Core Insights - The global Robotaxi industry is entering a new phase characterized by large-scale operations and global competition by 2025, with Chinese companies like Loongrun expanding into markets such as Dubai and Switzerland, while US players like Waymo and Tesla focus on domestic service expansion [1] Group 1: Technological Advancements - Autonomous driving has become a key technology trend in 2025, with companies like Baidu and Google recognized for their contributions to the global development of autonomous driving technology [3] - The Robotaxi technology is on the verge of a breakthrough, with significant improvements in perception and prediction capabilities, driven by advancements in AI and core components like computing chips and sensors [6] Group 2: Competitive Landscape - The competitive landscape of the global Robotaxi market has solidified around three major players: Loongrun, Waymo, and Tesla, with each company making significant strides in deployment and service offerings [4] - Loongrun has established operations in 22 cities globally, surpassing 17 million service instances, while Waymo has deployed over 2,500 vehicles across the US [4][5] Group 3: Global Expansion - Chinese companies are entering a phase of global scale operations, with Loongrun leading the way in markets like Dubai and planning to expand to London, marking a significant milestone for the Chinese Robotaxi industry [5] - The shift from domestic operations to global deployment signifies a transformation in the industry, with Chinese firms validating their technology on an international stage [5] Group 4: Industry Collaboration - The Robotaxi industry is evolving from isolated technological competition to deep collaboration among tech companies, traditional automakers, and ride-hailing platforms, creating a symbiotic ecosystem [7] - Partnerships between companies like Loongrun and Uber, as well as Waymo and Toyota, are facilitating the deployment of Robotaxi services across various markets [7] Group 5: Regulatory Environment - The regulatory landscape for autonomous driving has made significant progress in 2025, with the US establishing a dual management framework and China implementing pilot programs in major cities [8] - The establishment of a comprehensive testing and demonstration system in cities like Beijing and Shanghai is paving the way for the safe and orderly innovation of the Robotaxi industry [8] Group 6: Future Outlook - Experts believe that the global race in autonomous driving is not only a technological competition but also a battle for rules and standards, with the ability to create replicable business models being crucial for industry leadership [9] - The expectation is for relevant authorities to incorporate autonomous driving into future planning, fostering an environment conducive to innovation and competition in the industry [10]

（记者 胡玲） 雷电微力（301050.SZ）12月30日在投资者互动平台表示，公司毫米波微系统产品可以应用在无人驾驶 领域，目前暂未与华为合作。 每经AI快讯，有投资者在投资者互动平台提问：请问公司毫米波雷达相关产品在无人驾驶领域也有应 用吗？公司与华为在无人驾驶和卫星通信有合作吗？ ...

Research Conclusion - The report remains optimistic about the trading opportunities of convertible bonds, expecting a sideways shock and a slight strengthening in the equity market, with the market shifting from a two - end trend of technology + dividends to mid - cap blue - chips [6][9]. Core Viewpoints - This week, the ChiNext and STAR Market drove the small and medium - cap stocks stronger, and convertible bonds followed the upward trend. The high - priced equity - like bonds continued to rise. The 100 - yuan premium rate oscillated between 30% - 34% as previously predicted and was difficult to break through the previous high. Although the current cost - performance of convertible bonds is low, there are still trading opportunities under the optimistic expectation of the equity market [6][9]. - The strengthening factors of the equity market this week include the continuous popularity of the commercial space and optical module sectors, the strengthening of metal prices, and the significant increase in the share of CSI A500 ETF. After the uncertain events are settled, the market starts to rise with oscillations and the sentiment turns positive. The subsequent equity market will be in a sideways shock and slightly strengthen, and the market trend will shift to mid - cap blue - chips [6][9]. Summary by Directory 1. Convertible Bond Views - Driven by the equity market, convertible bonds broke through the previous high, and the valuation rose and then fell. The 100 - yuan premium rate oscillated between 30% - 34% and was difficult to break through the previous high. Despite the low cost - performance and small - scale redemption behavior, the trading opportunities of convertible bonds are still promising under the optimistic equity market [9]. - The equity market tried to break through upward again this week. With the settlement of uncertain events, the market started to rise with oscillations. The subsequent equity market will be in a sideways shock and slightly strengthen, and the market trend will shift to mid - cap blue - chips in industries such as cycles, consumption, and manufacturing [9]. 2. Convertible Bond Review 2.1 Market Overall Performance - This week, the equity market was strong, with all broad - based indexes rising. The CSI 500 rose 4.03%, the ChiNext Index rose 3.90%, and the CSI Convertible Bond Index rose 1.64%. In terms of industries, non - ferrous metals, national defense and military industry, and power equipment led the rise, while beauty care, social services, and banks led the decline. The average daily trading volume increased by 210.457 billion yuan to 1.96 trillion yuan [12]. 2.2 Significant Increase in Trading Volume, Good Performance of High - priced and Small - cap Convertible Bonds - This week, convertible bonds rose significantly, the 100 - yuan premium rate rose and then fell, and the average daily trading volume increased significantly to 78.563 billion yuan. The CSI Convertible Bond Index rose 1.64%, the parity center rose 0.4% to 101.7 yuan, and the median conversion premium rate rose 1.3% to 32.4%. High - priced and small - cap convertible bonds led the rise, while high - rated and double - low convertible bonds performed weakly [6][19].

Core Viewpoint - Zhongwei New Materials (02579) has seen a stock increase of over 5%, currently trading at 31.24 HKD, with a transaction volume of 24.25 million HKD, following the announcement of a strategic cooperation framework agreement with Xinwanda for solid-state battery development [1] Group 1: Strategic Partnership - The company signed a strategic cooperation framework agreement with Xinwanda on December 25, 2025, focusing on the joint development of new cathode material precursors [1] - This collaboration aims to address core technical challenges in solid-state batteries, including energy density, safety, and cycle life [1] Group 2: Technological Advancements - The partnership is expected to enhance the company's technological reserves and innovation capabilities by closely aligning material research with end-product requirements [1] - It aims to tackle critical issues such as the compatibility of cathode/electrolyte interfaces, thereby accelerating the development process [1] Group 3: Market Positioning - The collaboration establishes a synergistic path from "material development - performance validation - industrialization," providing stable application outlets for the company's products [1] - This initiative is anticipated to help the company strategically position itself in emerging markets related to artificial intelligence, autonomous driving, robotics, and low-altitude economy, while enhancing its industry status and market influence in the global new energy materials sector [1]

中伟新材(02579)涨超5%，截至发稿，涨4.83%，报31.24港元，成交额2425.36万港元。 此外，本次合作构建了从"材料开发-性能验证-产业化"的协同路径，为公司产品提供了稳定的应用出 口。这不仅有助于公司抢先布局人工智能、无人驾驶、机器人、低空经济等相关新兴市场，更能共同提 升公司在全球新能源材料领域的行业地位与市场话语权。 消息面上，中伟新材发布公告，公司与欣旺达（300207）于2025年12月25日签署《固态电池战略合作框 架协议》。本次合作通过联合开发新型正极材料前驱体，直接应对固态电池在能量密度、安全性和循环 寿命方面的核心技术挑战。与产业链的深度绑定，使材料研发能精准匹配终端产品需求，加速攻克如正 极/电解质界面相容性等关键难题，从而显著增强公司的技术储备与创新能力。 ...

Core Viewpoint - Matsui Group's stock price has shown significant growth this year, with a 36.71% increase, indicating strong market performance and investor interest [2]. Group 1: Stock Performance - As of December 30, Matsui Group's stock price rose by 2.14% to 38.16 CNY per share, with a trading volume of 51.90 million CNY and a turnover rate of 0.89%, resulting in a total market capitalization of 5.969 billion CNY [1]. - The stock has increased by 1.03% over the last five trading days, 19.40% over the last 20 days, and 6.35% over the last 60 days [2]. Group 2: Company Overview - Matsui New Materials Group Co., Ltd. was established on March 20, 2009, and went public on June 9, 2020. The company focuses on high-end consumer electronics and automotive sectors, providing a range of solutions including coatings and specialty inks [2]. - The company's revenue composition includes coatings (90.98%), inks (4.97%), and adhesives and others (4.05%) [2]. - Matsui Group operates within the basic chemicals industry, specifically in the chemical products sector, focusing on coatings and inks [2]. Group 3: Financial Performance - For the period from January to September 2025, Matsui Group reported a revenue of 553 million CNY, reflecting a year-on-year growth of 5.05%. However, the net profit attributable to shareholders decreased by 64.68% to 25.16 million CNY [2]. - The company has distributed a total of 131 million CNY in dividends since its A-share listing, with 75.17 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 4,629, up by 45.80% from the previous period, while the average circulating shares per person decreased by 3.97% to 33,793 shares [2]. - Hong Kong Central Clearing Limited is the tenth largest circulating shareholder, holding 2.4555 million shares as a new shareholder [3].

Core Viewpoint - Yingfeng Environment's stock price has shown significant growth this year, with a year-to-date increase of 57.08% and notable short-term gains in recent trading days [2]. Group 1: Stock Performance - As of December 30, Yingfeng Environment's stock price rose by 2.04% to 7.51 CNY per share, with a trading volume of 85.59 million CNY and a turnover rate of 0.36%, resulting in a total market capitalization of 23.784 billion CNY [1]. - The stock has increased by 8.84% over the last five trading days, 14.48% over the last 20 days, and 6.37% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Yingfeng Environment reported a revenue of 9.544 billion CNY, reflecting a year-on-year growth of 2.87%, while the net profit attributable to shareholders decreased by 21.92% to 471 million CNY [3]. - The company has distributed a total of 2.92 billion CNY in dividends since its A-share listing, with 1.343 billion CNY distributed over the past three years [4]. Group 3: Shareholder Information - As of November 30, the number of shareholders for Yingfeng Environment stood at 34,700, with an average of 91,123 circulating shares per person [3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 59.36 million shares, and new entrants such as E Fund National Robot Industry ETF and Huaxia CSI Robot ETF [4].

值得注意的是，百度集团本月初公告，有媒体报道公司拟分拆非全资附属公司昆仑芯(北京)科技有限公 司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进行评估。倘进行拟议分拆及上市，将须经 相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。申万宏源发布研报称，百度自研AI芯 片昆仑芯有望进入放量期。 百度集团-SW(09888)涨超7%，截至发稿，涨6.8%，报127.2港元，成交额9.54亿港元。 消息面上，12月22日，美国网约车平台Uber和Lyft宣布，已与百度达成合作，计划于2026年在英国推出 无人驾驶出租车(Robotaxi)试点项目。公开资料显示，目前，萝卜快跑每周全无人订单数量已超过25万 单，全球累计提供的出行服务次数突破了1700万次，累计服务单量超越Waymo，成为全球第一的自动 驾驶出行服务商。 ...

值得注意的是，百度集团本月初公告，有媒体报道公司拟分拆非全资附属公司昆仑芯（北京）科技有限 公司进行独立上市。公司谨此澄清，目前正就拟议分拆及上市进行评估。倘进行拟议分拆及上市，将须 经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。申万宏源发布研报称，百度自研AI 芯片昆仑芯有望进入放量期。 智通财经APP获悉，百度集团-SW(09888)涨超7%，截至发稿，涨6.8%，报127.2港元，成交额9.54亿港 元。 消息面上，12月22日，美国网约车平台Uber和Lyft宣布，已与百度达成合作，计划于2026年在英国推出 无人驾驶出租车(Robotaxi)试点项目。公开资料显示，目前，萝卜快跑每周全无人订单数量已超过25万 单，全球累计提供的出行服务次数突破了1700万次，累计服务单量超越Waymo，成为全球第一的自动 驾驶出行服务商。 ...

Group 1 - The core stock price of Yongxin Optical increased by 2.14% to 104.45 CNY per share, with a market capitalization of 11.587 billion CNY as of December 30 [1] - The stock has seen a year-to-date increase of 12.35%, with a 1.48% rise in the last five trading days and a 7.66% increase over the last 20 days, while it has decreased by 7.69% over the last 60 days [2] - Yongxin Optical has appeared on the stock market's "龙虎榜" (Dragon and Tiger List) twice this year, with the most recent occurrence on September 18 [3] Group 2 - As of September 30, 2025, Yongxin Optical reported a revenue of 674 million CNY, reflecting a year-on-year growth of 3.59%, and a net profit attributable to shareholders of 151 million CNY, which is a 7.69% increase compared to the previous year [3] - The company has distributed a total of 555 million CNY in dividends since its A-share listing, with 307 million CNY distributed over the last three years [4] - The number of shareholders increased by 30.43% to 19,800 as of September 30, 2025, while the average circulating shares per person decreased by 23.33% to 5,601 shares [3]