Group 1 - The company, Shenzhen Daotong Technology Co., Ltd., has submitted a listing application to the Hong Kong Stock Exchange [1] - The sole sponsor for the listing is China International Capital Corporation (CICC) [1]

香港聯合交易所有限公司與香港證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 Autel Intelligent Technology Corp., Ltd. 深圳市道通科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「交易所」）及香港證券及期貨事務監察委員會（「委 員會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，當中所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請， 有意投資者務請僅依據與香港公司註冊處處長註冊的本公司文件作出投資決定；文件的文本將 於發售期內向公眾派發。 (a) 本文件僅 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission of Hong Kong take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Autel Intelligent Technology Corp., Ltd. 深圳市道通科技股份有限公司 (A joint stock company incorporated in the Peop ...

Core Insights - The year 2025 is seen as a pivotal point for the low-altitude economy in China, marking its transition from conceptualization to practical application, driven by strong policy support and market demand [2][3][4]. Policy and Market Dynamics - Continuous policy incentives have catalyzed the growth of the low-altitude economy, with 2024 being recognized as its inaugural year due to its inclusion in government reports and subsequent policy implementations [3][4]. - The market size of China's low-altitude economy reached 505.95 billion yuan in 2023, with a growth rate of 33.8%, and is projected to exceed 1.5 trillion yuan in 2025 [3][4]. Regional Development Initiatives - By 2025, 31 provinces in China have incorporated low-altitude economy strategies into their government work reports, enhancing infrastructure and providing financial support [4][5]. - Various regions are developing specialized plans for low-altitude economic growth, with significant investments in technology, infrastructure, and talent acquisition [5][6]. Investment Trends - Despite a cooling in the capital market, with a 15.2% decrease in financing events and an 8% drop in amounts in the first half of 2025, there is a notable concentration of capital towards companies with core technologies and clear business models [8][6]. - The number of low-altitude economy-related enterprises in China has surpassed 97,000, with over 24,000 new registrations in 2025, indicating a robust growth trajectory [8]. Application Scenarios - The low-altitude economy is witnessing a diverse range of applications, including logistics, emergency rescue, industrial inspection, and low-altitude tourism, with a clear stratification in maturity levels based on demand, cost recovery, and policy support [9][10]. - Basic applications like industrial inspection and agricultural protection have transitioned from optional to essential, driven by cost efficiency and improved operational effectiveness [10][12]. Commercialization Challenges - The low-altitude logistics sector is at a critical juncture, with rapid development expected but facing challenges in infrastructure, regulatory frameworks, and operational costs [15][21]. - Emerging sectors like low-altitude tourism and medical delivery are still in exploratory phases, facing hurdles such as high operational costs and regulatory constraints [15][21]. Order Dynamics and Market Realities - The year 2025 has seen a surge in eVTOL orders, with significant contracts announced, although many are non-binding intentions rather than confirmed sales [16][17]. - The disparity between high order volumes and operational losses highlights the ongoing challenges in achieving commercial viability within the low-altitude economy [17][19]. Future Outlook - The low-altitude economy is expected to evolve from a phase of exploration to one of scale and regular application, contingent on improved policies, infrastructure, and market conditions [22][23]. - The industry is anticipated to undergo a transformation similar to that of the electric vehicle sector, with potential for rapid advancement and cost reduction through shared technologies [23][24].

Core Insights - The domestic AI industry is experiencing rapid growth, with projections indicating that the core industry scale will exceed 1 trillion yuan by 2025, reflecting a growth rate of 24% in 2024 [4] - The focus is shifting from hardware and infrastructure ("selling shovels") to actual applications and commercialization ("mining gold") within the AI investment logic [4] - The Sci-Tech Innovation Artificial Intelligence ETF (589520) is gaining attention due to its strategic positioning in the domestic AI industry chain, which is transitioning from reliance on foreign technology to self-sufficiency [5] Fund Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589520) saw an intraday increase of 0.9%, currently up by 0.54%, with a total net inflow of 11.78 million yuan over the past two days, indicating positive market sentiment towards AI sector recovery [1] - Key stocks within the ETF include Xinghuan Technology, which rose over 5%, and Lingyun Optics, which increased by more than 3%, among others [3] Industry Trends - The AI industry in China is projected to reach a core industry scale of over 9,000 billion yuan in 2024, with further growth expected to push this figure above 12,000 billion yuan by 2025 [4] - The ETF's index is balanced across four key segments: application software, terminal applications, terminal chips, and cloud chips, reflecting the industry's shift from cloud to edge computing [4] - The ETF's top ten holdings account for over 70% of its weight, with semiconductors making up more than half, indicating a strong focus on domestic alternatives [5]

Core Insights - The focus on the domestic AI industry chain is reflected in the performance of the Science and Technology Innovation Artificial Intelligence ETF (589520), which saw a peak intraday increase of 0.9% and a current rise of 0.54%, indicating positive market sentiment towards potential gains in edge AI applications [1][7] - The ETF has experienced a net inflow of 11.78 million yuan over the past two days, suggesting strong investor interest in the sector [1][7] Industry Overview - According to the China Academy of Information and Communications Technology, the AI industry in China is accelerating, with the core industry scale expected to exceed 1 trillion yuan by 2025. The scale is projected to surpass 900 billion yuan in 2024, with a growth rate of 24% [3][9] - The growth trajectory indicates that by 2025, the core industry scale could exceed 1.2 trillion yuan, with an increasing growth rate [3][9] Investment Strategy - CITIC Securities recommends focusing on the domestic AI industry chain, highlighting a significant demand for recovery after previous adjustments. The improvement in domestic GPU capabilities and supply, along with the release of H200, is expected to accelerate the deployment of AI computing infrastructure [3][9] - The investment logic is evolving from hardware and infrastructure ("selling shovels") to actual applications and commercialization ("mining for gold"), indicating a shift in focus towards AI applications that have greater potential for innovation and business model transformation [3][9] ETF Composition - The Science and Technology Innovation Artificial Intelligence ETF (589520) is diversified across four key segments: application software, terminal applications, terminal chips, and cloud chips. This reflects a transition in the AI industry from cloud-based solutions to edge computing, emphasizing self-sufficiency and domestic technology [3][9] - The ETF and its associated funds have a strong focus on domestic AI industry chains, with over 70% of the top ten holdings concentrated in semiconductor-related sectors, indicating a high level of aggressiveness in investment strategy [4][10]

这轮重构中，电动车的角色正在发生实质性改变。通过Vehicle-to-Grid(V2G，车网互动)技术，电动车不 再只是单向"吃电"的终端负荷，而是有机会成为电网侧可调用的分布式储能单元；配合智能充电与双向 用电策略，车辆在家庭与车队的资产负债表上，也开始具备"能源生产工具"的属性。记者从道通科技 (688208)获悉，公司正在北美系统布局V2G能力与应用场景，通过自研电力电子平台、并网控制和AI能 源管理系统，把V2G从概念推向工程化和商业化。 据了解，道通科技自研的双向电源变换模块采用先进的碳化硅(SiC)半导体技术，峰值转换效率可达98% 以上。这意味着在电能从电网到车辆，再从车辆回馈电网的过程中，能量损失被最大程度压缩，为用户 节省电费、为电网运营方提高净能量收益。 在并网控制方面，道通科技围绕UL1741、IEEE2030.5等关键并网标准进行了系统化研发，在深圳设立 的并网技术团队能够实现恒无功、恒功率因数、电压穿越、孤岛检测等全套能力。在软件与算法层面， 道通科技在光储充一体化业务的基础上叠加了AI能源管理能力，形成包括AI智能充电模式和AI双向充 电模式在内的策略体系。 在美国，AI数据中心、 ...

Economic Overview - Domestic consumption remains weak, with overall commodity consumption showing poor performance and automotive sales cooling down[4] - Infrastructure investment continues to slow, with new housing transactions marginally declining[4] - M1 growth rate fell to 4.9% in November, down from 6.2% in the previous month, indicating a tightening liquidity environment[11] Market Trends - Global risk appetite is cooling, with precious metals outperforming other asset classes; gold prices increased by 2.2%[5] - Emerging market stocks rose by 1.0%, while developed market stocks saw a slight decline of 0.3%[5] - The Shanghai Composite Index rose by 0.3%, while the Hang Seng Index increased by 0.2%[5] Sector Insights - The automotive sector is expected to see heavy truck sales reach 720,000 units in 2026, with overall wholesale sales projected at 1.09 million units, a year-on-year decrease of 3%[39] - Steel production decreased to 8.06 million tons, down 2.83% week-on-week, while total inventory fell by 33.5% to 13.32 million tons[41] Policy and Strategy - The central government emphasizes the need for proactive fiscal policies to stabilize investment and consumption, with a focus on boosting domestic demand[30] - The upcoming economic policies are expected to support sectors like technology, energy, and consumption, with a particular focus on AI applications and green energy initiatives[19]

Investment Rating - The report maintains an "Outperform" rating for the company, projecting a target price of RMB 57.47, which represents a 15% upside from the current price [4][11]. Core Insights - The company's "Air-Ground Integrated Smart Inspection Solution" has been recognized as a successful high-growth case, showcasing the deepening integration of AI technology with industry [12]. - The "AI+Robot" air-ground inspection solution is expanding and is expected to become the company's third growth curve, featuring a self-developed intelligence model and a three-layer architecture that enhances operational efficiency [13]. - The "AI+Charging" solution has become essential in North America, addressing a significant power gap and being implemented in six benchmark projects, thus driving the energy transition in the region [14]. Financial Summary - The company is projected to achieve total revenue of RMB 3,251 million in 2023, growing to RMB 8,465 million by 2027, reflecting a compound annual growth rate (CAGR) of 43.5% in 2023 and 23.1% in 2027 [3]. - Net profit attributable to the parent company is expected to rise from RMB 179 million in 2023 to RMB 1,634 million in 2027, with a significant increase of 257.6% in 2024 [3]. - The earnings per share (EPS) is projected to grow from RMB 0.27 in 2023 to RMB 2.44 in 2027, indicating strong profitability growth [3].

Investment Rating - The report maintains a positive outlook on the computer industry, with key targets including Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Hehe Information, Hikvision, Newland Digital Technology, Autel, and Hygon, with Dawning Information Industry as a related target [3][8]. Core Insights - Recent developments in the tech sector indicate that AI is advancing in both specialization and terminalization, exemplified by OpenAI's breakthroughs with the GPT-5.2 series and Zhipu's efforts to popularize cellphone AI [3][8]. - The USA has conditionally approved the export of NVIDIA's H200 AI chips to China, but this comes with significant restrictions, including generational locks and a requirement for a 25% sales commission to the US Treasury [3][8]. - In the commercial space sector, the Long March 12 rocket's frequent launches demonstrate efficient deployment capabilities, and the establishment of the "Space Computing Joint Laboratory" enhances domestic capabilities in space technology [3][8]. Summary by Sections AI Technology Developments - AI technology has made significant strides, with OpenAI's GPT-5.2 achieving expert-level performance in GDPval benchmarks, enhancing capabilities in long document reasoning and complex tool usage [3][8]. - Zhipu AI has open-sourced its cellphone project Open-AutoGLM, allowing AI to interact with mobile screens for cross-application tasks, significantly lowering development barriers for high-performance AI assistants [3][8]. Geopolitical and Supply Chain Considerations - The conditional approval for NVIDIA's chip exports reflects a complex geopolitical landscape, with the US aiming to protect national security while providing limited options for Chinese markets [3][8]. - The stringent conditions attached to the chip exports are expected to accelerate China's pursuit of domestic alternatives, fostering the growth of local AI computing capabilities [3][8]. Commercial Space Advancements - The Long March 12 rocket successfully launched 16 low-orbit satellites within 32 days, showcasing China's efficient deployment capabilities for large satellite constellations [3][8]. - The "Space Computing Joint Laboratory," established in collaboration with Shanghai Jiao Tong University and Guoxing Aerospace, focuses on developing autonomous space computing chips and in-orbit maintenance technologies [3][8].