转自：中国改革报 （来源：中国改革报） 当前，新一轮科技革命和产业变革浪潮奔涌，如何抓住机遇、乘势而上？2025年，Deep-Seek（深度求 索）横空出世、"人造太阳"实现千秒运行、CR450动车组样车成功下线、无人矿卡开进矿山深处，每一 项成绩都在印证，新质生产力代表创新、引领创新、主导创新，已经在实践中形成并展示出对高质量发 展的强劲推动力、支撑力。展望未来，还将表现为"五个新"。 新在供需高效协同，发展空间持续拓宽。供给和需求是一体两面，新质生产力带动供给侧实现颠覆性创 新，市场就会以波澜壮阔的交易生成进行回应，一些通过满足个性化、定制化需求获得成功的"网红"产 品就是最好的例子。目光向外看，面对保护主义、单边主义的打压遏制，新质生产力是推动出口逆势增 长的关键。2025年，集成电路出口金额达14441.6亿元、同比增长27.4%，汽车（包括底盘）出口金额达 10183.4亿元、同比增长22%，机电产品占出口比重超过六成；品质好、价格优的中国产品层出不 穷，"出国背电饭煲、买马桶盖"的景象越来越少见，取而代之的是"带着空箱去中国"在海外社交平台广 泛传播。 新在绿色转型加快，资源约束持续突破。实践证明 ...

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with HiDiDri (03881) being included in the Hang Seng Composite Index [1] - The changes will be implemented after market close on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to CICC's research report, HiDiDri is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - Everbright Securities released a report forecasting HiDiDri's Non-IFRS net loss for 2025E to be 76 million yuan, representing a year-on-year reduction in loss of 39.8% [1] - The forecast for 2026E and 2027E indicates Non-IFRS net profits of 75 million yuan and 357 million yuan, respectively [1] - The firm is optimistic about HiDiDri's core business of autonomous mining trucks accelerating its growth and maintaining industry leadership through technological, scenario, and commercialization advantages, initiating coverage with a "Buy" rating [1]

Group 1 - The core point of the article is that Hedi Intelligent Driving (03881) has been included in the Hang Seng Composite Index, with changes effective from March 9, 2026, following the quarterly review by the Hang Seng Index Company [1] - The inclusion in the index may lead to Hedi Intelligent Driving being added to the Hong Kong Stock Connect, as it meets various criteria including market capitalization, liquidity, and listing duration [1] - According to Everbright Securities, Hedi Intelligent Driving is expected to reduce its Non-IFRS net loss to 76 million yuan in 2025, a year-on-year decrease of 39.8%, and forecasted to achieve Non-IFRS net profits of 75 million yuan and 357 million yuan in 2026 and 2027 respectively [1] Group 2 - The company is anticipated to accelerate the deployment of its autonomous mining vehicles, leveraging its technological, scenario, and commercialization advantages to maintain a leading position in the industry [1] - Everbright Securities has initiated coverage on Hedi Intelligent Driving with a "Buy" rating, reflecting confidence in the company's growth prospects [1]

Macro Analysis - The January non-farm payroll data exceeded expectations, primarily driven by recovery in the private sector, with both production and service sectors showing significant job growth, indicating signs of stabilization in the US economy [1] - The improvement in employment aligns with the recent upward trends in US manufacturing and services PMI, suggesting a positive economic outlook [1] - Given the strong employment performance, the likelihood of the Federal Reserve restarting interest rate cuts in the first quarter is low [1] Industry Research - The implementation of the national electricity market framework "Document No. 4" highlights the importance of base-load power sources and the continuous improvement of business models among various participants [2] - The green electricity environment premium is gradually being confirmed, promoting the enhancement of overall consumption across various application scenarios [2] - Key investment opportunities include Long Jiang Power and Huaneng International, as well as Electric Investment Green Energy and Jinkai New Energy, with a focus on the carbon market and expanding application scenarios [2] Company Research - Xidi Zhijia (3881.HK) is positioned to benefit significantly from the scaling of autonomous mining trucks, with projections indicating a Non-IFRS net loss of 76 million yuan in 2025, followed by net profits of 75 million and 357 million yuan in 2026 and 2027 respectively [3] - The company is expected to maintain its industry-leading position due to its advantages in technology, scenarios, and commercialization [3] - The initial coverage of Xidi Zhijia is rated as "Buy" [3] Internet Media - NetEase Cloud Music (9899.HK) focuses on differentiated music content and exceptional product functionality, with an emphasis on expanding its membership base [4] - The adjusted net profit forecasts for 2026 and 2027 have been lowered to 2.21 billion and 2.47 billion yuan, respectively, reflecting a decrease of 15% and 13% from previous estimates [4] - The company is expected to see improved profitability in the medium to long term due to scale effects, maintaining a "Buy" rating [4] Overseas TMT - Semiconductor Manufacturing International Corporation (SMIC) (0981.HK) is experiencing high utilization rates but faces increased depreciation pressure due to new production line investments [5] - The net profit forecasts for 2026 and 2027 have been adjusted to 1.08 billion and 1.25 billion USD, respectively [5] - The stock is rated as "Buy" for both Hong Kong and A-share markets, benefiting from AI computing demand and domestic substitution trends [5]

Core Viewpoint - The report from Everbright Securities predicts that Xidi Intelligent Driving (03881) will reduce its Non-IFRS net loss to 76 million yuan in 2025, a 39.8% year-on-year improvement, and expects Non-IFRS net profits of 75 million yuan and 357 million yuan for 2026 and 2027 respectively, highlighting the company's strong position in the autonomous mining truck sector and its technological advantages [1] Group 1: Company Overview - Xidi Intelligent Driving, established in 2017, focuses on providing autonomous driving technology and solutions for commercial vehicles, particularly in mining trucks and logistics, and is one of the first companies in China to achieve "no safety driver normal operation" for autonomous commercial vehicles [1] - The company is expected to see increased revenue and profits as the commercialization of autonomous mining trucks expands, with additional revenue growth anticipated from V2X and intelligent perception businesses as market demand increases [2] Group 2: Market Potential - According to Xidi Intelligent Driving's prospectus, the market size for autonomous mining truck solutions in China is projected to reach 1.9 billion yuan in 2024, with a total potential market size of 550 billion yuan, and is expected to grow to 39.6 billion yuan by 2030, representing a CAGR of 65.3% from 2024 to 2030 [2] - The penetration rate of autonomous mining trucks in mining transportation is expected to increase as the demand for intelligent mining solutions grows and technology matures, leading to further market expansion and commercialization [2] Group 3: Competitive Advantages - Xidi Intelligent Driving possesses core advantages in technology, scene adaptation, and commercialization: 1. Technological differentiation with superior obstacle perception and positioning accuracy compared to competitors [3] 2. Strong scene integration capabilities with six core functions covering the entire process [3] 3. Rapid commercialization through a pure product sales model, enabling quick conversion of technology into commercial success, which is expected to further solidify the company's competitive edge and expand its market presence [3]

证券研究报告 晨会 hyzqdatemark 2026 年 02 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月10日 华源晨会精粹 20260210 汽车 矿山无人驾驶专题 1:矿山无人驾驶商业模式&市场规模——汽车行业周报：为 什么看好无人矿卡赛道：1）自动驾驶大规模商业化落地进展最快的下游之一且市场 天花板较高；2）技术较为成熟，经济性突出；3）政策鼓励危险场景无人化；4）出 海逻辑清晰；5）格局初定且有较高行业壁垒；以上因素共同决定了行业龙头厂商或 具备长期成长性&投资价值。矿山无人驾驶致力于解决诸多行业痛点问题："矿区通 常地处偏远+作业环境恶劣+健康风险大+劳动强度大"引致招工难、用工贵；"装备 自动化程度低+生产系统碎片化"引致生产效率低。而这其中运输环节用工占比接近 全矿劳动员工的 50%，属于核心降本增效环节。产品模式下无人矿卡赛道市场规模： 产品模式下，下游一次性买断无人矿卡全生命周期服务（车+智驾套件/单独套件）； 该模式对于无人矿卡服务提供商的优点是"轻资产+回款快"；我们测算这种商业模 式下，中长期的国内市场规模区间预计超 200 亿元。 风险提示：1 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the rapid commercialization of autonomous driving in the mining sector, with a high market ceiling and mature technology, supported by favorable policies and established industry barriers [2][5] - The report emphasizes the significant pain points in mining operations, such as high operational costs, safety risks, and low production efficiency, which autonomous mining trucks aim to address [5][7] - The domestic market for autonomous mining trucks is projected to exceed 20 billion yuan in the product model and between 16.3 billion to 32.2 billion yuan in the operational model [2][9][22] - The overseas market for autonomous mining solutions is expected to reach approximately 4 billion USD by 2030, with Australia being a significant contributor [24] Summary by Sections Market Overview - Autonomous mining trucks are designed to operate in harsh mining environments, addressing labor shortages and high operational costs [8][5] - The report identifies that transportation accounts for nearly 50% of labor costs in mining, making it a critical area for cost reduction [5] Market Size Estimates - In the product model, the domestic market for autonomous mining trucks is expected to exceed 20 billion yuan, with a projected annual sales penetration rate of 11% by 2025 [9][12] - In the operational model, the market size is estimated to range from 16.3 billion to 32.2 billion yuan, depending on the penetration rate of autonomous trucks in the existing fleet [22][24] Competitive Landscape - The report suggests monitoring leading domestic operators in the autonomous mining truck sector, including Xidi Zhijia, Yikong Zhijia, and Borui Technology, as they are expected to have long-term growth potential [2][24] International Expansion - The report notes that leading domestic companies are accelerating their international expansion, with significant projects already underway in Australia and other regions [27][24]

新在绿色转型加快，资源约束持续突破。实践证明，高消耗、高排放、高污染的粗放发展方式不可持 续，通过发展新质生产力，让资源利用更加集约、生产过程更加清洁，是解决我国可持续发展问题的治 本之策。2025年，我国非化石能源成为第二大能源类型，清洁能源发电量占规模以上工业发电量的比重 达35.2%，推动生态环境质量实现系统性改善，人民群众对生态环境的满意度连续4年超过90%。"十五 五"时期，我国将在重点行业持续深入实施节能降碳专项行动，预计节能量可达1.5亿吨标准煤，减少二 氧化碳排放约4亿吨。 当前，新一轮科技革命和产业变革浪潮奔涌，如何抓住机遇、乘势而上？2025年，DeepSeek（深度求 索）横空出世、"人造太阳"实现千秒运行、CR450动车组样车成功下线、无人矿卡开进矿山深处，每一 项成绩都在印证，新质生产力代表创新、引领创新、主导创新，已经在实践中形成并展示出对高质量发 展的强劲推动力、支撑力。展望未来，还将表现为"五个新"。 新在产业提质升级，发展动能持续增强。从机械化到电气化，再到信息化、智能化，每次产业革命都意 味着新技术的普及应用，推动主导产业和支柱产业迭代升级。"十四五"时期，我国新能源汽车年 ...

Core Insights - The logistics sector in China is witnessing a rapid advancement in autonomous delivery vehicles, particularly in urban environments, with a clear commercial path emerging for these applications [1] - The demand for general urban delivery is growing faster than traditional express delivery, indicating a shift in market dynamics and opportunities for companies in the sector [2] Group 1: Market Trends - The market for autonomous logistics vehicles is expanding, with companies like Youjia Innovation and New Stone Technology successfully entering new segments such as cold chain logistics [2][3] - The total number of vehicles in the broad urban delivery market has reached 14.59 million, with significant opportunities for replacing traditional vehicles with autonomous ones [3] - The penetration rate of autonomous vehicles in local fresh cold chain delivery is currently below 1%, highlighting substantial growth potential in this area [3] Group 2: Competitive Landscape - Companies are transitioning from focusing solely on last-mile delivery to exploring diverse urban delivery scenarios, including fast-moving consumer goods and local fresh produce [2] - The competition is shifting towards comprehensive capabilities, with a focus on maximizing commercial value rather than just proving technological feasibility [5] - The autonomous logistics vehicle market is expected to see cumulative shipments reach 150,000 units by 2026, driven by advancements in technology and cost reductions [3] Group 3: Technological Developments - The cost of key components for autonomous vehicles, such as LiDAR and sensors, has significantly decreased, facilitating the scaling of applications [3] - Companies are adopting a dual strategy of L2+ and L4 technologies to address the higher requirements of heavy-duty autonomous driving [6] - The industry is moving towards a phase where the deployment cycle and cost of implementing autonomous vehicles are expected to decrease due to reduced reliance on high-precision maps [3]

东吴证券发布研报称，首次覆盖，给予希迪智驾(03881)"买入"评级。公司营业收入后续增长主要来自 无人矿卡订单持续放量，看好公司营收快速增长，归母净利润扭亏。预计公司2025-2027年营业总收入 分别为10.78亿元/20.00亿元/40.50亿元，同比增加162.90%/85.53%/102.47%;归母净利润分别为-2.69亿 元/1.03亿元/6.27亿元。公司是深耕无人矿卡行业的智能驾驶技术平台型公司，看好公司无人矿卡订单 放量+交付提速，盈利能力持续提升，增速优于行业。 东吴证券主要观点如下： 公司是国内领先的V2X智能交通方案提供商 公司的智能交通V2X产品及解决方案融合先进的感知技术、传感器融合算法、V2X通信功能及交通优化 算法，用以在交通参与者(包括行人、非机动车及网联汽车)与城市十字路口或道路的路侧基础设施之间 交换信息。此外，通过连接城市内的基础设施，V2X解决方案可对城市及高速公路交通进行智能预测与 决策。中国的V2X市场已经迎来爆发点。2024年，中国车路云一体化系统市场规模达20亿元；根据灼识 咨询预测，国内市场规模将在未来几年快速增长，于2030年达到人民币238亿元，202 ...