Core Viewpoint - Cathay Securities initiates coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its profitability through Total Cost of Ownership (TCO) optimization and potential for valuation increase due to its autonomous driving strategy backed by Geely [1] Group 1: Market Position and Financial Performance - Cao Cao Mobility holds the second-largest market share in China's ride-hailing market, with shares of 8.8% and 8.5% in core first and second-tier cities respectively [1] - The company is projected to achieve revenues of 14.657 billion RMB in 2024, with a year-on-year growth rate exceeding 35% for the past two years [1] - The gross margin has seen a "three-year consecutive jump," with profitability expected to reach 809 million RMB in 2024, and the company is anticipated to enter a phase of synchronized expansion in profitability and business scale by 2026 [1] Group 2: Cost Reduction and Differentiated Growth - The company has established a commercial moat centered around a "customized vehicle strategy," reducing TCO to approximately 0.5 RMB per kilometer [2] - As a part of Geely's ecosystem, the company benefits from stable low-cost production capacity and a high-density battery swap network, while also leveraging vast real-world data to enhance smart driving algorithms [2] - This "manufacturing + platform + data" internal closed-loop model provides significant advantages in operational efficiency, vehicle durability, and compliance risk management compared to traditional light-asset models [2] Group 3: Strategic Upgrades and Future Goals - The company is transitioning from the "N-cube" to the "F-cube" strategy, focusing on fully intelligent customized vehicles, autonomous driving, and automated operational systems [3] - With the technological support from Geely's "Thousand-Mile Smart Driving," the company plans to launch L4-level Robotaxi customized models by 2026 [3] - The company has set a global strategic goal of "Ten Years, Hundred Cities, Thousand Billion," indicating its ambition to reshape the industry's profitability ceiling through Robotaxi [3]

Core Viewpoint - Cathay Securities initiates coverage on Cao Cao Mobility (02643) with a "Buy" rating, highlighting its strong market position and growth potential driven by customized vehicle strategies and cost optimization [1] Group 1: Market Position and Financial Performance - Cao Cao Mobility holds the second-largest market share in China's ride-hailing sector, with shares of 8.8% and 8.5% in core first- and second-tier cities respectively [1] - The company is projected to achieve revenues of 14.657 billion RMB in 2024, with a year-on-year growth rate exceeding 35% for the past two years [1] - The gross margin has improved significantly, achieving a three-year consecutive increase, with profitability expected to reach 809 million RMB in 2024 [1] Group 2: Cost Optimization and Business Model - The company has established a competitive moat centered around a "customized vehicle strategy," reducing total cost of ownership (TCO) to approximately 0.5 RMB per kilometer [2] - As part of the Geely ecosystem, the company benefits from stable low-cost production capacity and a high-density battery swap network, enhancing operational efficiency and risk resilience [2] Group 3: Strategic Upgrades and Future Plans - The company is transitioning from the "N-cube" to the "F-cube" strategy, focusing on fully intelligent customized vehicles, autonomous driving, and automated operations [3] - Plans are in place to launch L4-level Robotaxi customized models by 2026, with a global strategic goal of "100 cities in 10 years, 100 billion" [3]

Core Insights - The shared economy model, leveraging internet technology and public consumption changes, is rapidly rising, significantly impacting various sectors including transportation and finance [2] - The shared mobility sector has seen a temporary decline in transaction volume due to the pandemic, but is now recovering, with a projected growth in transaction volume to 234.5 billion yuan in 2024, a year-on-year increase of 9.07% [2] - Future growth in shared mobility is expected to be driven by advancements in technology and policy improvements, integrating with autonomous driving and electric vehicles for smarter and greener transportation solutions [2] Shared Mobility Industry Overview - Shared mobility allows individuals to share vehicles without ownership, paying for usage based on their travel needs, encompassing services like ride-hailing and bike-sharing [3] - The industry is characterized by continuous innovation and expansion of service offerings, including various ride-hailing models [3] Development Background of Shared Mobility - The shared economy, centered around internet platforms, optimizes resource allocation and enhances efficiency, with shared mobility being a key component [5] - The market size of China's shared economy is projected to grow from 19.6 trillion yuan in 2015 to 44.6 trillion yuan by 2024, reflecting a compound annual growth rate of 9.57% [5] - By 2025, the market size is expected to reach approximately 48 trillion yuan, indicating robust growth potential for shared mobility sectors [5] Shared Mobility Industry Chain - The industry chain consists of three segments: upstream hardware suppliers (vehicle manufacturers, battery suppliers), midstream platform operators (service providers managing vehicle dispatch and operations), and downstream end-users utilizing the services [7] Ride-Hailing as a Key Component - Ride-hailing services provide convenient and flexible transportation options, especially during peak hours or in remote areas, becoming a preferred choice for users [9] - As of June 2025, the user base for ride-hailing in China is projected to reach 511 million, with a usage rate of 45.6%, indicating significant growth in user adoption [9]

Group 1 - The first domestic gold ETF in China has surpassed 100 billion yuan in scale, driven by rising gold prices and continuous investor buying, indicating significant asset allocation value in the current low-interest-rate environment [1] - Domestic power grid investment is expected to exceed 1 trillion yuan per year during the 14th Five-Year Plan, with a projected 40% increase in fixed asset investment by the State Grid Company compared to the previous plan [1] Group 2 - The space photovoltaic concept has gained significant attention in 2026, with multiple companies like JinkoSolar and Trina Solar actively disclosing their development plans, indicating a potential trillion-yuan market [2] - The low-altitude economy is viewed as a long-term endeavor, requiring patience and collaboration across the industry to achieve its full potential [2] Group 3 - China's commercial aerospace industry is growing at over 20% annually, with projections of reaching 7 to 10 trillion yuan by 2030, as various regions compete to establish their presence in this sector [3] - Nickel prices have surged nearly 30% in a month due to supply contraction expectations, with significant implications for the nickel market and its downstream industries [3] Group 4 - The automatic driving industry in China is advancing, with the first L3-level conditional autonomous driving models receiving approval for road testing in designated areas [5] - In 2026, traditional car manufacturers are targeting stable growth rates of 10% to 30%, while new entrants aim for aggressive growth rates of 34% to 67% [5] Group 5 - The electric vehicle sector is witnessing a reshuffle, with companies like Jidu Auto entering restructuring processes, reflecting the competitive landscape of the industry [6] - Star River Power has successfully launched 89 satellites into orbit, marking a significant achievement in the private aerospace sector [6] Group 6 - WuXi Biologics' major shareholder has agreed to sell 150 million shares at a price of 38.52 HKD per share, which will reduce their stake from approximately 12.12% to 8.49% [10] - Kuaishou has issued a total of 6 billion USD in senior notes, with proceeds intended for general corporate purposes [11] Group 7 - Cloud Intelligence plans to place 780,000 new H-shares at a price of 252 HKD per share, indicating ongoing capital-raising efforts [12] - E-Tech's IPO is set to face scrutiny from regulators, highlighting the challenges faced by companies in the automotive electronics sector [13] Group 8 - Luoyang Molybdenum expects a net profit increase of 48% to 54% for 2025, driven by rising product prices and effective cost management [14] - Lio's stock has been suspended for trading due to significant price fluctuations, reflecting the need for regulatory oversight in volatile markets [14] Group 9 - U.S. stock indices rebounded, with significant gains in technology and financial sectors, driven by strong earnings reports from major companies [16] - Commodity prices, including metals and oil, experienced declines after reaching record highs, indicating market volatility [16]

随着车辆自动驾驶能力不断演进，相关产业链近年来也持续保持较高增速。其中，用于测距的激光雷达 作为关键硬件之一，出货量不断走高。某企业生产总监介绍，当前市面上入门级的激光雷达价格已降至 较低水平。"可能1000元、2000元、3000元的价位，就可以让车辆搭载上传统的激光雷达"。 东莞证券认为，激光雷达是自动驾驶的核心传感器之一，在性能、防干扰和信息量方面优势明显。激光 雷达已从"贵族传感器"变成"10万级标配"，中国厂商在规模、成本和量产节奏上已领先全球，行业正迎 来"量价齐升"的黄金时期。随着成本下行，预计搭载量和渗透率将继续提升。此外，NOA渗透率逐步 提升，Robotaxi渗透率提升，AEB强制上车以及自动驾驶政策、商业配套逐步完善都有利于激光雷达未 来需求继续爆发，出货量有望进一步提升。 国联民生（601456）证券认为，当前激光雷达行业已完成从"技术验证"向"商业化量产"的跨越，迈入业 绩兑现期。行业将迎来"双轮驱动"增长模型。ADAS作为基本盘，受益于成本下探与渗透率提升，提供 稳健现金流；泛机器人作为增长极，在Robotaxi、无人物流、割草机器人等领域实现"0到1"突破，贡献 高毛利增量。 ...

Core Insights - The introduction of the first unmanned police patrol vehicle in Yulin marks a significant advancement in the city's smart policing initiatives [1] - The patrol vehicle integrates advanced technologies such as artificial intelligence, 5G communication, IoT sensing, and autonomous driving, enabling functions like autonomous patrolling, intelligent monitoring, real-time alerts, and remote dispatch [1] Group 1 - The patrol vehicle can autonomously patrol pre-set routes, collect and transmit real-time data and images, and detect anomalies [1] - It utilizes AI algorithms to identify suspicious behaviors, abnormal gatherings, and illegal parking, sending alerts to the command center to enhance police response efficiency [1] - The vehicle can replace some human patrols, providing 24-hour continuous patrols in key areas such as commercial districts, schools, squares, and communities, thus extending police reach and addressing gaps in traditional patrol methods [1] Group 2 - The patrol vehicle is designed to complement, not replace, police personnel, allowing officers to focus on case handling and service work through a "human-machine collaboration" model [2] - Yulin plans to develop a "combined air-ground, human-machine linked" smart defense network, exploring innovative applications of AI and big data in policing to enhance the intelligence level of public security systems [2]

汽车产销量双双突破3400万辆，新能源汽车产销量均超1600万辆，国内新车销量中新能源汽车占比超过一半 这是在郑州航空港区比亚迪总装工厂拍摄的新能源汽车"宋Pro"生产线。 参观者在第三届中国国际供应链促进博览会智能汽车链展区的宁德时代展台参观展出的神行超充电池。本组 图片均为新华社发 江苏省江都高新技术产业开发区某汽车生产企业的生产线。 新华社记者 唐诗凝 龚联康 田金文 打开新出炉的2025年中国汽车产业成绩单，汽车产销规模迈上新台阶，连续17年居全球首位，产业结构朝着 更优方向持续升级。 汽车产业是国民经济的重要支柱产业。一台汽车的生产与流通，串联起数十个行业、上万个零部件的精密协 作与高效运转。中国汽车产业交出的新答卷，彰显复杂变局下中国经济的强大韧性，更让我们清晰窥见"十五 五"乃至更长远未来中国产业变革中不断积蓄的澎湃动能。 上新，勾勒车市上扬线 新能源MPV不断升级，大空间、多座位的"奶爸车"轻松容纳全家舒适出行；满足个性化需求，多款新能源智 慧越野车热销，既能攀爬45度斜坡，又能实现1000公里综合续航……回眸2025年我国汽车市场，新车型、新 配置不断涌现，让不少消费者感慨"挑花了眼"。 市 ...

Core Insights - The launch of the first L3-level conditional autonomous driving vehicles in China marks a significant milestone in the industry, indicating the transition to a new era of operational autonomous vehicles [1][4][8] Group 1: Industry Developments - The Ministry of Industry and Information Technology has granted approval for the first L3-level autonomous vehicles, allowing them to operate in designated areas of Beijing and Chongqing [1] - The L3-level vehicles are expected to achieve a penetration rate breakthrough by 2026, paving the way for higher-level autonomous driving technologies (L4) to enter large-scale commercial deployment [1][7] - The trial operation of L3 vehicles signifies a shift from "assisted driving" to "system-led" driving experiences in specific scenarios [2] Group 2: Technical and Operational Insights - The trial of L3 vehicles has already accumulated over 70,000 kilometers of autonomous driving mileage in complex urban environments, showcasing their capability in handling various driving scenarios [2][3] - The vehicles are currently being tested with enterprise users who possess professional skills, providing valuable feedback for system optimization [3] - The introduction of L3 vehicles establishes a legal framework for liability and safety standards, enhancing industry confidence and encouraging hardware deployment and data collection for future advancements [3][4] Group 3: Future Projections - By 2026, L2 technology is projected to become standard in mainstream vehicles, with a penetration rate exceeding 70%, while L3 technology is expected to accelerate in development and testing across major cities [6][7] - The Robotaxi sector is expanding, with a significant increase in fleet size anticipated, indicating a shift in user acceptance from novelty to regular use [7] - The ongoing advancements in AI and autonomous driving technologies present a strategic opportunity for the industry, with expectations for a more integrated and innovative future in transportation [8]

Core Insights - The approval of the first batch of L3-level conditional autonomous driving vehicles in China marks a significant milestone for the industry, allowing these vehicles to operate in designated areas of Beijing and Chongqing [1][2] - The introduction of L3-level vehicles is expected to catalyze the industry, with projections indicating a breakthrough in penetration rates by 2026, paving the way for higher-level autonomous driving technologies [1][5] Industry Developments - The L3-level vehicles are currently undergoing pilot testing, with 46 vehicles from Deep Blue having accumulated over 70,000 kilometers in autonomous driving over 19 days in Chongqing [1][2] - The pilot program is designed to gather real-world data and feedback from skilled enterprise users, which will help optimize the autonomous driving systems [2][3] Regulatory and Safety Framework - The pilot program establishes a legal framework for the responsibilities of manufacturers during the activation of the L3 systems, enhancing industry confidence and redefining safety standards [2][3] - The initiative is seen as a critical step towards addressing commercial challenges such as liability, insurance, and operational models for autonomous vehicles [3][4] Future Projections - By 2026, L2-level technology is expected to become standard in mainstream vehicles, with a penetration rate exceeding 70%, while L3-level technology is on the verge of mass production and commercial application [5][6] - The pilot testing of L3-level vehicles is anticipated to expand to more cities and complex traffic scenarios, further pushing the boundaries of L3 capabilities [5][6] Market Trends - The autonomous driving industry is experiencing rapid technological advancements and policy support, with Robotaxi services transitioning from pilot programs to broader market acceptance [6] - The growth of Robotaxi fleets, such as the one from Pony.ai, indicates a shift in user acceptance from novelty to regular use, with plans to expand fleet sizes significantly by 2026 [6]

"汽车第一城"之争愈显焦灼。 1月13日，来自重庆市经济信息委的消息称，2025年重庆汽车产业再攀新高，全年汽车产量达到278.8万辆，增长9.7%，稳居城市第一位、省市第三位。其 中，新能源汽车产量达到129.6万辆，增长36%，产业集群规模突破8000亿元。 这意味着，在深圳反超广州、短暂拿下汽车产量头名桂冠之后，又再次交出"接力棒"；而对于重庆来说，则是经过10年蛰伏后，再次回归冠军宝座。 产量之争并不是重庆此次"晋位"的全部。就在不久前，全国首块L3级自动驾驶专用正式号牌"渝AD0001Z"颁发给长安汽车。在外界看来，这意味着中国智能 驾驶迈入规模化应用的历史性阶段，而重庆则正在成为"领跑者"。 回顾近年来汽车城的你追我赶，作为新物种的新能源汽车无疑充当了"游戏改写者"的角色。如果将重庆在汽车产量与智能驾驶领域的双重突破联系起来观 察，或许能捕捉到下一轮竞逐的蛛丝马迹。 王者归来 谁抓住了新能源汽车，谁就有望夺得汽车产业的头筹。这一近年来因"汽车第一城"换位而被反复验证的"定律"，在经历"大落"后又实现"大起"的重庆身上尤 显突出。 时间倒退回2013年，重庆提出打造"中国底特律"的目标。第二年，重庆 ...