Investment Rating - The report assigns an "Outperform" rating to the company for the first time [4][6]. Core Viewpoints - The company is a global leader in autonomous driving, focusing on Robotaxi and Robotruck services, with a significant potential for revenue growth as it expands its fleet [4][15]. - The global market for Robotaxi is projected to be worth trillions, with a substantial opportunity for market penetration in both domestic and international markets [2][4]. - The company has developed a comprehensive ecosystem that integrates advanced driving technology, vehicle-grade products, and a diverse range of partners, which is expected to create a profitable business model [3][4]. Company Overview - The company, Pony.ai, was founded in 2016 and has rapidly developed its Robotaxi and Robotruck businesses, achieving significant milestones in autonomous vehicle testing and commercialization [15][16]. - The main business segments include Robotaxi autonomous ride-hailing services (9.7% of revenue), Robotruck autonomous trucking services (53.8%), and licensing and application services (36.5%) [24][30]. Financial Analysis - The company is expected to generate revenues of $75.03 million in 2024, with a projected growth rate of 4% year-over-year, and a net loss of $274 million [4][5]. - Revenue forecasts for 2025-2027 are $80 million, $93 million, and $195 million, respectively, with corresponding growth rates of 7%, 15.4%, and 110.3% [4][5]. Industry Insights - The Robo-X industry is characterized by a long growth trajectory and significant market potential, driven by technological advancements, cost reductions, and supportive policies [2][4]. - The competitive landscape includes major players like Tesla and Xpeng in the Robotaxi space, while Pony.ai, along with other companies, is making strides in the Robotruck sector [2][4].

Group 1 - The communication sector outperformed the market in June 2025, with the communication index rising by 11.97% compared to a 2.12% increase in the CSI 300 index, ranking first among 31 primary industries [1][14]. - The light module and optical device sector showed remarkable performance, increasing by 25.98% [1][23]. - The overall valuation of the communication sector has slightly recovered, with a PE ratio of 21.3x as of June 2025, which is still at a historically low level [18][22]. Group 2 - AI revenue for Broadcom in Q2 2025 grew by 46%, driven by strong demand for AI networks, with total revenue reaching 150 billion yuan, a 20% year-on-year increase [2][28]. - NVIDIA announced plans to establish 20 new AI factories in Europe, aiming for a tenfold increase in AI computing power within two years [2][30]. - Major cloud service providers (CSPs) are accelerating their investment in ASIC chip development to reduce reliance on NVIDIA and AMD, with companies like Google, AWS, Meta, and Microsoft leading the charge [2][43]. Group 3 - Taiwanese server ODM manufacturers reported strong monthly revenue growth, with companies like Hon Hai, Quanta, Wistron, and Inventec showing year-on-year increases of 11.92%, 58.19%, 162.14%, and 17.29% respectively [2][55][66]. - The global Ethernet switch market saw a revenue increase of 32.3% year-on-year in Q1 2025, reaching 11.7 billion USD, driven by demand from data centers [2][67]. - LightCounting predicts a 10% quarter-on-quarter growth in optical module sales, primarily driven by the demand for 800G Ethernet optical modules [2][72]. Group 4 - The investment recommendation focuses on sectors benefiting from global AI development, particularly light modules and copper connection industries, as well as domestic computing power companies [3][4]. - The three major telecom operators in China showed stable operations, with a cumulative revenue of 748.8 billion yuan in the first five months of 2025, reflecting a 1.4% year-on-year growth [3][20]. - The recommended stock portfolio includes China Mobile, Zhongji Xuchuang, Huagong Technology, and Guanghetong [4].

Investment Rating - The report rates the offshore wind power industry as "Outperform the Market" [2] Core Insights - The global offshore wind power industry is at a critical turning point, with a record 56GW of new capacity auctioned in 2024 and 48GW under construction, indicating strong mid-term prospects [3][13] - Offshore wind power has become economically viable compared to traditional fossil fuels, with a lifecycle carbon emission of only 12gCO2 per kWh, making it an ideal clean energy choice [9][7] - The industry is moving towards deep-sea, large-scale development, and floating wind farms, which will significantly increase the demand for subsea cables and foundation piles [3][19] Global Offshore Wind Outlook - In 2024, global offshore wind power added 8GW of installed capacity, a 26% decrease from the previous year, primarily due to delays in major markets like China, the UK, and the US [13][14] - The cumulative installed capacity reached 83.2GW by the end of 2024, with China accounting for 62% of new installations [14][15] Investment Recommendations - The report suggests focusing on companies such as Dongfang Cable, Daikin Heavy Industries, Times New Material, Guoda Special Materials, and Goldwind Technology for investment opportunities [3][6] Industry Development Trends - The report forecasts that from 2025 to 2030, global offshore wind power installations will grow from 15.5GW to 38.5GW, with a compound annual growth rate (CAGR) of 30% [13][12] - The Asia-Pacific region, particularly Japan and South Korea, is expected to see significant policy and regulatory breakthroughs, supporting the next phase of offshore wind development [3][19] Cost Competitiveness - The levelized cost of electricity (LCOE) for offshore wind in China is projected to be between 0.28 to 0.41 yuan per kWh, showing significant economic improvement compared to coal power [7][8] - The report emphasizes that the cost of offshore wind power is expected to continue decreasing with technological advancements and industry maturation [7][9]

证券研究报告 | 2025年6月28日 锂电产业链双周评（6月第2期） 固态电池产业化持续加速，消费电池掺硅比例稳步提升 行业研究 · 行业周报 电力设备新能源 · 锂电池 投资评级：优于大市（维持） 证券分析师：王蔚祺 010-88005313 wangweiqi2@guosen.com.cn S0980520080003 证券分析师：徐文辉 021-60375426 xuwenhui@guosen.com.cn S0980524030001 证券分析师：李全 021-60375434 liquan2@guosen.com.cn S0980524070002 请务必阅读正文之后的免责声明及其项下所有内容 投资建议 【行业动态】 【新能源车产业链数据】 【锂电材料及锂电池价格】 【风险提示】电动车销量不及预期，行业竞争加剧，原材料价格大幅波动，政策变动风险。 请务必阅读正文之后的免责声明及其项下所有内容 • 固态电池产业化加速推进：设备端，赢合科技固态电池湿法涂布、辊压以及电解质转印设备顺利出货至国内头部客户，先导智能向客户成功交付固态电池用复合转印设备与高速叠片 设备，科恒股份与北京纯锂新能源签署战略合作协 ...

证券研究报告 | 2025年06月28日 主动量化策略周报 半年度收官在即，四大主动量化组合均排名主动股基前 50% 核心观点 金融工程周报 国信金工主动量化策略表现跟踪： 本周，优秀基金业绩增强组合绝对收益 3.68%，相对偏股混合型基金指数超 额收益 0.82%。本年，优秀基金业绩增强组合绝对收益 6.12%，相对偏股混 合型基金指数超额收益-0.74%。今年以来，优秀基金业绩增强组合在主动股 基中排名 41.19%分位点（1429/3469）。 本周，成长稳健组合绝对收益 3.41%，相对偏股混合型基金指数超额收益 0.55%。本年，成长稳健组合绝对收益 21.70%，相对偏股混合型基金指数 超额收益 14.83%。今年以来，成长稳健组合在主动股基中排名 5.71%分位 点（198/3469）。 本周，股票收益中位数 4.41%，89%的股票上涨，11%的股票下跌；主动股 基中位数 2.79%，98%的基金上涨，2%的基金下跌。 本年，股票收益中位数 8.82%，69%的股票上涨，31%的股票下跌；主动股 基中位数 4.59%，78%的基金上涨，22%的基金下跌。 优秀基金业绩增强组合： 在构建量化组合 ...

证券研究报告 | 2025年06月28日 多因子选股周报 反转因子表现出色，中证 1000 增强组合年内超额 12.30% 国信金工指数增强组合表现跟踪 因子表现监控 以沪深 300 指数为选股空间。最近一周，单季营利同比增速、三个月反转、 特异度等因子表现较好，而一个月换手、三个月换手、EPTTM 等因子表现 较差。 以中证 A500 指数为选股空间。最近一周，单季营利同比增速、三个月反转、 一年动量等因子表现较好，而三个月换手、一个月换手、股息率等因子表现 较差。 以公募重仓指数为选股空间。最近一周，三个月反转、特异度、单季营利同 比增速等因子表现较好，而三个月换手、一个月波动、一个月换手等因子表 现较差。 公募基金指数增强产品表现跟踪 目前，公募基金沪深 300 指数增强产品共有 69 只（A、C 类算作一只，下 同），总规模合计 790 亿元。中证 500 指数增强产品共有 70 只，总规模合 计 454 亿元。中证 1000 指数增强产品共有 46 只，总规模合计 150 亿元。 中证 A500 指数增强产品共有 40 只，总规模合计 250 亿元。 沪深 300 指数增强产品最近一周：超额收益最高 ...

证券研究报告 | 2025年06月28日 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 3.88%，相对恒生指数超额收益 0.68%。 **Acknowledgement** I am grateful to my supervisor, who has been a great advisor of my supervisor, who has been a great advisor of my supervisor. 本年，港股精选组合绝对收益 38.64%，相对恒生指数超额收益 17.59%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，美丽田园医疗健康等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是大金融板块，其次为医药、科技、 周期和消费板块，具体个股信息可参照正文。 风险提示：市场环境变动风险，模型失效风险。 港股市场一周回顾 宽基指数方面，本周恒生小型股指数本周收益最高，累计收益 4.51%；恒生 大型股指数本周收益 ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11][12][13] - The 250-day high distance is calculated as: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price in the past 250 trading days[11] - As of June 27, 2025, the 250-day high distances for major indices are: Shanghai Composite Index 1.88%, Shenzhen Component Index 9.71%, CSI 300 7.86%, CSI 500 7.38%, CSI 1000 5.07%, CSI 2000 1.91%, ChiNext Index 16.70%, and STAR 50 Index 12.30%[12][13] - The report identifies 832 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the pharmaceutical, basic chemicals, and machinery industries[19][20] - The report also tracks "stable new high stocks" based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability, selecting 32 stocks such as Shenghong Technology, Shijia Photon, and Giant Network[26][28][29] - The selected stable new high stocks are mainly from the technology and large financial sectors, with the technology sector having the most new highs in the electronics industry and the large financial sector having the most new highs in the banking industry[29][30][32]

Investment Rating - The report maintains an "Outperform" rating for the North Exchange market [5] Core Insights - The liquidity of the North Exchange has significantly improved, and its market recognition is continuously increasing [1][2] - In 2024, the total operating revenue of North Exchange A-shares reached 181.981 billion, with a net profit of 11.256 billion [1][15] - The average operating revenue per company in 2024 was 0.682 billion, with a net profit average of 0.042 billion [1][15] - The North Exchange A-shares have shown a stable revenue average of over 6.8 billion in the past three years [1][32] Summary by Sections Overall Performance of North Exchange A-shares - In 2024, the total operating revenue was 1819.81 billion, and the net profit was 112.56 billion [1][15] - The average revenue per company was 6.82 billion, and the average net profit was 0.42 billion [1][15] - The highest revenue and net profit in 2024 were recorded by Better Ray, with revenues of 14.237 billion and net profits of 0.946 billion [25][27] Comparison with Other Markets - The average revenue of North Exchange A-shares has remained stable above 6.8 billion over the past three years, while the average revenue of the dual innovation board is above 20.10 billion [1][32] - The net profit average for North Exchange A-shares has fluctuated between 0.42 and 0.68 billion over the past five years, compared to 1.02 to 1.61 billion for the registered system entrepreneurial board [1][32] Valuation Metrics - The PE-TTM value of North Exchange A-shares has surpassed the main board starting in 2024, indicating improved market attractiveness [2][39] - The PB value of North Exchange A-shares has exceeded that of the main board and is comparable to the registered system entrepreneurial board, reflecting rapid improvement in asset pricing capability [2][42] Liquidity Indicators - The trading volume of North Exchange has significantly increased since November 2023, with 2024 trading volume reaching 29735.71 billion [2][50] - The turnover rate of North Exchange stocks has consistently been higher than that of the dual innovation board since November 2023 [2][50] R&D Indicators - The average R&D expenditure for North Exchange A-shares in 2024 was 0.3223 billion, with the highest being 0.77206 billion by Better Ray [28] - The market R&D ratio has significantly increased, reaching 74.5346% in 2024, surpassing Shenzhen A-shares and approaching Shanghai A-shares levels [3][59] Industry Breakdown - The top five industries by total revenue in North Exchange A-shares in 2024 were power equipment, basic chemicals, machinery, automotive, and computers [3] - The highest gross margin industries included machinery, pharmaceuticals, computers, power equipment, and automotive [3]