随着解禁窗口10月24日临近，资本市场对地平线的关注再度升温。 长期以来，许多港股投资者对解禁消息格外敏感，一方面这意味着股票供给在短时间内大幅增加，投资 者的博弈程度随之增加，另一方面解禁也是一场"价值校准"，对于本身质地优异的企业来说往往会平稳 渡过，迎来反弹，相当于带来了一个投资窗口期。 站在当前节点，要理性看待地平线的解禁，首先需要厘清这背后的核心事实。 可以看到，此次地平线解禁股票主要来自创始团队，除创始团队外其他解禁股份占比较低，而创始团队 的持股逻辑往往与公司长期发展深度绑定，短期大规模减持可能性较低。 上市一周年答卷优异，股价与业绩双重验证内在价值 站在上市一周年的节点回望，地平线实现了业绩与股价双升，双重印证其内在价值。 股价是最直观的市场投票机、称重机。自2024年10月24日登陆港股以来，地平线的股价成功穿越了资本 市场的多轮情绪波动，实现上市首年"倍翻"——以3.99港元的发行价为起点，随后一路震荡走高，2025 年9月中旬最高触及11.32港元。 同期，其股价增幅大幅跑赢恒生综指与恒生科指，成为赛道中极具代表性的优质标的。 地平线还同时获纳入恒生科指、富时50指数，MSCI指数等全球 ...

Group 1 - Recent years have seen a trend of Chinese concept stocks returning to Hong Kong for listing, with companies like Hesai Technology, Tianjing Biotechnology, WeRide, and Pony.ai announcing their plans or progress for Hong Kong listings [1][2] - Pony.ai plans to issue up to 102.1 million shares and has a current market value exceeding $7 billion, while Tianjing Biotechnology aims for a dual listing in Hong Kong to enhance collaboration with global innovators and diversify its investor base [1][2] - WeRide has received approval from the China Securities Regulatory Commission for its Hong Kong listing, intending to issue up to 102.4 million shares, and is noted for holding autonomous driving licenses in seven countries [1] Group 2 - Hesai Technology became the first lidar company to achieve a dual primary listing on the Hong Kong Stock Exchange, raising approximately HKD 4.16 billion and reaching a market value of HKD 35.85 billion on its first day [2] - Since the reform of the Hong Kong listing system in 2018, over 30 Chinese concept stocks have returned to Hong Kong, including major players like Alibaba, JD.com, and Baidu, representing a significant portion of the internet sector [2] - There are three main methods for Chinese concept stocks to return to Hong Kong: privatization and re-listing, secondary listings, and dual listings, with 34 companies having returned since 2018 [2] Group 3 - The return of Chinese concept stocks to Hong Kong is seen as a strategic move amid U.S. regulatory and geopolitical uncertainties, providing companies with better funding opportunities and faster listing processes [3] - The industry focus of returning companies has primarily been on internet platforms and biotechnology, with expectations for future expansions into emerging sectors such as semiconductors, industrial software, and intelligent driving [3]

Summary of Key Points from the Conference Call Industry Overview - The conference focuses on the intelligent driving industry, particularly advancements in autonomous driving technology and the competitive landscape among companies like Tesla, Xpeng, and Li Auto. Core Insights and Arguments 1. **Tesla FSD V14 Enhancements**: - Tesla's FSD V14 has significantly improved its autonomous driving capabilities through software optimization, increased camera frame rates from over 30 to over 40 frames, and a tenfold increase in model parameters compared to V13, achieving 2,000 to 2,500 TOPS computing power with the AI5 chip [2][1][4]. 2. **Importance of In-House Chip Development**: - The deep integration of self-developed chips and algorithms is crucial for companies like Xpeng and Li Auto to reduce reliance on general-purpose chip platforms, thereby lowering costs and enhancing performance [1][4]. 3. **Technological Divisions in Domestic Market**: - The domestic intelligent driving technology is divided into two camps: the Vision Oriented Architecture (VOA) and the World Model. Each has its strengths and weaknesses, with VOA requiring high computing power and having lower frame rates, while the World Model faces challenges in environmental prediction [5][6]. 4. **Market Trends Towards Hardware-Software Integration**: - The trend towards integrated hardware and software solutions is expected to grow, with suppliers likely gaining a larger market share as OEMs focus on internal needs, leading to potential price wars in the future [8][1]. 5. **NVIDIA's Market Position**: - NVIDIA maintains a strong market position due to its CUDA ecosystem, which provides a seamless service from AI training to deployment, significantly reducing algorithm migration costs [9][1]. 6. **Regulatory Developments**: - Regulations for L3 autonomous driving are expected to be introduced by 2026, with a focus on data closure, computing center construction, and algorithm optimization [3][10]. 7. **Challenges in Data and Feature Alignment**: - The industry faces challenges in data and feature alignment due to high labeling costs and complex algorithm implementations, which hinder the effective processing of multimodal information [7][1]. 8. **Future of LiDAR Technology**: - LiDAR technology is expected to coexist with visual solutions, with prices dropping to around $200, making it more accessible for widespread adoption in vehicles [11][14]. 9. **AI Driver vs. Traditional Systems**: - The AI driver represents a remote AI takeover system designed to handle specific issues, enhancing user experience without compromising safety [22][1]. 10. **Impact of Mass Production on L4 Companies**: - The mass production of vehicles with autonomous driving technology may challenge the business models of existing L4 companies, particularly regarding licensing and operational experience [23][1]. Other Important Insights - **Investment in AI**: - Companies like Xpeng and Li Auto are investing around $6 billion annually in AI, primarily for algorithm development and road testing, but the impact on differentiation may be limited due to similar capabilities across firms [19][1]. - **Safety Personnel Ratios**: - The current ratio of safety personnel in leading domestic autonomous driving companies is approximately 1:5 to 1:8, with ongoing efforts to reduce reliance on human oversight through AI model development [21][1]. - **Challenges in VOA Technology**: - VOA technology faces latency and multimodal alignment issues, which can be addressed through long-term investment in model adjustments and short-term optimizations [18][1]. - **Emerging Chip Development**: - Domestic suppliers are entering the chip market later but targeting the mid-to-low-end market, which has not yet fully opened up, allowing for competitive advantages through tailored solutions [24][1].

Core Insights - The automotive industry is undergoing a transformation driven by AI, with smart driving systems entering a phase of large-scale deployment, creating a "flywheel effect" of data and intelligence [1][3] - Smart driving is recognized as a foundational application of AI, with significant investments in AI models and infrastructure, indicating a shift towards commercial deployment [2][3] - The investment logic is transitioning from traffic-driven to technology-driven, emphasizing the importance of technological capabilities and commercial deployment in the smart economy era [4] Industry Trends - The automotive sector has become the largest contributor to China's GDP, with rapid advancements in key components for electric vehicles such as lidar and smart glass [1] - The next decade will see AI's pervasive influence across all industries, with a focus on foundational investments in chips, computing power, and data [2] - The smart driving sector is poised to be one of the first to achieve large-scale commercialization within the realm of embodied intelligence [3] Investment Strategy - The investment approach is evolving to prioritize technology-driven enterprises, with a focus on both technological capabilities and innovative business models [4] - Chinese companies are leading a new phase of globalization, shifting from a model dominated by large multinational corporations to one that emphasizes local stakeholder interests and enhanced R&D capabilities [4] - Emerging markets are experiencing rapid growth in trade with China, despite a decline in trade with the U.S., supported by AI open-source technologies that facilitate global recognition and localized innovation [4]

Core Viewpoint - WeRide Inc. (文远知行) has successfully passed the hearing for its listing on the Hong Kong Stock Exchange (HKEX) just five days after receiving approval from the China Securities Regulatory Commission (CSRC), marking a rapid progression in its IPO process [1][3]. Group 1: Company Overview - WeRide Inc. was established in 2017 and is a global pioneer in the L4 autonomous driving sector, with its products and solutions deployed in over 30 cities across 11 countries, including China, UAE, Saudi Arabia, Switzerland, France, Singapore, Japan, and more [3][4]. - The company holds the distinction of being the only tech firm with autonomous driving licenses in seven countries, operating a fleet of over 1,500 autonomous vehicles, including more than 700 autonomous taxis [3][4]. Group 2: Market Position - As of 2024, WeRide Inc. ranks second globally in revenue generated from L4 and above autonomous driving on urban roads, capturing a market share of 21.8% [3][4]. Group 3: Financial Performance - WeRide's revenue has been on a decline, with figures of 527 million RMB in 2022, 402 million RMB in 2023, and projected 361 million RMB in 2024, marking a continuous decrease over the past two years [4][5]. - The revenue from L4 technology accounted for 71.5% in 2022, 43.6% in 2023, and is expected to be 60.1% in 2024, primarily due to a drop in service revenue from 348 million RMB in 2023 to 273 million RMB in 2024 [4][5]. - The company has not achieved profitability since its inception, with cumulative losses reaching 6.557 billion RMB over three and a half years, and a projected loss of 792 million RMB for the first half of 2025 [6][7]. Group 4: Investment and Market Sentiment - WeRide has attracted significant investment from notable firms such as NVIDIA, Yutong Group, Qiming Venture Partners, GAC Group, and others, including a recent commitment of 100 million USD from Uber [7][8]. - Following its NASDAQ listing, WeRide's stock price initially rose but later fell below the issue price, reflecting volatility in market sentiment, with a peak of 44 USD per share earlier this year [8][10]. Group 5: Competitive Landscape - WeRide is competing with Pony AI Inc. (小马智行), another L4 autonomous driving company, which has a market valuation significantly higher than WeRide's [8][10]. - The upcoming listing on HKEX is seen as a critical opportunity for WeRide to bolster its financial position, but the company must demonstrate its ability to convert autonomous driving technology into sustainable revenue and profit [10].

Core Viewpoint - The Hong Kong Stock Exchange reported that during the week from October 13 to October 19, 9 companies submitted listing applications, 5 companies passed the hearing, 4 companies launched their IPOs, and 2 new stocks were listed [1]. Group 1: Companies Submitted Listing Applications - Hantian Technology (Xiamen) Co., Ltd. is a leader in the global silicon carbide (SiC) epitaxy industry, focusing on the R&D, mass production, and sales of SiC epitaxy chips, with a projected market share of over 30% in 2024 [2]. - Impression Co., Ltd. is a state-owned cultural tourism service enterprise, ranking eighth in China's cultural tourism performance market in 2024, with revenues of approximately 63.04 million yuan in 2022 [3]. - Guangzhou Yujian Noodle Restaurant Co., Ltd. is the fourth largest operator of Chinese noodle restaurants in China, with a market share of 0.5% in 2024 [4]. - Baishan Cloud Holdings Ltd. is the second largest independent edge cloud service provider in China, with a market share of approximately 2.0% in 2024 [5][6]. - Shouchuang Securities Co., Ltd. is a financial service provider with a strong asset management capability, ranking fifth in revenue growth among 42 A-share listed securities companies from 2022 to 2024 [7]. - Chongqing Qianli Technology Co., Ltd. focuses on AI and mobility solutions, with stable growth in automotive products [8]. - Nanjing Qingtian All Tax Information Technology Co., Ltd. is a leading digital service provider for cross-border enterprises, ranking first in the smart tax solution market in China with a market share of 1.7% in 2024 [9]. - Lakala Payment Co., Ltd. is a leading digital payment provider in Asia, with a market share of 9.4% in 2024 [10]. - Sichuan Xin Hehua Traditional Chinese Medicine Co., Ltd. is one of the largest suppliers of traditional Chinese medicine products in China, ranking second in the market with a 0.4% market share in 2024 [12]. Group 2: Companies Passed Hearing - Seres Group Co., Ltd. focuses on the research, manufacturing, and sales of new energy vehicles, achieving revenues of approximately 340.56 billion yuan in 2022 [13]. - Minglue Technology is a leading data intelligence application software company in China, with revenues of approximately 12.69 billion yuan in 2022 [14]. - Pony AI Inc. specializes in autonomous driving services, with a total operational area exceeding 2000 square kilometers [15]. - Ningbo Joyson Electronic Corp. is a global leader in smart automotive technology solutions, ranking second in China and fourth globally in smart cockpit domain control systems [16][17]. - WeRide Inc. is a pioneer in L4 autonomous driving, with operations in over 30 cities across 11 countries [18]. Group 3: Companies Launched IPOs - Yunji Technology launched its IPO with a subscription that was oversubscribed by 5677 times, raising approximately 189.1 billion HKD [19]. - Haixi New Drug's IPO was delayed for regulatory approval, with a price range of 69.88-86.40 HKD per share [20]. - Jushuitan's IPO was set at 30.60 HKD per share, with a total of 681.66 million shares offered [21]. - Guanghetong's IPO was priced between 19.88-21.5 HKD per share, with a total of approximately 135 million shares offered [21]. Group 4: Newly Listed Stocks - Xuan Bamboo Biotechnology was listed on October 15, 2025, with a closing price of 26.30 HKD per share, reflecting a gain of 126.72% [22]. - Yunji was listed on October 16, 2025, with a closing price of 120.5 HKD per share, reflecting a gain of 26.05% [24].

Core Viewpoint - Qianli Technology has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to enhance its global presence and accelerate overseas business development [1][5] Group 1: Company Background - Qianli Technology was formerly known as Lifan Automobile, which went bankrupt due to poor management and has since exited the market [1][3] - The company was restructured in 2020 with the support of the Chongqing government and Geely Group, leading to the introduction of strategic investors and a name change to Qianli Technology in 2025 [3] Group 2: Financial Performance - In the first half of 2025, Qianli Technology reported revenue of 4.184 billion, a year-on-year increase of 40.04%, and a net profit of 31 million, up 19.00% [3] - However, the company's non-recurring net profit was -134 million, marking two and a half consecutive years of losses, relying on non-core income to maintain profitability [3] Group 3: R&D and Performance Concerns - Qianli Technology has a high rate of capitalizing R&D expenses, exceeding 50% from 2022 to 2024, which raises concerns about potential earnings manipulation [3][5] - The company faces skepticism regarding its ability to compete in the smart driving sector against established players like Huawei and Baidu [5] Group 4: Dependency on Geely - Approximately 30% of Qianli Technology's procurement and sales come from Geely, indicating a high dependency on this major shareholder [6] - The company has engaged in significant related-party transactions, including a recent sale of R&D vehicle technology to Geely for 345 million [8][9] Group 5: Market Sentiment - Market confidence in Qianli Technology's future prospects appears low, as indicated by its stock price performance following the announcement of its IPO plans [2][9]

Market Performance - The Hong Kong stock market showed a strong performance on the first trading day of the week (October 20), with the Hong Kong Large Cap 30 ETF (520560) rising by 2.21% and 29 out of 30 constituent stocks increasing in value, including Alibaba and Geely, which both rose over 4% [1][3] - The ETF has seen significant interest since its listing on October 13, with a net inflow of over 24 million HKD in the past week, marking it as the only newly listed ETF in October to experience five consecutive days of net inflow [3] Fund Flows - Southbound capital continued to show strong accumulation, with a net inflow of over 45 billion HKD in the past week, the highest in five weeks, and a total net inflow exceeding 1.1 trillion HKD this year [5] - The Hong Kong Large Cap 30 ETF has been actively traded, with premium trading observed during high volatility [3] Institutional Investment - Cathie Wood's Ark Investment made its first purchase of Alibaba ADRs in four years, indicating a significant shift in foreign institutional investment towards leading Chinese tech companies [4] Sector Analysis - The technology sector in Hong Kong is benefiting from the AI technology cycle and its applications, with hardware and software sectors showing high growth potential [5] - The consumer and utility sectors are highlighted for their high earnings growth while maintaining low valuations, making them attractive for investment [6] ETF Characteristics - The Hong Kong Large Cap 30 ETF closely tracks the Hang Seng China (Hong Kong-listed) 30 Index, which consists of 30 high-liquidity large-cap stocks across various sectors, including technology, finance, and consumer goods [7] - The ETF employs a "barbell strategy," combining high-growth technology stocks with high-dividend yield stocks, providing a balanced investment approach [8]

Core Insights - The domestic intelligent driving industry is gaining significant attention due to recent dual listings and supportive policies, with Horizon Robotics (9660.HK) being a key player [1] Group 1: Company Developments - Horizon Robotics has successfully delivered Bosch's mid-level intelligent driving system based on its Journey 6E/M chip, achieving mass production for multiple car models from various manufacturers [2] - The Journey family of chips has surpassed 10 million units shipped and has secured partnerships with over 20 automotive brands, with an expected output of several million units by 2025 [2] - Horizon's newly launched Horizon SuperDrive (HSD) system has been recognized as "China's version of FSD," with over 10 models already designated for production [3] Group 2: Strategic Partnerships - Horizon Robotics signed a strategic cooperation agreement with Hello to develop low-cost, high-safety intelligent driving technology for Robotaxi operations, marking a significant step in enhancing its technology capabilities across L2 to L4 scenarios [2][3] Group 3: Market Position and Future Outlook - Horizon Robotics is increasingly recognized as a "technology infrastructure platform builder," with major investment banks acknowledging its potential benefits from the acceleration of autonomous driving adoption [4] - Recent reports indicate that the global L2+ intelligent driving market is expected to grow at a compound annual growth rate of 8% over the next decade, with Horizon and Huawei projected to capture 50% of the Chinese market share [5]

Core Insights - The domestic intelligent driving industry is gaining significant attention due to recent dual listings of companies like Hesai Technology, Pony.ai, and WeRide, along with new policies and feedback mechanisms [1] - Horizon Robotics, a leading player in the intelligent driving technology sector, has achieved batch delivery of Bosch's mid-level intelligent driving assistance system based on its Journey 6E/M platform, which includes features like highway navigation assistance and memory parking [1] - Horizon's Journey family has surpassed 10 million units shipped and has secured partnerships with over 20 automotive manufacturers, with an expected shipment volume reaching millions by 2025 [1][2] - A strategic cooperation agreement was signed between Horizon and Hello, focusing on the development of low-cost, high-safety, and reliable intelligent driving technology for Robotaxi operations [1] - Horizon has launched a significantly upgraded urban driving assistance system, Horizon SuperDrive (HSD), which has already been adopted by multiple automotive manufacturers [2] - Major investment banks, including Morgan Stanley, have recognized Horizon's positioning as a "technology infrastructure platform builder," indicating a positive outlook for the company as global adoption of autonomous driving accelerates [2] - Several securities firms have raised Horizon's target price, reflecting confidence in its market potential [3] - The global L2+ level intelligent driving market is projected to grow at a compound annual growth rate of 8% over the next decade, with Horizon and other leading companies expected to increase their market share significantly [3]