我们预计，长期，车载激光雷达 2030 年全球市场规模有望达 500 亿 人民币，机器人激光雷达 2030 年则亦有望达 100 亿人民币。 证券研究报告 | 首次覆盖报告 gszqdatemark 2025 07 10 年 月 日 禾赛（HSAI.O） 赋能机器，感知世界 禾赛：激光雷达领军者。禾赛成立于 2014 年，十年来专注激光雷达的 研发与制造，专利成果遍布全球。禾赛以高清三维感知技术，赋能更安 全更智能的智能驾驶和机器人应用，历经市场验证，出货量全球领先。 禾赛 2022 年-2024 年各出货约 8 万/22 万/50 万颗激光雷达产品，总 收入约 12.0/18.8/20.8 亿人民币，归母净利约-7.5/-4.8/-1.0 亿元，non- GAAP 归母净利约-2.0/-2.4/+0.14 亿元人民币，已经达到盈利拐点。 从智驾到具身智能，激光雷达需求快速增长。我们认为，需求角度：智 驾平权推动了车载激光雷达的需求快速增长、具身智能的发展也推动 各场景机器人激光雷达的需求增加。供给角度：有效的降本创新，使得 激光雷达成为传感器越来越具性价比的选择。 持续降本创新，巩固龙头地位。禾赛在性能突破 ...

Domestic News - The Ministry of Industry and Information Technology (MIIT) has opened an online feedback window for small and medium-sized enterprises regarding the payment cycle commitments of key automotive companies, addressing issues such as payment delays beyond the agreed 60 days and unreasonable payment terms [3] - MIIT is soliciting opinions on the safety requirements for fuel cell electric vehicles as part of the revision of national standards, including four mandatory national standards [4][5] - Zeekr has launched a luxury hybrid architecture called Haohan-S, featuring a 900V high-voltage system and a 70-degree 6C hybrid battery with a pure electric range of 380 kilometers [6] - BYD has achieved L4-level intelligent parking capabilities and is providing full liability coverage for accidents caused by its "Heavenly Eye" intelligent driving assistance system during parking [7] - Avita Technology has signed a general agency agreement with Egypt's Kasrawy Group, marking its entry into the African market, with plans to expand into Europe by 2026 [8] - Chery Automobile plans to launch two new SUV models in the UK, optimizing them for the local market [9] - Honeycomb Energy has been designated for the smart battery project, supplying lithium iron phosphate short-blade batteries to both domestic and international markets [11] - NIO has completed its plan for 1,000 highway battery swap stations, connecting 550 cities across China [12] International News - The European Union is investing €852 million (approximately 7.16 billion yuan) to promote the development of electric vehicle batteries, as part of a broader initiative to transition to a competitive and resilient industrial base [13] - Pakistan aims to achieve a 30% penetration rate for electric vehicles in total car sales by 2030, as outlined in its National Electric Vehicle Policy [14] - Stellantis has launched a battery swap service for its Fiat 500 fleet in Madrid, in collaboration with Ample, providing a quick alternative to charging [15] - Waymo has introduced a new service allowing teenagers aged 14 to 17 to ride in its autonomous taxis, starting in Phoenix [16] Commercial Vehicles - Four departments in China are promoting the construction of high-power charging facilities for public transport, logistics, and heavy-duty freight [18] - Major online freight platforms have signed a self-regulatory convention to protect the rights of truck drivers, focusing on issues like timely payment and fair pricing [19] - Chongqing is drafting policies to support the development of intelligent connected new energy commercial vehicles, offering financial incentives up to 20 million yuan for compliant companies [20][21] - Qingling Motors has launched the Lingkun electric truck in Qingdao, targeting urban delivery needs [22]

今日（7.10）港股多数反弹，高纯度的港股通科技30ETF（520980）探底回升涨0.2%，换手率超15%交投活跃。同类唯一15BP最低档管理费的 恒生科技ETF基金（513260）回调跌0.3%，盘中溢价频现，融资余额再度走高！ 港股科技热门股今日多数飘绿：京东集团、小鹏汽车跌超2%，比亚迪股份跌超1%，阿里巴巴、腾讯控股、美团、小米集团、快手微跌。上涨 方面，比亚迪电子涨超5%，中芯国际微涨。 高盛在研报中构建了三种竞争情形，以评估外卖配送和即时零售市场的未来格局。 情形一（基准情形）：假设美团成功捍卫市场份额领先地位。 基于用户忠诚度、配送网络优势和在低线城市的强势地位，美团将与阿里、京东形成5.5:3.5:1的市场格局。在此情形下，美团将牺牲短期盈利 能力，外卖和即时零售业务的EBITDA单价分别降至0.7元和0元，但长期有望恢复至1.0元水平。 情形二：预设阿里巴巴通过持续500亿元投资获得重大市场份额。 凭借淘宝即时商务与饿了么整合后的协同效应，以及淘宝平台2倍于美团和京东的日活用户优势，双方将形成4.5:4.5:1的双寡头格局，京东仍 为第三名。 【外卖大战对港股科技的影响几何？】 消息面上， ...

"跑长途赶时效，还是东风康明斯大马力燃气一体化动力链给力，有劲、可靠，还节约成本。" 在超长运距、复杂路况、极端温差等严苛工况条件下，来自江苏南通的卡友张师傅为何认为， 东风康明斯Z15N FE燃气一体化动力链才是绿通运输中降本增效的"先天胜者"？近日，第一 商用车网通过与这位车主的深度对话，为大家揭晓了其中缘由。 长距离坡道接连不断 东康一体化动力链不惧时效压力 对于承接绿通业务多年的张师傅而言，发动机的动力性能不仅是运输效率的核心指标，更是直 接关联运营收益的底线。 从云贵川到新疆、西藏及青海，沿途路况涵盖丘陵、山区、荒漠地带。张师傅承运绿通这类时 效性极强的货物，为保证货物品质，单程4000公里的在途时间不能超过三天。而正是东风康 明斯Z15N FE大马力燃气一体化动力链所具备的强劲动力优势，使他成功破解了货主频繁高 时效要求的困局。 "现在，跑车不好干，我上一辆进口卡车确实扛不住这么高的油价，更换天然气车才是更划算 的路子。听不少西北同行讲，东风康明斯的燃气发动机劲头大、皮实耐用、售后服务也到位。 今年3月初，我准备换新车，正巧赶上新款630马力的东风旗舰版本在我们那里上市，我就赶 忙买了一辆。"张师 ...

作者 | 柴旭晨 编辑 | 周智宇 极氪的"百万级旗舰SUV"，在正式登台前大秀了一波肌肉。这可能是极氪未来三年最重要的产品，更将成为带领极氪集团乃至整个大吉利冲高的重要一极。 7月9日，被业内戏称为"杭州湾库里南"的极氪9X亮相技术发布会，与劳斯莱斯、路虎比起了操控与质感，与法拉利、兰博基尼、保时捷拼起了速度。 "新能源时代旗舰SUV"，极氪一开场就给9X锚定了颇高的基调。并且打出了浩瀚旗下的豪华电混S架构、AI数字底盘、安全盔甲和智驾四大技术牌。 首先在极氪看来，高端豪华序列首先要解决的最大痛点，是用户日益增长的"纯电需求"与普遍落后的"400V架构"间的矛盾。"只要你开过一脚电就不想再加 一滴油"，极氪科技副总裁徐云直言道。极氪笼络富豪们的武器，是浩瀚超级电混。 据了解，浩瀚-S全面继承SEA浩瀚架构的纯电优势，依托全栈900伏高压架构，该架构具备6C超快充能力，并拥有全球第一套混动兆瓦电驱，总功率突破 1000千瓦，还实现了全球混动SUV最长纯电续航，CLTC续航里程达到380公里。该车从性能、续航、补能三个维度提升了混动体验。 提升混动体验只是开始，如何驾驭如此大的马力，并将之转化为顶级行驶质感对极 ...

Group 1: Northbound Capital Analysis - In Q2 2025, Northbound capital actively increased positions in both traditional economy sectors and new tracks, with significant additions in non-ferrous metals, transportation, public utilities, non-bank financials, and construction decoration [2][22] - Major reductions were observed in food and beverage, home appliances, and machinery sectors, indicating a shift from core assets to traditional economy and from old tracks to new tracks [2][22] - The absolute holding amounts showed significant decreases for companies like BOE A (-38.39%), Luxshare Precision (-38.29%), and Wuliangye (-30.22%) [23][24] Group 2: Dollar Outlook - The report suggests that the downtrend of the dollar is expected to continue at least until mid-2025, with recent upticks being merely a "rebound" rather than a "reversal" [3][29] - Factors contributing to the dollar's decline include deteriorating U.S. fiscal conditions and a loss of attractiveness as a global reserve currency [3][27] - The report anticipates a potential rebound in Q3 2025, but maintains that the overall downtrend remains dominant [29] Group 3: Credit Bond ETF Strategy - Since May, the credit bond market has exhibited independent trends, driven by rapid growth in credit bond ETF scales and expectations for future space [4][30] - The trading activity of component bonds has significantly increased, with higher turnover rates compared to non-component bonds [30][31] - The report indicates that the valuation of component bonds may further compress, with potential trading opportunities in non-component bonds due to liquidity premiums [32] Group 4: Company-Specific Insights - Daikin Heavy Industries is positioned as the only supplier in the Asia-Pacific region capable of delivering offshore products to the European market, with a strong order backlog [11][35] - The company has transitioned to a DAP (Delivered at Place) product model, enhancing its service offerings and increasing order value [11][35] - Revenue projections for Daikin Heavy Industries are set at 6.51 billion, 8.40 billion, and 9.74 billion yuan for 2025-2027, with net profit estimates adjusted to 1.05 billion, 1.37 billion, and 1.76 billion yuan respectively [11][36] Group 5: Chemical Industry Analysis - Xin'an Chemical is recognized as a leading player in the glyphosate and silicone markets, with expectations for improved market conditions in the silicone sector [12][20] - The company has a glyphosate production capacity of 80,000 tons and is expanding its product range under a "1+2+N" strategy [12][20] - Revenue forecasts for Xin'an Chemical are projected at 15.5 billion, 17.3 billion, and 18.8 billion yuan for 2025-2027, with net profits expected to reach 299 million, 651 million, and 802 million yuan [12][20]

Core Viewpoints - The automotive industry is entering a new cycle driven by the upgrade of intelligent driving technology, with the "old-for-new" policy expected to boost domestic demand throughout 2025 [3][10] - The industry is experiencing significant trends in SUVs and new energy vehicles, now transitioning into intelligent driving, with a clearer market leader landscape emerging [3][7] Group 1: Market Conditions - Total demand has been improving, with strong performance in new energy vehicles. In the first four months of 2025, wholesale sales of passenger cars reached 8.638 million units, a year-on-year increase of 12.4% [6][22] - The penetration rate of new energy vehicles reached 46.8% in the first four months of 2025, with wholesale sales of new energy passenger cars growing by 45.2% year-on-year [6][24] - The low-end market (below 80,000 yuan) saw a significant increase in sales, growing by 69.8% year-on-year in the first four months of 2025, while the mid-range and high-end markets experienced declines [30][32] Group 2: Trends in Technology - The automotive sector is witnessing a technological leap with "end-to-end" advancements in intelligent driving, transitioning from policy-driven to consumer-driven growth in new energy vehicle penetration [7][10] - The penetration rate of high-level intelligent driving (L2 and above) is expected to grow rapidly, potentially reaching 10%-50% in the coming years [7][10] Group 3: Market Structure - The market structure is becoming clearer, with a focus on the expansion of market share. The market share of domestic brands rose to 65.4% in the first four months of 2025 [8][10] - In the high-end market (above 250,000 yuan), the market share of BBA (BMW, Benz, Audi) and Tesla remains significant at 38.6%, while domestic brands have substantial room for growth [8][10] Group 4: New Growth Opportunities - In the first four months of 2025, China's passenger car exports reached 1.607 million units, a year-on-year increase of 4.5%, with new energy vehicles accounting for 46% of exports [9][10] - The acceleration of electrification in Europe presents new opportunities for domestic companies, despite a temporary slowdown in the pace of new energy vehicle adoption [9][10] Group 5: Investment Recommendations - The report recommends focusing on strong intelligent driving vehicles as alpha opportunities in the new cycle of intelligent driving upgrades [10] - Key investment targets include Xiaomi Group, Xpeng Motors, Geely, BYD, and Li Auto, particularly those affected by price reductions from joint ventures [10]

今年以来，随着机器人行业的快速发展，作为上游原材料的稀土永磁行业也备受市场关注。 日前，正海磁材（300224）披露了一份投资者关系活动记录表，多家券商机构针对公司及行业相关问题 进行了交流。 在人形机器人方面，正海磁材表示，公司密切跟进人形机器人下游重点应用新场景，技术可高度匹配人 形机器人用空心杯电机和无框力矩电机等核心部件需求。 "公司不仅有与国际知名客户合作近二十年的经验储备，也与国内产业链新兴龙头企业结成密切合作关 系，具有成熟的研发、制造、供货能力。"正海磁材称，2024年公司荣获"人形机器人领域最具价值材料 类企业"，并已向下游客户完成小批量供货。 目前，正海磁材主营产品为高性能钕铁硼永磁材料，广泛应用于新能源、节能化和智能化等领域。据了 解，作为第三代稀土永磁材料，高性能钕铁硼永磁材料具有较高可靠性和稳定性，是人形机器人用电机 的理想材料，能够实现核心部件体小量轻、快速反应。中信证券此前研报指出，智能驾驶驱动下新能源 汽车领域磁材需求有望保持高速增长，随着人形机器人和低空经济领域动能不断涌现，新兴领域有望成 为高性能钕铁硼需求远期增长的驱动因素。 面向2025年，随着两新政策加力扩围，将有力拉 ...

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 57.2 billion yuan [3] - The U.S. stock market saw all three major indices close higher, with the Dow Jones up 0.49%, Nasdaq up 0.94%, and S&P 500 up 0.61% [4] - Bitcoin reached a historic high of $112,000, with a current price of $111,181, marking a year-to-date increase of approximately 19% [4] Group 2 - International oil prices experienced a slight decline, with WTI crude oil down 0.06% at $68.29 per barrel and Brent crude down 0.03% at $70.13 per barrel [5] - European stock indices closed higher, with Germany's DAX up 1.42%, France's CAC40 up 1.44%, and the UK's FTSE 100 up 0.15% [6] Group 3 - The State Council issued a notice to enhance employment support policies, focusing on stabilizing employment, enterprises, markets, and expectations to promote high-quality economic development [7] - The State Administration for Market Regulation held a meeting on fair competition, emphasizing the need for fair competition governance and anti-monopoly enforcement [8] Group 4 - The Ministry of Industry and Information Technology opened an online feedback window for key automotive companies to address issues related to payment cycles for small and medium-sized enterprises [9] - The National Health Commission issued a ban on two surgical procedures for treating Alzheimer's disease and type 2 diabetes [10] Group 5 - The Ministry of Culture and Tourism announced a zero-tolerance policy towards forced shopping in the tourism market, launching a year-long special rectification campaign [10] - The State Council appointed new officials, including Yang Weilin as Deputy Minister of Public Security and Wu Zeng as Deputy Minister of Justice [11] Group 6 - Alibaba completed the issuance of zero-coupon convertible bonds totaling 12.023 billion HKD, maturing in 2032 [16] - BYD announced the achievement of L4-level smart parking technology, promising full liability coverage for users in China [18] - Li Auto announced the official release of its family-oriented electric SUV, the Li Xiang i8, on July 29 [20] - NIO announced the completion of its 1,000th highway battery swap station, enhancing its charging network across major cities [22] - China National Petroleum Corporation reported that the Kashagan oil field's cumulative oil production has surpassed 1 billion barrels [24] - A significant board reshuffle occurred at Sinovac Biotech, with SAIF Partners gaining majority control [25] - Zhiyuan Robotics responded to speculation about a reverse merger, stating no significant changes are planned in the next 12 months [27] - Amap launched an AR check-in feature to enhance user interaction and engagement [28] - Chayan Yuesheng announced its entry into the North American market through e-commerce [30] - Linda Yaccarino, CEO of X platform, announced her resignation, raising questions about the company's future direction [32]

Group 1: Autonomous Driving - BYD announced it has achieved L4-level smart parking capabilities and will cover all safety and loss liabilities for users of its Tian Shen Yan vehicles in smart parking scenarios [1] - CITIC Securities predicts that by 2025, the penetration rate of mid-to-high-end autonomous driving in China is expected to double, creating a market increment of 35 billion [1] - Guohai Securities notes that the commercialization of smart driving is accelerating, with increasing penetration rates expected to benefit the domain controller hardware and software supply chain [1] Group 2: Short Dramas - The short drama market in China has reached an annual scale of 300 to 350 billion, with expectations to surpass 500 billion next year [2] - The user base for micro-short dramas is projected to exceed 600 million by 2024, with the market size expected to reach 505 billion, surpassing annual box office revenue for the first time [2] - CITIC Jinshi Securities highlights a significant shift in the short drama industry towards advertising-based business models and an influx of traditional film companies [2] Group 3: 3D Printing - Researchers at the University of Texas at Austin have developed a new 3D printing technology that seamlessly integrates soft and hard material properties, opening new possibilities for prosthetics and flexible medical devices [3] - The 3D printing market in China is expected to exceed 63 billion by 2024, growing 30 times over the past decade, with projections to surpass 100 billion by 2029 [3] - The technology is seen as a transformative force in manufacturing, with applications expanding across various industries including healthcare and education [3] Group 4: Measurement and Testing - The State Administration for Market Regulation and the Ministry of Industry and Information Technology have issued a plan to support the development of new industrial productivity through measurement [4] - The demand for high-precision measurement in emerging industries such as new energy and aerospace is increasing significantly [4] - The Chinese measurement market is projected to exceed 150 billion yuan by 2025, with a compound annual growth rate of over 10% [4]