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]

Core Viewpoint - The article emphasizes the integration of AI in retail operations, particularly in dynamic pricing and inventory management, showcasing its potential to enhance efficiency and reduce waste in the fresh produce sector [2][4]. Group 1: AI Implementation in Retail - AI systems are now automating pricing for remaining products in supermarkets, replacing manual discount labeling [2]. - The implementation of AI in retail, particularly in fresh produce, addresses the challenges of traditional discounting methods that often lead to loss of profit margins [3][4]. - The AI dynamic pricing system was developed in collaboration with Wumart Supermarket, utilizing historical sales data, real-time inventory, and product shelf life to optimize discount strategies [4][5]. Group 2: Benefits of AI in Fresh Produce Management - The AI system has streamlined the previously complex process of product clearance, reducing the need for manual tasks and allowing staff to focus on customer service and store presentation [8]. - The pilot program has shown a reduction in overall waste rates by over 30% in participating stores, demonstrating the effectiveness of AI in managing perishable goods [8]. Group 3: Key Factors for Successful AI Integration - Successful AI implementation requires clean data and a deep understanding of business processes, emphasizing the importance of data quality and organizational restructuring [9]. - AI should not be overestimated; understanding its limitations and selecting appropriate use cases is crucial for achieving significant efficiency gains [9]. - The involvement of business teams in feeding industry knowledge to AI models is essential for effective deployment and operational success [9]. Group 4: Challenges and Solutions - The article discusses specific challenges in dynamic pricing for short-shelf-life products and suggests using advanced inventory estimation techniques combined with real-time data to enhance AI decision-making [10]. - It highlights the need for continuous learning and adjustment of AI models based on actual sales data to improve accuracy in discount strategies [10]. Group 5: Audience Engagement and Insights - The event featured discussions with decision-makers from top companies, indicating a strong interest in AI applications across various sectors [14].

Market Overview - On August 27, A-shares saw all three major indices decline, with the Shanghai Composite Index falling by 1.76%, the Shenzhen Component Index down by 1.43%, and the ChiNext Index decreasing by 0.69% [1] - The only index that showed an increase was the Sci-Tech 50, which rose by 0.13% [1][2] - In the Hong Kong market, major indices also experienced declines, with the Hang Seng Index dropping by 1.27% [4][5] Industry Highlights Artificial Intelligence - The State Council recently issued an opinion on implementing the "Artificial Intelligence+" initiative, focusing on six key areas: technology, industrial development, consumption quality, public welfare, governance capabilities, and global cooperation [7] - Shanghai Securities noted a surge in participants in the AI sector, with companies like Huawei, ByteDance, BYD, Xiaomi, and Ant Group increasing their investments in embodied intelligence [7] - The emergence of companies like DeepSeek is expected to drive the development of general-purpose robotic models, indicating a promising trend for humanoid robots in industrial applications [7] Sci-Tech Bonds - As of August 27, the Sci-Tech Bond ETF from Penghua rose by 0.08%, with a trading volume of 68.55 billion yuan and a turnover rate of 42.02% [7][8] - The inclusion of the Sci-Tech Bond ETF in the pledge repo trading system is anticipated to enhance liquidity and allow investors to engage in ETF pledge financing [8] Securities Sector - The recent revision of the "Securities Company Classification Supervision Regulations" by the CSRC is viewed as a neutral positive for the securities sector [7] - The securities sector experienced a pullback, but there was a net subscription of 46.5 million units in the leading securities ETF, indicating continued interest [7] - The market is expected to see a valuation recovery in the securities sector, supported by regulatory guidance for long-term capital inflow and wealth management [7] Performance Metrics - As of August 27, various indices showed significant year-to-date performance, with the Sci-Tech 200 index leading at 50.77% and the Sci-Tech 100 at 42.68% [9] - The performance of the Hong Kong market also varied, with the Hang Seng Technology Index down by 1.47% and the Hang Seng China Enterprises Index down by 1.69% [5]

Core Points - Apple's annual fall product launch event is scheduled for September 10, 2023, featuring the iPhone 17 series and updated Apple Watch models [2][3] - Huawei has announced its "Mate XTs Extraordinary Master and All-Scenario New Product Launch" event on September 4, 2023, five days before Apple's event, indicating a direct competition [7] - 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 being a new addition [3][5] - Pricing for the iPhone 17 series is expected to remain similar to the previous generation, with the standard version starting at approximately RMB 5999 [5] Market Competition - Huawei has regained the top position in the Chinese smartphone market with a shipment of 12.5 million units in Q2 2025, capturing 18.1% market share, while Apple shipped 9.6 million units, holding only 13.9% [8][10] - The overall smartphone market in China saw a decline of 4.1% year-on-year, with Huawei's performance standing out despite a 3.4% drop in shipments [8][10] - In the high-end smartphone market (priced above RMB 6000), Apple leads with a 65.81% market share, while Huawei follows with 24.38% [11][13] Strategic Intent - The simultaneous product launches by Huawei and Apple suggest a strategic intent by Huawei to challenge Apple directly in the high-end market [7][13] - Analysts indicate that the competition will focus on product experience and innovation rather than just pricing, emphasizing the need for compelling reasons for consumers to purchase [13]

Core Viewpoint - The article discusses the recent legal case involving the infringement of Huawei's HiSilicon chip technology trade secrets, resulting in a significant court ruling against the defendants [1][3]. Summary by Sections Case Background - The case involves 14 defendants accused of illegally obtaining technology information valued at 317 million yuan related to Huawei's Wi-Fi chip development project initiated in 2011 [1]. - HiSilicon, a wholly-owned subsidiary of Huawei, invested substantial resources in the long-term independent research and development of Wi-Fi chip technology, implementing reasonable confidentiality measures [1]. Actions of Defendants - Zhang, a former head of the RF chip development department at HiSilicon, founded a new company, Zunpai, and recruited several former HiSilicon employees to develop similar Wi-Fi chips [1]. - The defendants used improper methods, such as screenshots and WeChat transmissions, to acquire HiSilicon's technical information for their chip development [1]. Legal Proceedings - On April 10, 2024, the Shanghai Municipal People's Procuratorate filed a public prosecution against the 14 defendants for trade secret infringement [2]. - During the trial, the prosecution presented evidence and legal arguments, leading to the defendants voluntarily pleading guilty [3]. Court Ruling - On July 28, the Shanghai Third Intermediate People's Court sentenced all 14 defendants for trade secret infringement, with Zhang receiving a six-year prison sentence and a fine of 3 million yuan [3]. - Other defendants received varying prison sentences and fines, while some were given suspended sentences [3]. Importance of Trade Secrets - The head of the Intellectual Property Office of the Supreme People's Procuratorate emphasized that trade secrets are crucial for the security of key technologies in modern economies and are vital for national high-quality development [3].

Core Insights - The local power supply in the Democratic Republic of the Congo (DRC) is insufficient to meet the growing energy demands of the mining industry, leading to frequent power outages and limitations on production [2][4][5] - The KFM copper-cobalt mine, operated by Luoyang Molybdenum, has a production capacity of over 650,000 tons of copper annually and is exploring alternative power sources to ensure stable operations [2][8] - The DRC-Zambia copper-cobalt belt is the largest sedimentary copper-cobalt mineralization area globally, with significant reserves of copper and cobalt [2] Power Supply Challenges - Since 2021, local mining capacity has surged from 1 million tons to over 3 million tons, but the power grid cannot support this demand [3] - The copper and cobalt extraction processes are highly energy-intensive, with electricity consumption accounting for 60%-70% of the production process [3][7] - The DRC's electricity generation heavily relies on hydropower, with installed capacity increasing from 2,700 MW in 2021 to approximately 3,200 MW in 2023 [3] Mining Operations and Costs - Mining companies are facing challenges due to the inability to secure hydropower, leading to reliance on costly diesel generators and solar storage systems [5][10] - The cost of electricity for mineral development accounts for 20%-30% of total operating costs, with metal mining electricity costs ranging from 15%-25% [7] - Luoyang Molybdenum's KFM mine reported a revenue of approximately 31.4 billion yuan in the first half of the year, with a projected annual revenue of 50.6 billion yuan for 2024 [8] Equipment and Maintenance - KFM has implemented a strategy to optimize equipment selection and develop production plans based on varying power loads to mitigate the impact of power outages [11][12] - The mine has procured 13 diesel generators to ensure power supply during outages, with diesel generation costs being 2-3 times higher than normal electricity costs [10] - Equipment management includes maintaining a safety stock of critical components and utilizing local production capabilities to reduce operational costs [16] Talent and Training - There is a significant shortage of skilled personnel for operating electrical equipment in the DRC, necessitating the import of both equipment and expertise [17][18] - Luoyang Molybdenum is investing in local talent development through training programs led by Chinese technical staff [18] Future Developments - To address long-term power supply issues, Luoyang Molybdenum is constructing a 200 MW hydropower station near the mining area, expected to begin operations in 2028 [18]