“China's Waymo” Pony.ai's US IPO: Striking the First Bell for Robotaxi

“中国版Waymo”小马智行美股IPO：敲响Robotaxi第一钟

In recent years, the autonomous driving industry and its derivative, Robotaxi, have gradually matured and entered a phase of rapid commercialization.近年来，自动驾驶行业及其衍生的Robotaxi进入了技术逐渐成熟，快速商业化的阶段。

On November 27, 2024, Pony.ai officially listed on Nasdaq with the stock code "PONY," becoming the first global Robotaxi stock.美东时间11月27日，小马智行正式在纳斯达克挂牌上市，股票代码为“PONY”，成为“全球robotaxi第一股”。

Due to higher-than-expected market demand, Pony.ai increased its IPO size from 15 million ADS to 20 million ADS, a 33.3% increase, with the offering price set at $13 per ADS.由于市场认购热情高于预期，小马智行随后将IPO规模从1500万股ADS增至2000万股ADS，增幅达33.3%，发行价区间定为13美元/ADS。

If underwriters exercise the overallotment option, the issuance scale could further increase to 23 million ADS, raising up to $299 million.若承销商行使超额配售权，发行规模将进一步增至2300万股ADS，最多可募资2.99亿美元。

Including a targeted issuance of Class A common shares raising $153.4 million, Pony.ai's total IPO fundraising could reach up to $452.4 million.加之定向增发A类普通股募资1.534亿美元，小马智行此次IPO募资最多或达4.524亿美元。

This IPO not only showcases Pony.ai's growth strength but also marks a significant advancement in China's autonomous driving industry.此次IPO不仅展示了小马智行的成长实力，也标志着中国自动驾驶行业的重大进步。

Smart Glasses Are Heating Up Again

智能眼镜，又双叒火起来了

Smart glasses have been slow to take off over the past 12 years, but AI advancements have reignited interest in the market.智能眼镜在过去12年中发展缓慢，但随着AI技术的进步，智能眼镜市场再次升温。

Recently, Baidu and leading domestic smart glasses manufacturer Rokid released AI-powered smart glasses, with Xiaomi and Apple rumored to join the development race.近日，百度和国内头部智能眼镜商Rokid均发布了搭载AI的智能眼镜，小米和苹果也在被传将入局智能眼镜研发；

Other companies like OPPO, vivo, Huawei, Tencent, and ByteDance are also evaluating AI glasses projects, signaling widespread industry interest.据媒体报道，目前，OPPO、vivo、华为、腾讯、字节跳动都在评估AI眼镜项目。

Baidu's "Xiaodu AI Glasses" and Rokid's "Rokid Glasses" integrate features like photography, audio, and AI dialogue, targeting consumer daily life needs.百度的“小度AI眼镜”与Rokid的“Rokid glasses”均集成了拍照、音频播放及AI对话功能，

These products are set to launch in the first half of 2025, priced around ¥2,100 and ¥2,499 respectively, leveraging advanced AI models for seamless application integration.这两款产品的AI能力分别基于百度的文心大模型和阿里巴巴的通义千问大模型，能够实现无缝对接多种应用。

With Meta and Ray-Ban's successful AI glasses selling over 3 million units, experts predict 2025 will be the "Year of AI Glasses."智能眼镜的发展受益于Meta和Ray-Ban去年推出的成功产品，其销量已突破300万台。业内人士预测，随着AI技术的进一步应用，2025年将成为智能眼镜的“元年”。

Buffett Donates $1.1 Billion in Stocks Again

巴菲特再捐11亿美元股票

Berkshire Hathaway announced that Warren Buffett will convert his 1,600 shares of Class A stock into 2.4 million shares of Class B stock and donate them to four family foundations.伯克希尔哈撒韦公司近日宣布，著名投资者沃伦·巴菲特将其持有的1600股伯克希尔公司A类股份，转换成240万股B类股份，并将这些股份赠与4家家族基金会。

Based on last Friday's closing price of $476.57 per Class B share, the total donation amounts to approximately $1.143 billion.根据上周五的收盘价，伯克希尔哈撒韦公司B类股份的价格为476.57美元，这意味着本次捐赠的总金额高达约11.43亿美元。

This move reflects Buffett's long-standing commitment and support for charitable causes.巴菲特的这一举动体现了其长期以来对慈善事业的支持和承诺。

Berkshire Hathaway, as a globally renowned investment company, sees this donation as not only financially significant but also as a message of social responsibility.伯克希尔哈撒韦公司作为全球知名的投资公司，其股份的捐赠不仅具有重要的财务意义，也传递了积极的社会责任信息。

Buffett's generosity further solidifies his influence in the philanthropic community.此次捐赠进一步巩固了巴菲特在慈善界的影响力。

Industry experts believe that Buffett's substantial donation will provide significant support and growth opportunities for the recipient foundations.业界普遍认为，巴菲特的慷慨捐赠将为相关基金会带来显著的支持和发展机会。

27 Provinces Include Assisted Reproductive Projects in Health Insurance, Creating New Industry Opportunities

27省已将辅助生殖项目纳入医保，相关产业将迎来新的发展机遇

The National Healthcare Security Administration has announced that 27 provinces and the Xinjiang Production and Construction Corps have included assisted reproductive projects in their health insurance coverage.国家医保局近日发布消息，27个省份及新疆生产建设兵团已将辅助生殖项目纳入医保支付范围。

The newly issued "Guidelines for the Establishment of Assisted Reproductive Medical Service Price Items (Trial)" standardize assisted reproductive services into 12 categories, such as egg retrieval and embryo culture.新发布的《辅助生殖类医疗服务价格项目立项指南（试行）》将辅助生殖类项目统一整合为取卵术、胚胎培养等12项，规范了相关项目的立项和支付政策。

With the continuous improvement of the national maternity insurance system and strengthened support for reproductive services, the assisted reproductive industry is set to seize new growth opportunities.随着国家对生育保险制度的不断完善和生育支持政策的强化，辅助生殖相关产业迎来了新的发展契机。

According to Zhou Chaoze from Founder Securities, the relaxation of birth policies and the enhancement of support systems are expected to significantly boost the vitality of the reproductive and childcare industries.方正证券分析师周超泽指出，生育政策的放宽和支持体系的完善将显著提升生殖及育婴产业的景气度。

Future projections indicate rapid growth in technology development and service provision within these sectors.预计未来几年，相关企业将在技术研发、服务提供等方面迎来快速增长。