2026年国际消费电子展（CES）中国智能驾驶领域核心动态

China Technology 13 January 2026 EQUITY: TECHNOLOGY Key updates on China smart driving sector from CES 2026 Research Analysts China Technology Quick Note Joel Ying, CFA - NIHKjoel.ying@nomura.com+852 2252 2153 CES (Consumer Electronics Show) 2026 was held during 6-9 Jan 2026 in Las Vegas. Wesee further acceleration of autonomous driving and intelligent vehicles' development in theentire automobile sector. From a global angle, Nvidia took one step further by starting toprovide software solutions for autonomous driving, based on modern art architecture ofsmart driving, which we believe will further stimulate the global market development. For Bing Duan - NIHKbing.duan1@nomura.com+852 2252 2141 Although the China auto market demand situation remains concerning in 2026, with furthertechnology evolution and increasing penetration of high-level smart driving functions, wecontinue to believe those supply chain players that mainly focus on autonomous drivingdevelopment (e.g. LiDAR, autonomous SoCs and core domain controllers vendors) wouldenjoy strong growth and benefit from the development trend ahead. As the first half of autoevolution (electrification) has reached a certain stage with EV penetration surpassing 50% Nvidia further enhances its blueprint in autonomous driving sector with Alpamayo Apart from the latest AI platform Rubin, Nvidia founder and CEO Jensen Huang alsointroduced Alpamayo at CES 2026, an open-source AI model family of VLA (Vision While its chips have powered the AI revolution, we now see Nvidia likely further involvinginto the software or the car-end development of autonomous driving. With Alpamayo,Nvidia claims it will bring chain-of-thought reasoning to self-driving vehicles (therefore, With a fast development trend for smart driving in the global market, especially China, wesee OEMs having multiple choices for SoC (System on a Chip), including the selection ofglobal vendors (Nvidia, Qualcomm, etc), local vendors (Huawei, Horizon Robotics, BlackSesame, etc) and self-developed chips. Hence, we believe Nvidia is facing morechallengers in the auto market. By providing a turnkey solution for smart driving insidecars from hardware to software (similar to Huawei and Horizon Robotics), its effort willlikely help the company gain more attention from those OEMs having limited knowhow in Meanwhile, with the unveiling of such a solution, we believe global OEMs will generallyhave easier access to smart driving technology and therefore further accelerate thedevelopment. And Nvidia’s effort will further motivate China smart driving players to paymore attention as well, in our view. We expect further acceleration for smart driving Production Complete: 2026-01-13 13:20 UTC Source: Company data Geely’s next-generation driving assistant system G-ASD revealed at CES 2026At CES 2026, Geely announced its new-generation driving assistant system G-ASD (Afari Smart driving), co-developed by Geely and Chongqing Afari Tech (601777 CH). The G-ASD system (Fig. 2) is an upgraded version for its G-Pilot (Haohan Pilot) smartdriving system and is called a World Action Model by the company (including both VisionLanguage Action and World Model, based on our survey). Hence, Geely has become According to the company, its G-ASD system will share the same hardware with previousversion solution. And its first model with the update was Lynk&Co 900 SUV via OTA 2.2.0.Geely will gradually deploy the new smart driving system for all of its models throughout2026, according to management. Similar to peers, the company also targets to launchhigh-speed L3 and low-speed L4 functions within 2026 if regulations allow, while also seek Source: Company data Other China smart driving supply chain players actively sharing their businessprocess During CES, many active participants in the China smart driving market shared their latestbusiness updates. Hesai showcased its long-range ETX and short-range FTX LiDARs,preparing for upcoming L3 vehicle applications. The company also announced during CES Black Sesame announced that its Huashan A2000 smart driving chip has cleared relevantUS review and will officially enter the global market. Meanwhile, Black Sesame revealedthe Wudang C1296 cockpit-driving solution (co-developed by Dongfeng Motor and Appendix A-1 This report has been produced by Nomura International (Hong Kong) Ltd. (NIHK), Hong Kong.SeeDisclaimersfor Nomura Group entity details. Analyst Certification I, Joel Ying, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this Research report, (2) no part of my compensation was, is or will be directly or indirectly related tothe specific recommendations or views expressed in this Research report and (3) no part of my compensation is tied to any specific investment Important Disclosures Online availability of research and conflict-of-interest dis