Core Viewpoint - The article emphasizes the transition of Horizon Robotics from "striving for excellence" to "collaborating for excellence," focusing on empowering industries and making advanced driving technology accessible to the public [2]. Group 1: Event Overview - The Horizon Together 2025 technology ecosystem conference was held on December 8 in Shenzhen, featuring a keynote speech by Dr. Yu Kai, the founder and CEO of Horizon Robotics [2]. - The conference highlighted the significance of accelerating the entry of every enterprise and user into the era of smart vehicles and general robotics [2]. Group 2: Product Launch and Market Impact - The HSD (Horizon Smart Driving) system, first implemented in the vehicles Xpeng ET5 and Deep Blue L06, achieved over 12,000 activations within two weeks of launch, bringing advanced driving experiences to the mainstream market under 150,000 yuan [4]. - The HSD system's mass production marks a significant step in fulfilling Horizon's commitment to making high-level intelligent driving more accessible [4]. Group 3: Technological Advancements - Horizon Robotics introduced its fourth-generation BPU architecture named "Riemann," which enhances computing power by ten times for key operators and supports over ten times more high-precision operators, achieving a performance increase of over 1,000 times in ten years [8]. - The new compiler technology, OpenExplorer® 4.0, significantly improves compilation speed from hours to minutes and enhances model performance by 20% through AI-driven optimization strategies [10]. Group 4: Ecosystem and Collaboration - The HSD Together algorithm service model aims to reduce the human input, computing consumption, and time to market by 90% for partners, allowing them to focus on their strengths while leveraging Horizon's proven technology [14]. - Horizon's product family has seen a rapid reduction in time to market, with the latest series achieving a million units shipped in just 12 months [14]. Group 5: Robotics and AI Development - Horizon has become the largest consumer robotics computing platform in China, with over 100 products and connections to more than 100 partners and 100,000 developers [18]. - The company launched two open-source models for embodied intelligence: HoloMotion for motion intelligence and HoloBrain for spatial perception and task planning [18]. Group 6: Educational Initiatives - Horizon is committed to building a prosperous robotics ecosystem by collaborating with over 500 educational institutions to nurture future industry talent [20]. - The article shares inspiring stories of young developers, showcasing the inclusive nature of innovation and the importance of fostering a diverse talent pool [20].

有分析师对《证券日报》记者表示，地平线通过HSD方案有效压缩了高阶智驾的硬件与算法成本，为车 企提供了兼具性能与性价比的技术路径，进而推动智能驾驶从"可选"向"标配"演进，加速智能驾驶普 惠。 AI能力向物理世界延伸 在推动智能驾驶普及的同时，地平线也在夯实其AI计算的技术底座。会上，地平线正式发布第四代BPU 架构"黎曼"，并同步推出编译器"天工开物4.0"及智能驾驶大模型，构建起以BPU、编译器和基础模型为 核心的三大技术支柱。 12月8日，在2025地平线技术生态大会上，地平线创始人兼CEO余凯回顾了过去两年地平线在高阶辅助 驾驶领域持续发力的成果。 "从2021年起，地平线持续推动高阶驾驶向高而行，2024年4月24日征程6家族重磅发布、2025年4月18日 征程6P与HSD（地平线城区辅助驾驶系统）发布。2025年11月18日起，地平线智驾HSD正式首发量 产，降低了高阶智驾门槛。首搭HSD量产落地的星途ET5和深蓝L06上市仅两周，HSD激活量超12000 辆，市场反响热烈，展现出地平线在高阶辅助驾驶领域的强大实力与广阔前景。"余凯表示。 技术底座持续迭代 "传统的两段式端到端、一段式端到端+规则 ...

Group 1 - Nullmax Technology has completed a C1 round of financing with a strategic investment of $10 million from a leading domestic automotive-grade chip company [1] - The partnership aims to integrate "AI algorithms × smart driving chips" to create cost-effective and scalable intelligent driving solutions, promoting mass production and application of smart driving technology [1] - Nullmax Technology is a subsidiary of the publicly listed company Yanshan Technology, which plans to initiate a C round of financing with a maximum amount of $100 million [1] Group 2 - In 2024, Nullmax Technology is projected to achieve revenue of 72.12 million yuan, with a net loss of 130.32 million yuan; for the first seven months of 2025, revenue is expected to be 9.60 million yuan, with a net loss of 102.65 million yuan [2] - As of December 31, 2024, Nullmax Technology's total assets were approximately 693.21 million yuan, with total liabilities of about 49.09 million yuan and net assets of approximately 644.12 million yuan [3] - The company has undergone four rounds of financing from Pre-A to C rounds between 2019 and 2025, with investors including Desay SV, FutureX Tianji Capital, and Yanshan Technology [4]

人民财讯12月8日电，中共重庆市委关于制定重庆市国民经济和社会发展第十五个五年规划的建议发 布，其中提到，推动科技创新和产业创新深度融合。实施科技赋能产业创新工程，全面提升创新平台影 响力、关键产业链控制力、产业集群竞争力和创新资源集聚力，打造全国重要产业创新策源地，推动高 级别辅助驾驶、高端器件与芯片、下一代固态电池与超级充电等关键核心技术攻关取得突破。完善企业 主导创新机制，培育壮大科技领军企业，支持龙头链主企业牵头组建产业创新综合体。提质推进高新技 术企业和科技型企业"双倍增"行动。培育科产城人文深度融合的创新生态，做强做优大学科技园、环大 学创新创业生态圈。强化"众创空间—孵化器—加速器"创新创业综合服务体系，布局建设概念验证、中 试验证平台，打造高能聚合的科技成果转化枢纽。加强科学技术普及，培育创新文化，弘扬科学家精 神。 ...

Core Insights - The report focuses on the transformation of airspace traffic under the low-altitude economy and the changes in waterway traffic driven by the wave of intelligence [1] Participants - The report mentions a wide range of companies across various fields, including low-altitude transportation (e.g., CITIC Offshore, XPeng Heavens), intelligent driving (e.g., Pony.ai, WeRide, Didi), waterway transportation (e.g., Shanghai Port Group, Ningbo-Zhoushan Port, China Shipbuilding Group), and technology or energy support (e.g., Huawei, ZTE, CATL, BYD) [1] Market Data - Traffic-related data from 2021 to 2027 shows growth from 48,400 to 68,300 (specific metrics and fields not defined) - The scale of China's smart ports is expected to reach $23.8 billion by 2030 - An additional figure of 12.8 billion corresponds to a 32% share (specific business scope not defined) [2] Airspace Traffic Transformation - The report analyzes airspace traffic transformation centered on the low-altitude economy, mentioning fixed-wing and other aircraft, but details on technical paths and application scenarios are sparse [3] Waterway Traffic Transformation - Upgraded scheduling models have been implemented in sections of the Yangtze River, achieving closed-loop management for vessel operations, reducing congestion and wait times - Automation scenarios have been demonstrated in multiple ports, including automated container handling and remote bridge cranes, with high feasibility in closed or semi-closed environments - Technical bottlenecks exist for high-level autonomous navigation of large merchant ships in open waters, lacking unified engineering standards and comprehensive risk assessment methods [4] Future Transportation Trends - The future of transportation in China is driven by AI, energy restructuring, and ecological integration, transitioning from simple equipment upgrades to a comprehensive reconstruction of the transportation system [11] - The transportation system will evolve into a three-dimensional ecosystem comprising road, air, and water, with a focus on L4 autonomous driving, eVTOL/unmanned aerial networks, and intelligent shipping [11] - The report emphasizes the importance of policies and strategic frameworks in shaping the future transportation landscape, moving towards a low-carbon, efficient, and safe transportation system [14]

Group 1 - The core viewpoint emphasizes the importance of timely and relevant research reports to identify investment opportunities and avoid missing out on market trends [1] - The article highlights that the penetration rate of L2++ autonomous driving technology has reached 25%, with a 100% growth in NOA (Navigation on Autopilot) vehicle models, indicating a significant market shift [1] - It mentions that institutions are focusing on three key companies in the core segments of the autonomous driving and robotics industry, which are expected to benefit from both performance and valuation boosts [1] Group 2 - The article discusses the recovery of industrial products in Europe and the U.S., driven by three factors: interest rate cuts, infrastructure investments, and supply chain reshoring [1] - It predicts that the demand for high-end machinery in the U.S. could exceed expectations by 2026, suggesting a strong market outlook [1] - Institutions are optimistic about a leading domestic high-end machinery company replicating the recovery success seen in the U.S. stock market [1]

Group 1 - The core point of the news is that Rock Mountain Technology's subsidiary, Nullmax Technology, is initiating a Series C financing round with a maximum amount of $100 million, aiming to enhance its capital strength and market competitiveness by introducing a strategic investor from a leading domestic automotive-grade chip company [1] - The strategic investor plans to invest $10 million in Nullmax Technology, which corresponds to a pre-investment valuation of $425 million, resulting in a 2.45% shareholding post-investment [1] - Rock Mountain Technology remains the largest single shareholder of Nullmax Technology after the transaction, ensuring that the collaboration in AI business areas will not be affected [1] Group 2 - The financing round includes an agreement to terminate the voting rights delegation from Stonehill and Yanheng, which held 21.88% of Nullmax Technology's voting rights, to optimize the governance structure of Nullmax [2] - The adjustment in board seat arrangements will introduce independent directors, aimed at enhancing decision-making independence and operational flexibility for Nullmax Technology [2] - These changes are intended to create a more favorable institutional environment for the long-term sustainable development of Nullmax Technology [2]

Core Viewpoint - The company, Shanghai Yanshan Technology Co., Ltd., has approved a significant strategic decision to introduce a strategic investor through a capital increase in its subsidiary, Nullmax (Cayman), while terminating the voting rights entrustment, which will no longer include Nullmax (Cayman) in the consolidated financial statements [2][3][12]. Group 1: Board Meeting and Resolutions - The fourth meeting of the ninth board of directors was held on December 5, 2025, with all nine directors present, and the meeting was deemed legal and effective [1]. - The board unanimously approved the proposal regarding the capital increase and strategic investment in the subsidiary [2][4]. Group 2: Strategic Investment and Financial Impact - Nullmax (Cayman) plans to initiate a Series C financing round with a maximum amount of $100 million, introducing a leading domestic automotive-grade chip company as a strategic investor [7][10]. - The pre-investment valuation of Nullmax (Cayman) is set at $425 million, reflecting a 9.04% increase from the previous financing round [7][42]. - Following the capital increase, the strategic investor will hold a 2.45% stake in Nullmax (Cayman), while the company's voting rights will decrease from 50.20% to 27.62% [8][10]. Group 3: Governance and Operational Changes - The termination of the voting rights entrustment will enhance the governance structure of Nullmax (Cayman), allowing for improved independent operation and market competitiveness [3][46]. - The board composition will be adjusted to include independent directors, further optimizing governance [11][46]. Group 4: Compliance and Approval - The proposal has received approval from the independent directors, ensuring compliance with relevant regulations and safeguarding the interests of all shareholders, particularly minority shareholders [4][48]. - The transaction does not constitute a major asset restructuring as defined by regulations [12][48].

终止表决权委托后，瑞丰BVI不再对Nullmax (Cayman)拥有控制权，Nullmax(Cayman)不再纳入公司合并 报表范围。 因增资方要求、并基于Nullmax(Cayman)未来独立上市及业务发展的考虑，2025年12月5日，瑞丰BVI与 Stonehill、Yanheng签署了《TERMINATIONAGREEMENTREGARDINGPROXYAGREEMENTS》（即 《关于表决权委托协议的终止协议》），自协议签署日起，终止将Stonehill、Yanheng持有的 Nullmax(Cayman)21.88%表决权委托瑞丰BVI代理行使（简称"终止表决权委托"）。终止表决权委托 后，瑞丰BVI对Nullmax(Cayman)拥有的表决权比例将由50.20%降至28.31%。本次增资及终止表决权委 托后，瑞丰BVI对Nullmax(Cayman)拥有的表决权比例将由50.20%降至27.62%。同时，Nullmax(Cayman) 董事会构成将进一步优化调整。根据2025年12月5日C轮投资方与Nullmax(Cayman)及其子公司、 Nullmax(Cayman)股东等各方共同签署并于本 ...

Summary of 2025: "The End of the 14th Five-Year Plan" and Foundation Building - In 2025, the Beijing Stock Exchange (BSE) achieved multiple breakthroughs, with total market capitalization exceeding 820 billion yuan, number of accounts reaching 9.5 million, and average daily trading volume approaching 30 billion yuan, indicating a significant improvement in liquidity [4] - The market's "specialized, refined, distinctive, and innovative" characteristics became more pronounced, with national-level "little giants" accounting for 61%, fostering a group of high-growth, scarce enterprises in sectors such as new energy, robotics, and AI [4][10] - The quality of enterprises continued to improve, with the average net profit of newly listed companies increasing from 30 million yuan to 110 million yuan over three years [4] - As of the first three quarters of 2025, the median revenue and net profit of BSE companies were 293 million yuan and 22 million yuan, respectively, while the BSE 50 component stocks reached 508 million yuan and 46 million yuan, indicating stable business operations [4] Outlook for 2026: "The Beginning of the 15th Five-Year Plan" - The BSE will focus on "scarcity" and "new quality productivity" as dual main lines for deepening its layout, with policies expected to continue along the path of "Deep Reform 19 Articles" [4] - The average first-day increase of IPOs in the first 11 months of 2025 was 356%, with average subscription funds exceeding 640 billion yuan, suggesting a continuation of active performance in the new share market in 2026 [4] - The BSE will emphasize sectors such as technology manufacturing (AI supply chain, solid-state batteries, humanoid robots, intelligent driving), new materials (semiconductor materials, specialty fibers), and distinctive consumption (health, beauty, emotional consumption) [4] Market Characteristics and Investment Opportunities - The BSE has a unique market structure, with 65% of companies having a market capitalization of less than 2.5 billion yuan, while over 40% of BSE 50 companies exceed 5 billion yuan, indicating a small-cap characteristic [4][19] - The BSE's PE ratio reached 44 times as of November 21, 2025, with a valuation discount disappearing, and the PE ratio compared to the Sci-Tech Innovation Board has decreased to about 60%, highlighting investment value [4][29][34] - The BSE's industry distribution is more concentrated in mechanical equipment, power equipment, and basic chemicals compared to the ChiNext and Sci-Tech Innovation Board, aligning with its "specialized, refined, distinctive, and innovative" positioning [4][24][25] Performance and Growth Trends - The BSE's specialized and innovative component stocks showed the fastest revenue growth, with a year-on-year increase of 13% in the first three quarters of 2025 [35] - The median net profit of BSE 50 component stocks has surpassed that of the Sci-Tech Innovation Board and ChiNext, indicating a positive trend in profitability [40] - The overall profit growth rate of BSE companies is under pressure, but the specialized and innovative enterprises exhibit resilience, making them worthy of attention [40][41]