2026年2月9日，地平线(09660)与宁德时代（300750）旗下子公司——宁德时代(上海)智能科技有限公司(简称"时代智能")签 署战略合作协议。双方将聚焦新能源汽车智能化升级需求，以"高智能、高安全的智能出行体验"为目标，为全球整车企业 与终端用户提供卓越的智能化出行体验。 随着市场对汽车智能化的需求日益强烈，时代智能与地平线此次合作，将成为汽车"智能载体"与"智能大脑"深度耦合的重要 探索。 从资本赋能到产品共创 共启新能源智能汽车新生态 地平线总裁朱威，时代智能董事总经理杨汉兵代表双方公司签约；宁德时代联合创始人、副董事长李平，地平线创始人兼 CEO余凯见证签约 软硬结合 探索"智能载体"与"智能大脑"结合新模式 根据协议，时代智能将提供其磐石底盘系列化产品与技术，地平线则将贡献其全场景辅助驾驶产品以及解决方案等汽车智 能化核心能力。双方通过软硬协同、跨域融合，共同探索从底层架构到顶层应用的完整智能化体系，为海内外OEM客户提 供更具竞争力与多样化的产品选择与服务支持。 时代智能是宁德时代旗下专注一体化智能底盘产品研发和技术服务子公司，核心产品为磐石底盘。磐石底盘作为独立的智 能移动载体，高度集成 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The commercialization of L3 autonomous driving has reached a turning point, transitioning from "optional" to "preferred" [1][14] - The approval of L3 licenses marks a significant shift from technical validation to operational readiness, establishing a clear regulatory framework [14] - The competitive landscape has evolved from hardware specifications to a focus on end-to-end models driven by data and algorithms, enhancing industry concentration [1][20] Summary by Sections 1. Commercialization of L3 Autonomous Driving - The dual approval of operational licenses and road rights has established a commercial closure for L3 autonomous driving, with clear responsibilities defined [14] - User perception of intelligent driving has matured, with advanced features becoming a key factor in purchasing decisions, as 60% of consumers view autonomous driving as the most anticipated technological breakthrough [16][17] - The paradigm of intelligent driving is shifting towards an end-to-end model, where the core competitive logic is now based on data quality, computational power, and model iteration efficiency [20][21] 2. Huawei's QianKun Intelligent Driving - Huawei's QianKun Intelligent Driving has evolved from a single supplier to a public technology platform, enhancing its market position [30][45] - The company has developed a multi-tiered cooperation model, including component supply, HI mode, and Harmony Intelligent Driving, to cover various market segments [31][32] - The QianKun Intelligent Driving system has undergone significant iterations, establishing a technological moat centered around end-to-end models [36] 3. Independent Entity "Yinwang" - The establishment of Yinwang as an independent entity has alleviated concerns among automakers regarding technology control, allowing for broader collaboration [41][42] - The strategic partnership with automakers has led to a valuation of 115 billion RMB, positioning Yinwang as a unicorn in the industry [45] - Yinwang aims to become a neutral public platform for the smart electric vehicle industry, similar to Bosch's role in the traditional automotive sector [48][49] 4. Hardware Cost Breakdown - The cost of intelligent driving hardware per vehicle exceeds 10,000 RMB, with significant portions attributed to chips and PCB components [2][3] - The potential market space for various components in the intelligent driving supply chain is substantial, with estimates reaching billions in growth opportunities [2] 5. Investment Opportunities - The report identifies potential investment opportunities in advanced process wafer fabs, packaging and testing companies, and PCB manufacturers, highlighting the growth potential in the intelligent driving sector [3]

Core Viewpoint - The appointment of Zhu Wei as the new president of Horizon Robotics from CATL signifies a strategic alliance between the two companies, aiming to enhance their competitive edge in the automotive intelligence sector through a partnership that integrates hardware and software solutions [1][3][10]. Group 1: Leadership Transition - Zhu Wei, former executive president of CATL, is set to lead Horizon Robotics, while former president Chen Liming transitions to vice chairman [1][3]. - This leadership change is seen as a calculated move to strengthen Horizon's market position and operational efficiency, particularly in the context of increasing competition in the smart driving sector [4][6]. Group 2: Strategic Partnership - On the same day as Zhu Wei's appointment, a strategic cooperation agreement was signed between CATL's subsidiary Times Intelligent and Horizon, focusing on the integration of Times Intelligent's Rock Solid chassis products with Horizon's full-scene assisted driving solutions [1][10]. - This partnership aims to provide OEM clients with a comprehensive and competitive product offering, combining hardware and software capabilities [12][19]. Group 3: Market Dynamics - The automotive industry is shifting from a focus on advanced technology to cost efficiency, with companies now prioritizing affordability in the face of price wars and geopolitical challenges [16][17]. - Zhu Wei's experience in cost control and supply chain management from CATL is expected to be pivotal for Horizon as it seeks to deliver competitive pricing and rapid deployment of its products [6][19]. Group 4: Future Implications - The collaboration between CATL and Horizon is anticipated to create a new business model that offers integrated solutions, potentially reshaping the competitive landscape in the automotive sector [14][19]. - This partnership not only aims to enhance domestic market competitiveness but also positions Horizon to leverage CATL's global supply chain for international expansion [20][21].

Core Viewpoint - Youjia Innovation (佑驾创新) has secured a new contract with a leading domestic brand to provide advanced driver assistance systems (ADAS) and intelligent cockpit products, indicating a deepening partnership and expansion of their collaboration [1][2]. Group 1: Product Development and Features - The newly contracted iPilot4Plus domain controller is built on Horizon Journey 6M chip, featuring a water-cooling hardware solution and a computing power of 128 TOPS, enabling comprehensive assistance driving functions [1]. - The products will be integrated into both domestic and overseas versions of the brand's key models, with mass production planned for the second half of the year [1][2]. Group 2: Market Position and Achievements - Youjia Innovation is recognized as one of the first domestic suppliers to assist automakers in obtaining EU General Safety Regulation DDAW and ADDW certifications, and the first to help Chinese models achieve E-NCAP five-star safety ratings [2]. - The company has delivered mass production solutions to 42 automakers, establishing an efficient R&D system and large-scale delivery experience [2]. Group 3: Strategic Focus and Future Outlook - The company aims to continue focusing on technological breakthroughs in mid-to-high-end products and deepen long-term collaborations with domestic automakers and international Tier 1 clients [2]. - Recent research from CITIC Lyon maintains an "outperform" rating for Youjia Innovation, highlighting its advantages in passenger vehicle pre-installation business and international market entry, suggesting sustained growth in smart driving and cockpit business [2][3].

Core Viewpoint - Youjia Innovation has secured a new contract with a leading domestic brand to provide advanced driving assistance systems and smart cockpit products, indicating a deepening partnership and expansion of their collaboration [1][2]. Group 1: Product and Technology - The iPilot 4 Plus domain controller is based on the Horizon Journey 6M chip, featuring a water-cooling hardware solution and a computing power of 128 TOPS, enabling comprehensive driving assistance functions [1]. - The newly contracted products will also be used in the overseas versions of the vehicles, showcasing the company's capability to meet international compliance standards [2]. - Youjia Innovation is recognized as the first DMS supplier in China to help local vehicles achieve E-NCAP five-star safety ratings, leveraging regulatory compliance as a competitive advantage [2]. Group 2: Market Position and Strategy - The company has established a robust technical research and development system and mass delivery experience, having provided solutions for 42 vehicle manufacturers to date [2]. - Youjia Innovation aims to focus on technological breakthroughs in mid-to-high-end products and deepen long-term collaborations with domestic automakers and international Tier 1 suppliers [2]. - The latest research report from Citic Lyon maintains an "outperform" rating for Youjia Innovation, highlighting its first-mover advantage in passenger vehicle pre-installation and international markets [2]. Group 3: Industry Outlook - As the industry moves towards equal access in advanced driving assistance, Youjia Innovation is positioned as one of the few companies with both intelligent driving and cockpit solutions, emphasizing its engineering capabilities and mass production experience [3]. - The company plans to continue iterating core technologies and embracing ecosystem collaboration to support the high-quality development of the global smart automotive industry [3].

Core Insights - The article highlights the ongoing transformation in the automotive industry, emphasizing the integration of advanced technologies such as AI, smart chips, and intelligent driving systems to enhance production efficiency and user experience [1][5]. Group 1: Industry Transformation - The automotive industry is undergoing significant changes, with a focus on high-quality development and the integration of various technologies [1]. - Key areas of innovation include autonomous vehicles, smart cockpit technologies, and intelligent chassis systems, which reflect the industry's commitment to modernization [1]. Group 2: Company Operations - The company, Zhongke Chuangda, is actively engaged in the development of intelligent automotive solutions, with hundreds of engineers working continuously to refine their products [3]. - The rigorous testing process for vehicle visual functions involves hundreds of iterations to meet strict safety standards, such as the driver monitoring system achieving a failure rate of less than once in a million hours [3][4]. Group 3: AI Integration - AI tools are utilized to enhance problem-solving efficiency, as demonstrated by a recent incident where engineers quickly identified and resolved a communication issue affecting production robots [4]. - The combination of AI's data analysis capabilities and human judgment is seen as a significant advancement in addressing technical challenges within the industry [4]. Group 4: Future Outlook - The company aims to leverage its core strategy of "operating system + edge AI" to drive innovation and achieve milestones in the intelligent automotive sector by 2025 [4]. - The ongoing advancements in edge AI technology are expected to create broader development opportunities for the smart automotive and robotics industries, benefiting consumers and enhancing production efficiency [5].

Core Viewpoint - The market is experiencing a shift from a "style betting" approach to a "structural competition" approach, indicating a more nuanced investment landscape where various asset classes coexist simultaneously [6][26]. Group 1: Market Dynamics - Since the beginning of 2026, the market has shown significant volatility with rapid shifts in sentiment, leading to a perception of a lack of clear direction [1]. - Observing ETF-level capital flows reveals that the market is accommodating multiple directions rather than lacking direction [2]. - A notable change is occurring in the aesthetic of capital, suggesting a stratification in investment preferences [3][4]. Group 2: Technology Sector Insights - The A+H technology sector is emerging as a focal point in the current structural layering of the market [8]. - Historically, technology assets were viewed as temporary trading tools rather than structural assets, with narratives shifting between growth potential and risk concerns [9][10]. - As of 2025, the understanding of technology is evolving to focus on its role within the industrial structure rather than just valuation [12][13]. Group 3: Hong Kong Stock Market Developments - The narrative surrounding Hong Kong technology stocks is shifting from "repair" to "technological transformation," reflecting a more balanced understanding of their role in the global market [14][15]. - The Guozhen Hong Kong Stock Connect Technology Index emphasizes a balanced approach, focusing on companies with stable growth and R&D investment across various sectors [16][19]. Group 4: Artificial Intelligence and Future Trends - The market's perception of artificial intelligence is evolving from a conceptual level to a more structured understanding of its industry chain positioning [20]. - The Zhongzheng Innovation and Entrepreneurship AI Index represents a comprehensive view of the AI industry, covering various layers from infrastructure to applications [23][24]. Group 5: Stability and Structural Evolution - The market is forming a multi-layered structure where technology assets represent high growth potential, while stable cash flow assets serve as stabilizers [25]. - The Zhongzheng Hong Kong Stock Connect High Dividend Select Index introduces a quality screening mechanism, focusing on companies with strong dividend attributes and structural integrity [25]. - The overall trend indicates a shift towards a more structured investment approach, reflecting the maturation of capital and the integration of the Chinese capital market into the global system [26][27].

新浪科技讯 2月9日下午消息，美国时间2月8日晚，第60届美国职业橄榄球大联盟"超级碗"正式拉开帷 幕。在全美直播的间隙，一家中国科技公司——追觅科技以其品牌概念大片，将其扫地机器人、洗地机 及备受关注的"星空计划"车，推向了美国主流消费视野的中心。 今年以来，追觅频繁亮相大型活动——1月初，在国际消费电子展（CES）上系统性展示全系产品矩 阵；2月初，在美式橄榄球领域最高级别的赛事期间投放广告。 业内分析指出，追觅的全球化之路，已从早期的产品输出转向生态输出、价值输出，为其在国际高端市 场的竞争奠定了基础。 为什么要豪掷北美"冠军之夜"广告？ "超级碗"作为一年一度的美式橄榄球领域最高级别的赛事，是全美国收视率最高的体育事件之一。据历 年数据显示，超级碗广告平均触及超过1亿观众，其中包含大量中高收入家庭。 "广告的核心目的不是即时投资回报率，而是品牌定位"，业内观察人士分析道，"追觅的广告没有展示 任何折扣代码或促销信息，它只是在讲一个关于未来互联智能生活的故事，不仅仅是寻求短期销售增 长。" 追觅以30S的短片，呈现了机器人技术路径下扫地机、割草机器人、汽车等成熟产品的演变，并亮相了 智能出行、智能厨电、 ...

Group 1 - Lei Jun will host a New Year-themed live stream at Xiaomi's custom service center on February 9, 2026, focusing on holiday interaction and benefits for car companies [1] - The live stream will include a lottery for three 1:18 scale die-cast car models to enhance user engagement, and may feature updates on the Xiaomi SU7 or interpretations of custom services [4] - Since January 2026, Lei Jun has conducted multiple live streams, which some analysts believe is aimed at stabilizing the discussion around Xiaomi's automotive ventures and addressing market concerns [4] Group 2 - There are concerns regarding the Xiaomi SU7's intelligent assistance system following an incident in Shanxi where the vehicle lost control while avoiding a three-wheeled vehicle, raising questions about whether this issue will be addressed in the upcoming live stream [7]

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to showcase innovations in new materials and technologies across various industries, including AI, aerospace, and renewable energy, while facilitating connections between projects and investors [1][12]. Event Organization - The event is organized by DT New Materials and supported by various associations and institutions, including the China Productivity Promotion Center and the Ningbo New Materials Industry Association [2]. - The project submission period is from February 1 to May 31, 2026, allowing teams to submit their results or business plans for evaluation [2]. Project Selection and Roadshow - A professional investment team will assess the submitted projects based on innovation, feasibility, and market potential, providing feedback and suggestions for improvement [3]. - The roadshow will feature 15-minute presentations for each project, including Q&A sessions and networking opportunities [7]. Targeted Project Areas - The expo seeks projects in several key areas, including intelligent components, critical materials for emerging industries, and advanced technologies such as 3D printing and precision processing [5]. Invited Investors - Notable investors and industry leaders, including Sequoia China and Hillhouse Capital, will be invited to participate, enhancing networking and investment opportunities for exhibitors [6]. Event Details - The expo will take place from June 10 to 12, 2026, at the Shanghai New International Expo Center, featuring over 50,000 square meters of exhibition space and more than 300 strategic reports [1][15]. - It is expected to attract over 100,000 professional visitors and 800+ exhibitors, including 200+ research institutions [15][42]. Thematic Focus - FINE 2026 will highlight five common demands in future industries: advanced semiconductors, advanced batteries, lightweight functional materials, low-carbon sustainability, and thermal management [14]. - The event will feature specialized exhibition areas for advanced semiconductors, AI chips, energy materials, and more, showcasing a full chain of innovations from components to cutting-edge technologies [17][21]. Forums and Knowledge Sharing - The expo will host over 30 forums with more than 300 expert speakers, focusing on trends in AI, data centers, and other emerging technologies [28][30]. - Topics will include advanced manufacturing technologies, investment strategies, and project roadshows, fostering collaboration and knowledge exchange [30][36].