（编辑 姚尧） 证券日报网讯 12月24日，华阳集团在互动平台回答投资者提问时表示，2025年12月公司全资子公司华 阳通用与紫光展锐签署全面战略合作协议，聚焦5G通信与域控技术，深化双方在智能汽车芯片领域的 深度合作。 ...

12月12日，惠州华阳通用电子有限公司（简称"华阳通用"）与紫光展锐（上海）科技股份有限公司（简 称"紫光展锐"）正式签署全面战略合作协议。华阳通用总经理汤文彬、紫光展锐执行副总裁黄宇宁作为 双方签约代表出席仪式，双方团队其他代表共同见签。此次签约标志着两家企业在智能汽车芯片领域的 深度协同正式启动，迈入优势互补、生态共建的新阶段。 根据协议，双方将在技术协同、市场共赢、生态共建三大维度深化开放合作，构建生态共赢格局。此次 合作的核心目标是推动智能汽车芯片国产化替代进程，为中国汽车产业自主化、智能化升级提供核心解 决方案，填补国产高端智能座舱芯片应用的短板。 未来，华阳通用与紫光展锐将以技术创新为引擎，以开放合作为基石，持续深化在智能汽车核心电子领 域的协同创新，共同书写智能出行新篇章，为全球智能汽车产业高质量发展注入中国力量。 本次合作以智能座舱为核心起点，双方将充分发挥各自产业优势，形成"终端量产能力+核心芯片技 术"的互补格局，携手打造国产智能座舱高性能、高性价比标杆产品。签约仪式上，双方高层一致认 为，5G通信与域控技术是构建智能汽车差异化竞争力的关键抓手。 华阳通用总经理汤文彬表示："当前智能汽车正 ...

中邮证券发布研报称，地平线机器人-W(09660)征程系列累计出货量破千万，维持"买入"评级。公司自 主研发设计的智能计算架构BPU，历经三代架构迭代，从伯努利架构到纳什架构，BPU计算性能6年间 提升了246倍。 2025年开启量产的征程6系列基于新一代BPU纳什架构开发，覆盖10-560TOPS算力，是目前国内唯一满 足从L2辅助驾驶到全场景城区辅助驾驶需求的计算方案，高效满足智能汽车的多元化需求；征程系列 客户覆盖超40家国内外车企，合作车型超400款，服务车主超600万。截至2025年8月底，地平线征程家 族车载智能计算方案总出货量已突破1000万片。 该行认为HSD覆盖多元化车型，进入大规模量产阶段。随着公司HSD量产阵营的不断扩大，软硬结合技 术路径也持续获得市场广泛验证与高度认可。HSD采用一段式端到端架构，并融入强化学习能力，实现 从"光子输入到轨迹输出"的系统超低时延，大幅提升辅助驾驶的安全、效率、舒适。新一代旗舰车载智 能计算方案——征程6P，以高达560TOPS的算力实现代际性能跃迁，结合硬件架构革新与安全冗余设 计，为HSD的规模化落地提供了坚实支撑。目前公司的HSD已获得国内外多达1 ...

Core Viewpoint - Black Sesame Intelligence (2533.HK) experienced a significant intraday increase of over 9%, reaching HKD 21.38, driven by insights shared at the 7th World New Energy Vehicle Conference regarding the upcoming market explosion in cross-domain integration and the maturation of L3 autonomous driving technology within the next three to five years [1] Group 1: Company Developments - The Chief Marketing Officer, Yang Yuxin, highlighted that the entire industry chain will become more organized, with manufacturers that possess mature mass production experience, sustainable technology iteration, and customer recognition standing out [1] - Black Sesame Intelligence has developed two major chip series, Huashan and Wudang, to cover different computing power needs, achieving breakthroughs from technology to mass production [1] - The company plans to launch a robotics product line, aiming to transfer the technology, successful experiences, and ecosystem accumulated in the automotive sector to new markets [1] Group 2: Industry Insights - The next three to five years are expected to be critical for the maturation of L3 autonomous driving technology, indicating a pivotal moment for the industry [1] - The integration of smart automotive technology and robotics is anticipated to accelerate, with high-performance, energy-efficient automotive-grade AI chips at the core of this transition [1]

Core Viewpoint - Horizon Robotics is experiencing rapid revenue growth in its automotive product solutions, with significant increases in both volume and pricing, and is expected to maintain a "buy" rating due to upcoming product launches and successful overseas expansion [1] Group 1: Financial Performance - In H1 2025, Horizon Robotics' automotive product solutions revenue reached 778 million yuan, representing a year-on-year increase of 250%; gross margin was 45.6%, up by 3.9 percentage points [2] - The shipment volume of the company's vehicle-grade Journey series processing hardware reached 1.98 million units, doubling year-on-year; shipments of hardware supporting highway-assisted driving reached 980,000 units, accounting for 49.5% of total shipments, which is six times the amount from the same period last year [2] - The market share for basic and overall assisted driving solutions in China is leading, at 45.8% and 32.4% respectively, with 400 new model designations accumulated, including over 100 models with highway-assisted driving capabilities [2] Group 2: Product Development and Partnerships - The company is closely collaborating with global partners to develop the new generation of basic assisted driving solutions, Horizon Mono, based on the Journey 6B processor, and has secured model designations from two Japanese automakers for markets outside China [3] - The partnership with overseas automakers is expected to yield over 7.5 million units in lifetime shipments, with nine joint venture automakers in China designating 30 models for the company's solutions, some of which are set to begin production by the end of 2025 [3] - The successful collaboration with the Volkswagen Group has further enhanced the company's international product layout and global brand influence [3]

Core Insights - The company reported a total revenue of 1.567 billion yuan for the first half of 2025, representing a year-on-year increase of 67.6%, but incurred an adjusted net loss of 1.33 billion yuan compared to a loss of 804 million yuan in the same period last year [1] Revenue Breakdown - Revenue from products and solutions reached 778 million yuan, a year-on-year increase of 350%, while software and licensing services generated 738 million yuan, up 6.9% [1] - The delivery volume of products and solutions approached 2 million units, marking a year-on-year growth of approximately 100%, driven by the mass production of the Zhengcheng 6 series [1] - Mid-to-high-end product shipments totaled 980,000 units, accounting for 49.5% of total shipments, with a year-on-year increase of six times [1] - Mid-to-high-end products contributed over 80% of the revenue from products and solutions [1] - The average selling price of automotive products and solutions reached 1.7 times that of the same period last year [1] Innovation and International Expansion - The company has achieved a record number of designated models, with nearly 400 models cumulatively, including over 100 mid-to-high-end products equipped with highway-assisted driving and above [1] - The HSD has secured designations for over 10 models from multiple OEMs, with plans for mass production in the second half of 2025 [1] - The company has made breakthroughs in internationalization, obtaining designations for 30 domestic models from 9 joint venture automakers and designations for overseas models from 2 foreign automakers, with expected total deliveries exceeding 7.5 million units [1]

Group 1 - Five companies from Wuhan have become the first in their respective sectors to go public in 2024 [2] - The first company, Dameng Data, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 12, 2024, and is a leading provider of database products and services in China [4] - The second company, Xingjing Weiwang Group, listed on NASDAQ on July 26, 2024, and operates in the digital entertainment sector, including esports and gaming [6][7] Group 2 - The third company, Shengtong Technology, established in 2005, focuses on AI solutions for urban management, automotive, and finance sectors, and is headquartered in Wuhan as of 2024 [10] - The fourth company, Hezhima Intelligent, specializes in automotive-grade smart chips and solutions, with its valuation increasing from under $1 billion to over $2 billion in three years [15] - The listing of these companies highlights Wuhan's growing prominence in various high-tech industries [2][4][10][15]

Group 1 - The core viewpoint emphasizes the integration of technological innovation, industrial upgrading, and capital empowerment to promote the cultivation of companies for listing in Hubei [1] - Hubei has a significant number of high-tech enterprises and specialized small and medium-sized enterprises, with a total of 1,355 "gold and silver seed" companies reserved for potential listing [1] - The province has established a comprehensive cultivation system for companies, including a full-chain service mechanism for value discovery, standardized cultivation, financing connection, and listing support [1] Group 2 - Hubei's new implementation plan aims to create a "data + industry" mechanism for precise selection and dynamic management of companies for listing, with differentiated admission standards for technology-driven and specialized enterprises [2] - The province will provide a combination of "step-by-step cultivation + customized guidance" services tailored to the different stages of development, industry characteristics, and financing needs of enterprises [2] - The Hubei Provincial Enterprise Listing Development Promotion Association has made significant achievements in organizing training, research visits, and investment roadshows to enhance the quality of listed companies and promote healthy capital market development [2]

Core Viewpoint - Wuhan is accelerating the construction of a technology finance system that aligns with technological innovation, aiming to establish itself as a national technology finance center by 2027 through a comprehensive action plan [1][2]. Group 1: Action Plan Overview - The action plan outlines five major actions: nurturing patient capital, improving technology credit quality, building a multi-level capital market, risk compensation sharing, and optimizing the technology finance ecosystem [2]. - By 2027, Wuhan plans to establish over 50 specialized technology finance institutions and achieve a scale of over 300 billion yuan in equity investment funds and over 500 billion yuan in loans to technology enterprises [2]. Group 2: Government Investment Fund Role - The action plan emphasizes the role of government investment funds in guiding technology finance, with a focus on nurturing patient capital [3][4]. - Wuhan has integrated two government industry funds, which have collectively participated in the establishment of 111 funds and invested over 20.4 billion yuan, attracting over 83.4 billion yuan in social capital [4]. Group 3: Technology Credit Expansion - The action plan aims to enhance the technology credit service system by encouraging banks to establish specialized technology finance institutions and improve credit access for technology enterprises [7][8]. - As of June 11, 2023, Wuhan has issued 36.563 billion yuan in knowledge value credit loans to 4,287 technology enterprises, with plans to further innovate credit products [9]. Group 4: Multi-Level Capital Market Development - Wuhan is committed to developing a multi-level capital market, supporting the listing of technology enterprises through a structured nurturing approach [10][11]. - The city has seen significant progress in nurturing companies for capital market competition, with eight new domestic and foreign listed companies in 2024 [11]. Group 5: Mergers, Acquisitions, and Bond Financing - The action plan supports mergers and acquisitions for technology enterprises, allowing up to 80% loan coverage for controlling acquisitions [12]. - Since the introduction of the bond market "technology board" policy, Wuhan has successfully issued 172 billion yuan in technology innovation bonds, with 12 enterprises participating [13].

Core Insights - The article discusses the evolving landscape of China's automotive market, highlighting the shift towards cost reduction and technological upgrades, particularly in the realm of advanced driver assistance systems (ADAS) [1][3] - Black Sesame Intelligence is positioned as a key player in promoting the democratization of intelligent driving technology, aiming to make high-level ADAS accessible to more affordable vehicle models [4][5] Industry Trends - The automotive industry is experiencing a transformation where high-level ADAS is moving towards lower-priced models, with a focus on cost-effective solutions amid a competitive pricing environment [3][4] - The transition from distributed electronic architectures to domain control and central computing platforms is a significant trend, enabling enhanced performance and scalability for future vehicle upgrades [5][6] Company Strategy - Black Sesame Intelligence emphasizes two main strategies: aligning with the evolution of automotive electronic architectures and ensuring their chip designs are future-proof and compatible [4][5] - The company aims to build an open and collaborative ecosystem for ADAS, working with partners across the supply chain to lower development barriers and accelerate technology deployment [4][5] Product Development - The Huashan A1000 chip is noted as the first domestically produced high-performance chip platform with full automotive certification, successfully integrated into several popular vehicle models [6][9] - The Huashan A2000 family of chips is designed for specific scenarios, offering superior performance and energy efficiency compared to general-purpose GPUs, thus enhancing the capabilities of ADAS [9][11] Technological Innovations - Black Sesame's chips incorporate programmability and a new NPU architecture called "Jiushao," which enhances performance and adaptability to new algorithms, supporting the evolving needs of intelligent driving [9][11] - The Wudang C1200 family focuses on multi-domain integration, enabling seamless interaction between various vehicle systems, thereby improving user experience and data exchange capabilities [11]