Core Viewpoint - Zhenqu Technology has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and Guotai Junan as joint sponsors. The company focuses on electric vehicle (EV) control solutions and has developed a layered solution set that includes power modules, motor controllers, and power bricks, allowing customers to choose different levels of system integration [1] Group 1: Company Overview - Zhenqu Technology pioneered the concept of "power brick" and achieved mass production of the main drive power brick in 2021, significantly simplifying the assembly of control systems, enhancing platform reusability, and shortening development cycles [1] - The company has expanded its offerings to low-power controllers and domain controllers in the power domain and chassis domain [1] Group 2: Market Position and Achievements - As of September 30, 2025, the company has secured 50 design wins from 13 OEMs, with solutions applied to 82 vehicle models, 54 of which have entered mass production [1] - According to Frost & Sullivan, the company's rankings in the Chinese market by installation volume are as follows: - Motor controllers ranked 11th in 2024 and 8th in the first nine months of 2025 - Dual motor controllers ranked 3rd in the first nine months of 2025 - Main drive power bricks ranked 1st in 2024 and 2nd in the first nine months of 2025 - Power bricks installed in dual motor controllers ranked 1st in the first nine months of 2025 - Power modules ranked 8th in 2024 and 7th in the first nine months of 2025 [1] Group 3: Business Expansion - The company has leveraged its core technology to expand its business into emerging fields such as electric vertical takeoff and landing vehicles (eVTOL) and embodied intelligence [1]

人民财讯12月31日电，12月31日，峰飞航空"凯瑞鸥"航空器从海口明珠岛起飞，仅用9分钟横跨23公里 琼州海峡，并降落在广东湛江徐闻港，实现全国首例吨级无人驾驶eVTOL(电动垂直起降飞行器)跨琼州 海峡运输场景验证。此次飞行由海南控股、海南机场（600515）集团、海南翼航通航、鹏城低空，联合 峰飞航空等企业共同发起，是海南自贸港封关后首场标志性低空产业活动。 ...

每经AI快讯，12月19日，据御风未来微信公众号，近日，御风未来获得航投基金领投、多家机构参投 的新一轮亿元融资。本轮资金将主要用于持续推进公司自主研发的大型电动垂直起降飞行器M1适航机 型的测试与试飞验证、适航审定等重要进程，加速M1在应急救援、物流运输、交通设施巡检、低空出 行等应用场景的落地及商业化进程。 ...

贝塔科技公司的常规起 降电动飞机 作者：史蒂夫・莱文 多年来，电动空中出租车初创企业纷纷展示其极具未来感的飞行器原型，这些飞行器外形酷似宇宙飞 船，飞行模式则与直升机类似。按设计构想，它们将搭载大批乘客，快速、低噪地往返于市中心、机场 及其他周边地点。 尽管美国政府正加快制定行业规范以推动该产业落地，但至少在美国，真正实现垂直起降飞行的目标仍 需数年时间。短期内，电动飞行器的起降方式仍将与传统飞机基本一致，其应用场景也因此受限，主要 只能承担短途飞行任务，例如邻近机场之间的航线接驳。 本周三，美国交通部发布了针对商用电动空中出租车行业的国家级战略规划，其中包含此类飞行器的运 营指导准则。到本周五，各空中出租车初创企业需向一项联邦项目提交申请，获批企业将可在明年 6 月 率先开展商业运营，这一时间点早于美国联邦航空管理局的正式认证流程。 美国白宫对这类被称为电动垂直起降飞行器（eVTOL） 的支持，是其在关键新兴技术领域与中国展开 竞争的举措之一。美国空中出租车初创企业正与亿航智能等中国竞争对手展开激烈角逐。亿航智能方面 称，将于下月推出全球首条付费城际电动垂直起降飞行器客运航线，往返于相邻的香港与深圳两座城 ...

格隆汇12月10日丨集泰股份(002909.SZ)在互动平台表示，公司为eVTOL（电动垂直起降飞行器）推出 胶漆一体化材料防护矩阵，提供从电池、电控到机身的全链条解决方案，已为小鹏汇天小批量供货。 ...

Focus Review - The hard technology sector, particularly energy storage and new energy technologies, is gaining significant attention, with companies like Xingchen New Energy completing over 300 million RMB in Series A financing [4][8]. - In biotechnology, cell and gene therapy (CGT) is emerging as a core area, exemplified by Weitao Bio's completion of over 100 million RMB in angel round financing [4][32]. - Local state-owned capital is actively supporting strategic emerging industries, as seen with Sengine Technology's nearly 100 million RMB in Pre-A and Pre-A+ financing [4][38]. Hard Technology - Xingchen New Energy completed over 300 million RMB in Series A financing, with investors including CITIC Construction Investment and various state-level funds [4][8]. - Wuxi Chip Field completed nearly 100 million RMB in A+ round financing, led by Woniu Capital [10]. - Chip manufacturer Chixin Semiconductor secured nearly 200 million RMB in Series A financing from multiple leading venture capital firms [19]. Biotechnology - Weitao Bio announced over 100 million RMB in angel round financing, led by Qiming Venture Partners [4][32]. - Yuesai Bio completed nearly 100 million RMB in A+ round strategic financing [35]. - Agile Medical completed several hundred million RMB in Series B financing, led by Mingxi Capital [27]. Internet/Enterprise Services - Sengine Technology completed nearly 100 million RMB in Pre-A and Pre-A+ financing, with participation from various state-owned and market-oriented investors [4][38]. - Zhongtong Cloud Warehouse Technology completed nearly 200 million RMB in Series A financing, led by CICC Capital [39]. - MatriQ, a neutral atom quantum computing company, announced the completion of seed round financing [42].

Core Viewpoint - JPMorgan released a report stating that Minth Group (00425) has launched an employee stock incentive plan focusing on key personnel in emerging fields such as humanoid robots, electric vertical takeoff and landing aircraft, and AI server liquid cooling systems [1] Group 1: Company Developments - Minth Group maintains a target price of HKD 70 and an "Overweight" rating, which was previously raised last month [1] - The company announced it has received two orders from Taiwanese AI server manufacturers, marking its first orders for AI server liquid cooling products, expected to be delivered in batches starting November and December this year [1] Group 2: Financial Goals and Projections - The company's goal is to achieve automotive parts revenue of RMB 72 billion by 2030, including RMB 30 billion from battery box business [1] - Although the current backlog of undelivered orders does not meet this target, management believes future revenue growth will be driven by new product expansion and changes in competitive landscape [1] - JPMorgan agrees with management's optimistic view on the battery box business, projecting a compound annual growth rate (CAGR) of approximately 30% for this segment by 2030 [1] - Overall, the group is expected to achieve a CAGR of 15% in revenue from the second half of this year through 2027 [1]

Group 1 - The core viewpoint of the article highlights that Minth Group (00425) has launched an employee stock incentive plan focusing on key personnel in emerging fields such as humanoid robots, electric vertical takeoff and landing aircraft, and AI server liquid cooling systems [1] - Morgan Stanley maintains a target price of HKD 70 and an "overweight" rating for the company, reflecting confidence in its growth prospects [1] - The company has secured two orders from Taiwanese AI server manufacturers, marking its first orders for AI server liquid cooling products, with deliveries expected in November and December of this year [1] Group 2 - The company's goal is to achieve automotive parts revenue of RMB 72 billion by 2030, including revenue of RMB 30 billion from battery box business [1] - Although the current backlog of undelivered orders does not meet this target, management believes future revenue growth will be driven by new product expansion and changes in the competitive landscape [1] - The bank agrees with management's optimistic view on the battery box business, projecting a compound annual growth rate of approximately 30% for this segment by 2030 [1] Group 3 - Overall, the group anticipates a compound annual growth rate of 15% for the company's revenue from the second half of this year through 2027 [1]

Core Insights - JPMorgan's research report highlights that Sensata Technologies has launched an employee stock incentive plan focusing on key personnel in emerging fields such as humanoid robots, electric vertical takeoff and landing (eVTOL) aircraft, and AI server liquid cooling systems [1] - The company has secured two orders from Taiwanese AI server manufacturers, marking its first orders for AI server liquid cooling products, with deliveries expected in November and December of this year [1] - The company's target is to achieve automotive parts revenue of 72 billion yuan by 2030, including 30 billion yuan from battery box business [1] - Although the current backlog of undelivered orders does not meet this target, management believes future revenue growth will be driven by new product expansion and changes in competitive landscape [1] - JPMorgan agrees with management's optimistic outlook on the battery box business, projecting a compound annual growth rate of approximately 30% until 2030 [1] - The firm maintains a target price of 70 HKD and a "buy" rating, which was previously upgraded last month [1]

Core Insights - Archer Aviation has signed an agreement with Korean Air to purchase up to 100 units of its Midnight eVTOL aircraft for government and commercial use [1] - This collaboration positions South Korea as a leader in adopting advanced aviation technology, leveraging Archer's next-generation technology and Korean Air's extensive aircraft operation and maintenance experience [1] - The Midnight aircraft can carry up to four passengers and significantly reduce travel time, transforming a 60 to 90-minute car commute into a 10 to 20-minute air taxi flight [1] - Following the announcement, Archer Aviation's stock price rose over 5%, positively impacting the stock prices of Joby Aviation and Vertical Aerospace, which increased nearly 4% [1]