Core Viewpoint - The 2025 International Automotive and Supply Chain Expo in Hong Kong showcases the transformation of China's automotive industry from a "follower" to a "leader" in global markets, emphasizing the role of Hong Kong as a strategic hub for mainland automotive companies to expand internationally [1][3]. Group 1: Event Overview - The expo features 11 mainland automotive manufacturers and nearly 40 leading supply chain companies, highlighting the acceleration of global expansion efforts [1]. - The event serves as a platform to display "Chinese intelligent manufacturing" achievements, reflecting the industry's growth and innovation [1]. Group 2: Market Opportunities - New energy vehicles are identified as one of China's most competitive export industries, with Hong Kong positioned as an ideal testing ground for mainland companies to enter right-hand drive markets such as the UK, Japan, Australia, and Southeast Asia [3]. - Hong Kong's status as an international financial and trade center provides significant advantages in financing, technology development, and brand promotion, facilitating comprehensive collaboration for mainland automotive firms [3]. Group 3: Industry Growth and Globalization - Chinese automotive parts companies are increasingly pursuing global expansion, with three Chinese firms ranking in the top twenty of the 2024 "Global Automotive Supply Chain Top 100" [3]. - CATL, which raised over HKD 100 billion in its recent Hong Kong listing, exemplifies the model of "Hong Kong fundraising, global layout," with 90% of the funds allocated for projects in Hungary [3]. Group 4: Technological Advancements - The expo highlights advancements in smart driving and flying car technologies, with companies like GAC Group unveiling their first mass-produced unmanned flying car [5]. - The low-altitude economy is recognized as a strategic emerging industry, presenting new opportunities for Hong Kong's economic transformation and collaboration with the Guangdong-Hong Kong-Macao Greater Bay Area [5]. Group 5: Future Prospects - The establishment of R&D centers, international headquarters, and listings by more mainland new energy vehicle and related companies in Hong Kong is expected to drive new development momentum and create numerous high-quality job opportunities [5]. - Hong Kong aims to become a "landing point, bridgehead, charging station, and propeller" for mainland automotive companies and their supply chains to venture abroad [5].

Core Insights - The launch of the world's first airport departure layer VPD technology pilot at Guangzhou Baiyun Airport marks a significant shift from "technical testing" to "real-world application" of smart driving, enhancing travel efficiency and creating a new intelligent transportation ecosystem [1][2] Group 1: VPD Technology Overview - VPD technology is based on a three-in-one architecture of "multi-sensor fusion + high-precision maps + AI decision-making," enabling vehicles to perceive their environment more accurately and respond more quickly [1] - The technology is integrated into the airport traffic management system, allowing real-time access to parking space occupancy rates and optimal route planning, thus reducing congestion at departure levels [1] Group 2: User Experience and Data - The M8 Qiankun series, equipped with Harmony cockpit, allows seamless switching between vehicle and mobile applications without user training, enhancing user experience [2] - As of May 2024, the cumulative mileage of intelligent assisted driving reached 3.173 billion kilometers, equivalent to 10.58 round trips to the sun, with 206 million uses of intelligent parking assistance covering over 650,000 active users [2] Group 3: Future Applications and Events - VPD technology has the potential to expand into high-frequency parking scenarios such as hospitals, shopping centers, and hotels, and could integrate deeply with urban traffic management systems to create a "vehicle-road-city" collaborative smart travel ecosystem [2] - On June 14, GAC Trumpchi launched a live event showcasing China's high-end intelligent manufacturing, marking the delivery of the first M8 Qiankun vehicles to customers [2][3]

23年12月后，由于市场暂时处于信心不足的状态，资金紧平衡，小盘股补跌，市场风格重新转向大盘和 价值。24年1月份以来，AI、智能车等热点反复活跃，带动市场风格向小盘和成长转变。24年5月后， 受地缘政治与宏观经济等因素影响，市场情绪进一步回落，成交额维持低位，市场风格转向大盘价值， 大盘价值风格抗跌。年初市场受DeepSeek、人形机器人概念提振，市场资金进攻，风格转向小盘成长 风格。近期市场核心热点集中于贸易战相关题材，市场主题投资行情盛行，风格延续小盘成长占优。 光大证券：中东局势动荡对A股影响小，"以静制动"关注三大主线 近几年，中东地区也曾出现过多次冲突，而大多数冲突持续时间较短。从近几年的情况来看，中东地区 曾多次爆发冲突。对于大多数冲突而言，持续时间并不长，双方在互相谴责及有限冲突之后往往会不了 了之。持续时间较长的仅有2023 年巴以冲突事件。 历史来看，中东局势震荡对于市场有何影响？中东地区爆发冲突后，无论是短期还是长期，对A 股、港 股市场整体影响均不明显。行业端，短期影响不大，中长期取决于冲突持续时间长短，若持续时间较 短，或利好成长板块，若持续时间较长，则利好资源品、交运及红利板块。 ...

➢ 华为开发者大会即将召开，看好华为具身智能布局加速。1）玩家维度：华 为开发者大会是近期重磅催化。华为近期在具身智能领域动作频频，即将于 6 月 20 日举办开发者大会，为后续潜在催化。去年开发者大会上，乐聚夸父人形机器 人首度亮相，今年 AI+机器人领域进展值得期待。我们认为，华为具身智能布局 不断明确，0-1 阶段想象空间最大。2）产品维度：关注边际变化最大的硬件环 节。潜在变化大的环节包括灵巧手传动方案/触觉传感器构型、类 RV 对髋关节谐 波的替代、轻量化材料选型。4 月底以来，产业链关于 PEEK 材料应用的信息催 化了细分板块的强势表现，其他环节存在类似的潜在机会。看好华为具身智能布 局加速，产品维度-看好灵巧手、轻量化等边际变化大的硬件环节。 汽车和汽车零部件行业周报 20250615 车企承诺降低账期 整零关系走向双赢 2025 年 06 月 15 日 ➢ 本周数据：2025 年 6 月第 1 周（6.2-6.8）乘用车销量 36.2 万辆，同比 +12.4%，环比-22.3%；新能源乘用车销量 20.2 万辆，同比+18.9%，环比-18.4%； 新能源渗透率 55.7%，环比+2.6pc ...

Core Insights - BYD is a leading global player in the new energy sector, evolving from a small battery factory to a giant covering electronics, automotive, new energy, and rail transit over 30 years [2] - The company emphasizes a philosophy of "technology as king, innovation as fundamental," focusing on safety and efficiency through advanced technologies like blade batteries and DM-i hybrid systems [2][6] Group 1: Technological Innovations - BYD showcased multiple global firsts at the 2025 Guangdong-Hong Kong-Macao Greater Bay Area Auto Show, including the "Lingyuan" intelligent drone system, which integrates deeply with vehicles [3][4] - The company has launched the "Tianshen Eye" advanced driving assistance system across all models and introduced the world's fastest charging technology with a peak power of 1 megawatt [4] - BYD developed the world's first intelligent floating body control system, "Yunlian-Z," applying magnetic levitation principles from trains to enhance driving experience [4] Group 2: Sales Performance - In the first five months of the year, BYD sold 1.7634 million new energy vehicles, marking a year-on-year increase of 38.7% [5] - Overseas sales in May reached 89,047 units, a significant year-on-year growth of 137.46%, with passenger cars and pickups seeing a 133.6% increase [5] Group 3: Global Recognition and Expansion - BYD's global sales reached 4.2721 million units in 2024, maintaining its position as the top seller in both the Chinese automotive market and globally for new energy vehicles [6] - The company has invested 54.2 billion yuan in R&D in 2024, a 36% increase year-on-year, with total R&D investments exceeding 180 billion yuan [6] - BYD is expanding its global footprint, with its vehicles now present in over 110 countries, and has launched the largest car transport ship, "Shenzhen," to enhance logistics efficiency [6]

Group 1: Sports and Events - Sichuan's "Bashu Xiongjing Cup" will draw on the successful development experience of the "Supert League" to enhance the event system and promote fair competition [1] - The competition is scheduled to take place from June 21 to July 6, 2025, with the finals set for September 5 to September 27, featuring both men's and women's teams in an eleven-a-side format [1] Group 2: Automotive Industry - Xiaopeng Motors aims to be among the first companies to introduce advanced intelligent driving assistance in Hong Kong, with plans for vehicle readiness and software development within two months [3] - The company is looking to leverage Hong Kong as a launchpad for global expansion in the smart driving sector [3] Group 3: Financial Technology - Ant Group's Ant Digital has initiated the application for a stablecoin license in Hong Kong, having already engaged in multiple rounds of discussions with regulators [4] - The establishment of "Ant Xinneng" in collaboration with GCL-Poly is part of Ant's strategy to anchor its global financial presence [4] Group 4: Technology and AI - Scale AI has received a significant new investment from Meta, with CEO Wang Tao stepping down to join Meta while remaining on Scale AI's board [5] - The company is actively seeking a new CTO to strengthen its engineering team [5] Group 5: Market Regulation - The State Administration for Market Regulation reported that over 99.5% of 3,605 batches of frozen beverages passed inspection, indicating a stable improvement in food safety [6] Group 6: Robotics and Elderly Care - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs are launching pilot projects for smart elderly care robots in various settings, with preparations already underway in Hunan [7] Group 7: Corporate Earnings - Adobe reported Q2 revenue of $5.87 billion, exceeding analyst expectations of $5.8 billion, with projected digital media revenue for Q3 between $4.37 billion and $4.4 billion [8] Group 8: Mergers and Acquisitions - BioNTech has signed an agreement to acquire CureVac for $1.25 billion, aimed at enhancing its mRNA cancer immunotherapy research and commercialization efforts [9] Group 9: Stock Market Regulation - The Hong Kong Securities and Futures Commission is considering optimizing the Stock Connect program and adjusting the minimum trading lot size to enhance market liquidity [11][12] Group 10: Real Estate Initiatives - The Guangxi government aims to acquire 25,000 units of existing commercial housing by 2025 as part of its consumption promotion strategy [13]

Core Viewpoint - Xiaopeng Motors has launched its self-developed Turing chip in its new model, the Xiaopeng G7, which is positioned to enhance the company's capabilities in the competitive smart driving market [1][2]. Group 1: Product Launch and Specifications - The Xiaopeng G7 is available in two versions, Max and Ultra, with a pre-sale price of 235,800 yuan. The G7 Max features dual NVIDIA Orin-X chips with a computing power of approximately 500 Tops, while the G7 Ultra is equipped with three Turing chips [1]. - The effective computing power of one Turing chip is equivalent to three NVIDIA Orin-X chips or two Tesla FSD chips, with ongoing optimizations expected to enhance this capability further [1][2]. - The G7's total effective computing power exceeds 2,200 Tops, significantly surpassing industry standards and meeting the requirements for L3-level intelligent driving assistance [1]. Group 2: Chip Development and Strategy - Xiaopeng invested over 10 billion yuan and spent five years developing the Turing chip, which began with team formation in late 2020 and achieved successful functionality verification within 40 days last year [2][3]. - The company aims to improve the efficiency of computing power usage, distinguishing its self-developed chip from generic industry chips that may include unnecessary computational capabilities [3]. - The Turing chip is designed to support both intelligent driving and smart cockpit functionalities, marking a significant evolution in automotive AI capabilities [4][5]. Group 3: Market Positioning and Competition - The G7 is strategically positioned in the competitive 250,000 yuan SUV market, traditionally dominated by Tesla's Model Y, which sold over 100,000 units in China in the first five months of this year [8]. - Xiaopeng's G7 has already received over 10,000 orders within 46 minutes of its pre-sale launch, indicating strong market interest [8]. - The company acknowledges the challenges of competing in a market that prioritizes practicality and space over technological performance, suggesting that sustained growth will depend on market acceptance [9]. Group 4: Research and Development Investment - Xiaopeng plans to allocate approximately 4.5 billion yuan of its R&D budget this year towards AI development, with total R&D expenditures nearing 10 billion yuan [10]. - The company is confident in achieving profitability by the fourth quarter, supported by its high R&D investment and the successful launch of the G7 [10]. - Xiaopeng aims to establish a competitive edge in the AI automotive sector, emphasizing the importance of innovation and a unique development path [10].

Group 1 - The core point of the announcement is that Youjia Innovation has conditionally agreed to sell 51% equity of its subsidiary Hunan Youxiang for a total consideration of RMB 183.6 million, after which it will retain 49% equity [2] - Hunan Youxiang, established on November 16, 2020, is primarily engaged in vehicle-road collaboration-related businesses and was a wholly-owned subsidiary of Youjia Innovation prior to the sale [2] - The net assets of Hunan Youxiang were reported as RMB 4.4415 million, RMB 5.6783 million, and RMB 792,100 for the years 2023-2024, with post-tax net losses of RMB 259,400, RMB 1.2368 million, and RMB 2.1138 million for the respective periods [2] Group 2 - Youjia Innovation has established three main business segments: intelligent driving, intelligent cockpit, and vehicle-road collaboration, focusing on enhancing vehicle intelligence through sensor fusion and computational power [3] - The company is making continuous breakthroughs in L4 autonomous driving capabilities and is actively exploring applications in open road scenarios, supporting the scalable development of unmanned vehicles [3] - The vehicle-road collaboration business, while having long-term value in smart transportation, faces challenges such as communication delays and multi-party coordination, which need to be addressed for large-scale promotion [3] Group 3 - The company plans to implement a growth strategy based on sustainable development and quality performance, aiming to enhance adaptability and ensure financial stability [4] - The decision to sell the related assets is intended to concentrate resources on the research and development of intelligent driving and intelligent cockpit areas, thereby providing smarter, more convenient, and safer driving experiences [4] - This strategic asset sale is aimed at focusing on high-potential business areas that are expected to yield higher returns [4]

6月13日，第三届软件创新发展大会开幕。会上，中部六省省会城市联合开展工业软件生态合作签约。 第三届软件创新发展大会 SSIDC 数据显示，湖北软件业务收入已占据中部六省近"半壁江山"。继去年六省省会联合发出"推动中部地区软件新质生产力崛起"倡议后， 中部六省省会城市今年再次升级协作模式，共同签署工业软件中试验证合作协议，结合区域特色优势，围绕航天、船舶、汽车等高端特色 场景探索合作路径。 武汉市软件招商项目签约仪式。记者高勇 摄 此前已在汉布局的软通动力在武汉员工已超6500人，带动区域产业链上下游数万人就业。软通动力集团董事兼首席技术官刘会福介 绍，软通动力武汉第二总部基地将于年底建成投用，包含软件与技术服务业务全国总部、技术研究院全国总院等，成为其在湖北发展的科 技策源地和交付基地，构建以武汉为核心、襄阳、宜昌和荆门协同的一主三副区域发展格局。 与会嘉宾用手机记录嘉宾发言。记者高勇 摄 当日，武汉市签约24个软件招商项目，涉及AI、算力、智能驾驶等领域，吸引了来自北京、杭州、上海、合肥等地的企业在武汉落地 布局。 2025第三届软件创新发展大会开幕式现场。记者高勇 摄 一诺云科技（武汉） 有限公司集团总 ...

Core Viewpoint - Zhejiang Meida, a leading integrated stove manufacturer, has announced an investment in the autonomous driving sector, acquiring a stake in Magic Vision Technology for a total of 110 million yuan, reflecting a strong belief in the industry's growth potential [2][4]. Investment Details - The investment consists of 100.8 million yuan for subscribing to new registered capital and 9.1664 million yuan for acquiring existing shares, totaling 110 million yuan [2]. - Post-transaction, Zhejiang Meida will hold 4.8657% of Magic Vision, which has a post-investment valuation of 2.261 billion yuan [2]. Financial Performance of Magic Vision - As of the end of 2024 and the first quarter of 2025, Magic Vision's net assets were 35.085 million yuan and 30.361 million yuan, respectively [3]. - The company's projected revenue for 2024 is 375 million yuan, with a net loss of 14.784 million yuan, while the first quarter of 2025 shows revenue of 71.81 million yuan and a net loss of 32.196 million yuan [3]. Industry Context - Magic Vision focuses on R&D and mass production of autonomous driving and advanced driver-assistance technologies, providing comprehensive solutions for various driving scenarios [4]. - The autonomous driving industry is experiencing rapid growth, with increasing penetration rates in both passenger and commercial vehicles [4]. Zhejiang Meida's Recent Performance - Zhejiang Meida has faced significant challenges, with a 32% decline in net profit in 2022 and a further 76% drop in 2024, resulting in a net profit of only 11 million yuan [4][5]. - The company's stock price has significantly decreased, with a market value of 4.619 billion yuan as of June 13, down nearly two-thirds from its peak in 2021 [6].