消息面上，中金研报指出，禾赛-W本月在CES 2026上展示最新激光雷达技术成果，并更新交付量、产 能规划、战略合作等经营情况。量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入 许可，激光雷达单车数量有望提升。Robotaxi、机械人等下一代物理AI浪潮袭来，激光雷达成关键引 擎。 值得一提的是，英伟达CEO黄仁勋在CES 2026发布自动驾驶的开源VLA(视觉-语言-动作)大模型平台 Alpamayo。东方证券认为，随着英伟达自动驾驶生态持续拓展、高级别自动驾驶及Robotaxi渗透率逐步 提升，预计智驾芯片、激光雷达、域控制器、线控制动/转向等高级别自动驾驶相关零部件需求将迎来 快速增长，自动驾驶软硬件供应商将持续迎来发展机遇。 智通财经APP获悉，禾赛-W(02525)涨超3%，截至发稿，涨2.88%，报214.6港元，成交额5883.81万港 元。 ...

高盛预计，在充满挑战的个人电脑市场中，全球龙头企业相对更具韧性，因为它们通常在供应链中拥有 更强的议价能力，且高端个人电脑业务占比更高，而高端市场对价格敏感度较低。即将举行的 2026 年 国际消费电子展(CES)可能成为短期催化剂，预计将有更多人工智能 PC 亮相，可能搭载 2025 年 10 月 发布的最新 Panther Lake 平台，该平台运算性能最高可达 180 万亿次 / 秒(TOPS)。2024 年人工智能 PC 已经进入下一代，神经网络处理器(NPU)性能超过 40 万亿次 / 秒，使个人电脑能够在本地运行部分 Copilot 功能，并更快生成内容(例如文本生成图片的速度从 22 秒缩短至 7 秒)。买入标的：联想集团。 (6)智能手机：2026 年苹果供应商将脱颖而出。2024-2025 年安卓智能手机需求疲软且产品发布相对清 淡，但 2026 年可能更为激进，尤其是可折叠 iPhone 出货量将逐步增长；不过需注意，存储成本上涨可 能导致部分产品降配； 知名大行高盛展望2026年科技企业十大趋势，报告如下： (1)人工智能服务器：ASIC表现强劲，800G/1.6T 高速连接推动供应链增 ...

智通财经APP获悉，周一，Mobileye Global(MBLY.US)盘前涨超8%，报12.14美元。消息面上，Mobileye 表示，公司已赢得一家美国大型车企的订单，为其供应下一代芯片，相关自动驾驶技术将作为标配搭载 于数百万辆汽车，此举提振了公司的产能前景。根据这份协议，一家未披露名称的美国前十车企将在旗 下大众市场车型及高端车型中全面搭载 Mobileye的系统。 这份协议扩大了Mobileye的产能前景，未来基于EyeQ6H芯片的全景式高级驾驶辅助系统(Surround ADAS)预计交付量将超过1900万套，其中约900万套与此次新公布的车企订单相关，剩余部分则来自去 年3月与大众汽车集团(Volkswagen Group)达成的现有合作项目。 ...

这份协议扩大了Mobileye的产能前景，未来基于EyeQ6H芯片的全景式高级驾驶辅助系统(Surround ADAS)预计交付量将超过1900万套，其中约900万套与此次新公布的车企订单相关，剩余部分则来自去 年3月与大众汽车集团(Volkswagen Group)达成的现有合作项目。 周一，Mobileye Global(MBLY.US)盘前涨超8%，报12.14美元。消息面上，Mobileye表示，公司已赢得 一家美国大型车企的订单，为其供应下一代芯片，相关自动驾驶技术将作为标配搭载于数百万辆汽车， 此举提振了公司的产能前景。根据这份协议，一家未披露名称的美国前十车企将在旗下大众市场车型及 高端车型中全面搭载Mobileye的系统。 ...

Mobileye（MBLY）周一表示，公司已赢得一家美国大型车企的订单，为其供应下一代芯片，相关自动 驾驶技术将作为标配搭载于数百万辆汽车，此举提振了公司的产能前景。 周一盘前交易中，Mobileye股价上涨7%。 根据这份协议，一家未披露名称的美国前十车企将在旗下大众市场车型及高端车型中全面搭载 Mobileye的系统。 这家去年股价近乎腰斩的公司，其股票在盘前交易中上涨6.4%。 受欧美车企竞争加剧的推动，高级驾驶辅助系统的普及进程正在提速，两地的高速公路脱手驾驶技术也 在快速发展。 Mobileye（MBLY）周一表示，公司已赢得一家美国大型车企的订单，为其供应下一代芯片，相关自动 驾驶技术将作为标配搭载于数百万辆汽车，此举提振了公司的产能前景。 周一盘前交易中，Mobileye股价上涨7%。 根据这份协议，一家未披露名称的美国前十车企将在旗下大众市场车型及高端车型中全面搭载 Mobileye的系统。 鉴于完全自动驾驶汽车的商业化落地速度不及预期，Mobileye 愈发将高级驾驶辅助系统视为短期增长 引擎。 这份协议扩大了Mobileye的产能前景，未来基于EyeQ6H芯片的全景式高级驾驶辅助系统（Su ...

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]

Group 1 - Horizon Robotics announced a placement financing of HKD 4.7 billion, using a "old shares first, new shares later" method, just 8 months after its IPO which raised HKD 6.087 billion [1] - The placement price is set at HKD 6.93 per share, representing a discount of approximately 6.85% from the previous closing price, leading to a 3.49% drop in stock price on the announcement day [1] - The company reported a revenue of CNY 2.384 billion for 2024, a year-on-year increase of 53.6%, but also recorded an operating loss of CNY 2.144 billion [1][2] Group 2 - Revenue growth rates for Horizon Robotics from 2022 to 2024 were 94.4%, 71.3%, and 53.6%, indicating a continuous decline [2] - The company has incurred losses for four consecutive years since 2021, with a cumulative loss of CNY 6.31 billion [2] - As of the end of 2024, the company had cash reserves of CNY 15.4 billion, a 35.3% increase from the previous year, but faced significant cash outflows due to operating losses and R&D expenditures [2] Group 3 - R&D expenses for 2024 reached CNY 3.156 billion, exceeding total revenue by 1.32 times, with a year-on-year increase of 33.4% [2] - The first major customer, Core Technology, accounted for over 30% of total revenue in 2024, raising concerns about the company's independent profitability [3] - Following the recent financing, the net proceeds will primarily be used for business expansion and R&D, extending the company's funding runway by approximately 1.5 years [3]