电子行业：多家智驾硬件厂商升级产品，助力智驾升级进程

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The report highlights the release of multiple PC-level chips, indicating optimism for future PC replacement demand [4] - The annual shipment of VRMR devices has seen a year-on-year increase, with several manufacturers beginning to develop ARAI glasses [4] - The National Development and Reform Commission has announced subsidies for digital products such as mobile phones, while the penetration rate of AI smartphones continues to rise [4] Summary by Sections Industry Performance Over the Last Twelve Months - Relative returns over 1 month, 3 months, and 12 months are 0.86%, 6.99%, and 18.76% respectively - Absolute returns over the same periods are -2.51%, 4.11%, and 35.35% respectively [3] Investment Highlights - Black Sesame Intelligence and Nullmax jointly released a mass-production level advanced driving function based on the Wudang C1200 family of chips, with extensive testing completed across over 50 cities [6] - Texas Instruments launched a new generation of radar sensors supporting edge AI, achieving 98% accuracy in occupant detection and over 90% in unattended child recognition [6] - Arbe partnered with NVIDIA to enhance radar solutions for advanced driving assistance systems (ADAS) and autonomous driving scenarios [6] - Hesai showcased its upcoming automotive-grade LiDAR at CES, featuring significant performance improvements and reduced size [6] - SUTENG and Pony.ai announced a strategic partnership to enhance autonomous driving solutions for various applications [6] Investment Recommendations - The report suggests focusing on hardware companies within the supply chain related to advanced driving technologies, including Horizon Robotics and Black Sesame Intelligence, as well as LiDAR and related companies like SUTENG, Yongxin Optics, and Juguang Technology [8]