Core Viewpoint - The A-share market is expected to experience relative fluctuations towards the end of the year, with anticipation for new policies and signals that may influence market direction for the upcoming year [1][3]. Group 1: Market Outlook - After the significant rise in the first three quarters, various sectors have shown substantial performance, particularly in the TMT sector, which is currently experiencing high levels of institutional holdings and crowded trading [1][3]. - The overall sentiment in the AI sector remains strong, suggesting continued interest and investment potential [1][3]. Group 2: Investment Focus - The company will actively focus on growth stocks, particularly in the following areas: - The Hong Kong technology and internet sector, which has reasonable valuations post-adjustment [1][3]. - Sub-industries benefiting from AI technology, including hardware infrastructure, robotics, intelligent driving, and AI edge applications [1][3]. - Growth-oriented consumer sub-industries, such as innovative pharmaceuticals, gaming, and overseas consumer products [1][3]. Group 3: Robotics Sector - The robotics sector is anticipated to see significant catalysts from now until the first quarter of next year, including the launch and mass production plans of new-generation robots by leading overseas companies and the listing processes of domestic leading robotics firms [4]. - Both industry and policy developments are expected to progress, indicating that the sector may enter a phase of accelerated mass production, which is worth close attention [4].

证券之星 陆雯燕 日前，魔视智能科技(上海)股份有限公司(下称"魔视智能")向港交所递交上市申请。尽管公司凭借销量 攀升实现营收高速增长，却仍难走出亏损泥潭，三年半累亏约7.74亿元，且经营现金流持续"失血"。 证券之星注意到，面对连年亏损的压力，魔视智能高度依赖外部融资"补血"。虽然高达12.28亿元的赎 回负债已清零，但过往2.17亿元的赎回负债利息已严重侵蚀利润。此外，魔视智能还面临着资产负债率 高企的严峻考验。而客户集中度不断攀升、供应商与客户重叠等运营风险进一步加剧了经营不确定性。 在尚未形成自我"造血"能力的背景下，赴港IPO已成为魔视智能缓解资金压力的关键一役。 年均亏损约2亿，现金流持续"失血" 魔视智能表示，公司的亏损净额主要是由于报告期内产生大额研发开支，研发开支水平随着业务的增长 而增加。 招股书显示，魔视智能成立于2015年8月，是一家由人工智能创新驱动的智能驾驶解决方案提供商。公 司为主机厂及一级供应商提供具备L0级至L4级智能驾驶功能的软硬一体解决方案，助力其智能化转型 并推动智能驾驶的普及。 根据灼识咨询的资料，受日益普及的应用及技术进步推动,中国智能驾驶行业正经历快速增长。L0 ...

Core Insights - The conference "Horizon Together 2025" focuses on the transition of smart driving from commercialization to widespread adoption, emphasizing collaboration among industry leaders [1][3] - Dr. Yu Kai, CEO of Horizon, highlighted the company's journey from "high aspirations" to "collaborative growth," aiming to democratize advanced technology for a broader audience [3][5] Group 1: Technological Advancements - Horizon has introduced three technological pillars: BPU®, compilers, and algorithms, which are essential for driving advancements in smart driving and robotics [3][10] - The newly released fourth-generation BPU architecture, named Riemann, boasts a tenfold increase in key operator computing power and supports full floating-point calculations, enhancing efficiency for large language models [14][16] - The compiler technology has evolved into an "AI-driven compilation" era, significantly improving compilation speed and model performance [14][16] Group 2: Market Strategy and Collaboration - Horizon is transitioning from a traditional model to an "HSD Together" algorithm service model, allowing partners to focus on their strengths while Horizon provides comprehensive algorithm services [20][21] - The company aims to reduce the time and costs associated with product development by 90% through this collaborative approach, enabling more companies to leverage advanced smart driving capabilities [20][21] - Horizon's products have achieved significant market penetration, with the latest series reaching over one million units shipped in just 12 months [20][29] Group 3: Industry Impact and Vision - Horizon positions itself as a foundational player in the robotics era, aspiring to be the "Wintel of the robotics age," focusing on ecosystem collaboration rather than competing as a vehicle or robot manufacturer [9][24] - The company has expanded its influence beyond automotive applications, becoming a leading platform for consumer robotics with over 100 products and extensive partnerships [24][25] - Horizon emphasizes the importance of making advanced technology accessible to the masses, aiming to transform high-end innovations into everyday solutions for consumers [28][29]

Core Viewpoint - Xidi Intelligent Driving operates in a market with significant development opportunities, highlighted by its upcoming IPO and strong growth in the autonomous driving sector [3][6]. Group 1: IPO Details - Xidi Intelligent Driving has initiated its IPO, which will run from today until the 16th, with plans to list on the Hong Kong Stock Exchange under the stock code "3881" on December 19, 2025 [3]. - The company plans to issue 5,407,980 H-shares at an offering price of 263 HKD per share, resulting in an IPO market capitalization exceeding 11.5 billion HKD [3]. - Key cornerstone investors include ICBC Credit Suisse, Lianfa Shares, and local state-owned enterprises, with total subscriptions exceeding 546 million HKD [3]. Group 2: Business Overview - Founded in 2017, Xidi Intelligent Driving focuses on developing autonomous trucks for mining and logistics, V2X technology, and intelligent perception solutions [4]. - As of June 30, 2025, the company has served 152 clients and has a backlog of orders valued at approximately 584 million CNY [4]. - Xidi has delivered 304 autonomous mining trucks and received indicative orders for 357 trucks and 290 autonomous truck systems [4]. Group 3: Market Position and Growth - Xidi ranks third in the autonomous mining truck solution market in China, with a market share of approximately 5.2% [5]. - The company has successfully expanded its operations overseas, with indicative orders valued at about 6.5 million CNY as of June 30, 2025 [5]. - Xidi's autonomous mining trucks have improved mining efficiency to 104% compared to manually operated trucks, supported by a strong R&D team [5]. Group 4: Financial Performance - Revenue for Xidi from 2022 to 2024 was 31 million CNY, 133 million CNY, and 410 million CNY, reflecting a compound annual growth rate of 263.1% [6]. - The gross margin has improved from -19.3% in 2022 to 24.7% in 2024, while adjusted net losses have narrowed over the same period [6]. - The global commercial vehicle intelligent driving market is projected to grow significantly, with China's market expected to reach 774.3 billion CNY by 2030 [6]. Group 5: Use of IPO Proceeds - Approximately 55% of the net proceeds from the IPO will be allocated to R&D, 15% to enhance commercialization capabilities, 20% for potential investments and acquisitions, and 10% for working capital and general corporate purposes [7].

Group 1 - The core viewpoint of the news is that Xidi Intelligent Driving (3881.HK) is launching an IPO from December 11 to December 16, with a share price of HKD 263, aiming to raise approximately HKD 1.42 billion [1] - The IPO will issue 5.408 million shares, with 5% allocated for public offering in Hong Kong and the remainder for international placement [1] - The net proceeds from the fundraising are expected to be allocated as follows: 55% for R&D over the next five years, 15% for enhancing commercialization capabilities, 20% for potential investments and acquisitions in the supply chain, and 10% for working capital and general corporate purposes [1] Group 2 - Xidi Intelligent Driving's revenue is projected to grow from RMB 31.1 million in 2022 to RMB 410 million in 2024, representing a compound annual growth rate (CAGR) of 263.1% [2] - For the six months ending June 30, 2025, the revenue is expected to be RMB 408 million, reflecting a year-on-year increase of 57.9% [2] - Gross profit is anticipated to rise from RMB 26.8 million in 2023 to RMB 101.4 million in 2024, with a gross profit margin increasing from 20.2% to 24.7% due to improved margins in autonomous driving and revenue from intelligent perception [2] Group 3 - The company focuses on the R&D of autonomous driving trucks for mining and logistics, V2X technology, and intelligent perception solutions [3] - The Train Autonomous Perception System (TAPS) is noted for its industry-leading long-range obstacle detection and adaptability across various scenarios, making the company one of the few in China with SIL4 certification [3] - The company has established close collaborations with leading automotive OEMs, machinery manufacturers, and energy companies, which further solidifies its technological leadership and brand influence [3]

Group 1 - The company, Xidi Intelligent Driving, has officially launched its global offering in Hong Kong, planning to issue 5.40798 million shares at a price of HKD 263.00 per share, aiming to raise approximately HKD 1.309 billion after expenses [2] - The funds raised will be allocated as follows: approximately 55% for research and development, 15% to enhance commercialization capabilities and strengthen collaborations with domestic and global clients, and 20% for potential investments and acquisitions in the supply chain [2] - The public offering period is from December 11 to December 16, with the final pricing and allocation results expected on December 18, and trading on the Hong Kong Stock Exchange set to begin on December 19 under the stock code 3881 [2] Group 2 - Xidi Intelligent Driving specializes in intelligent driving products and solutions for commercial vehicles, focusing on autonomous trucks for mining and logistics, V2X technology, and intelligent perception solutions [3] - The company ranks sixth among intelligent driving commercial vehicle companies in China (including Hong Kong, Macau, and Taiwan) with a market share of approximately 5.2% [3] - Revenue has significantly increased from RMB 31.056 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate of 263.1%, with continued growth of 57.9% year-on-year in the first half of 2025 [3] Group 3 - Despite rapid revenue growth, the company is currently experiencing ongoing losses, with a net loss of RMB 455 million in the first half of 2025, representing a year-on-year increase of approximately 271% [4] - The founder and chairman, Li Zexiang, is a renowned researcher in AI, robotics, and automation, known for co-founding Goko Technology and mentoring several successful entrepreneurs, earning him the title "Godfather of DJI" [4]

Group 1 - The core viewpoint is that the US economy is expected to maintain moderate growth next year, supported by factors such as Federal Reserve interest rate cuts and AI investments, leading to a strategic bullish outlook on US stocks, while cautioning about structural differentiation and short-term risks in Q1 [1] - The Hong Kong stock market is anticipated to transition from valuation recovery to profit growth dominance, characterized by a combination of profit-driven and liquidity-supported dynamics [1] - The technology sector in the US is expected to become more rational, with AI remaining a key driver, and the regulatory environment being favorable for mergers and acquisitions [1] Group 2 - Positive developments in AI are expected to continue driving revenue and valuation recovery in China's internet sector, particularly in cloud services [1] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in mergers and acquisitions by large multinational pharmaceutical companies, as well as an increase in business development transactions [1] - The medical device sector is projected to see several companies reaching performance inflection points from Q4 this year to Q1 2026, leading to a resonance of performance growth and valuation recovery [1] Group 3 - The automotive industry is expected to see flat or slightly declining sales next year, with market sentiment already pessimistic, presenting an opportunity to gradually accumulate stocks of companies with high certainty of performance growth next year [1] - Recommendations include focusing on humanoid robots with accelerated mass production and the smart driving sub-sector with increasing penetration rates [1] - The consumer sector's recovery remains uneven, suggesting a strategy of "anchoring on earnings while leveraging growth" for investment [1] - The education sector is viewed positively for its resilient growth and expansion opportunities [1]

Core Viewpoint - Xidi Intelligent Driving (3881.HK) is launching an IPO from December 11 to December 16, with a share price of HKD 263, aiming to raise approximately HKD 1.42 billion, primarily for R&D and business expansion [1][2]. Group 1: IPO Details - The IPO will offer 5.408 million shares, with 5% allocated for public offering and the remainder for international placement [1]. - The expected net proceeds will be allocated as follows: 55% for R&D, 15% for enhancing commercialization capabilities, 20% for potential investments and acquisitions, and 10% for working capital [1]. Group 2: Financial Performance - Revenue is projected to grow from RMB 31.1 million in 2022 to RMB 410 million in 2024, reflecting a compound annual growth rate (CAGR) of 263.1% [2]. - For the six months ending June 30, 2025, revenue reached RMB 408 million, a year-on-year increase of 57.9% [2]. - Gross profit is expected to rise from RMB 26.8 million in 2023 to RMB 101.4 million in 2024, with a gross profit margin increasing from 20.2% to 24.7% [2]. Group 3: Company Focus and Technology - The company specializes in autonomous driving solutions for closed environments, particularly for mining and logistics, and is developing V2X technology and intelligent perception solutions [3]. - The Train Autonomous Perception System (TAPS) is noted for its industry-leading capabilities in long-range obstacle detection and adaptability across various scenarios [3]. - The company has established strategic partnerships with leading automotive OEMs, machinery manufacturers, and energy companies, enhancing its technological leadership and brand influence [3].

Market Performance - On December 10, Hong Kong stocks experienced a slight rebound, with the Hang Seng Index closing up 106 points (0.4%) at 25,540 points[1] - The Hang Seng Tech Index rose by 26 points (0.5%) to close at 5,581 points, while total market turnover decreased to HKD 193.4 billion[1] - Despite the rebound, southbound capital recorded a net outflow of HKD 1.02 billion[1] Stock Movements - Vanke (2202 HK) surged by 13.2% as creditors reportedly discussed a bond extension plan[1] - Sunac China (1918 HK) and China Jinmao (817 HK) increased by 8.9% and 8.5%, respectively[1] - Alibaba (9988 HK) rose by 1.5%, while Tencent (700 HK) and Meituan (3690 HK) saw increases of 0.1% and 2.7%[1] U.S. Market Update - On the U.S. side, the Federal Reserve announced a 0.25% rate cut, bringing the federal funds rate to a range of 3.5%-3.75%[2] - Following the announcement, the Dow Jones Industrial Average rose by 497 points (1.0%) to close at 48,057 points[2] - The Nasdaq Composite and S&P 500 indices increased by 77 points (0.3%) and 46 points, respectively[2] Economic Indicators - China's November Consumer Price Index (CPI) rose by 0.7% year-on-year, the largest increase since March, driven by higher food prices[3] - The Producer Price Index (PPI) for November fell by 2.2% year-on-year, with a month-on-month increase of 0.1%[3] Industry Developments - In the automotive sector, Horizon Robotics (9660 HK) signed a strategic cooperation agreement to develop L4 level autonomous driving solutions, leading to a 3.2% increase in its stock price[4] - The pharmaceutical sector remained stable despite reports of potential restrictions on Chinese biotech companies participating in U.S. government contracts[4] Renewable Energy Sector - The renewable energy and utility sectors showed mixed performance, with defensive stocks like China Light and Power (2 HK) rising by 0.7%-1.6%[5] - However, solar-related stocks such as Xinyi Solar (968 HK) and GCL-Poly Energy (3800 HK) fell by 2.5%-4.2% amid reports of a joint venture aimed at industry consolidation[5]

公司是中国商用车智能驾驶产品及解决方案领域以产品驱动的创新型供应商。 公司2023年度、2024年度、2025年半年度截至6月30日止，净利润分别为-2.55亿元、-5.81亿元、-4.54亿 元，同比变动幅度为3.01%、-127.66%、-270.81%。（数据宝） （文章来源：证券时报网） 希迪智驾(03881.HK)发布公告，公司拟全球发售540.80万股股份，其中香港发售股份27.04万股，国际发 售股份513.76万股，另有81.12万股超额配股权。招股日期为12月11日至12月16日，最高发售价263.00港 元，每手买卖单位10股，入场费约2656.52港元。 全球发售预计募资总额为14.22亿港元，募资净额13.09亿港元，募资用途为用于公司的研发；用于旨在 进一步整合产业链上下游资源的潜在投资及併购机会；用于提高国内外商业化能力及进一步加强公司与 国内及全球客户的合作；用于营运资金及一般公司用途。 公司引入湖南湘江智骋产业投资基金合伙企业（有限合伙）、南宁智驾一号瑞粤股权投资合伙企业（有 限合伙）、前海开源群巍QDII单一资产管理计划、工银瑞信资产管理（国际）有限公司、工银瑞信基 金管理有 ...