HK Stock Market Move | MOMENTA-W (06880) surges over 8%; the "L2 feeding back into L4" flywheel mechanism has been successfully realized, and R7 deployment will enter a phase of large-scale volume ramp-up.

MOMENTA-W (06880) surged over 8%, up 8.85% as of press time, at HK$183.2, with a turnover of HK$18.1147 million. On the news front, recently, the Soochow team led by Huang Xili initiated coverage on MOMENTA-W with a "Buy" rating. The report noted that Momenta uses the R7 world model as its physical AI foundation, driving model iteration through both a mass-production vehicle data closed loop and an L4 operations closed loop, building a physical AI platform that can be reused across vehicle models, OEMs, and scenarios. Huang Xili's team believes that the company will directly transfer the R7 world model capabilities proven at scale in mass production to L4 scenarios the most direct realization to date of the "L2 feeding back into L4" flywheel mechanism, and the fundamental reason the company has formed a generational gap in iteration efficiency compared to pure-play L4 competitors. It is worth noting that MOMENTA-W has become the "greatest common denominator" across mainstream automakers in Japan, Europe, South Korea, and the US, and firmly holds the No. 1 position in China's third-party urban NOA market with approximately 65% sales share. The "data flywheel" effect is driving its qualitative transformation into a scaled software licensing platform, with marginal delivery costs rapidly declining, and R7 deployment entering a phase of large-scale volume ramp-up in the second half of 2026. In addition, the company's urban NOA penetration rate is expected to climb rapidly, with domestic L3 intelligent driving commercialization expected to officially land after 2027.