Core Viewpoint - The company is set to hold the "2025 Horizon Technology Ecosystem Conference" in Shenzhen, focusing on advanced driving assistance systems and the commercialization of autonomous driving technologies [4]. Group 1: HSD Production and Market Penetration - The high-level driving assistance system (HSD) has begun mass production, with over 12,000 units activated within two weeks of launch, indicating strong market demand [5]. - The HSD system is expected to penetrate the 100,000 yuan vehicle market, targeting models priced between 130,000 and 200,000 yuan, which currently account for 50% of passenger car transactions in China [5]. - The first partners for the HSD system include Bosch, Zhuoyue, and Qingzhou Zhihang, showcasing collaboration with Tier-1 suppliers [5]. Group 2: HSD Together Algorithm Service Model - The HSD Together model offers a comprehensive algorithm service, allowing partners to focus on system integration and vehicle adaptation, significantly reducing costs and time [7]. - The J6 series chips are expected to see accelerated shipments due to the HSD algorithm's application in lower-cost vehicle markets [7]. Group 3: New BPU Architecture and Chip Development - The newly released "Riemann" BPU architecture enhances key operator performance by tenfold and increases the number of supported high-precision operators by tenfold, aiming to compete with Tesla's AI5 chip [8]. - The fourth-generation compiler "Tiangong Kaiwu" has improved compilation speed from hours to minutes, enhancing model performance by 20% [8]. Group 4: Open Source Robotics Models - The company has launched over 100 robotic products and established connections with over 100 partners and 100,000 developers, introducing two open-source embodied intelligence models: HoloMotion and HoloBrain [9]. - HoloMotion is already available on GitHub and has been adopted by institutions such as Stanford and Tsinghua [9].

Core Viewpoint - The report from Everbright Securities maintains a "Buy" rating for Horizon Robotics (09660), highlighting significant advancements in their high-level assisted driving system (HSD), which has achieved mass production and activated over 12,000 units in two weeks. The company aims to expand the NOA functionality to vehicles priced around 100,000 yuan, indicating a strong market penetration strategy [1]. Group 1: HSD System and Market Expansion - The HSD system has been successfully mass-produced, with activation exceeding 12,000 units within two weeks of launch. The first vehicles equipped with HSD include the Chery Xingtu ET5, which features the J6P chip with 560 TOPS computing power [2]. - The HSD system is expected to make inroads into the 100,000 yuan vehicle market, with initial partnerships including Bosch and other Tier-1 suppliers. The system has already penetrated the 130,000 to 200,000 yuan vehicle segment [2]. - The company aims to leverage a single J6M chip for the NOA solution, which is set to be mass-produced and made available for the budget vehicle market [2]. Group 2: Algorithm and Chip Development - The HSDTogether model offers a comprehensive algorithm service, allowing partners to focus on system integration and vehicle adaptation, significantly reducing costs and time [3]. - The J6 series chips are expected to see accelerated shipments due to the HSD algorithm's capabilities, with previous chip models achieving significant shipment milestones in shorter timeframes [3]. - The newly introduced "Riemann" architecture for the J7 series chips aims to compete with Tesla's next-generation AI5 chip, boasting a tenfold increase in key operator performance and fivefold energy efficiency improvements for LLM [4]. Group 3: Robotics and Open Source Models - The company has launched over 100 products under its Diguo Robotics brand, collaborating with over 100 partners and more than 100,000 developers. Two open-source models, HoloMotion and HoloBrain, have been released to foster a robotics ecosystem [5]. - HoloMotion has been made available on GitHub and is already being utilized by institutions such as Stanford and Tsinghua [5].

Group 1 - The core point of the article is that Li Auto will not release a 2025 version of the Li L series and Li MEGA, but will instead launch an "Intelligent Driving Renewal Version" based on the current models in May this year [1] - The battery, electric drive, exterior, and interior design will remain consistent with the current models [1] - The ADMax system will upgrade from dual Orin-X chips from NVIDIA to a single Thor-U chip, while the ADPro system will upgrade from Horizon J5 chips to J6M chips, and will also include additional LiDAR [1]