Core Insights - The World Artificial Intelligence Conference (WAIC) 2025 will focus on the integration of AI technology with terminal industries, addressing challenges such as energy consumption, computational power, data security, and system stability [3][26] - The conference will feature multiple forums and exhibitions, highlighting innovations in embodied intelligence, smart driving, and AI-enabled smart terminals [4][15] Group 1: Event Overview - WAIC 2025 will take place from July 26 to July 28, 2025, at the Shanghai World Expo Center and the Shanghai World Expo Exhibition Hall [3] - The event will include five major forums and one off-site activity, focusing on the exploration of service boundaries in embodied intelligence and smart driving [4] Group 2: Key Topics - Future research prospects for AI terminals [5] - Innovation opportunities and security challenges in AI terminals [5] - AI-driven full-scene integration to redefine service boundaries of smart terminals [5] Group 3: Forums and Discussions - The "Human Intelligence Co-Creation" forum will discuss the potential of AI based on Arm's secure and efficient computing platform [6] - The "Humanoid Robots and Embodied Intelligence Innovation Development" forum will gather experts to explore open-source paths and share technological advancements [7] - The "Intelligent Driving Forum" will analyze the impact of AI large models on smart driving and discuss future trends and business models [10] Group 4: Industry Participation - Major companies and organizations participating include Arm, NVIDIA, Amazon, Huawei, and various universities and research institutions [11][12] - Notable speakers include leaders from the European AI Association, Swiss Academy of Engineering, and prominent universities [13][14] Group 5: Exhibition Highlights - The exhibition will cover over 70,000 square meters, showcasing over 30 leading companies and nearly 100 innovative products [15] - Key products include humanoid robots, AI-powered smart glasses, and advanced automotive technologies [16][20][23] Group 6: Innovations and Breakthroughs - Tesla will showcase its humanoid robot, Tesla Bot, capable of performing various tasks in factory settings [17] - The Qinglong V3.0 humanoid robot will be introduced, designed for security patrols and special operations [17] - The event will also feature AI interaction devices and breakthroughs in edge computing capabilities [25][26]

Performance Forecast - The company expects a loss of 10.8 million to 13.2 million yuan for the period from January 1, 2025, to June 30, 2025, compared to a loss of 10.2467 million yuan in the same period last year [1][2] - The net profit attributable to shareholders is projected to decline by 5.40% to 28.82% compared to the previous year, where the loss was between 6 million to 8.2 million yuan [1][2] - The basic earnings per share are estimated to be a loss of 0.0455 to 0.0556 yuan per share, compared to a loss of 0.0434 yuan per share in the previous year [2] Communication with Auditors - The performance forecast has not been reviewed by registered accountants, but the company has communicated with the auditing firm regarding the forecast, and there are no significant disagreements [2] Reasons for Performance Changes - The company is advancing its two main business areas: "New Energy + Automotive" and "Semiconductor Storage + Smart Terminals" [2] - In the automotive parts sector, the company is responding to the national "Belt and Road" initiative by collaborating with high-quality global clients to drive business growth [2] - In the semiconductor storage sector, the global market is in an upward cycle, and the company is seizing market opportunities to expand its client base and enhance market share [2] - The Chenzhou lithium battery project is in the construction investment phase, with management expenses and operating costs accounted for in the current period's profit and loss [2]

Group 1: Conference Overview - The 2025 World Artificial Intelligence Conference will be held in Shanghai from July 26 to July 28, focusing on the theme "Intelligent Era, Shared Future" [1][2] - The conference will feature a structure of "1+1+2+10+N," including an opening ceremony, a high-level global governance meeting, two plenary sessions, over ten ministerial forums, and numerous ecological forums [1] - The exhibition area will exceed 70,000 square meters, with over 800 participating companies, including leading AI firms and major international corporations [1][2] Group 2: New Initiatives and Features - A new "Investment and Incubation" section will be introduced, featuring over 200 startup projects and more than 100 investment institutions for on-site matching and funding services [2] - The conference aims to integrate AI deeply into urban life, showcasing products in embodied intelligence and smart hardware [2] Group 3: Technological Advancements and Market Trends - China's AI terminal shipment volume accounted for 42% of the global total in the first half of the year, with a projected 20% increase in shipments for the entire year [4] - The conference will highlight advancements in AI applications across various sectors, including transportation and healthcare, showcasing significant improvements in operational efficiency and diagnostic capabilities [4][5] Group 4: Global Collaboration and Governance - The conference aims to promote global cooperation in AI development, addressing the need for unity in innovation and preventing misuse of AI technologies [7] - The Ministry of Industry and Information Technology plans to establish a cooperation center for AI development among BRICS nations, promoting open-source collaboration [6]

Group 1 - Guangxi's industrial added value increased by 8.1% from January to May this year, with industrial product export delivery value growing by 34.8% [1] - Automotive exports rose by 24.3%, while computer and communication equipment exports increased by 25.9% [1] - Guangxi is building cross-border industrial and supply chains, establishing an advanced manufacturing base aimed at ASEAN, providing significant opportunities for companies to expand internationally [1] Group 2 - Guangxi has launched a cross-border trade financial interconnectivity platform, pioneering online customs information verification and enterprise directory registration [2] - The platform supports direct settlement paths for cross-border e-commerce between China and ASEAN, facilitating over 1.2 billion RMB in loans for enterprises [2] - From January to May, Guangxi's cross-border e-commerce import and export value exceeded 23 billion RMB, marking a year-on-year growth of over 160% [2]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - AI glasses are evolving from "fashion items" to essential tools for specialized scenarios, with the potential to become the next generation of independent AI smart terminals after incorporating display functions [3][7] - The global smart glasses market is expected to ship 12.05 million units in 2025, representing a year-on-year growth of 18.3%, with non-display audio glasses and audio shooting glasses expected to see shipments more than double [7] - Meta's collaboration with Oakley on new AI glasses focuses on sports scenarios, enhancing functionality and battery life, which is expected to drive market acceptance and further application in specialized fields [7] Summary by Sections Investment Suggestions and Targets - Focus on leading companies in the supply chain of AI glasses, including: 1. Complete machine and PCBA manufacturers: GoerTek (002241, Buy), Longqi Technology (603341, Not Rated), Lens Technology (300433, Buy), Luxshare Precision (002475, Buy), and Huaqin Technology (603296, Buy) [3] 2. SoC suppliers: Hengxuan Technology (688608, Buy) and Amlogic (688099, Buy) [3] 3. Component suppliers: Camera lens glass supplier Yutong Optical (300790, Not Rated), microphone and speaker supplier AAC Technologies (02018, Not Rated), and SiP module supplier Huanxu Electronics (601231, Buy) [3] 4. Waveguide manufacturers: Lantech Optical (688127, Buy), Crystal Optoelectronics (002273, Buy), and Sunny Optical Technology (02382, Buy) [3] Market Trends - The AI glasses market is experiencing rapid growth due to improved hardware and software capabilities, leading to increased value and potential upgrades in the traditional eyewear industry [7] - Major tech companies are expected to release new AI glasses products in the second half of the year, which will catalyze industry growth [7]

Group 1 - The 2025 DEMO WORLD Enterprise Innovation and Investment Conference will be held in Songjiang, Shanghai, on July 3-4, 2025, aimed at promoting the deep integration of technological and industrial innovation [1] - The conference will feature a special session on "Smart Terminals (Instruments and Meters, Optoelectronic Equipment) & Songjiang New Bridge Town," focusing on sharing the latest technologies and products, and exploring cross-industry collaboration [1] - The smart terminal industry in Songjiang is a key focus area, with a projected scale of nearly 40 billion yuan in 2024, and the new generation information technology industry expected to exceed 130 billion yuan [1] Group 2 - Songjiang is developing a new highland for the instrument and meter industry, with 84 enterprises and a total industrial output value of 8.626 billion yuan as of 2024, showing a year-on-year growth of 2.0% [2] - New Bridge Town, located in the northeastern part of Songjiang, is a hub for innovation, hosting numerous tech companies and achieving breakthroughs in technology and product innovation [2] - The region boasts 10 listed companies, 13 specialized and innovative "little giants," and 407 high-tech enterprises, indicating a strong industrial base [2] Group 3 - The "New Quality Talk" segment will gather over 10 smart terminal tech companies to share their latest technologies, products, and future collaboration needs [3]

Group 1 - In May 2025, the number of newly registered private equity and venture capital fund managers in China dropped to 2, a decrease of 83.3% compared to April and a 60% decline year-on-year [1] - A total of 339 new private equity and venture capital funds were registered, marking a year-on-year increase of 55.5% but a month-on-month decrease of 18.7% [1] - The domestic primary equity investment market recorded 428 financing events, representing a year-on-year decrease of 13.6% and a month-on-month decrease of 18.0% [1] Group 2 - Shenzhen Innovation Investment Group (Deep Venture) has registered a new fund, the Shenzhen Hongtu Seed Fund, with a total capital contribution of 300 million yuan, focusing on advanced technology sectors [2] - The Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund aims for a total scale of 5 billion yuan, with 3.6 billion yuan already contributed by various local government funds [3] Group 3 - Deep Venture disclosed 10 equity investment events in the reporting period, a fivefold increase compared to May 2024 and a 66.7% increase from April [3] - In the first five months of 2025, Deep Venture made 43 investments, which is 58.1% of its total investments in 2024 [3] Group 4 - 60% of Deep Venture's projects in May were in the angel and A-round early stages, with a focus on advanced manufacturing, particularly in integrated circuits and aerospace [6] - The company invested in "Sailu Medical," which completed an A+ round of financing, with funds aimed at expanding its sequencing platform and global market outreach [11][12]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show in Shenzhen has transformed from a traditional car exhibition to a platform showcasing an ecosystem of automotive technology and innovation, reflecting a shift from "displaying cars" to "displaying ecosystems" [2][10] Event Overview - The auto show, held from May 31 to June 8, attracted over 183,000 visitors on its first day, setting a new record [2][6] - The event features over 112 vehicle brands and 1,039 models, covering a total area of 260,000 square meters [6] - It is expected to draw 450,000 visitors and generate a transaction volume of 4 billion yuan, representing a 27.84% and 8.1% increase compared to the previous event [6] Historical Context - The first Shenzhen International Auto Show took place in 1991, initially in temporary structures, and has evolved significantly over the years [3][6] - The event transitioned from a local exhibition to an international one, now recognized as an A-level auto show alongside major cities like Beijing and Shanghai [6] Industry Transformation - The auto industry is shifting from traditional vehicles to smart terminals, with a notable increase in the presence of new energy vehicles (NEVs) at the show [2][9] - In April 2023, Shenzhen's auto sales reached 37,000 units, with NEVs accounting for 25,000 units, reflecting a 30% year-on-year growth [9] Technological Advancements - The show emphasizes the integration of technology and automotive innovation, with companies like BYD showcasing advanced features such as intelligent driving systems and rapid charging solutions [11][14] - The collaboration between Huawei and Jianghuai Automobile to launch the high-end model, the Zun Jie S800, highlights the region's strength in smart connected vehicles [14][15] Market Dynamics - The Greater Bay Area is becoming a significant market for luxury and new energy vehicles, with brands like Audi, Mercedes-Benz, and Tesla actively participating in the event [9][10] - The automotive ecosystem in Shenzhen is supported by over 2,400 companies in the intelligent connected vehicle industry, positioning the city as a technology hub [14][15]

RISC-V在智能终端和具身智能解决方案市场的渗透率正在快速提升：全球RISC-V主控解决方案市场从 2020年的人民币11亿元增至2024年的人民币565亿元，年复合增长率为166.6%，并预计于2029年达到人 民币4,404亿元，2025至2029年的年复合增长率为38.7%。RISC-V主控解决方案在智能终端解决方案市 场的渗透率由2020年的0.1%增至2024年的1.3%，预计将进一步增至2029年的11.8%，且具身智能解决方 案市场的渗透率由2020年的0.4%增至2024年的6.4%，并预计到2029年将达到19.1%，使RISC-V成为全 球三大计算架构之一。 在智能终端领域，公司为消费电子和物联网提供解决方案；在具身智能领域，为智能汽车、机器人和产 业客户提供感知、连接、计算和控制等解决方案。截至2024年底，奕斯伟计算已成为中国RISC-V主控 量产解决方案数量最多的提供商，也是中国最大的RISC-V全定制解决方案提供商，已实现100余款解决 方案商业化，服务全球100多家客户。公司拥有500余项IP模块，20余项系列化RISC-V内核，申请1500 余项专利，是RISC-V国际基金会 ...

Core Viewpoint - The focus of AI functions in smart terminals is shifting towards practical needs and specific scenarios, balancing generality with usability, and cost with benefits [1][2][5]. Industry Trends - The 2023 global penetration rate of smart terminals reached 38.7%, expected to rise to 45.7% by 2028, indicating a significant increase in AI integration within devices [5]. - By Q1 2025, the AI functionality penetration rate in China's smartphone market is projected to reach 82%, marking a transition from AI as an "add-on" to a "must-have" feature [5]. Product Innovations - The DexH13 dexterous hand by Pasini Technology is the world's first dual-modal robotic end effector featuring "multi-dimensional touch + AI vision," designed with a four-finger, 16-degree-of-freedom bionic structure to enhance tactile perception while reducing hardware costs [1]. - Skyworth has introduced a smart elderly care solution integrated into their televisions, which includes features for companionship and safety monitoring for seniors [4]. - Dr. Glass has developed smart glasses that provide teleprompter functionality, addressing user needs in public speaking and recording scenarios [4]. Market Dynamics - The market for AI all-in-one machines is experiencing rapid growth, with nearly 100 manufacturers launching products since January 2025, driven by the need for localized AI deployment and data security [11][12]. - Companies like Quanzhi Technology are innovating AI training and inference machines that reduce training costs by 90% and improve inference performance by 50% [11]. Focus on Specific Applications - The demand for specialized smart terminals is increasing, with companies like Kengjing Technology focusing on exoskeleton robots that enhance human capabilities rather than replicating human form [8][9]. - The industry is moving towards developing tailored solutions for specific tasks, such as logistics and security, rather than pursuing general-purpose humanoid robots [12].