海外打车业务的快速扩张，不仅增强了公司在国际出行市场的服务能力，也为商旅业务的全球化发展提 供了重要支撑。未来曹操出行境外打车网络、高端用车服务及商旅业务将进一步协同发展，形成全球 化、全场景的商旅服务，持续助力中国企业及其员工在全球范围内实现更高效、更便捷、更一体化的出 行体验。 智通财经APP获悉，曹操出行(02643)正式宣布，海外打车服务已在全球42个国家、约1.6万座城市上 线，逐步构建起广泛的国际出行服务网络。 随着中国企业出海进程加快，海外商旅与员工本地出行已成为企业国际化运营的关键环节。数据显示， 33.2%的企业计划上调海外差旅预算，其中6.1%的企业增幅超过30%，远高于国内差旅预算增长率 (24%)。海外差旅支出占比也从2023年的3.3%提升至2025年上半年的4.9%，其中用车服务是跨境差旅管 理中高频且重要的一环。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支 ...

新浪科技讯 1月30日上午消息，曹操出行正式宣布，海外打车服务已在全球42个国家、约1.6万座城市上 线，逐步构建起广泛的国际出行服务网络。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支付的繁 琐步骤，极大简化了海外用车流程。 在美国洛杉矶、德国柏林、法国巴黎等海外打车服务覆盖的城市，用户只需在曹操出行App内切换定位 至目标城市，即可呼叫当地合规车辆。据悉，打车全流程支持中文界面，价格按实时汇率换算人民币， 支持移动支付工具结算。用户不仅免去了下载当地应用的麻烦，也跳过了兑换外币或绑定境外支付的繁 琐步骤，极大简化了海外用车流程。 随着中国企业出海进程加快，海外商旅与员工本地出行已成为企业国际化运营的关键环节。自2016年启 动企业客户服务以来，截至2024年12月31日，曹操出行已累计服务超过1.35万家企业。未来将与旗下耀 出行、吉利商旅，打通从日常通勤、商务接待到差旅管理的全场景 ...

Core Insights - The company, Cao Cao Mobility, has expanded its overseas ride-hailing services to 42 countries and approximately 16,000 cities, marking a significant milestone in its global travel service network [1] - The company aims to integrate overseas ride-hailing, high-end vehicle services, and business travel into a comprehensive global travel service platform [1] - A strategic goal has been set to deploy 100,000 fully customized Robotaxis by 2030, leveraging the industrial ecosystem of Geely Holding Group [2] Group 1: Global Expansion and Strategy - The rapid expansion of the overseas network is closely aligned with the company's long-term strategy and capital actions, including a share incentive plan aimed at achieving a market value of 100 billion and deploying 100,000 fully customized Robotaxis [1][2] - The company plans to raise approximately HKD 383 million through a share placement, with nearly 70% allocated for Robotaxi vehicle procurement, technology development, and global expansion [1] - The transition from a single ride-hailing service provider to a comprehensive technology travel platform is being accelerated through multi-line layouts [2] Group 2: Operational Advantages and Ecosystem - The company benefits from a strong industrial foundation backed by Geely Holding Group, excelling in vehicle customization, large-scale fleet operations, and asset management [3] - The integration of "Yao Travel" (high-end travel) and "Geely Business Travel" resources has established a multi-dimensional service network covering personal and corporate needs [3] - The planned fully customized Robotaxi is designed to meet diverse global market regulations and demands, moving away from traditional retrofitting methods [3] Group 3: Infrastructure and Commercial Logic - The goal of deploying 100,000 fully customized Robotaxis is not merely quantitative but aims to build a "green intelligent passage island" infrastructure network in key global markets [4] - This infrastructure is intended to address the industry's long-standing challenges of high investment and operational difficulties [4] Group 4: Competitive Edge and Technology - The ultimate competition in the Robotaxi industry will focus on a systematic approach combining technology, vehicles, and operations [5] - The company's "intelligent customized vehicle + intelligent driving technology + intelligent operation" model is becoming a core competitive barrier in the global market [5] - The second-generation Robotaxi has initiated pilot testing, utilizing a hybrid model of "in-vehicle safety personnel + remote monitoring" to transition towards full automation [6] Group 5: Global Partnerships and Future Outlook - The company has established a strategic partnership with the Abu Dhabi Investment Office to create an autonomous driving trial area and deploy a battery swap network [6] - The aim is to position the Middle East as a key hub for the company's Robotaxi expansion [6] - The company is packaging its validated domestic customized vehicle technology, battery swap systems, and intelligent operation solutions as a "Chinese smart travel solution" for international markets [6]

Group 1 - The establishment of the Suzhou Online Ride-Hailing Industry Trade Union marks a new phase in the standardized development of the industry and the protection of workers' rights [1] - The trade union includes major platforms such as Didi Chuxing, T3, and others, as well as regulatory authorities and labor unions, covering the entire Suzhou area [1] - The first leadership team of the trade union was elected, with Zhu Chao becoming the chairman, and the union's charter was approved [1] Group 2 - The union will focus on principles such as protecting rights, serving workers, promoting development, and standardizing the industry [2] - It aims to enhance industry compliance and service quality, striving for a goal of "zero complaints and full compliance" [2] - The union will gather industry insights to promote innovative practices and address development bottlenecks, contributing to high-quality urban transportation and improved public services in Suzhou [2]

Group 1 - The second season of "China Food Conference" is exclusively sponsored by CCB Life and is set to premiere soon, showcasing a variety of delicious dishes from across the country [2] - The program aims to enhance viewer engagement by offering substantial rewards and benefits during the show, turning each viewing moment into tangible enjoyment [2][5] - Various promotional activities are available, including a 24 yuan takeaway coupon for signing in, discounted food items, and special offers on cleaning products and transportation services [5][6][7] Group 2 - The promotional activities include a 10 yuan purchase for Dicos chicken nuggets, making it a perfect pairing for the show [5] - There are also 1 yuan purchase events on Tmall and JD.com, allowing viewers to replicate the delicious dishes featured in the program [6] - The program encourages the use of loyalty points for discounts on takeaway orders, making dining more economical for participants [7]

在国际化方面，公司与阿布扎比达成合作，积极推动自动驾驶技术与换电体系出海。曹操出行正以全链 路生态和清晰的商业化路径与国内外双线布局，全力推进Robotaxi 战略落地。 盈利预测与投资评级：公司Robotaxi 商业化路径清晰，构建车辆技术运营生态闭环。我们维持曹操出行 2025-2027 年营业收入预期分别为206.7/262.4/323.7 亿元，对应PS 分别为0.9/0.7/0.6 倍（截至2026 年1月 27 日），基于网约车业务稳步发展、Robotaxi 业务空间广阔，维持"买入"评级。 机构：东吴证券 研究员：张良卫/黄细里/童明祺 事件：2026 年1 月28 日，公司公告拟配售不多于1200 万股配售股份，占扩大后已发行股份总数的约 2.06%，配售价每股32.46 港元，筹资净额3.83 亿港元，较1 月27 日收市价35.66 港元折让约8.97%，所 得款项净额将主要用于Robotaxi 业务。 整体资金运用旨在强化公司Robotaxi 与企业服务领域的战略布局。约67.7%将投入国内外Robotaxi 业务 的发展，重点用于采购定制化的Robotaxi 车辆、构建与之匹配的运营体 ...

Core Viewpoint - Dongwu Securities maintains a "buy" rating for Cao Cao Mobility (02643), highlighting a clear commercialization path for its Robotaxi business and the establishment of a vehicle technology operation ecosystem [1] Recent Events - On January 28, 2026, the company announced a plan to place no more than 12 million shares, accounting for approximately 2.06% of the enlarged total issued shares, at a price of HKD 32.46 per share, raising a net amount of HKD 383 million, which is about 8.97% lower than the closing price of HKD 35.66 on January 27 [1] Financial Allocation - Approximately 67.7% of the raised funds will be invested in the development of domestic and international Robotaxi businesses, focusing on the procurement of customized Robotaxi vehicles, building matching operational systems, and ongoing core technology research and development [2] - About 22.3% will be used to expand enterprise services through operational investments, platform upgrades, and recent or ongoing acquisitions, such as Weixing Technology and Zhejiang Geely Business Services [2] - The remaining approximately 10% will be allocated for working capital and general corporate purposes [2] Strategic Importance - The company has positioned Robotaxi as a core strategic focus for long-term development, aiming to deploy a total of 100,000 fully customized Robotaxis by 2030, which is a key performance indicator in the new share incentive plan [3] - The company has developed a unique "smart customized vehicle + smart driving technology + smart operation" model, leveraging data, algorithms, and a nationwide service network accumulated over ten years of shared mobility [3] - The second-generation Robotaxi has entered the pilot operation phase, transitioning from human-monitored to unmanned operations, with fully customized models set to debut this year [3] - Internationally, the company has partnered with Abu Dhabi to promote the export of autonomous driving technology and battery swap systems [3]

要闻提示 NEWS REMIND 1.亚马逊再裁1.6万人，网友曝北京裁员50%，整组被"一锅端" 2.马云最新发声：AI时代不要再犹豫用不用AI，应关注怎么教孩子用好AI 3.理想调整研发架构，智驾部门将被重组！郎咸朋转战机器人 4.阿童木机器人冲击港股IPO，瓜子二手车杨浩涌、深创投、联想为股东 5.裸车19.99万元，曾经一车难求的雷克萨斯ES，也开始打折卖了 6.字节禁止员工利用公司资源做号谋利 7. 马斯克宣布：ModelS和ModelX项目将终止，特斯拉预计4月推出下一代敞篷跑车 8.光刻机巨头ASML，裁员1700人！ 今日头条 HEADLINE NEWS 突发！亚马逊裁员16000人，网友曝北京裁员50%，整组被"一锅端" 1月28日消息，科技巨头亚马逊周三宣布启动近3个月内的第二轮大规模裁员，这次将影响1.6万名白领员工。亚马逊表示，将为大多数美国员工提供90天的 内部职位寻找机会。同时，对于无法在亚马逊找到新职位或选择不寻找新职位的员工，亚马逊将提供过渡支持，包括遣散费、职业介绍服务、医疗保险福利 等。亚马逊也表示，一直在努力通过精简层级、增强责任担当和消除官僚主义来强化组织架构。虽然许多 ...

Macro Strategy - The core viewpoint is that the reform of the public housing fund can release significant consumption potential by lowering housing costs, thereby saving more funds for consumption. Three specific paths are proposed to reduce housing costs: expanding rental withdrawals, broadening the usage scope of the fund, and further lowering loan interest rates. The total potential release of funds is estimated at approximately 515.1 billion yuan, which could theoretically stimulate consumption by about 360.6 billion yuan, increasing the growth rate of resident consumption by 0.7 percentage points [1][15]. Fixed Income Strategy - The report discusses the "see-saw" relationship between stocks and bonds, emphasizing that this relationship is not stable or universal. The direction of stock and bond pricing is determined by the interplay between the numerator (earnings) and the denominator (interest rates). When the economy performs well, stock prices may rise due to improved earnings, but rising interest rates can suppress bond prices and increase stock discount rates, leading to uncertain stock index directions. Conversely, in a weak economic environment, stock prices may decline even if bond prices rise [2][18]. Industry Insights - The commercial aerospace sector is highlighted as a key investment area for 2026, driven by the successful launch of domestic rockets, which has removed previous operational bottlenecks. The report suggests focusing on four main areas: SpaceX-related stocks, rocket and satellite sectors, and space computing/solar power. Specific companies to watch include Maimai Co., Anhui Helit, and others in the rocket and satellite sectors [3][21]. Water Conservancy Investment - The report indicates that the "northward shift of the rain belt" since 2021 has led to increased rainfall and flooding in northern China, prompting a focus on enhancing water conservancy infrastructure. It is projected that water-related investments in 2026 could see significant growth, contributing to a recovery in overall fixed asset investments by approximately 1.1 percentage points [2][16][17]. Electric Power Equipment - The report emphasizes the potential for rapid development in space solar power due to the acceleration of commercial aerospace and low-orbit satellite advancements. Companies involved in space power supply and equipment are recommended for investment, including Jun Da Co. and Ming Yang Smart Energy [6][21]. Food and Beverage Industry - The report discusses the potential of AKK bacteria as a beneficial symbiotic organism in gut health, with applications in obesity and diabetes management. The market for AKK is expected to grow significantly, with a focus on leading companies in the probiotic sector [3][23].

Major Events - Cao Cao Travel (02643) plans to place up to 12 million shares at a discount of approximately 8.97%, aiming to raise about HKD 383 million [1] - Bio-Asia (02315) intends to increase capital in Jiangsu Bio-Asia through a debt-to-equity swap [1] - Beijing Energy International (00686) subsidiary plans to acquire 70% equity in Yangzhou Tai Run Low Carbon Technology Development for RMB 248 million [1] - Ruipu Lanjun (00666) intends to invest a total of RMB 50 million to acquire and increase capital in Fuan Guolong Nano Materials Co., Ltd. for 10.8696% equity [1] Financial Data - Qingdao Bank (03866) reported a net profit attributable to shareholders of RMB 5.188 billion for 2025, an increase of 21.66% year-on-year [1] - New Oriental-S (09901) reported a 42.3% year-on-year increase in net profit attributable to shareholders for the second quarter, reaching USD 45.5 million [1] - Huaxin Cement (06655) expects a net profit attributable to shareholders for 2025 to be between RMB 2.7 billion and RMB 2.95 billion, representing a year-on-year increase of 11.6% to 21.9% [1] - Nine Dragons Paper (02689) issued a profit warning, expecting a mid-term profit of approximately RMB 2.15 billion to RMB 2.25 billion, a year-on-year growth of 216.0% to 230.7% [1] - Yunzhisheng (09678) anticipates annual revenue from large model-related businesses to be approximately RMB 600 million to RMB 620 million, a year-on-year increase of about 1057% to 1095% [1] - Oriental Selection (01797) reported a mid-term profit attributable to shareholders of RMB 239 million, marking a turnaround from loss to profit [1] - Meilian Group (01200) reported a pre-tax profit of approximately HKD 460 million for the first 11 months of 2025, expecting significant profit growth for the 2025 fiscal year [1]