近期，智驾芯片赛道融资节奏显著加快，三家专注智驾芯片研发的企业接连完成新一轮股权融资。其中， 蔚来旗下芯片子公司首轮融资金额超22亿元，合肥国投、IDG资本等产业资本与行业头部机构共同入局。 伴随汽车智能驾驶与车载计算性能快速演进，全球汽车芯片市场规模预计2030年将突破1700亿元，国内厂 商依托新能源汽车领域的全球领先优势，有望在行业竞争中占据主动。但在市场运行的复杂脉络中，多数 参与者习惯以热点概念、业绩表现、价格走势作为判断依据，却常陷入误判。唯有依托量化大数据，追踪 核心交易主体的行为特征，才能跳出表面信息的干扰，看清市场运行的内在逻辑。 二、持续活跃信号的指引作用 同样是经历连续调整后进入横盘整理的标的，结果却可能完全不同。有标的在横盘阶段，「机构库存」数 据始终保持活跃状态，这意味着机构大资金在积极参与交易。这类标的后续的价格运行轨迹，与前一类形 成鲜明分野。 「机构库存」数据的核心价值，在于反映机构大资金的交易意愿，数据越活跃，说明参与交 易的机构资金越多、参与时间越长。机构资金的交易行为具有明确的目的性，持续的积极参与，往往意味 着其对标的有着长期的布局规划，而非短期的随机波动。 看图2： ...

Investment Rating - The report maintains a rating of "Buy" for the electronic industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The IoT market is identified as the largest blue ocean market, presenting significant opportunities for domestic substitution, particularly in customized solutions and software ecosystems [2]. - The report emphasizes the importance of hardware supply chain enterprises in the AI transformation, as major internet and cloud computing companies accelerate their hardware ecosystem development [2]. - The evolution of edge AI is seen as a critical trend, with the need for high-performance edge hardware driving innovation in traditional mobile and PC markets [5][6]. - The automotive sector is highlighted as a prime application area for edge AI, with significant opportunities arising from the upgrade of in-vehicle chips and the construction of domestic ecosystems [5]. Summary by Sections 1. Edge AI and Domestic Supply Chain Opportunities - The transition of edge AI from concept to a well-defined industry path marks a strategic shift towards physical world applications, driven by privacy, security, and latency considerations [15]. - The deep restructuring of edge hardware provides a systemic elevation opportunity for domestic supply chains, particularly in new terminal markets like AI glasses and embodied intelligent robots [16]. 2. AI Empowering Mobile and PC Market Innovations - The demand for high-end smartphones is increasing due to the rapid adoption of AI technology, with projections indicating that by 2028, 54% of smartphones will feature edge AI capabilities [18]. - The average selling price (ASP) of smartphones is expected to rise, with a notable increase in the proportion of high-end models, driven by the demand for AI functionalities [21][19]. - The report notes that the semiconductor industry is experiencing a shift towards higher-end chip manufacturing processes, with TSMC's 2nm technology expected to enhance performance and efficiency significantly [23][24]. 3. Automotive Electronics and Edge AI Growth - The automotive sector is positioned as a second growth engine for edge AI, with in-vehicle chips evolving to meet the demands of intelligent driving and user interaction [5]. - The report discusses the competitive landscape of automotive chips, highlighting the rapid advancements in domestic chip manufacturers and their collaboration with new energy vehicle companies [5]. 4. Internet Giants Building Edge-Cloud Collaborative Ecosystems - Major internet companies are establishing comprehensive strategies that integrate cloud, AI, and chip development to strengthen their hardware foundations for AI transformation [10]. - The report outlines the strategic moves of companies like Alibaba, ByteDance, and Tencent in creating a cohesive hardware ecosystem that supports AI applications across various sectors [10].

Summary of the Conference Call on Advanced Intelligent Driving Industry Overview - The conference focuses on the advanced intelligent driving industry, covering the entire supply chain from Level 2 (L2) to Level 4 (L4) autonomous driving technologies, including chips, algorithms, sensors, and operations [1] Key Companies and Insights - **Cao Cao Mobility**: Highlighted as a leading ride-hailing platform with a focus on the latest Robotaxi trials [1] - **TuDatong**: Supplier of lidar technology for NIO, involved with new joint ventures and emerging automotive companies [1] - **Horizon Robotics**: Recognized as a leader in intelligent driving chips and algorithms, with a focus on Robotaxi applications [1] - **Pony.ai**: Engaged in domestic Robotaxi and Robotruck operations [1] - **Hesai Technology**: A leading lidar manufacturer supporting Robotaxi operations for companies like Li Auto and Xiaomi [1] - **WeRide**: Focused on both domestic and international Robotaxi operations, with end-to-end intelligent driving algorithms [1] - **Didi Chuxing**: Shanghai-based Robotaxi operator with key business leaders participating in the conference [1] - **ArcSoft Technology**: Supplier of Driver Monitoring Systems (DMS) and intelligent driving algorithms, expected to benefit from strong L2 standards [1] Additional Important Points - The event is designed to provide investors with a comprehensive understanding of each segment of the advanced intelligent driving supply chain [1] - The conference will take place across multiple cities including Hangzhou, Suzhou, and Shanghai from January 26 to January 28 [1] - Participation is limited, indicating high interest and potential investment opportunities in the sector [1]

值得一提的是，英伟达CEO黄仁勋在CES2026发布自动驾驶的开源VLA(视觉-语言-动作)大模型平台 Alpamayo。东方证券认为，随着英伟达自动驾驶生态持续拓展、高级别自动驾驶及Robotaxi渗透率逐步 提升，预计智驾芯片、激光雷达、域控制器、线控制动/转向等高级别自动驾驶相关零部件需求将迎来 快速增长，自动驾驶软硬件供应商将持续迎来发展机遇。 禾赛-W(02525)涨超3%，截至发稿，涨2.88%，报214.6港元，成交额5883.81万港元。 消息面上，中金研报指出，禾赛-W本月在CES2026上展示最新激光雷达技术成果，并更新交付量、产 能规划、战略合作等经营情况。量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入 许可，激光雷达单车数量有望提升。Robotaxi、机械人等下一代物理AI浪潮袭来，激光雷达成关键引 擎。 ...

Core Viewpoint - Hesai-W (02525) has shown a significant increase in stock price, rising over 3% and reaching 214.6 HKD, with a trading volume of 58.83 million HKD, indicating positive market sentiment towards the company following its recent developments at CES 2026 [1] Group 1: Company Developments - Hesai-W showcased its latest lidar technology achievements at CES 2026, highlighting its leading mass production and delivery capabilities in the industry [1] - The company is steadily advancing its domestic and international production capacity, with L3 vehicle models receiving approval from the Ministry of Industry and Information Technology, which is expected to increase the number of lidar units per vehicle [1] Group 2: Industry Trends - The emergence of next-generation physical AI applications, such as Robotaxi and robotics, positions lidar as a critical driving force in the industry [1] - Nvidia's CEO unveiled the open-source VLA (Vision-Language-Action) model platform, which is expected to enhance the ecosystem for autonomous driving [1] - With the continuous expansion of Nvidia's autonomous driving ecosystem and the gradual increase in penetration rates for high-level autonomous driving and Robotaxi, there is an anticipated rapid growth in demand for advanced driving-related components, including smart driving chips, lidar, domain controllers, and line control braking/steering systems [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **automotive industry** and its investment strategies for **2026**. The discussion includes various segments such as passenger vehicles, commercial vehicles, and motorcycles, along with the impact of macroeconomic factors and technological advancements. Core Insights and Arguments - **Passenger Vehicle Market**: The domestic demand for passenger vehicles is expected to decline by **2.5%** in 2026 due to policy exhaustion and the reduction of purchase tax. However, the penetration rate of new energy vehicles (NEVs) is anticipated to partially offset this decline, leading to a slight increase in registration numbers for NEVs [3][4]. - **Export Growth**: The export growth rate for the automotive sector is projected to remain above **15%** due to domestic manufacturers' overseas expansion and the competitive pricing of NEVs [5][9]. The expected export volume for NEVs in 2026 is close to **2.4 million units**, representing a year-on-year increase of **100%** [9]. - **Heavy-Duty Trucks**: The heavy-duty truck market is expected to benefit from the "old-for-new" policy, with sales projected at **1.06 million units** in 2026. However, the growth momentum may weaken as the policy's effects diminish [6][15]. - **Commercial Vehicles**: The bus market is expected to grow by approximately **5%** in 2026, primarily driven by the increasing penetration of NEVs in overseas markets [6]. - **Motorcycle Market**: The motorcycle export market is projected to maintain a high growth rate of around **15%**, with domestic brands like Longxin and Chunfeng capitalizing on overseas channel expansions [7]. - **Investment Opportunities**: Key investment themes for the automotive sector include expanding overseas markets, high-end passenger vehicle segments, the domestic replacement of components, and embracing AI technologies for transformation [2][20]. Additional Important Insights - **AI and Technology**: The development of AI technologies is expected to significantly impact the automotive sector, particularly in areas such as autonomous driving and robotics. The liquid cooling market is projected to reach over **150 billion** in 2026, indicating exponential growth [4][18]. - **Domestic Component Replacement**: The domestic replacement rate for components in the heavy-duty truck segment has reached **40%** for vehicles priced above **200,000**. This trend is expected to accelerate with new models from brands like Geely and Huawei [13]. - **Global Market Potential**: There remains a substantial potential market of over **30 million** vehicles outside of major markets like the US, Japan, and Europe, indicating significant opportunities for domestic brands [8]. - **Challenges and Risks**: The automotive sector faces challenges such as policy changes affecting domestic demand and potential trade tensions impacting component exports. However, the established advantages of Chinese automotive parts manufacturers in terms of cost and technology position them well for growth in international markets [10]. - **Future Outlook**: The overall outlook for the automotive sector in 2026 is cautiously optimistic, with opportunities arising from high-end domestic replacements, overseas expansions, and the integration of AI technologies across various segments [20].

Summary of Conference Call Records Industry Overview - The conference call discusses advancements in the autonomous driving industry, particularly focusing on L3 and L4 levels of automation. The expectation is that 2026 will mark a significant year for autonomous driving technology adoption [1][2]. Key Points on Autonomous Driving Technology - **L3 and L4 Levels**: L3 automation allows for hands-free driving under specific conditions, while L4 represents fully autonomous driving capabilities. The transition from L3 to L4 will involve a gradual shift from human-operated to fully autonomous systems [3][4]. - **Market Expectations**: The market is optimistic about L3 technology, with several domestic and international automakers, including Mercedes and various Chinese companies, actively pursuing development and testing [2][5]. - **Key Hardware Requirements**: High-level autonomous driving relies on essential hardware such as cameras, LiDAR, high-speed connectors, and advanced driving chips, with processing capabilities starting from 500 TOPS [6]. Commercial Applications - **Robotaxi Development**: Robotaxi services, based on L4 technology, are being piloted in several cities and are seen as a crucial component of future smart mobility solutions [8]. - **Logistics and Mining Applications**: L4 technology is primarily applied in logistics and mining sectors, with expectations for significant market growth. The logistics autonomous vehicle market is projected to reach a penetration rate of 20% by 2030, with a market potential of 60 billion RMB [9][11]. Company Insights - **Key Players**: Major companies in the logistics autonomous vehicle sector include Jiushi Intelligent, New Stone, and White Rhino, with Jiushi Intelligent leading in operational scale and market share [13]. - **Financial Performance**: Jiushi Intelligent reported operating over 14,000 vehicles with significant delivery volumes, while other companies like Yikong Zhijia and Xidi Zhijia are also notable players in the mining autonomous vehicle market, though they have yet to achieve profitability [26][27]. Market Dynamics - **Investment Trends**: There is a growing investment interest in logistics autonomous vehicles, with significant funding rounds reported for companies like Jiushi Intelligent and New Stone [10]. - **Pricing Strategies**: Companies are adjusting pricing models to cover costs and improve profit margins, with examples of new pricing strategies being implemented by Jiushi Intelligent [17]. Future Outlook - **Market Growth Potential**: The logistics autonomous vehicle market is expected to grow rapidly, with a projected market space of 600 billion RMB by 2030. The demand for autonomous vehicles is driven by reduced operational costs and increased efficiency [11][12]. - **Challenges and Regulations**: The lack of unified regulations at the national level poses challenges for the widespread adoption of L4 technology, necessitating local government coordination [11]. Conclusion - The autonomous driving industry is on the cusp of significant advancements, with L3 and L4 technologies poised for broader adoption. Key players are actively developing solutions, and the market is expected to see substantial growth in the coming years, particularly in logistics and mining applications.

Group 1 - The smart driving industry is expected to accelerate its development by 2025, with leading OEMs like BYD increasing their investment in smart driving, leading to a continuous rise in penetration rates [1] - In 2026, despite ongoing price competition among OEMs and pressure from subsidy reductions, there are still structural opportunities in the industry: 1) The competition landscape for smart driving chips is favorable, with significant room for domestic production rate improvement, as local manufacturers like Horizon Robotics, Black Sesame Intelligence, and Huawei have achieved mass production capabilities [1] - The overseas market is becoming an important growth driver, with low penetration rates in regions like Europe, the US, and Japan, allowing local Tier 1 and lidar companies to accelerate their international expansion based on product competitiveness [1] Group 2 - The new autonomous driving sector is witnessing breakthroughs from 0 to 1, with policies accelerating the commercialization of Robotaxi, and companies like Pony.ai are going public [1] - The commonality of technical architecture allows for the reuse of core components such as smart driving chips and sensors in the robotics field, creating industrial synergy effects [1] - The Smart Car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies providing terminal perception and platform applications for smart cars from the Shanghai and Shenzhen markets, reflecting the overall performance of securities related to the smart car industry [1]

中国电动汽车百人会相关负责人表示，国内汽车市场将进入高销量低增长的周期，预计2026年国内汽车市场实现2%的微增长。其 中，新能源汽车销量有望达到2000万辆，新能源汽车保有量占比将从2025年的10%增长到2026年的15%。 央视网消息：中国电动汽车百人会12月16日发布信息，预计2026年国内汽车市场将实现微增长。其中，新能源汽车销量将继续保持 较快增长，有望达到2000万辆。 中国电动汽车百人会秘书长张永伟介绍，新能源汽车除了对产业对经济的带动效果之外，更重要的就是它对创新的拉动作用，特别 是与AI的深度融合，对智能产业链的拉动是巨大的。根据他们的预测，2025年汽车的智能化的配件的规模突破了6000多亿元。 专家表示，新能源汽车带动了激光雷达、5G、车路云、智驾芯片、座舱语音大模型等多个新技术产业的快速发展，新能源汽车产业 正成为推动新一轮科技创新的融合性载体。此外，全固态电池有望在未来2年完成小批量上车。在出口方面，预计2025年我国汽 车"出海"规模有望达到700万辆，2026年有望冲击800万辆。 ...

二是极狐牌BJ7001A61NBEV型纯电动轿车，可以实现高速公路和城市快速路单车道内的自动驾驶功能 （最高车速80km/h），目前该功能仅限在北京市京台高速（大兴区旧宫新桥—机场北线高速）、机场 北线高速（大渠南桥—大兴机场高速）及大兴机场高速（南六环—机场北线高速）等路段开启。 据了解，前期，工业和信息化部会同有关部门按照《关于开展智能网联汽车准入和上路通行试点工作的 通知》要求，严格按规范、按流程开展初审、择优、测试与安全评估工作，目前两家汽车企业已按要求 完成并通过了产品测试与安全评估。下一步，两款车型将分别由重庆长安车联科技有限公司、北京出行 汽车服务有限公司两家使用主体在上述区域内开展上路通行试点。 2025年9月12日，工信部等八部门发布《汽车行业稳增长工作方案（2025-2026 年）》，首次在政策层 面上提出 L3级准入，"推进智能网联汽车准入和上路通行试点，有条件批准L3级车型生产准入，推动道 路交通安全、保险等法律法规完善"。随后，北京、深圳、武汉等地陆续开放部分高速与城市快速路作 为测试路段。华为、小鹏等智能驾驶头部企业陆续发布 L3/L4级有条件自动驾驶落地时间表，并在2025 年内 ...