. Agile Decision-Making - The company is advocating for agile decision-making and direct engagement from leaders, highlighting the need for fast and clear communication to enhance operational efficiency [6][7]. Ecosystem Competitiveness - Chung noted that the strength of the supply ecosystem is vital for competitive advantage, as the production of vehicles and humanoid robots involves thousands of components, necessitating high performance and quality across the supply chain [8][10]. AI-Driven Collaboration - The company is focusing on bold collaboration with diverse partners to navigate the AI-driven transformation in the manufacturing industry, recognizing that core product competitiveness is increasingly determined by AI capabilities [11][12]. Commitment to Innovation - Hyundai Motor Group is committed to leveraging its world-class design and manufacturing capabilities, along with valuable data from production and user experiences, to enhance its competitiveness in the physical AI field [12][13].

摘要显示，本公开适用于智能座舱，其中，方法包括：获取行车过程中车机端的多个车端数据以及基于 驾驶员穿戴设备的多个驾驶员数据；基于多个车端数据和多个驾驶员数据，对驾驶员的疲劳情况进行识 别；响应于识别到驾驶员处于疲劳状态，根据驾驶员的疲劳程度进行疲劳驾驶干预处理。提高了行驶环 境下驾驶员的疲劳驾驶状态的判定精度和准确度，通过车辆以及穿戴设备执行的目标疲劳驾驶干预措施 进行疲劳驾驶的干预，提高了疲劳驾驶干预措施的有效性以及主动性，优化了疲劳驾驶的干预效果。 天眼查知识产权信息显示，近日，小米汽车科技有限公司申请的"疲劳驾驶干预方法、装置、车辆、设 备、介质和芯片"专利公布。 ...

点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 该工作系统性地复盘了截止 2025年9月 的 77篇 前沿论文，从 端到端 VLA 、 世界模型 、 模块化集成 三大维 度，为开发者提供了一份详尽的"大模型上车"学习路线图。 核心看点：读懂世界模型与VLA的演进 本综述精准切中了当前自动驾驶社区最关心的三大技术命题，构建了清晰的技术象限。 图1：自动驾驶大模型技术架构图谱（涵盖模块化、端到端、数据生成及平台四大核心领域） 1. 端到端集成的终局：VLA (Vision-Language-Action) 论文作者 | Hanlin Tian, Kethan Reddy, Yuxiang Feng, Mohammed Quddus, Yiannis Demiris, Panagiotis Angeloudis 单位 | 帝国理工学院 (Imperial College London) 最近， DriveLaW 、 OpenDriveVLA 等架构的提出，标志着自动驾驶正在从"感知-规划"分离走向 VLA (Vision-Language-Action) 的端到 ...

Core Viewpoint - Zhenqu Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan as joint sponsors. The company focuses on electric vehicle (EV) control solutions and has developed a layered solution set that includes power modules, motor controllers, and power bricks, allowing customers to choose different levels of system integration [1] Group 1: Company Overview - Zhenqu Technology pioneered the concept of "power brick" and achieved mass production of the main drive power brick in 2021, significantly simplifying the assembly of control systems, enhancing platform reusability, and shortening development cycles [1] - The company has expanded its offerings to low-power controllers and domain controllers in the power domain and chassis domain [1] Group 2: Market Position and Achievements - As of September 30, 2025, the company has secured 50 design wins from 13 OEMs, with solutions applied to 82 vehicle models, 54 of which have entered mass production [1] - According to Frost & Sullivan, the company's rankings in the Chinese market by installation volume are as follows: - Motor controllers ranked 11th in 2024 and 8th in the first nine months of 2025 - Dual motor controllers ranked 3rd in the first nine months of 2025 - Main drive power bricks ranked 1st in 2024 and 2nd in the first nine months of 2025 - Power bricks installed in dual motor controllers ranked 1st in the first nine months of 2025 - Power modules ranked 8th in 2024 and 7th in the first nine months of 2025 [1] Group 3: Business Expansion - The company has leveraged its core technology to expand its business into emerging fields such as electric vertical takeoff and landing vehicles (eVTOL) and embodied intelligence [1]

Core Viewpoint - Kia Corp aims to achieve 3.35 million vehicle sales by 2026 [1] Group 1 - The company has made a regulatory filing regarding its sales target [1]

Group 1: Market Reactions - US stocks experienced a rise, with the Dow Jones Industrial Average increasing by approximately 1.5% (700 points), the S&P 500 gaining 0.8%, and the Nasdaq Composite adding 0.9% [1] - The US military action in Venezuela was a focal point for the markets, but strategists downplayed the long-term economic fallout, leading to a positive sentiment in the market [2] - Shares of US oil majors rose due to expectations of benefiting from the rebuilding of Venezuela's energy infrastructure, with Chevron's stock increasing nearly 4% and Halliburton's stock jumping over 7% [3] Group 2: Oil Production and Market Impact - Venezuela's oil production is currently less than 1 million barrels per day, accounting for under 1% of global output, which limits the potential impact on energy markets [4] - Futures for US benchmark West Texas Intermediate crude and international benchmark Brent both increased by around 1% [4] Group 3: AI Sector Developments - TSMC shares surged after Goldman Sachs raised its price target for the company, anticipating another year of solid growth [6] - Foxconn reported record fourth-quarter revenue, driven by strong demand for AI products, highlighting the robust performance of companies involved in the AI sector [6] - The strong start for the AI trade sets the stage for the CES tech show in Las Vegas, with Nvidia's CEO scheduled to deliver a keynote address [7]

（来源：南湖晚报） 昨天，在嘉兴经开区一家新能源车店内，不少市民前来选车、提车，展厅内气氛热烈。随着春节脚步临 近，众多消费者选择此时购置新车，寓意"新年开新车"，迎接团圆佳节。 转自：南湖晚报 N记者 盛佳淳 摄 ...

1. A股市场将迎来2026年首个交易日。元旦假期期间，港股迎来新年开门红，在美上市的中国资产也有强势表现，一定程度上提振市场对A股新年开门红 的预期。 展望后市，机构认为，开年后A股震荡向上的概率更高，投资者对春季行情应保持耐心，消费与成长板块有望成为春季行情的两条主线。 2. 针对"上市绿色通道被叫停"传闻，宇树科技辟谣称，相关报道与事实情况不符，公司未涉及申请"绿色通道"相关事宜。 相关报道误导公众认知，已严 重侵害宇树科技合法权益。公司已向主管部门反映，同时督促相关方撤回不实报道。目前，宇树科技上市工作正常推进。 3.美国"闪击"委内瑞拉，委内瑞拉总统马杜罗最早可能于1月5日在纽约曼哈顿的联邦法院出庭受审。中国外交部发言人表示，中方呼吁美方确保马杜罗总 统夫妇人身安全，立即释放马杜罗总统和夫人，停止颠覆委内瑞拉政权，通过对话谈判解决问题。 尽管美国突袭委内瑞拉并逮捕马杜罗引发地缘政治震 动，但全球原油市场已显示出消化冲击的迹象，因该国关键石油设施未受损，且其产量仅占全球供应不足1%。 4.本周全球市场大事不断！委内瑞拉局势备受关注，泽连斯基将与美方举行新一轮会谈，韩国总统李在明访华；中国将于1月9日公 ...

Core Viewpoint - Tesla's recent production and delivery numbers were deemed "better than feared" by analyst Dan Ives, despite falling short of internal targets [1][2]. Delivery and Production Summary - Q4 2025 deliveries totaled 418,227 vehicles, approximately 1.1% below Tesla's internal analyst consensus of 422,850 and nearly 3.4% under Visible Alpha's estimate of 432,810 [8]. - Q4 2025 production reached 434,358 vehicles, lagging behind Bloomberg's consensus of 470,780 by about 7.7% [8]. - Full-year 2025 deliveries amounted to 1,636,129 vehicles, closely aligning with Tesla's compiled consensus of 1,640,752 and near third-party expectations of around 1.65 million [8]. - Full-year 2025 production was 1,654,667 vehicles, indicating that Tesla produced slightly more than it delivered [8]. - Energy storage for Q4 reached a record 14.2 GWh, surpassing Tesla's compiled consensus of 13.4 GWh by nearly 6% [8]. Market Context and Challenges - Tesla's delivery numbers are under pressure due to the loss of the $7,500 U.S. tax credit and ongoing challenges in Europe, but the overall report suggests stability rather than decline [3][9]. - The competitive landscape is intensifying, with Chinese EV manufacturer BYD selling 4.6 million vehicles, including nearly 2.26 million battery EVs, significantly outpacing Tesla's 1.64 million deliveries [14]. - Other competitors like Geely, NIO, and Li Auto also reported strong late-year numbers, emphasizing the competitive nature of the EV market [15]. Future Outlook - Dan Ives believes that Tesla is entering 2026 on firm ground, despite the challenges in achieving delivery growth [7][9]. - The focus is shifting beyond just vehicle deliveries to include advancements in AI, energy, and autonomy, which may help offset weaknesses in the core EV business [4][5]. - Ives maintains a buy rating on Tesla stock with a price target of $600, the highest on Wall Street [10]. Analyst Sentiment and Valuation - Tesla stock is currently trading around $438, having experienced an 8% decline recently but still showing a 16% gain for the year [11]. - Analysts have varied price targets for Tesla, with Deutsche Bank at $500, BofA Securities at $471, Goldman Sachs at $420, Morgan Stanley at $425, and UBS at $247, reflecting differing views on the company's valuation and growth potential [17].