Core Viewpoint - The public feud between Tesla CEO Elon Musk and former President Donald Trump has significant implications for both companies and the broader market, with potential impacts on legislation and investor sentiment. Group 1: Conflict Overview - On June 5, Musk and Trump engaged in a public confrontation, which led to a crisis communication effort from the White House [1][2] - Trump downplayed the conflict in a media interview, claiming everything was going well and boasting about his approval ratings [4][5] - Financial leaders, including hedge fund manager Bill Ackman, called for a resolution between Musk and Trump for the sake of national interest [8] Group 2: Market Reactions - Tesla's market value plummeted by $152.3 billion in a single day, marking its largest one-day drop, while Musk's personal wealth decreased by nearly $20 billion [19] - The options market saw unprecedented bearish bets on Tesla, with approximately 4.01 million put options traded, surpassing previous records [21] - Despite the bearish sentiment, there was also significant activity in bullish options, indicating some investors viewed the drop as a buying opportunity [22] Group 3: Legislative Implications - The conflict centers around Trump's "Big Beautiful Plan," which Musk criticized for its projected $2.4 trillion deficit, leading to their public dispute [16] - The outcome of their conversation could influence the progress of this significant legislation, which encompasses key aspects of Trump's agenda [17] Group 4: Broader Impact on Companies - Trump's media technology group's stock fell by 8%, resulting in a personal wealth loss of approximately $202 million for Trump [32] - The potential retirement of SpaceX's Dragon spacecraft, as suggested by Musk, could severely impact U.S. space initiatives and government contracts for both Tesla and SpaceX [34] - The uncertainty surrounding the relationship between Musk and Trump raises questions about Tesla's valuation and the future of Dogecoin, which is sensitive to Musk's public statements [35]

大众交通（集团）股份有限公司 二〇二四年年度股东大会文件 二〇二五年五月 大众交通（集团）股份有限公司 为了维护广大股东的合法权益，确保股东大会能够依法行使职权，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》《公司 章程》以及《公司股东大会议事规则》的有关规定，特制定本次股东大会会议须 知如下，务请出席股东大会的全体人员遵照执行。 一、大会设秘书处，负责会议的组织工作和办理相关事宜。 二、大会期间，全体出席人员应以维护股东的合法权益、确保大会的正常秩 序和议事效率为原则，自觉履行法定义务。 三、根据中国证监会《上市公司股东会规则》和上海证监局《关于维护本市 上市公司股东大会会议秩序的通知》，本次股东大会不向股东发放礼品。 四、股东出席大会，依法享有发言权、质询权、表决权等权利。股东如需发 言或就有关问题提出质询的，应当在会议开始前向大会秘书处登记，并填写"股 东大会发言登记表"，经大会秘书处许可，方可发言。每位股东发言时间一般不 超过 5 分钟，发言次数限一次。与本次股东大会议题无关或泄露公司商业秘密或 有损公司、股东共同利益的质询，大会主持人或其指定的有关人员有权拒绝回答。 五 ...

Group 1 - The article discusses the recent military conflict between India and Pakistan, highlighting Pakistan's claims of shooting down six Indian aircraft, including three Rafale jets and one Su-30MKI, which has led to a surge in military stock prices [1] - The article mentions that despite the lack of official confirmation from India, various media reports and social media content suggest that Pakistan's claims may be largely accurate [1] - The article notes a significant increase in military-related stocks, with specific companies like Xinyisheng and others in the defense sector experiencing substantial gains [4] Group 2 - A new concept related to magnetic levitation compressors has emerged, with a statement from Danfoss indicating that demand for these compressors in Chinese data centers is expected to double in the next three years [3] - Danfoss Turbocor's business in China is projected to grow threefold in 2024, with a 50% growth rate expected this year [3] - The article also mentions the performance of the A-share market, with major indices showing collective gains and a notable increase in trading volume, indicating a bullish sentiment in the market [4] Group 3 - Huawei's Harmony OS computer products are set to launch on May 19, with features integrating AI capabilities for various tasks, although the stock performance related to this concept has been moderate [4] - The article highlights that the Harmony OS applications are expected to cover multiple domains, with over 2000 applications anticipated by the end of the year [4] - The overall market sentiment remains positive, with significant trading activity and numerous stocks hitting their daily limit up [4] Group 4 - The article references a report predicting that by 2030, the market for autonomous taxis in China could reach 500,000 units, with a market size of $47 billion by 2035 [9] - This growth is expected to create substantial opportunities for early entrants in the market, as well as for related supply chain companies in the automotive semiconductor and parts sectors [9] Group 5 - Microsoft has announced two new development platforms, Azure AI Foundry and Microsoft Copilot Studio, which support the latest Agent development protocol A2A, indicating a significant advancement in the intelligent agent sector [10] - The collaboration with Google to expand the A2A protocol is expected to break down barriers in data, development models, and communication, facilitating the creation of complex automated processes [10] Group 6 - The seventh International Innovation Forum on Neurotechnology will be held in Shanghai, focusing on cutting-edge technologies for brain stimulation, which could provide new treatment methods for complex brain diseases [11] - The article mentions a company, Qiang Brain Technology, that has developed a smart bionic hand to help disabled individuals regain writing and playing abilities [11]

Core Insights - The Chinese autonomous taxi market (Robotaxi) is expected to experience explosive growth, with projections indicating 500,000 units by 2030 and a market size of $47 billion by 2035 [2][3]. Market Growth Projections - Goldman Sachs forecasts a 700-fold increase in the Robotaxi market over the next decade, estimating a market size of $54 million in 2025, $12 billion in 2030, and $47 billion in 2035 [5]. - By 2035, each Robotaxi is expected to generate daily revenue of $69, significantly higher than the average daily earnings of traditional ride-hailing services, which range from $28 to $56 [5]. Factors Driving Growth - Increased consumer acceptance in first-tier cities, a tightening supply of human drivers due to fleet maturity and retirements, and support from government and insurance sectors are key factors contributing to the growth of the Robotaxi market [4]. Early Market Entrants and Opportunities - Early entrants such as Pony AI, WeRide, and Baidu Apollo are positioned to benefit from the rapid transition to autonomous ride-hailing services in China [6]. - Goldman Sachs has provided a list of potential beneficiaries, including Robotaxi operators and companies in the automotive semiconductor and parts supply chain [6]. Comparison with the U.S. Market - The report highlights that China is significantly ahead of the U.S. in the commercialization of Robotaxi services, attributed to a more favorable regulatory environment, faster infrastructure adaptation, and higher consumer acceptance [7]. - In contrast, U.S. companies like Waymo, Zoox, Cruise, and Tesla are still in testing phases or have only initiated small-scale commercialization efforts [7].

近日，美国电动汽车制造商特斯拉发布了一季度业绩，惨淡的数据令人大跌眼镜。今年1～3月，该公司汽车业务营业收入同比下降 近20％，净利润更是下滑71％，两项数据均大幅低于市场预期。美国《纽约时报》援引一名投资界人士的话称，"这是我所见过的特斯 拉有史以来最糟糕的表现"。舆论普遍认为，特斯拉业绩大跌，与该公司创始人马斯克涉政存在极大的关联。 一季度净利润暴跌71％ 尽管特斯拉方面将销量下滑的部分原因归咎于Model Y生产线升级导致的产能波动，但这显然不是特斯拉在全球市场上需求疲软的 主要原因。除了本身车型阵容陈旧、行业竞争加剧，造成特斯拉进入2025年来销量大幅下滑的直接原因，可能在于掌门人马斯克涉政后 给特斯拉带来的负面影响日渐凸显，对品牌形象造成严重的打击。 以本土市场美国为例，今年一季度，特斯拉在美国最大的电动汽车市场——加州的销量同比下降15％，该品牌在加州电动汽车市场 的份额也从一年前的55.5％降至如今的43.9％。据悉，这也是自2012年特斯拉进入加州以来，其市场份额首次跌破50％。与此同时，福 特、雪佛兰、本田等竞争对手在该州电动汽车市场的份额均有所增长。在加州，"反马斯克"情绪日益高涨。事实上 ...

4月23日消息，国际货币基金组织（IMF）近日发布《世界经济展望报告》，鉴于贸易政策的不确定性，报告中久违地再次给出多种情境假设。 在最基本的参考预测情境下，贸易政策的不确定性预计将持续到2025年和2026年。短期内，根据参考预测，全球经济增长预计将从2024年的 3.3%降至2025年的2.8%，然后在2026年恢复到3%。这比2025年1月WEO的预测分别低0.5个百分点（2025年）和0.3个百分点（2026年），几 乎所有国家经济增速预测都被下调。 IMF预计美国2025年的经济增长率将降至1.8%，比2024年的增长率低1个百分点，比1月WEO大幅调低0.9个百分点。IMF多年来首次强调，各 国国内失衡和政策差异，导致全球失衡，也给全球经济前景酝酿了一些潜在脆弱性。（第一财经） 点击上图 ▲立即报名 IMF全面调降全球经济增速预期 ｜点评｜ 尽管美国的关税政策仍有较多变数，但其对全球经济的负面影响已经可以预见。无论关税政策最后走向为何，现阶段都已对国际贸易 形势形成较多干扰。如果美国政府仍坚持将关税作为谈判筹码，摇摆不定，那么全球贸易更将被置于风雨飘摇的境地，短期内国际贸易规模萎 缩几乎难以逆转。 ...

Rick Cui / 客户服务总监 电话: +86 13801127537 邮箱:rick@counterpointresearch.com 媒体采访 Haylee Xu / 市场专员 电话: +86 15959754429 邮箱:haylee.xu@counterpointresearch.com 智能手机市场热点洞察 全球智能手机市场回暖，经历2年低迷后2024重回增长 印度智能手机市场预计将在2025年突破500亿美元 以旧换新再加码，补贴政策推动中国智能手机市场短期回暖 2024年中国智能手机销量同比增长1.5% 2024 年 Q4 美国智能手机销售同比下降 3% ，300 美元以下市场表现疲软 AI 与半导体行业热点洞察 TSMC 2024年第四季度财报的见解和数据 信息图：2024年Q3 | 半导体、代工厂份额与智能手机应用处理器市场份额 Intel 面临的竞争挑战：市场份额、制造能力、AI 领导地位 Open AI连续12天的新品发布活动展示了公司战略及未来行业趋势 GenAI的存储解决方案第二部分：HBM的竞争态势 科技创新与市场前瞻 苹果与阿里巴巴合作解析：技术布局与市场影响 CES 202 ...