Core Viewpoint - Chinese concept stocks collectively strengthened, with the Nasdaq China Golden Dragon Index rising nearly 2% [1] Group 1: Stock Performance - Zenggu and Bomei Group surged over 9% [1] - NIO and New Oxygen increased by more than 8% [1] - Li Auto, Century Internet, Aihuishou, and Hesai rose over 4% [1] - GDS Holdings, Kingsoft Cloud, Baozun, and Huya gained over 3% [1] - Pony.ai, XPeng Motors, Baidu, and Bilibili climbed over 2% [1] - Alibaba, NetEase, and JD.com saw an increase of over 1% [1]

1月15日，在第18届创业邦年会暨创业邦100未来独角兽大会上，红杉中国合伙人周逵获评为"2025 年度投资人"。该奖项每年仅授予一位投资人，旨在评选当年在投资领域具有突破性成就与行业影响 力的标杆人物。 入行25年，周逵穿越PC互联网、移动互联网、人工智能三个技术周期，在科技、消费和医疗健康三 大领域均取得了傲人业绩。从文思、达达、光环新网，到贝泰妮、新产业、奕瑞科技，再到小马智 行、地平线、摩尔线程等企业，均为他在种子轮 /A 轮阶段投资的典型案例。截至目前，由他主导投 资的 20 余家知名企业已成功登陆全球资本市场。最近两年，他有多个"代表作"进入收获期—— 中信里昂董事长李春波（左）和创业邦创始人兼CEO南立新（右）为周逵颁奖 小马智行创始人、CEO彭军和周逵相识于2015年的硅谷，他用三个词形容周逵：勤奋，两人经常在 半夜十二点电话会议； 接地气 ，观点和做事方式都能脚踏实地；有决断力，决策前想得清楚，决策 后坚决执行。 2019年，地平线主动进行战略调整，全力聚焦汽车领域，却引起外界一片质疑。周逵作为股东，给 了地平线创始人 、 CEO 余凯巨大的心理支持。余凯评价周逵，用少年般的好奇心了解创业者 ...

Core Insights - The strategic partnership between Pony.ai and Moore Threads aims to advance L4 autonomous driving technology through collaboration on training and optimization of world models and virtual driver systems [1][3] - This collaboration marks a significant step in China's AI industry, showcasing the application of domestic AI computing power in critical training and simulation processes [1][3] Group 1: Partnership Details - Pony.ai and Moore Threads will utilize the MTT S5000 training and inference integrated computing card and the Kuaguo computing cluster to enhance the training and validation of Pony.ai's world model and vehicle models [3] - The partnership aims to create a comprehensive ecosystem for autonomous driving computing power, facilitating the full-link collaboration of algorithms, data, computing power, and applications [3] Group 2: Company Achievements - Pony.ai has established itself as a leader in L4 autonomous driving technology, operating the first fully autonomous Robotaxi service in major Chinese cities [4][5] - As of December 31, the Robotaxi fleet has reached 1,159 vehicles, exceeding annual targets, and the seventh-generation Robotaxi system has achieved positive unit economics in Guangzhou [4] - The company aims to scale its Robotaxi fleet to over 3,000 vehicles by the end of 2026, with the partnership expected to enhance model training efficiency and overall system performance [4] Group 3: Technological Capabilities - Moore Threads has rapidly iterated four generations of GPU architecture, achieving international advanced levels in training large models with hundreds of billions to trillions of parameters [4] - The collaboration will leverage Moore Threads' unique graphics rendering advantages to support autonomous driving simulation, scene reconstruction, and high-fidelity visualization [4]

本轮融资由德拉贡尼尔投资集团、DST全球投资集团和红杉资本领投，安德森·霍洛维茨基金、穆巴达 拉资本、贝塞默风险投资、银湖资本、老虎环球基金及普信集团等机构跟投。 近日，全球自动驾驶行业迎来新的融资进展，谷歌母公司Alphabet旗下专注自动驾驶的公司Waymo完成 千亿元级别融资，标志着其从示范到规模化落地将迎来关键拐点。 视线转向国内，国内自动驾驶龙头也纷纷报喜，小马智行和文远知行先后宣布Robotaxi车队规模破千 辆，Robotaxi的盈利路径变得更为清晰，正加速迈向商业化拐点。 Waymo获千亿元级融资 2月2日，自动驾驶公司Waymo在官方博客正式宣布完成了160亿美元融资，折合人民币约1110亿元，刷 新了自动驾驶公司的融资纪录。本轮投资过后，Waymo的公司估值达1260亿美元，折合人民币超过了 8700亿元。 目前，Robotaxi领域形成了三大派别同场竞技的局面。 专注于算法等关键技术的Waymo、小马智行与文远知行通过自动驾驶技术迭代、规模化商业落地、持 续降低硬件成本等方式不断通向盈利的最终目标。以特斯拉、小鹏为代表的车企以生产Robotaxi专用车 辆或提供适配自动驾驶技术的量产车型 ...

Core Viewpoint - The Nasdaq Golden Dragon China Index saw an initial increase of 1.21%, indicating positive market sentiment towards Chinese stocks listed in the U.S. [1] Company Performance - NIO experienced a significant rise of 7.4% - Miniso increased by 5.4% - Yum China rose by 3.4% - Li Auto gained 2.8% - ZTO Express, Zai Lab, Bilibili, Baidu, and Kingsoft Cloud all saw increases of over 2% - Alibaba had a modest increase of 0.7% - Pony.ai declined by 1.2% - New Oriental fell by 2.8% [1] ETF Performance - KWEB ETF rose by 1.14% - CQQQ ETF increased by 0.7% - ASHR ETF decreased by 0.1% - ASHS ETF fell by 1.3% [1]

Core Viewpoint - Pony AI Inc. is set to hold an extraordinary general meeting (EGM) on April 2, 2026, to consider and potentially pass proposed resolutions supported by the board of directors [1]. Group 1: Extraordinary General Meeting (EGM) - The EGM will take place at 11:00 a.m. Beijing time on April 2, 2026, at Datang Industrial Park, Guangzhou, China [1]. - The EGM will follow class meetings for holders of Class A and Class B ordinary shares, which will also occur on the same date and location [2]. - Shareholders and holders of American depositary shares (ADSs) are encouraged to vote in favor of the proposed resolutions [1]. Group 2: Voting Eligibility - Holders of record of the Company's ordinary shares as of February 27, 2026, are entitled to attend and vote at the EGM and the class meetings [3]. - ADS holders must provide voting instructions to Deutsche Bank Trust Company Americas to exercise their voting rights for Class A ordinary shares [3]. Group 3: Company Overview - Pony AI Inc., founded in 2016, is a leader in the mass production and commercialization of autonomous driving technology [4]. - The company focuses on delivering safe and reliable autonomous driving solutions, powered by its proprietary technologies [4]. - Pony AI operates globally, with a vision of "Autonomous Mobility Everywhere," and has established extensive partnerships across the autonomous driving value chain [4].

Market Overview - The Dow Jones Industrial Average increased by 0.43% to 49,454.63, while the Nasdaq Index decreased by 0.17% to 23,215.58, and the S&P 500 rose slightly by 0.07% to 6,922.99 [1] - The Nasdaq 100 saw a decline of 0.40% to 25,238.22 [1] Major Technology Stocks - AMD experienced a significant drop of 11.00% [2] - SanDisk fell by 6.89% [2] - Oracle decreased by 3.72% [2] - Facebook (Meta Platforms) declined by 1.46% [2] - Broadcom saw a decrease of 1.16% [2] - NVIDIA and Amazon also experienced minor declines of 0.67% and 0.33% respectively [2] Chinese Concept Stocks - Major Chinese concept stocks collectively declined, with Kingsoft Cloud dropping over 5% [3] - Ctrip Group, NetEase, and Bilibili each fell by over 4% [3] - Baidu Group and Futu Holdings decreased by over 3% [3] Detailed Performance of Chinese Stocks - Kingsoft Cloud fell by 5.45% to 12.414 [4] - Ctrip Group decreased by 4.84% to 57.550 [4] - NetEase dropped by 4.20% to 122.970 [4] - Baidu Group declined by 3.60% to 139.640 [4] - Futu Holdings decreased by 3.52% to 154.155 [4] - Other notable declines include XPeng Motors (-2.10%), Tencent Music (-1.98%), and JD Group (-1.41%) [4]

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [6]. Core Insights - The penetration rate of NOA (Navigation on Autopilot) in urban areas exceeded 20% in November, with Waymo completing a new round of financing amounting to 160 billion yuan [1][17]. - The report highlights significant advancements in smart driving technologies, with L2 and above penetration rates for passenger vehicles reaching 38% in November, a year-on-year increase of 22 percentage points [3]. - Key companies recommended for investment include XPeng Motors, JAC Motors, and Geely for complete vehicles, while Pony.ai and WeRide are recommended for L4 technologies [4]. Summary by Sections Industry News - Waymo completed a new round of financing of 160 billion yuan [1][17]. - Pony.ai partnered with Aitbot to develop high-end Robotaxi services [1]. - WeRide launched its self-developed general simulation platform, WeRide GENESIS [1]. - HoloMatic delivered unmanned mining trucks in bulk [1]. - Hesai Technology led the market in 3D LiDAR shipments for lawnmowers [1]. - XPeng Motors' AD Pro received a major upgrade, becoming the first to mass-produce based on a single Journey® 6M chip [1]. High-Frequency Core Data Updates - The penetration rate of 8MP cameras in passenger vehicles reached 51% in November 2025, up 31 percentage points year-on-year [2]. - NVIDIA's driving chip market share increased to 54.3% [2]. - The penetration rate of LiDAR in passenger vehicles reached 16.6%, a year-on-year increase of 10 percentage points [2]. Smart Driving - The penetration rate of passenger vehicles with L2 and above functions reached 38% in November, with urban NOA at 20.6% [3]. - Sensor penetration rates for front-view cameras, forward millimeter-wave radar, and LiDAR were 69.0%, 58.4%, and 16.6%, respectively [3]. - The penetration rate of driving domain controllers reached 37.2%, a year-on-year increase of 19 percentage points [3]. Investment Recommendations - Recommended companies for complete vehicles include XPeng Motors, JAC Motors, and Geely [4]. - For L4 technologies, recommended companies are Pony.ai and WeRide [4]. - Recommended component suppliers include SUTENG for data acquisition and Horizon Robotics for data processing [4].

Market Overview - The three major U.S. stock indices closed lower, with the Dow Jones down 0.34%, the Nasdaq down 1.43%, and the S&P 500 down 0.83% [1] - Popular technology stocks experienced declines, with Broadcom falling over 3%, and Microsoft, Nvidia, and Meta each dropping over 2% [1] Sector Performance - The rare earth, non-ferrous metals, and precious metals sectors saw significant gains, with gold resources rising over 20%, Southern Copper up over 11%, Americas Silver up over 8%, and Pan American Silver up over 5% [1] - Conversely, application software, cryptocurrency, and weight loss drug stocks faced notable declines, with Novo Nordisk down over 14%, Coinbase and Circle each down over 4%, and Eli Lilly and Pfizer each down over 3% [1] Notable Company Movements - Walmart's stock increased by 2.94%, marking its market capitalization surpassing the $1 trillion milestone for the first time [1] - The Nasdaq Golden Dragon China Index fell by 0.94%, with significant declines in popular Chinese stocks such as Daqo New Energy down 5.6%, Bilibili down 4%, and Kingsoft Cloud down 3.5% [1] - Alibaba dropped 2.9%, while NIO rose 0.8%, Pony.ai increased by 2%, Huazhu up 2.2%, New Oriental up 2.3%, Li Auto up 2.7%, Canadian Solar up 4.1%, and Xpeng up 4.3% [1]

Core Viewpoint - Pony.ai (PONY.US) shares rose by 5.2% to $14.05 following a business collaboration with Aitboda to establish a fully autonomous ride-hailing fleet, enhancing the application of autonomous driving technology in urban and travel scenarios [1] Group 1 - The partnership signifies an expansion of the "AI + Mobility" service sector into the high-end market [1] - This collaboration introduces a new demonstration of "smart technology + luxury service" [1] - The initiative injects new momentum into the commercialization path of Level 4 (L4) autonomous driving [1]