其 他 报 告 2025年06月24日 研究分析师 : 郭子睿 投资咨询资格编号 : S1060520070003 研究分析师 : 陈瑶 投资咨询资格编号 : S1060524120003 研究分析师 : 任书康 投资咨询资格编号 : S1060525050001 研究助理 : 高越 一般证券从业资格编号 : S1060124070014 研究助理 : 胡心怡 一般证券从业资格编号 : S1060124030069 核心观点 : 基金投顾组合总体情况：截至2025年5月末，上线天天基金APP的基 金投顾组合共441只，相比上月末增加11只组合；新增股债中枢型中稳健型组合5 只、进取型和货币型组合各2只、平衡型组合1只，赛道型中的科技组合1只。 投 顾组合业绩表现跟踪：股债中枢型基金，过去一年，各类中枢型组合的收益率中 位数均跑赢同类型FOF产品。月内，进取型、平衡型、稳健型组合的收益率中位 数均跑赢同类型FOF产品。与基准业绩比较，月内，进取型、平衡型、稳健型、 货币型组合的收益率中位数均跑赢基准。 持仓基金仓位跟踪：稳健型投顾组合减 持主动债券基金，增持固收+基金；平衡型投顾组合减持量化基金，增持主动权 益 ...

Core Viewpoint - Shenzhen Daotong Technology Co., Ltd. is a leading enterprise in the global automotive aftermarket diagnostic and testing field, with a stable market position and strong technological advantages, benefiting from rapid growth in its digital energy business and a solid customer base [2][5][20]. Financial Performance - The company's total assets reached 67.91 billion yuan in 2025, with a significant increase from 63.08 billion yuan in 2024 and 55.77 billion yuan in 2023 [2][19]. - The net profit for 2024 was 5.60 billion yuan, up from 1.40 billion yuan in 2023, indicating a strong growth trajectory [2][19]. - Operating revenue for 2024 was 39.32 billion yuan, reflecting a year-on-year increase of 20.95% [2][19]. Business Operations - The company maintains a high level of research and development investment, with a 14.07% increase in R&D spending in 2024, amounting to 6.80 billion yuan, which represents 17.29% of total revenue [12][13][20]. - The automotive diagnostic products accounted for 32.62% of total revenue, with a gross margin of 54.42% [12]. - The digital energy business saw a revenue increase of 52.98% in 2024, highlighting its growth potential [11][20]. Market Environment - The global automotive aftermarket diagnostic and testing industry is expected to grow steadily, driven by increasing vehicle ownership and the rising average age of vehicles [8][9]. - The demand for electric vehicle charging infrastructure is projected to expand significantly, with the U.S. public charging stations expected to grow from 180,000 in 2023 to 1.7 million by 2035 [10][11]. - The company benefits from a stable supply chain and has established strong relationships with major customers in North America and Europe, with 97.55% of its revenue coming from overseas markets in 2024 [16][18]. Competitive Position - The company is recognized for its technological innovation and has a strong global marketing network, covering over 120 countries [4][5]. - The automotive diagnostic and testing industry has high technical barriers, and the company is positioned to enhance its market share through continuous R&D and product innovation [10][20]. - The competitive landscape includes major players like Bosch and Snap-on, with the company aiming to improve its market influence and brand recognition [10][20].

Core Viewpoint - The company maintains a stable credit rating of "AA" for both its corporate entity and its convertible bonds, indicating strong financial health and stability in its operations [1][2]. Group 1: Credit Rating Information - The previous credit rating for the company was "AA" with a stable outlook, and the same rating is confirmed in the latest assessment [1][2]. - The credit rating for the "Daotong Convertible Bonds" is also maintained at "AA" with a stable outlook, reflecting consistent performance [1][2]. - The credit rating agency, Zhongzheng Pengyuan, conducted a comprehensive analysis of the company's operational status and relevant industry conditions before issuing the latest ratings [2].

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-047 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于"道通转债"跟踪信用评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 前次债券评级：公司主体信用等级为"AA"，评级展望为"稳定"，"道通转债" 的信用等级为"AA"。 ● 本次债券评级：公司主体信用等级为"AA"，评级展望为"稳定"，"道通转债" 的信用等级为"AA"。 根据《上市公司证券发行注册管理办法》《上海证券交易所科创板股票上市规则》 等有关规定，深圳市道通科技股份有限公司（以下简称"公司"）委托信用评级机构 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对公司向不特定对象发行 的可转换公司债券（以下简称"道通转债"）进行了跟踪信用评级。 公司前次发行主体长期信用评级结果为"AA"，"道通转债"前次债券信用评级 结果为"AA"，评级展望为"稳定"，评级机构为 ...

中鹏信评【2025】跟踪第【147】号 01 深圳市道通科技股份有限公司相 关债券 2025 年跟踪评级报告 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授 ...

Summary of Key Points from Conference Call Records Industry Overview - **Short Drama Industry**: The short drama sector in China is entering a mature phase, with the market size expected to grow from 50.4 billion in 2024 to 68.6 billion in 2025, representing a growth rate of 36% [2][3]. Core Insights - **Tencent's Short Drama Initiative**: Tencent launched a free short drama mini-program on June 19, 2025, focusing on high-quality content [2]. - **Bilibili's Support for Animation**: Bilibili announced a support policy for animation short dramas, offering cost coverage of 30% to 100% and revenue sharing up to 80% [2]. - **User Engagement**: As of March 2025, the MAU of Hongguo Short Drama (owned by Douyin) reached 173 million, a year-on-year increase of 220%, with monthly revenue exceeding 500 million [2]. - **Global Market Growth**: In Q1 2025, global short drama in-app purchase revenue reached 694 million USD, a quarter-on-quarter increase of 26% and a year-on-year increase of 400% [2]. Key Companies and Developments - **Zhangyue Technology**: The company is set to double its short drama revenue in 2025, with plans to launch an overseas platform, iDrama, focusing on localized content [3]. - **Baina Qiancheng**: Launched original children's music short dramas and signed a 4 billion film copyright cooperation contract with Tencent [3]. - **Ciweng Media**: Actively developing short drama content in collaboration with Tencent [4]. - **Chinese Online**: Their overseas short drama app, ReelShort, achieved the highest in-app purchase revenue in Q1 2025, with a significant increase in new releases [5]. - **Liujin Technology**: Partnered with Tencent Cloud to enhance the production and distribution of ultra-high-definition audiovisual content [6]. Related Companies - **Content Production**: Companies like Yingshi Media, Yinsai Group, and Huace Film & TV are involved in content creation [7]. - **Platform Development**: Kunlun Wanwei launched a short drama platform, Dramawave, ranking sixth in revenue in Q1 2025 [7]. Additional Insights - **AI in Short Dramas**: AI video models are being utilized for short drama creation, with companies like ByteDance and Kuaishou launching AI-driven projects [2]. - **Market Dynamics**: The domestic short drama market is characterized by a shift towards free content, which is expected to drive growth in user engagement and revenue [2]. Conclusion The short drama industry is poised for significant growth, driven by innovative platforms and strategic partnerships among key players. The integration of AI technology is also expected to enhance content creation and distribution efficiency, further propelling market expansion.

Group 1 - Yushu Technology has completed its Series C financing round, raising approximately 700 million RMB, with a post-financing valuation of about 12 billion RMB [2][3][4] - The company has changed its name from "Hangzhou Yushu Technology Co., Ltd." to "Hangzhou Yushu Technology Co., Ltd." as part of its restructuring, which is seen as a step towards preparing for an IPO [2][9] - Yushu Technology is actively pursuing an IPO, with a preference for listing on the A-share market, followed by the Hong Kong stock market [10] Group 2 - The company has undergone significant capital injection, with its registered capital increasing from 2.889 million RMB to 364 million RMB, reflecting a growth of over 125 times [5] - Yushu Technology has received a total of 10 rounds of financing since its inception, with notable investors including Tencent, Alibaba, and Sequoia Capital [8] - The company is recognized as one of the top three in global shipment volume within its industry, with over 500 technology patents and a significant reduction in core component costs by 80% since 2019 [16] Group 3 - Yushu Technology's latest humanoid robot, Unitree G1, is priced at 99,000 RMB, making it one-fifth the cost of similar international products, and has gained popularity in various applications [15] - The company has developed two main product lines: quadruped robots and humanoid robots, with the latter being showcased at major events like the CES and the CCTV Spring Festival Gala [13][15] - The quadruped robot B2-W has been utilized in sectors such as power inspection and emergency rescue, enhancing operational efficiency by over 30% in collaboration with Daotong Technology [15]

6月20至22日，华为开发者大会（HDC 2025）将在广东省东莞市举行。 2019年推出鸿蒙操作系统，2021年发布盘古大模型……作为华为最重要的年度活动之一，华为开发者大 会每年都有里程碑产品发布。 今年，华为同样会发布鸿蒙操作系统、盘古大模型的重磅更新，在AI与具身智能领域也将有重磅技术 和产品发布。 鸿蒙、盘古大模型将"上新" 6月20日下午，华为常务董事、终端BG董事长余承东将以"共建共享鸿蒙新世界"为题发表演讲。业界预 期，余承东将重磅发布鸿蒙操作系统的最新版本鸿蒙6。 2024年，华为在开发者大会上推出了从内核到应用全栈自研的操作系统HarmonyOS NEXT（也称"鸿蒙 5"），推动鸿蒙正式走向原生鸿蒙。鸿蒙6是原生鸿蒙的第二个版本，该版本会有哪些新功能，在安全 性、流畅性、跨端体验方面会有哪些显著提升，鸿蒙在应用发展、生态建设又取得了怎样的进展，华为 将在大会上揭晓答案。 华为同样会带来盘古大模型的重磅更新。6月20日下午，华为常务董事、华为云CEO张平安将发表主题 演讲。业界预期，他将在会上分享盘古大模型的重磅升级及其在自动驾驶、工业设计、具身智能等行业 的创新应用和落地实践。 根据会议 ...

Group 1 - The Shanghai Stock Exchange Science and Technology Innovation Board High-end Equipment Manufacturing Index (Sci-Tech High-end Equipment, 000687) experienced a decline of 0.55%, closing at 993.99 points with a trading volume of 10.35 billion yuan [1] - Over the past month, the Sci-Tech High-end Equipment Manufacturing Index has decreased by 2.41%, and over the last three months, it has fallen by 11.55%, while year-to-date it has increased by 4.77% [1] - The index comprises 50 large-cap companies from sectors such as aerospace equipment, satellite applications, rail transportation equipment, marine engineering equipment, and intelligent manufacturing equipment, reflecting the overall performance of representative high-end equipment manufacturing companies listed on the Sci-Tech Board [1] Group 2 - The index is fully composed of companies listed on the Shanghai Stock Exchange, with an industry breakdown showing 70.71% in industrials, 17.85% in consumer discretionary, 10.84% in information technology, and 0.60% in healthcare [2] - The index samples are adjusted quarterly, with adjustments occurring on the next trading day following the second Friday of March, June, September, and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments, such as the delisting of a sample company or corporate actions like mergers and acquisitions [2]

Group 1 - The annual Huawei Developer Conference (HDC 2025) will be held from June 20 to 22 in Dongguan Songshan Lake, featuring keynote speeches, forums, and hundreds of developer-focused activities [1] - Keynote speeches will include topics such as "Building a Shared Harmony New World" by Huawei's Executive Director Yu Chengdong and "All-Scenario Intelligent New Experience" by CEO He Gang [1] - The conference will also host a summit forum on June 22, where industry leaders like Huawei, Wankong Technology, and GAC Group will share AI practices and explore how AI capabilities can create productivity around specific scenarios [1] Group 2 - Wankong Technology, a strategic partner of Huawei Cloud, will showcase its latest AI developments at the conference, following a strategic cooperation agreement signed in April 2025 [2] - The agreement focuses on optimizing Wankong's "Tianmu" platform using Huawei Cloud's Pangu multimodal model, aiming to enhance capabilities in audio and video applications [2] - Other partners, such as Tuowei Information, will also participate, showcasing integrated hardware and software products based on open-source Harmony and AI research [3] Group 3 - Companies like Boyan Technology and Daotong Technology will also be present, with Daotong participating in a closed-door roundtable meeting focused on industrial embodied intelligence [4] - The conference is expected to attract over 10,000 developers from around the world, highlighting its significance in the global tech community [4] - The previous year's conference saw the launch of Harmony NEXT and Pangu Model 5.0, which are expected to continue driving innovation in domestic AI and consumer electronics [4]