2026年国际消费电子展（CES）中国智能驾驶领域核心动态

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. ForChina market players, we continue to see both OEMs and supply chain players remainactive with technology/production upgrades in pushing forward high-level smart drivingcapabilities (e.g. L3 or L4) looking into 2026. 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%in 2025, we believe the second half of auto evolution or intellectualization has just started.We expect another solid development year ahead for China smart driving supply chainplayers, from LiDAR, autonomous SoCs, other key components vendors, robotaxi players,and eventually spreading to OEMs. 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 (VisionLanguage Action) models, with simulation blueprints and datasets for autonomous driving. 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 reinforcement learning, in our view), in line with the technology trend in the currentsmart driving market. 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 inthe smart driving segment, especially in the global market. For example, Mr. Huangclaimed that Mercedes-Benz will deploy full-stack solution from Nvidia regarding smartdriving within 2026. As a result, within Nvidia’s global L4 and robotaxi ecosystem (Fig. 1),we believe those hardware vendors (including LiDAR names and also domain controllerplayers, e.g. Desay SV) will benefit further from Nvidia’s effort. 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 drivingdevelopment in the China auto market, and active players within the supply chain tobenefit. Production Complete: 2026-01-13 13:20 UTC Source: Company data Geely’s next-generation driving assistant system G-ASD revealed at CES 2026 At CES 2026, Geely announced its new-generation driving assistant system G-ASD (AfariSmart 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 becomeanother OEM to follow the latest trend, deploying World Model and/or VLA solution to itssmart driving system. 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 seekfor robotaxi operation pote