格隆汇1月13日丨速腾聚创(02498.HK)公告，集团于截至2025年12月31日止年度内在新产品推出及激光 雷达产品销售方面取得重大突破。 全线认可的根基，在于独特的技术路径。 机器人对感知硬件的要求极为苛刻：必须在严苛的成本、功 耗与尺寸限制下，实现车规级的可靠与高性能。速腾聚创的 "自研芯片+全数字化架构" 提供了最优 解。该技术使其能快速适配从割草机到人形机器人的千百种应用，显著降低了客户的集成与开发门槛。 当市场爆发时，拥有最成熟、最适配解决方案的供应商，自然成为首选。 30万颗的领先，其战略价值远大于数字本身。 相较于2024年，其机器人业务出货量增长超11倍。这标 志着速腾聚创在一条增长更快、毛利率更高、且远期潜力可能达车载市场十倍的赛道上，建立了显著的 先发优势与客户壁垒。机器人业务的领先，不仅意味着当下的份额，更意味着掌控了下一个确定性的增 长曲线。 随着高增长、高毛利的机器人业务收入占比快速提升，公司将直接优化整体盈利模型，并赢得关键的战 略窗口期。在资本审视成长性的逻辑里，一条陡峭攀升的"未来曲线" 所创造的价值，完全可能迅速覆 盖并超越一条已进入平缓期的 "现状曲线"。 更大的未来在 ...

截至2025年12月31日止年度，本集团的激光雷达产品、用于ADAS应用的激光雷达产品及用于机器人及 其他的激光雷达产品的销量分别约为91.2万台、60.9万台及30.3万台。 智通财经APP讯，速腾聚创(02498)发布公告，本集团于截至2025年12月31日止年度内在新产品推出及激 光雷达产品销售方面取得重大突破。 于2025年第四季度，本集团的激光雷达产品、用于ADAS应用的激光雷达产品及用于机器人及其他的激 光雷达产品的销量分别约为45.96万台、23.84万台及22.12万台。 ...

截至2025年12月31日止年度，本集团的激光雷达产品、用于ADAS应用的激光雷达产品及用于机器人及 其他的激光雷达产品的销量分别约为91.2万台、60.9万台及30.3万台。 速腾聚创(02498)发布公告，本集团于截至2025年12月31日止年度内在新产品推出及激光雷达产品销售 方面取得重大突破。 于2025年第四季度，本集团的激光雷达产品、用于ADAS应用的激光雷达产品及用于机器人及其他的激 光雷达产品的销量分别约为45.96万台、23.84万台及22.12万台。 ...

Core Insights - The 2026 International Consumer Electronics Show (CES) showcased groundbreaking technologies and products, highlighting the advancements in AI, robotics, and smart living, with a significant presence of Chinese manufacturing companies [1][2][10]. Group 1: Event Overview - CES 2026 featured over 4,500 companies from more than 150 countries, focusing on AI, chips, automotive, and robotics, with a notable emphasis on the integration of AI and hardware [2]. - Chinese exhibitors numbered 942, accounting for 22% of the total, reflecting a new landscape of "full industry chain coverage" and increased global influence of Chinese manufacturing [2]. Group 2: Key Exhibitors and Technologies - Cloudwalk Technology showcased its UP robot, marking the first large-scale service by a Chinese service robot at a global landmark [4]. - Yushun Technology presented a series of humanoid robots, including the G1 combat robot, which drew significant attention for its agility and performance [4]. - Hesai Technology displayed its upgraded ATX laser radar, featuring enhanced performance metrics, including a range of 230 meters and a point frequency of 3.84 million points per second [7][8]. Group 3: Market Position and Growth - Hesai Technology announced plans to double its laser radar production capacity from 2 million units in 2025 to 4 million units in 2026, with a new factory in Bangkok expected to start production in early 2027 [8]. - Black Sesame Intelligence demonstrated its A2000 driving assistance chip and showcased its multi-dimensional intelligent computing platform, emphasizing its role in the smart automotive sector [9]. Group 4: Industry Trends and Future Outlook - The collective presence of Chinese tech firms at CES 2026 signifies a shift from "individual efforts" to "ecosystem collaboration," showcasing a higher maturity and openness in global operations [10]. - The report indicates that by 2025, China's overseas sales of automobiles, particularly electric vehicles, are expected to reach 2.32 million units, marking a 52% year-on-year increase [11]. - The global market for humanoid robots is projected to see over 13,300 units shipped in 2025, with Chinese manufacturers contributing over 90% [11]. Group 5: Capital and Investment - The success of Chinese tech firms at CES 2026 is attributed to long-term capital support, with 90% of companies on the Sci-Tech Innovation Board receiving venture capital investments [13]. - The Chinese government is focusing on integrating technology innovation with industrial development, emphasizing early and sustained investment in hard tech [13][14]. - Kun Yuan Asset has supported 95 companies in entering capital markets, with a significant portion in the hard tech sector, demonstrating a strong ecosystem effect [14].

投资建议：该行预计公司2026-2027年实现营业收入35.70/42.18亿元，归母净利润0.91/4.20亿元。对应PS 分别为4.73/4.01倍，首次覆盖，给予"买入"评级。 风险提示：智驾及机器人产业进展不及预期、原材料成本大幅波动、市场竞争加剧。 2014年公司成立，现已形成R、M、E、EM四大平台的激光雷达产品，应用于ADAS、机器人等多个场 景；近期公司也正加快发展"创新业务"，主要产品为具身智能相关的机器人之眼AC1/2、灵巧手等。 智驾产业持续推进，公司ADAS雷达已与海内外多家车企合作 2025年国家加强对辅助驾驶的管理，2025年上半年L2以上渗透率同比提高12.3个百分点，带动激光雷达 出货量同步提升。公司ADAS雷达客户涵盖国内外多家车企，2021-2024年期间公司ADAS雷达交付量由 0.4万台增至52.0万台，2025年前三季度交付37.1万台。2025年机器人及其他激光雷达销量及收入同比高 增：公司机器人及其他激光雷达可用于多个场景，如具身智能、无人配送、割草机器人、Robotaxi、清 洁机器人等，客户包括宇树、智元、新石器、白犀牛、小马智行等。公司机器人及其他激光雷达交 ...

Core Viewpoint - Lidar manufacturer Luminar Technologies has reached an agreement to sell its lidar business to a quantum computing company for $22 million, but the deal may change if a better offer is received before the deadline [1][3]. Group 1: Company Overview - Luminar Technologies filed for Chapter 11 bankruptcy protection in December last year and previously announced plans to sell its semiconductor subsidiary for $110 million to the same quantum computing company [1][3]. - The founder and former CEO, Austin Russell, has expressed interest in bidding for the lidar assets and had attempted to acquire the entire company before the bankruptcy filing [1][3]. Group 2: Financial Implications - The lead bid of $22 million indicates a significant decline in Luminar's valuation, which peaked at approximately $11 billion in 2021, based on expectations of widespread adoption of its lidar sensors by major automakers like Volvo [2][4]. - Volvo had planned to purchase over 1 million units of the lidar sensors but ultimately abandoned the deal in 2025, leading to the collapse of partnerships with other automakers like Mercedes-Benz and Polestar [2][4]. Group 3: Quantum Computing Company Background - The quantum computing company, established in 2001 and originally a ticketing company, shifted its focus to quantum computing and optical technology after a restructuring process [5]. - In 2025, the company raised over $700 million through stock issuance, but its revenue for the first three quarters of last year was only $384,000 [5].

智驾产业持续推进，公司ADAS雷达已与海内外多家车企合作 智通财经APP获悉，财通证券发布研报称，速腾聚创(02498)是国内优质激光雷达厂商，雷达产品种类多 且覆盖汽车和机器人两大核心场景，随着创新业务逐渐贡献收入，公司后续业绩有望保持高速增长。首 次覆盖，给予"买入"评级。 财通证券主要观点如下： 公司激光雷达种类丰富，加快发展"创新业务" 2014年公司成立，现已形成R、M、E、EM四大平台的激光雷达产品，应用于ADAS、机器人等多个场 景；近期公司也正加快发展"创新业务"，主要产品为具身智能相关的机器人之眼AC1/2、灵巧手等。 2025年国家加强对辅助驾驶的管理，2025年上半年L2以上渗透率同比提高12.3个百分点，带动激光雷达 出货量同步提升。公司ADAS雷达客户涵盖国内外多家车企，2021-2024年期间公司ADAS雷达交付量由 0.4万台增至52.0万台，2025年前三季度交付37.1万台。2025年机器人及其他激光雷达销量及收入同比高 增：公司机器人及其他激光雷达可用于多个场景，如具身智能、无人配送、割草机器人、Robotaxi、清 洁机器人等，客户包括宇树、智元、新石器、白犀牛、小马智行 ...

昨日收涨1.96%的禾赛(HSAI.US)今日美股盘前续涨1.56%，报28.04美元。消息面上，中金发报告指，禾 赛本月在CES 2026上展示最新激光雷达技术成果，并更新交付量、产能规划、战略合作等经营情况。 量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入许可，激光雷达单车数量有望提 升。Robotaxi、机器人等下一代物理AI浪潮袭来，激光雷达成关键引擎。该行维持对禾赛2025年营收预 测不变，上调2026年营收预测6.4%。考虑到智驾及机器人板块估值中枢上移，上调美股目标价至31.56 美元。(格隆汇) | HSAI 天赛 | | | --- | --- | | 27.610 + +0.530 +1.96% | 收盘价 01/08 16:00 美东 | | 28.040 + 0.430 +1.56% | 盘前价 01/09 04:07 美东 | | 一 71 24 4 5 8 8 8 目 0 自选 | ● 快捷交易 | | 最高价 28.040 | 开盘价 26.920 成交量 311.46万 | | 最低价 26.430 | 昨收价 27.080 成交额 8551.7万 | | 平均 ...

1 月 9 日，在 CES2026 现场彭博社采访中，禾赛科技联合创始人及 CEO 李一帆就公司与英伟达的深度合作、全球化布局及行业竞争格局发表了核心见解。 李一帆将此次与英伟达在 Hyperion 10 平台上的合作，生动地比喻为"一场酝酿已久的正式官宣"，强调这为 OEM 客户提供了一个经过验证、完整且低风险 的自动驾驶解决方案，显著降低了他们的集成难度与开发风险。 面对海外市场机遇与地缘政治挑战，李一帆阐述了禾赛的"双供应链"战略：即在中国服务本土市场，同时通过建设中的泰国工厂（预计 2027 年投产）来辐 射和满足全球 OEM 的需求，并确保产品在硬件、数据和软件层面符合各地监管要求。 谈及竞争，他认为最大的挑战并非来自同行，而是"如何说服不使用激光雷达的人"。他分享了两个关键论据：一是安全数据，已有客户证明激光雷达在极端 场景下可预防大量事故（降低 90%）；二是成本革命，禾赛已将激光雷达单价从数万美元级拉低至 200 美元以下，使其得以从高端汽车渗透至国民级汽 车、机器人、无人配送车乃至消费级产品（如约 800 欧元的自动割草机）等更广阔市场。 李一帆表示，禾赛的核心战略是凭借在极致竞争的中国汽车 ...

Group 1 - The core viewpoint of the articles highlights significant movements in the stock market, particularly in Hong Kong and the US, driven by various company announcements and market trends [1][2][3][5][6][7][8]. Group 2 - 万国数据-SW (09698) saw a rise of over 3.6% following the announcement of a successful C-round financing of $2 billion for its international business platform DayOne [1]. - 智谱 (02513) experienced a surge of over 24% on its second day of trading, becoming the first global large model stock listed on the Hong Kong Stock Exchange [1]. - 禾赛-W (02525) increased by over 3% after showcasing its latest lidar technology at CES 2026, along with updates on delivery volume and strategic partnerships [1]. - Lithium battery concept stocks rose, with 中创新航 (03931) up 4.74%, as the Ministry of Industry and Information Technology announced a meeting to regulate the battery industry [1]. - 快手-W (01024) gained over 2.3% as Goldman Sachs projected that its AI model upgrades would enhance overseas user recognition and revenue [2]. - 佳鑫国际资源 (03858) rose over 5.4% after announcing a mining service procurement agreement worth approximately 2.27 billion HKD [2]. - Gold stocks generally increased, with 山东黄金 (01787) up 6.01%, driven by geopolitical risks and expectations of interest rate cuts supporting gold prices [2]. - 九方智投控股 (09636) rose over 5.6% following the announcement of acquiring JF Financial Company Limited [3]. - 凌雄科技 (02436) surged by over 96.85%, with expectations of significant market penetration in the DaaS sector over the next five years [3]. - 理士国际 (00842) plummeted over 60% after announcing a plan to split and list on the US stock market [3]. - Buda Juice (BUDA.US) debuted on the US market with an 8.13% increase, focusing on fresh juice and health drinks [5]. - 虎牙 (HUYA.US) reached a five-and-a-half-month high, rising 14.47% after the successful launch of a new mobile game [5]. - Applied Digital (APLD.US) led gains in the crypto mining sector with a 250% year-over-year revenue increase [5]. - Critical Metals (CRML.US) saw a near 10% rise but later fell, having gained over 110% in the first five trading days of the year [6]. - 哔哩哔哩 (BILI.US) rose 6.51% as Morgan Stanley noted stable ad performance despite uncertain gaming prospects [6]. - Storage stocks fell, with SanDisk (SNDK.US) down 5.38%, amid concerns over the sustainability of AI-related capital expenditures [6]. - The space sector saw gains, with L3Harris Technologies (LHX.US) up 5.16% after a strategic sale [7]. - Chip stocks declined, with NVIDIA (NVDA.US) down 2.15%, reflecting broader market concerns [7]. - Precious metals stocks fell, with significant drops in silver and gold prices due to liquidity shocks [8].