Core Viewpoint - The 2025 China International Tourism Trade Fair has opened in Hainan, marking the first national-level high-profile international exhibition since the full closure of the Hainan Free Trade Port, attracting representatives from over 100 countries and regions to explore new opportunities in the cultural and tourism industry [1] Group 1: Event Highlights - The event showcases the innovative automatic driving tourism ecological solution launched by Shenzhou Car Rental, featuring the L4-level autonomous driving service along the eastern route of Hainan's circular tourism highway [1] - Shenzhou Car Rental's Vice President Zhao Zhe emphasized the company's transition from traditional car rental services to a smart travel ecosystem, with Hainan serving as the core practical platform for this transformation [1] Group 2: Technological Implementation - The eastern route of Hainan's circular tourism highway spans over 400 kilometers and connects popular tourist attractions such as Haikou Qilou Old Street, Wenchang Mulan Bay, Moon Bay, and Hainan Duty-Free City, establishing the world's first L4-level autonomous driving tourism highway service scenario [1] - With support from relevant government departments in Hainan, Shenzhou Car Rental has developed a clear logical closed loop for its autonomous driving tourism ecosystem, which includes creating mobile spaces with smart hardware, enriching content and interaction through smart guides, extending service chains with ecological support, and continuously evolving the system driven by data assets [1]

Core Viewpoint - The company is transitioning from traditional car rental services to a smart travel ecosystem through the implementation of the world's first Level 4 autonomous driving application in the car rental industry, with Hainan as the key practice area [1] Group 1: Company Developments - The company celebrated its 18th anniversary and is leveraging autonomous driving technology to enhance its service offerings [1] - The company has established the world's first Level 4 autonomous driving tourism road service scenario along the 400-kilometer Hainan Ring Road, connecting popular tourist attractions [1] Group 2: Service Enhancements - The company is launching the "SPACE Z Shenzhou Station" construction plan to improve its ecological service system, with the first station already operational in Hainan's Mulan Bay [1] - The operational station offers services such as AI interactive games, robotic dog tours, and new energy fast charging, accessible to all users of the company's fuel vehicles, new energy vehicles, and smart driving services [1]

12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，阿里巴巴(09988.HK/BABA.US)、波司登 (03998.HK)、均胜电子(600699.SH/00699.HK)、理想汽车(02015.HK/LI.US)、上美股份(02145.HK)、TCL 电子(01070.HK)、香港中华煤气(00003.HK)、心动公司(02400.HK)、招金矿业(01818.HK)、中国平安 (601318.SH/02318.HK) 10家企业荣获"年度投资价值奖（大市值）"奖项。（排名不分先后，按公司首部字母顺序排列） | | | 2025年度卓越公司评选榜单 | | | --- | --- | --- | --- | | 公司名称 | 公司代码 | 公司名称 | 公司代码 | | 阿里巴巴 | 09988.HK/BABA.US | TCL电子 | 01070.HK | | 波司登 | 03998.HK | 香港中华煤气 | 00003.HK | | 均胜电子 | 600699 SH/00699.HK | 心动公司 ...

Summary of the Conference Call Transcript Company Overview - **Company**: Joyson Electronics (均胜电子) - **Industry**: Automotive Safety and Electronics Solutions - **Rating**: Buy with a target price of Rmb 34.20, up from Rmb 21.10 [1][4] Key Points and Arguments Industry Trends - The global automotive industry is undergoing significant electrification and intelligence trends, expected to drive the automotive electronics market with a CAGR of 9.0% from 2025 to 2028 [2][9] - Key growth segments include smart cockpit solutions, intelligent driving solutions, new energy management systems, and intelligent connectivity systems [2][9] Financial Projections - Joyson's net profit is projected to grow at a CAGR of 17% from 2025 to 2028, driven by deepening collaborations with domestic automakers and benefiting from overseas automakers' transitions to electrification and intelligence [3][10] - Revenue is expected to grow at a CAGR of 6.5%, with gross and net profit margins improving from 18.3% and 2.4% in 2025 to 18.4% and 3.2% in 2028, respectively [3][10] Valuation - The valuation is based on a segmented approach: - Automotive safety and other parts: 21.0x 2026E PE - Automotive electronics: 27.5x 2026E PE - Robotics parts: 9.5x 2026E P/S [4][31] - The new target price reflects a 27.5x 2026E PE, indicating a 16% discount compared to peers [4][31] Market Position - Joyson is positioned as a global leader in automotive passive safety and electronics, with a comprehensive product portfolio and a global customer base [1][13] - The company has established over 25 R&D centers and more than 60 production bases worldwide, covering major automakers [13] Growth Opportunities - Joyson has secured projects with leading overseas automakers and a major humanoid robot manufacturer, indicating potential growth in the robotics sector [1][19] - The company is expected to benefit from the increasing demand for automotive electronics due to stricter safety standards and the transition to centralized electronic architectures [9][10] Additional Important Insights - The current stock price of Rmb 26.95 reflects a potential upside, with a risk-reward ratio of 3.1:1 [36] - The company has faced challenges in the past due to significant acquisitions and restructuring, but these impacts are expected to diminish by 2025 [14] - Joyson's revenue growth is primarily driven by the automotive electronics sector, which is anticipated to outperform the traditional automotive safety market [9][10] Conclusion - Joyson Electronics is well-positioned to capitalize on the ongoing transformation in the automotive industry, with strong growth prospects in both automotive electronics and robotics. The current valuation does not fully reflect the company's growth potential, making it an attractive investment opportunity.

Core Insights - Junsheng Electronics' subsidiary, Junlian Zhixing, has signed a strategic cooperation agreement with Snian Zhijia to leverage their respective resource advantages in L4 autonomous driving solutions and embodied intelligent domain control [1] Group 1: Strategic Cooperation - The collaboration will focus on the commercial application of L4 autonomous driving solutions and embodied intelligent domain control [1] - Both companies aim to deepen their cooperation in technology research and development, product implementation, and scene expansion [3] Group 2: Technological Development - A joint development of a smart port digital management platform based on "V2X + L4 autonomous driving + intelligent cloud scheduling" has been successfully implemented at Ningbo Port, improving vehicle scheduling efficiency by 15% and path planning accuracy by 10% [2] - The successful deployment of this product validates the advanced integration and feasibility of both companies' technologies, providing replicable and scalable application experiences for high-level intelligent driving technology [3] Group 3: Future Prospects - Future plans include further collaboration on embodied intelligent domain control development and expanding the application scenarios for L4 high-level intelligent driving technology [3] - Both companies emphasize resource sharing, co-construction, win-win cooperation, and collaborative innovation as guiding principles for their partnership [3]

12月16日，为持续巩固出行安全防线，提升全流程应急保障能力，神州租车在北京举办了"演 练即实战，安全常相伴"主题的安全应急演练。本次演练活动在北京市交通委员会出租（租赁）汽 车管理处、北京市公安局公交总队出租支队、北京市交通委员会朝阳运输管理分局、北京市交通 运输综合执法总队五支队、北京市公安局公交总队草房站派出所、北京出租汽车暨汽车租赁协会 的共同指导下开展，演练通过设置多个高度仿真的租车情景，系统展示了神州租车在身份核验、 交通事故处理、消防安全、反诈防骗等方面的标准化应急流程与协同响应机制，旨在将安全出行 的理念转化为切实的用户保障。 演练伊始，北京市交通委员会朝阳运输管理分局王科长进行动员讲话。他着重指出，汽车租赁行业 作为城市出行服务体系的重要组成部分，其安全运营水平直接关系到公共安全与用户体验，此类实战化 演练对夯实行业安全基础、完善应急处置协同机制具有重要意义。 北京市公安局公交总队出租支队张副支队长对本次演练活动做总结讲话，他指出，此次神州租车应 急演练，精准贴合当前汽车租赁行业的运营实际和安全风险，演练科目设置科学合理，场景模拟高度逼 真，充分展现了神州租车在安全管理方面的扎实基础和应急处 ...

智通财经获悉，均胜电子(00699)盘中涨超6%，截至发稿，涨4.48%，报17.03港元，成交额6613.68万港 元。 消息面上，12月15日，工信部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适配城 市拥堵、高速路段的车型将在北京、重庆指定区域开展上路试点，标志着我国L3级自动驾驶从测试阶 段迈入商业化应用的关键一步。中汽协表示，此次L3级自动驾驶车型获得许可，标志着智能网联汽车 迈入量产应用新阶段。 据公开资料显示，均胜电子为自动驾驶领域的核心Tier1供应商，公司自动驾驶相关产品通过ISO 26262 ASIL - D功能安全认证，能在 - 40℃ - 125℃的极端环境下稳定运行，满足自动驾驶在不同场景下的严苛 可靠性要求；另一方面，此前推出的智能辅助驾驶数据存储系统(DSSAD)，也就是自动驾驶 "黑匣 子"，可记录L3及以上级别自动驾驶的系统运行和驾驶员操作数据，既助力事故溯源与责任判定，也为 自动驾驶技术迭代提供数据支撑。 本文源自：智通财经网 ...

据公开资料显示，均胜电子为自动驾驶领域的核心Tier1供应商，公司自动驾驶相关产品通过ISO 26262 ASIL - D功能安全认证，能在 - 40℃ - 125℃的极端环境下稳定运行，满足自动驾驶在不同场景下的严苛 可靠性要求；另一方面，此前推出的智能辅助驾驶数据存储系统(DSSAD)，也就是自动驾驶 "黑匣 子"，可记录L3及以上级别自动驾驶的系统运行和驾驶员操作数据，既助力事故溯源与责任判定，也为 自动驾驶技术迭代提供数据支撑。 消息面上，12月15日，工信部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适配城 市拥堵、高速路段的车型将在北京、重庆指定区域开展上路试点，标志着我国L3级自动驾驶从测试阶 段迈入商业化应用的关键一步。中汽协表示，此次L3级自动驾驶车型获得许可，标志着智能网联汽车 迈入量产应用新阶段。 均胜电子(00699)盘中涨超6%，截至发稿，涨4.48%，报17.03港元，成交额6613.68万港元。 ...

Core Insights - Shenzhou Car Rental, a leading domestic car rental service platform, celebrates its 18th anniversary, marking its role as a pioneer and leader in China's car rental industry [1] - The company has witnessed and driven explosive growth in the Chinese car rental market since its establishment in 2007, actively participating in the evolution of industry standards [1] - In 2025, Shenzhou Car Rental launched L4 autonomous driving system-equipped electric vehicles in Hainan, integrating autonomous driving technology with tourism scenarios [1] - The company emphasizes a deepening strategy in new energy, increasing the proportion of new energy vehicles in its fleet, and collaborating with 34 brands to introduce popular models [1] Competitive Advantages - Shenzhou Car Rental has established a solid competitive barrier with a fully direct sales network, a diverse range of vehicle models, a user base of over 1 billion, and a comprehensive ecological layout [2] - The company operates over 6,500 service outlets across more than 360 cities, ensuring users can access services conveniently [2] - The fleet consists of 200,000 vehicles, covering over 260 models from economy to luxury, catering to diverse rental needs [2] - The company has served 180 million high-value users primarily in first- and second-tier cities, providing a natural market for new energy and smart travel products [2] Industry Outlook - The Chinese car rental industry is transitioning towards high-quality development characterized by "intelligent, electric, and scenario-based" services [2] - With a shift in consumer mindset towards "usage rather than ownership" and a strong recovery in tourism, the rental market holds significant potential [2] - Shenzhou Car Rental aims to lead in smart driving technology, enhance operational support, and develop innovative scenario-based products [2] - The company plans to optimize vehicle lifecycle management in the new energy sector and create differentiated product matrices focused on user experience [2] Future Vision - Shenzhou Car Rental envisions a future of smarter, greener, and better travel experiences, collaborating with users and partners to achieve this goal [3]

Core Viewpoint - The rising demand for travel protection due to respiratory diseases has led to a collaboration between Yiling Health and Shenzhou Car Rental, launching the "New Year Journey" campaign to provide health products for users during year-end travel [1] Group 1: Product Offerings - The campaign features the Lianhua Respiratory Health product series, which utilizes the patented Lianhua HAbO essential oil to create a comprehensive protective system [1] - The Lianhua mask bead, praised as an "air renewal artifact" for in-car protection, releases essential oil upon squeezing, alleviating discomfort from prolonged mask use [2] - Additional products include the Lianhua throat spray for soothing, Lianhua sugar-free herbal candy for throat relief, and Lianhua plant beverage for hydration, all aimed at enhancing travel comfort [2] Group 2: Market Positioning - Yiling Health aims to meet diverse travel needs across various demographics, including commuters and students, by providing a health barrier through its product offerings [4] - The company plans to continue focusing on consumer protection needs in different life scenarios, integrating traditional Chinese medicine with modern technology for respiratory health [4] - The comprehensive protective logic of the Lianhua Respiratory Health series is designed to ensure safe and healthy travel experiences for users [4]