黄仁勋将自动驾驶定义为 Physical AI 的第一个「大规模主流市场」，并明确指出：拐点正在当下这段 时间发生。在他看来，未来十年，世界上相当大比例的汽车将进入高度自动化阶段。 这一判断，揭示了一个关键事实：智能驾驶，并不是一个孤立的应用，而是物理 AI 率先进入真实世 界、走向规模化落地的起点。 而当 AI 从数字世界进入物理世界，真正的挑战也随之出现：模型不再只面对数据分布问题，而必须在 真实环境、不确定物理约束与真实人类行为中持续运行、协同与博弈。在这样的背景下，如何验证物理 AI 在"真实使用状态下"是否安全、可控、可信，成为摆在智能驾驶面前的核心问题。这正是 DIL(Driver-in-the-Loop，驾驶员在环) 在物理 AI 时代重新被重视的根本原因。 (一)五一视界新一代DIL × 物理 AI：不只是"模拟驾驶"，而是系统级验证能力 在智能驾驶、HMI等研发体系中，DIL 的价值并不只在于复现一次"像真的一样"的驾驶体验，而在于将 驾驶员这一关键变量，系统性地引入到仿真与验证闭环之中。它关注的不是车辆"能不能开"，而是在 人、车、系统高度耦合的真实使用场景下，整个智能驾驶系统是否安全、可 ...

Core Viewpoint - The Hong Kong stock market is experiencing a peak in new stock offerings, with six new stocks opening for subscription on December 18, including Wuyi Vision (06651.HK) [2] Group 1: Company Overview - Wuyi Vision is a digital twin technology company in China, focusing on 3D graphics, simulation, and artificial intelligence [4] - The company provides digital twin solutions across various sectors, including urban planning, water resource management, energy, automotive, transportation, robotics, entertainment, and social media [4] Group 2: Financial Information - Wuyi Vision plans to issue approximately 23.9752 million H-shares, with a public offering of 1.1988 million shares (about 5%) and an international offering of 22.7764 million shares (about 95%) [2] - The expected net proceeds from the offering are approximately HKD 653 million, with a share price set at HKD 30.5 [2] - The company's revenue is projected to grow from RMB 170 million in 2022 to RMB 287 million in 2024, with adjusted net losses narrowing to RMB 43.06 million [5][6] Group 3: Use of Proceeds - Approximately 80% of the funds raised will be allocated to research and development initiatives, 10% for marketing activities in China and overseas, and 10% for working capital and general corporate purposes [4] Group 4: Market Analysis - Analysts note that Wuyi Vision's public offering is relatively small compared to other new stocks, which may lead to lower subscription rates due to high demand from retail investors [2] - The company's market capitalization post-listing is expected to be around HKD 12.4 billion, with a price-to-sales ratio of approximately 40.0X for 2025 revenue, indicating a high valuation [6]

Group 1 - The company, Five One Vision (06651), plans to conduct a global offering of 23.9752 million shares from December 18 to December 23, 2025, with a share price of HKD 30.5 [1] - The offering will consist of 5% allocated for Hong Kong and 95% for international sales, with an additional 15% over-allotment option [1] - The shares are expected to commence trading on the Hong Kong Stock Exchange on December 30, 2025 [1] Group 2 - The company specializes in digital twin technology, focusing on 3D graphics, simulation, and artificial intelligence [2] - Digital twin technology creates high-precision virtual replicas of physical objects or systems, allowing users to observe, analyze, and predict behaviors over time [2] - The company provides digital twin solutions across various sectors, including urban planning, water resource management, energy, automotive, transportation, robotics, entertainment, and social media [2] Group 3 - 51Sim is a leading synthetic data and simulation platform in China, offering products like SimOne, DataOne, and TIM for intelligent driving and robotics simulation [3] - The platform utilizes advanced simulation technologies to enhance the safety and effectiveness of intelligent driving systems [3] - 51Earth aims to create an accessible digital twin world for enterprises and consumers, with a focus on building a foundation through high-quality data assets [3] Group 4 - Based on the offering price of HKD 30.50, the company estimates a net proceeds of approximately HKD 653 million from the global offering [4] - The company plans to allocate about 80% of the net proceeds for research and development initiatives, 10% for marketing activities in China and overseas, and 10% for working capital and general corporate purposes [4]