以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 全球投融资周报 睿兽分析每周整理当周最值得关注的国内外热门投融资事件，帮助大家及时了解全球市场动向。 一级市场投融资概览 根据睿兽分析监测数据，本周国内一级市场披露的融资事件43个，与上周相比增加12个，其中已披 露融资金额的事件16个，总融资规模为75.58亿元人民币，平均融资金额为4.72亿元人民币。 从融资事件数量来看，本周智能制造、人工智能、医疗健康领域融资最活跃。分别为智能制造13个、 人工智能10个、医疗健康6个。 从已披露金额事件的融资规模来看，人工智能最高，融资总规模约为43.31亿元人民币。其中通用人 形机器人和下一代具身大模型研发商 「千寻智能 Spirit AI」 获近20亿人民币 A轮融资。 行业分布 地区分布 从本周披露获投企业的地区分布来看，主要集中在江苏、北京、上海。其中江苏披露8个，北京披露7 个，上海披露7个。 本周国内投融资事件地区分布图 | 5 | 74 | 1 | 19 | 7 140 | দ | 8 ...

（文章来源：证券日报） 本报讯 2月24日，黑芝麻智能国际控股有限公司（以下简称"黑芝麻智能"）正式宣布，其与国汽智控 （北京）科技有限公司（以下简称"国汽智控"）的战略合作迎来关键里程碑。双方基于黑芝麻智能华山 A2000全场景通识辅助驾驶计算芯片联合打造的智能驾驶解决方案，成功斩获国内某头部车企智能驾驶 项目定点，覆盖L2+至L3级全场景智能驾驶功能。 据介绍，这是华山A2000芯片发布以来首个公开的量产方案定点，标志着该芯片平台正式迈入规模化落 地阶段。双方将围绕高速领航、城区领航、智能泊车等核心功能开展联合开发与深度技术优化，首批搭 载该方案的量产车型预计于2026年内实现量产。 ...

Core Viewpoint - Horizon has announced a strategic partnership with CATL's subsidiary, Times Intelligent, which signifies a significant collaboration in the automotive technology sector, particularly in smart driving and battery systems [1][12]. Group 1: Strategic Partnership - The partnership involves Times Intelligent providing its Rock Solid chassis products and technology, which enhances battery integration efficiency and allows for concurrent development with vehicle body and smart driving modules [13]. - Horizon will contribute its full-scene assisted driving products and solutions, including the recently launched Horizon HSD, marking a significant step in automotive intelligence [13][14]. - This collaboration is expected to help both companies reduce costs and improve competitiveness in the industry [14]. Group 2: Leadership Changes - Zhu Wei has been appointed as the new president of Horizon, previously serving as the executive president at CATL, indicating a strategic shift towards commercialization [3][19]. - The former president, Chen Liming, will transition to the role of vice chairman, focusing on major strategic decisions and governance improvements [3][19]. - Zhu Wei's extensive experience in sales and partnerships within the electric vehicle sector is anticipated to accelerate Horizon's market penetration and enhance its operational capabilities [16][19]. Group 3: Market Position and Challenges - Horizon has achieved a market share of approximately 46% in the ADAS market as of the first half of 2025, becoming the first domestic brand to exceed a cumulative shipment of 10 million smart driving chips [22]. - Despite this success, Horizon faces challenges such as increasing competition, price wars, and dependency on major clients, with 71.8% of its revenue in 2024 coming from its top five clients [28][29]. - The company is also under pressure to innovate and reduce costs, as competitors are rapidly advancing in technology and pricing strategies [24][31]. Group 4: Future Outlook - Horizon aims to expand its presence in the international market, leveraging Zhu Wei's experience to navigate competitive landscapes against global giants like Qualcomm and NVIDIA [18][31]. - The company has set ambitious goals for the next few years, including a target of producing 10 million HSD units and significantly enhancing smart driving capabilities in urban environments [34]. - To achieve these objectives, Horizon will need to invest in research and development, streamline costs, and accelerate the commercialization of its products [34].

Core Insights - Horizon has made a significant personnel change by appointing Zhu Wei as the new president, succeeding Chen Liming, who will now serve as vice chairman [1][2] - Zhu Wei's experience at CATL, particularly in passenger vehicle and overseas energy storage businesses, positions him to lead Horizon's transition from a technology company to a commercial powerhouse [5][8] Company Strategy - The strategic partnership with CATL's Times Intelligent aims to enhance Horizon's capabilities in the smart driving market, focusing on the integration of hardware and software [6][7] - Horizon's goals for the next 3-5 years include producing 10 million units of HSD (Horizon SuperDrive) and increasing the average mileage for urban MPI (manual takeover intervals) by tenfold by 2026 [4][8] Market Context - The smart driving market is evolving from production capability to a competitive landscape focused on scalability, cost reduction, and efficiency [4][8] - The collaboration with CATL represents a strong alliance in the Chinese new energy vehicle sector, combining CATL's supply chain expertise with Horizon's smart technology [7] Leadership Transition - Chen Liming's tenure established a solid engineering foundation for Horizon, while Zhu Wei's role will focus on scaling operations and expanding market share [3][5] - Zhu Wei's entry is seen as a strategic move to enhance Horizon's competitive edge amid increasing competition from companies like Huawei and NVIDIA [8][9]

Core Insights - The autonomous driving chip market is experiencing a significant concentration of market share among leading players, with Horizon Robotics dominating the ADAS market with a 47.66% share, followed by Mobileye [1] - The high-end autonomous driving computing chip market is set for explosive growth in 2025, with urban NOA vehicle deliveries in China reaching 2.0709 million units, a year-on-year increase of 155.83% [1] Group 1: Market Dynamics - The overall market is showing a "Matthew Effect," where leading players are gaining significant advantages, particularly in the high-level autonomous driving market [1] - Horizon Robotics has secured over 10 partnerships with major automotive brands, further solidifying its market position [1] Group 2: Competitive Landscape - In the urban NOA chip market, the top three players—NVIDIA, Huawei, and Horizon—hold a combined 90% market share, with NVIDIA leading by approximately 26% over Huawei [2] - Horizon Robotics is rapidly increasing its market share in the urban NOA segment, thanks to the mass production of its Journey 6M/6P chips [2] Group 3: Future Outlook - The high-end autonomous driving market is expected to undergo significant changes in 2026, driven by mature end-to-end technology, improved product experiences, and decreasing costs [2] - Companies that adopt an integrated hardware-software approach are likely to gain long-term competitive advantages, as they can leverage synergies between chips, algorithms, systems, and ecosystems [2]

Core Viewpoint - The automotive industry is shifting from reliance on NVIDIA's chips to self-developed solutions, as companies like Xiaopeng and NIO are moving towards their own chip development to reduce costs and enhance performance [2][5][20]. Group 1: Market Dynamics - Xiaopeng has released four new models equipped with its self-developed Turing driving chip, marking a complete departure from NVIDIA's chips [2]. - NIO is transitioning to its self-developed Shenqi chip, which is expected to significantly reduce costs compared to purchasing NVIDIA chips [2][8]. - NVIDIA's market share in China's high-end driving chip sector is projected to decline from 39% in 2024 to 25% in 2025, indicating a significant shift in the competitive landscape [2][9]. Group 2: Competitive Landscape - In 2024, NVIDIA's Orin-X chip held a 39.8% market share with 2.1 million units, but competitors like Horizon are gaining ground with lower-cost alternatives [5][6]. - Horizon's J5 chip has secured contracts with over nine automakers, including major brands like BYD and SAIC, highlighting the increasing competition in the market [6][9]. - By 2025, NVIDIA's partnerships with major clients like NIO and Xiaopeng have diminished, indicating a loss of influence in the market [6][8]. Group 3: Financial Performance - In the first three quarters of fiscal year 2025, NVIDIA reported $147.8 billion in total revenue, with only $1.7 billion (approximately 1%) coming from automotive business, underscoring the limited impact of automotive sales on overall performance [14][16]. - The automotive segment's revenue is significantly overshadowed by NVIDIA's data center business, which accounts for nearly 90% of its income [14][16]. Group 4: Future Outlook - NVIDIA is attempting to pivot from being a chip supplier to a comprehensive smart driving solution provider, but this transition faces challenges as competitors strengthen their positions [20]. - The launch of NVIDIA's open-source VLA model, aimed at assisting automakers lacking full-stack development capabilities, reflects its strategy to maintain relevance in the evolving market [20][21]. - However, the practical utility of the VLA model has been questioned, indicating potential hurdles in its adoption and effectiveness [21].

Core Viewpoint - The article emphasizes the journey of Horizon Robotics, led by CEO Yu Kai, highlighting the importance of resilience, optimism, and a long-term investment mindset in entrepreneurship [4][5][10]. Group 1: Company Development and Philosophy - Horizon Robotics has grown from a startup to a company with a market value exceeding 100 billion HKD, showcasing its successful trajectory in the tech industry [4]. - The company prioritizes a "boring" yet sustainable business model over flashy success, focusing on long-term survival and consistent performance [5][15]. - Yu Kai admires investment legends like Warren Buffett and Charlie Munger, believing that entrepreneurship is fundamentally about making long-term investment decisions [5][14]. Group 2: Challenges and Resilience - Yu Kai discusses the numerous dark moments faced during the company's journey, emphasizing the need for mental strength and the ability to forget past difficulties to focus on the present and future [8][9]. - The concept of "mindless optimism" is highlighted as a crucial trait for entrepreneurs to overcome challenges and maintain motivation [9][11]. - The company adopts a risk-averse strategy, focusing on identifying potential pitfalls rather than solely chasing opportunities, which has been integral to its survival [22][15]. Group 3: Market Position and IPO Strategy - Horizon Robotics has maintained a market-driven and product-oriented approach, which has positioned it favorably in the competitive landscape of AI and robotics [17][18]. - Despite a challenging IPO environment in Hong Kong, the company successfully attracted significant international investment, demonstrating confidence in its long-term vision [18]. - The firm believes in the fairness and transparency of the Hong Kong market, which aligns with its strategy to attract global capital [18]. Group 4: Entrepreneurial Mindset and Advice - The article stresses the importance of continuous personal growth and adaptability in entrepreneurship, encouraging a focus on daily progress rather than comparisons with others [25][26]. - Yu Kai advises entrepreneurs to maintain unwavering faith in the future and to prepare for crises during prosperous times, emphasizing the cyclical nature of business [26][27]. - The need for a strong company culture and values is highlighted as essential for navigating challenges and ensuring team cohesion [27].

Core Insights - The conversation between Wang Huai and Yu Kai highlights the evolution of Horizon Robotics from a roadside chat to a billion-dollar company, emphasizing the importance of long-term survival over short-term gains [2][3] - Yu Kai's philosophy of "boring" success focuses on avoiding competition in crowded markets and maintaining a risk-averse approach, which has guided Horizon's strategic decisions [6][7] Company Development - Horizon Robotics was founded in 2015 by Yu Kai, who initially proposed deploying AI capabilities on edge devices rather than cloud computing, a forward-thinking idea at the time [5] - The company underwent significant restructuring in 2019, pivoting from AIoT to focus solely on smart driving chips, a decision driven by Yu Kai's insights from investment legends like Warren Buffett and Charlie Munger [5][6] Market Positioning - Horizon's strategy involves competing in areas with little competition and avoiding high-risk scenarios, which reflects a deep-seated aversion to risk [6] - The company is aware of the increasing trend of automakers developing their own chips but chooses to maintain a distance from potential threats while fostering a collaborative ecosystem [6][7] IPO and Investment Strategy - Horizon's IPO discussions occurred amidst a challenging market environment, yet the team believed in the long-term potential of Chinese innovation and its alignment with global trends [7] - The company attracted significant international investment, distinguishing itself from others that relied on local support, showcasing its appeal to major global investors [7][8] Entrepreneurial Philosophy - Yu Kai emphasizes the importance of resilience and optimism in entrepreneurship, suggesting that successful entrepreneurs must navigate through cycles of good and bad times [8] - The advice for current entrepreneurs includes unwavering belief in the future and maintaining a cautious outlook during challenging periods, as better times will eventually return [8]

Group 1 - The core viewpoint of the article highlights the remarkable resurgence of the Hong Kong capital market in 2025, with a total of 100 IPOs raising $34.3 billion, surpassing major exchanges like New York and Nasdaq [2][3] - The structure of the IPOs shows a significant shift, with 82 companies listed on the main board and 18 on the growth enterprise market, predominantly featuring emerging technology firms [3][5] - The market's appetite has changed, with a notable increase in listings from sectors such as biotechnology, AI, and smart driving chips, contrasting with the previous dominance of real estate and finance [5][7] Group 2 - The number of companies waiting to go public has surged, with 316 firms on the main board's queue by the end of 2025, nearly tripling from 2023, indicating a strong demand for IPOs [8][9] - Over 60% of the queued companies are in technology and biotechnology sectors, reflecting a significant market shift [9] - The Hong Kong Stock Exchange has introduced a "technology validation" pathway for unprofitable companies, allowing them to list if their core technology is recognized by third-party institutions, which has changed investor attitudes towards unprofitable biotech firms [11][13] Group 3 - The introduction of the 18A chapter in 2018 has facilitated the IPO process for unprofitable biotech companies, with 14 such companies going public in 2025, raising 45 times more capital than in 2018 [13][15] - The 18C chapter, introduced in 2023, allows unprofitable hard tech companies to list, covering various cutting-edge sectors, and has already seen successful IPOs, including a smart driving chip company that surged 70% on its debut [15][17] - The financial ecosystem in Hong Kong is evolving towards "hard tech services," with increased demand for professionals who understand technology valuation and patent assessment [19][21] Group 4 - The transformation of Hong Kong's capital market is attributed to its willingness to reform, with the 18A and 18C chapters demonstrating a commitment to continuous improvement in regulations [21][23] - The article suggests that Hong Kong's unique approach to accommodating emerging tech companies may provide a competitive edge over other global financial centers like New York and London [21][23] - Looking ahead, there are expectations for more AI and quantum computing firms to list in Hong Kong, with regulatory bodies exploring dedicated pathways for green technology companies [23]

Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for Horizon Robotics (09660), highlighting significant advancements in their high-level assisted driving system (HSD), which has achieved mass production and activated over 12,000 units in two weeks. The company aims to expand the NOA functionality to vehicles priced around 100,000 yuan, indicating a strong market penetration strategy [1]. Group 1: HSD System and Market Expansion - The HSD system has been successfully mass-produced, with activation exceeding 12,000 units within two weeks of launch. The first vehicles equipped with HSD include the Chery Xingtu ET5, which features the J6P chip with 560 TOPS computing power [2]. - The HSD system is expected to make inroads into the 100,000 yuan vehicle market, with initial partnerships including Bosch and other Tier-1 suppliers. The system has already penetrated the 130,000 to 200,000 yuan vehicle segment [2]. - The company aims to leverage a single J6M chip for the NOA solution, which is set to be mass-produced and made available for the budget vehicle market [2]. Group 2: Algorithm and Chip Development - The HSDTogether model offers a comprehensive algorithm service, allowing partners to focus on system integration and vehicle adaptation, significantly reducing costs and time [3]. - The J6 series chips are expected to see accelerated shipments due to the HSD algorithm's capabilities, with previous chip models achieving significant shipment milestones in shorter timeframes [3]. - The newly introduced "Riemann" architecture for the J7 series chips aims to compete with Tesla's next-generation AI5 chip, boasting a tenfold increase in key operator performance and fivefold energy efficiency improvements for LLM [4]. Group 3: Robotics and Open Source Models - The company has launched over 100 products under its Diguo Robotics brand, collaborating with over 100 partners and more than 100,000 developers. Two open-source models, HoloMotion and HoloBrain, have been released to foster a robotics ecosystem [5]. - HoloMotion has been made available on GitHub and is already being utilized by institutions such as Stanford and Tsinghua [5].