Group 1 - The core viewpoint of the report is that the market will refocus on intelligent investment opportunities in Q4, with a preference for Hong Kong stocks over A-shares, software over hardware, and B-end over C-end [1] - The report highlights that since the AI market began in 2023, each subsequent phase has seen a spread towards intelligence, which is viewed as a significant application of AI in the physical world, with expectations for over-performance in the next 3-5 years [1] - The report identifies key catalysts for intelligent development in Q4, including the release of Tesla's V14 version, Xiaopeng's technology day in October, and the introduction of new autonomous vehicles by various companies [1] Group 2 - The report notes similarities between Q4 this year and last year in terms of AI diffusion, but emphasizes a shift in focus from automotive and AI logic resonance to the evolution of AI logic this year [2] - It points out that all players have improved their capabilities over the past year, particularly the first-tier players moving towards L4, indicating stronger industry realization [2] - The report suggests a shift in focus from hardware opportunities and C-end sales last year to software opportunities and breakthroughs in the B-end this year [2]

Core Insights - The 2025 World Intelligent Connected Vehicle Conference opened in Beijing, where Cao Cao Mobility announced significant advancements in its Robotaxi fleet, becoming the first global platform to scale low Earth orbit satellite communication technology in Robotaxi operations [1][3] - Geely Holding Group's Chairman Li Shufu emphasized the importance of Cao Cao Mobility as the primary commercial vehicle for Robotaxi, enhancing emergency response capabilities and operational safety through stable satellite communication services [1][3] Group 1 - The conference highlighted key breakthroughs in communication technology for Cao Cao Mobility's Robotaxi fleet, with CTO Qiang Qiang and Space-Time Daoyu's CTO Ding Sheng discussing technical details and strategic significance [3] - The integration of satellite communication technology allows vehicles to maintain stable connections with the operations center, even in areas with unstable 4G/5G signals, significantly improving safety and reliability in various driving scenarios [3][5] - CTO Qiang Qiang stated that safety is essential for the commercial viability of autonomous driving, and the introduction of satellite communication is a critical step towards creating a comprehensive safety system for users [3] Group 2 - The collaboration reflects the ecological synergy within Geely Holding Group, with Space-Time Daoyu's CTO Ding Sheng noting the necessity of an integrated information network for smart mobility [5] - The "Geely Constellation" has achieved real-time coverage with 1 to 2 layers of satellite communication within the latitudes of 60° North and South, enhancing the safety of Robotaxi operations [5] - Cao Cao Mobility is accelerating the deployment of the second generation of Robotaxi vehicles and collaborating with Geely and partners to develop customized vehicles with proprietary autonomous driving components [5]

Core Viewpoint - The 2025 World Intelligent Connected Vehicles Conference in Beijing highlighted significant advancements in Robotaxi technology, particularly the integration of low-orbit satellite communication by Cao Cao Mobility, marking it as the first platform to scale this technology in Robotaxi operations [1][3]. Group 1: Technological Advancements - Cao Cao Mobility's Robotaxi fleet has successfully integrated the satellite IoT communication technology from Time Space Dao Yu, ensuring stable connectivity even in areas with unstable 4G/5G signals, thus enhancing operational reliability [3][5]. - The CTO of Cao Cao Mobility emphasized that safety is crucial for the commercial viability of autonomous driving, and the introduction of satellite communication is a key step in building a comprehensive safety system for users [3][5]. Group 2: Strategic Collaborations - Geely Holding Group's chairman highlighted the importance of Cao Cao Mobility as a commercial vehicle for Robotaxi, focusing on enhancing emergency response capabilities through reliable satellite communication services [1][5]. - The collaboration between Cao Cao Mobility and Time Space Dao Yu aims to create a unified information network for smart transportation, with the Geely constellation providing real-time satellite communication coverage [5]. Group 3: Industry Impact - The showcase at the World Intelligent Connected Vehicles Conference reflects the ecological advantages of Cao Cao Mobility in the autonomous driving sector and demonstrates the innovative capabilities of Chinese companies in exploring cutting-edge technologies in intelligent connected vehicles [5]. - Cao Cao Mobility is accelerating the deployment of the second generation of Robotaxi vehicles and is working with Geely and partners to develop customized vehicles with proprietary autonomous driving components [5].

Group 1 - The core viewpoint of the article highlights that Cao Cao Mobility has excelled in quality operations, innovative breakthroughs, and social contributions, leading to its nomination as a respected enterprise for the 2024-2025 period by the Economic Observer [1] Group 2 - The evaluation was conducted by the respected enterprise committee of the Economic Observer, indicating a recognition of the company's performance in various key metrics [1] - The nomination reflects the company's commitment to excellence and its impact on the industry and society [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 曹操出行有限公司 | | | | | | 呈交日期: | 2025年10月6日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.1.1 證券代號 (如上市) 02643 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 5,000,000,000 USD 0.00001 USD 50,000 增加 / 減少 (-) USD 本月底結存 5,000,000,000 USD 0.00001 USD 50,000 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分 ...

Core Insights - The Hong Kong Stock Connect market is undergoing normalization adjustments, with 67 stocks included and 61 stocks removed as of September 30, 2025, raising concerns about the assessment period and subsequent price volatility of newly listed stocks [1] Group 1: Inclusion Rules - Stocks must achieve a daily average market capitalization covering the top 95% in the Hong Kong market and pass liquidity tests to be included in the Hang Seng Composite Index [2] - The Hang Seng Composite Index categorizes stocks into large, medium, and small caps, with small caps needing an average month-end market capitalization of at least 5 billion HKD for inclusion in the Stock Connect [2] Group 2: Adjustment Timing - Regular adjustments occur at the end of June and December, with qualifying stocks added to the index and Stock Connect in September and March of the following year [3] - A fast-track mechanism allows newly listed companies to be included in the index and Stock Connect if they meet market capitalization and liquidity criteria shortly after listing [3] Group 3: Market Manipulation Concerns - Companies with low market capitalization and small float are targeted for speculation, with two types of funds involved: those colluding with companies for shareholder exits and those speculating based on index inclusion expectations [5] - The cases of Yaojie Ankang and Cao Cao Chuxing exemplify these speculative activities, where stock prices surged due to passive fund inflows and subsequently crashed [5] Group 4: Yaojie Ankang Case Study - Yaojie Ankang, a clinical-stage biopharmaceutical company, raised only 200 million HKD in its IPO, the smallest in the medical sector for 2025, and had a highly concentrated shareholding structure [6] - After being included in the Stock Connect on September 8, 2025, the stock price surged over 200% due to passive fund inflows but later plummeted by 54% in a single day, indicating a lack of fundamental support for the price increase [7][8] Group 5: Cao Cao Chuxing Case Study - Cao Cao Chuxing, a ride-hailing platform, faced weak institutional demand during its IPO, leading to a significant drop in its stock price on the first day [9] - Following its inclusion in the Stock Connect, the stock price initially rose by 143% but then fell sharply, suggesting potential market manipulation as funds sold off after retail investors entered the market [10]

Group 1 - The company announced the resignation of Mr. Li Zhongcheng as the co-secretary, authorized representative, and legal document agent [1] - Mr. Wu Dongcheng has been appointed as the new co-secretary, authorized representative, and legal document agent, effective from September 26, 2025 [1] - Mr. Zhong Xueyin will continue to serve as another co-secretary [1]

曹操出行(02643)公布，李忠成先生已辞任公司联席公司秘书、授权代表及法律程序文件代理人，吴东 澄先生已获委任为联席公司秘书、授权代表及法律程序文件代理人，自2025年9月26日起生效。钟雪垠 先生将继续担任另一位联席公司秘书。 ...

Core Viewpoint - Cao Cao Travel (02643.HK) announced the resignation of Li Zhongcheng from multiple positions effective September 26, 2025, and the appointment of Wu Dongcheng as the new joint company secretary and authorized representative [1] Group 1 - Li Zhongcheng will resign as (i) joint company secretary; (ii) authorized representative under the Hong Kong Stock Exchange Listing Rules Section 3.05; and (iii) legal process document agent effective September 26, 2025 [1] - Wu Dongcheng has been appointed as the joint company secretary, authorized representative, and legal process document agent effective September 26, 2025 [1] - Zhong Xueyin will continue to serve as another joint company secretary [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02643） 更換聯席公司秘書、授權代表 及法律程序文件代理人； 及 豁免嚴格遵守上市規則第3.28及8.17條 曹操出行有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，李忠成先 生（「李先生」）已提呈辭任(i)本公司聯席公司秘書（「聯席公司秘書」）；(ii)香港聯 合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第3.05條項下本公司 之授權代表（「授權代表」）；及(iii)根據上市規則第19.05(2)條及香港法例第622章 公司條例第16部的規定代本公司在香港接收送達之法律程序文件及通知書之代表 （「法律程序文件代理人」），自2025年9月26日起生效。 李先生已確認其與董事會並無意見分歧，亦無任何與其辭任有關的事宜須提請本 公司股東或聯交所垂注。 董事會進一步宣佈，李先生辭任後，吳東澄 ...