Core Viewpoint - Horizon Robotics-W (09660) has seen a stock increase of over 4%, currently trading at 9.01 HKD with a transaction volume of 547 million HKD, following a significant partnership announcement with BAIC Group to develop an all-scenario urban NOA system [1] Group 1: Partnership and Technology Development - BAIC Group and Horizon Robotics have announced a deep collaboration to jointly develop an all-scenario urban NOA system based on two Horizon Journey 6M chips [1] - The partnership will integrate BAIC's self-developed "Yuanjing AI Central Brain" technology, marking a significant breakthrough in intelligent technology for BAIC and injecting new momentum into the development of autonomous brand smart vehicles [1] Group 2: Market Expectations and Product Adoption - Goldman Sachs has reported that Horizon Robotics' HSD solutions have been adopted by multiple new models from Chery, including the Exeed ET5, Fengyun T9, and iCAR V27 [1] - Goldman Sachs anticipates that by 2026, Horizon Robotics will see more models enter mass production and secure additional new projects, which will enhance its shipment volume and lead to higher average selling prices through product mix upgrades [1]

Core Viewpoint - The recent developments in the autonomous driving sector highlight the struggles of traditional automakers in establishing self-research capabilities, leading to a shift towards reliance on suppliers for technology solutions [1][11][14]. Group 1: Company Developments - Great Wall Motors launched the VLA intelligent driving model, showcasing its technological advancements in autonomous driving [1]. - Following the launch, its subsidiary, Haomo Zhixing, announced a complete shutdown, indicating the harsh realities of competition in the commercial sector [1]. - Haomo Zhixing's decline was foreshadowed by its failure to adapt to critical technological shifts, resulting in a significant reduction in workforce from 1500 to around 200 employees [1][3]. Group 2: Industry Trends - The trend among traditional automakers is moving away from self-research towards partnerships with suppliers, with companies like Chery and Great Wall Motors prioritizing manufacturing and sales over autonomous technology development [4][11]. - The autonomous driving industry has seen a significant decline in financing, dropping from 932 billion to 200 billion in three years, reflecting a cautious investment climate [17]. - The shift towards supplier solutions is becoming a standard practice, allowing automakers to focus on vehicle performance and brand identity rather than extensive in-house development [19]. Group 3: Competitive Landscape - New entrants like NIO, Xpeng, and Li Auto are positioned differently, focusing on building competitive advantages without the burden of traditional sales pressures [6]. - The failure of companies like Dazhuo Intelligent highlights the challenges faced by traditional automakers in balancing technological innovation with operational realities [10]. - The integration of external suppliers has become essential for traditional automakers to remain competitive in the rapidly evolving autonomous driving market [14][19].

Key Points - Xiaopeng Motors' founder He Xiaopeng made a bet with his team regarding the performance of their VLA2.0 compared to Tesla's FSD by 2026, indicating confidence in the advancement of autonomous driving technology [4][5] - Nvidia responded to allegations that Chinese startup DeepSeek used smuggled Blackwell chips for AI model training, stating they have seen no evidence of such activities [7] - ZTE Corporation announced its commitment to anti-corruption and is currently in communication with the U.S. Department of Justice regarding compliance investigations related to overseas bribery [9][10] - Zhu Xiaohu commented on Tencent's cautious investment strategy over the past 20 years, emphasizing that the company waits for market clarity before making significant moves [11] - The Chinese government is expected to continue its "national subsidy" policy for consumer goods in 2024, with a focus on optimizing implementation by 2026 [19][20] - MiniMax and Zhizhu, two domestic AI unicorns, are reportedly planning to conduct IPOs in Hong Kong soon, aiming to become the first publicly listed company in the large model sector [21] - JD Industrial, a subsidiary of JD Group, officially listed on the Hong Kong Stock Exchange, raising approximately HKD 2.827 billion [22][23] - Meitu's CEO announced an internal venture initiative, allowing employees to apply for funding to develop AI projects, aiming to enhance organizational efficiency [24] - Lantu Motors' chairman emphasized the need for a breakthrough in the luxury car market, which has been dominated by foreign brands [25] - Xiaomi launched its first self-produced central air conditioning unit at its Wuhan smart home appliance factory, showcasing advancements in its manufacturing capabilities [26][27]

智通财经APP获悉，中信证券发布研究报告称，预计2026年汽车行业以旧换新政策延续的概率较大，但 Q1行业或仍将面临一段时间的需求透支期。建议投资人聚焦具有全球竞争力的中国企业，全面拥抱产 业新趋势。2026年上半年有望跑赢的投资标的包括：1)出海景气延续、出海盈利弹性大的乘用车和商用 车龙头企业;2)自动驾驶加速渗透带来的头部智驾公司、上游产业链、L4公司的投资机会;3)人形机器人 的产业趋势，将继续为板块提供业绩和估值的双重驱动，建议聚焦特斯拉等人形机器人企业的上游核心 零部件公司。 中信证券主要观点如下： 乘用车总量：以旧换新政策有望延续，2026Q1或是行业最差时间，优先选择出海品种进行长期布局。 根据中汽协数据，2025年1-10月，我国乘用车批发销量为2417万辆，同比+12.8%，新能源乘用车批发销 量为1218万辆，同比+32%，渗透率为50.4%。今年乘用车同比增长超预期，主要受益于以旧换新补贴政 策的延续、海外多个市场出口销量的增长。根据商务部发布的1-11月补贴总量数据，预计2025全年总补 贴申请合计将达1240万份，预计总补贴金额将达1650亿元，对2025年的实际销量增量拉动可能达 ...

Group 1 - The core viewpoint of the article emphasizes two significant matters in the intelligent driving industry that investors should closely monitor: regulatory changes and the commercialization of L4 autonomous driving [1] Group 2 - Regulatory changes include the new L2 intelligent driving strong standard set to be implemented on January 1, 2027, which is expected to favor hardware with strong safety attributes and leading players in the intelligent driving sector, accelerating industry concentration [1] - The commercialization of L4 autonomous driving is progressing rapidly, following a sequence of first closing off areas, then transitioning from cargo to passenger transport. The industry anticipates significant commercialization growth for Robotaxi, Robovan, and mining autonomous driving by 2026 [1]

IPO 申购指南 希迪智驾（3881.HK） 建议谨慎申购 2025-12-11 星期四 【招股详情】 | 保荐人 | 中金公司，中信建投国际，平安证券（香港） | | --- | --- | | 上市日期 | 2025 年 12 月 19 日（星期五） | | 招股价格 | 港元/股 263 | | 集资额 | 13.09 亿港元 | | 每手股数 | 股 10 | | 入场费 | 2,656.52 港元 | | 招股日期 | 2025 年 12 月 11 日-2025 年 12 月 16 日 | | 国元证券认购截止日期 | 年 月 日 2025 12 15 | | 招股总数 | 540.798 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 513.758 万股(可予调整及视乎超额配售权的行使情况而定)，约占 95% | | 公开发售 | 27.04 万股(可予调整及视乎超额配售权的行使情况而定)，约占 5% | 【申购建议】 公司是中国商用车智能驾驶产品及解决方案的供货商。公司专注于对用于采 矿及物流的封闭环境自动驾驶卡车、V2X（车路协同）技术及智能感知解决 方案的研发，并提供 ...

Core Viewpoint - The company Xidi Zhijia (希迪智驾) is launching an IPO to raise approximately HKD 14.22 billion by offering 5.40798 million H-shares at a price of HKD 263 per share, with the listing expected on December 19, 2025 [2][3][14]. Group 1: IPO Details - The IPO subscription period is from December 11 to December 16, 2025 [3][14]. - The total number of shares to be issued is 5.40798 million H-shares, with 95% allocated for international offering and 5% for public offering [3][15]. - The initial allocation ratio for the public offering is set at 5%, with a maximum adjustment to 20% [4][15]. - The entry fee for investors is HKD 2,656.52 for a minimum lot of 10 shares [3][15]. - The expected total expenses for the IPO are approximately HKD 113 million, which includes underwriting commissions and other fees [4][16]. Group 2: Use of Proceeds - The net proceeds from the IPO are estimated to be around HKD 13.09 billion [5][17]. - Approximately 55% of the funds will be allocated to research and development over the next five years [5][17]. - About 15% will be used to enhance domestic and international commercialization capabilities and strengthen partnerships with clients [5][17]. - Approximately 20% is earmarked for potential investments and acquisitions to integrate upstream and downstream resources [5][17]. - The remaining 10% will be used for working capital and general corporate purposes [5][17]. Group 3: Shareholder Structure - After the IPO, Professor Li Zexiang will control approximately 38.25% of the voting rights through various entities [6][18]. - Major shareholders include Sequoia Capital, New Horizon Capital, and Lenovo Holdings, among others [6][18]. - The largest shareholder is New Drive Hong Kong with a 26.13% stake, followed by Li Zexiang's entity with 11.15% [19][18]. Group 4: Company Background - Xidi Zhijia was established in 2017 and focuses on autonomous driving solutions for commercial vehicles, particularly in closed environments [6][19]. - The company began commercializing its technology in 2018 and is recognized as one of the earliest companies in China to do so [6][19]. - According to consulting data, Xidi Zhijia ranks sixth among all intelligent driving commercial vehicle companies in China, holding a market share of approximately 5.2% [6][19].

Core Insights - The automotive industry in 2025 has seen a significant shift towards safety and responsibility, moving away from exaggerated claims about autonomous driving technology [1][3] - The Chinese Ministry of Industry and Information Technology has banned the term "autonomous driving," leading to a more realistic portrayal of the technology by car manufacturers [3][5] Industry Developments - The narrative around autonomous driving has changed, with companies now focusing on "assisted driving" and "intelligent driving assistance" instead of "autonomous driving" [3][5] - The industry is characterized by two main trends: advancement in technology and democratization of intelligent driving [5][11] Key Players and Innovations - Xiaopeng Motors has introduced a second-generation VLA model that eliminates the "middleman" in the translation process, allowing for direct machine understanding of physical environments [6][7] - BYD launched the "Tian Shen Zhi Yan" high-level intelligent driving system, targeting the 100,000 yuan market with various versions, including features like highway NOA and automatic parking [11][13] - Geely has also entered the market with its own intelligent driving system, offering multiple versions with varying capabilities [11][13] Competitive Landscape - Tesla's role has evolved, with Chinese companies no longer viewing it as the sole leader in intelligent driving technology [13][14] - Horizon Robotics has gained traction with its end-to-end architecture and aims to make urban NOA widely available, achieving significant market share in the autonomous driving sector [19][21] - DJI's subsidiary, Zhuoyue Technology, has focused on practical applications and has made strides in the European market, showcasing its capabilities in urban NOA [22][24] Strategic Collaborations - Huawei has formed numerous partnerships across the automotive industry, providing comprehensive intelligent driving solutions to various manufacturers [25][28] - Momenta has expanded its collaboration network significantly, working with multiple brands to implement its driving assistance solutions [29][31] Challenges and Future Outlook - Despite advancements, the industry faces challenges related to user trust and the potential for misuse of autonomous driving systems [33][34] - The ongoing evolution of intelligent driving technology is expected to continue, with a focus on making it accessible to a broader market while addressing safety and ethical concerns [35][36]

Core Insights - The current generation of deep learning technology may be reaching a bottleneck, leading to a phase of optimization rather than fundamental theoretical breakthroughs in autonomous driving over the next three years [1][3] - The transition from rule-based to data-driven paradigms in autonomous driving is exemplified by Tesla's FSD V12, which integrates perception, decision-making, and control into a single neural network model [2] - The industry is expected to see significant advancements in L2 level assisted driving, with urban driving assistance becoming more common in vehicles priced around 100,000 yuan [2] Group 1 - The sentiment in the autonomous driving industry is mixed, with some experts expressing skepticism about the future potential of AI and AGI in the next three to five years [3] - The cost of developing and testing end-to-end systems is extremely high, with estimates suggesting that a single round of testing could cost around 1 billion yuan, highlighting the financial risks involved [3] Group 2 - The adoption of end-to-end technology in the autonomous driving sector is anticipated to unify methodologies for L2 and L4 levels, enhancing the driving experience while reducing deployment costs [2] - The shift towards more human-like driving systems is expected to create a significant growth period for L2 level assisted driving technologies [2]

Core Viewpoint - Goldman Sachs reports that Horizon Robotics (09660) has seen its HSD (Horizon SuperDrive) solution adopted by multiple new models from Chery (09973), including the Exeed ET5, Fengyun T9, and iCAR V27 [1] Group 1 - Goldman Sachs expects that by 2026, Horizon Robotics will have more models in mass production and secure additional new projects, which will drive an increase in shipment volume [1] - The company anticipates that product mix upgrades will lead to a higher overall average selling price [1] - Goldman Sachs maintains a target price of HKD 15.3 and a "Buy" rating for Horizon Robotics [1]