今年广州车展上智能辅助驾驶技术的发展趋势十分明显：一边"向上"，朝着高阶水平进化，在更安全的同时适配更多场景；一边"向下"，即不断"下放"到更多 车型。 除小鹏等极少数车企采取全栈自研智能驾驶技术外，大多数车企选择接入以"地大华魔(地平线、大疆、华为、Momenta)"为核心的第三方供应商的方案。广 州车展地平线HSD（Horizon SuperDrive）城区辅助驾驶系统公布的进展尤其引人关注。今年4月，地平线推出基于自家征程6系列芯片打造的城区辅助驾驶 方案HSD，半年后HSD就已被搭载在多款量产车型上：首发车型奇瑞星途ET5将于11月28日正式上市，奇瑞全新合作车型风云T9L与iCAR V27亮相广州车 展，HSD赋能的深蓝汽车合作车型深蓝L06已上市发售。 第三方智驾方案落地一款新车，需供应商在定义阶段就与主机厂共创。地平线HSD能在半年时间内就登陆4款量产车，堪称神速。在HSD规模化量产媒体沟 通会上，地平线还透露，HSD已获得国内外一共10家车企品牌，超20款车型的定点合作，未来3-5年HSD计划达成千万量产目标。 地平线HSD的落地进程比外界预期的都要快，一夜之间，中国车企拥有了媲美FSD的智驾 ...

规模化量产是检验企业综合实力与市场认可度的核心标准。自2025年4月发布以来，地平线HSD迅速成为主流车企布局城区辅助驾驶的共识之选。全球首搭 车型星途ET5以"超人反应，类人思考，拟人控车"的全场景辅助驾驶体验赢得市场关注，目前已全面开启预售，将于11月28日正式上市。地平线深度赋能的 另一款车型深蓝L06，全系标配激光雷达和征程6，首发搭载地平线、深蓝与长安三方共创的DEEPAL AD Max系统，已于11月18日正式上市。在广州车展期 间，星途ET5、深蓝L06、风云T9L、iCAR V27四款车型还联袂亮相"地平线智驾科技畅行俱乐部-广州站"活动，直观展现"城区辅助驾驶人人可享"的发展图 景。 地平线称，在征程家族达成千万量产后，公司进一步提出未来3-5年实现HSD千万量产的目标，通过持续释放的规模化效应，加速高阶辅助驾驶的普惠进 程。 11月21日开幕的广州车展上，搭载地平线HSD城区辅助驾驶系统及征程®6P的全新合作车型风云T9L与iCAR V27正式亮相，标志着地平线HSD城区辅助驾驶 系统全面进入规模化量产新阶段。此前，星途ET5已成为全球首搭地平线HSD及征程6P的车型。 作为智能驾驶领域的 ...

中国汽车产业从电动化领先加速向智能化决胜转型，智驾发展步入"深水区"。在此关键节点，地平线HSD城区辅助驾驶系统正式进入规模化量产的新阶段。 据「TMT星球」了解，继全球首搭地平线HSD及征程®6P的星途ET5后，全新合作车型风云T9L与iCAR V27在11月21日开幕的广州车展上正式亮相，两款新 车同样搭载地平线HSD城区辅助驾驶系统和征程6P。 地平线城区辅助驾驶系统HSD搭载了"智驾六代机"征程6P，是当前可获得的辅助驾驶最强计算方案。凭借560 TOPS的超强算力和多核异构计算资源，征程 6P可支持端到端、VLA、VLM等辅助驾驶大模型高效落地。基于征程6P的高效计算支持，地平线HSD采用一段式端到端架构，融入强化学习能力，具备系 统时延低、防御性驾驶能力强、横纵向丝滑控车、持续自我进化等核心优势，大幅提升辅助驾驶的安全性、高效性和舒适性。 规模化量产是检验企业综合实力与市场认可度的关键标准。地平线HSD自2025年4月份发布以来迅速成为主流车企布局城区辅助驾驶的一致选择。全球首搭 地平线HSD及征程6P的星途ET5，为用户带来"超人反应、类人思考、拟人控车"全场景辅助驾驶体验，目前已全面开启预售， ...

Core Viewpoint - Horizon Robotics-W (09660) saw a stock increase of over 6%, reaching HKD 8.76 with a trading volume of HKD 830 million, following the announcement of the 2025 Chery Global Innovation Conference where the star product, the ET5 equipped with Horizon's HSD and Journey 6P, was showcased for its advanced driver assistance features [1] Group 1: Company Developments - The 2025 Chery Global Innovation Conference, themed "Innovation. Leading the World," is taking place from October 18 to 21, highlighting Horizon Robotics' contributions to the automotive industry [1] - The ET5 model, featuring Horizon's HSD, offers a superior driver assistance experience due to its software-hardware synergy, significantly enhancing safety, efficiency, and comfort [1] - Horizon's HSD has already been selected by multiple automakers for over 10 vehicle models, with a target of achieving mass production of 10 million units in the next 3-5 years [1] Group 2: Industry Trends - Morgan Stanley notes that the acceleration of global autonomous driving is initiating a positive adoption cycle, with China aligning with this trend [1] - Global automakers are increasingly collaborating with local technology firms to expedite their autonomous driving strategies [1]

Core Insights - The domestic intelligent driving industry is gaining significant attention due to recent dual listings of companies like Hesai Technology, Pony.ai, and WeRide, along with new policies and feedback mechanisms [1] - Horizon Robotics, a leading player in the intelligent driving technology sector, has achieved batch delivery of Bosch's mid-level intelligent driving assistance system based on its Journey 6E/M platform, which includes features like highway navigation assistance and memory parking [1] - Horizon's Journey family has surpassed 10 million units shipped and has secured partnerships with over 20 automotive manufacturers, with an expected shipment volume reaching millions by 2025 [1][2] - A strategic cooperation agreement was signed between Horizon and Hello, focusing on the development of low-cost, high-safety, and reliable intelligent driving technology for Robotaxi operations [1] - Horizon has launched a significantly upgraded urban driving assistance system, Horizon SuperDrive (HSD), which has already been adopted by multiple automotive manufacturers [2] - Major investment banks, including Morgan Stanley, have recognized Horizon's positioning as a "technology infrastructure platform builder," indicating a positive outlook for the company as global adoption of autonomous driving accelerates [2] - Several securities firms have raised Horizon's target price, reflecting confidence in its market potential [3] - The global L2+ level intelligent driving market is projected to grow at a compound annual growth rate of 8% over the next decade, with Horizon and other leading companies expected to increase their market share significantly [3]

Core Insights - Horizon showcased its upgraded urban auxiliary driving system HSD (Horizon SuperDrive™) in Beijing, emphasizing its low latency, defensive driving capabilities, and human-like control [1][7]. Group 1: Technology and Features - The HSD system utilizes a "one-stage end-to-end + reinforcement learning" architecture, overcoming the limitations of traditional decoupled systems, resulting in enhanced performance [1][7]. - HSD demonstrated smooth longitudinal and lateral control, with features such as gentle start-stop, seamless cornering, and agile detours in complex traffic scenarios [3][7]. - The system can intelligently adjust speed in dynamic interactions, quickly generate solutions for construction zones, and respond to sudden scenarios with millisecond-level reaction times [3][7]. Group 2: Market Position and Future Plans - The Xingtu ET5 will be the first vehicle globally to feature the HSD and the Journey 6P, set to launch in November 2025 [7]. - HSD has completed validations in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, and has established partnerships with over 10 global automotive brands, aiming for mass production by the end of this year [7]. - The company plans to achieve a production target of 10 million units in the next 3-5 years, transitioning auxiliary driving from a "high-end configuration" to a "universal benefit" [7].

Core Insights - Horizon showcased its upgraded urban auxiliary driving system HSD at the "HSD Pioneer Experience Day" in Beijing, featuring a "one-stage end-to-end + reinforcement learning" architecture that overcomes traditional separation limitations [1] - The HSD system demonstrated low latency, defensive driving, and human-like control capabilities during real-world tests in complex urban environments [1] - The system is designed to self-evolve through reinforcement learning, maintaining stable performance in extreme conditions such as tidal lane changes and unpaved roads [1] - The Xingtai ET5 will be the world's first vehicle equipped with Horizon's HSD and the Journey 6P chip, set to launch in November 2025 [1] - Horizon plans to enter mass production of the HSD system by the end of this year, with expectations to achieve millions of installations over the next 3 to 5 years, promoting the widespread adoption of auxiliary driving technology [1]

Core Viewpoint - Chery Automobile's successful debut on the Hong Kong Stock Exchange reflects market recognition of its fundamentals, with a notable opening price of HKD 34.2, up 11.22% from the issue price of HKD 30.75, indicating strong investor confidence [1] Group 1: Strategic Partnership - Horizon Robotics, a long-term technology partner of Chery, is highlighted as a cornerstone investor, emphasizing a unique relationship that combines capital investment with technological collaboration [1][2] - The strategic investment made by Chery in Horizon in 2022 initiated a deep collaboration in smart technology, showcasing a commitment beyond mere financial transactions [1][3] Group 2: Market Position and Growth - Chery has established itself as a leader in the domestic market, being the first Chinese brand to export over 5 million vehicles and maintaining the top position in passenger car exports for 22 consecutive years, indicating a strong foundation for future growth [2] - Horizon's investment in Chery aligns with its global strategy, leveraging Chery's international market presence to enhance its own technological capabilities [2][3] Group 3: Technological Advancements - The launch of the Chery Exeed ET5, the first mass-produced model equipped with Horizon's Journey 6P flagship chip and HSD urban auxiliary driving system, represents a significant milestone in their collaborative technological efforts [2] - The Journey 6P chip offers 560 TOPS of computing power, enabling advanced environmental perception and path planning capabilities, demonstrating Horizon's ability to deliver scalable smart driving solutions [2] Group 4: Long-term Vision - The partnership between Chery and Horizon reflects a long-term investment logic, where sustained investment in foundational technology and industry collaboration can withstand market fluctuations [3][4] - Chery's expansion into international markets, including Europe, Latin America, the Middle East, and Southeast Asia, is crucial for Horizon's global influence, as each exported vehicle could serve as a platform for Horizon's "China Inside" strategy [3][4]

Core Insights - Horizon and Hello signed a strategic cooperation agreement to develop low-cost, high-safety, and reliable intelligent driving technology for Robotaxi operations [1] - The collaboration marks a significant step in Horizon's strategic layout, enabling L2 to L4 scenarios in intelligent driving [1] - The Robotaxi service market in China is projected to reach a potential scale of $183 billion by the late 2030s, with approximately 4 million Robotaxis expected to be operational nationwide [1] Group 1: Technology and Collaboration - Horizon has built a technology foundation suitable for Robotaxi deployment, leveraging its full-stack technology and mass production experience [2] - The Zhencheng 6P provides 560 TOPS of computing power, with a modular system capable of achieving over 1,000 TOPS, meeting the demands for multi-sensor fusion and large model applications [2] - The collaboration aims to optimize the core software and hardware systems of Robotaxi, reducing development cycles and integration costs [2] Group 2: Business Model and Market Strategy - Hello's Robotaxi business is supported by investments from Hello, Ant Group, and CATL, facilitating large-scale commercial applications [3] - The first mass-produced Robotaxi model, HR1, was unveiled, with plans for mass production in 2026 across over 10 cities, targeting a fleet of 10,000 vehicles [3] - Two main technical routes for L4 autonomous driving are identified: a leapfrogging route focusing on regulatory compliance and a progressive route driven by user experience [3] Group 3: Industry Perspectives - The progressive route, represented by companies like Tesla and Horizon, emphasizes speed and iterative development from L2 to L4 capabilities [4] - Horizon's president stated that a solid L2 foundation is essential for achieving L4, advocating for a data-driven approach to expand operational design domain (ODD) boundaries [4] - The approach aims to significantly reduce per-vehicle investment and enhance return on investment (ROI) [4]

Group 1 - Horizon has launched the "Horizon Journey 10 Million Production Witness Ceremony" at the Chengdu International Auto Show, aiming to achieve over 10 million units of the Journey family chips by August 2025 [1] - The company has established partnerships with over 40 global automotive manufacturers, including China's top ten car companies, enabling over 400 vehicle models and serving more than 6 million users [3] - The Journey 6 series, set to begin mass production in 2025, is developed on the new BPU Nash architecture, covering a computing power range of 10-560 TOPS, catering to L2 to full-scene urban driving assistance needs [3] Group 2 - The high-performance flagship Journey 6P has a computing power of 560 TOPS, and the HSD urban driving assistance system is based on a one-stage end-to-end architecture with reinforcement learning capabilities [4] - The HSD system has already secured partnerships with over 10 vehicle models from various manufacturers, with the first collaboration model, the Starway ET5, set to be mass-produced in November 2025 [4] - The achievement of over 10 million units in production marks a new phase for China's intelligent driving industry, transitioning from the initial stage to large-scale commercialization and ecosystem collaboration [5]