Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HKD 705.0, indicating a potential upside of 6.6% from the current price of HKD 661.50 [3]. Core Insights - Tencent Cloud is focusing on two strategic directions: "intelligentization" and "globalization," with AI-enabled customer solutions and international business growth as key priorities [1][8]. - The company has accelerated the deployment of AI applications across both consumer (C-end) and business (B-end) sectors, showcasing significant growth in user engagement and application usage [7][10]. - Tencent Cloud's international business has seen high double-digit growth over the past year, with the number of overseas customers doubling, positioning it as a preferred choice for over 90% of internet companies and 95% of leading gaming companies going global [1][20]. Financial Summary - For FY23A, Tencent's revenue is reported at RMB 609,015 million, with an adjusted net profit of RMB 157,688 million. Projections for FY24A and FY25E show revenues of RMB 660,257 million and RMB 736,804 million, respectively, with adjusted net profits of RMB 222,703 million and RMB 252,172.5 million [2][27]. - The adjusted earnings per share (EPS) for FY24A is projected at RMB 23.96, increasing to RMB 27.17 in FY25E, reflecting a positive growth trajectory [2][27]. Strategic Developments - Tencent Cloud has launched a comprehensive AI application matrix, with over a hundred applications upgraded to include AI capabilities, enhancing user experience across platforms like WeChat and Tencent Meeting [8][10]. - The company has introduced the "Agent Runtime" solution to support intelligent agents, significantly improving deployment speed and operational efficiency [13][18]. - Tencent Cloud's mixed 3D model has improved modeling accuracy by three times compared to previous versions, facilitating faster production cycles for 3D assets [22][23].

Core Viewpoint - The Liangshan special vehicle industry is a key pillar of the local economy, showcasing its latest achievements at the 21st China (Liangshan) Special Vehicle Exhibition, which aims to drive industry upgrades and promote high-quality development in China's special vehicle sector [1][3]. Group 1: Industry Development - The Liangshan special vehicle exhibition has evolved from a regional event to the largest and most influential industry fair in China over 21 years, facilitating technology exchange and deepening economic cooperation [3]. - Liangshan's special vehicle industry has made significant breakthroughs in levels, quality, and management, establishing a comprehensive service system that includes used vehicle trading, innovation research, and product testing [5]. - Currently, there are 143 companies listed in the Liangshan special vehicle directory, accounting for 15% of the national total, with an annual production capacity of 350,000 units, and local parts supply rate reaching 70% [5]. Group 2: Exhibition Highlights - The exhibition covers an area of 100,000 square meters, featuring over 600 companies from various countries, with more than 300 vehicles on display, including over 30% new energy vehicles and 25% smart vehicles [7]. - The event also includes a supply chain development conference and a procurement meeting, attracting over 200 buyers from various industries, resulting in 26 cooperation intentions, with over 40% of orders for new energy vehicles [7][9]. Group 3: Future Trends - The special vehicle industry plays a crucial role in supporting national economic construction and enhancing public safety, with a focus on logistics, construction, and emergency rescue [10]. - The industry is expected to benefit from the deepening of energy-saving and environmental protection concepts, which will inject new momentum into its development [12]. - The transition to electrification and intelligence in special vehicles is seen as a natural fit due to their operational characteristics, with a strong emphasis on increasing R&D investment to enhance competitiveness [14].

板块龙头 规模与结构的双重博弈 来源：中国汽车报 随着2025年上半年财报陆续出炉，汽车零部件上市公司业绩表现成为市场关注的焦点。今年以来，汽车 产业变革持续演进，市场竞争更趋激烈，零部件上市公司业绩增长是主流，但不同企业也有各自的具体 情况。 2025年上半年，中国新能源汽车的渗透率达到44.3％，电动化与智能化业务成为众多零部件企业的增长 引擎。以旧换新政策的加力扩围、智能化技术的加速落地及海外市场的深耕细作，为汽车零部件企业带 来新的发展机遇。但同时，受原材料成本上涨、市场竞争加剧等多重因素影响，部分企业的利润空间受 到挤压，面临转型升级的增长压力。 在此背景下，汽车零部件企业纷纷行动起来，一是在一些新兴领域积极布局，寻找新的业务增长点，二 是在供应链管理、生产效率等方面做好提升，努力降低成本，应对原材料成本上涨带来的挑战。此外， 国际化发展战略也成为众多零部件企业的共同选择。总体而言，今年上半年，中国汽车零部件行业努力 在变革中寻找机遇，展现出强大的韧性和活力。 电池电机 2025年上半年，沪深两市汽车零部件板块市值排名靠前的企业总体呈现增长态势，在传统业务规模优势 的基础上，不断挖掘新动能。 今年前 ...

新车对交付量的拉动作用明显。最新数据显示，今年8月，岚图汽车单月交付达13505辆，同比增长 119%，再次创下历史新高；2025年前8个月，岚图汽车累计交付达81768辆，同比增长92%。 中证报中证网讯（龚梦泽 熊永红）日前，岚图汽车首席执行官卢放在2026款岚图梦想家上市发布会上 表示，在企业内部，岚图汽车把技术摆在第一位，坚持核心技术引领创新；在市场上，岚图汽车把用户 放在第一位，一切为了给用户更好的用车体验。 卢放表示，在燃油MPV时代，外资品牌推动了MPV品类的快速崛起，满足了商务用户的出行需求。但 随着电动化和智能化的发展，中国自主高端品牌迅速崛起，高端的价值已经被重新定义，要不断创造新 的用车场景，满足用户的体验需求，持续技术创新。他表示，MPV应该因时代的改变而重新定义，希 望MPV能够成为凝聚科技成果的最高杰作。 作为岚图汽车旗舰MPV，卢放介绍称岚图梦想家2022年上市至今，进行了三次产品进化，岚图梦想家 单车均价超39万元。据悉，2026款岚图梦想家共有五款车型，官方指导价格为32.99万元-43.99万元；新 车搭载800V、5C超快充、华为ADS 4、鸿蒙座舱5及智能后轮转向等配置 ...

Core Viewpoint - Tencent Holdings (00700) is focusing on two strategic directions: intelligence and globalization for Tencent Cloud, which are expected to drive revenue growth through AI product demand and overseas business needs [1] Group 1: Strategic Directions - Tencent Cloud aims to accelerate the implementation of AI applications and enhance its intelligent agent layout in the intelligence sector [1] - In terms of globalization, Tencent Cloud plans to upgrade its international strategy across infrastructure, technology, and services [1] Group 2: Product Development - Tencent Cloud has recently launched the Mixed Yuan 3D 3.0 model, which integrates AI capabilities to provide new gaming experiences in core gaming sectors [1] - Beyond gaming, Tencent Cloud is also positioned to create value in supporting smart manufacturing and the content industry [1] Group 3: Market Outlook - The report maintains a "Buy" rating for Tencent Holdings with a target price of 705 HKD, reflecting confidence in the company's growth potential [1]

齐鲁晚报·齐鲁壹点 吴海云 9月17日，2025印尼国际工程机械矿业机械展在雅加达国际会展中心盛大启幕。作为中国工程机械行业"走出去"的标杆企业，山东重工集团将矿业市场定位 为战略优先市场，旗下山推、雷沃重工、潍柴、中国重汽、陕重汽等五家主要矿山设备制造企业携全系列矿山设备及一体化解决方案亮相展会，通过沉浸式 展陈、新品发布、全球伙伴对话等多元形式，向印尼及东南亚市场传递"绿色、高效、智能、经济"的品牌价值，为全球矿业升级注入中国力量。 创新展陈模式：从"产品陈列"到"场景共生" 展区总面积超4000平方米，为本届展会之最。土方剥离、大马力采装、运输排土、道路修复、港口转运、电力保障等六大协同作业产品展区，通过数字孪 生、VR交互、实时工况模拟等智能技术，让观众"沉浸式"感受设备在复杂工况下的性能表现。 SHANTUL ISOU =5 ADIATUI 12 1 the s SHANTUL Allowosts SHELOTUL ga SDH! 男 Artilicial ...... o l SHOTEL 10 作为同时拥有核心动力系统和整车整机完整产业链的高端装备跨国集团，山东重工整合集团产业协同优势与资源共享 ...

Core Viewpoint - The traditional luxury car giants BBA (Benz, BMW, Audi) are launching a counterattack in 2025 against the backdrop of the global electric vehicle wave, focusing on technological innovation and localization strategies to reclaim market share and redefine luxury [1][5]. Group 1: Technological Advancements - Audi's collaboration with Huawei has led to significant improvements in intelligent driving capabilities, with the Q6L e-tron featuring Huawei's smart driving system and the A5L fuel vehicle incorporating Huawei's ADS 2.0 [2]. - BMW is integrating the HarmonyOS ecosystem to enhance AI voice interaction, making its smart cockpit more attuned to Chinese users [2]. - Mercedes-Benz is partnering with local autonomous driving company Momenta to accelerate the commercialization of advanced driving technologies [2]. - BMW's sixth-generation cylindrical battery will have a 20% increase in energy density and is set to be produced in Shenyang by 2026; Mercedes-Benz is developing solid-state batteries with an expected 80% increase in range; Audi's PPE platform supports 800V fast charging, allowing for a 370 km charge in just 10 minutes [2]. Group 2: Product Strategy - Mercedes-Benz has launched the pure electric CLA with L2++ autonomous driving and an 800V platform targeting the 500,000 yuan market, while the ultra-luxury "pure electric G-Class" is priced at 2.17 million yuan [3]. - BMW is discontinuing inefficient fuel vehicles like the 1 Series to focus resources on electrification, with new generation models integrating AI and smart voice interaction set to be trial-produced in Shenyang by 2026 [3]. - Audi is expanding its market presence through partnerships to establish 10 lightweight outlets, resulting in a 40% increase in order volume, and the A5L Sportback with Huawei's smart driving is priced at 235,900 yuan [3]. Group 3: Localization Strategy - China, as the largest automotive market, is the core battleground for BBA's counterattack, with increased R&D investments and localized strategies [4]. - Mercedes-Benz's Shanghai R&D center focuses on developing the MB.OS system tailored for the Chinese market; BMW's local team leads the digital experience for new generation models; Audi's "oil-electric co-prosperity" strategy integrates its century-old manufacturing heritage with Huawei's smart technology [4]. Group 4: Market Dynamics - Despite initial successes, the competition remains fierce, with new entrants like Li Auto and NIO challenging traditional luxury brands through intelligent features and competitive pricing [5]. - BBA's counterattack is characterized by a blend of traditional manufacturing and emerging technologies, with collaborations yielding strong synergies [5]. - The parallel strategy of fuel and electric vehicles allows BBA to maintain market presence while exploring future opportunities, indicating a potential pivotal moment in reshaping the luxury car industry [5]. Group 5: Future Outlook - The luxury car market may enter a new era of "new and old integration," where traditional giants innovate while new players grow, collectively shaping the industry's future [6].

Core Insights - Taicang Port achieved a cargo throughput of 199 million tons from January to August, representing a year-on-year increase of 7.9%, with foreign trade cargo throughput reaching 86.59 million tons, up 11.7% [1] Group 1: Port Advantages and Historical Context - Taicang Port is recognized as a unique natural harbor in Jiangsu, China, with a 38.8 km coastline and a -12.5 meter deep-water channel, enhancing its competitive edge [1] - Historically significant, Taicang Port has been a key trading hub since the Yuan Dynasty, further bolstered by the region's advanced manufacturing industry [1] Group 2: Automotive Export Growth - The Haitong (Taicang) Automobile Terminal, operational since late last year, has a total investment exceeding 2 billion yuan and can accommodate 32,000 vehicles simultaneously [2] - The terminal has established a robust export network covering Asia, Europe, Africa, Oceania, South America, and North America, with a focus on increasing foreign trade [2] - From January to August, Taicang Port exported 513,000 vehicles, marking a 64.3% increase year-on-year, surpassing the total export volume of the previous year [3] Group 3: Technological Innovations in Port Operations - The Zhenghe International Container Terminal has exceeded its designed throughput capacity of 3 million TEUs, achieving 3.16 million TEUs last year [4] - The terminal has implemented automation and green technologies, including automated cranes and remote-controlled operations, improving operational efficiency by approximately 20% [5] - The use of LNG and electric vehicles for internal transport at the terminal significantly reduces fuel consumption and enhances environmental sustainability [5]

Group 1 - The 25th Wuhan International Auto Show opened on September 17, featuring a theme of "Smart Connected New World, Driving Fun New Life" with an exhibition area of 140,000 square meters and over a hundred brands participating [1] - Major automotive brands such as BYD, Dongfeng Nissan, and Xiaomi showcased new models, highlighting advancements in electrification, intelligence, connectivity, and sharing within the automotive industry [1] - Xiaomi's SU7 Ultra Nürburgring Limited Edition made its debut in Central China at the auto show, marking Xiaomi's first appearance at the event [1][3] Group 2 - The event featured a humanoid robot named "Photon," which won the group dance championship at the 2025 World Humanoid Robot Games, performing alongside a four-legged robot dog [2] - Various automotive cultural activities were organized, including a youth automotive design competition and multiple interactive events such as driving experiences and automotive stunt shows [4] - The show also hosted several important conferences, including the 2025 11th China (Wuhan) International New Energy and Intelligent Connected Vehicle Development and Cooperation Summit, focusing on the dual paths of intelligent automotive technology and international development [4]

拟11.18亿收购卓尔博71%股权 2025年初，爱柯迪首次推出本次重组计划。2025年5月，上交所正式受理了公司的重组申请。 经过问询之后，2025年8月，爱柯迪重组过会，并在9月12日收到证监会关于本次重组同意注册的批复。 这也意味着，爱柯迪本次重组将进入落地实施阶段。 拿下证监会批复之后，爱柯迪（600933）(600933.SH)的重组将进入落地实施阶段。 9月16日晚间，爱柯迪再次更新重组报告书，拟作价11.18亿元，通过发行股份及支付现金的方式购买卓 尔博(宁波)精密机电股份有限公司(以下简称"卓尔博")71%股权，同时募集配套资金不超过5.2亿元。 长江商报记者注意到，本次重组是汽车零部件行业内的产业并购，也是爱柯迪做强汽车零部件主业的重 要举措。 交易对手方作出业绩承诺，2025年至2027年，卓尔博预计实现的净利润数合计将不低于4.725亿元。 随着卓尔博顺利并表，爱柯迪的业务规模及盈利能力将进一步得到提升。根据备考审阅报告，若以2025 年前4个月财务数据为基数测算，本次交易完成之后，爱柯迪的营业收入、归属于上市公司股东的净利 润(以下简称"净利润")将较交易前分别增长16.24%、12. ...