Core Viewpoint - The company, Pony.ai, has announced a partnership with the well-known Luxembourg mobility company Emile Weber to deploy multiple Robotaxis in Luxembourg, marking the official start of road testing and paving the way for the global expansion of Pony.ai's Robotaxi services in Europe [1] Group 1 - The initial phase of testing has commenced in the city of Lenningen, with plans for gradual expansion to more areas [1]

Core Viewpoint - Oriental Yuhong is actively expanding its presence in Southeast Asia, showcasing a strategic shift from product output to comprehensive service delivery, thereby enhancing its global service capabilities [1][8]. Group 1: Strategic Developments - In the first half of 2025, Oriental Yuhong successfully conducted its first trial production at its Malaysia production and R&D logistics base [3]. - The opening of the first waterproof comprehensive specialty store in Malaysia marks a significant upgrade in local system services [3]. - A major project in Vietnam involves the renovation of a 50,000 square meter concrete roof, demonstrating the applicability of Chinese waterproof technology standards in high-end overseas markets [5]. Group 2: Product Customization and Local Adaptation - Oriental Yuhong is focusing on developing customized products that meet local market demands, enhancing its R&D investment to create solutions tailored to regional needs [5][6]. - New products launched in Penang, Malaysia, are designed with deep local modifications to address the specific climatic challenges of Southeast Asia, emphasizing moisture resistance and crack prevention [6][8]. Group 3: Competitive Advantages - The company's strategy of product customization not only provides a price advantage but also creates a significant performance differentiation barrier [8]. - Oriental Yuhong is leveraging its strengths in products, technology, and services to reshape the image of "Made in China" in overseas markets [8].

Core Viewpoint - Luxshare Precision is actively planning to issue H-shares and list on the Hong Kong Stock Exchange, becoming the third major "fruit chain" company to pursue a Hong Kong listing after Lens Technology and GoerTek [1] Group 1: Company Performance - In 2024, Luxshare Precision achieved operating revenue of 268.795 billion yuan, a year-on-year increase of 15.91%, and a net profit attributable to shareholders of 13.366 billion yuan, up 22.03% [1] - In Q1 2025, the company continued its growth momentum with operating revenue of 61.788 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.044 billion yuan, up 23.17% [1] Group 2: Revenue Structure - The consumer electronics segment remains the main revenue source, generating 224.094 billion yuan in 2024, accounting for 83.37% of total revenue, although its growth rate of 13.65% is below the company's overall growth [1] - Other business segments are experiencing rapid growth: automotive interconnect products and precision components grew by 48.69%, communication interconnect products and precision components by 26.29%, and computer interconnect products and precision components by 20.15% [2] Group 3: Strategic Intent - The company's strategy to cultivate a second growth curve is closely related to its heavy reliance on a single customer and overseas markets, with sales to its largest customer, Apple, reaching 190.139 billion yuan in 2024, accounting for 70.74% of total sales [2] - The high dependence on international markets poses risks, as evidenced by a nearly 30% drop in stock price over five trading days due to trade tensions affecting the consumer electronics sector [2] - The planned Hong Kong listing is a strategic choice to mitigate risks from international trade disputes and to accelerate technological upgrades, capacity expansion, and business diversification [2]

高端化产品大年 销量、盈利向上。2025 年为公司的高端化产品大年，王朝旗舰车型汉L/唐L 于4 月上 市，均搭载 DiPilot 300 "天神之眼" 高阶智驾系统，支持高速 NOA 和城市 NOA 等智能驾驶功能，其兆 瓦闪充技术依托全域1000V 高压架构与自研 "闪充电池"，实现5 分钟补能 400 公里续航；方程豹钛7 定 位为城市家用中大型SUV，预计2025Q4 上市。该车采用硬派风格的"方盒子"造型设计，轴距达 2,920mm，空间表现优，并配备车顶激光雷达（高配版搭载华为乾崑ADS 系统）"大空间+硬派设计+智 驾配置"的组合，精准切入家庭用户对实用性与科技感的需求，带动品牌高端化。 投资建议：我们看好公司技术驱动产品力与品牌力向上，引领智驾平权，加速出海， 同时高端化稳步 推进， 预计2025-2027 年营收为9,908.1/11,889.7/13,970.4 亿元，归母净利润552.0/658.1/753.3 亿元， EPS10.05/11.98/13.71 元，对应2025 年7 月2 日330.66 元/股收盘价，PE 分别为33/28/24 倍，维持"推 荐"评级。 6 月批发同 ...

Core Viewpoint - The industry is undergoing profound changes characterized by intelligence, greenness, and globalization, with Cummins aiming to support Taiyuan Heavy Industry Group's business development through efficient and reliable power solutions and comprehensive services [1][3]. Group 1: Strategic Collaboration - The partnership between Cummins and Taiyuan Heavy Industry Group has lasted over 20 years, with Cummins becoming a key partner due to its advanced technology and high-quality products in the engineering machinery power sector [3]. - The strategic collaboration focuses on customized product development, global market synergy, and comprehensive lifecycle services, enhancing mutual trust and cooperation [3][5]. Group 2: Market Expansion and Technological Synergy - Cummins will leverage its 50 years of experience in China, including breakthroughs in diversified energy technologies and a rich product line to meet niche market demands [5]. - The collaboration will involve deep technological synergy, creating customized power and service solutions based on precise market insights [5]. - Cummins' extensive global service network, covering over 190 countries, will support Taiyuan Heavy Industry Group's internationalization strategy, facilitating its "going global" objectives [5].

Core Insights - The global sales of SAIC-GM-Wuling exceeded 764,500 units in the first half of the year, representing an 18.3% year-on-year increase, with new energy vehicle sales reaching 413,300 units, maintaining over 50% growth for six consecutive months [2] - The company aims to enhance its global strategy, having successfully entered 104 countries and regions, including Central and South America, the Middle East, Africa, and Southeast Asia [3][4] Sales Performance - Wuling Hongguang series achieved cumulative sales of 66,800 units in the first half of the year, a 45.7% increase year-on-year [3] - Wuling Silver Label series saw cumulative sales of 311,500 units, up 27.4% year-on-year [3] - New energy vehicle sales for Wuling Hongguang reached 12,500 units in June, marking a 125% increase year-on-year [2] Export Growth - In June, SAIC-GM-Wuling's export volume reached 25,600 units, a 50.3% year-on-year increase, with new energy vehicle exports at 8,448 units, maintaining over 200% growth for three consecutive months [4] - Cumulative new energy vehicle exports for the first half of the year reached 36,000 units, a 147.6% increase year-on-year [4] Global Strategy - The company has signed a strategic cooperation agreement in Uzbekistan to enter the Central Asian market and is exploring various cooperation models in Brazil [4] - The company emphasizes a three-pronged global strategy of localized production, supply chain expansion, and technology standard output to deepen its presence in the ASEAN market [4]

近段时间，A股各大龙头掀起了赴港IPO的热潮。 7月2日，"果链"龙头立讯精密发布公告，公司目前正在筹划境外发行股份（H股）并在香港联交所上市事项。 公司表示，此次H股发行上市为深化全球化战略布局， 增强境外融资能力，进一步提升公司治理透明度和规范化水平。 截至3日午间收盘，立讯精密涨4.83%报35.56元，总市值达到了2579亿元。 筹划A+H上市 根据公告，立讯精密正在筹划境外发行股份并在香港联合交易所有限公司上市事项。 公司正在与相关中介机构就本次H股发行上市的具体推进工作进行商讨，相关细节尚未确定，本次H股发行上市不会导致公司控股股东和实际控制人发生变 化。 根据相关法律法规的要求，待具体方案确定后，立讯精密该次H股发行上市工作尚需提交公司董事会和股东会审议，并经中国证券监督管理委员会备案和香 港联交所等监管机构审核。 该次H股发行上市能否通过审议、备案和审核程序并最终实施具有较大不确定性。 对于筹划港股发行的意义，立讯精密相关负责人表示，香港特区作为国际金融中心，拥有高度国际化的资本市场和丰富的投资者资源。 此前，有媒体报道，立讯精密在与中金公司、中信证券以及高盛集团就香港上市事宜展开合作。 还有 ...

Core Viewpoint - The article highlights the significant evolution of China's power battery industry over the past 15 years, marking its transition from inception to a global leader, and anticipates new challenges and opportunities in the next 15 years, particularly in globalization and technological innovation [2][4]. Summary by Sections Industry Development - The Chinese power battery industry has grown from a nascent stage in 2010 to a robust sector, becoming a representative of China's manufacturing prowess and a key element in the country's economic transformation [2]. - The industry is expected to enter a new phase starting in 2025, characterized by deeper penetration of electric transportation, energy system reforms, and the emergence of new applications, technologies, and business models [2]. 15th Anniversary Activities - To commemorate its 15th anniversary in 2025, the company plans a series of activities under the theme "Stirring 15 Years, Looking Ahead to a New Journey," which includes dialogues with over 100 industry representatives to reflect on past achievements and future challenges [4][5]. Video and Communication Initiatives - The company will conduct video interviews with 20 industry leaders and engage in discussions about the globalization of Chinese enterprises in the new era [7][8]. - Topics of discussion will include a retrospective on the past 15 years of the lithium battery industry, new technologies, and future opportunities and challenges [10][11]. Industry Evolution and Future Outlook - The article outlines the development trajectory of the lithium battery industry from its early stages (2010-2015), through its explosive growth (2016-2020), to its current position as a global leader (2021-2025), emphasizing key technological and commercial breakthroughs [12]. - Future focus areas include technological advancements (solid-state batteries, sodium-ion batteries), full-scene applications (energy storage, marine, eVTOL), and globalization strategies (overseas factories, technology exports) [13]. Anniversary Celebration - The 15th anniversary industry celebration will take place during the 2025 annual conference, inviting over 1,000 industry stakeholders to review the past and discuss new opportunities and challenges [15]. - Key themes will include new batteries and technologies, new opportunities in full-scene applications, innovative business models, and features on emerging enterprises [16][17].

早间评论 西南期货研究所 2025 年 7 月 3 日星期四 地址： 电话： 重庆市江北区金沙门路 32 号 23 层； 023-67070250 1 市场有风险 投资需谨慎 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 | 4 | 国债： | | --- | --- | | 4 | 股指： | | 贵金属： 5 | | | 螺纹、热卷： 6 | | | 铁矿石： 6 | | | 焦煤焦炭： 7 | | | 铁合金： 7 | | | 8 | 原油： | | 燃料油： 9 | | | 合成橡胶： 9 | | | 天然橡胶： 10 | | | 10 | PVC： | | 11 | 尿素： | | 11 | 对二甲苯 PX： | | 11 | PTA： | | 乙二醇： 12 | | | 12 | 短纤： | | 13 | 瓶片： | | 13 | 纯碱： | | 14 | 玻璃： | | 14 | 烧碱： | | 15 | 纸浆： | | 碳酸锂： 16 | | | 铜： | 16 | | --- | --- | | 锡： | 17 | | 镍： | 17 | | 豆油、豆粕 ...

全球化布局与联合研发双翼齐飞,中国光学巨头正重塑世界智能设备产业链格局。北京人民大会堂内,第 十二届品牌影响力发展大会颁奖现场,三座沉甸甸的奖杯在灯光下折射出晶莹光泽。"2025品牌影响力 100强""2025品牌影响力·杰出出海引领品牌"两项顶级荣誉被伯恩光学收入囊中,公司执行董事、副总裁 杨俊建同时荣膺"2025品牌影响力·十大杰出青年企业家"称号。三项大奖背后,是市场对这家智能设备外 观结构领军企业全球化战略与创新模式的深度认可。 品牌大会三奖加冕:全球化征程的里程碑 6月中旬的北京,品牌影响力发展大会为伯恩光学颁出的三项殊荣,分量远超其物理重量。尤其"杰出出海 引领品牌"称号,清晰标注了其全球化战略的关键坐标。越南海阳生产基地今年正式投产,年产能超4亿件 产品——这是伯恩全球化版图的最新一块拼图。至此,伯恩在全球已布下九座先进制造基地,总面积超430 万平方米,年产能高达22亿件。这些数字不仅意味着规模,更代表了其与全球智能终端产业链深度协同的 能力。 大会评审指出,奖项是对伯恩光学"市场地位与品牌影响力的权威认证",更是对其"引领行业创新、深度参 与全球竞争的生动诠释"。三座奖杯,成为伯恩全球化征程 ...