| PONY 小马智行 | | O | | --- | --- | --- | | 14.200 + +0.630 +4.64% | | 收盘价 02/26 16:00 美东 | | 14.850 + 0.650 +4.58% | | 盘前价 02/27 04:09 美东 | | 一 7 24 4 8 8 0 | | ● 快捷交易 | | 最高价 14.230 | 开盘价 13.600 | 成交量 330.27万 | | 最低价 13.570 | 昨收价 13.570 | 成交额 4596.04万 | | 平均价 13.916 | 市盈率TM 亏损 | 总市值 61.56亿(--) | | 振 幅 4.86% | 市盈率(静) 亏损 | 总股本 4.34亿 | | 换手率 1.20% | 市净率 7.683 | 流通值 39.04亿 | | 52周最高 24.920 | 委 - 98.02% | 流通股 2.75亿 | | 52周最低 4.110 | 量 比 1.26 | 每 手 1股 | | 历史最高 24.920 | 股息ITM -- | 换股比率 1.00 | | 历史最低 4.110 | 股息率TM ...

Core Insights - Pony.ai has demonstrated strong operational performance in its Robotaxi services during the 2026 Chinese New Year holiday, achieving record paid order volumes in Shenzhen [1][3] Group 1: Operational Performance - During the CNY holiday, Pony.ai provided continuous Robotaxi operations across four tier-one cities in China: Guangzhou, Shenzhen, Beijing, and Shanghai, showcasing the reliability of its autonomous mobility services [2] - In Shenzhen, year-to-date cumulative paid orders as of February 16 have already surpassed the total for the entire year of 2025, driven by an expanded fleet and higher vehicle utilization, averaging 26 paid orders per vehicle per day during the nine-day holiday [3] Group 2: Strategic Expansion - The achievements during the holiday period have reinforced Pony.ai's large-scale commercial deployment of autonomous driving technology, with plans to further expand fleet size and operational coverage [4] - Pony.ai aims to bring safe and reliable autonomous mobility to a broader user base as momentum continues to build in its operations [4] Group 3: Company Overview - Founded in 2016, Pony.ai is a global leader in the mass production and commercialization of autonomous driving technology, committed to delivering safe and advanced solutions [5] - The company's strategy is centered around its proprietary world model, PonyWorld, and Virtual Driver technology, which support the development of its Robotaxi and Robotruck services [5] - Pony.ai operates in multiple regions, including China, Europe, East Asia, and the Middle East, and is among the few companies globally to achieve fully driverless commercial operations [5]

②大型科技股多数上涨，AMD涨超8%，英特尔涨超5%，特斯拉、奈飞、苹果涨超2%，微软、亚马逊 涨逾1%，英伟达、Meta小幅上涨，谷歌小幅下跌； ③中概股多数上涨，万国数据涨超6%，世纪互联涨逾6%，小鹏汽车涨超6%，大全新能源涨逾6%，晶 科能源涨近5%，霸王茶姬涨近5%，金山云涨超4%，好未来涨逾3%。跌幅方面，禾赛科技跌超2%，再 鼎医药跌逾1%，小马智行跌超1%； ①美国三大股指全线收涨，道指涨0.76%报49174.5点，标普500指数涨0.77%报6890.07点，纳指涨1.04% 报22863.68点； ⑦纽约尾盘，美元指数涨0.17%报97.90，离岸人民币对美元上涨95.0个基点报6.8798； ⑧伦敦基本金属全线上涨，LME期锡涨5.41%报50300.0美元/吨，LME期镍涨3.66%报17915.0美元/吨， LME期铜涨2.54%报13195.0美元/吨，LME期锌涨0.98%报3387.5美元/吨，LME期铝涨0.68%报3110.5美 元/吨，LME期铅涨0.44%报1959.5美元/吨； ⑨美债收益率涨跌不一，2年期美债收益率涨2.73个基点报3.461%，3年期美债收益率涨 ...

来源：滚动播报 美股中概股盘前涨跌互现，携程跌0.7%，阿里巴巴跌1%，小马智行跌2%。 ...

Group 1 - The Livermore Chinese concept stock index rose by 0.2% at the beginning of trading on February 17 [1] - Among the constituent stocks, Lufax increased by 10% [1] - Hesai Technologies rose nearly 8% [1] - Melco Resorts & Entertainment gained 4.7% [1] - Pony.ai saw an increase of over 2% [1]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 195 [5][9]. Core Insights - The company has achieved a significant milestone by realizing single-vehicle unit economics (UE) in Guangzhou, marking a turning point for the commercialization of Robotaxi services. The average daily revenue per vehicle is approximately HKD 299, indicating the feasibility of the business model [5][15]. - The company is positioned as a global leader in Level 4 (L4) autonomous driving, leveraging a robust technology foundation that includes multi-sensor fusion, world models, and automotive-grade hardware. This technological edge enhances its competitive advantage in the L4 autonomous driving sector [5][16]. - The company has established a diversified ecosystem for collaboration, which supports its global expansion capabilities. It has partnerships with major automotive manufacturers and technology providers, facilitating the development and commercialization of its Robotaxi and Robotruck services [5][18]. Financial Projections - Revenue is projected to grow from USD 75.03 million in 2024 to USD 327.18 million by 2027, reflecting a compound annual growth rate (CAGR) of 183.12% from 2026 to 2027 [4][11]. - The company is expected to achieve single-vehicle breakeven by 2026 and overall company breakeven by 2029, driven by operational efficiencies and scaling of its fleet [6][14]. - The report anticipates that the company's Robotaxi fleet will expand to approximately 100,000 vehicles by 2030, with a potential market penetration rate of 14-17% in first-tier cities [6][14]. Business Model and Market Position - The company operates a clear business model that includes autonomous driving services, technology licensing, and application services. It is the only company in China to have received regulatory approval for full-scene autonomous driving services in major cities [25][31]. - The company has successfully established a presence in eight countries, with a fleet of 1,159 Robotaxi vehicles and over 170 Robotruck vehicles as of the end of 2025 [5][14][26]. - The report highlights that the company’s competitive advantages stem from its clear commercialization path, strong technical capabilities, and a well-structured ecosystem that supports its growth [5][14][19].

Market Overview - The three major indices showed mixed performance, with the Dow Jones up 0.10% to 49,500.93 points, the S&P 500 up 0.05% to 6,836.17 points, and the Nasdaq down 0.22% to 22,546.67 points [3] - All three indices recorded weekly declines, with the S&P 500 down 1.4%, the Dow down 1.2%, and the Nasdaq down 2.1% [3] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the January CPI rose 2.4% year-over-year and 0.2% month-over-month, both below market expectations [3] - The core CPI, excluding volatile food and energy prices, increased by 2.5% year-over-year and 0.3% month-over-month, aligning with market expectations [3] - Phil Blancato, Chief Market Strategist at Osaic, indicated that this data could pave the way for interest rate cuts and inflation control if the trend continues [3] Sector Performance - Concerns over AI disruption led to market sell-offs, affecting various sectors including software, real estate, trucking, and financial services [6] - Financial stocks such as Charles Schwab and Morgan Stanley fell by 10.8% and 4.9%, respectively, while software company Workday dropped 11% and commercial real estate firm CBRE fell 16% [6] - The media sector was also impacted, with Disney down approximately 3% and Netflix down 6% [7] Technology Stocks - Major tech stocks mostly declined, with Nvidia down 2.21%, Apple down 2.27%, Microsoft down 0.13%, Google down 1.06%, and Amazon down 0.41% [7] - Tesla saw a slight increase of 0.09%, while Oracle rose by 2.34% and Netflix increased by 1.33% [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.10%, with Alibaba down 1.89%, JD.com down 1.38%, and Pinduoduo up 0.06% [7] - NIO remained flat, while Xpeng rose by 1.36% and Li Auto fell by 1.81% [7]

Market Overview - The three major indices closed lower, with the Dow Jones down 1.34% at 49,451.98 points, the S&P 500 down 1.57% at 6,832.76 points, and the Nasdaq down 2.03% at 22,597.15 points [2] - Concerns over AI tools disrupting various sectors, including software companies, publishers, and financial services, have led to significant market volatility [2] Sector Performance - Financial stocks, including Morgan Stanley, faced pressure due to fears that AI could disrupt wealth management [2] - Trucking and logistics companies, such as C.H. Robinson, saw a 14% drop in stock price amid concerns that AI could optimize freight operations and reduce revenue sources [2] - The real estate sector is also affected, with stocks like CBRE and SL Green Realty declining due to anticipated higher unemployment impacting office space demand [3] - Defensive sectors saw gains, with Walmart and Coca-Cola rising 3.8% and 0.5%, respectively [3] Stock Movements - Major tech stocks experienced declines, with Nvidia down 1.64%, Apple down 5.00%, and Microsoft down 0.63% [5] - Chinese stocks listed in the U.S. also fell, with the Nasdaq Golden Dragon China Index down 3.00% [5] Company News - The European Union has initiated another antitrust investigation into Google, focusing on potential illegal manipulation of search engine advertising pricing [6][7] - OpenAI launched its first AI model based on Cerebras Systems chips, aiming to compete in the AI programming assistant market [8] - AI company Anthropic raised $30 billion in funding, reaching a valuation of $380 billion, with investments from Coatue and GIC among others [9][10] - Google released an updated version of its Gemini 3 model, targeting applications in science and engineering [11] - Intel was fined 273.8 million rupees by India's Competition Commission for violating competition laws [12]

Core Insights - MSCI has included 37 new stocks in its China Index, with Pony.ai being the only autonomous driving company added, which is expected to attract more passive fund attention and improve liquidity [1][3] Company Overview - Pony.ai is the first and only autonomous driving company included in the MSCI China Index, which is a significant benchmark for global investment institutions allocating assets in China [3] - The company was founded in 2016 and focuses on providing autonomous driving technology and solutions for mobility and logistics, with a dual listing on NASDAQ and the Hong Kong Stock Exchange [3][4] Business Operations - Pony.ai's core business includes Robotaxi services, autonomous truck services, and technology licensing, with operations in major Chinese cities and a growing international presence [4][6] - The company has received permits for fully autonomous Robotaxi operations in Beijing, Shanghai, Guangzhou, and Shenzhen, making it the only company to do so in these cities [4] Financial Performance - For 2025, Pony.ai anticipates a loss of approximately $69 million to $86 million, a significant reduction from a loss of $275 million in 2024, primarily due to increased fair value gains from investments [4] - The Robotaxi business revenue grew by 89.5% year-on-year, with passenger fare revenue increasing by over 200%, indicating strong commercial progress [4] Fleet and Technology - The Robotaxi fleet has surpassed 1,159 vehicles, with plans to expand to 3,000 vehicles by 2026, demonstrating exponential growth [5] - The company has achieved cost reductions in its new generation of autonomous driving technology, with production material costs decreasing by 70% and specific components like the autonomous driving computing unit by 80% [5] Global Expansion - Pony.ai is pursuing a light-asset model and has formed partnerships with various companies to accelerate fleet expansion and global market entry [6] - The company has established operations in eight countries and is collaborating with major ride-hailing platforms to enhance its market presence [6] Analyst Coverage - A recent report from Zhongyou Securities initiated coverage on Pony.ai with a "Buy" rating, projecting revenues of $81.92 million, $121.85 million, and $235.58 million for 2025, 2026, and 2027, respectively, while also forecasting continued losses [6]

Core Viewpoint - Pony.ai has been included in the MSCI China Index, becoming the first and only autonomous driving company in this index, highlighting its growing importance in the global capital market and recognition of its business model and long-term value [2]. Group 1: MSCI Inclusion - The inclusion in the MSCI China Index reflects Pony.ai's achievements in standardized operations, market performance, and investor attention shortly after its dual listing in the U.S. and Hong Kong [2]. - The MSCI China Index is a key reference for global investment institutions to allocate Chinese assets, with over $100 billion in funds tracking this index [2]. Group 2: Operational Achievements - As of December 31, the scale of Pony.ai's Robotaxi fleet has expanded to 1,159 vehicles, exceeding its annual target [3]. - The company has launched its first mass-produced Robotaxi, the Platinum Smart 4X, marking a significant breakthrough in its capabilities for large-scale deployment and operational efficiency [3]. Group 3: Future Prospects - The CEO of Pony.ai stated that the Robotaxi industry has entered a new phase of large-scale production and commercial deployment, which will enhance the company's operational capabilities and capital efficiency [3].