「Jinqiu Spotlight」 追踪锦秋基金与被投企业的每一个光点与动态， 为创业者传递一线行业风向。 作为一支12年的AI方向投资基金，锦秋基金不仅全力支持 敢于定义AI问题的优秀创始人，也积极与 身处技术前沿的那些AI先行者们对话，一起在产业变革的长坡厚雪中共同学习前进。 不久前， 锦秋基金合伙人臧天宇 作为评委参与首期「AI先行者」榜单评选。 锦秋基金被投企业宇树科技创始人兼CEO王兴兴，以及 中科院计算所副所长先进计算研究中心主任 包云岗、 卡内基梅隆大学助理教授陈天奇、 Manus 首席科学家 季逸超、 BosonAI创始人李沐、 DeepSeek创始人兼CEO梁文锋、 Qwen 大模型负责人 林俊旸、月之暗面研究员 苏剑林、 清华大 学电子工程系教授汪玉、晶泰科技联合创始人温书豪、 月之暗面创始人兼CEO杨植麟、开源项目 vLLM核心贡献者游凯超、地平线创始人余凯、 ControINet 开源项目作者张吕敏、Network Dissection技术开创者周博磊 共同上榜。 锦秋基金很荣幸收到知乎邀请，与同行一起， 发现并赋能这些 AI 领域最具潜力的创业者和学者， 让大家看到先行者们前行的路 ...

Core Viewpoint - The article discusses the evolution of autonomous driving technology, highlighting the competitive landscape among major tech companies, automakers, and startups, and how advancements are reshaping transportation methods [2][3]. Group 1: Tesla's Development - Tesla is recognized as a pioneer in autonomous driving, with its aggressive data-driven approach that discards traditional methods like LiDAR and high-definition maps in favor of pure visual perception [6]. - The development path includes the transition from modular designs to end-to-end neural networks, aiming to make AI think and drive like humans [6]. - Key technologies introduced include BEV (Bird's Eye View) and Occupancy Network, enhancing spatial awareness and reducing reliance on high-definition maps [8][12]. Group 2: Huawei's Progress - Huawei's ADS technology has evolved from multi-sensor fusion and high-definition map reliance to a "mapless" approach, enhancing perception algorithms and ultimately leading to end-to-end model applications [23]. - The ADS 1.0 version relied on multiple sensors and high-definition maps, while ADS 2.0 marked a breakthrough in "mapless" driving [25][26]. - The latest ADS 3.0 aims for full scene intelligent driving, integrating advanced perception networks and optimizing hardware for better performance [28]. Group 3: Momenta's Strategy - Momenta employs a dual strategy of data-driven algorithms and mass production of autonomous driving products, creating a feedback loop for continuous improvement [33]. - The company focuses on low-cost automated mapping and crowd-sourced map updates, enhancing its capabilities in complex environments [35]. Group 4: Horizon's Path - Horizon has developed a unique path from automotive-grade AI chips to full-stack solutions, emphasizing software and hardware collaboration for efficiency [47]. - The company has progressively advanced from early ADAS prototypes to L2+ and L3 capabilities, with plans for broader applications in 2025 [49][50]. Group 5: Xiaopeng's Evolution - Xiaopeng's autonomous driving journey reflects a shift from multi-sensor fusion and high-definition maps to a "mapless" approach, driven by AI large models [79]. - The XPILOT series has evolved from basic parking assistance to advanced highway and urban navigation capabilities, with significant improvements in system generalization [81][90]. Group 6: NIO's Development - NIO's approach is characterized by a cautious evolution from collaborative development to full-stack self-research, focusing on safety and reliability [98]. - The introduction of the World Model NWM in 2025 signifies a new phase in NIO's autonomous driving capabilities, enhancing cognitive and reasoning abilities [110].

Core Viewpoint - The report from Huachuang Securities sets a target price of HKD 12.44 for Horizon Robotics-W (09660) and maintains a "Recommended" rating, highlighting the company's positive revenue outlook and its role as a rare third-party full-stack intelligent driving solution provider in China [1] Group 1: Revenue and Market Position - The company is expected to ship 4 million, 5.04 million, and 7 million units of its solutions in 2025-2027, representing year-on-year growth of 38%, 26%, and 39% respectively [1] - Revenue projections for the same period are set at CNY 36.2 billion, 58.5 billion, and 83.9 billion, with year-on-year growth rates of 52%, 62%, and 43% [1] - The company holds the largest market share in China for basic ADAS and overall ADAS solutions at 45.8% and 32.4% respectively [2] Group 2: Product Development and Partnerships - The HSD (Horizon SuperDrive) solution is set for mass production, with the first vehicle featuring this technology, the Chery Star Era ET5, expected to launch in November 2025 [1] - The company has established a European headquarters in Munich and is building deep connections with international clients such as Bosch, Continental, and Volkswagen [1] - The company has achieved a significant increase in chip shipments, with 1H25 seeing a doubling of J series chip shipments to 1.98 million units and a fivefold increase in shipments of chips supporting NOA functionality [2] Group 3: Index Inclusion and Investment Appeal - The company was included in the Hang Seng Composite Index and the Hang Seng Technology Index in March 2025, enhancing its visibility and investment appeal [3] - The company is considered a rare AI-related stock in the Hong Kong market, with both configuration value and risk appetite on the rise [3]

Core Insights - The rapid development of autonomous driving technology in China is highlighted as a global standout, with significant advancements made by companies like XPeng, Li Auto, NIO, Xiaomi, and BYD [2] - The Chinese autonomous driving industry is transitioning from technology validation to large-scale application, with a notable increase in the sales of smart connected vehicles equipped with driver assistance systems [2][4] - The integration of a complete technology ecosystem in China, encompassing multi-modal sensor fusion, deep learning algorithms, and real-time V2X interactions, has established a comprehensive "perception-decision-control" technology stack [2][4] Industry Overview - China's autonomous driving market is characterized by a competitive landscape where leading companies dominate while smaller firms engage in differentiated competition [4] - The supply chain's completeness and the size of the market contribute to the industry's growth, with significant advancements in chip production, algorithm development, and vehicle manufacturing [4] - The vertical integration of "chip-algorithm-vehicle" capabilities has positioned China favorably in the L2+ level driver assistance sector [4] Market Trends - The global shift towards higher-level autonomous driving technologies is accelerating, with L1/L2 functionalities now covering over 50% of new vehicle sales [4] - By 2030, L2+ systems are expected to become standard in new vehicles, with L3 and above accounting for 50% of the market [4] - Chinese manufacturers are leading the way in this transition, with products like XPeng's XNGP and Huawei's ADS 3.0 already implementing advanced navigation assistance features [4] Future Projections - The cost of high-level autonomous driving features is anticipated to decrease significantly, making them essential for vehicles priced above 200,000 yuan starting in 2025 [5] - The emergence of large model training-driven autonomous driving solutions is expected to further lower costs and enhance accessibility [5] - Industry experts predict that China could implement the world's most advanced and largest-scale fully autonomous driving systems within five years [5]

Investment Rating - The report suggests to pay attention to the industry and its developments [4] Core Insights - The high-level intelligent driving technology is becoming more accessible by 2025, with an upward trend in the industry chain's prosperity driven by mature supply-side technologies and demand-side strategies [3][9] - The new paradigm of computing power in vehicles includes DSA heterogeneous integration, cockpit fusion, and RISC-V architecture, which enhances algorithm optimization and cost efficiency [3][10][17] - Domestic alternatives are emerging with quality supply, and there is potential for technology to go abroad, especially in the mid-to-high-end NOA segment [3][24][26] - The trend of integrated hardware and software is leading to competitive intersections among various players, with traditional manufacturers and new forces both investing in self-research and collaboration [3][27] - The economic analysis of self-research in intelligent driving indicates an annual cost of approximately 2 billion RMB, with significant investments in SoC and algorithms [3][28] Summary by Sections 1. New Paradigm of Computing Power - The supply side is seeing advancements in intelligent driving hardware and software, with improved cost-performance ratios [3][9] - The demand side is influenced by traditional manufacturers promoting lower price points for intelligent driving features [3][9] - The architecture is evolving towards a more integrated approach, moving from multi-box systems to single-chip solutions [3][14] 2. Domestic Alternatives and Technology Export - The domestic market is seeing a growing presence of local suppliers in the mid-to-high-end NOA segment, with companies like Horizon Robotics and Black Sesame emerging as key players [3][26] - The low-end segment remains dominated by foreign companies, but domestic technologies are expected to expand internationally [3][26] 3. Competitive Landscape and Self-Research - Leading companies are enhancing their capabilities by integrating computing power, toolchains, and algorithms [3][28] - The competition is intensifying as companies like Huawei and Tesla are investing heavily in self-research and development of their own chips and algorithms [3][27] - The report highlights the importance of a comprehensive approach to self-research, with significant financial commitments required to maintain competitiveness [3][28] 4. Company Analysis - Companies like NVIDIA and Huawei are leading in hardware performance and ecosystem development, while also seeking to strengthen their algorithm capabilities [3][32][39] - Horizon Robotics is positioned as a leader in providing integrated intelligent driving solutions, with a focus on software and service revenue [3][51]