里昂发布研报称，上调地平线2026-2027年研发支出估算近10亿元人民币。该行认为地平线当前股价已 充分反映负面因素，上行空间更大。该行预计，未来数月J6P的客户认证落地、国内头部整车厂对 HSD600的采用将成为核心催化剂，故维持"跑赢大市"评级。 消息面上，地平线机器人与无人驾驶企业卡尔动力宣布达成全面战略合作，双方将基于地平线征程6P 打造高效、安全、可规模化的干线物流自动驾驶解决方案，双方将通过数据与场景的深度耦合赋能，软 硬协同打造最强L4自动驾驶货运系统，共同推动L4级自动驾驶重卡加速技术与商业化的规模落地进 程。 本文源自：智通财经网 智通财经获悉，地平线机器人-W(09660)午后涨超6%，截至发稿，涨5.52%，报9.18港元，成交额18.01 亿港元。 ...

Core Viewpoint - Horizon Robotics-W (09660) has seen a significant increase in stock price, rising over 6% in the afternoon trading session, attributed to a strategic partnership with autonomous driving company Carl Power to develop logistics automation solutions [1] Group 1: Strategic Partnership - Horizon Robotics and Carl Power have announced a comprehensive strategic cooperation to create efficient, safe, and scalable autonomous driving solutions for trunk logistics [1] - The collaboration will leverage deep integration of data and scenarios to enhance the development of a robust Level 4 (L4) autonomous freight system [1] - The partnership aims to accelerate the technological and commercial rollout of L4 autonomous heavy trucks [1] Group 2: Financial Outlook - Citi has raised its estimate for Horizon's R&D spending for 2026-2027 by nearly 1 billion RMB [1] - The firm believes that the current stock price of Horizon reflects all negative factors, indicating greater upside potential [1] - Key catalysts expected in the coming months include customer certifications for the J6P model and adoption of the HSD600 by leading domestic vehicle manufacturers [1]

里昂发布研报称，上调地平线2026-2027年研发支出估算近10亿元人民币。该行认为地平线当前股价已 充分反映负面因素，上行空间更大。该行预计，未来数月J6P的客户认证落地、国内头部整车厂对 HSD600的采用将成为核心催化剂，故维持"跑赢大市"评级。 消息面上，地平线机器人与无人驾驶企业卡尔动力宣布达成全面战略合作，双方将基于地平线征程6P 打造高效、安全、可规模化的干线物流自动驾驶解决方案，双方将通过数据与场景的深度耦合赋能，软 硬协同打造最强L4自动驾驶货运系统，共同推动L4级自动驾驶重卡加速技术与商业化的规模落地进 程。 智通财经APP获悉，地平线机器人-W(09660)午后涨超6%，截至发稿，涨5.52%，报9.18港元，成交额 18.01亿港元。 ...

智通财经APP获悉，里昂发布研报称，维持地平线机器人-W(09660)目标价11港元，并认为当前股价已 充分反映增发等负面因素，上行空间更大。该行预计，未来数月J6P的客户认证落地、国内头部整车厂 对HSD600的采用将成为核心催化剂，故维持"跑赢大市"评级。该行考虑到地平线机器人对现有技术路 线的信心、加速产品迭代的需求及高阶自动驾驶(AD)算法领域的激烈竞争，上调集团2026-2027年研发 支出估算近10亿元人民币。 ...

Core Viewpoint - The report from Credit Lyonnais maintains a target price of HKD 11 for Horizon Robotics (09660), suggesting that the current stock price has fully reflected negative factors such as share issuance, indicating greater upside potential [1] Group 1: Company Performance and Outlook - Credit Lyonnais expects that the customer certification of J6P and the adoption of HSD600 by leading domestic automakers will serve as key catalysts in the coming months [1] - The firm has raised its estimates for the company's R&D expenditure for 2026-2027 by nearly RMB 1 billion, reflecting confidence in existing technology routes and the need for accelerated product iteration [1] Group 2: Market Conditions and Competitive Landscape - The report highlights the intense competition in the high-level autonomous driving (AD) algorithm sector, which is influencing the company's strategic decisions [1]