消息面上，11月13日，星途汽车旗下全新车型星途ET5正式开启预售，全球首搭地平线HSD城区辅助驾 驶系统与征程6P计算方案。地平线近期公布，HSD已获得国内外多达10家车企品牌，超20款车型的定 点合作。随着HSD首批合作车型的规模化量产，地平线也成为业界首家实现低、中、高全阶辅助驾驶量 产的智驾科技公司。 智通财经APP获悉，地平线机器人-W(09660)午前涨超4%，截至发稿，涨3.7%，报7.84港元，成交额 4.57亿港元。 摩根大通此前发布研报称，相信地平线机器人具竞争力的产品性能与定价策略，将有助公司持续扩大市 占率并驱动增长。此外，机器人产品线可带来增量营收并支撑长期增长。 该行预测公司2024至2027年 营收复合年增长率达56%，2028年将实现73%的年增长率，此趋势应能推动股价进一步上扬。 ...

近日，又一家自动驾驶企业正式叩响港交所大门。港交所披露文件显示，苏州天瞳威视电子科技股份有 限公司向港交所主板提交上市申请书，中银国际、汇丰及华泰国际为联席保荐人。 招股书披露，天瞳威视累计获得多轮融资，投资者包括采埃孚、上汽集团、北汽集团、千方科技、中国 联通等产业资本。今年7月，天瞳威视宣布完成5亿元D轮融资，进一步增强了其资本实力。 2025年被行业普遍视为"L3级自动驾驶商业化元年"，随着《汽车行业稳增长工作方案(2025—2026年)》 等政策陆续落地，国内多家整车企业已陆续取得自动驾驶路测许可，加速L3技术规模化商用。 在这一背景下，天瞳威视已前瞻性布局技术壁垒更高、更具想象空间的L4级赛道，公司的L4级解决方 案已占据总收入的半壁江山。然而，在业务快速扩张的同时，天瞳威视仍面临持续亏损的挑战。公司未 来如何实现从"收入增长"到"盈利兑现"的跨越，将成为市场投资者关注的焦点之一。 收入跃升182.1%，盈利难题待解 公开信息显示，天瞳威视成立于2016年，是一家以软件为核心的智能驾驶解决方案提供商，业务涵盖 L2至L4级自动驾驶及舱驾一体方案。 业绩方面，2022年、2023年、2024年，天瞳威 ...

近日，又一家自动驾驶企业正式叩响港交所大门。港交所披露文件显示，苏州天瞳威视电子科技股份有 限公司向港交所主板提交上市申请书，中银国际、汇丰及华泰国际为联席保荐人。 收入跃升182.1%，盈利难题待解 公开信息显示，天瞳威视成立于2016年，是一家以软件为核心的智能驾驶解决方案提供商，业务涵盖 L2至L4级自动驾驶及舱驾一体方案。 业绩方面，2022年、2023年、2024年，天瞳威视的营业收入分别为1.72亿、2.04亿、4.83亿元(单位为人 民币，下同)，2024年收入实现显著增长，主要得益于L4级解决方案收入的大幅增加。 从半年数据来看，2025年上半年公司实现收入1.57亿元，较2024年同期的0.56亿元增长182.1%，呈现加 速扩张态势。 然而，在收入高增的背后，公司仍面临持续亏损的压力。2022年、2023年、2024年和2025年上半年，天 瞳威视的净亏损分别为3.25亿、2.31亿、4.63亿和1.93亿元，三年半累计亏损超12亿元。不过，若从经调 整亏损及全面开支总额来看，2025年上半年为417万元，较2024年同期的721万元下降42.1%，反映其运 营效率有所改善。 | | | ...

Core Viewpoint - The management of Youjia Innovation demonstrates confidence in the company's long-term growth potential through recent share purchases, signaling positive future prospects for the business [1][3]. Business Performance - Youjia Innovation reported a 46.1% year-on-year revenue growth in the first half of 2025, with its L4 new business achieving significant breakthroughs, generating revenue of over 10 million yuan within six months [1]. - The company has successfully mass-produced for 42 automotive manufacturers, including major domestic brands such as SAIC, Changan, and Chery, showcasing strong industry penetration and commercialization capabilities [1]. - The iPilot4Plus advanced driver assistance system has been selected for two models from leading autonomous brands, and the intelligent cockpit solution has also been chosen by a globally recognized joint venture and luxury brand [1]. Growth Opportunities - The L4 autonomous vehicle business is opening a second growth curve for the company, as it is one of the few in China to operate in both "smart mobility + smart logistics" sectors and successfully implement L4 in multiple scenarios [2]. - The self-developed autonomous minibus is currently in regular operation in cities like Suzhou, Shanghai, Heilongjiang, and Hangzhou, and has recently won significant project bids, demonstrating excellent engineering adaptability [2]. - The new unmanned logistics vehicle, Xiaozhu, has formed strategic partnerships with industry leaders and has validated operations in the express delivery sector, with over 1,400 cooperative projects disclosed in the past month, indicating rapid growth [2]. Market Position and Future Outlook - The proactive share purchase by management amidst market concerns reflects a long-term positive outlook and a commitment to sharing risks and growth with shareholders [3]. - With the continuous expansion of passenger vehicle business and the scaling of L4 operations for unmanned minibuses and logistics vehicles, Youjia Innovation is poised for breakthroughs in the new industrial cycle, transitioning from traditional Tier 1 to higher OEM levels, which may lead to a revaluation of its long-term value [3].

L4无人车业务更为公司打开第二增长曲线。佑驾创新是国内少数布局"智能出行+智慧物流"双赛道，并 跑通L4多场景落地的企业。目前，其全栈自研的无人小巴已在苏州、上海、黑龙江、杭州等地常态化 运营，并于近期中标千万元级重点项目，还成功切入机场接驳等高门槛场景，展现出卓越的工程化适配 能力。全新无人物流车产品——小竹无人车，上市3个月，不仅与深圳东部公交等行业龙头达成战略合 作，并在快递城配领域完成运营验证，近1个月已累计披露超1400台无人车合作项目，呈现"订单连续释 放、规模快速爬坡"的发展趋势。随着AI技术突破与更多规模化项目落地，L4业务预计将成为公司未来 数年的重要收入增量。 当前智驾正从"技术验证期"全面迈向"价值兑现期"。政策推动、主机厂智能化战略升级，共同推动产业 渗透率提升。而在"智能出行+智慧物流"融合趋势深化的背景下，具备前装规模化量产能力、AI算法积 累与L4落地经验的企业，或将迎来全新的结构性机遇。 面对科技板块整体回调以及市场短期担忧，佑驾创新管理层的主动增持，既是对公司的长期看好，也明 确传递与股东"共担风险、共享成长"的信号。市场人士分析，随着乘用车业务持续放量，以及无人小巴 与无人 ...

Core Viewpoint - Xidi Intelligent Driving Technology Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange, positioning itself as a significant player in the autonomous driving solutions market for mining trucks in China, ranking third based on projected 2024 revenue [1][4]. Company Overview - Established in 2017, Xidi Intelligent Driving focuses on intelligent driving products and solutions for commercial vehicles, particularly in closed environments for mining and logistics [4]. - The company has delivered China's first fully autonomous electric mining truck fleet and is among the first to commercialize V2X products in the region [4]. Market Position - Xidi ranks sixth among all intelligent driving commercial vehicle companies in China, with a market share of approximately 5.2% [4]. - The company has developed various products and solutions, including autonomous mining trucks, V2X products for smart transportation, and intelligent perception solutions for rail transit and commercial vehicles [4]. Business Strategy and Innovation - The company's strategic focus on core functionalities of commercial vehicle intelligent driving has enhanced its competitive advantage [5]. - Xidi began commercializing its technology in closed environments in 2018 and has since expanded its product offerings to meet diverse customer needs [5]. Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of RMB 31.056 million, RMB 132.604 million, RMB 410.035 million, and RMB 408.036 million for 2022, 2023, 2024, and 2025 respectively [6]. - The company recorded losses of RMB 262.997 million, RMB 255.079 million, RMB 580.844 million, and RMB 455.086 million for the same periods, primarily due to ongoing R&D investments and increasing financial costs [6].

Core Viewpoint - Xidi Intelligent Driving Technology Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with a strong market position in the autonomous driving solutions sector for mining vehicles in China [1][3]. Company Overview - Established in 2017, Xidi Intelligent Driving focuses on intelligent driving products and solutions for commercial vehicles, particularly in closed environments for mining and logistics [3]. - The company ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [3]. - Xidi has delivered the first fully autonomous electric mining vehicle fleet in China and is among the first to commercialize V2X products [3]. Business Strategy and Innovation - The company's strategic focus on core functionalities of commercial vehicle intelligent driving has enhanced its competitive advantage [4]. - Xidi began commercializing its intelligent driving technology in closed environments in 2018 and has since expanded its product offerings to meet diverse customer needs [4]. - As of June 30, 2025, Xidi has delivered 304 autonomous mining vehicles and 110 independent autonomous truck systems [4]. Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of RMB 31.06 million, RMB 132.604 million, RMB 410.035 million, and RMB 408.036 million for 2022, 2023, 2024, and 2025 respectively [6]. - The company recorded losses of RMB 262.997 million, RMB 255.079 million, RMB 580.844 million, and RMB 455.086 million for the same periods [6]. - The losses are attributed to ongoing investments in research and development, increasing financial costs, and amortized costs related to financial instruments [6].

Investment Rating - The report indicates a positive outlook for the semiconductor industry, driven by the growth of the AI sector and its demand for semiconductor products [1][2]. Core Insights - The AI industry is a key driver for semiconductor demand, with significant growth expected in DRAM, NAND Flash, and HBM markets, suggesting a sustained semiconductor industry cycle for over three years [1][2][3]. - China's semiconductor market is closely linked to the global market, and despite a weaker performance in 2023, it is expected to regain investor interest due to advancements in AI infrastructure and cloud computing [1][4]. - Significant progress has been made in China's AI infrastructure, particularly with Huawei's chip iterations and HBM cluster capabilities, leading to a projected 1.5% growth in semiconductor equipment capital expenditure by 2025 [1][5]. - The report highlights a trend of increasing capital expenditure among semiconductor manufacturers, with about 50% of surveyed respondents indicating plans for expansion in the second quarter of 2025 [1][8]. Summary by Sections Semiconductor Industry Growth - The global semiconductor industry is projected to grow by approximately 17% in 2025, with an expected increase to 22% in 2026, primarily driven by the AI sector [2]. - AI technology significantly enhances the demand for various semiconductor products, with DRAM and NAND Flash markets expected to see marginal increases in the coming quarters [3]. China's Semiconductor Market - China's semiconductor index shows a high correlation with the global index, and future developments in AI infrastructure and cloud computing are expected to improve its market performance [4]. - The domestic semiconductor equipment sector is anticipated to see a 1.5% increase in capital expenditure by 2025, with a potential 5% growth in 2026 [5]. AI Infrastructure and Developments - China has made notable advancements in AI infrastructure, with significant contributions from companies like Huawei in chip development and HBM capabilities [5]. - The report indicates a positive outlook for the automotive sector, particularly in smart driving technologies, with a forecasted penetration rate of over 33% for SoCs by 2029 [9][10]. Investment Opportunities in PCB Sector - The report identifies investment opportunities in the PCB sector, particularly in BT packaging substrates and traditional copper-clad laminates, which are experiencing price increases due to rising demand and material costs [14][19].

Core Viewpoint - The news highlights the decline of Haomo Technology, a smart driving supplier, which has faced significant challenges leading to a halt in operations and a drastic reduction in workforce, primarily due to its inability to keep pace with technological advancements and market demands [1][2][19]. Company Overview - Haomo Technology was incubated by Great Wall Motors in 2019 and initially thrived as a smart driving star company, primarily supplying smart driving systems for various Great Wall brands [1][19]. - The company had a peak workforce of nearly 800 employees, focusing on smart driving technology development, but has since dwindled to less than 300 employees [1][2]. Market Dynamics - In 2023, Haomo lost a significant contract with Great Wall's Weipai brand to a competitor, Yuanrong Qixing, due to delays in the mass production of its urban NOA (Navigation on Autopilot) feature [2][7]. - Despite retaining some contracts with Great Wall and other automakers like Beijing Hyundai, Toyota, and BMW, Haomo is not the sole supplier for these companies, limiting its market position [5][6]. Technological Challenges - Haomo's reliance on Qualcomm chips has been a double-edged sword, providing some partnership opportunities but also limiting its computational capabilities compared to competitors using NVIDIA platforms [8][10]. - The company has struggled with the timely adaptation of its technology roadmap, particularly in transitioning to more advanced autonomous driving solutions, which has hindered its competitive edge [10][14]. Financial Situation - Haomo has undergone five rounds of public financing, raising approximately 1.5 billion yuan, but its valuation has only increased modestly from 1 billion USD in 2021 to around 9 billion yuan in 2024 [17][19]. - The company’s IPO plans were halted due to internal decisions, reflecting a lack of confidence in the current market conditions and its financial performance [16][17]. Strategic Missteps - Haomo's strong dependency on Great Wall Motors has limited its ability to forge deeper partnerships with other automakers, which is critical in the competitive landscape of smart driving technology [19]. - The company has faced difficulties in converting its technological advancements into tangible cash flow, leading to operational challenges and ultimately a decision to halt operations [16][19].

Core Viewpoint - The downfall of Haomo Zhixing, a smart driving supplier, is attributed to its inability to scale production and adapt to technological changes, leading to a significant reduction in workforce and halted operations [1][2][15]. Group 1: Company Background and Initial Success - Haomo Zhixing was incubated by Great Wall Motors in 2019 and initially thrived as a smart driving technology provider, securing production orders primarily from Great Wall [1][16]. - The company expanded rapidly, with its workforce growing from around 300 employees to nearly 800 at its peak, focusing on smart driving technology for various vehicle models [1][3]. Group 2: Challenges and Decline - By the end of 2023, Haomo faced a critical turning point when Great Wall Motors shifted to another supplier, Yuanrong Qixing, for its new model, the Wei brand Blue Mountain, due to delays in Haomo's technology [2][6]. - Despite having contracts with several automakers, including Hyundai, Toyota, and BMW, Haomo was not the sole supplier for these companies, limiting its market position [5][14]. Group 3: Technological and Strategic Missteps - Haomo's reliance on Qualcomm chips limited its competitiveness in the high-performance smart driving market, as its AI computing power was insufficient compared to competitors using NVIDIA platforms [7][8]. - The company's focus on a "no-map" driving solution failed to address critical edge cases, leading to production challenges and a lack of effective deployment in urban environments [9][10]. Group 4: Financial Struggles and Future Prospects - Haomo's financial health deteriorated as it struggled to convert its technology into cash flow, leading to a halt in its planned IPO and a significant drop in valuation from $1 billion to approximately $90 million [14][15]. - The company faced a critical need for external funding to survive, but its strong ties to Great Wall Motors limited its ability to attract new strategic partnerships [12][16].