Core Viewpoint - Huawei's automotive business is rapidly expanding, particularly in the field of assisted driving, with various collaboration models with car manufacturers being explored [2][3]. Group 1: Collaboration Models - Huawei's automotive business unit (BU) collaborates with car manufacturers through multiple models, including component supply, single intelligence (either smart cockpit or assisted driving), dual intelligence (both smart cockpit and assisted driving), and full-stack solutions [2]. - The collaboration process involves Huawei supporting car manufacturers throughout the entire lifecycle, from product definition and design to manufacturing and marketing [2][7]. Group 2: Technology Approach - Huawei's approach to assisted driving does not align with the Vision-Language-Action (VLA) model favored by some car manufacturers; instead, it emphasizes the World and Action (WA) model, which directly controls the vehicle through sensory inputs [3][9]. - The WA model is considered by Huawei to be the ultimate solution for achieving true autonomous driving, bypassing the language processing step [9]. Group 3: Commercialization and Market Strategy - Huawei does not have a specific short-term commercialization goal for its assisted driving technology, focusing instead on long-term user-centered strategies and sustainable investment [7]. - The company believes that the market for assisted driving features will evolve, and that pricing strategies should reflect the ongoing development and maintenance costs associated with these technologies [12]. Group 4: Industry Trends and Future Outlook - The number of players in the autonomous driving space is expected to decrease as the industry consolidates, with future success relying heavily on data-driven approaches [10]. - The differentiation in assisted driving technology is minimal, as the primary goal remains zero accidents and fatalities, with pricing determined by perceived value to consumers [11].

未来两年，超过七成的终端设备有望实现智能化升级。 日前，国务院印发《关于深入实施"人工智能+"行动的意见》（下文简称《意见》）为中国智能硬件产 业按下快进键。从PC、手机到家电，所有硬件正在被AI重新定义。 人工智能技术正从试验探索迈向价值创造阶段。国家发展改革委有关负责人指出，尽管人工智能引发经 济社会各领域深刻变革，但仍存在"对人工智能作用认识不一致、供需对接不畅、应用落地存在'最后一 公里'障碍等突出问题"。 《意见》提出了清晰的时间表：到2027年，新一代智能终端、智能体等应用普及率超70%。到2030年超 过90%，到2035年我国全面步入智能经济和智能社会发展新阶段。 这意味着未来两年，超过七成的终端设备有望实现智能化升级，一个"一切硬件皆AI"的时代正在加速到 来。这场变革不仅预示着人机交互方式的变化，也意味着产品价值逻辑乃至产业生态正在得到全面重 构。 一位PC行业高管对第一财经记者表示，这很像25年前的PC行业。2000年前后，行业开启一键上网功能 的电脑，以此为界限，互联网给PC应用带来了完全的新天地。今年的AI PC也在经历着这样的一场变 革，并且更加猛烈。 AI已经拉动智能终端增长 过 ...

理想汽车借i8上市，推送 "VLA 司机大模型"； Momenta携手智己，完成R6飞轮大模型上车； 元戎昨天（8月26日）发布了自己的VLA大模型； 小鹏今天（8月27日）的新P7发布会上发布自己全新的VLA大模型； 华为透露9月即将推送的ADS 4。 如果不是年初官方按下智驾宣传的"急停键"，近期"智驾"或许早已再次被炒上了天。 原因无他，只因中国最头部的一批智驾势力，几乎都选择了在近期落地自己最新的智驾能力： 如此整齐划一的步调，不禁让人想起上一次"端到端"模型引领的行业浪潮。但这一次，变革的深度与广度，已有过之而无不及。这 轮竞赛为何集中爆发？各家命名不同的模型背后，隐藏着怎样的技术分野？新一代智驾，究竟"聪明"在了哪里？ 本期《智驾雷达》VOL.5，我们就来提前"纵览"一下智驾圈即将发生的这一轮竞赛，并尝试为你先讲清楚其中的脉络。 新一轮智驾竞赛，时候到了 首先是第一个问题：为什么行业内的动作如此集中？虎嗅汽车综合多家智驾势力的信息，总结出了四大关键驱动力： 其中最重要的必然是第4点。元戎启行CEO周光在昨天的发布会上就专门表示：VLA模型（当前版本）的下限已超过端到端（可以 简单理解为2024年中 ...

Group 1: Asset-Backed Securities (ABS) Market - In July 2025, the Asset-Backed Securities (ABS) market saw 153 new registrations with a total scale of 1440.49 billion yuan [1] - The top three ABS underlying assets by registration scale were financing lease receivables (313.66 billion yuan), accounts receivable (309.34 billion yuan), and small loan receivables (247.95 billion yuan) [1] - Six ABS registrations were related to infrastructure public REITs, amounting to 147.33 billion yuan [1] Group 2: Digital Printing Market - In the first half of 2025, China's digital industrial printer market generated revenue of 39.4 billion yuan, marking a year-on-year growth of 10.7% [2] - The large-format digital printing machine market experienced a decline of 2.8%, while the industrial digital textile printing machine market surged by 76.6% [2] - The digital packaging and labeling printing machine market saw a year-on-year increase of 9.3% [2] Group 3: Digital Publishing Industry - The digital publishing industry in China reached a record high revenue of 17,485.36 billion yuan in 2024, reflecting an 8.07% increase from the previous year [2] - The digitalization of books and periodicals showed steady growth, with significant revenue increases in online gaming, online education, and online animation sectors [2] Group 4: Insurance Sector - China Life Insurance reported a net profit of 40.931 billion yuan for the first half of 2025, representing a year-on-year growth of 6.9% [3] - The company's total revenue for the same period was 239.235 billion yuan, up by 2.1% year-on-year [3] - A cash dividend of 0.238 yuan per share (including tax) is proposed for all shareholders [3] Group 5: E-commerce and Food Delivery - Meituan's second-quarter revenue reached 91.84 billion yuan, showing an 11.7% year-on-year increase [4] - The adjusted net profit for the quarter was 1.49 billion yuan, down 89% year-on-year [4] - The core local business segment's revenue grew by 7.7% to 65.3 billion yuan, but operating profit fell significantly due to irrational competition [4] Group 6: Real Estate Investment Trusts (REITs) - JD Group plans to establish a REIT in Singapore with an asset value exceeding 1 billion USD, expected to be listed on the Singapore Exchange by next year [4] Group 7: Food Industry - Youyou Foods reported a net profit of 108 million yuan for the first half of 2025, a year-on-year increase of 42.47% [5] - The company's revenue for the same period was 771 million yuan, up by 45.59% [5] - A cash dividend of 2.3 yuan per 10 shares (including tax) is proposed for shareholders [5] Group 8: Technology Sector - Huasen Technology achieved a net profit of 1.889 billion yuan in the first half of 2025, reflecting a 46.3% year-on-year increase [6] - The company's revenue surged by 113.06% to 83.939 billion yuan [6] - Puxin Technology reported a net profit of 1.055 billion yuan, up 23.03% year-on-year [7] Group 9: Market Overview - The Shanghai Composite Index fell by 1.76% amid a market downturn, with over 4,700 stocks declining [8] - The total trading volume for the day reached 3.17 trillion yuan, an increase of 486.5 billion yuan from the previous trading day [8] - Key sectors showing strength included computing power and chip stocks, while real estate and consumer goods sectors faced declines [8]

Core Viewpoint - Huafeng Technology (688629.SH) has completed customer validation testing for its 224G high-speed backplane connectors, with sample availability and mass production timing dependent on customer demand [1] Group 1: Product Development - The company has successfully developed samples of the 224G high-speed backplane connectors [1] - Mass production will be determined based on customer requirements [1] Group 2: Partnerships and Collaborations - Huafeng Technology is collaborating with major equipment manufacturers such as Huawei, Inspur, Super Fusion, Dawn, Huqin, ZTE, and H3C [1] - The company is also engaging with internet application clients including Alibaba, Tencent, and ByteDance for project cooperation [1]

开学的仪式感，从拿到录取通知书那天就开始了。 撰文｜J 封面图源｜AI生成 开学，你准备好了吗？ 开学前夕，大一新生小林从广西南宁一路吭哧吭哧北上，拖着一个几乎要"炸开"的行李箱，站在了西 安的大学校园里。 箱子里装着他对"独立生活"的全部想象： 二十几包续命老友粉、一薄一厚两套床品、一个已经做过功 课——确定宿舍能用的小电热水壶，还有临出门前老妈硬塞进来的两瓶黄皮酱，"等你想吃的时候就 知道了！"妈妈边塞边说。箱子沉得他差点在校门口表演一个"开学第一摔"。 在社交媒体上，几乎每个新生都在用自己的小动作表达着同样的心情： 有人反复搜索"开学必带清 单"，生怕漏了哪一样；有人在布置好寝室后兴奋地拍视频，和陌生校友互动种草；有人在话题下悄 悄立下新学期flag，给自己打气；还有人把迎新晚会的"社死瞬间"搬上了网，配文是"尴尬但快 乐"…… 对今天的年轻人来说，开学不再是报到那一天的事，而是一整套流程：做功课、准备、分享、社交， 再把这些经历打包进网络。 通过这些碎片，他们彼此陪伴、互相支招，共同打造出一份属于他们 的"开学仪式"。 报到的队伍里，行李也是一个比一个大，呼啦啦的拖拽声、爸妈们絮絮叨叨的叮嘱，混成一片 ...

Core Viewpoint - The article discusses the case of Zhang Kun, a former Huawei executive, who was sentenced to six years in prison for stealing trade secrets related to chip technology, highlighting the implications for the industry and the importance of protecting intellectual property rights [4][46]. Group 1: Background of Zhang Kun - Zhang Kun, a highly educated individual with degrees from Peking University and the Chinese Academy of Sciences, was a prominent figure at Huawei, earning an annual salary of 6 million yuan [2][20]. - Despite his success, Zhang Kun's decision to abandon his Chinese citizenship for American nationality raises questions about loyalty and the potential risks associated with hiring overseas talent [12][7]. Group 2: Actions Leading to Legal Consequences - In 2020, amid U.S. sanctions, Zhang Kun initiated a plan to steal Huawei's chip technology, despite having signed a non-compete agreement [22][23]. - After leaving Huawei, he founded a new company, Zunpai Communications, which quickly gained a valuation of 500 million yuan within months [25][38]. - Zhang Kun lured 13 current Huawei employees to join his new venture by offering them triple their salaries, leading to a coordinated effort to steal proprietary information [30][32]. Group 3: Legal Proceedings and Sentencing - The investigation revealed that Zunpai's new chip closely matched Huawei's technology, prompting Huawei to alert authorities, resulting in the seizure of servers and the arrest of Zhang Kun and his associates [40][42]. - After a lengthy legal process, Zhang Kun was sentenced to six years in prison and fined 3 million yuan, a penalty that many believe is insufficient given the severity of the crime [44][46]. Group 4: Industry Implications - The case underscores the critical need for stronger protections of intellectual property within the tech industry, as well as the potential consequences of hiring individuals with dual nationalities [48][49]. - The public outcry for harsher penalties reflects a growing concern over the safeguarding of technological advancements and the integrity of companies in the face of corporate espionage [46][48].

证券研究报告 | 2025年08月27日 汽车智能化月报系列（二十七） 优于大市 尚界 H5 搭载 HUAWEI ADS 4 辅助驾驶系统，地平线 HSD 首搭奇瑞星途 E05 行业新闻：1）Waymo 获美国纽约市首个自动驾驶汽车测试许可；2）尚界 H5 上市即搭载 HUAWEI ADS4 辅助驾驶系统；3）地平线 HSD 迎来升级， 首搭车型锁定奇瑞星途 E05；4）小马智行正式启动上海浦东自动驾驶出 行服务；5）文远知行发布一段式端到端辅助驾驶解决方案，预计 2025 年内量产上车；6）禾赛获得丰田汽车旗下品牌激光雷达定点，2026 年 开启量产；7）新一代智己 LS6 搭载速腾聚创 520 线超级激光雷达。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 6 月， 乘用车前视摄像头渗透率 67.6%，其中 800 万像素占比 39.7%，同比 +22pct，环比+0.5pct；2）英伟达驾驶芯片占比提升。2025 年 6 月，乘 用车驾驶域控渗透率 31%，其中地平线、英伟达、特斯拉 FSD、华为芯 片占比分别为 10.4%、53.5%、9.4%、11.6%，同比分别-2.4、+ ...

Core Viewpoint - The upcoming product launches from Apple and Huawei are set to intensify competition in the smartphone market, particularly on September 10, when both companies will unveil their new devices, including the iPhone 17 series and Huawei's Mate XTs series [3][9]. Group 1: Apple Product Launch - Apple's annual fall product launch is scheduled for September 10, 2023, at 1:00 AM Beijing time, featuring the iPhone 17 series and updated Apple Watch models [3][5]. - The iPhone 17 series will include four models: iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max, with the iPhone 17 Air replacing the Plus version and featuring a 6.6-inch display [5][7]. - Pricing for the iPhone 17 series is expected to remain stable for the standard version at approximately RMB 5999, while the iPhone 17 Air is anticipated to be around RMB 7199, and the Pro models will start at RMB 7999 and RMB 8584 respectively [7]. Group 2: Huawei Product Launch - Huawei's Mate XTs series launch is set for September 4, 2023, five days before Apple's event, indicating a strategic move to compete directly with Apple [9]. - The new Huawei foldable device will feature a new white color option and may include a stylus, with the official market release planned for September 10 [9]. Group 3: Market Competition - Recent market data indicates a significant shift in the Chinese smartphone market, with Huawei regaining the top position with 12.5 million units shipped, capturing an 18.1% market share, while Apple ranks fifth with 9.6 million units and a 13.9% share [11][12]. - Despite a 3.4% year-on-year decline in Huawei's shipments, its performance is notably stronger compared to other brands, driven by the success of the Pura 80 and Mate 70 series [13]. - In the high-end smartphone segment (priced above RMB 6000), Apple holds a dominant 65.81% market share, while Huawei follows with 24.38%, indicating fierce competition in this lucrative market [13][15].

Core Insights - The 2025 China Computing Power Conference highlighted "green low-carbon" and "intelligent agility" as key themes, emphasizing the rapid development of artificial intelligence (AI) reshaping computing infrastructure, which in turn drives AI advancements [1][2] - The conference revealed that China's computing power industry is transitioning from scale competition to a focus on comprehensive strength, with an emphasis on providing high-quality and green computing power [2][9] Industry Developments - The average Power Usage Effectiveness (PUE) of Chinese computing centers has decreased to 1.42, with 246 national green data centers established, contributing positively to industrial upgrades and the "dual carbon" goals [2][3] - The Ministry of Industry and Information Technology stressed the need for diverse, intelligent, secure, and green computing infrastructure to enhance resource efficiency and promote high-quality development [2] Company Strategy - Shandong High Control (山高控股) has strategically positioned itself as a "green computing power infrastructure builder," transitioning from an industry investor to a provider of stable and efficient green computing power [1][3] - The company has made significant investments in renewable energy, controlling over 3.7 GW of wind and solar capacity, and has partnered with Century Internet to secure a foothold in digital infrastructure [3][6] Project Initiatives - The collaboration between Shandong High Control, the Ulanqab Municipal Government, and Century Internet aims to implement an integrated "source-network-load-storage" project, enhancing AI computing demand with stable and low-cost energy [3][4] - The Ulanqab data center is projected to achieve a PUE of 1.15, optimizing 23% compared to the industry average, with an estimated annual economic benefit of 1.3 billion yuan [3][4] Regulatory Compliance - The Ulanqab project has been recognized as a model case in the "Computing Power and Electricity Coordination" by the China Academy of Information and Communications Technology, providing a replicable solution for the industry [4] Financial Innovations - Shandong High Control has successfully issued a $40 million tokenized corporate note in Hong Kong, marking a significant step in integrating financial innovation with its computing power strategy [8][9] - The company launched China's first data center Pre-REITs fund, facilitating low-cost financing and connecting financial capabilities with operational needs [8][9] Future Outlook - The company is positioned as a leader in the computing power industry, leveraging its dual focus on industrial and financial sectors to create a digital economy ecosystem that integrates AI computing, data assets, and application scenarios [9]