Core Insights - The article highlights the launch of a new financial model solution by Huoshan Engine, focusing on enhancing customer service and internal efficiency for financial institutions through AI-native applications and digital employees [1] - The financial sector is identified as a leading area for the large-scale application of AI models, with Huoshan Engine's collaboration with financial institutions accelerating since the release of the Doubao model in May 2024 [1] - Huoshan Engine's AI solutions have already reached 70% of systemically important banks and numerous brokerage and fund companies, emphasizing the importance of customer service and internal efficiency in the financial industry [1] Financial AI App - The AI App serves as a mobile platform that utilizes AI models to provide intelligent investment advice, trading, services, and information interactions, already implemented in several brokerage firms [3] - The app aims to transform the user experience of financial applications [3] Capability Framework of AI App - The AI App solution is structured into three layers: - The intelligent interaction layer includes financial clients and Doubao App, featuring expert intelligent agents like market assistants [4] - The middle platform capability layer integrates intelligent control, data-knowledge-intelligence analysis, and model evaluation to ensure the iterative development of AI applications [4] - The infrastructure layer is built on the Doubao model, AI cloud-native security, and computing power management [4] - The Huoshan Engine Data Agent has effectively created investment advisory intelligent agents for multiple enterprises, enabling users to access multi-dimensional market analysis and real-time tracking of trends and fund movements [4] Digital Employees - The digital employee solution encompasses six key scenarios, creating an inclusive AI tool matrix: - Business assistants automate the entire due diligence cycle, shifting from experience reliance to AI-driven processes [5] Intelligent Customer Service and Risk Control - Intelligent customer service integrates ticket extraction, AI Q&A, and quality inspection to enhance service efficiency and compliance [6] - Intelligent risk control replaces traditional OCR with VLM to automatically extract multi-modal risk factors, upgrading risk insight models [6] Collaborative Ecosystem - The article discusses the importance of ecosystem collaboration for the large-scale implementation of AI-native applications, with Huoshan Engine signing partnerships with ten financial technology pioneers to co-create a new financial intelligence ecosystem [8] - The collaboration aims to drive innovation and accelerate the financial industry's transition towards intelligence [8]

"智能化的前提是电动化——我们常说的汽车'四化'，在商用车领域同样会逐步显现，电动化和智能化 是同步推进的，且速度会比以往更快。过去10年，乘用车电动化逐步成熟，渗透率在今年达到50%；而 商用车电动化的快速发展始于去年，当前渗透率约为百分之十几，预计5年左右就能达到乘用车过去10 年的渗透水平。" 近日，京能新能源CEO刘五洲在《中国经营报》与中国电动汽车百人会联合策划的专访间接受记者专访 时，分享了他对新能源商用车行业发展的观察。 针对补能这一核心赛道，刘五洲进一步介绍，智能驾驶、自动充电、换电等技术已在乘用车场景逐步落 地，而商用车领域的技术储备与模式创新正加速推进——作为行业内最早提出兆瓦充电概念并实现商品 化的企业之一，京能新能源已在多个场景完成实践，例如为国内运营商打造河南安阳总功率2MW的兆 瓦级充电站，为中汽研在内蒙古牙克石的冬季极寒测试提供充电配套服务，同时还助力国内企业在中 东、东南亚等海外市场解决补能问题，通过技术与场景的结合推动商用车电动化进程。 《中国经营报》：在赋能汽车行业中京能新能源扮演了什么样的角色？我们自身的优势是什么？ 刘五洲：京能新能源是一家做新能源汽车补能的，目前主要以 ...

2 汽车周观点： 6月第4周乘用车环比+3.9%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年7月7日 请务必阅读正文之后的免责声明部分 核心结论 证券研究报告 注：若无特殊说明，"本周"均代表2025.6.16-2025.6.22 （ ➢本周复盘总结：六月第四周交强险56.9万辆，环比上周/上月周度+3.9%/+24.2%。 ➢本周细分板块涨跌幅排序:SW摩托车及其他(+5.1%) >SW商用载客车(+4.4%) >SW乘 用车(+0.4%) >SW汽车（+0.1%）> SＷ商用载货车(0.1%) > SW汽车零部件(-0.7%) 。 本周已覆盖标的春风动力、爱玛科技、宇通客车、上汽集团、中国重汽涨幅前五。 ◼ 本周团队研究成果：外发小鹏G7上市点评。 ◼ 本周行业核心变化：1）小鹏G7定位为极致空间而生的家庭科技美学中大型SUV，602 km Max版搭载双Orin-X芯片定价19.58万元，702km Max版搭载双Orin-X芯片定价2 0.58万元，Ultra版搭载三颗图灵AI芯片定价22.58万元， ...

新能源技术重构大型轿车格局 在传统燃油车时代，大型轿车市场长期由德系三强（奔驰S级、宝马7系、奥迪A8）和日系旗舰（如雷克萨斯LS）所主导，自主品牌虽多次尝试突 破，但均未能取得预期效果。然而，随着新能源汽车的崛起，自主品牌获得了重新定义大型轿车标准的良机。 如尊界S800所采用的"智能可变架构"平台，能够根据车型需求灵活调整轴距和电池布局，实现空间利用的最大化；奇瑞A9L搭载的固态电池技术，其 能量密度达到400Wh/kg，续驶里程突破800公里；比亚迪即将推出的大型轿车则配备了四轮独立电机和原地转向功能。这些技术创新使得自主产品在性能 指标上已经超越同级别的传统高端车型。"新能源汽车技术已经使大型轿车的竞争规则发生了根本性的变化。"清华大学汽车产业与技术战略研究院院长赵 福全分析，"在燃油车时代，V8、V12发动机和复杂的变速器系统构成了难以逾越的技术壁垒。而在电动化时代，三电系统、智能驾驶和座舱交互成为新 的核心竞争力，这正是自主品牌的优势所在。" 长期以来，轿车市场，特别是中大型轿车领域，一直是自主品牌难以攻克的"堡垒"。相关数据显示，近年来，在中大型轿车细分市场中，高端品牌依 然占据主导地位，自主品 ...

Core Insights - The article highlights the integration of technology in the grain purchasing process in Henan, enhancing efficiency and ensuring quality control in grain storage and sales [1] Group 1: Technological Advancements - The use of the "Hui San Nong" app allows farmers to schedule grain sales, significantly reducing waiting times from approximately one day to between one and three hours [2] - A new sampling and testing system has been implemented to ensure fairness in grain quality assessment, eliminating human intervention and providing transparent results [3] Group 2: Efficiency Improvements - Upgraded unloading equipment allows for the unloading of 50 tons of wheat in just half an hour, with daily unloading capacity reaching between 3,000 to 4,000 tons [4] - The implementation of electronic payment systems enables immediate settlement of funds upon grain sale, enhancing the overall experience for farmers [4] Group 3: Impact on Grain Acquisition - As of July 4, Henan has purchased 8.061 million tons of new wheat, an increase of 1.119 million tons compared to the previous year, demonstrating the effectiveness of these technological enhancements in boosting grain acquisition [4]

Group 1 - The core viewpoint of the articles highlights the significant advancements in China's robotics industry, particularly the achievement of 100% localization in core components by Efort Intelligent Equipment Co., Ltd [1][2] - Efort has transitioned from a subsidiary of Chery Automobile to a leading player in the robotics sector, recognized as a national-level "specialized and innovative" enterprise [1] - The company has made breakthroughs in key components such as servo motors, reducers, and controllers, achieving complete domestic substitution of critical parts [1] Group 2 - The annual demand for robots in China has stabilized between 200,000 to 300,000 units, with the market share of domestic robots increasing from less than 10% to over 55% [2] - Anhui Province has developed a complete ecosystem for robotics, growing from over 10 companies in 2013 to more than 500 by 2024, with an annual output value exceeding 60 billion yuan [2] - The global development of intelligent technology is progressing synchronously, with China demonstrating a significant advantage in rapid application and large-scale implementation [2]

Core Viewpoint - Baise is transforming its aluminum industry from a resource-based model to a high-end, intelligent, and green development approach, significantly enhancing its overall strength, quality, efficiency, and competitiveness in the aluminum sector [1]. Industry Development - Baise's aluminum industry achieved an output value of 40.6 billion yuan in Q1 2025, marking a year-on-year growth of 19.6%, laying a solid foundation for high-quality development throughout the year [1]. - The city has established a complete aluminum industry chain, with an aluminum product to electrolytic aluminum production ratio of 1.45:1, making it one of the few cities with a comprehensive aluminum industry chain [1]. Innovation and Technology - Companies in Baise are investing in advanced technologies, such as a self-developed linear annealing device costing over 100 million yuan, which significantly reduces production time from 4-5 days to just over 1 hour [2]. - The annual processing capacity of aluminum alloy plates and strips at Guangxi Runtai Aluminum Co., Ltd. has reached 400,000 tons [2]. - The Baise aluminum industry has signed 81 projects in the past three years, with a total planned investment of 61.4 billion yuan [3]. Smart Manufacturing - Baise has seen a rise in intelligent manufacturing, with 2 recognized benchmark enterprises, 12 smart factories, and 2 digital workshops in the aluminum sector [5]. - The city has invested 500 million yuan in the past three years to support technological upgrades and new production lines for aluminum enterprises [5]. Green Transformation - Baise's recycling of waste aluminum templates into regenerated aluminum has achieved an annual production capacity of over 100,000 tons, with a usage ratio of regenerated aluminum reaching over 70% [6]. - The city has built a centralized renewable energy capacity of 1.875 million kilowatts and distributed photovoltaic capacity of 1.005 million kilowatts, with green electricity consumption in the aluminum industry accounting for 22.3% [6]. - Baise has introduced digital twin technology for the entire lifecycle of electrolytic aluminum, saving 78,000 tons of standard coal annually and reducing carbon dioxide emissions by 184,200 tons [7].

Core Insights - The two-wheeled electric vehicle industry in China is entering a new phase of standardization and high-quality development by 2025, marked by the strict implementation of new national standards, leading to a significant optimization of market structure [1] - Major brands like Yadea and Aima dominate the market, holding over 50% of the market share, resulting in a duopoly, while the top five companies account for nearly 75% of the market concentration [1] - The market size for two-wheeled electric vehicles exceeded 120 billion yuan in 2023, with a total ownership of 400 million vehicles, and is projected to reach 59.5 million units sold in 2024 [1] - The user demographic is shifting, with individuals aged 18 to 35 making up over 60% of consumers, emphasizing the importance of range, safety, and smart features [1] - The rapid development of lithium battery technology is increasing its penetration in two-wheeled electric vehicles, expected to reach 50% by 2024, with companies like Tianneng and CATL actively entering this market [1] - The midstream market is characterized by competition between traditional giants and new entrants, with the latter leveraging differentiated strategies through smart products [1] Market Dynamics - The rise of battery swapping models is creating new growth opportunities for the two-wheeled electric vehicle industry, benefiting both the instant delivery sector and the general consumer market by providing more convenient charging solutions [3] - Technological advancements are accelerating the trend towards lithium battery usage, enhancing product lightweighting and extending range capabilities [3] - Two-wheeled electric vehicles are evolving from basic functionalities to include advanced driver assistance systems, with OTA upgrades becoming standard features, enhancing user experience and injecting vitality into the industry's ongoing development [3]

Core Viewpoint - The global automotive industry is undergoing significant transformation, with a shift from electric vehicle adoption to a comprehensive competition in smart electric vehicles, emphasizing the importance of brand, product, technology, and global operational systems for automakers [2][9]. Group 1: Sales Performance - In the first half of 2025, Changan Automobile achieved a remarkable sales milestone with a total of 1.355 million vehicles sold, marking an eight-year high, including 450,000 new energy vehicles, which represents a year-on-year growth of 48.8% [3]. - Changan's three major brands and five product lines have shown strong synergy, balancing new and stable offerings, with high-end smart electric brand Avita maintaining a monthly sales level of over 10,000 units for four consecutive months [6][7]. Group 2: Product and Technology Development - Changan's strategy of a "multi-brand matrix + deep technology layout" is yielding results, enhancing its competitive edge in electrification, intelligence, and globalization [7]. - The company has introduced several new models, including the Q07, S09, and UNI-Z PHEV, which are gaining market traction, while its technological innovations are being progressively realized [9][13]. - Changan's "Shangri-La" plan focuses on solid-state batteries, with the "Golden Bell" battery entering real vehicle verification, aiming for mass production by 2027 [13]. Group 3: Global Expansion Strategy - Changan's "No Overseas, No Changan" strategy emphasizes the importance of global presence, with a clear plan for global expansion targeting five core regions: Southeast Asia, Central and South America, Europe, Middle East and Africa, and Eurasia [19][21]. - The company has established over 14,000 channel outlets in more than 100 countries and is transitioning from a sales-driven model to a comprehensive ecosystem development approach [21][22]. - In January 2025, Changan's export volume reached a historic high, with a month-on-month increase of over eight times, positioning it among the top three Chinese automakers in exports [22]. Group 4: Industry Collaboration and Innovation - As a representative of state-owned enterprises, Changan is committed to industry health and stability, implementing measures to support suppliers and enhance the overall supply chain [25]. - The company has formed collaborative mechanisms with over 30 enterprises, including Huawei and Tencent, to foster innovation in smart driving and cloud platforms [26]. - Changan's focus on building a robust technological moat and its ability to respond quickly to global market changes are seen as key factors for its long-term success [27][28].

2025 年 07 月 06 日 聚焦空天、强弹性的军工： 航天航 空 ETF 天弘（159241）投资价值分 析 ——指数基金产品研究系列之二百四十八 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 研究支持 白皓天 A0230123070002 baiht@swsresearch.com 联系人 邓虎 (8621)23297818× denghu@swsresearch.com 权 益 量 化 研 究 请务必仔细阅读正文之后的各项信息披露与声明 股 票 基 金 告 相关研究 - ⚫ 航天航空 ETF 天弘（159241）是天弘基金旗下的 ETF 产品，于 2025/5/21 成立，并于 2025/5/29 正式上市。现任基金经理为沙川先生与祁世超先生。基金紧密跟踪标的指数， 追求跟踪偏离度和跟踪误差最小化，管理费率 0.50%、托管费率 0.10%。 ⚫ 多重逻辑驱动行业快速发展，把握航空航天两大主线。我国正处于第四次换装大周期的冲 刺期，提质增量仍是当前需求；十四五规划收官关键时期，推动"点 ...