本报讯 （记者袁传玺）近日，地平线机器人-W（以下简称"地平线"）在行业评选中捷报频传，旗下产 品与公司实力双双获得权威认可。其中，HSD（Horizon SuperDrive ）接连斩获"年度高阶智驾普惠 奖"与"年度标杆级辅助驾驶方案"；地平线公司则获评"年度智驾供应商"及"中国汽车新供应链百强"称 号。 业内人士认为，这一系列荣誉不仅印证了地平线在智能驾驶领域的领先地位，更凸显出其独特的产业价 值：HSD以前沿技术推动高阶智驾走向普及，而地平线则作为智能驾驶产业的"最大公约数"，持续为整 个汽车产业的智能化升级提供坚实支撑。 据了解，地平线HSD采用一段式端到端架构，并融入强化学习能力，实现从"光子输入到轨迹输出"的系 统超低时延，大幅提升辅助驾驶的安全、效率、舒适。 未来，随着HSD系统的持续量产落地，地平线将继续携手车企合作伙伴，加速全场景智能驾驶技术的普 及进程，让安全、好用的智能驾驶体验融入用户日常出行，共同开创智能出行新未来。 目前，搭载HSD的奇瑞星途ET5启动预售，风云T9L、iCAR V27亮相广州车展，以"量产即爆款"之势赢 得市场开门红，展现出强劲的市场竞争力。同时，HSD系统已与超 ...

地平线HSD采用一段式端到端架构，并融入强化学习能力，实现从"光子输入到轨迹输出"的系统超低时 延，大幅提升辅助驾驶的安全、效率、舒适。 目前，搭载HSD的奇瑞星途ET5启动预售，风云T9L、iCAR V27亮相广州车展，以"量产即爆款"之势赢 得市场开门红，展现出强劲的市场竞争力。同时，HSD系统已与超10家主流车企达成深度合作，预计将 陆续搭载于20余款新车型。在征程系列芯片累计出货突破千万套的基础上，地平线已明确下一阶段战略 目标：未来3–5年内，HSD达成千万量产，让高阶辅助驾驶惠及千家万户。 荣膺行业殊荣，夯实智能驾驶产业基石 近日，地平线在行业评选中捷报频传，旗下产品与公司实力双双获得权威认可。其中，HSD(Horizon SuperDrive™)接连斩获网易年度新车总评榜"年度高阶智驾普惠奖"与每日经济新闻猎车榜"年度标杆级 辅助驾驶方案"；地平线公司则获评21世纪经济报道"年度智驾供应商"及盖世汽车金辑奖"中国汽车新供 应链百强"称号。 这一系列荣誉不仅印证了地平线在智能驾驶领域的领先地位，更凸显出其独特的产业价值：HSD以前沿 技术推动高阶智驾走向普及，而地平线则作为智能驾驶产业的"最大公约 ...

Core Viewpoint - The article discusses the emergence of a new wave of entrepreneurs in China, particularly from the "Horizon" company, highlighting the shift from a "demographic dividend" to an "engineer dividend" in the Chinese tech landscape [12][15]. Group 1: Entrepreneurial Trends - Two prominent companies, DJI and Horizon, are leading the entrepreneurial charge, with many former employees from Horizon starting their own ventures [3][4]. - Recent funding rounds indicate a strong interest from investors in startups founded by former Horizon employees, showcasing a trend where talent from established firms quickly attracts investment [4][7]. Group 2: Key Figures and Companies - Zhang Yufeng, the founder and CEO of Wujie Power, previously held significant positions at Horizon, illustrating the direct lineage of talent from established companies to new startups [4][5]. - Notable figures like Yu Yinan and Sun Yilong have transitioned from Horizon to establish their own companies, such as Weita Power and Jian Zhi Robotics, respectively, indicating a robust entrepreneurial ecosystem [5][6]. Group 3: Investment Landscape - Wujie Power recently completed a 300 million yuan angel round led by Sequoia China, with participation from several prominent venture capital firms, reflecting the high investor confidence in Horizon alumni [4]. - Jian Zhi Robotics received strategic investment from 4D Map New, totaling 1.8 billion yuan, further emphasizing the financial backing for startups emerging from the Horizon network [6][10]. Group 4: The Engineer Dividend - The article emphasizes that China is transitioning from a demographic dividend to an engineer dividend, with a vast pool of engineering talent driving innovation and entrepreneurship [15]. - High-quality talent, efficient supply chains, and large-scale verifiable scenarios position China to produce globally competitive companies in the tech sector [15].

Core Insights - Horizon Robotics, a leading domestic intelligent driving technology company, has achieved significant business milestones, including bulk deliveries of the Bosch mid-tier intelligent driving solution based on the Journey 6E/6M and securing orders from major Japanese OEMs for mainstream vehicle platforms in China [1][2] - The global debut of the Starway ET5, equipped with the HSD system, is set for November, aiming to bring high-end intelligent driving experiences to the mainstream market priced around 150,000 yuan [1] - The company’s stock has performed well since its listing, reaching a peak of 11.32 HKD per share, outperforming the Hang Seng Index and the Hang Seng Tech Index [1] Business Performance - In the first half of 2025, Horizon Robotics reported revenue of 1.567 billion yuan, a year-on-year increase of 67.6%, indicating a simultaneous rise in both volume and price [2] - The Journey series chips surpassed 10 million units in shipments, making Horizon the first intelligent driving chip company in China to reach this milestone [2] - The HSD high-end intelligent driving solution is becoming a crucial support for the company's second growth curve, with the Starway ET5 showcasing its core advantages in low latency and robust driving capabilities [2] Market Position and Future Outlook - Horizon Robotics has established partnerships with over 20 automotive manufacturers, with the Journey 6E/M chips being adopted in more than 100 vehicle models, and expects to achieve millions of units in shipments by 2025 [2] - The company has received strategic financing of 6.3 billion HKD, which will be utilized for HSD solution development and international market expansion [2] - The company has built a clear growth path characterized by technological breakthroughs, scale delivery, cost optimization, and profit improvement, with the HSD solution expected to unlock high-end intelligent driving market potential [3]

Investment Rating - The report maintains an "A" rating for the automotive parts sector, indicating a positive outlook for investment in this industry [1]. Core Insights - The automotive industry is experiencing rapid growth in intelligent driving technologies, with China leading the way. The penetration rate of intelligent vehicles in China reached 57.1% in 2023 and is expected to rise to 99.7% by 2030, with a market size exceeding one trillion yuan [1][14]. - The L2 level intelligent driving solutions have become mainstream, with a year-on-year growth of 37% in 2023. The market is expected to see significant increases in the penetration of L3 and above intelligent driving solutions, outpacing global growth rates [1][14]. - Domestic chip manufacturers are gaining traction, with companies like Horizon Robotics and Black Sesame Technology leading the charge in providing high-performance chips for intelligent driving applications [2][51][70]. Summary by Sections Automotive Intelligent Driving Market - The global intelligent driving market is rapidly expanding, with China achieving a penetration rate exceeding 50%. In 2023, the sales of intelligent vehicles in China reached 12.4 million units, accounting for 57.1% of total new car sales [14]. - The market for Advanced Driver Assistance Systems (ADAS) is continuously growing, with L2 and above solutions becoming the market standard. The expected market size for L0 to L2+ solutions is projected to grow from 90.9 billion yuan in 2024 to 223.9 billion yuan by 2029, with a CAGR of 19.7% [32][33]. Domestic Chip Development - The automotive chip market is substantial, with an estimated size of 71.2 billion yuan in 2024, expected to exceed 170 billion yuan by 2030. The demand for higher chip performance is increasing due to the ongoing electrification and intelligentization of vehicles [41]. - The ADAS SoC market reached 27.5 billion yuan globally and 14.1 billion yuan in China in 2023, with a projected CAGR of 27.5% and 28.6% respectively from 2023 to 2028 [46]. Key Players and Investment Opportunities - Horizon Robotics is positioned as a leading domestic supplier of intelligent driving chips, with its products expected to cover a wide range of intelligent driving applications. The company has seen significant revenue growth, with a projected revenue of 2.384 billion yuan in 2024 [66]. - Black Sesame Technology is also a key player, focusing on high-performance chips for various intelligent driving scenarios. The company aims to expand its market share in both mid-range and high-end markets, leveraging its cost advantages [70]. Investment Recommendations - Focus on companies benefiting from the dual increase in value and penetration in the intelligent driving chip segment, such as Horizon Robotics and Black Sesame Technology [6]. - The Tier 1 segment still has room for domestic replacement, with potential for deepening customer relationships through core products like domain controllers and sensors. Key companies to watch include Desay SV, Jingwei Hirain, and Qianli Technology [6].

Core Insights - The Chinese neuromorphic chip industry is entering a rapid development phase driven by technological breakthroughs and market demand, becoming a significant competitive field in the global semiconductor industry [1][5] - The market size of the Chinese neuromorphic chip industry is projected to reach approximately 2.548 billion yuan in 2024, representing a year-on-year growth of 12.89% [1][6] - Key technological advancements include Tsinghua University's "Tianji Chip" and Zhejiang University's billion-level neuron brain-like computer, showcasing China's technological strength [1][5] Industry Overview - Neuromorphic chips mimic the structure and function of human brain neural networks, integrating cognitive science and information science to create intelligent computing platforms capable of perception, processing, and learning [2][3] - The main implementation technologies for neuromorphic chips include digital CMOS, mixed-signal CMOS, and hybrid systems based on new devices [2] Industry Development History - The Chinese neuromorphic chip industry has evolved through three stages: academic research (2010-2018), engineering breakthroughs (2019-2023), and accelerated commercialization (2024-present) [3][4] - The industry is expected to experience a surge in commercialization by 2025, with advancements in 7nm process chips and a significant increase in production capacity [3][4] Industry Value Chain - The upstream of the neuromorphic chip industry includes semiconductor materials like single crystal silicon and germanium, as well as production equipment [5] - The midstream focuses on the research and production of neuromorphic chips, while the downstream applications span artificial intelligence, sensor systems, and smart devices [5] Market Size - The neuromorphic chip industry is becoming a crucial area in the global semiconductor sector, with a projected market size of approximately 2.548 billion yuan in 2024, growing by 12.89% year-on-year [1][6] Key Companies' Performance - The competitive landscape of the neuromorphic chip industry is characterized by "design leadership and manufacturing breakthroughs," with companies like Huawei HiSilicon, Cambricon, and Horizon Robotics leading in design [6][7] - Cambricon has achieved significant breakthroughs in the neuromorphic chip field, with its products already in mass production and applied in various sectors [6][7] Industry Development Trends 1. Continuous innovation in technical architecture will lead to energy efficiency breakthroughs, with the adoption of 7nm and below advanced processes [8] 2. Application scenarios for neuromorphic chips are expanding from specialized fields to consumer markets, including autonomous driving and healthcare [8] 3. The industry is accelerating domestic substitution, with significant advancements in design, manufacturing, and key materials, reducing reliance on imports [9][10]

Core Insights - Chinese intelligent driving companies are accelerating their global expansion, driven by industry characteristics and domestic competition, focusing on risk avoidance, customer resource acquisition, and overcoming development bottlenecks [3][4][5] Group 1: Globalization Strategy - The global strategy of Chinese intelligent driving companies is not merely market expansion but a strategic necessity to avoid single risks and capture customer resources [3][4] - Collaborations with major global automakers like Mercedes and Toyota allow Chinese companies to cover multiple markets simultaneously, enhancing customer value [3][4] - The competitive landscape in the domestic market is pushing these companies to seek opportunities abroad, as the domestic market is increasingly dominated by leading players [4][5] Group 2: Technology Ecosystem Output - Chinese intelligent driving companies are focusing on exporting a complete technology ecosystem rather than just individual products, which is essential for their success in global markets [6][7] - Successful examples include collaborations like WeRide with Renault in France, which integrate advanced technology with local manufacturing and operational management [7] - The ability to provide a comprehensive technology ecosystem enhances competitiveness and allows for better adaptation to local market needs [6][7] Group 3: Collaborative Approach - The complexity of intelligent driving technology necessitates collaboration among various stakeholders to build a robust ecosystem [8][9] - Partnerships with local firms can facilitate quicker market entry and better alignment with local regulations and consumer habits, as seen with companies like Ninebot in the UAE [9] - The recent IAA auto show highlighted the trend of ecosystem co-construction among Chinese companies and global partners [9][10] Group 4: Synergy with Automakers - Collaborating with automakers is a strategic choice for intelligent driving companies, addressing challenges in technology implementation and market entry [11][12] - Joint efforts can streamline the integration of intelligent driving systems into vehicles, ensuring seamless transitions from development to production [11][12] - This collaboration also allows for maximizing commercial value through shared resources and expertise [12] Group 5: Rule-Making and Industry Leadership - Chinese intelligent driving companies are transitioning from followers to rule-makers in the global industry, supported by technological advancements and practical experience [13][14] - Companies like Horizon Robotics are setting high standards in chip performance and safety, enabling them to enter the supply chains of top international automakers [13] - The practical experience gained from diverse traffic scenarios in China positions these companies to contribute effectively to international standards and regulations [14] Group 6: Challenges and Risks - Despite advancements, Chinese intelligent driving companies face significant risks, particularly geopolitical uncertainties that could disrupt partnerships [15][16] - Compliance with stringent data protection regulations in regions like Europe poses challenges for market entry and operational continuity [16][17] - The need for deep localization of technology to meet varying regional traffic conditions and user habits is critical for successful market penetration [17]

Core Viewpoint - Chery Automobile's listing on the Hong Kong Stock Exchange marks a significant milestone in the Chinese automotive industry, attracting key investors like Horizon Robotics, which highlights the growing importance of smart technology in reshaping the automotive value chain [1][3][13]. Investment and Strategic Collaboration - Horizon Robotics' investment of $40 million in Chery reflects a strong belief in Chery's growth potential and the strategic importance of smart technology in the automotive sector [1][3]. - The partnership between Horizon and Chery, established in 2021, has led to the development of advanced driving assistance systems, showcasing a successful collaboration that enhances both companies' market positions [4][10]. Market Performance and Growth Projections - Chery is projected to achieve a 49.4% increase in passenger car sales in 2024, positioning it among the top global automakers [3]. - Horizon Robotics leads the Chinese market for autonomous driving solutions, holding a 32.4% share in the market for passenger car assistance systems and a 45.8% share in the ADAS front-view camera market [3][8]. Technological Advancements and Product Development - Horizon Robotics has established a robust competitive edge through its "chip + algorithm + ecosystem" strategy, which has resulted in significant revenue growth, with a 67.6% year-on-year increase in revenue to 1.567 billion yuan [8]. - The introduction of the Horizon Journey 6P chip in Chery's latest model, the Starway ET5, exemplifies the integration of advanced technology into new vehicles, enhancing their market appeal [4][10]. Industry Trends and Future Outlook - The penetration rate of advanced driver assistance systems among Chinese automakers has reached 59%, indicating a strong trend towards smart vehicle technology [9]. - The collaboration between Horizon and over 40 automotive brands, along with plans for mass production of smart driving systems, suggests a promising future for the smart driving market in China [10][11]. - The anticipated growth of the Robotaxi market, projected to reach $47 billion by 2035, underscores the potential for Horizon Robotics to capitalize on emerging opportunities in the autonomous vehicle sector [11][12].

Core Insights - The penetration rate of passenger cars equipped with combined driving assistance systems in China reached 62.6% in the first seven months of 2025, an increase of 40 percentage points compared to the same period in 2021, with sales of 7.76 million units [1] - The current market primarily features L2-level systems, which assist with basic driving tasks but do not provide full autonomous driving capabilities, placing the ultimate responsibility on the driver [1] - The development of intelligent driving in China is accelerating due to policy support, with significant initiatives expected to be implemented in 2025, including the introduction of national standards for combined driving assistance systems [1][2] Industry Developments - The introduction of national standards for L2-level driving assistance is anticipated to provide regulatory support and encourage innovation and quality improvement within the intelligent driving industry [2] - Major automotive manufacturers are shifting from fully in-house development of driving assistance technologies to strategic collaborations with solution providers, enhancing the penetration of intelligent driving technologies [2] - The supply chain for intelligent driving components, including lidar, cameras, and radar systems, is strengthening, with domestic suppliers increasing their influence and moving towards integrated hardware and software solutions [2] Company Highlights - Black Sesame (000716) is recognized as a key player in the domestic autonomous driving chip market, benefiting from the commercialization of L2+ technology and advancements towards L3 and L4 scenarios [3] - Horizon Robotics (09660) has achieved significant production milestones with its HSD series chips, establishing partnerships with international clients and positioning itself as a leader in integrated intelligent driving solutions [3] - SUTENG (02498) has successfully mass-produced high-line count lidar products, which are now featured in new models from various automotive brands [3] - Youjia Innovation (02431) has launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle," marking its entry into the L4 autonomous driving sector and showcasing its ongoing commitment to high-level autonomous driving commercialization [4]

Core Viewpoint - The article highlights the innovative transformation of China's electric vehicle (EV) industry as it expands into international markets, particularly through the deployment of intelligent driving technology in Peru's Chancay Port, marking a significant step in the globalization of Chinese EV companies [3][4][5]. Group 1: Industry Expansion - China's EV industry is experiencing a shift towards innovative overseas expansion, with a focus on autonomous driving technology and green logistics solutions [4][6]. - The Chancay Port project in Peru represents a collaboration between China and Peru, establishing South America's first green smart port, which enhances Peru's connectivity between land and sea [5][6]. - The introduction of 50 intelligent driving new energy trucks at Chancay Port signifies the first large-scale deployment of such vehicles for port operations outside China [5][6]. Group 2: Technological Advancements - The intelligent driving system developed by the company is recognized for its advanced capabilities in perception, planning, and control, achieving industry-leading standards [6]. - The system is designed to operate effectively in adverse weather conditions, ensuring stable performance in rain, fog, and dust [6]. - The autonomous trucks are capable of performing complex maneuvers with precision, surpassing human drivers in parking accuracy [6]. Group 3: Market Impact - The operational efficiency of Chancay Port has improved significantly, reducing shipping times from Peru to Asia from 35 days to approximately 23 days, thereby lowering logistics costs and enhancing international competitiveness [6]. - The success of the Chancay project has attracted international attention, with local employees expressing fascination with the autonomous vehicles, indicating a growing acceptance of EV technology in new markets [7]. - The article emphasizes the potential for Chinese EV companies to create new growth opportunities by embracing innovative overseas business models and fostering international partnerships [4][6][16]. Group 4: Broader Industry Trends - The article discusses the broader trend of Chinese automotive companies, including chip manufacturers, expanding their presence in international markets, with significant investments in local production facilities in Europe [9][10][11]. - The establishment of a European headquarters by a Chinese chip manufacturer signifies a strategic move to enhance local operational capabilities and support Chinese automakers in global markets [10]. - The article notes that the Chinese EV industry is evolving from simple vehicle exports to a comprehensive "full ecosystem" approach, including battery technology, smart driving systems, and localized production [15][16].