Investment Rating - The report suggests a positive investment outlook for the AI hardware sector, highlighting strong demand for AI computing power and significant capital expenditure growth from TSMC in 2026 [5][19]. Core Insights - TSMC's Q4 2025 revenue reached $33.7 billion, exceeding Bloomberg's consensus by 3.3%, with a gross margin of 62.3% and an adjusted net profit of $16.29 billion, surpassing expectations by 10.4% [2][11]. - The HPC segment remains the core growth driver for TSMC, accounting for 55% of Q4 revenue and showing a 48% year-over-year growth, which is expected to continue into 2026 [2][19]. - The SELF DRIVE Act is poised to significantly increase the annual exemption limit for autonomous vehicles from 2,500 to 90,000 units per manufacturer, facilitating large-scale deployment of Level 4 autonomous vehicles [4][17]. - AMD and Intel's server CPU inventories are reportedly sold out, with a projected price increase of up to 15% due to high demand from hyperscale cloud providers [4][18]. Summary by Sections TSMC Performance - TSMC's Q4 2025 revenue was $33.7 billion, with a gross margin of 62.3% and an adjusted net profit of $16.29 billion, all exceeding market expectations [2][11]. - For the full year 2025, TSMC's revenue is projected at $122.56 billion, with a gross margin of 59.9% and an adjusted net profit growth of 552.7% [2][11]. - The company plans a capital expenditure of $52-56 billion for 2026, a significant increase from $40.9 billion in 2025, with expected revenue growth of nearly 30% year-over-year [12][19]. AI Hardware Demand - The report emphasizes strong and certain demand for AI computing power, with TSMC's HPC business expected to account for 58% of total revenue in 2025, growing at 48% year-over-year [5][19]. - The introduction of Anthropic's Cowork feature marks a significant advancement in AI applications, allowing for more autonomous task management and collaboration [3][14]. Autonomous Vehicle Regulations - The SELF DRIVE Act aims to enhance the regulatory framework for autonomous vehicles, proposing to raise the exemption limit for manufacturers significantly, which could accelerate the deployment of autonomous vehicle technology [4][17]. - The bipartisan support for the SELF DRIVE Act indicates a strong political will to advance autonomous vehicle technology in the U.S. [4][17]. Server CPU Market - The server CPU market is experiencing a supply-demand imbalance, with AMD and Intel's inventories reportedly sold out, leading to anticipated price increases of up to 15% [4][18]. - The demand surge is primarily driven by hyperscale cloud providers upgrading their server architectures [4][18].

Group 1 - Elon Musk demands compensation from OpenAI and Microsoft ranging from $79 billion to $134 billion, claiming OpenAI has deviated from its non-profit mission and engaged in fraudulent activities [1] - OpenAI plans to test targeted advertising within the ChatGPT application to diversify revenue streams ahead of a potential IPO, targeting free and low-cost subscription users while excluding premium users from ads [12] - Nvidia's H200 chip suppliers have halted production of critical components to avoid inventory write-downs, impacting the supply chain for this specific chip [7] Group 2 - Xingyuan Automotive announces a five-year investment of approximately $15 billion to develop 17 new models focused on smart new energy multifunctional vehicles [8][9] - Maruti Suzuki plans to invest $3.9 billion in a new factory in Gujarat, India, which will increase its annual production capacity by up to 1 million vehicles by the fiscal year 2029 [12] - The Ministry of Industry and Information Technology of China has introduced a management method to include technology-based SMEs in its cultivation program, aiming to enhance the quality of small and medium enterprises [16] Group 3 - SpaceX successfully launched the NROL-105 satellite into orbit using the Falcon 9 rocket, marking the 600th mission of the Falcon series [12] - The commercial space launch company Starship Dynamics reported a failure during the first flight test of its Ceres II rocket, with ongoing investigations to determine the cause [6] - The market for recycling used power batteries in China is projected to exceed 100 billion yuan by 2030, driven by the increasing volume of retired batteries from electric vehicles [17]

智能驾驶早就不是未来概念 而是刻进日常的出行标配 在广州黄埔、南沙 无论是晚高峰的车流 人流 还是城中村的复杂道路 在广州 它都能像老司机一般从容穿梭 在全球智驾赛道强势突围 自动驾驶车也可以成为 机场到市中心的通勤标配 这里 诞生了引领世界的 智驾双雄 刚刚结束的十五运会 让这里的智驾技术 在世界面前集中亮相 广东正以 "双雄引领 全域协同" 的姿态 双雄崛起 从几个共享工位起步 小马智行在南沙开启了它的第一步 从2016年入驻南沙 2020年拿下一线城市测试许可 2025年11月6日 香港交易所迎来历史性一刻 小马智行与文远知行同日敲钟 成为全球仅有的两家 实现美股+港股双重上市的自动驾驶企业 九年间 小马智行成为中国首个 在北京、上海、广州、深圳四大一线城市 均提供自动驾驶出行服务的企业 截至2025年底 小马智行自动驾驶出租车车队规模超千台 与此同时 文远知行在全球11个国家 超40个城市 开展自动驾驶研发、测试及运营 其中，运营天数超2300天 这两家从广州科创土壤中 成长起来的企业 正在成为全球智驾赛道上的中国名片 更是"新广货"走向世界的亮丽代表 解码湾区 双雄崛起的背后是 广东1.85万亿元汽 ...

Core Insights - The article highlights the emergence of autonomous driving as a standard in daily transportation in Guangzhou, showcasing the capabilities of autonomous vehicles in complex urban environments [2][6] - It emphasizes the significant achievements of two leading companies, Pony.ai and WeRide, which have recently become the only two autonomous driving firms globally to achieve dual listings on both the US and Hong Kong stock exchanges [3][5] Group 1: Company Achievements - Pony.ai has become the first company in China to provide autonomous driving services in all four first-tier cities: Beijing, Shanghai, Guangzhou, and Shenzhen, with a fleet of over 1,000 autonomous taxis expected by the end of 2025 [5] - WeRide operates in over 40 cities across 11 countries, with more than 2,300 days of operational experience, holding autonomous driving licenses in eight countries, making it a unique player in the global market [5][6] Group 2: Industry Context - The growth of these companies is supported by Guangdong's robust automotive industry ecosystem, valued at 1.85 trillion yuan, which includes nine vehicle manufacturers and over a thousand parts suppliers [6] - The region has produced 2.25 million smart connected new energy vehicles during the 14th Five-Year Plan period, contributing to the establishment of a comprehensive ecosystem for autonomous driving technology [6][7] Group 3: Global Expansion - Guangdong's autonomous driving enterprises are expanding globally, with applications ranging from ground transportation to aerial vehicles, exemplified by XPeng's flying cars [7][10] - The article notes that the combination of a complete industrial chain and open application scenarios is reshaping the global smart driving industry landscape [10]

今日关注 1、17日，中国人民银行、国家金融监督管理总局发布通知，调整商业用房购房贷款最低首付款比例政 策，商业用房（含"商住两用房"）购房贷款最低首付款比例调整为不低于30%。中国人民银行各省级分 行、国家金融监督管理总局各省级派出机构根据辖区各城市政府调控要求，按照因城施策原则，在全国 统一的最低首付款比例基础上，自主确定辖区各城市最低首付款比例下限。 宏观经济 1、2025年我国全社会用电量历史性突破10万亿千瓦时，达到10.4万亿千瓦时，同比增长5%。这一数字 在全球单一国家中尚属首次，相当于美国全年用电量两倍多，超过欧盟、俄罗斯、印度、日本四个经济 体年用电量总和。 2、17日，工信部修订发布《优质中小企业梯度培育管理办法》，自2026年4月1日起实施。《办法》首 次将科技型中小企业纳入梯度培育范围，未来的优质中小企业将包含科技和创新型中小企业、专精特新 中小企业和专精特新"小巨人"企业。 3、海关总署署长孙梅君17日在2026年全国海关工作会议上表示，"十五五"时期，全国海关将在工作中 更加注重统筹协调，既要扩大出口、也要适度扩大进口，拓展国际循环。 4、17日，中央纪委国家监委通报2025年全国 ...

人民财讯1月17日电，1月17日，萝卜快跑与阿联酋自动驾驶出行公司AutoGo宣布在阿布扎比正式启动 面向公众的全无人驾驶商业化运营。即日起，当地居民和游客可通过AutoGo App呼叫萝卜快跑全无人 驾驶车辆。这是萝卜快跑首次在海外推出面向公众的全无人驾驶出行服务，标志着中国无人驾驶技术在 商业化与国际化进程中迈出关键一步。 ...

Core Insights - The Shenzhen Intelligent Connected Vehicle New Year Conference successfully gathered government departments, industry organizations, and leading enterprises to discuss the development direction of the intelligent connected and autonomous driving industry in Shenzhen [1] Group 1: Company Developments - New Stone has operated 374 autonomous delivery vehicles in Shenzhen, with plans to expand the fleet to 1,000 vehicles in 2026, focusing on night delivery and diverse scenarios including fresh produce, hotel linens, and supermarket supply chains [3] - New Stone has established a key R&D base in Shenzhen and aims to accelerate the large-scale, commercial, and standardized development of autonomous delivery under the guidance of Shenzhen's "4123" strategic initiative [5] - New Stone has become a founding member of the newly established Shenzhen Autonomous Driving Safety Laboratory, participating in the construction of a safety testing system for autonomous delivery [7] Group 2: Industry Recognition and Future Plans - New Stone received the "Comprehensive Excellence Award" and "Safety Escort Award" at the 2025 Guangdong-Hong Kong-Macao Greater Bay Area Functional Autonomous Vehicle Competition, highlighting its technical strength and safety performance in the field [9] - The company aims to promote the application of autonomous delivery based on its experiences in Shenzhen, emphasizing safety as a fundamental principle while driving technological innovation and ecological collaboration as core motivators for industry advancement [9]

Core Viewpoint - The article emphasizes the importance of practical learning experiences in cutting-edge technology and investment research, highlighting the collaboration between entrepreneurs and top-tier companies to explore new opportunities in emerging industries [12][24]. Schedule Overview - The schedule for 2025 includes visits to leading companies in various sectors such as AI, robotics, and new energy, with specific dates and locations outlined for each event [5][9][10]. - Notable events include visits to companies like Tesla, Google, and various AI and robotics firms, providing participants with firsthand insights into industry trends and innovations [7][8][24]. Learning Experience - The program offers deep exploration into the development of cutting-edge technologies, allowing participants to witness the entire process from laboratory to industrialization [12]. - Participants engage in top-level dialogues with founders and executives, gaining insights into strategic decisions and industry disruption logic [12][24]. Participant Feedback - Feedback from participants highlights the value of the program in enhancing their understanding of macroeconomic trends and investment strategies, as well as fostering connections among entrepreneurs [46][47]. - Participants express appreciation for the practical approach of the program, which combines theoretical knowledge with real-world applications in leading technology firms [42][44].

Group 1 - By the end of 2025, China's first batch of L3 autonomous vehicles will receive exclusive licenses, marking the transition from technical testing to commercial deployment [2] - In early January 2026, Yuanrong Qixing announced a partnership with a leading international OEM for L3 autonomous driving, representing the first international collaboration of its kind for domestic smart driving companies in 2026 [2] - The introduction of exclusive licenses and international collaboration is seen as a significant milestone, indicating that 2026 will be the year when L3 autonomous driving commercialization truly begins [2] Group 2 - L3 autonomous driving represents a turning point, shifting from driver-assisted systems (L2 and L2+) to highly automated systems where the vehicle takes over driving tasks under specific conditions [3] - The transition to L3 requires higher safety and reliability standards, focusing on environmental perception stability and decision-making predictability [3] - The challenge in moving from L2+ to L3 lies in redefining responsibility; once a system is classified as L3, the responsibility shifts from the driver to the system during its operation [4] Group 3 - Yuanrong Qixing's collaboration with an international OEM is a milestone in China's autonomous driving sector, moving beyond previous partnerships that focused on Robotaxi demonstrations and hardware collaborations [4] - Yuanrong Qixing aims for L4 fully autonomous driving from the outset, emphasizing the system's understanding and judgment capabilities without relying on high-precision maps [5] - The company's city NOA system is designed for nationwide deployment without the need for city-specific adaptations, showcasing its technological advancements [5] Group 4 - In 2025, over 200,000 vehicles equipped with Yuanrong Qixing's assisted driving system are expected to be delivered, involving more than 15 mass-produced models [6] - The collaboration with domestic OEMs allows for faster project rhythms and shorter feature rollout cycles, necessitating efficient communication and delivery mechanisms [6] - The differences in focus between domestic and international OEMs highlight varying approaches to L3 product planning, with domestic firms prioritizing efficiency and rapid iteration, while international firms emphasize safety and regulatory compliance [6]

（编辑 任世碧） 证券日报网讯 1月16日，万马科技在互动平台回答投资者提问时表示，公司全资子公司上海优咔与英伟 达就NVAIE在自动驾驶数据闭环平台中的应用开展了相关合作，赋能车企智能驾驶数据闭环工具链。 ...