机构：中邮证券 研究员：万玮/吴文吉 投资要点 推出SesameX 多维具身智能计算平台，助力机器人从"可运行"走向"可成长"。全球机器人产业向复杂任 务演进，传统"模块割裂、静态部署"架构难以应对真实环境挑战，需一套稳定、可演进、可规模化的智 能计算基础。公司推出SesameX 多维智能计算平台，平台包含Kalos、Aura、Liora 三款自研计算模组 （适配不同复杂度机器人），高度集成硬件组件，兼容主流接口，提供量产级硬件基础；支持单机、集 群与边云协同。从行业生态来看，公司通过模块化设计、统一接口兼容主流生态，降低机器人厂商与算 法伙伴的系统集成复杂度；从商业价值角度看，覆盖从移动到操作、从服务到人形的全场景机器人需 求，提供从研发到量产的全链路支持，成为机器人商业化落地的核心合作伙伴。目前公司与均胜电子的 战略合作拓展至机器人领域，共同研发、验证与落地新一代具身智能机器人控制系统及行业解决方案； 与湖北华中电力科技共同探索具身机器人在电力行业的落地应用。 风险提示 技术迭代和研发投入不及预期的风险；行业竞争格局加剧风险；客户合作稳定性风险；自动驾驶渗透率 提升不及预期。 布局"光电共封装"，聚焦辅助 ...

布局"光电共封装"，聚焦辅助驾驶、具身智能两大核心场景 公司与中际旭创（300308）全资子公司智驰致远达成深度战略合作，共同推动光通信模块在汽车（辅助 驾驶）、具身智能终端（机器人）领域的创新应用，解决高数据量（如多传感器数据）、低延迟传输需 求，提升设备决策与响应的及时性（如辅助驾驶中车辆感知数据的实时交互、机器人多设备协同的高速 数据互通）。在智能汽车领域，以黑芝麻智能车规级辅助驾驶芯片为核心基础，结合智驰致远光通信技 术，开发适配乘用车、商用车的全场景辅助驾驶解决方案，覆盖L2至L4各级别自动驾驶需求，通过"芯 片算力+光模块高速传输"的协同，提升车辆感知数据（如激光雷达、摄像头数据）的处理与交互效 率；在具身智能终端领域：工业机器人AI方案结合公司智能芯片的高效算力支撑与智驰致远光通信模 块的高速数据传输能力，开发适配工业场景的AI工业机器人解决方案，满足工业机器人在精准控制、 实时交互、多设备协同等核心需求，打破技术壁垒，推动机器人在工业生产、智能制造场景的智能化升 级。 风险提示 中邮证券发布研报称，黑芝麻（000716）智能(02533)与智驰致远达成了深度战略合作，共同推动光通 信模块在汽车 ...

（原标题：中邮证券：维持黑芝麻智能(02533)"买入"评级 聚焦辅助驾驶、具身智能两大核心场景） 智通财经APP获悉，中邮证券发布研报称，黑芝麻智能(02533)与智驰致远达成了深度战略合作，共同推动光通信模块在汽车辅助驾驶、具身智能 终端（机器人）等领域的创新应用，重点解决其高数据量传输（如多传感器数据）和低延迟传输需求。维持公司"买入"评级。 中邮证券主要观点如下： 推出SesameX多维具身智能计算平台，助力机器人从"可运行"走向"可成长" 全球机器人产业向复杂任务演进，传统"模块割裂、静态部署"架构难以应对真实环境挑战，需一套稳定、可演进、可规模化的智能计算基础。公 司推出SesameX多维智能计算平台，平台包含Kalos、Aura、Liora三款自研计算模组（适配不同复杂度机器人），高度集成硬件组件，兼容主流接 口，提供量产级硬件基础；支持单机、集群与边云协同。从行业生态来看，公司通过模块化设计、统一接口兼容主流生态，降低机器人厂商与算 法伙伴的系统集成复杂度；从商业价值角度看，覆盖从移动到操作、从服务到人形的全场景机器人需求，提供从研发到量产的全链路支持，成为 机器人商业化落地的核心合作伙伴。目 ...

Core Viewpoint - The strategic cooperation agreement between Hezhima Intelligent and Jiangsu Zhichi Zhiyuan focuses on advancing optical communication technology applications in automotive and intelligent terminal sectors, enhancing autonomous driving capabilities, and developing AI industrial robot solutions [1][2]. Group 1: Strategic Cooperation Details - The cooperation will emphasize the joint development of optical communication modules for automotive and intelligent terminals, targeting next-generation vehicle central computing platforms [1]. - Both companies will collaborate on developing advanced driver assistance system (ADAS) controllers for passenger and commercial vehicles, covering multiple applications from Level 2 and above [1][2]. - The partnership aims to create AI industrial robot solutions by integrating existing chip products with Zhichi Zhiyuan's diverse industrial production capabilities [1][2]. Group 2: Market and Growth Potential - The collaboration is expected to enhance market share in the Level 2 and above autonomous driving market by launching high-performance product solutions [2]. - The joint efforts will focus on meeting future demands for lower latency and higher data transmission rates in various applications, thereby improving transmission speed and timeliness [2]. - This strategic partnership is anticipated to accelerate the commercialization of core technologies, opening new growth opportunities for the company [2].

Core Viewpoint - The strategic cooperation agreement between Hezhima (000716) and Jiangsu Zhichi Zhiyuan Holdings aims to enhance collaboration in automotive optical communication technology, advanced packaging, and capital within the industry chain [1][2] Group 1: Areas of Collaboration - The partnership will focus on the joint promotion of optical communication modules in automotive and intelligent terminal applications, developing next-generation vehicle central computing platform scenarios [1] - Both companies will collaborate on developing auxiliary driving domain controllers for passenger and commercial vehicles, targeting L2 and above applications, and facilitating mass production with OEMs [1] - The collaboration will also involve creating AI industrial robot solutions suitable for various industrial production scenarios by leveraging existing chip products and diverse industrial capabilities [1] - The partnership aims to enhance capital-level cooperation around automotive and intelligent terminal applications, promoting improvements in industry application standards [1] Group 2: Market Opportunities and Growth - The strategic cooperation is expected to enable both companies to capture higher market shares in the L2 and above auxiliary driving market while exploring advanced fields like intelligent terminals and next-generation vehicle optical communication [2] - The collaboration will accelerate the productization and commercialization of core technologies, opening new growth opportunities for the company [2] - By partnering with a leader in optical communication modules, the companies aim to meet future demands for lower latency and higher data transmission rates, thereby enhancing transmission speed and timeliness [2] - The initiative is designed to create a sustainable value for investors by establishing a leading ecosystem in the auxiliary driving and intelligent terminal technology sectors [2]

Black Sesame International Holding Limited 黑芝麻智能國際控股有限公司* （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2533） 自願性公告 與智馳致遠的戰略合作協議 本公告由黑芝麻智能國際控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本 集 團」）自 願 作 出。 本公司董事會（「董事會」）茲 公 佈，於2025年11月18日，本 公 司 的 間 接 全 資 附 屬 公 司黑芝麻智能科技有限公司與江蘇智馳致遠控股有限公司（「智馳致遠」）訂立戰 略合作協議（「戰略合作協議」）。據 此，雙 方（各 自 稱 為「各 方」，統 稱 為「雙 方」）將 致 力 於 在 汽 車 及 具 身 智 能 終 端 的 光 通 信 技 術 應 用、汽 車 輔 助 駕 駛、先 進 封 裝 技 術 及 產 業 鏈 資 本 等 領 域 開 展 合 作。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 ...

Core Insights - The article highlights the shift in young professionals' career choices in Wuhan, moving from state-owned enterprises to dynamic private companies, particularly in the tech sector [2][11]. Group 1: Growth of Private Enterprises - Wuhan's private economy has seen significant growth, with the total number of private enterprises reaching 1.159 million, and 182,000 new private enterprises established in the first half of the year [4][16]. - In 2025, 162,500 new graduates chose to work in private enterprises, with 80% of graduates opting for this path [3]. Group 2: Emerging Industries - Private enterprises in Wuhan are focusing on new sectors such as artificial intelligence and low-altitude economy, becoming the main battleground for innovation [5]. - Among the 44 unicorn companies in the city, 84% are private enterprises, and 79.3% of the 384 specialized and innovative "little giant" companies are also private [6][7]. Group 3: Young Talent Attraction - The article describes various successful tech startups in Wuhan that are attracting young talent, such as Hezhima Intelligent Technology and Dingcheng Technology, which have developed advanced products and secured investments from major companies [8]. - Young entrepreneurs, including those under 30, are leading innovative companies in Wuhan, showcasing a trend of youthful leadership in the private sector [9][10]. Group 4: Government Support - The local government has implemented policies to support the development of small and medium-sized enterprises and improve the business environment, which has positively impacted the growth of the private economy [12][15]. - The establishment of government industry funds with an annual budget of over 4 billion yuan aims to nurture technology-driven startups in Wuhan [15].