BYD(SZ:002594) Sou Hu Cai Jing·2025-11-13 01:16Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is one of the most open and economically vibrant regions in China, contributing approximately 1/9 of the national economic output with only 0.6% of the country's land area [1] - The GBA has a high density of listed companies, with 813 A-share listed companies in the nine mainland cities [1] - GBA-listed companies have shown robust growth in recent years, particularly in technological innovation and emerging sectors, contributing to high-quality development [1] R&D Investment - In the first three quarters of this year, GBA-listed companies invested a total of 237.3 billion yuan in R&D, a year-on-year increase of 9.69%, accounting for 20.69% of the total R&D expenditure of all A-share companies [3] - BYD led all A-share companies with 43.7 billion yuan in R&D expenses, focusing on innovations such as fast-charging batteries and advanced driving algorithms [3] Industry Upgrades - The GBA is becoming a leader in new productivity through breakthroughs in emerging sectors like autonomous driving, low-altitude economy, and robotics [6] - Companies like WeRide and Pony.ai have recently listed on the Hong Kong Stock Exchange, with WeRide being the only company holding autonomous driving licenses in seven countries [6] - The establishment of the "Air-Ground Integrated Cluster Smart AI Ecological Alliance" indicates a growing market for AI solutions, projected to exceed one trillion yuan in the next five years [6] Global Expansion - GBA-listed companies are increasingly focusing on international markets, with total overseas revenue reaching 955.6 billion yuan in the first half of 2025, accounting for 19.5% of all A-share companies' overseas revenue [10] - BYD achieved 135.4 billion yuan in overseas revenue, marking a 50.49% year-on-year increase, while Midea Group reported 107.2 billion yuan in overseas revenue [10][11] - Transsion Holdings has captured over 40% of the African smartphone market, leveraging its position to expand into mobile internet and software collaborations [11] Strategic Advantages - The GBA possesses strong foundational research capabilities, a robust industrial base, and a unique financial environment, making it well-positioned for technological advancements [5][8] - The region's integration of traditional industries with emerging technologies is expected to drive new productivity and economic growth [7][8]