1088 lines
55 KiB
HTML
1088 lines
55 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>地平线概念 - 智能驾驶芯片龙头企业分析</title>
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<!-- Bootstrap 5 CSS -->
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<link href="https://cdn.jsdelivr.net/npm/bootstrap@5.3.0/dist/css/bootstrap.min.css" rel="stylesheet">
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<link href="https://cdn.jsdelivr.net/npm/daisyui@4.4.24/dist/full.min.css" rel="stylesheet">
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<!-- Font Awesome -->
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<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.4.0/css/all.min.css">
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<!-- Custom CSS -->
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<style>
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:root {
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--primary-color: #1e40af;
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--secondary-color: #3b82f6;
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font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, sans-serif;
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.stock-tag {
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display: inline-block;
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.risk-card {
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border-left: 4px solid;
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.risk-high {
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.risk-medium {
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.risk-low {
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border-left-color: #10b981;
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@media (max-width: 768px) {
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.timeline::before {
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left: 1rem;
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}
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.timeline-content {
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width: calc(100% - 3rem);
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margin-left: 3rem !important;
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}
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.timeline-dot {
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left: 1rem;
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}
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.hero-section {
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padding: 2rem 0;
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}
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}
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</style>
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</head>
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<body>
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<!-- Hero Section -->
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<section class="hero-section">
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<div class="container">
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<div class="row align-items-center">
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<div class="col-lg-8">
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<h1 class="display-4 fw-bold mb-3">地平线概念</h1>
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<p class="lead mb-4">中国智能驾驶芯片龙头企业分析</p>
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<div class="d-flex flex-wrap gap-2">
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<span class="badge badge-custom"><i class="fas fa-microchip me-2"></i>智能驾驶芯片</span>
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<span class="badge badge-custom"><i class="fas fa-car me-2"></i>软硬一体化</span>
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<span class="badge badge-custom"><i class="fas fa-chart-line me-2"></i>智驾平权</span>
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<span class="badge badge-custom"><i class="fas fa-globe me-2"></i>ADAS市占率35.9%</span>
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</div>
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</div>
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<div class="col-lg-4 text-center">
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<div class="bg-white bg-opacity-20 rounded-4 p-4">
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<i class="fas fa-robot fa-5x mb-3"></i>
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<h5 class="mb-0">地平线机器人 (9660.HK)</h5>
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</div>
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</div>
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</div>
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</div>
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</section>
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<!-- Main Content -->
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<div class="container my-5">
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<!-- 概念事件时间轴 -->
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<section class="mb-5">
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<h2 class="section-title">概念事件时间轴</h2>
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<div class="timeline">
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2015年7月</h5>
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<p>地平线公司成立</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2017年</h5>
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<p>发布第一代处理器芯片"征程"系列</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2020年</h5>
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<p>"征程"系列上车长安、理想、荣威等车型</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2021年</h5>
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<p>推出高速公路NOA解决方案"Pilot"系列并大规模量产</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2023年10月底</h5>
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<p>地平线在港交所上市，为近三年港股及美股中概股最大科技股IPO</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2024年</h5>
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<p>地平线在中国自主车厂ADAS市占率达<strong>35.9%</strong>，位列第一</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2024-10-24</h5>
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<p>地平线在港交所挂牌上市</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2025-01-13</h5>
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<p>地平线创始人余凯提出智驾发展目标："3年脱手开，5年闭眼开，10年随心开"</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2025-02-11</h5>
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<p>比亚迪成为首个量产搭载地平线征程四代计算方案的车企</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2025-04-19</h5>
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<p>地平线推出L2城区辅助驾驶系统"地平线HSD"，与奇瑞达成合作</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2025-05-26</h5>
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<p>地平线纳入港股通，中银电子发布研报强烈推荐</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-dot"></div>
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<div class="timeline-content">
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<h5>2025-09（预期）</h5>
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<p>地平线HSD与征程6P计算方案将在奇瑞品牌上全球首发量产</p>
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</div>
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</div>
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</div>
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</section>
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<!-- 核心观点摘要 -->
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<section class="mb-5">
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<h2 class="section-title">核心观点摘要</h2>
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<div class="card">
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<div class="card-body">
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<p class="lead">地平线概念作为中国智能驾驶芯片领域的龙头企业，目前正处于从技术积累向大规模商业化过渡的关键阶段，核心驱动力来自于"智驾平权"趋势下的市场需求爆发以及公司软硬一体化的技术优势。未来潜力巨大，随着高阶智驾技术的成熟和全球化布局的推进，地平线有望在2025-2027年实现高速增长，并成为中国智能汽车产业链中不可或缺的核心供应商。</p>
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</div>
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</div>
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</section>
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<!-- 核心逻辑与市场认知分析 -->
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<section class="mb-5">
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<h2 class="section-title">核心逻辑与市场认知分析</h2>
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<div class="row mb-4">
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<div class="col-md-6 mb-4">
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<div class="card h-100">
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<div class="card-header">
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<h5 class="mb-0"><i class="fas fa-cogs me-2"></i>核心驱动力</h5>
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</div>
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<div class="card-body">
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<ul class="list-group list-group-flush">
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<li class="list-group-item">
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<strong>技术驱动</strong>：软硬一体化全栈自研能力，芯片算力利用率达<strong>85%</strong>，远高于英伟达的<strong>30%</strong>
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</li>
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<li class="list-group-item">
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<strong>市场需求驱动</strong>："智驾平权"趋势推动中高阶智驾功能向中低端车型渗透
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</li>
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<li class="list-group-item">
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<strong>政策与产业链自主可控驱动</strong>：国产智能驾驶芯片龙头，受益于国内制造产业链自主可控趋势
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</li>
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<li class="list-group-item">
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<strong>商业模式驱动</strong>："芯片+算法+软件"全栈解决方案，高阶芯片价格较竞品低<strong>10%-20%</strong>
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</li>
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</ul>
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</div>
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</div>
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</div>
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<div class="col-md-6 mb-4">
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<div class="card h-100">
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||
<div class="card-header">
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<h5 class="mb-0"><i class="fas fa-chart-bar me-2"></i>市场热度与情绪</h5>
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</div>
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<div class="card-body">
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<ul class="list-group list-group-flush">
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<li class="list-group-item">
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<strong>新闻热度</strong>：2025年以来新闻发布频率增加，4-5月份密集发布产品合作、纳入港股通等重要信息
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||
</li>
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||
<li class="list-group-item">
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<strong>研报密集度</strong>：多家券商（中银电子、中信科技、中信建投等）发布研报强烈推荐，给予"买入"评级
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</li>
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<li class="list-group-item">
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<strong>市场情绪</strong>：研报普遍使用"强烈推荐"、"龙头地位稳固"、"估值有望重估"等积极表述
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</li>
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</ul>
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</div>
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</div>
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</div>
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</div>
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<div class="card">
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<div class="card-header">
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<h5 class="mb-0"><i class="fas fa-exclamation-triangle me-2"></i>预期差分析</h5>
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</div>
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<div class="card-body">
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<div class="row">
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<div class="col-md-6 mb-3">
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<div class="risk-card risk-high p-3">
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<h6>技术成熟度预期差</h6>
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<p class="mb-0">高阶智驾方案（HSD）仍处于早期阶段，<strong>2025年Q3</strong>才计划量产，市场可能高估了技术成熟度</p>
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</div>
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</div>
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<div class="col-md-6 mb-3">
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<div class="risk-card risk-medium p-3">
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<h6>盈利能力预期差</h6>
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<p class="mb-0"><strong>2025年预计亏损19亿元，2026年亏损8亿元</strong>，盈利时间点可能晚于市场预期</p>
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</div>
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</div>
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<div class="col-md-6 mb-3">
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<div class="risk-card risk-medium p-3">
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<h6>市场份额预期差</h6>
|
||
<p class="mb-0">高阶市场份额约<strong>30%</strong>，面临英伟达、华为等强劲对手竞争，车企自研芯片趋势构成挑战</p>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6 mb-3">
|
||
<div class="risk-card risk-low p-3">
|
||
<h6>海外拓展预期差</h6>
|
||
<p class="mb-0"><strong>2025年才开始启动全球化进程</strong>，面临Mobileye等国际巨头竞争，海外拓展难度可能被低估</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 关键催化剂与未来发展路径 -->
|
||
<section class="mb-5">
|
||
<h2 class="section-title">关键催化剂与未来发展路径</h2>
|
||
|
||
<div class="row mb-4">
|
||
<div class="col-md-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<h5 class="mb-0"><i class="fas fa-rocket me-2"></i>近期催化剂</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="d-flex align-items-start mb-3">
|
||
<span class="badge bg-primary rounded-pill me-3">1</span>
|
||
<div>
|
||
<strong>产品量产催化</strong>
|
||
<p class="mb-0"><strong>2025年Q3</strong>地平线高阶城区NOA智驾J6P+HSD将于奇瑞车型首发量产</p>
|
||
</div>
|
||
</div>
|
||
<div class="d-flex align-items-start mb-3">
|
||
<span class="badge bg-primary rounded-pill me-3">2</span>
|
||
<div>
|
||
<strong>港股通纳入催化</strong>
|
||
<p class="mb-0"><strong>2025年5月26日</strong>纳入港股通，将显著提升交易活跃度与市场关注度</p>
|
||
</div>
|
||
</div>
|
||
<div class="d-flex align-items-start mb-3">
|
||
<span class="badge bg-primary rounded-pill me-3">3</span>
|
||
<div>
|
||
<strong>新产品发布催化</strong>
|
||
<p class="mb-0">下一代芯片预计于<strong>2025年下半年</strong>发布</p>
|
||
</div>
|
||
</div>
|
||
<div class="d-flex align-items-start">
|
||
<span class="badge bg-primary rounded-pill me-3">4</span>
|
||
<div>
|
||
<strong>业绩释放催化</strong>
|
||
<p class="mb-0"><strong>2025年芯片出货量预计维持在400万片左右</strong></p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="col-md-6 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<h5 class="mb-0"><i class="fas fa-road me-2"></i>长期发展路径</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="accordion" id="developmentPath">
|
||
<div class="accordion-item">
|
||
<h2 class="accordion-header" id="headingOne">
|
||
<button class="accordion-button" type="button" data-bs-toggle="collapse" data-bs-target="#collapseOne" aria-expanded="true" aria-controls="collapseOne">
|
||
2024-2025年：技术积累与市场验证期
|
||
</button>
|
||
</h2>
|
||
<div id="collapseOne" class="accordion-collapse collapse show" aria-labelledby="headingOne" data-bs-parent="#developmentPath">
|
||
<div class="accordion-body">
|
||
J6系列芯片量产上车，HSD高阶智驾方案商业化验证，巩固国内ADAS市场领先地位
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="accordion-item">
|
||
<h2 class="accordion-header" id="headingTwo">
|
||
<button class="accordion-button collapsed" type="button" data-bs-toggle="collapse" data-bs-target="#collapseTwo" aria-expanded="false" aria-controls="collapseTwo">
|
||
2026-2027年：规模化扩张与盈利拐点期
|
||
</button>
|
||
</h2>
|
||
<div id="collapseTwo" class="accordion-collapse collapse" aria-labelledby="headingTwo" data-bs-parent="#developmentPath">
|
||
<div class="accordion-body">
|
||
实现盈利（<strong>2027年归母净利润为4.5亿元</strong>），高阶智驾方案规模化应用，海外市场初步布局
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="accordion-item">
|
||
<h2 class="accordion-header" id="headingThree">
|
||
<button class="accordion-button collapsed" type="button" data-bs-toggle="collapse" data-bs-target="#collapseThree" aria-expanded="false" aria-controls="collapseThree">
|
||
2028-2030年：全球化布局与多元化发展期
|
||
</button>
|
||
</h2>
|
||
<div id="collapseThree" class="accordion-collapse collapse" aria-labelledby="headingThree" data-bs-parent="#developmentPath">
|
||
<div class="accordion-body">
|
||
全球市场份额显著提升，机器人业务（地瓜机器人）规模化发展，智能驾驶与机器人业务双轮驱动
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="accordion-item">
|
||
<h2 class="accordion-header" id="headingFour">
|
||
<button class="accordion-button collapsed" type="button" data-bs-toggle="collapse" data-bs-target="#collapseFour" aria-expanded="false" aria-controls="collapseFour">
|
||
2030年以后：平台化与生态构建期
|
||
</button>
|
||
</h2>
|
||
<div id="collapseFour" class="accordion-collapse collapse" aria-labelledby="headingFour" data-bs-parent="#developmentPath">
|
||
<div class="accordion-body">
|
||
成为机器人时代的"Wintel"，构建完整的智能驾驶与机器人生态，从单一产品供应商向平台化、生态化企业转型
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 产业链与核心公司深度剖析 -->
|
||
<section class="mb-5">
|
||
<h2 class="section-title">产业链与核心公司深度剖析</h2>
|
||
|
||
<!-- 产业链图谱 -->
|
||
<div class="industry-chain mb-5">
|
||
<div class="chain-level">
|
||
<div class="chain-level-header">
|
||
<div class="chain-level-icon">
|
||
<i class="fas fa-microchip"></i>
|
||
</div>
|
||
<div>
|
||
<h5 class="mb-0">上游（芯片设计与制造、软件算法）</h5>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<span class="stock-tag"><strong>地平线</strong>（核心企业）</span>
|
||
<span class="stock-tag">伟测科技</span>
|
||
<span class="stock-tag">苏试试验</span>
|
||
<span class="stock-tag">商络电子</span>
|
||
<span class="stock-tag">同兴达</span>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="chain-level">
|
||
<div class="chain-level-header">
|
||
<div class="chain-level-icon">
|
||
<i class="fas fa-cogs"></i>
|
||
</div>
|
||
<div>
|
||
<h5 class="mb-0">中游（域控制器、系统集成）</h5>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<span class="stock-tag">科创达</span>
|
||
<span class="stock-tag">立讯精密</span>
|
||
<span class="stock-tag">天准科技</span>
|
||
<span class="stock-tag">诚迈科技</span>
|
||
<span class="stock-tag">华阳集团</span>
|
||
<span class="stock-tag">均胜电子</span>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="chain-level">
|
||
<div class="chain-level-header">
|
||
<div class="chain-level-icon">
|
||
<i class="fas fa-car"></i>
|
||
</div>
|
||
<div>
|
||
<h5 class="mb-0">下游（整车应用、营销服务）</h5>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<span class="stock-tag">比亚迪</span>
|
||
<span class="stock-tag">上汽集团</span>
|
||
<span class="stock-tag">奇瑞</span>
|
||
<span class="stock-tag">江淮汽车</span>
|
||
<span class="stock-tag">索菱股份</span>
|
||
<span class="stock-tag">亚太股份</span>
|
||
<span class="stock-tag">四维图新</span>
|
||
<span class="stock-tag">联创电子</span>
|
||
<span class="stock-tag">因赛集团</span>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="chain-level">
|
||
<div class="chain-level-header">
|
||
<div class="chain-level-icon">
|
||
<i class="fas fa-handshake"></i>
|
||
</div>
|
||
<div>
|
||
<h5 class="mb-0">其他（投资与生态合作）</h5>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<span class="stock-tag">华联股份</span>
|
||
<span class="stock-tag">光庭信息</span>
|
||
<span class="stock-tag">豪恩汽电</span>
|
||
<span class="stock-tag">维海德</span>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 核心玩家对比 -->
|
||
<div class="card">
|
||
<div class="card-header">
|
||
<h5 class="mb-0"><i class="fas fa-chess me-2"></i>核心玩家对比</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="row">
|
||
<div class="col-md-6 mb-4">
|
||
<div class="card h-100 border-primary">
|
||
<div class="card-header bg-primary text-white">
|
||
<h6 class="mb-0">地平线 (9660.HK)</h6>
|
||
</div>
|
||
<div class="card-body">
|
||
<p><strong>竞争优势</strong>：软硬一体化全栈自研能力，国内ADAS市场份额超<strong>40%</strong>，产品性价比高</p>
|
||
<p><strong>业务进展</strong>：J6系列芯片量产上车，HSD高阶智驾计划<strong>2025年Q3</strong>在奇瑞车型首发量产</p>
|
||
<p><strong>潜在风险</strong>：高阶智驾技术商业化验证尚未完成，盈利时间点可能晚于预期</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6 mb-4">
|
||
<div class="card h-100 border-success">
|
||
<div class="card-header bg-success text-white">
|
||
<h6 class="mb-0">比亚迪 (关联车企)</h6>
|
||
</div>
|
||
<div class="card-body">
|
||
<p><strong>竞争优势</strong>：国内新能源汽车龙头，销量规模大，"智驾平权"战略推动智驾功能向中低端车型渗透</p>
|
||
<p><strong>业务进展</strong>：首个量产搭载地平线征程四代计算方案的车企，天神之眼高阶智驾系统采用征程6系列芯片</p>
|
||
<p><strong>潜在风险</strong>：车企自研芯片趋势可能减少对第三方供应商依赖</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6 mb-4">
|
||
<div class="card h-100 border-warning">
|
||
<div class="card-header bg-warning text-dark">
|
||
<h6 class="mb-0">科创达 (合资合作)</h6>
|
||
</div>
|
||
<div class="card-body">
|
||
<p><strong>竞争优势</strong>：2022年与地平线合资创建聚创智行，专注于智能驾驶赛道，合作紧密</p>
|
||
<p><strong>业务进展</strong>：与地平线在智能驾驶领域深度合作，共同开发解决方案</p>
|
||
<p><strong>潜在风险</strong>：合资公司业务发展受地平线战略影响较大，独立性不足</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6 mb-4">
|
||
<div class="card h-100 border-info">
|
||
<div class="card-header bg-info text-white">
|
||
<h6 class="mb-0">立讯精密 (系统集成)</h6>
|
||
</div>
|
||
<div class="card-body">
|
||
<p><strong>竞争优势</strong>：消费电子精密制造龙头，具备强大的系统集成能力，产品线丰富</p>
|
||
<p><strong>业务进展</strong>：提供地平线J6E行泊一体域控制器、地平线J3前视一体机等产品</p>
|
||
<p><strong>潜在风险</strong>：智能驾驶业务占比较小，可能不是公司战略重点</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 潜在风险与挑战 -->
|
||
<section class="mb-5">
|
||
<h2 class="section-title">潜在风险与挑战</h2>
|
||
|
||
<div class="row">
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header bg-danger text-white">
|
||
<h5 class="mb-0"><i class="fas fa-microscope me-2"></i>技术风险</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<ul class="list-unstyled">
|
||
<li class="mb-3">
|
||
<i class="fas fa-exclamation-circle text-danger me-2"></i>
|
||
<strong>高阶智驾技术成熟度不足</strong>
|
||
<p class="mb-0 small">HSD仍处于早期阶段，<strong>2025年Q3</strong>才计划量产</p>
|
||
</li>
|
||
<li class="mb-3">
|
||
<i class="fas fa-exclamation-circle text-danger me-2"></i>
|
||
<strong>芯片制程依赖风险</strong>
|
||
<p class="mb-0 small">当前芯片产能完全依赖台积电，若被列入美国管制清单可能影响供应</p>
|
||
</li>
|
||
<li>
|
||
<i class="fas fa-exclamation-circle text-danger me-2"></i>
|
||
<strong>算法迭代风险</strong>
|
||
<p class="mb-0 small">智能驾驶算法正处于快速迭代期，技术路线尚未完全收敛</p>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header bg-warning text-dark">
|
||
<h5 class="mb-0"><i class="fas fa-chart-line me-2"></i>商业化风险</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<ul class="list-unstyled">
|
||
<li class="mb-3">
|
||
<i class="fas fa-exclamation-triangle text-warning me-2"></i>
|
||
<strong>成本控制风险</strong>
|
||
<p class="mb-0 small">智能驾驶系统整体成本较高，可能限制在经济型车型中的普及速度</p>
|
||
</li>
|
||
<li class="mb-3">
|
||
<i class="fas fa-exclamation-triangle text-warning me-2"></i>
|
||
<strong>市场接受度风险</strong>
|
||
<p class="mb-0 small">消费者对高阶智驾功能的接受度和付费意愿仍存在不确定性</p>
|
||
</li>
|
||
<li>
|
||
<i class="fas fa-exclamation-triangle text-warning me-2"></i>
|
||
<strong>应用场景限制</strong>
|
||
<p class="mb-0 small">高阶智驾功能在复杂场景下的表现仍不理想，可能限制应用场景</p>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="col-md-4 mb-4">
|
||
<div class="card h-100">
|
||
<div class="card-header bg-info text-white">
|
||
<h5 class="mb-0"><i class="fas fa-balance-scale me-2"></i>政策与竞争风险</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<ul class="list-unstyled">
|
||
<li class="mb-3">
|
||
<i class="fas fa-info-circle text-info me-2"></i>
|
||
<strong>政策变动风险</strong>
|
||
<p class="mb-0 small">智能驾驶相关法规和标准仍在完善中，政策变动可能影响行业发展节奏</p>
|
||
</li>
|
||
<li class="mb-3">
|
||
<i class="fas fa-info-circle text-info me-2"></i>
|
||
<strong>行业竞争加剧</strong>
|
||
<p class="mb-0 small">面临英伟达、华为等强劲对手的竞争，高阶市场由多供应商混战转为少数主导</p>
|
||
</li>
|
||
<li>
|
||
<i class="fas fa-info-circle text-info me-2"></i>
|
||
<strong>车企自研芯片风险</strong>
|
||
<p class="mb-0 small">部分车企计划自研5纳米芯片，若成功可能减少对第三方供应商的依赖</p>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<section class="mb-5">
|
||
<h2 class="section-title">综合结论与投资启示</h2>
|
||
|
||
<div class="card mb-4">
|
||
<div class="card-header bg-primary text-white">
|
||
<h5 class="mb-0"><i class="fas fa-lightbulb me-2"></i>综合结论</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<p>地平线概念目前处于从技术积累向大规模商业化过渡的关键阶段，尚未完全进入基本面驱动阶段，但已经超越了纯粹的主题炒作阶段。其核心逻辑（软硬一体化技术优势、"智驾平权"市场需求、产业链自主可控趋势）已经得到初步验证，但高阶智驾技术的商业化成熟度和盈利能力仍需时间验证。</p>
|
||
<p>从发展阶段来看，地平线概念类似于2019-2020年的新能源汽车电池概念，技术路线已经相对清晰，龙头企业已经显现，但大规模商业化仍在进行中，盈利拐点尚未到来。未来1-2年将是验证其商业逻辑的关键时期，若高阶智驾技术商业化顺利，盈利拐点如期到来，则有望进入基本面驱动阶段。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="row mb-4">
|
||
<div class="col-md-6">
|
||
<div class="card h-100">
|
||
<div class="card-header bg-success text-white">
|
||
<h5 class="mb-0"><i class="fas fa-gem me-2"></i>最具投资价值的细分环节</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<ol>
|
||
<li class="mb-3">
|
||
<strong>地平线本体 (9660.HK)</strong>
|
||
<p class="mb-0 small">作为概念核心，直接受益于智能驾驶芯片市场增长，软硬一体化模式和高性价比产品具有明显竞争优势</p>
|
||
</li>
|
||
<li class="mb-3">
|
||
<strong>芯片检测与测试服务 (伟测科技、苏试试验)</strong>
|
||
<p class="mb-0 small">随着地平线芯片出货量增长，相关检测和测试服务需求将同步增长，业务模式相对稳定</p>
|
||
</li>
|
||
<li class="mb-3">
|
||
<strong>域控制器与系统集成 (科创达、立讯精密、天准科技)</strong>
|
||
<p class="mb-0 small">基于地平线芯片开发域控制器和系统解决方案，直接参与智能驾驶系统的构建</p>
|
||
</li>
|
||
<li>
|
||
<strong>整车应用 (比亚迪、奇瑞等)</strong>
|
||
<p class="mb-0 small">作为地平线技术的主要应用方，若能成功推动"智驾平权"，将率先受益于智能驾驶技术的普及</p>
|
||
</li>
|
||
</ol>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="col-md-6">
|
||
<div class="card h-100">
|
||
<div class="card-header bg-warning text-dark">
|
||
<h5 class="mb-0"><i class="fas fa-tasks me-2"></i>需要重点跟踪的关键指标</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<ul class="list-unstyled">
|
||
<li class="mb-3">
|
||
<i class="fas fa-check-circle text-success me-2"></i>
|
||
<strong>产品出货量</strong>
|
||
<p class="mb-0 small"><strong>2025年能否达到预期的400万片左右</strong>，验证商业化进展</p>
|
||
</li>
|
||
<li class="mb-3">
|
||
<i class="fas fa-check-circle text-success me-2"></i>
|
||
<strong>高阶智驾商业化进展</strong>
|
||
<p class="mb-0 small"><strong>2025年Q3</strong>奇瑞车型上的首发量产情况，验证技术成熟度</p>
|
||
</li>
|
||
<li class="mb-3">
|
||
<i class="fas fa-check-circle text-success me-2"></i>
|
||
<strong>盈利能力改善</strong>
|
||
<p class="mb-0 small"><strong>2026年亏损能否如期收窄至8亿元，2027年能否实现盈利</strong></p>
|
||
</li>
|
||
<li class="mb-3">
|
||
<i class="fas fa-check-circle text-success me-2"></i>
|
||
<strong>海外市场拓展</strong>
|
||
<p class="mb-0 small"><strong>2025年海外业务的实际启动情况</strong>，验证全球化战略</p>
|
||
</li>
|
||
<li>
|
||
<i class="fas fa-check-circle text-success me-2"></i>
|
||
<strong>市场份额变化</strong>
|
||
<p class="mb-0 small">在国内ADAS和高阶智驾市场的份额变化，验证竞争力</p>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- 股票数据表格 -->
|
||
<section class="mb-5">
|
||
<h2 class="section-title">地平线概念相关股票</h2>
|
||
<div class="table-responsive">
|
||
<table class="table table-hover">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>相关性</th>
|
||
<th>信源</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>华联股份</td>
|
||
<td><span class="badge bg-secondary">投资</span></td>
|
||
<td>公司间接持有少量地平线股份</td>
|
||
<td><span class="badge bg-light text-dark">互动</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>上汽集团</td>
|
||
<td><span class="badge bg-secondary">投资</span></td>
|
||
<td>通过产业金融投资地平线</td>
|
||
<td><span class="badge bg-light text-dark">年报</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>科创达</td>
|
||
<td><span class="badge bg-info">合资公司</span></td>
|
||
<td>2022年，公司与地平线合资创建聚创智行，专注于智能驾驶赛道</td>
|
||
<td><span class="badge bg-light text-dark">互动</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>伟测科技</td>
|
||
<td><span class="badge bg-warning">检测</span></td>
|
||
<td>高可靠性芯片测试领域客户包括地平线</td>
|
||
<td><span class="badge bg-light text-dark">公告</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>苏试试验</td>
|
||
<td><span class="badge bg-warning">检测</span></td>
|
||
<td>子公司上海宜特半导体检测业务客户覆盖地平线</td>
|
||
<td><span class="badge bg-light text-dark">研报</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>立讯精密</td>
|
||
<td><span class="badge bg-success">组装</span></td>
|
||
<td>地平线J6E行泊一体域控制器、地平线J3前视一体机</td>
|
||
<td><span class="badge bg-light text-dark">年报</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>因赛集团</td>
|
||
<td><span class="badge bg-primary">营销</span></td>
|
||
<td>为地平线高阶智驾产品提供营销服务</td>
|
||
<td><span class="badge bg-light text-dark">公告</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>商络电子</td>
|
||
<td><span class="badge bg-danger">供应商</span></td>
|
||
<td>公司为地平线供应电子元器件产品</td>
|
||
<td><span class="badge bg-light text-dark">互动</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>同兴达</td>
|
||
<td><span class="badge bg-danger">供应商</span></td>
|
||
<td>地平线是公司子公司重要客户，正推进重点项目落地</td>
|
||
<td><span class="badge bg-light text-dark">互动</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>索菱股份</td>
|
||
<td><span class="badge bg-info">战略合作</span></td>
|
||
<td>公司与地平线签署了战略合作协议</td>
|
||
<td><span class="badge bg-light text-dark">年报</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>亚太股份</td>
|
||
<td><span class="badge bg-info">战略合作</span></td>
|
||
<td>公司与地平线签署了战略合作协议</td>
|
||
<td><span class="badge bg-light text-dark">调研</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>四维图新</td>
|
||
<td><span class="badge bg-info">战略合作</span></td>
|
||
<td>公司与地平线征程全系列产品全面战略合作</td>
|
||
<td><span class="badge bg-light text-dark">互动</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>联创电子</td>
|
||
<td><span class="badge bg-info">战略合作</span></td>
|
||
<td>公司作为ADAS镜头主力供应商，战略合作地平线</td>
|
||
<td><span class="badge bg-light text-dark">半年报</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>江淮汽车</td>
|
||
<td><span class="badge bg-info">战略合作</span></td>
|
||
<td>与地平线为战略合作伙伴</td>
|
||
<td><span class="badge bg-light text-dark">公告</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>锐明技术</td>
|
||
<td><span class="badge bg-secondary">其他</span></td>
|
||
<td>地平线是公司的芯片供应商之一</td>
|
||
<td><span class="badge bg-light text-dark">互动</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>光庭信息</td>
|
||
<td><span class="badge bg-secondary">其他</span></td>
|
||
<td>公司基于地平线J5、J6等芯片推出行泊一体域控解决方案</td>
|
||
<td><span class="badge bg-light text-dark">互动</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>天准科技</td>
|
||
<td><span class="badge bg-secondary">其他</span></td>
|
||
<td>公司系地平线征程®5芯片的官方授权硬件IDH合作伙伴，2024年成为地平线J6芯片平台的首批四家量产合作伙伴之一</td>
|
||
<td><span class="badge bg-light text-dark">公告</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>诚迈科技</td>
|
||
<td><span class="badge bg-secondary">其他</span></td>
|
||
<td>跨域融合整车操作系统FusionOS，全面适配地平线</td>
|
||
<td><span class="badge bg-light text-dark">半年报</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>豪恩汽电</td>
|
||
<td><span class="badge bg-secondary">其他</span></td>
|
||
<td>公司与地平线已建立生态合作关系</td>
|
||
<td><span class="badge bg-light text-dark">调研</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>均胜电子</td>
|
||
<td><span class="badge bg-secondary">其他</span></td>
|
||
<td>公司发布基于地平线的智能驾驶域控制器</td>
|
||
<td><span class="badge bg-light text-dark">年报</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>华阳集团</td>
|
||
<td><span class="badge bg-secondary">其他</span></td>
|
||
<td>公司基于地平线多种芯片方案的智驾域控相关业务推进中</td>
|
||
<td><span class="badge bg-light text-dark">互动</span></td>
|
||
</tr>
|
||
<tr>
|
||
<td>维海德</td>
|
||
<td><span class="badge bg-secondary">其他</span></td>
|
||
<td>公司与地平线等芯片供应商建立了长期、稳定的合作关系</td>
|
||
<td><span class="badge bg-light text-dark">调研</span></td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</section>
|
||
</div>
|
||
|
||
<!-- Footer -->
|
||
<footer class="bg-dark text-white py-4">
|
||
<div class="container">
|
||
<div class="row">
|
||
<div class="col-md-6">
|
||
<p class="mb-0">© 2025 地平线概念分析 | 智能驾驶芯片龙头企业</p>
|
||
</div>
|
||
<div class="col-md-6 text-md-end">
|
||
<p class="mb-0">数据来源：公开信息整理</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</footer>
|
||
|
||
<!-- Bootstrap 5 JS Bundle with Popper -->
|
||
<script src="https://cdn.jsdelivr.net/npm/bootstrap@5.3.0/dist/js/bootstrap.bundle.min.js"></script>
|
||
|
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<!-- Custom JS -->
|
||
<script>
|
||
// Smooth scroll for anchor links
|
||
document.querySelectorAll('a[href^="#"]').forEach(anchor => {
|
||
anchor.addEventListener('click', function (e) {
|
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e.preventDefault();
|
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const target = document.querySelector(this.getAttribute('href'));
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if (target) {
|
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target.scrollIntoView({
|
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behavior: 'smooth',
|
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block: 'start'
|
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});
|
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}
|
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|
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});
|
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|
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// Add animation to cards when they come into view
|
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const observerOptions = {
|
||
root: null,
|
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|
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|
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};
|
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|
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const observer = new IntersectionObserver((entries) => {
|
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entries.forEach(entry => {
|
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if (entry.isIntersecting) {
|
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entry.target.style.opacity = '1';
|
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entry.target.style.transform = 'translateY(0)';
|
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}
|
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|
||
}, observerOptions);
|
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|
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document.querySelectorAll('.card').forEach(card => {
|
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card.style.opacity = '0';
|
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card.style.transform = 'translateY(20px)';
|
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card.style.transition = 'opacity 0.5s ease, transform 0.5s ease';
|
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observer.observe(card);
|
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|
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</script>
|
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</body>
|
||
</html>
|