Core Viewpoint - The article discusses the ongoing debate between the expectations of consumers regarding fresh dishes in restaurants and the reality of pre-prepared meals, drawing parallels to the automotive chip industry where performance and reliability are questioned against standards and consumer trust [2][9][16]. Group 1: Pre-prepared Meals vs. Fresh Cooking - The controversy arises from the perception that pre-prepared meals are being marketed as fresh, leading to consumer disappointment when expectations are not met [2]. - The restaurant's marketing strategy, which suggests that all dishes are freshly cooked, is challenged by revelations that many are actually pre-prepared [2][9]. - The need for transparency in food preparation is emphasized, similar to the automotive industry's need for clear standards regarding chip quality and classification [11][15]. Group 2: Automotive Chip Industry Challenges - The automotive chip industry faces a "trilemma" of balancing performance, cost, and compliance with automotive standards, similar to the challenges faced by pre-prepared meals in meeting consumer expectations [6][21]. - The market for automotive chips is projected to reach 95.07 billion yuan (approximately 13.2 billion USD) by 2025, but the actual market size may be inflated due to issues like duplicate statistics and inventory [16]. - The dominance of foreign companies in the high-performance chip market is highlighted, with over 90% of core chips being controlled by firms like NVIDIA and Qualcomm [16][17]. Group 3: Industry Standards and Regulations - The article mentions the introduction of a comprehensive standard system for automotive chips by the Ministry of Industry and Information Technology, aiming to cover the entire lifecycle of chips [14]. - The need for clear labeling of chip types and their intended use is compared to the requirement for pre-prepared meals to disclose their nature [15]. - The automotive chip industry is undergoing a consolidation phase, with a focus on reliability, cost, and supply stability becoming critical for manufacturers [21][28]. Group 4: Future Outlook and Industry Dynamics - The article suggests that the automotive chip industry must evolve beyond mere storytelling and focus on technological advancements to remain competitive [29][30]. - The competitive landscape is shifting, with leading companies gaining market share while smaller firms struggle with profitability and product differentiation [27][28]. - The potential for the Chinese automotive chip industry is noted, given its favorable market conditions and consumer willingness to adopt new technologies [32][33].

Core Viewpoint - Baillie Gifford & Co increased its stake in Horizon Robotics by acquiring 24.7794 million H-shares at an average price of HKD 7.5603 per share, totaling approximately HKD 187 million, raising its ownership from 4.79% to 5.00% [2][3]. Group 1: Investment Activity - The acquisition by Baillie Gifford reflects renewed confidence from global capital in Horizon Robotics' position within the intelligent driving industry [2]. - Following the increase, Baillie Gifford's total holdings in Horizon Robotics reached 588.235 million shares, confirming institutional confidence in the company's strategic advantages [2][3]. Group 2: Company Performance and Market Position - Horizon Robotics has established a comprehensive hardware and software stack, with significant client coverage including major automotive companies like BYD and Li Auto [2]. - The company has shipped over 5 million units of its Zhengcheng chip, leading in both Robotaxi and L2+ market share [2]. - With the rollout of urban NOA (Navigation on Autopilot), the proportion of high-margin software licensing revenue is rapidly increasing, indicating a clear path to profitability [2]. Group 3: Future Outlook - As the wave of Chinese intelligent driving technology expands globally, Horizon Robotics is positioned to become a new standard for Tier 1 suppliers due to its engineering capabilities and cost advantages [2]. - Analysts suggest that Baillie Gifford's investment underscores international recognition of Horizon Robotics' technological strength and market position, reinforcing its leadership in the intelligent driving sector [2].