研选 | 光大研究每周重点报告 20250823-20250829

Group 1: Macro Research - The report discusses the macroeconomic evolution, industry differentiation, and convertible bond strategies in the context of the current "anti-involution" trend, analyzing its starting point, causes, corporate responses, and current policies [4] - It categorizes industries based on revenue quality and capability, along with asset quality, leading to three types of convertible bond strategies: stable allocation, tactical allocation, and cautious allocation, each with two constructed portfolios [4] - The stable allocation portfolio is projected to yield the best returns from 2022 to 2024, while the performance of different portfolios has shown little variation since the beginning of the year, indicating a general uptrend in the convertible bond market [4] Group 2: Company Analysis - Pony.ai is highlighted as a leader in the commercialization of autonomous driving, with three main business segments, where Robotaxi is identified as the core long-term business [5] - The company is expected to leverage its technology, ecosystem, and operational qualifications to build a core competitive advantage, with the potential for gradual profitability as new low-cost vehicle models are released [5]