9月30日，博泰车联网科技（上海）股份有限公司（股票代码：02889.HK，以下简称"博泰车联"）在港 交所挂牌上市。本次公开发行1043.69万股H股，发行价为每股102.23港元，开盘即大涨32.06%，市值突 破200亿港元。 敲锣庆祝博泰车联正式登陆港交所 作为中国高端智能座舱领域的"头号玩家"，博泰车联本次IPO的基石投资者阵容亮眼，包括中国智驾领 军企业地平线、黄山市开发投资集团等，合计认购4.659亿港元的发行股份，约占全球发售股份数4成以 上。这既是产业资本对公司长期价值的笃定，也折射出资本市场对智能座舱赛道的看好。 在汽车行业智能化转型的浪潮中，智能座舱已成为车企竞争的关键领域。博泰车联作为国内少数具 备"软硬件+云端"全栈能力的头部科技企业，凭借其在智能座舱域控制器解决方案中的领先地位，以及 在AI大模型、具身智能等领域的前瞻布局，正迎来前所未有的发展机遇。 博泰车联上市庆祝活动现场 立足高成长赛道，三年营收翻倍增长 当下，新能源汽车的竞争主战场正悄然转移至"智能化用户体验"。智能座舱作为汽车智能化发展的核心 载体，成为车企打造差异化优势、抢占用户心智的关键阵地，市场规模也在加速扩张。 根 ...

一直以来，大家通常会有"家庭周末营地"、"城市日常通勤社交"、"家庭自驾户外多路况"等多场景下的 需求，而全新XC60在安全健康、智能科技、驾乘体验等方面的卓越表现，让人们在轻松愉悦的氛围 中，全面感受到这款新车在不同维度的非凡魅力。 据悉，自2008年问世以来，沃尔沃XC60凭借卓越的品质与安全性能，全球累计销量已突破260万辆，连 续16年蝉联沃尔沃汽车全球市场销量冠军，并在全球范围斩获E-NCAP 2017年度最安全车型、2018世界 年度车大奖等诸多权威奖项。而全新XC60带着全球260万家庭的信任，传承沃尔沃汽车近百年安全积 淀，更全方位焕新升级，为更多家庭续写属于他们的安心旅程，让每一次出发都充满温暖与期待。 在安全方面，全新XC60拒绝厚此薄彼，每个座位安全平权，为常坐在后排的儿童、老人筑牢防线。沃 尔沃汽车的座椅在设计上采用了扩大后排吸能区、优化头枕吸能效果等措施来提升抗冲击规格，同时对 后排中间座椅进行严格测试并配备限力式安全带，全方位保障家庭中每一个人安全。 自今年6月26日沃尔沃全新XC60上市以来，新车受到广泛好评，不仅焕新推出8个配置版本，燃油版和 插电式混合动力版都享受到了高性价比 ...

Core Viewpoint - The global digital economy is rapidly evolving, with digital technologies reshaping various industries, and Hong Kong's regulatory framework for digital assets is attracting significant institutional investment. The technology sector in Hong Kong, particularly in the digital economy, is poised to produce promising investment opportunities, exemplified by the strategic transformation of Ruihe Smart (3680.HK) from a traditional fintech service provider to a comprehensive digital service provider, achieving profitability in the first half of 2025 [1][2]. Group 1: Foundation Building - Ruihe Smart has solidified its fintech foundation, which serves as a stable support for its strategic transformation, enhancing investor confidence [4]. - The company has shifted from scale expansion to quality improvement, gaining recognition from major clients and enhancing its market influence through strategic adjustments and refined operations [4][5]. - The implementation of AI large model technology has become a breakthrough point for business upgrades, aiding banks in achieving deeper customer insights and precise outreach [5][6]. Group 2: Market Expansion - The global digital asset market has seen explosive growth, with the total market value of crypto assets reaching $3.92 trillion, positioning Hong Kong as a potential global innovation center for digital assets [8][9]. - Ruihe Smart plans to invest HKD 80 million in the Web3.0 and cryptocurrency asset sectors, leveraging a favorable regulatory environment to capture new investment opportunities [9]. - The company is developing a virtual cryptocurrency trading system in collaboration with leading fintech firms, establishing a competitive edge in the digital asset space [10]. Group 3: Ecosystem Collaboration - Ruihe Smart is deepening its digital asset ecosystem through strategic partnerships, including a $3 million investment in Bitmain for virtual asset cloud mining [13]. - The collaboration with JiaJia Technology aims to create a comprehensive digital solution centered around domestic GPU technology, enhancing the company's service capabilities in the digital asset sector [14]. - The company is also engaging in renewable energy projects, such as a 60MW power station, which is expected to generate significant annual revenue, showcasing its ability to integrate digital technology with physical assets [11][12]. Group 4: Evolution to a Comprehensive Digital Service Provider - Ruihe Smart is transitioning into a full-chain digital service provider, integrating blockchain, AI, and big data technologies across various industry scenarios [18]. - The management team plays a crucial role in this evolution, with new board members bringing expertise in digital assets and traditional investment banking [17]. - The company is expected to unlock significant value by enhancing operational efficiency for clients and contributing to the digital transformation of various industries [19][20]. Group 5: Growth through External Expansion - Ruihe Smart's investment strategy includes acquiring stakes in other companies, such as the recent acquisition of shares in Tokyo Central Auction, which has already yielded substantial returns [21]. - The company’s clear operational model around digital assets is likely to attract higher valuation premiums from the capital market, reflecting its growth potential [21][22]. - The diversified revenue structure and strategic positioning in the digital asset space suggest that Ruihe Smart is well-positioned for long-term growth and value creation [22].

Core Viewpoint - Huayuan Securities has initiated coverage on ZTE Corporation (00763), recognizing it as the fourth largest telecommunications equipment supplier globally, with a stable operator network business and a promising second growth curve from computing and terminal businesses, assigning a "Buy" rating [1] Business Segments - **Connection Business**: The operator network business remains stable, achieving a gross margin of 52.94% in H1 2025, serving as a significant cash flow source. The company is proactively advancing 5G-A technology and promoting the deployment of 400G optical networks [2] - **Computing Business**: The emergence of AI large models has generated substantial demand for computing power. The company is seizing this opportunity by expanding its computing infrastructure-related business, which includes servers, storage, switches, and data center products. In H1 2025, revenue from the government and enterprise sector doubled, making it a core growth driver for the company [2] - **Terminal Business**: The company adheres to the "AI for All" philosophy, continuously expanding the application of AI technology in terminal devices, particularly in the smartphone sector. In H1 2025, the company launched the world's first full-size AI smartphone, Nubia Z70 Ultra, which is expected to enhance user experience and increase the shipment volume of AI terminal products [2]

Core Viewpoint - Huayuan Securities has initiated coverage on ZTE Corporation (00763), recognizing it as the fourth largest telecommunications equipment supplier globally, with a stable operator network business and a promising second growth curve from computing and terminal businesses, assigning a "Buy" rating [1] Business Segments - **Connection Business**: The operator network business remains solid, achieving a gross margin of 52.94% in H1 2025, serving as a significant cash flow source. The company is also advancing in 5G-A technology and promoting the deployment of 400G optical networks [2] - **Computing Business**: The emergence of AI large models has created substantial demand for computing power. The company is seizing this opportunity by expanding its computing infrastructure-related business, which includes servers, storage, switches, and data center products. In H1 2025, revenue from the government and enterprise sector doubled, making it a core growth driver [2] - **Terminal Business**: The company is implementing the "AI for All" concept, continuously expanding AI technology applications in terminal devices, particularly in the smartphone sector. In H1 2025, the company launched the world's first full-size AI smartphone, Nubia Z70 Ultra, which is expected to enhance user experience and increase AI terminal product shipments [2]

Group 1 - The core viewpoint of the report is that China Software International (00354) maintains its profit forecast, expecting revenues of 17.8 billion, 19.46 billion, and 22.14 billion yuan for 2025-2027, with net profits attributable to ordinary shareholders of 610 million, 730 million, and 890 million yuan respectively, and maintains a "Buy" rating [1] - The chairman of China Software International, Dr. Chen Yuhong, has shown confidence in the company's long-term development by increasing his shareholding, acquiring 2 million shares on July 18 and an additional 1.5 million shares on September 23 [1] Group 2 - The company has been recognized as a city partner in the open-source HarmonyOS innovation application and ecosystem construction in the intelligent transportation sector in Xi'an, positioning itself as a full-stack service provider in the Harmony ecosystem [2] - The company has deep-rooted technology in operating systems, having developed a digital foundation based on KaihongOS and released a distributed heterogeneous robot operating system, M-Robots OS, while leading in code contributions to the open-source Harmony community [2] - The company has a significant advantage in the PC ecosystem, having developed a "Hongyun Virtual Machine" solution that ensures compatibility with the Windows ecosystem, supporting the initial promotion of HarmonyOS in the PC sector [2] Group 3 - The company has successfully secured a place in the centralized procurement project for human outsourcing services from Sinochem Information Technology Co., Ltd. for 2025-2027, covering key areas such as consulting services, ERP, and implementation operations [3] - This win further consolidates the company's penetration advantage in state-owned enterprises and lays a solid foundation for advancing its strategic layout [3] Group 4 - The company is developing an AI-native digital intelligence foundation by integrating cloud and computing power, leading in the Huawei cloud ecosystem in terms of business scale and market share [4] - The company is expanding its computing power operations by collaborating with Huawei and local governments to establish a "new triangle" model for domestic computing power, transitioning from simple computing power leasing to comprehensive AI services including model training and scenario development [4]

Core Insights - Qianli Technology (千里科技) has launched its English brand name "AFARI" and logo, emphasizing its commitment to long-term investment in AI [2] - The company is transitioning from traditional manufacturing to intelligent driving, smart cockpits, and Robotaxi services [2][4] - The leadership team, including industry veterans, is focused on developing solutions from L2+ to L4 levels in intelligent driving [3][4] Company Strategy - Qianli Technology aims to build a unified operating system driven by large AI models, enhancing cross-terminal and cross-scenario services [4] - The company is collaborating with Geely to develop Robotaxi-specific vehicles, planning to deploy over 1,000 Robotaxis in more than 10 cities globally within 18 months [4][5] - Qianli Technology is also pursuing an A+H listing strategy to establish itself as an international AI technology platform [6] Financial Performance - In the first half of the year, Qianli Technology reported revenue of 4.184 billion yuan, a year-on-year increase of 40.04% [6] - The company is confident in achieving over 10 billion yuan in revenue for the year [6]

Investment Rating - The report maintains a "Buy" rating for China Software International [2][6] Core Views - The chairman's recent share purchases demonstrate long-term confidence in the company's prospects [6] - The company is positioned as a full-stack service provider in the Hongmeng ecosystem, contributing to hardware access, software adaptation, and scenario development [6] - The company has a strong foundation in operating system technology, with advancements in IoT and distributed heterogeneous robot operating systems [6] - The self-developed "Hongyun Virtual Machine" enhances compatibility with the Windows ecosystem, supporting the initial promotion of Hongmeng in the PC sector [6] - Recent success in securing new orders for ERP services strengthens the company's penetration in state-owned enterprises [6] - Collaboration with Silicon-based Flow aims to establish a high-performance AI platform, facilitating the deployment of AI solutions across various industries [6] - The company is developing a cloud and computing operation model to create an AI-native digital foundation, leading in the Huawei cloud ecosystem [6] Financial Data and Profit Forecast - Revenue projections for 2025-2027 are estimated at 177.98 billion, 194.64 billion, and 221.43 billion RMB respectively, with corresponding net profits of 6.06 billion, 7.26 billion, and 8.82 billion RMB [3][7] - The company expects a revenue growth rate of 5% in 2025, 9% in 2026, and 14% in 2027, while net profit is projected to grow by 19% in 2025, 20% in 2026, and 21% in 2027 [3][7] - The earnings per share (EPS) is forecasted to be 0.22 RMB in 2025, 0.27 RMB in 2026, and 0.32 RMB in 2027 [3][7]

Group 1: Core Business and Market Position - The core business segment of Lexin Group, Fenqile, has established a differentiated competitive advantage in the consumer finance sector through its "scenario + installment" model [1] - As of the end of Q2 2025, the inclusive business initiative "Believe in Small Dreams" has served over 4 million users, with over 70% of users from lower-tier cities, demonstrating its role in supporting the real economy [1] Group 2: Target Audience and Consumer Experience - Fenqile Mall focuses on the consumption needs of the post-95 generation, offering innovative services such as the "Zhenpin Hui" quality brand section and a factory-direct supply model [2] - The platform has obtained the highest-level authorization from well-known domestic and international brands in high-frequency categories like beauty and 3C, creating a trust loop among brands, platforms, and users [2] - The scenario-based solutions provided by Fenqile effectively lower purchase barriers and enhance consumption flexibility for young consumers [2] Group 3: Technological Advancements and Risk Control - Fenqile's inclusive business has optimized the entire process with online precise risk control, on-site services, and the fastest loan disbursement in 1 minute, driven by Lexin Group's self-developed "Singularity" AI model [3] - The AI model has been deeply applied in research efficiency, internal tools, and business empowerment scenarios, with plans to expand from 50 to over 100 AI intelligent positions by the end of the year [3] - This technological empowerment has transformed the traditional "people find funds" model into an intelligent matching system of "funds find people," supporting the growth of individuals and small enterprises [3] Group 4: Commitment to Social Responsibility and Future Outlook - Fenqile adheres to a user-centric philosophy, covering diverse needs such as personal consumption and small business financing, serving over 200 million high-quality growth customers [4] - Lexin Group has been recognized six times in the "Top 500 Service Enterprises in China," highlighting its benchmark value in promoting consumption growth and serving the real economy [4] - Looking ahead, Fenqile aims to deepen technological research and enhance the application of the "Singularity" AI model and intelligent agent matrix to create a safer and more efficient consumer finance ecosystem [4]

顾建忠在闭幕致辞中指出，极客大赛既是技术比拼，更是文化盛宴，充分展现了青年员工的成长与 创新活力。各支队伍都用鲜活的成果证明了数字化转型的价值，展现了未来银行的希望。他强调，未来 的银行必将依托数字科技将金融服务内嵌在各类场景之中。大赛的意义不仅在于奖项，更在于锻炼发现 和解决问题的能力，营造全行敢于创新、拥抱数字化的氛围，持续构建核心竞争力。 数字金融再出发，根基在于人才。上海银行第八届极客大赛中，参赛队伍多由年轻人跨部门、跨条 线联合组成，充分体现"OneBOS"协同理念。青年力量正成为创新舞台的主角，从初入职的"新鲜血 液"到基层岗位的资深员工，都以热忱和钻研精神将创意化为成果，展现数智未来的蓬勃希望。他们既 是创新源泉，也是上海银行实现人才辈出、基业长青的百年老店的坚实后盾。 2025年9月28日，本届极客大赛——"极客•赋新"圆满收官。党委书记、董事长顾建忠及其他行领导 出席决赛，与参赛者共同见证新一代极客人的风采。恰逢上海银行成立三十周年之际，大赛以创新探索 为契机，在"三十而砺"的氛围中展现数字金融再出发的新姿态。创新始于技术、成于组织、久于文化， 上海银行正不断汇聚智慧与力量，为业务发展注入动 ...