Core Viewpoint - Horizon Robotics-W (09660) has seen a significant increase in stock price, attributed to the successful delivery of its Bosch mid-tier intelligent driving solution and securing orders from major Japanese OEMs for key models in the Chinese market [1] Group 1: Company Developments - Horizon Robotics has successfully delivered its Bosch mid-tier intelligent driving solution based on the Journey 6E/6M platform [1] - The company has secured orders for mainstream vehicle platforms from top Japanese OEMs, enhancing its presence in the Chinese market [1] - The launch of the Xingtu ET5, which features the world's first HSD system, is set for November, targeting the mainstream market with a price point of 150,000 yuan [1] Group 2: Market Trends - The HSD system has already been designated for over 10 models from multiple automakers, with a production target of 10 million units in the next 3-5 years [1] - Morgan Stanley highlights that the acceleration of global autonomous driving is initiating a positive adoption cycle, with Chinese manufacturers increasingly collaborating with local technology firms to enhance their autonomous driving strategies [1]

Core Insights - Horizon is advancing in the autonomous driving sector by focusing on large-scale production of the new HSD system and reshaping the foundational logic of autonomous driving through cutting-edge research papers [2][3] - The company is transitioning from a technology supplier to a standard-defining entity in the industry, supported by capital influx following its Hong Kong listing [2] Group 1: End-to-End Autonomous Driving - ResAD introduces a normalized residual trajectory modeling framework that simplifies the learning task and enhances model performance, achieving a PDMS score of 88.6 in NAVSIM benchmark tests [8] - CorDriver enhances safety in end-to-end autonomous driving by explicitly defining safe passage areas, resulting in a 66.7% reduction in collision rates with traffic participants [11] - TTOG unifies motion prediction and path planning tasks, demonstrating a 36.06% reduction in average L2 error on the nuScenes dataset [15] - MomAD addresses trajectory prediction consistency and stability issues by introducing momentum mechanisms, showing significant improvements in collision rates and trajectory smoothness [19] - GoalFlow generates high-quality multimodal trajectories by using precise target point guidance, achieving a PDMS score of 90.3 in NavSim benchmark tests [22] - RAD employs a large-scale 3DGS-based reinforcement learning framework to enhance safety, reducing collision rates by three times compared to pure imitation learning methods [26] - DiffusionDrive utilizes a truncated diffusion model for real-time end-to-end autonomous driving, achieving an 88.1 PDMS score and significantly improving planning quality [30] Group 2: Autonomous Driving Scene Generation & World Models - Epona is a self-regressive diffusion world model that achieves high-resolution, long-term future scene generation and trajectory planning, outperforming existing methods in the NuScenes dataset [33] - UMGen generates diverse, multimodal driving scenes, supporting user-controlled scenario generation and demonstrating superior authenticity and controllability compared to existing methods [38] - DrivingWorld constructs a world model for autonomous driving via a video GPT framework, generating high-fidelity videos with strong temporal consistency and structural integrity [41] Group 3: Autonomous Driving VLM & VLA - AlphaDrive integrates reinforcement learning and reasoning into visual language models for high-level planning in autonomous driving, improving planning accuracy by 25.52% compared to standard fine-tuning models [45] - The company has established a community of nearly 4,000 members and over 300 autonomous driving companies and research institutions, focusing on various autonomous driving technology stacks [49]

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 - The article discusses the strategic positioning of Horizon Robotics in the global smart driving industry, emphasizing its role as a "non-car manufacturer Tesla" that focuses on providing comprehensive solutions in the smart driving ecosystem [3][4] - Horizon's approach is characterized by a collaborative philosophy, aiming to empower automotive manufacturers by filling the gaps in the smart driving value chain, thus achieving a significant market share in China [4][5] - The company is poised for a technological leap, likening the current moment in smart driving to the "4G moment" in mobile communications, with its HSD system set to revolutionize the market by making advanced driving assistance accessible to mainstream vehicles [5][6][8] Company Strategy - Horizon Robotics is recognized for its "four quadrants" strategy, encompassing chips, software, cockpit, and intelligent driving, positioning itself as a comprehensive enabler for automotive companies [3][4] - The company has achieved a 45.8% market share in China's ADAS front-view integrated machine market in the first half of 2025, collaborating with over 40 manufacturers and enabling more than 400 models [4][5] - Horizon aims to transition from "millions of chips" to "millions of HSD systems," focusing on delivering a fully integrated autonomous driving solution that combines perception, decision-making, and execution [11][12] Technological Advancements - The HSD system, which debuted at the Munich Auto Show, integrates advanced algorithms and low-latency processing, marking a significant step in the evolution of smart driving technology [5][6][7] - Horizon's chips, such as the Journey 6P, boast a processing power of 560 TOPS, placing them in the same league as competitors like Mobileye and NVIDIA [7] - The company emphasizes making high-level driving assistance a standard feature in affordable vehicles, aiming to democratize access to advanced driving technologies [6][8] Global Expansion - Horizon has established a European headquarters in Munich and formed deep partnerships with major Tier-1 suppliers, completing extensive overseas testing [15][16] - The company has secured collaborations with nine joint venture automakers for 30 models, projecting over 7.5 million overseas orders in the future [15][16] - Horizon's strategy for international expansion focuses on building trust and ecological partnerships rather than merely increasing shipment volumes, reflecting a long-term vision for global market integration [15][16]