地平线(09660)创始人兼CEO余凯博士以"向高同行"战略作答，指出破局的两大支柱：一是推动底层计算技术向更高性能演进，筑牢物理AI底座；二是携手 伙伴共建开放生态，将高阶智驾体验转化为规模化用户价值。目前，地平线HSD城区辅助驾驶系统已经实现规模化量产，基于征程6系列的商业生态成果也 在持续落地，意味着这一战略路径的价值正在加速兑现。 2025，智驾技术突破到普惠落地的分水岭 会上形成清晰共识：2025年是智能驾驶从技术突破迈向规模化普惠的分水岭。其中，"城区NOA的大规模普及"已成为智驾走向商业成功的决定性战场，其 成败系于体验、成本、安全与政策的复杂协同。 中国汽车工业协会常务副会长兼秘书长付炳锋 这一路径获得行业深刻共鸣。中国汽车工业协会常务副会长兼秘书长付炳锋在开场发言中表示："汽车产业的向上发展，不是单点突破的独行，而是价值共 享的同行。"要摒弃单点思维，迈向全链共进，让智能驾驶技术，最终转化为用户的安全与体验价值。 智通财经APP获悉，2025年12月8日，地平线首届技术生态大会(Horizon Together 2025)在深圳启幕。大会以"向高同行"为主题，首日汇聚全球汽车产业链头 部公司 ...

2025年是智能驾驶从技术突破迈向规模化普惠的分水岭。其中，"城区NOA的大规模普及"已成为智驾 走向商业成功的决定性战场，其成败系于体验、成本、安全与政策的复杂协同。 地平线创始人兼CEO余凯博士以"向高同行"战略作答，指出破局的两大支柱：一是推动底层计算技术向 更高性能演进，筑牢物理AI底座；二是携手伙伴共建开放生态，将高阶智驾体验转化为规模化用户价 值。目前，地平线HSD城区辅助驾驶系统已经实现规模化量产，基于征程6系列的商业生态成果也在持 续落地，意味着这一战略路径的价值正在加速兑现。 新华信用深圳12月10日电（崔傅成）2025年12月8日，2025地平线技术生态大会在广东省深圳市启幕。 大会以"向高同行"为主题，首日汇聚全球汽车产业链头部公司，聚焦"加速全场景辅助驾驶量产普及"的 阶段性使命，分享前沿实践，凝聚关键共识。会场同步设置的科技展览与试乘试驾，集中展示了从智能 驾驶到智能机器人的领先技术与创新成果。 智能驾驶从技术突破迈向规模化普惠 这一路径获得行业深刻共鸣。中国汽车工业协会常务副会长兼秘书长付炳锋在开场发言中表示，汽车产 业的向上发展，不是单点突破的独行，而是价值共享的同行。要摒弃单点 ...

2025 年 12 月 8 日，地平线首届技术生态大会（ Horizon Together 2025 ）在深圳启幕。大会以"向高 同行"为主题，首日汇聚全球汽车产业链头部公司，聚焦"加速全场景辅助驾驶量产普及"的阶段性使命， 分享前沿实践，凝聚关键共识。会场同步设置的科技展览与试乘试驾，集中展示了从智能驾驶到智能机器 人的领先技术与创新成果。 2025 ，智驾技术突破到普惠落地的分水岭 会上形成清晰共识： 2025 年是智能驾驶从技术突破迈向规模化普惠的分水岭。其中，"城区 NOA 的大规 模普及"已成为智驾走向商业成功的决定性战场，其成败系于体验、成本、安全与政策的复杂协同。 地平线创始人兼 CEO 余凯博士以"向高同行"战略作答，指出破局的两大支柱：一是推动底层计算技术向 更高性能演进，筑牢物理 AI 底座；二是携手伙伴共建开放生态，将高阶智驾体验转化为规模化用户价 值。目前，地平线 HSD 城区辅助驾驶系统已经实现规模化量产，基于征程 6 系列的商业生态成果也在持 续落地，意味着这一战略路径的价值正在加速兑现。 比亚迪集团高级副总裁、汽车新技术研究院院长杨冬生从全球视角印证了这一趋势： "智能化正成为定 ...

Core Insights - Chery's Starway ET5 officially launched on November 28, featuring Horizon's HSD urban assisted driving system and the Journey 6P computing solution, marking the start of large-scale production for Horizon's HSD [1][2] Group 1: Product Launch and Technology - The Starway ET5 is the first vehicle globally to incorporate Horizon's HSD urban assisted driving system, which utilizes the Journey 6P chip and offers advantages such as low system latency, strong defensive driving capabilities, smooth control in both lateral and longitudinal directions, and continuous self-evolution [2] - Horizon has secured partnerships with over 10 automotive brands and more than 20 vehicle models for the HSD system, with notable models like Chery's Fengyun T9L and iCAR V27 showcased at the Guangzhou Auto Show [2] Group 2: Market Outlook and Financial Projections - The company anticipates significant growth in revenue, projecting operating income of 3.543 billion yuan, 6.010 billion yuan, and 8.007 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of -686.5 million yuan, -135.8 million yuan, and -82.3 million yuan [3] - The current price-to-sales (PS) ratios are estimated at 29.65 times, 17.48 times, and 13.12 times for the years 2025, 2026, and 2027 [3] Group 3: Strategic Partnerships and Global Expansion - The company is deepening ties with leading Tier 1 suppliers, aiming to gradually penetrate global markets, with Bosch's mid-level intelligent driving solution based on the Journey 6M already delivered at scale, and ZF planning to launch a coPILOT system based on the Journey 6P in China by 2026 [2] - The company’s subsidiary, Diguo Robotics, has launched the first integrated SoC computing kit RDK S100 in June and plans to release a high-performance platform RDK S600 (560 TOPS) in Q1 2026 [2]

Group 1 - The core viewpoint of the article highlights the positive market response to Horizon Robotics, with its stock price increasing by over 4% and currently trading at 7.84 HKD, with a transaction volume of 4.57 billion HKD [1] - On November 13, the new model ET5 from Xingtu Automobile officially opened for pre-sale, featuring the Horizon HSD urban auxiliary driving system and the Journey 6P computing solution [1] - Horizon Robotics has announced that its HSD system has secured partnerships with over 10 automotive brands and more than 20 vehicle models, marking it as the first company in the industry to achieve mass production of low, medium, and high-level auxiliary driving systems [1] Group 2 - JPMorgan released a report indicating that Horizon Robotics' competitive product performance and pricing strategy will help the company continue to expand its market share and drive growth [1] - The report forecasts a compound annual growth rate (CAGR) of 56% in revenue for Horizon Robotics from 2024 to 2027, with an expected annual growth rate of 73% in 2028, suggesting a potential for further stock price appreciation [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock increase of over 4%, currently trading at 7.84 HKD with a transaction volume of 4.57 billion HKD, following the announcement of the new model ET5 from Xingtu Automobile, which features Horizon's HSD urban driving assistance system [1] Group 1: Product Development and Partnerships - On November 13, Xingtu Automobile officially launched pre-sales for the ET5 model, which is the first globally to incorporate Horizon's HSD urban driving assistance system and the Journey 6P computing solution [1] - Horizon Robotics has announced that its HSD system has secured partnerships with over 10 automotive brands and more than 20 vehicle models for targeted collaboration [1] - With the mass production of the first batch of HSD cooperative models, Horizon Robotics has become the first intelligent driving technology company to achieve mass production across low, medium, and high-level driving assistance [1] Group 2: Market Outlook and Growth Projections - JPMorgan has released a report indicating that Horizon Robotics' competitive product performance and pricing strategy will help the company continue to expand its market share and drive growth [1] - The report forecasts a compound annual growth rate (CAGR) of 56% for the company's revenue from 2024 to 2027, with an anticipated annual growth rate of 73% by 2028, suggesting a positive trend that could further boost stock prices [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock price increase of over 4%, currently trading at 7.84 HKD with a transaction volume of 4.57 billion HKD, following the announcement of the new ET5 model from Xingtu Auto featuring Horizon's HSD urban driving assistance system [1] Group 1: Product Development and Partnerships - The new Xingtu ET5 model officially launched pre-sales on November 13, showcasing the world's first integration of Horizon's HSD urban driving assistance system and the Journey 6P computing solution [1] - Horizon Robotics has secured partnerships with over 10 automotive brands and more than 20 vehicle models for the HSD system, marking a significant milestone in the company's growth [1] - With the mass production of the first batch of HSD cooperative models, Horizon Robotics becomes the first company in the industry to achieve mass production across low, medium, and high-level driving assistance technologies [1] Group 2: Market Outlook and Financial Projections - JPMorgan has released a report indicating that Horizon Robotics' competitive product performance and pricing strategy will help the company continue to expand its market share and drive growth [1] - The firm forecasts a compound annual growth rate (CAGR) of 56% in revenue for Horizon Robotics from 2024 to 2027, with an expected annual growth rate of 73% by 2028, suggesting a positive trend that could further boost the stock price [1]

Core Insights - The Chinese automotive industry is transitioning from "leading in electrification" to "winning in intelligence," facing challenges in smart driving technology development due to high investment and long cycles [1][4] - Horizon HSD (Horizon SuperDrive) is changing the competitive landscape by transforming urban auxiliary driving from a high-end option to a standardized feature [1][3] Industry Overview - The global automotive industry is rapidly integrating "electrification + intelligence," with China leading in the first half of electrification due to its complete industrial chain and continuous innovation [4] - From January to July this year, new passenger cars with L2-level combined driving assistance functions in China reached 7.76 million units, with a market penetration rate of 62.58% [4] Consumer Behavior - Consumer perceptions are shifting, with smart driving experience becoming the third most important factor in car purchasing decisions, following quality and performance [4] - Consumers are increasingly focused on the real-world performance of smart driving features, such as smoothness, adaptability to complex traffic, and human-like decision-making [4] Market Performance - The launch of the Deep Blue L06, priced from 132,900 yuan, showcases strong market demand for high-cost performance smart driving solutions, with over 20,000 orders within an hour of its release [5] - Despite the anticipated "smart driving equality" in 2025, high-level smart driving features are predominantly found in vehicles priced above 300,000 yuan, while lower-priced models lack such features [5] Competitive Landscape - Tesla's FSD has set a global benchmark in smart driving, but Horizon HSD's rapid mass production offers a more practical path for Chinese automakers to compete [3][7] - Horizon's business model focuses on providing standardized smart driving capabilities, allowing automakers to concentrate on user experience rather than redundant R&D [8] Technological Advancements - Horizon HSD has achieved rapid mass production, with over 10 vehicle models equipped with the system, and has become a leader in the domestic smart driving technology market with a 32.4% share [8][12] - The HSD system's success is attributed to its efficient integration of hardware and software, optimizing performance and energy efficiency [9] Future Outlook - Horizon aims to produce 10 million units of HSD within the next 3-5 years, leveraging China's unique advantages in complex driving scenarios [8][12] - The transition of high-level smart driving from luxury to standard features is redefining the global automotive competitive landscape, with Horizon's approach serving as a model for industry transformation [12]

Core Insights - The Chinese automotive industry is transitioning from electric vehicle leadership to intelligent driving, with Horizon's HSD urban auxiliary driving system entering a new phase of mass production [3][8] - Horizon has achieved partnerships with over 10 automotive brands and more than 20 vehicle models for the HSD system, indicating a significant market presence [3][4] - Horizon has become the first company in the industry to achieve mass production of all levels of auxiliary driving systems, with over 10 million units shipped from its Chengcheng family of intelligent computing solutions [4][6] Group 1 - The HSD system, powered by the "sixth-generation intelligent driving machine" Chengcheng 6P, offers advanced computing capabilities with 560 TOPS, supporting various auxiliary driving models [6][8] - The first models featuring the HSD system, including the Starway ET5 and the new Fengyun T9L and iCAR V27, were showcased at the Guangzhou Auto Show, highlighting the system's market readiness [3][7] - Horizon aims to achieve a target of 10 million units for the HSD system in the next 3-5 years, promoting widespread adoption of high-level auxiliary driving [8][10] Group 2 - The HSD system's competitive pricing and rapid production pace are breaking down barriers to entry for urban auxiliary driving, making it accessible for mainstream vehicle models [8][10] - Horizon's open empowerment model allows partner automotive companies to focus on brand differentiation and user experience innovation, strengthening their market position [10] - The collective advancement of Chinese automotive brands in intelligent driving is expected to shift the industry from technology following to experience leading [10]

Investment Highlights - This week, the performance of the automotive sector was mixed, with the SW commercial cargo vehicle segment showing the best performance at +1.1%, while the overall automotive sector declined by -2.1% [4][12] - The top five stocks covered this week included XPeng Motors, King Long Automobile, Songyuan Safety, Ruima Precision, and Foton Motor, all of which saw notable gains [4][12] Industry Core Changes - The new model ET5 from Xingtu Automobile has officially started pre-sales, featuring the world's first Horizon HSD urban auxiliary driving system and the Journey® 6P computing solution [6][12] - WeRide has received official approval from the UAE federal government to launch commercial operations of a fully autonomous Robotaxi in Abu Dhabi [6][12] - China National Heavy Duty Truck Group (CNHTC) reported wholesale sales of 28,000 units in October, a year-on-year increase of 70.5% and a month-on-month increase of 0.5%. Exports reached 15,100 units, up 77.7% year-on-year and 0.7% month-on-month, setting a new monthly sales record [6][12] Current Automotive Sector Configuration - The automotive industry is perceived to be at a crossroads, with the electric vehicle (EV) boom nearing its end and the smart vehicle sector entering a phase of innovation. Three main investment opportunities are identified: AI smart vehicles, AI robots, and traditional vehicle segments [8][13] - Key investment lines include: - **AI Smart Vehicle Line**: Focus on Robotaxi and Robovan, with downstream application targets including Tesla, XPeng Motors, and technology providers like Horizon Robotics and Baidu [8][13] - **AI Robot Line**: Emphasis on selected components from companies such as Top Group, Junsheng Electronics, and others [8][13] - **Traditional Vehicle Line**: Focus on buses (Yutong Bus), heavy trucks (CNHTC and Weichai Power), and two-wheelers (Chunfeng Power and Longxin General) [9][13] Market Performance Overview - The automotive sector ranked 26th in A-shares and 15th in Hong Kong this week, indicating a relatively lower performance compared to other sectors [17][24] - The overall valuation of the automotive sector has seen a decline, with the PE (TTM) for various segments such as commercial vehicles and passenger vehicles showing different trends [40][48]