Core Viewpoint - Recent fluctuations in A-shares have led to divergent expectations among investors during the "cross-year" phase, but the short-term impact of internal and external factors on A-shares may be nearing its end, with a relatively loose liquidity environment expected to persist into the first quarter of next year [1] Group 1: Market Environment - The current low-interest-rate environment is likely to continue driving the trend of "deposit migration" among residents, providing a favorable opportunity for investors to position themselves for the "cross-year" market [1] - The recent pullback in indices has created a good entry point for investors looking to capitalize on upcoming market trends [1] Group 2: Investment Strategy - Investors are advised to focus on growth styles during market dips, while dividend styles should emphasize phase-specific and structural opportunities [1] - Three main investment themes are recommended: 1. **Growth in Prosperous Sectors**: The AI technology sector is expected to transition into an application phase next year, with opportunities in computing power, optical modules, and cloud computing infrastructure, particularly in domestic markets. Key application areas include robotics, consumer electronics, intelligent driving, and software applications. Additionally, innovative pharmaceuticals, energy storage, and solid-state batteries are entering a prosperous cycle [1] 2. **External Demand Breakthrough**: The trend of going overseas presents a relatively certain growth opportunity. Sectors to focus on include home appliances, construction machinery, commercial buses, power grid equipment, gaming, and globally priced resources such as non-ferrous metals [1] 3. **Cyclical Reversal**: Attention should be given to sectors nearing improvement points in supply-demand dynamics or benefiting from policy support, such as chemicals, aquaculture, and new energy [1] - Dividend sectors possess defensive attributes but may still be more phase-specific and structural in nature, suggesting a bottom-up stock selection approach based on quality free cash flow [1]

智驾给消费者带来的不仅是便利，还有更全面的驾驶体验提升。 （来源：经济参考报） "现在的车就像有个隐形停车助手，不但能自己停进划线车位，还能用手机遥控进出窄位，再也不用担 心停好车开不了门了。"北京车主陈女士说，"不到10万元的车也能有这些功能，智驾普及的速度真是超 乎想象。" 车主越来越从容的背后，是一场席卷中国汽车产业的智能驾驶普及浪潮。2025年，随着智能泊车、车道 保持等驾驶辅助功能成为越来越多车型的标配，一"键"入库、主动避让障碍物等场景，正从炫酷演示变 为日常体验。 工信部数据显示，2025年前三季度，具备组合驾驶辅助功能（L2）的乘用车新车销量同比增长21.2%， 渗透率达64%。这意味着，每卖出10辆新车中，有超过6辆具备智能泊车、自适应巡航、车道保持等基 础智驾能力。 技术的持续突破与成本的快速下探，助推了这场车轮上的"智变"风潮。蔚来技术有关负责人透露，今年 以来，不仅端到端大模型、视觉语言动作模型（VLA）、世界模型等技术接连实现突破，各家主机厂 以及第三方技术供应商也在加快步伐，将自身技术推向成熟以实现广泛应用。 "目前智驾硬件成本每两年减半，而智驾的体验有望实现两年十倍的提升。"一位 ...

转自：成都日报锦观 港股迎来首家专注于商用车智能驾驶的上市公司 从C轮领投到港股上市 成都国资精准助力"第一股" 12月19日，希迪智驾科技股份有限公司（以下简称"希迪智驾"）正式在香港联合交易所主板挂牌上市， 股票代码03881.HK，成为港股首家专注于商用车智能驾驶的上市公司。 企业成功上市，背后有成都国资"耐心资本"的赋能，以及成都良好营商环境的加持。 以资本为纽带 引入产业链关键企业 多维度支持企业发展 "成都造"走向世界 以成都科创投集团为缩影，自希迪智驾落户成都以来，成都从股权融资、市场开拓、载体保障等多维 度，为希迪智驾打造全链条发展支撑体系。多维度支持，助力"成都造"走向世界。 今年上半年，2025成都—沙特工业合作对接会上，成都多家企业顺利签下数个合约，共计金额超50亿 元。其中，希迪智驾斩获21亿元大订单，约定交付7500台面向沙特阿拉伯、卡塔尔市场的高端定制重 卡，标志着"成都造"在中东高端市场实现重大突破。 如何发挥企业自身在智能驾驶核心技术方面的创新优势，与成都新能源汽车产业集群优势互补，促进新 能源汽车产业链创新链的深度融合，也是重要课题。 希迪智驾是国内最早同时研发自动驾驶和车路 ...

Core Insights - The report discusses the recent market adjustments driven by global liquidity pressures, concerns over an "AI bubble," and the A-share Q4 settlement season, highlighting a potential market recovery following the easing of these uncertainties [1] - It emphasizes the importance of structural adjustments in the upcoming 2025 Central Economic Work Conference, suggesting a focus on expanding domestic demand while acknowledging the need for a solid economic recovery [1] - The report identifies potential investment opportunities in the AI sector, particularly in application areas such as AI healthcare, AI edge computing, intelligent driving, and embodied intelligence, as well as in key industries related to the 14th Five-Year Plan, including commercial aerospace, nuclear power, hydrogen energy, quantum communication, and brain-computer interfaces [1][2] AI Sector Opportunities - AI healthcare shows significant potential for deep applications in pathology detection and pharmaceuticals, with a focus on building high-quality datasets and breaking down data barriers [2] - The report notes the recent release of AI medical models and their rising popularity, indicating a strong consumer demand for accessible healthcare services [2] - AI edge computing is being explored by companies like ByteDance, with new AI phone models being introduced, although challenges related to data privacy and competition remain [3] - The report highlights advancements in AI glasses, which are expected to see increased consumer adoption and order releases in the near future [5] Intelligent Driving - The initiation of L3 autonomous driving trials in China is expected to enhance the value of intelligent driving hardware, with companies like Changan and Xiaopeng leading the way [6] - The report mentions the successful commercialization of Robotaxi models, indicating a positive trend in the intelligent driving sector [6] - It also notes the importance of smart traffic infrastructure as part of the broader "Transportation Power" goals outlined in the 14th Five-Year Plan [6] Embodied Intelligence - The humanoid robot sector is poised for significant developments, with key catalysts including IPOs and product launches from companies like Tesla [7] - The report emphasizes the need for practical applications of humanoid robots in industrial settings to validate their market potential [7] Key Industries from the 14th Five-Year Plan - Commercial aerospace is highlighted as a critical area for national strategy, with ongoing developments in satellite internet and 6G technology [8] - The report discusses the increasing focus on nuclear power and controlled nuclear fusion projects, with significant funding and project announcements expected [11] - Hydrogen energy is noted for its growing economic viability due to decreasing production costs and increasing demand for green energy solutions [12] - Quantum communication is positioned as a strategic area for national competition, with ongoing efforts to standardize and commercialize technologies [13] - Brain-computer interfaces are advancing rapidly, with recent breakthroughs in clinical trials and applications in healthcare [14]

2025年港股市场强势回暖，估值修复与结构重塑共振催生大量投资机会，10倍股集中涌现、"红底股"阵 营持续扩容，市场赚钱效应显著。 2025年十倍股扎堆涌现 除10倍股外，港股"红底股"阵营的持续扩容与股价翻倍，也成为市场强势的重要体现。"红底股"特指港 股市场中股价突破100港元的高价股，其数量增长与股价表现，反映了市场热度。 统计显示，截至2025年12月19日收盘，港股"红底股"数量已增至46只，较2024年底增加20只，"红底 股"数量接近翻倍。老铺黄金、腾讯控股最新收盘价均在600港元以上，携程集团、宁德时代、云知声、 科伦博泰生物、香港交易所等股价均在400港元以上。 从上市日期来看，股价超100港元的有20只为今年上市的新股，包括宁德时代、蜜雪集团、西普尼等。 12月19日，港股"红底股"阵营迎来最新成员——希迪智驾正式登陆港交所主板，成为港股首家专注商用 车智能驾驶的上市公司。作为"大疆教父"李泽湘控股的硬科技企业，其发行价高达263港元。12月8日登 陆港交所的卓越睿新，上市首日即大涨87.26%，报126.40港元，印证了市场对高成长性科技赛道新股的 认可。 2025年港股估值洼地效应凸显 ...

Core Viewpoint - TianTong Vision is positioning itself as a leading player in the intelligent driving solutions market, focusing on both L2-L2+ and L4 solutions, with significant growth in revenue and a strategic plan for future development [1][3]. Financial Performance - Revenue is projected to grow from 172 million yuan in 2022 to 483 million yuan in 2024, with a compound annual growth rate of 67.7% [1]. - Gross margin is expected to slightly decrease from 31.1% in 2022 to 30% in 2024 [3]. - R&D expenses as a percentage of total revenue have decreased from 108.7% in 2022 to 11.6% in 2024, indicating improved cost management [6]. Business Strategy - The company aims to enhance its R&D capabilities and expand its global sales network through the IPO proceeds [1]. - TianTong Vision is focusing on a dual-track strategy, developing both L2-L2+ and L4 solutions simultaneously to cater to different market needs [4][9]. - The company plans to extend its L4 solutions into various sectors, including commercial vehicles and logistics, to address high capital and operational costs [8][9]. Market Position - TianTong Vision is the second-largest provider of L2-L2+ solutions in China and the third-largest DMS solution provider [1]. - The company has secured intention orders for over 2,500 vehicles, with a total contract value of approximately 1 billion yuan [4]. Challenges and Responses - The decline in gross margin for L4 solutions is attributed to higher hardware and software development costs, as well as a strategy to capture market share through competitive pricing [2]. - Continuous negative operating cash flow over three years indicates reliance on external financing, raising concerns about financial sustainability [7]. Future Outlook - The company plans to recruit 85 new talents in data science and engineering to support its growth in intelligent driving solutions [8]. - TianTong Vision aims to transform from a product supplier to an integrated service provider, offering products, operations, and data services [9].

其中，生物医药板块尤其是以18A章上市的未盈利生物科技企业，成为牛股扎堆之地。"罕见病第一 股"北海康成涨幅超10倍，三叶草生物、和铂医药、加科思等今年以来涨幅达到6倍以上。 作为港股今年涨幅第一的股票，粤港湾控股今年加速布局AI赛道，近日其子公司深圳天顿数据科技有 限公司与华工科技签订协议，致力于在新型AI算力和网络基础设施领域建立全面、深入的战略合作伙 伴关系。此外，消费板块也诞生了多只高弹性标的，受益于黄金一路走高，珠峰黄金今年累计涨幅接近 12倍。 "红底股"阵营扩容 除十倍股外，港股"红底股"阵营的持续扩容与股价翻倍，也成为市场强势的重要体现。"红底股"特指港 股市场中股价突破100港元的高价股，其数量增长与股价表现，反映了市场热度。 2025年港股市场强势回暖，估值修复与结构重塑共振催生大量投资机会，十倍股集中涌现、"红底股"阵 营持续扩容，市场赚钱效应显著。 2025年十倍股扎堆涌现 2025年港股估值洼地效应凸显，叠加行业景气度提升与资金面改善，催生了一批涨幅超10倍的牛股，成 为市场回暖的核心标志。 Wind的统计显示，今年以来，总共有380只港股股价翻番，其中13只股价涨幅超过10倍。粤港 ...

Core Viewpoint - Desay SV Automotive (德赛西威) is actively engaged in the intelligent driving sector, offering a range of products and solutions that cater to various market needs, from high-end performance to more accessible applications [1] Group 1: Business Overview - The company’s intelligent driving business includes advanced driver assistance system (ADAS) domain controllers and various sensor products [1] - Desay SV Automotive provides a diverse array of ADAS solutions that address multiple scenarios in the market [1]

Core Insights - The report highlights the synchronized advancement of high-level autonomous driving in China and the US, indicating that the autonomous driving sector is poised to break out of its recent downturn [1][3] - The approval of L3 level autonomous driving vehicles in China marks a significant step towards commercialization, with a cautious and orderly rollout [1] - Tesla's Robotaxi testing without safety drivers reflects rapid evolution in autonomous driving technology, with plans to expand to 8-10 cities by year-end [2] Summary by Sections Autonomous Driving in China - The Ministry of Industry and Information Technology granted conditional mass production approval for L3 autonomous vehicles on December 15, with the first approved models being Changan Deep Blue SL03 and Arcfox Alpha S [1] - This approval signifies a critical advancement in China's autonomous driving commercialization, establishing a closed loop of risk control, testing technology, responsibility, and business models [1] - Regulatory frameworks and the maturity of the industry chain are laying the groundwork for large-scale commercialization, with future expansions in functionality, regions, and vehicle types anticipated [1] Tesla's Robotaxi Initiative - Tesla has initiated Robotaxi testing in Austin without safety drivers, showcasing a more aggressive evolution path compared to previous plans that included safety drivers [2] - The transition from in-person safety monitoring to remote monitoring is expected to significantly reduce driver costs and enhance the profitability visibility of future fleets [2] Investment Strategy in Autonomous Driving Sector - The report suggests that the L3 rollout will drive the entire industry chain from electrification to intelligent competition, benefiting leading automotive companies [3] - Recommended stocks include: - **Xpeng Motors**: Leading in intelligence among manufacturers, recently obtained L3 license in Guangzhou, with clear Robotaxi product plans and significant valuation upside [3] - **Tesla**: Short-term benefits from Robotaxi and potential SpaceX listing, while facing pressure on core vehicle sales [3] - **Horizon Robotics**: Leading in autonomous driving SoC, with strong growth potential driven by mid-to-high level autonomous driving chip deployment [3] - **Hesai Technology**: Leading in lidar technology with significant growth opportunities in automotive and robotics sectors [3] - **Pony.ai**: Long-term focus on Robotaxi leadership, with validated single-vehicle economic model in Guangzhou [3]

Core Insights - Junsheng Electronics' subsidiary, Junlian Zhixing, has signed a strategic cooperation agreement with Snian Zhijia to leverage their respective resource advantages in L4 autonomous driving solutions and embodied intelligent domain control [1] Group 1: Strategic Cooperation - The collaboration will focus on the commercial application of L4 autonomous driving solutions and embodied intelligent domain control [1] - Both companies aim to deepen their cooperation in technology research and development, product implementation, and scene expansion [3] Group 2: Technological Development - A joint development of a smart port digital management platform based on "V2X + L4 autonomous driving + intelligent cloud scheduling" has been successfully implemented at Ningbo Port, improving vehicle scheduling efficiency by 15% and path planning accuracy by 10% [2] - The successful deployment of this product validates the advanced integration and feasibility of both companies' technologies, providing replicable and scalable application experiences for high-level intelligent driving technology [3] Group 3: Future Prospects - Future plans include further collaboration on embodied intelligent domain control development and expanding the application scenarios for L4 high-level intelligent driving technology [3] - Both companies emphasize resource sharing, co-construction, win-win cooperation, and collaborative innovation as guiding principles for their partnership [3]