.@SpaceX is pushing humanity forward with reusable rockets, global Starlink, and the mission to reach Marshttps://t.co/7v9Lml46Av ...

UK Chancellor Rachel Reeves is considering a legislative measure that could potentially reduce the amount of compensation banks need to pay for controversial practices at their car-loan businesses, reports say https://t.co/oqqB9ZZxix ...

UK property portal Rightmove said available housing stock in Britain is at a 10-year high, creating a buyer’s market and putting pressure on new home developers https://t.co/MGk5o6acYt ...

国联股份（603613）公告，控股子公司卫多多电子商务拟实施A1轮增资扩股，引入珠海格金九号和珠 海格金三号各出资1亿元，其中49.75万元计入注册资本，剩余部分计入资本公积，两者持股比例均为 1.61%。增资完成后，卫多多注册资本将由3000万元增加至3099.5万元，仍为国联股份控股子公司。本 次增资扩股不构成关联交易或重大资产重组。本次资金将用于优化资产负债结构、推进工业电商规模、 建设数字供应链和数字云工厂等。 ...

Financial Data and Key Metrics Changes - Customer lending grew by 3.2% to GBP 384 billion, while customer deposits increased by 1% to GBP 436 billion [4][5] - Assets under management and administration rose by 5.9% to GBP 52 billion [5] - Income increased by 13.7% to GBP 8 billion, and costs decreased by 1.4% to GBP 3.9 billion, resulting in an operating profit of GBP 3.6 billion and an attributable profit of GBP 2.5 billion [5][6] - Return on tangible equity was reported at 18.1%, with earnings per share up 28% to 31p [5][6] - An interim dividend of 9.5p was announced, reflecting a 58% increase [6] Business Line Data and Key Metrics Changes - Retail Banking saw a 3% increase in lending and a 1% rise in deposits, with a 4% increase in application share for mortgages [8][10] - Commercial and Institutional lending grew by 4% and deposits by 2%, driven by project finance and sustainable finance [10][11] - Private Banking and Wealth Management experienced a 2% increase in lending and net new inflows of GBP 1.5 billion, representing 8.1% of opening assets under management [11] Market Data and Key Metrics Changes - The bank attracted over 100,000 new customers through organic growth and the Sainsbury's transaction, which added approximately 1 million new customers [7][8] - The bank's share in credit cards increased from 9.7% to 11% due to the Sainsbury's acquisition [10] Company Strategy and Development Direction - The company is focused on disciplined growth, simplification, and enhancing customer experience through digitalization and technology upgrades [11][12][14] - A new target of delivering GBP 200 billion in climate and transition finance by 2030 was announced, building on previous commitments [11] - The bank is actively managing its balance sheet and has reduced its cost-to-income ratio from around 56% to 49% [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue driving lending growth despite a challenging UK economic backdrop [50][51] - The bank upgraded its 2025 guidance for income to over GBP 16 billion and return on tangible equity above 16.5% [16][30] - Management noted that the diversified prime loan book is performing well, with expectations for a loan impairment rate below 20 basis points for the full year [27][30] Other Important Information - The bank's CET1 ratio remained stable at 13.6%, with strong capital generation allowing for investments and shareholder returns [6][29] - A new share buyback program of GBP 750 million was announced, bringing total distributions to shareholders in the first half to around GBP 1.5 billion [6][29] Q&A Session Summary Question: On deposit flows and management of yields - Management acknowledged the impact of the Sainsbury's acquisition on deposit growth and confirmed that overall deposit share remained stable despite some current account losses [39][40] Question: On lending outlook and economic backdrop - Management expressed confidence in continued lending growth, supported by strong performance in both retail and commercial sectors [50][51] Question: On capital management and potential M&A - Management clarified that there is no intention to build a buffer for M&A, focusing instead on organic growth and shareholder returns [53][54] Question: On revenue guidance and drivers - Management indicated that the upgraded revenue guidance is supported by continued volume growth, the full run rate from Sainsbury's, and higher structural hedge income [78][81] Question: On mortgage spreads and market dynamics - Management noted that mortgage spreads are stabilizing and emphasized the importance of broadening the mortgage proposition to capture market opportunities [64][66]

Financial Data and Key Metrics Changes - Customer lending grew 3.2% to GBP 384 billion, while customer deposits increased by 1% to GBP 436 billion [3][4] - Income rose 13.7% to GBP 8 billion, and costs decreased by 1.4% to GBP 3.9 billion, resulting in an operating profit of GBP 3.6 billion and attributable profit of GBP 2.5 billion [4][5] - Return on tangible equity was 18.1%, and earnings per share increased by 28% to 31p [4][5] - Interim dividend announced at 9.5p, up 58%, with TNAV per share growing 16% to 351p [5] Business Line Data and Key Metrics Changes - Retail Banking saw lending growth of 3%, with deposits up 1% [7] - Commercial and Institutional lending increased by 4% and deposits by 2%, driven by project finance and sustainable finance [8] - Private Banking and Wealth Management experienced a 2% growth in lending and net new inflows of GBP 1.5 billion, representing 8.1% of opening AUM [9] Market Data and Key Metrics Changes - The bank attracted over 100,000 new customers through organic growth and the Sainsbury's transaction, which added around 1 million new customers [6][7] - The bank's share in credit cards increased from 9.7% to 11% due to the Sainsbury's acquisition [8] Company Strategy and Development Direction - The company is focused on disciplined growth, customer base expansion, and enhancing customer experience through digitization and simplification [6][10] - A new target of delivering GBP 200 billion in climate and transition finance by 2030 has been set, building on previous achievements [9][10] - The bank is modernizing its technology and operational model, including a strategic collaboration with AWS and Accenture to enhance data capabilities [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering broad-based lending growth despite a challenging UK economic backdrop [49][50] - The bank upgraded its 2025 guidance for income to greater than GBP 16 billion and return on tangible equity above 16.5% [15][29] - Management noted that the diversified loan book is performing well, with expectations of a loan impairment rate below 20 basis points for the full year [25][29] Other Important Information - The CET1 ratio remained stable at 13.6%, with strong capital generation allowing for investments and shareholder returns [5][28] - The bank is actively managing its balance sheet, generating 101 basis points of capital in the first half [14] Q&A Session All Questions and Answers Question: On deposit flows and current accounts - Management acknowledged the growth in deposits but noted some loss in current accounts, attributing it to a disciplined pricing strategy amid competitive conditions [34][39] Question: On lending outlook and revenue guidance - Management expressed confidence in continued lending growth, supported by strong volumes and the full run rate from the Sainsbury's acquisition [46][49] Question: On capital management and potential M&A - Management clarified that they are not building a buffer for M&A but are focused on organic growth and maintaining a balanced capital allocation strategy [52][53] Question: On structural hedge and mortgage spreads - Management indicated that the structural hedge is performing well, with expectations of continued support for income, while mortgage spreads are stabilizing [57][63] Question: On FX risk management derivatives - Management explained that FX risk management activities are designed to take advantage of market volatility, contributing positively to overall income despite appearing as negative NII [98][101] Question: On lead reforms and mortgage market opportunities - Management expressed support for lead reforms, anticipating positive impacts on the mortgage market and increased borrowing capacity for first-time buyers [104][106]

Core Insights - Pony.ai has launched 24/7 Robotaxi operations in Guangzhou and Shenzhen, expanding its operational capabilities significantly [1] - The company has extended its Robotaxi testing in Beijing to a full 24-hour schedule, indicating a broader commitment to autonomous driving technology [1] Group 1: Operational Expansion - The new initiative marks a significant advancement in Pony.ai's operations, increasing the Robotaxi service window from 15 hours to 24 hours daily [1] - The company has conducted over 50 million kilometers of autonomous testing globally, validating its systems under various traffic and lighting conditions [2] Group 2: Safety and Performance - Pony.ai's autonomous driving system, referred to as the "virtual driver," has achieved over 500,000 hours of driverless operation, boasting a safety record up to ten times safer than human drivers [3] - The advanced multi-sensor fusion architecture includes 128-beam LiDAR, 8-megapixel cameras, and 4D imaging millimeter-wave radar, providing comprehensive 360-degree perception [4] Group 3: Technological Advancements - The use of active sensing technologies like LiDAR and radar enhances the system's ability to detect low-contrast objects and navigate in low-light conditions [5] - The seventh-generation Robotaxi fleet is equipped with a proprietary sensor self-cleaning system to maintain reliability in adverse weather conditions [6] Group 4: Market Positioning - By scaling its Robotaxi fleet across major cities, Pony.ai aims to reshape urban transportation and improve late-night mobility, emphasizing safety and availability [7] - The continuous operation of Robotaxis is positioned as a new travel option for late-night commuters, enhancing urban mobility solutions [8]

端到端自动驾驶作为目前智驾量产的核心算法，可以分为一段式端到端、二段式端到端两个大的技术方 向。这两年有非常多的工作如雨后春笋般涌现，以PLUTO为代表的二段式端到端思考如何用模型实现自车 规划；以UniAD为代表的基于感知的一段式端到端不断发展进步；以OccWorld为代表的基于世界模型的一 段式端到端开创了新流派；以DiffusionDrive为代表的基于扩散模型的一段式端到端开创了多模轨迹的新时 代；随后基于VLM的一系列方法不断进化出自动驾驶VLA方向，开启了大模型时代下的端到端； 而传统的BEV感知、车道线、Occupancy等工作相对较少出现在顶会了，最近也有很多同学陆续来咨询峰 哥，传统的感知、规划这块还能继续发论文吗？感觉工作都已经被做的七七八八了，审稿人会打高分吗？ 说到传统的感知、规划等任务，工业界都还在继续优化方案！但学术界基本都慢慢转向大模型与VLA了， 这个领域还有很多工作可以做的子领域...... 但新的领域往往对初学者是陌生的，只有极少数科研能力强的人才有机会独立产出。如果您真的需要选择 论文研究方向，我们建议向大模型、VLA靠拢。 如果您基础真的不好，也可以看看我们为大家准备好 ...

ab Global Research owered by UBS Evidence Lab YES P 21 July 2025 First Read China Industrials Tracking trade flows amid changing US tariffs on China (week 29) Key highlights from high frequency data on trade flows We gather weekly data from UBS Evidence Lab, the Ministry of Transport and other third-party data providers to present the most recent trade flows after the US imposed high tariffs on China. We cover shipping, shipbuilding, ports, international freight flights and land transportation. Port volume ...

July 21, 2025 02:55 PM GMT Global EM Strategist Trend = Friend The USD rebound in July has been modest as policy uncertainty has offset resilient macro data. USD positioning is now neutral. We expect EM local markets to regain their footing as the medium-term trend of duration and FX gains reasserts itself. Key Takeaways The 2025 Extel Global Fixed Income Poll is now open and your participation matters a great deal to us. If you have found our Global FX and EM research insightful and helpful, we would great ...