点评：黑芝麻智能与萝卜快跑的战略合作，为公司前沿技术提供了关键的商业化验证场景与头部客户背 书，有助于巩固其在自动驾驶芯片领域的市场关注度。该合作案例揭示了智能驾驶产业链上下游协同创 新的趋势加速，或引导资本更关注具备实际落地生态与合作伙伴的硬科技企业。 NO.1 春运期间新能源车出行量预计将达3.8亿辆次 1月30日，交通运输部运输服务司副司长高博在新闻发布会上表示，今年春运和春节期间客流强度比较 大，新能源车出行总量将创历史同期新高，预计达3.8亿辆次。 点评：交通运输部关于春运新能源车出行量的预测，直接印证了新能源汽车市场渗透率与日常使用频率 已达新高度。这一数据有望增强市场对主流整车企业产品真实需求与用户接纳度的信心。对充电服务、 电池续航及相关基础设施板块而言，庞大的实际出行规模凸显了其配套保障能力的战略价值与商业空 间。 NO.2 崔东树：发展私人慢充的线路是完全正确的 丨2026年2月2日星期一丨 1月31日，乘联分会秘书长崔东树发文称，近年来，我国充电基础设施快速发展，已建成世界上数量最 多、服务范围最广、品种类型最全的充电基础设施体系。目前，充电基础设施仍存在总体明显过剩、布 局不够完善、结 ...

Core Viewpoint - Hesai-W (02525) has shown a significant increase in stock price, rising over 3% and reaching 214.6 HKD, with a trading volume of 58.83 million HKD, indicating positive market sentiment towards the company following its recent developments at CES 2026 [1] Group 1: Company Developments - Hesai-W showcased its latest lidar technology achievements at CES 2026, highlighting its leading mass production and delivery capabilities in the industry [1] - The company is steadily advancing its domestic and international production capacity, with L3 vehicle models receiving approval from the Ministry of Industry and Information Technology, which is expected to increase the number of lidar units per vehicle [1] Group 2: Industry Trends - The emergence of next-generation physical AI applications, such as Robotaxi and robotics, positions lidar as a critical driving force in the industry [1] - Nvidia's CEO unveiled the open-source VLA (Vision-Language-Action) model platform, which is expected to enhance the ecosystem for autonomous driving [1] - With the continuous expansion of Nvidia's autonomous driving ecosystem and the gradual increase in penetration rates for high-level autonomous driving and Robotaxi, there is an anticipated rapid growth in demand for advanced driving-related components, including smart driving chips, lidar, domain controllers, and line control braking/steering systems [1]

Group 1: AI and Technology Trends - Goldman Sachs forecasts significant growth in AI servers driven by strong ASIC performance and high-speed connections (800G/1.6T) boosting supply chain growth [1] - The demand for optical modules is expected to benefit from the AI infrastructure cycle and technology migration, including advancements in 800G/1.6T, silicon photonics, and co-packaged optics (CPO) [1] - Increased penetration of liquid cooling solutions is anticipated, particularly in the ASIC AI server sector [1] Group 2: ODM and Manufacturing - ODMs with strong commitments and capacity planning in the U.S. market, such as Hon Hai Precision, Wistron, and Quanta, are expected to perform well [1] - Leading suppliers with robust design and manufacturing capabilities will be favored as AI server complexity increases and chip platform diversification occurs [1] Group 3: Personal Computers and Smartphones - Global leaders in the PC market are expected to show resilience amid rising storage costs, with high-end PCs being less price-sensitive [2] - The upcoming 2026 CES is anticipated to showcase more AI PCs, potentially featuring the latest Panther Lake platform with performance up to 180 TOPS [2] - In the smartphone sector, Apple suppliers are expected to stand out in 2026, while Android smartphone demand may remain weak in 2024-2025 [2] Group 4: Semiconductor Industry - Domestic leaders in the semiconductor sector, such as SMIC and Hua Hong Semiconductor, are pursuing ambitious expansion plans in advanced processes, which will benefit local semiconductor equipment companies [3] - The capital expenditure for China's semiconductor industry is projected to remain high at $45-46 billion from 2026 to 2030, driven by a shift towards more storage and advanced process technologies [3] Group 5: Autonomous Driving and Satellite Technology - Continuous upgrades in L4 autonomous driving chips and robotaxi services are expected to drive growth for chip, software, and sensor suppliers [3] - The acceleration of satellite launches and performance improvements in rockets are projected to lower launch costs and enhance satellite constellation infrastructure [3]

Core Viewpoint - Mobileye Global has secured an order from a major U.S. automaker to supply next-generation chips, enhancing the company's production outlook and indicating a significant expansion in the deployment of its autonomous driving technology across millions of vehicles [1] Group 1: Company Developments - Mobileye's stock rose over 8% to $12.14 following the announcement of the new order [1] - The agreement involves a top ten U.S. automaker incorporating Mobileye's systems into both mainstream and premium vehicle models [1] Group 2: Production Outlook - The deal is expected to significantly boost Mobileye's production capacity, with projected deliveries of over 19 million units of the EyeQ6H chip-based Surround Advanced Driver Assistance Systems (ADAS) [1] - Approximately 9 million units of the projected deliveries are associated with the newly announced order, while the remaining units stem from an existing collaboration with Volkswagen Group established in March of the previous year [1]

Core Viewpoint - Mobileye Global has secured an order from a major U.S. automaker to supply next-generation chips for autonomous driving technology, significantly enhancing the company's production outlook [1] Group 1: Company Developments - Mobileye's stock rose over 8% to $12.14 following the announcement of the new order [1] - The unnamed U.S. automaker, which is among the top ten in the country, will integrate Mobileye's systems into both its mass-market and premium vehicle models [1] Group 2: Production Outlook - The agreement is expected to boost Mobileye's production capacity, with anticipated deliveries of over 19 million units of the EyeQ6H chip-based Surround Advanced Driver Assistance Systems (ADAS) [1] - Approximately 9 million of these units are related to the newly announced order, while the remaining units stem from an existing collaboration with Volkswagen Group established in March of the previous year [1]

Core Insights - Mobileye has secured an order from a major U.S. automaker to supply next-generation chips, which will be standard in millions of vehicles, enhancing the company's production outlook [1][3] - The stock price of Mobileye rose by 7% in pre-market trading following the announcement of this order [4] - The agreement will see the automaker, which is among the top ten in the U.S., implement Mobileye's systems across both mass-market and premium models [4] Industry Trends - The competition among European and American automakers is accelerating the adoption of advanced driver-assistance systems (ADAS), with rapid advancements in hands-free driving technologies on highways [5] - Due to the slower-than-expected commercialization of fully autonomous vehicles, Mobileye is increasingly viewing ADAS as a short-term growth engine [5] Product Details - The Surround ADAS, based on the EyeQ6H chip, is expected to deliver over 19 million units, with approximately 9 million units linked to the new automaker order and the remainder from an existing partnership with Volkswagen Group [5] - Surround ADAS supports hands-free driving in designated highway sections and integrates various driving and safety functions into a single chip and electronic control unit, helping automakers reduce costs amid increasingly complex automotive electronic systems [2][5] - The system incorporates multiple cameras, radar, and crowdsourced road mapping data, enabling features such as automatic lane changes, traffic jam assistance, and cut-in protection, along with over-the-air software updates [6]

Group 1: Market Overview - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching HKD 132.9 billion in the first eight months, a 50% increase compared to the total for 2024, marking a four-year high [1] - The secondary market for Hong Kong stock offerings is even more robust, with fundraising reaching HKD 190.5 billion, which is 3.8 times higher than the total for 2024, and the average fundraising per project is HKD 1.1 billion [1] Group 2: Company Performance - NIO's recent HKD 40.3 billion secondary offering, completed in March 2025, had a 9.5% discount, the highest among offerings over HKD 25 billion this year, reflecting market concerns over its ongoing losses and operational challenges [5] - NIO's net loss for the first half of 2025 reached HKD 12 billion, a 16% year-on-year increase, highlighting its struggles compared to peers like Li Auto and Xpeng, which have shown improved profitability [5][6] - Horizon Robotics, in contrast, successfully raised HKD 47.2 billion in a secondary offering less than a year after its IPO, indicating strong market confidence in its growth potential [7] Group 3: Financial Comparisons - NIO has raised a total of HKD 81.3 billion through 11 financing rounds since its U.S. listing in 2018, the highest among its peers, but its stock price has been on a downward trend since its Hong Kong listing in March 2022 [6] - Horizon Robotics reported a 65% year-on-year revenue growth in 2024, with a 67% increase in the first half of 2025, driven by rapid delivery of autonomous driving chips [8] Group 4: Strategic Focus - NIO aims to deliver between 87,000 and 91,000 vehicles in Q3 2025, targeting revenues of HKD 21.81 billion to HKD 22.88 billion, but analysts question the feasibility of these goals given the high costs associated with its battery swap model [6] - Horizon Robotics plans to use its recent fundraising to accelerate business expansion and enhance R&D capabilities, focusing on partnerships and technological advancements in the autonomous driving sector [9]

Market Overview - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching HKD 132.9 billion in the first eight months, marking a 50% increase compared to the total for 2024, which is the highest in nearly four years [1] - The secondary market for Hong Kong stock offerings is even more robust, with fundraising reaching HKD 190.5 billion, which is 3.8 times higher than the total for 2024, and the average fundraising per project is HKD 1.1 billion [1] Company Performance - NIO Inc. completed a HKD 40.3 billion secondary offering in March 2025, which is the sixth largest in Hong Kong for the year, but it faced a 9.5% discount, the highest among offerings over HKD 25 million, reflecting market concerns over its ongoing losses and operational challenges [5][6] - NIO's net loss for the first half of 2025 reached HKD 12 billion, a 16% year-on-year increase, highlighting its struggles compared to competitors like Li Auto and Xpeng, which have shown improved profitability [5][6] - NIO has raised a total of HKD 81.3 billion through 11 financing rounds since its U.S. listing in 2018, but its stock price has been on a downward trend since its Hong Kong listing in March 2022 [5][6] Competitive Landscape - Horizon Robotics, in contrast to NIO, successfully raised HKD 47.2 billion in a secondary offering less than a year after its IPO, indicating strong market confidence in its growth potential [7][8] - Horizon Robotics reported a revenue growth of 65% year-on-year in 2024, with a similar growth trajectory in the first half of 2025, driven by increased production and delivery of autonomous driving chips [8] - The company has established partnerships with 27 OEMs, securing over 310 models, and has invested heavily in R&D, with expenses reaching HKD 2.3 billion in the first half of 2025, a 62% increase year-on-year [8][9]

Core Viewpoint - UBS has initiated coverage on Horizon Robotics (09660) with a "Buy" rating and a target price of HKD 10.5, implying a forecasted P/E ratio of approximately 48x for 2028 and 30x for 2029 [1] Group 1: Company Overview - Horizon Robotics is recognized as a leading supplier of single-chip autonomous driving systems and solutions in China [1] - The company is expected to benefit from three structural growth drivers: the accelerated adoption of higher-level autonomous driving, the trend of domestic production in China's automotive and AI semiconductor sectors, and the surge in demand for edge AI driving growth in AIoT and robotics SoC businesses [1] Group 2: Financial Projections - Horizon Robotics is projected to achieve a compound annual growth rate (CAGR) of 50% in revenue over the next five years [1] - The forecast for AD SoC shipments is expected to reach 9 million units by 2027, with an anticipated average selling price increasing to USD 90 [1]

Core Viewpoint - Momenta has developed its own driver assistance chip, marking a significant step in the competitive landscape of global driver assistance chips, showcasing its vertical integration capability of "algorithm + chip" [1][11] Group 1: Project Initiation - In 2020, Momenta identified a critical bottleneck with existing Nvidia Xavier chips, which had a system cost exceeding $8,000 and could only support L2+ functions [3] - The company established its chip division in Q3 2021, launching the "Zhixing Chip Plan" aimed at creating a dedicated chip that aligns with its self-developed algorithms and keeps costs under $3,000 [3] Group 2: Research and Development - The main challenge was converting 6 million kilometers of real-world testing data into design parameters for the chip architecture [4] - The team opted for a heterogeneous computing architecture of "CPU + NPU + GPU" after discovering inefficiencies in traditional GPU architectures during simulations [4] Group 3: Chip Production and Testing - The first round of chip production was completed in February 2024, yielding 500 engineering samples, with the first sample successfully lit up in March [5] - Initial road tests showed that the chip managed to process data from 12 cameras, 5 millimeter-wave radars, and 1 LiDAR with an average power consumption of under 35W, approximately 20% lower than Nvidia's Orin chip [5] Group 4: Technology and Performance - The chip is manufactured using TSMC's 7nm FinFET process, with an area of about 180mm² and over 15 billion transistors [6] - It features an NPU performance of 256 TOPS (INT8) and a memory bandwidth of 200GB/s, supporting LPDDR5X memory specifications [6] Group 5: Team Composition - The team is led by Dr. Cao Xudong, who has a PhD in Computer Science from Tsinghua University and has extensive experience in computer vision and machine learning [7] - The core team includes members from Nvidia and Qualcomm, with a unique "algorithm-defined chip" development model [8] Group 6: Market Position - The global automotive-grade driver assistance chip market is currently dominated by Nvidia (45% market share) and Qualcomm (25% market share) [9] - If Momenta's chip is priced around $1,500, it could significantly undercut Nvidia's Orin chip priced at approximately $2,500, with potential annual shipments exceeding 500,000 units post-2026 [9] Group 7: Industry Implications - Momenta's approach validates the feasibility of "algorithm companies developing their own chips," potentially shortening the optimization cycle between algorithms and hardware by about 50% [11]