Core Viewpoint - The article emphasizes that despite short-term market fluctuations and emotional impacts, the long-term value of a company is rooted in its fundamentals and growth prospects, suggesting that current price dips may present strategic buying opportunities for investors [1][10]. Company Overview - Youjia Innovation (佑驾创新) is recognized as a high-growth company in the intelligent driving sector, having achieved significant milestones and is considered a rare potential stock in smart driving [1][4]. - The company successfully listed on the capital market at the end of 2024, demonstrating its solid fundamentals and strong growth expectations [2][3]. Financial Performance - Youjia Innovation's revenue grew at a compound annual growth rate (CAGR) of over 50% from 2022 to 2024, with a 46% increase in revenue to 346 million yuan in the first half of the previous year [3][4]. - The company completed two strategic financings post-listing, which bolstered its research and market expansion efforts [3]. Business Developments - The company has made significant advancements in various core areas, including Advanced Driver Assistance Systems (ADAS), Driver Monitoring Systems (DMS), and vehicle-road collaboration [4][5]. - As of June 30, 2025, Youjia Innovation has partnered with 42 vehicle manufacturers, expanding its influence in both domestic and international markets [4]. Product Innovations - Youjia Innovation launched several intelligent driving solutions in the first half of 2025, including the iPilot 4 Plus and iPilot 4 Max, to meet the growing demand for mid-to-high-level intelligent driving [4]. - The company also introduced the iCabin Lite product and the "Smart Butler BamBam" for intelligent cockpit solutions, securing orders worth approximately 320 million yuan [5]. Market Position and Future Outlook - The intelligent driving industry is evolving, with the recent approval of L3-level autonomous driving vehicles in China marking a significant step towards commercialization [8][9]. - Youjia Innovation is well-positioned to leverage its L4 capabilities and extensive L2 data to enhance its L3 solutions, indicating strong growth potential [8][9]. - The company is expected to experience a revaluation as it continues to demonstrate its unique growth path and capitalize on policy support [9][10].

文 | 听潮TI，作者 | 郭佳哿，编辑 | 张晓 智能驾驶已经走到新的现实拐点。 过去几年，它被定位为高端车型的核心卖点；但随着渗透率进入主流区间，行业焦点开始从PPT里的期 望值转向交付规模。能否真正让更多用户买得起、用得上，成为当下最直接的竞争锚点。 去年末，地平线举办了自己成立十年来的第一届技术生态大会，会上地平线创始人兼CEO余凯给出了新 目标：10万元的车将普遍实现城区NOA。 更早一些，去年年初Momenta创始人曹旭东也曾断言，2025年高阶智驾会规模起势，并在2026年触达10 万级市场。 对内，这是技术与成本的再压缩；对外，则意味着主动拥抱更大体量的普惠市场。 事实上，在能力下放这件事上，真正承担工程复杂度、成本压力和交付责任的，并非只有整车厂。 地平线与Momenta所代表的，是智能驾驶背后一条不被大众熟知但至关重要的供应链价值链：地平线依 托车规级芯片与工具链，试图通过软硬结合建立可复制的量产能力；Momenta以算法和数据驱动的渐进 式迭代路线，与车企深度绑定，推动高阶方案走向规模落地。 它们的角色，不只是技术提供方，更是推动智驾平权的核心力量。 如果说过去的行业竞争更像打着口号炫肌 ...

（文章来源：每日经济新闻） 每经AI快讯，智驾概念股多数走高，截至发稿，黑芝麻智能(02533.HK)涨7.32%，报20.96港元；浙江世 宝(01057.HK)涨6.26%，报5.26港元；小马智行-W(02026.HK)涨6.29%，报123.4港元；文远知行- W(00800.HK)涨4.54%，报24.42港元。 ...

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards the industry [1] Group 1: Stock Performance - Black Sesame Intelligence (02533) increased by 7.32%, reaching HKD 20.96 [1] - Zhejiang Shibao (01057) rose by 6.26%, reaching HKD 5.26 [1] - Pony.ai-W (02026) saw a rise of 6.29%, reaching HKD 123.4 [1] - WeRide-W (00800) increased by 4.54%, reaching HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] - The journey included various driving conditions such as highways, city roads, nighttime driving, and multiple entries and exits at supercharging stations [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline for 2026 [1] - Orient Securities anticipates that with regulatory support and increasing market demand, the progress of L3 autonomous driving industrialization is expected to accelerate by 2026, benefiting related smart driving hardware and software suppliers [1]

Core Viewpoint - The smart driving concept stocks have shown significant gains, driven by advancements in autonomous driving technology and positive market sentiment towards related companies [1] Group 1: Stock Performance - Major smart driving stocks have risen, with Hezhima (000716) up 7.32% to HKD 20.96, Zhejiang Shibao (002703) up 6.26% to HKD 5.26, Pony.ai-W (02026) up 6.29% to HKD 123.4, and WeRide-W (00800) up 4.54% to HKD 24.42 [1] Group 2: Technological Advancements - A Model 3 equipped with FSD v14 successfully completed a cross-country trip from Los Angeles to South Carolina, covering 2732 miles in 2 days and 20 hours, entirely relying on FSD without any human intervention [1] Group 3: Industry Outlook - Dongwu Securities maintains a positive outlook on the L4 RoboX mainline by 2026, while Dongfang Securities anticipates accelerated progress in L3 autonomous driving commercialization by 2026, driven by regulatory support and increasing market demand, benefiting related smart driving hardware and software suppliers [1]

Transaction Overview - Ningbo Tianlong Electronics Co., Ltd. plans to acquire a 32.2998% stake in Suzhou Haomibo Technology Co., Ltd. for a cash consideration of RMB 131.843663 million and will also invest an additional RMB 100 million to increase its stake to 54.8666% [2][4][5] - The transaction will not constitute a related party transaction or a major asset restructuring and does not require shareholder approval [3][11] Purpose and Strategic Fit - The acquisition aligns with the company's strategic focus on the automotive electronics and new energy sectors, particularly in smart driving and vehicle networking [7][8] - The transaction aims to enhance the company's capabilities in intelligent perception technologies, leveraging Suzhou Haomibo's expertise in 4D millimeter-wave radar and sensor integration [8][9] Financial Aspects - The total investment of RMB 231.843663 million will significantly improve Suzhou Haomibo's financial position, including its asset-liability ratio and equity [16] - Suzhou Haomibo's revenue for the first nine months of 2025 was RMB 33.7945 million, reflecting a 288.64% increase compared to the entire year of 2024, although it remains in a loss position [16] Valuation and Pricing - The valuation of Suzhou Haomibo was determined using a combination of asset-based and income-based approaches, with the final equity value set at RMB 354.7 million based on the income approach [18][28] - The transaction price is slightly below the assessed value, indicating a fair and reasonable pricing strategy [30] Synergies and Collaboration - The acquisition is expected to create significant synergies, including operational and channel collaborations, enhancing the company's supply chain capabilities [9][10] - The company has established relationships with major automotive suppliers, which will facilitate the integration of Suzhou Haomibo's products into broader supply chains [10] Future Commitments - The transaction includes performance commitments from the founders of Suzhou Haomibo, with targets set for revenue and profit over the next four years [43] - The company will utilize the investment for operational funding and strategic initiatives, ensuring alignment with its long-term growth objectives [47]

Core Viewpoint - Daoyuan Technology has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors [1] Group 1: Company Overview - Daoyuan Technology is the world's first company to mass-produce automotive-grade MEMS integrated spatiotemporal intelligent solutions for the smart driving sector [1] - The company is projected to hold a 27.6% market share in 2024, making it the largest provider of spatiotemporal intelligent solutions in the global automotive industry [1] - Daoyuan Technology possesses comprehensive in-house capabilities across the entire technology chain, including inertial chip development, algorithms, software, product design, and precision engineering [1] Group 2: Technology and Market Potential - The company has achieved vertical integration and smart manufacturing, ensuring consistency and high yield in large-scale production [1] - Its solutions have been validated for automotive-grade reliability in millions of smart driving units and have secured mass production projects with over 30 top-tier OEMs both internationally and domestically [1] - The global market for spatiotemporal intelligent solutions is expected to grow significantly from RMB 1.6 billion in 2024 to RMB 166.5 billion by 2035, with a compound annual growth rate (CAGR) of 66.6% from 2024 to 2030 and 36.4% from 2030 to 2035 [1]

Market Overview - The Hang Seng Index increased by 2.01%, the Hang Seng Tech Index rose by 4.31%, and the Hang Seng China Enterprises Index gained 2.85% during the week from December 29, 2025, to January 2, 2026[4]. - Net selling through the Hong Kong Stock Connect amounted to 3.4 billion CNY, while southbound funds recorded a net purchase of 1,301.5 billion CNY in 2025, equivalent to 174.92% of the total net purchases for 2024[4]. AI Sector Developments - Meta acquired AI startup Manus for over 2 billion USD, which will continue to operate independently[4]. - Baidu's subsidiary Kunlun Chip submitted a confidential listing application to the Hong Kong Stock Exchange on January 2, 2026[6]. - MiniMax launched the MiniMax M2.1 model and went through the listing hearing with the Hong Kong Stock Exchange[4]. Investment Recommendations - For Tencent Holdings, a PE ratio of 18X is projected for 2026, with expectations of accelerated growth in domestic gaming and healthy overseas growth[4]. - Kuaishou is expected to have a PE ratio of 11X for 2026, with stable growth and potential investment opportunities following any short-term volatility[4]. - Alibaba is projected to have a FY27 PE of 16X, with new AI models and hardware developments to watch[4]. Consumer Sector Insights - Suplay submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to capitalize on its leading position in the collectible card market[6]. - Pop Mart's valuation is at 14X PE for 2026, with potential sales boosts from the holiday season and strong IP performance expected[4]. Risks - Geopolitical risks may impact overseas revenues and competitiveness, potentially affecting stock prices[22]. - Regulatory risks in the internet sector could influence industry and individual stock performance[22].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the ongoing growth in domestic AI chip demand, with Kunlun Core initiating its Hong Kong IPO process, indicating a strong market potential for domestic AI solutions [5][15] - The upcoming listings of major AI model companies, such as MiniMax, are expected to attract significant investment interest, with MiniMax's projected fundraising between 3.83 to 4.19 billion HKD [21][24] - The report emphasizes the accelerating commercialization of Robotaxi services in China, driven by technological advancements, cost reductions, and supportive policies [7][42] Summary by Sections Internet - Kunlun Core has started its Hong Kong listing process, indicating a sustained growth in domestic computing power demand. The report recommends stocks such as Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings identified as a beneficiary [5][14][67] - The Hang Seng Internet Technology Index rose by 4.3% during the week of December 29, 2025, to January 2, 2026, outperforming other indices [14][16] AI - Major AI model stocks, including MiniMax, are set to list soon, with MiniMax's share price range between 151-165 HKD and an expected market capitalization of 46.12 to 50.40 billion HKD. The company has shown significant revenue growth, achieving 53.44 million USD in revenue for the first three quarters of 2025, a 175% year-on-year increase [21][24][24] - MiniMax's diverse revenue model includes subscription services, virtual goods, and online marketing services, indicating a robust business strategy [30][24] Smart Driving - The report notes that the L3 level of autonomous driving in China has received trial approval, marking a significant step towards commercialization. The Robotaxi market is expected to grow rapidly due to technological maturity and policy support [7][42][44] - Various business models for Robotaxi are emerging, including partnerships between manufacturers, autonomous driving companies, and ride-hailing services, which are expected to accelerate commercialization [44][49] Weekly Data Update - The Hang Seng Index increased by 2.01% during the week, with significant gains in the media, automotive, and technology sectors [53][59]

Group 1 - The performance of Chinese concept stocks in the US market is vibrant, with various stocks showing significant gains, similar to the excitement seen in Hong Kong IPOs [2] - The semiconductor sector, led by TSMC, is highlighted as a major player, reaching a market cap of $1.6 trillion, indicating strong growth potential [2] - Traditional automotive companies are also performing well, with significant gains observed in stocks related to autonomous driving, reflecting a growing trend in the market [2] Group 2 - Internet stocks are lagging behind, primarily driven by institutional investors, showing less excitement compared to other sectors [3] - The consumer sector lacks any notable highlights, mirroring the performance seen in the Hong Kong market [4] - The overall sentiment suggests that the upcoming A-share market will reflect similar dynamics, with various sectors performing independently [5]