文 |姑苏九歌 编辑 |姑苏九歌 2025年香港资本市场热闹得有点不真实，港交所数据显示，全年IPO数量冲到100家，集资额343亿美 元，这俩数放全球交易所里一摆，直接把纽约、纳斯达克甩在了身后。 要知道几年前还有人调侃这儿是"国际金融中心遗址"，现在看，这遗址怕是要改叫"复兴现场"了。 这100家IPO里，最让人意外的不是数量，是结构。 主板和创业板的分化特别明显，主板82家，创业板18家，前者几乎被新兴科技企业包场了。 以前港交所IPO名单里，不是地产就是金融，现在翻一翻，生物科技、AI、智能驾驶芯片的名字密密麻 麻。 有投行朋友开玩笑，现在路演材料里要是没个"硬科技"标签，都不好意思跟机构投资者打招呼。 本来想统计下传统行业占比，后来发现意义不大。 343亿美元集资额里，光3家特专科技企业就拿走了快120亿，14家未盈利生物科技企业加起来也有90多 亿。 这俩板块放2018年，全年集资额能有20亿就谢天谢地了。 有次跟一个排队企业的CFO吃饭，他吐槽说"以前是求着券商保荐，现在是券商追着我们签协议"。 这种反转，放在三年前想都不敢想。 这些排队企业里，科技和生物科技占了60%以上。 有个做AI制药的企 ...

光大证券发布研报称，维持地平线机器人-W(09660)"买入"评级，大会上公司发布了多项重要进展，高 阶辅助驾驶系统"HSD"已实现量产，激活量两周突破1.2万辆，并有望将城区NOA功能下探至10万元级 车型市场。其海外市场拓展初见成效，中高阶产品出货量占比有望持续提升，J6P+HSD首发上车进一 步提升公司产品ASP与品牌力。 光大证券主要观点如下： 事件 公司于2025年12月8-9日，在深圳召开"2025地平线技术生态大会"(以下简称"大会")。大会以"向高同 行"为主题，主&分论坛主题涵盖全场景辅助驾驶、智能汽车开放协同、全域自动驾驶的规模化商用、 从智能汽车到机器人的技术跃迁等多个细分场景。 高阶辅助驾驶系统"HSD"量产，城区NOA有望下探至10万元级汽车市场 HSD量产上车交卷，激活量两周破万。2025年，奇瑞星途ET5首发搭载地平线560TOPS算力的J6P芯片 +HSD城区辅助驾驶系统，HSD采用一段式端到端+VLM架构，实现百毫秒级的时延和"类人思考"的防 御性驾驶。公司创始人兼CEO余凯在大会上宣布，搭载公司HSD辅助驾驶系统的深蓝L06和奇瑞星途 ET5在上市两周内，HSD激活量突破1 ...

智通财经APP获悉，光大证券发布研报称，维持地平线机器人-W(09660)"买入"评级，大会上公司发布 了多项重要进展，高阶辅助驾驶系统"HSD"已实现量产，激活量两周突破1.2万辆，并有望将城区NOA 功能下探至10万元级车型市场。其海外市场拓展初见成效，中高阶产品出货量占比有望持续提升， J6P+HSD首发上车进一步提升公司产品ASP与品牌力。 光大证券主要观点如下： 事件 不同于传统的"芯片+参考算法"的交付模式，HSDTogether将HSD作为一个经过验证的"样板间"向合作伙 伴开放(白盒&黑盒授权)，提供覆盖产品开发全周期的"算法服务"，包括数据服务与艾迪SaaS平台、专 业的算法适配工程与咨询服务，以及最核心的基座模型授权。合作伙伴可以聚焦于系统集成测试、车型 适配开发等自身优势，人力&算力&时间成本均得以大幅降低。J3/J5/J6芯片实现百万颗出货分别耗时 36/24/12个月，我们认为，伴随HSD算法赋能城区NOA下沉10万元车型市场，J6系列芯片出货有望进一 步提速。 发布全新"黎曼"BPU架构，J7目标对标特斯拉AI5芯片 "黎曼"架构相比上一代，关键算子性能提升10倍，高精度算子支持数 ...

Core Viewpoint - The report from Credit Lyonnais maintains a target price of HKD 11 for Horizon Robotics (09660), suggesting that the current stock price has fully reflected negative factors such as share issuance, indicating greater upside potential [1] Group 1: Company Performance - Credit Lyonnais expects that the customer certification of J6P and the adoption of HSD600 by leading domestic automakers will serve as key catalysts in the coming months [1] - The firm has raised its estimate for the company's R&D expenditure for 2026-2027 by nearly RMB 1 billion, reflecting confidence in existing technology and the need for accelerated product iteration [1] Group 2: Market Outlook - The report maintains an "Outperform" rating, highlighting the competitive landscape in the high-level autonomous driving (AD) algorithm sector as a significant factor influencing the company's future performance [1]

Core Viewpoint - Horizon Robotics is set to mass-produce its urban auxiliary driving system based on the single journey 6M, targeting the market segment priced at 100,000 yuan [2] Group 1: Product Launch - The first batch of the single journey 6M urban auxiliary driving system will be produced through two collaboration models: chip toolchain cooperation and algorithm service cooperation [2] - Partners for chip toolchain cooperation include Bosch, Zhuoyue, and Qingzhou Zhihang [2] - Partners for algorithm service cooperation include Denso, CoolCore, and NeueHCT [2]

在"2025地平线技术生态大会"上，地平线创始人兼CEO余凯博士发表"向高同行"主题演讲。他首先回顾了过去两年地平线在高阶辅助驾驶领域持续发力、成 果斐然。从2021年起，地平线持续推动高价驾驶向高而行，2024年4月24日征程6家族芯片重磅发布、2025年4月18日征程6P与HSD发布。2025年11月18日 起，地平线智驾HSD正式首发量产，以堪比豪华车的智驾体验降低了高阶智驾门槛，助力车企打造爆款产品，让高阶智驾人人可享。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。 ...

Market Performance - The Hang Seng Index closed at 26,033 points, up 0.7%, while the Hang Seng China Enterprises Index rose 0.5% to 9,173 points[1] - Total turnover in the Hong Kong stock market reached HKD 200.9 billion, higher than HKD 146.2 billion on the previous Friday, indicating increased market confidence[1] - Key sectors such as materials, industrials, and energy saw increases of 5.2%, 1.5%, and 1.1% respectively, while utilities, finance, and healthcare rose only 0.5%, 0.3%, and 0.3%[1] Stock Highlights - Sunny Optical Technology (2382 HK) and Zijin Mining (2899 HK) led the blue-chip stocks with gains of 6.2% and 5.3% respectively[1] - Bubble Mart (9992 HK) and Meituan (3690 HK) were the biggest losers, falling 4.3% and 2.9% respectively[1] Metal Sector Dynamics - The metal sector performed strongly, with Zijin Mining (2899 HK), Jiangxi Copper (358 HK), and Luoyang Molybdenum (3993 HK) rising between 5.3% and 10.2%[2] - Gold and London copper prices reached recent highs of USD 4,250 and USD 11,190 respectively, driven by market expectations of U.S. interest rate cuts[2] Real Estate Insights - In mainland China, new home sales in 30 major cities fell by 34.9% year-on-year to 2.42 million square meters, a decline from the previous week's 28.2%[3] - Hong Kong's retail sales in October increased by 6.9% year-on-year, surpassing market expectations of 4.7%[3] Industry Trends - The autonomous taxi market in China is expected to see increased competition by 2026, with companies like XPeng Motors (9868 HK) and Didi (DIDIY US) entering the fray[4] - The healthcare sector saw a slight increase of 0.3%, with flu cases rising significantly, indicating potential growth for related companies[4]

Core Viewpoint - ZF Group and Horizon have announced a collaboration to develop an SAE Level 3 intelligent driving system for the Chinese market, expected to be mass-produced by 2026 [1][2]. Group 1: Collaboration Details - ZF will provide its ProAI platform and system-level architecture design, focusing on hardware platform, vehicle integration, and safety validation, while Horizon will supply the Journey 6P chip with a computing power exceeding 1,000 TOPS and a complete software algorithm stack [1]. - The collaboration aims to integrate traditional chassis control advantages with intelligent decision-making, creating a closed-loop architecture that enhances the execution consistency and safety redundancy of the intelligent driving system [1]. Group 2: Performance and Market Position - The Journey 6P chip has been validated against international Tier-1 integration standards, indicating its capabilities in computing power, power management, and toolchain maturity [2]. - Horizon is transitioning from a chip supplier to a system solution provider, which is expected to enhance its average selling price (ASP) and profitability as the high-end product line's share increases [2]. Group 3: Market Expansion and Revenue Projections - With ZF's global network, Horizon is positioned to expand its overseas customer base, potentially accelerating its transition from domestic validation to global mass production [2]. - The company anticipates that overseas revenue will account for approximately 10% by 2027, with projected revenues of 34.77 billion, 59.07 billion, and 88.90 billion RMB for 2025-2027, reflecting year-on-year growth rates of 67.5%, 61.8%, and 57.9% respectively [3].

Group 1 - Haitong International has set a target price of HKD 12.5 for Horizon Robotics (09660), reflecting a 28x price-to-sales ratio for 2026, up from a previous target of HKD 12.3 at 26x [1] - Horizon Robotics has partnered with ZF Group to develop an SAE Level 3 intelligent driving system for the Chinese market, with production expected to start in 2026 [1][2] - The collaboration combines ZF's expertise in chassis and execution systems with Horizon's Journey6P chip, which has a computing power exceeding 1,000 TOPS, enhancing the system's execution consistency and safety redundancy [2] Group 2 - The partnership positions Horizon Robotics as the first Chinese intelligent driving chip manufacturer to secure core projects with both Bosch and ZF, increasing the commercial viability of its L3 products and expanding its global market reach [2] - Revenue projections for Horizon Robotics are estimated at RMB 3.477 billion, RMB 5.907 billion, and RMB 8.890 billion for the fiscal years 2025 to 2027, representing year-on-year growth rates of 67.5%, 61.8%, and 57.9% respectively [2]

Group 1 - Haitong International has set a target price of HKD 12.5 for Horizon Robotics (09660) based on a 2026 price-to-sales ratio of 28 times, reflecting a 2% increase from the previous target price of HKD 12.3 [1] - Horizon Robotics has partnered with ZF Group to develop an SAE Level 3 intelligent driving system for the Chinese market, with production expected to start in 2026 [1][2] - The collaboration combines ZF's expertise in chassis and execution systems with Horizon's advanced chip technology, enhancing the consistency and safety of the intelligent driving system [2] Group 2 - Horizon Robotics is the first Chinese intelligent driving chip manufacturer to secure core projects with both Bosch and ZF, which strengthens its commercial viability for L3 products and expands its global market opportunities [2] - Revenue projections for Horizon Robotics are estimated at RMB 3.477 billion, RMB 5.907 billion, and RMB 8.890 billion for the fiscal years 2025 to 2027, representing year-on-year growth rates of 67.5%, 61.8%, and 57.9% respectively [2]