Core Insights - The white paper reveals that the Chinese consumer market has entered a "new quality consumption" phase, where the decision-making process is influenced by four value comparisons: cost-performance, quality-price, aesthetic-price, and emotional-price [3] - The new energy vehicle (NEV) market has shifted from being driven by first-time purchases to being dominated by replacement purchases, with the replacement purchase rate increasing by 16.4 percentage points to 53.3% in 2024 [4] - The consumer structure for NEVs is undergoing significant changes, with an increase in older users and a more balanced gender distribution, as well as a shift in regional market penetration towards lower-tier cities [5] - The decision-making process for purchasing vehicles has evolved from a focus on functionality to an emphasis on experience, with consumers increasingly seeking information through online channels and valuing both cost and experience [6][7] - Projections indicate that by 2030, the penetration rate of NEVs will reach 75%, driven by advancements in technology and product trends, including the diversification of technology routes and the integration of vehicle and home ecosystems [8] Market Trends - The white paper highlights the transformation of the NEV market from "scale expansion" to "high-quality development," emphasizing the importance of technology iteration, policy optimization, and consumer upgrades [9] - The NEV market is expected to see stable growth, with sales projected to reach 19.95 million units by 2030, maintaining a strong focus on technological advancements and consumer preferences [8]

Core Insights - The company has successfully developed its fourth-generation smart cockpit, which is now in mass production for major automotive clients such as Li Auto, Xiaomi, and Geely, and has secured new project orders from clients like GAC Passenger Vehicle and GAC Aion [1] - The new national standards for assisted driving will significantly increase the requirements for system perception, processing capabilities, algorithms, and sensors, which the company plans to address through cost reduction, high performance, and safety systems [2] - The company is enhancing its global presence and local services, having established branches in key countries and regions, with a smart factory in Spain expected to start production in 2026 [3] - The company has made breakthroughs in its autonomous vehicle business, with its "Chuanxing Zhiyuan" vehicle gaining market attention and customer orders, featuring a robust design and advanced L4 autonomous driving algorithms [4] - The company has launched a comprehensive assisted driving solution that integrates hardware, system, and core algorithms, enhancing development efficiency and system stability [5] Group 1 - The smart cockpit and assisted driving business are performing well, with significant orders from major automotive manufacturers [1] - The company is prepared to meet new regulatory standards for assisted driving by improving system capabilities and safety measures [2] - The company is expanding its global footprint with strategic overseas branches and a planned smart factory in Spain [3] Group 2 - The autonomous vehicle segment has gained traction, with notable advancements in design and technology [4] - The company has developed a full-stack assisted driving solution that emphasizes hardware integration and algorithm efficiency [5]

Group 1: Company Overview - The company is Huizhou Desay SV Automotive Electronics Co., Ltd. [3] - Stock code is 002920, and the stock abbreviation is Desay SV [1]. Group 2: Investor Relations Activity - The investor relations activity was conducted as a targeted research meeting on September 25-26, 2025 [5]. - Participants included representatives from various funds and investment firms, such as Longview Fund and Goldman Sachs [2][4]. Group 3: Business Progress and Developments - The company’s smart cockpit and intelligent driving domain control business are experiencing positive growth, with the fourth-generation smart cockpit in mass production for clients like Li Auto and Xiaomi [5]. - The company has secured new project orders from major clients, including Geely and GAC Aion, for its fourth-generation flagship smart cockpit domain control products [5]. Group 4: Regulatory Impact - New regulations are expected to enhance the safety and reliability of assisted driving systems, requiring manufacturers to avoid misleading advertising and improve system capabilities [6]. - The company supports stricter standards to ensure user safety and aims to enhance system performance in response to these regulations [6]. Group 5: Global Expansion Strategy - The company is enhancing its global presence with strategic branches in countries like Germany, France, and Japan, and plans to start production in a smart factory in Spain by 2026 [7]. - It aims to become an indispensable partner in the global supply chain for Chinese automotive brands, focusing on localized service capabilities [7]. Group 6: Autonomous Vehicle Development - The company has launched its brand "Chuanxing Zhiyuan" for autonomous vehicles, achieving significant market interest and securing customer orders [8]. - The autonomous vehicle features a robust design and has improved its climbing capability from 20% to 25%, ensuring adaptability across various terrains [8]. Group 7: Comprehensive Intelligent Solutions - The company has introduced a full-stack assisted driving solution that integrates hardware, system, and core algorithms to meet diverse market needs [8]. - This solution allows for efficient resource utilization and customization based on regional regulations and requirements [8].

Group 1 - The core event is the online launch of the "Zhi Jing L7 'Xiao Yao Zhi Xing' Premiere Experience" program, co-created by SAIC-GM and Xinhua Automotive Laboratory, focusing on the intelligent driving capabilities of the Buick Zhi Jing L7 under various complex road conditions [1][2] - The program features guest experience officer Kan Xiaojun, SAIC-GM Vice General Manager Wang Chendong, and Momenta CEO Cao Xudong, who will participate in test drives and provide in-depth technical interpretations [1] - The experience will cover scenarios such as highway driving, urban mixed traffic, and automatic parking, showcasing the complete chain from perception to execution in intelligent driving [1] Group 2 - The Zhi Jing L7 is equipped with the Buick "Xiao Yao Zhi Xing" advanced driver-assistance system, which is based on the Momenta R6 flywheel model utilizing end-to-end reinforcement learning and optimized through extensive real-world testing data [2] - This system offers human-like intelligent driving capabilities, including features like city NOA and "no-stop one-button parking," supported by a robust architecture that integrates chassis tuning, safety redundancy, and intelligent interaction [2] - The Xinhua Automotive Laboratory aims to establish a national-level window for automotive technology evaluation, providing authoritative insights to help consumers understand automotive technology and product strength [2]

Group 1: Communication ETF Performance - The Communication ETF has a turnover rate of 6.11% with a transaction volume of 18.11 million yuan on a single day. The average daily transaction volume over the past month is 50.60 million yuan [1] - Since the beginning of the month, the Communication ETF has seen an increase in scale by 42.68 million yuan, ranking first among comparable funds. Over the last 19 trading days, there have been net inflows on 10 days, totaling 56.56 million yuan [1] - As of September 25, the Communication ETF's net value has increased by 106.58% over the past year, ranking 342 out of 3031 index equity funds, placing it in the top 11.28% [1] Group 2: Alibaba's AI Developments - Alibaba has announced significant advancements in artificial intelligence, including a partnership with NVIDIA for Physical AI and the release of seven large model products, with Qwen3-Max being the strongest model to date [2] - The CEO of Alibaba stated that the company will invest an additional 380 billion yuan in AI infrastructure [2] - According to CITIC Securities, the capital expenditure driven by AI has substantial long-term potential, with a shift from network investment to computing power investment, indicating a strong growth trajectory for cloud services [2] Group 3: Optical Communication Sector Insights - Recent volatility in the optical communication sector has been noted, but strong demand and large orders in the overseas AI computing power market suggest that the fundamentals of the optical module industry remain solid [3] - The AI-driven expansion cycle in computing power is far from over, and the current market adjustments may provide better investment opportunities for investors [3] - As of August 29, 2025, the top ten weighted stocks in the Guozheng Communication Index account for 64.43% of the index, including companies like XinYiseng, Zhongji Xuchuang, and ZTE [3] Group 4: Stock Performance Overview - The stock performance of key companies in the optical communication sector shows varied results, with Zhongji Xuchuang down by 2.05%, China Telecom down by 0.45%, and ZTE down by 3.21% [5] - Investors can consider the Communication ETF linked fund (019072) to capitalize on investment opportunities in optical communication under the AI transformation [5]

Core Viewpoint - The launch of the new Lynk & Co 07 EM-P aims to provide a high-quality driving experience for the "aspiring youth" of today, featuring advanced technology and emotional interaction capabilities [3][5]. Product Launch and Pricing - The Lynk & Co 07 EM-P was officially launched on September 25, with three configurations: 126 Long Range Max, 126 Long Range Ultra, and 126 Long Range Ultra H7, starting at a limited-time price of 139,800 yuan [1]. Technological Features - The vehicle is equipped with the LYNK Flyme Auto 2 system, which enhances user interaction through a simplified interface and powerful Qualcomm Snapdragon 8295 chip, ensuring smooth multitasking and interface transitions [5][7]. - It supports a wide range of applications and allows users to create and share personalized scenarios, enhancing the overall user experience [7]. Driving Assistance and Safety - The Lynk & Co 07 EM-P features a comprehensive driving assistance system, including laser radar and Orin-Y chip, enabling navigation assistance in all cities and complex parking scenarios [9][12]. - The vehicle is designed with advanced safety features, including a robust structure with high-strength materials and intelligent safety systems that enhance risk prediction and decision-making capabilities [19]. Performance and Efficiency - The car is powered by a 1.5T Evo hybrid engine with a thermal efficiency of 47.26%, achieving a fuel consumption rate of only 3.72L/100km, which can save nearly 3,000 yuan in fuel costs annually [17]. - It is equipped with a 18.4kWh lithium iron phosphate battery, offering a comprehensive range of 1,450 km and fast charging capabilities, reducing wait times by 30% [17]. Interior Comfort and Design - The interior of the Lynk & Co 07 EM-P features enhanced space and comfort, with upgraded seating and storage options, catering to the needs of modern users [13][15]. - The design incorporates high-quality materials and a luxurious feel, appealing to younger consumers [12][15].

Core Viewpoint - The all-new Mercedes-Benz pure electric CLA has officially started pre-sales, offering two versions with pre-sale prices of RMB 259,000 and RMB 299,000, along with various promotional gifts for early customers [1][4]. Group 1: Product Features - The new pure electric CLA is positioned as a safety benchmark, adhering to Mercedes-Benz standards, and features an AI-enabled smart cockpit, developed in collaboration with leading tech companies [3][5]. - It boasts a unique electric two-speed transmission and an energy consumption rate of only 10.9 kWh per 100 km, setting a standard for efficiency in the industry [3][10]. - The vehicle is equipped with advanced safety features, including 11 standard airbags and has undergone extensive safety testing, achieving a five-star rating in fire safety assessments for electric vehicles in China [5]. Group 2: Customer Offers - Mercedes-Benz is providing a range of limited-time pre-sale gifts for luxury electric customers, with a total value exceeding RMB 13,000 for those who place orders before 18:00 on the launch day [4]. - Additional benefits include a navigation assistance package for urban and highway driving, enhancing the smart driving experience for customers [4]. Group 3: Technological Advancements - The CLA features the latest generation of in-car systems, including a virtual assistant capable of understanding different emotions, enhancing user interaction [9]. - It is built on the new MB.OS architecture, allowing for tailored smart technology specifically for Chinese customers [7]. Group 4: Market Positioning - The all-new pure electric CLA is designed to meet the needs of various customer segments, including families, first-time electric vehicle users, and urban elites seeking luxury electric options [16]. - The vehicle will be available through nearly 170 dedicated dealerships across the country, ensuring a personalized service experience for customers [14].

Core Viewpoint - Lynk & Co has officially launched the new Lynk 08EM-P, a family-oriented luxury hybrid SUV, with a price range of 159,800 to 212,800 yuan, offering various purchase incentives [1][5] Design and Aesthetics - The new model features a design inspired by the "urban skyline" and includes a front grille with a continuous light strip that is the longest in its class at 115 cm, with a 33% increase in brightness compared to the previous generation [1] - The vehicle is available in six color options, including three new colors, and the paint has undergone 3,000 hours of aging tests to ensure durability [1] Space and Comfort - The interior is designed with family travel in mind, offering nearly 1300 mm of rear legroom and 35 storage compartments, with a standard trunk capacity of 545 liters expandable to 1277 liters [2] - The seating features Nappa leather with anti-soiling technology, and both front and rear seats have ventilation, heating, and massage functions [2] Intelligent Cockpit and Connectivity - The vehicle is equipped with a Qualcomm Snapdragon 8295 chip and features a three-screen setup, including a 95-inch AR-HUD and a 15.4-inch central control screen [3] - The upgraded intelligent cockpit system supports multiple smartphone connections and integrates AI functionalities for travel assistance and information queries [3] Advanced Driver Assistance - The Lynk 08EM-P is the only hybrid SUV in its class to come standard with laser radar and is the first mid-size SUV globally to use the 4nm Thor chip, providing 700 TOPS of computing power [3] - It supports 38 advanced driving functions, including intelligent following and obstacle avoidance, with future upgrades planned for additional capabilities [3] Powertrain and Performance - The vehicle features a 1.5TEvo engine with a thermal efficiency of 47.26%, offering a combined range of over 1400 km and fuel consumption of 4.5L per 100 km for two-wheel drive models [4] - The four-wheel drive variant boasts a maximum power of 456 kW and can accelerate from 0 to 100 km/h in 4.6 seconds, with a fuel consumption of 4.9L per 100 km [4] Safety Features - The Lynk 08EM-P has maintained a zero fatality record in extreme crash tests and includes advanced safety features such as AEB and automatic obstacle avoidance [4] - The vehicle's safety technology is designed to handle various driving scenarios, ensuring a high level of protection for occupants [4] Market Positioning - Over the past two years, the Lynk 08EM-P has attracted nearly 150,000 family users, positioning itself as a new choice in the 200,000 yuan SUV market by optimizing design, comfort, intelligence, and safety [5]

Core Insights - Horizon showcased its upgraded urban auxiliary driving system HSD at the "HSD Pioneer Experience Day" in Beijing, featuring a "one-stage end-to-end + reinforcement learning" architecture that overcomes traditional separation limitations [1] - The HSD system demonstrated low latency, defensive driving, and human-like control capabilities during real-world tests in complex urban environments [1] - The system is designed to self-evolve through reinforcement learning, maintaining stable performance in extreme conditions such as tidal lane changes and unpaved roads [1] - The Xingtai ET5 will be the world's first vehicle equipped with Horizon's HSD and the Journey 6P chip, set to launch in November 2025 [1] - Horizon plans to enter mass production of the HSD system by the end of this year, with expectations to achieve millions of installations over the next 3 to 5 years, promoting the widespread adoption of auxiliary driving technology [1]

Core Viewpoint - The all-new Lynk & Co 08 EM-P has officially launched, positioning itself as a top choice in the 200,000 RMB SUV segment with a price range of 159,800 to 212,800 RMB [1] Group 1: Product Features - The Lynk & Co 08 EM-P offers four models: 160 Long Range Max, 160 Long Range Ultra, 230 Ultra H7, and 210 Four-Wheel Drive Ultra H7 [1] - It is the only plug-in hybrid SUV in its class to feature laser radar across all models and is the world's first mid-size SUV equipped with the Thor chip [4] - The vehicle is powered by the Qualcomm Snapdragon 8295 chip, featuring a 95-inch AR-HUD, a 15.4-inch central control screen, and a 12.3-inch full LCD instrument panel for an enhanced user interface and three-screen interactive experience [3] Group 2: Advanced Driving Assistance - The vehicle supports the "Qianli Haohan H7" driving assistance solution, which includes 38 advanced driving assistance functions such as intelligent following, lane-level traffic light recognition, urban pedestrian avoidance, and recognition of unplanned roads [4] - The parking assistance feature supports over 300 types of parking spaces across the country, including narrow spaces, dead-end road parking, and unmarked spaces, utilizing functions like fingertip parking and remote parking [5]