Core Viewpoint - Lianyungang Junxian Automotive Technology Co., Ltd. has been established with a registered capital of 2 million RMB, focusing on various automotive-related services and products [1] Group 1: Company Overview - The company is legally represented by Wang Sixian and has a registered capital of 2 million RMB [1] - The business scope includes technology services, development, consulting, and promotion related to automotive technology [1] Group 2: Business Activities - The company engages in the sale of automobiles and automotive parts, including wholesale and retail [1] - It offers services such as vehicle repair and maintenance, vehicle appraisal, and second-hand car brokerage [1] - The company is involved in the sale of new energy vehicles and related charging and battery recycling services [1] Group 3: Additional Services - The company provides various consulting and planning services, including market marketing planning and advertising design [1] - It also offers event services such as conference and exhibition services, as well as professional design and video production services [1] - The company is engaged in information technology and process outsourcing services, excluding financial information services [1]

天眼查App显示，近日，上海鲜途汽车科技有限公司成立，法定代表人为朱海源，注册资本500万人民 币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；租赁服 务（不含许可类租赁服务）；汽车销售；汽车零配件批发；汽车零配件零售；汽车装饰用品销售；新能 源汽车整车销售；新能源汽车电附件销售；新能源汽车换电设施销售；软件开发；供应链管理服务；物 联网应用服务；信息技术咨询服务；装卸搬运；信息咨询服务（不含许可类信息咨询服务）；国内集装 箱货物运输代理；国内货物运输代理；国际货物运输代理。（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动）。 ...

天眼查App显示，近日，济宁泰吉行辕汽车科技有限公司成立，法定代表人为李壮，注册资本300万人 民币，经营范围为一般项目：汽车零配件零售；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；信息咨询服务（不含许可类信息咨询服务）；汽车销售；商务秘书服务；商务代理代办 服务；个人商务服务；企业管理咨询；二手车经纪；国内贸易代理；二手车交易市场经营；小微型客车 租赁经营服务；汽车装饰用品销售；办公用品销售；租赁服务（不含许可类租赁服务）；汽车零配件批 发；工程技术服务（规划管理、勘察、设计、监理除外）；网络技术服务；信息技术咨询服务；科技中 介服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

New IPOs - Guoxia Technology (02655) received a subscription rate of 1890.73 times for its public offering in Hong Kong, with a share price of HKD 20.1 [1] - Easy Health (02661), Hansai Aitai-B (03378), and Nobi Kan (02635) are scheduled for public offerings from December 15 to December 18, with expected listing on December 23 [1] Major Events - Luoyang Molybdenum (03993) plans to acquire three major gold mining assets in Brazil for USD 1.015 billion [1] - Zhongwei New Materials (02579) has been included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect securities list [1] - Botai Carlink (02889) received a first project confirmation notice from a leading domestic new energy vehicle client [1] - Xiehe New Energy (00182) intends to sell 100% equity of Cangzhou Julong for CNY 65.3 million [1] - Fosun Pharma (02196) plans to invest a total of CNY 1.412 billion to gain control of Green Valley Pharmaceutical [1] - Youqu Holdings (02177) intends to spend JPY 2.701 billion to acquire the Japanese consulting pharmacy chain Akahige [1] Financial Data - China Metallurgical Group (01618) signed new contracts worth CNY 958.13 billion in the first 11 months, a decrease of 8.6% year-on-year [1] - Xinhua Insurance (01336) reported a cumulative original insurance premium income of CNY 188.85 billion in the first 11 months, an increase of 16% year-on-year [1] - China Southern Airlines (01055) saw a 10.42% year-on-year increase in passenger turnover in November [1] - China Shenhua (01088) reported coal sales of 389.5 million tons in the first 11 months, a decrease of 7.7% year-on-year [1] - China Eastern Airlines (00670) experienced a 10.35% year-on-year increase in passenger turnover in November [1] - Air China (00753) reported a 10.1% year-on-year increase in passenger turnover in November [1] Share Buybacks - Tencent Holdings (00700) repurchased 1.051 million shares for HKD 636 million on December 15 [2] - Xiaomi Group-W (01810) repurchased 7.2 million shares for HKD 302 million on December 15 [2] - Geely Automobile (00175) repurchased 1.991 million shares for HKD 34.7485 million on December 15 [2] - Kuaishou-W (01024) repurchased 462,000 shares for HKD 29.9304 million on December 15 [2] - Rongchang Bio (09995) plans to repurchase shares worth between CNY 2 million and CNY 4 million [2] - Gendyn New Drug (01952) received over HKD 38 million in share purchases from directors and major shareholders [2]

Core Viewpoint - Siwei Tuxin (002405) emphasizes its commitment to focusing on the automotive intelligence sector, aiming to become a leading Tier 1 player in the industry [1] Group 1 - The company acknowledges that different firms have distinct product matrices and line planning, each occupying different ecological niches [1] - Siwei Tuxin will continue to concentrate on the main track of automotive intelligence [1]

天眼查App显示，近日，深圳市博达鸿瑞汽车科技有限公司成立，法定代表人为张婷婷，注册资本20万 人民币，经营范围为一般经营项目是：汽车零配件零售；汽车装饰用品销售；交通及公共管理用标牌销 售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；物联网技术服务；计算机软硬 件及辅助设备批发；计算机软硬件及辅助设备零售；互联网销售（除销售需要许可的商品）；机动车修 理和维护；洗车服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动），许可经营项 目是：机动车检验检测服务；检验检测服务。（依法须经批准的项目，经相关部门批准后方可开展经营 活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

天眼查App显示，近日，扬州曼途汽车科技有限公司成立，法定代表人为陈天池，注册资本500万人民 币，经营范围为许可项目：道路机动车辆生产；建设工程施工；旅游业务（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以审批结果为准）一般项目：技术服务、技术开发、技 术咨询、技术交流、技术转让、技术推广；汽车零部件及配件制造；汽车销售；家具制造；五金产品制 造；燃气器具生产；船用配套设备制造；塑料制品制造；露营地服务；会议及展览服务；货物进出口； 技术进出口；商业综合体管理服务；企业管理；品牌管理；商务代理代办服务；广告设计、代理；软件 开发；软件销售；租赁服务（不含许可类租赁服务）；汽车拖车、求援、清障服务；小微型客车租赁经 营服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，广东美延汽车科技有限公司成立，注册资本500万人民币，经营范围为一般项 目：信息咨询服务（不含许可类信息咨询服务）；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广；汽车装饰用品销售；市场营销策划；销售代理；商务代理代办服务；非居住房地产租 赁；租赁服务（不含许可类租赁服务）；咨询策划服务；汽车销售；国内贸易代理（除依法须经批准的 项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，上海玄武稳驰汽车科技有限公司成立，法定代表人为俞小飞，注册资本10万人 民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；机动 车修理和维护；汽车零配件批发；汽车零配件零售；汽车零部件研发；汽车零部件及配件制造；供应链 管理服务；商务代理代办服务；企业形象策划；企业管理咨询；会议及展览服务；市场营销策划；市场 调查（不含涉外调查）；信息咨询服务（不含许可类信息咨询服务）；咨询策划服务；计算机系统服 务；人工智能应用软件开发；软件开发；信息技术咨询服务；信息系统运行维护服务；销售代理；货物 进出口；技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：汽 车拖车、求援、清障服务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项 目以相关部门批准文件或许可证件为准）。 ...

Core Insights - Horizon's unique advantage lies in its "ecosystem" that spans both hardware and software, aiming to make advanced driver assistance systems (ADAS) accessible to a broader market [1][12][20] - The company plans to introduce a city driving assistance solution priced for vehicles in the 100,000 RMB range, targeting mass-market adoption [2][5] Group 1: Market Positioning - Currently, only three models in the 100,000 to 150,000 RMB range support city driving assistance, with two of them utilizing Horizon's HSD solution [2] - Horizon's strategy is to transition high-level ADAS from a technology breakthrough to widespread availability, positioning it as the "automatic transmission of the new era" [2][5] Group 2: Technological Development - Horizon's HSD 600 solution, based on the J6P chip with 560 TOPS, is already in mass production for models priced between 130,000 and 150,000 RMB [7] - The upcoming HSD 300 solution, utilizing two J6M chips with 128 TOPS each, aims to further reduce costs while maintaining city driving assistance capabilities [7][8] Group 3: Industry Dynamics - The automotive market may undergo significant changes if Horizon's HSD systems become prevalent in vehicles priced below 200,000 RMB, as this could democratize access to advanced driving technologies [9] - The transition from highway to city NOA (Navigation on Autopilot) presents challenges for many automakers, requiring substantial investments in data centers and model training [10] Group 4: Collaboration and Ecosystem - Horizon is shifting from a hardware-centric model to a more collaborative approach, offering its HSD Together model to partners, which includes sharing AI technology and model services [12][13] - The company has already partnered with various firms, including a joint venture with Volkswagen, to enhance its ecosystem and expand its market reach [14] Group 5: Broader Applications - Horizon is also expanding into the robotics sector, becoming a major computing platform for consumer robots, which complements its automotive initiatives [16][20] - The company's dual focus on automotive and robotics ecosystems positions it as a foundational capability provider rather than just a chip supplier [20][22]