Core Viewpoint - The Chinese electric vehicle (EV) industry is rapidly evolving from a "follower" to a "leader" on the global stage, driven by technological advancements in battery technology, fast charging, and intelligent design [1][2]. Group 1: Technological Advancements - Significant progress in battery technology has enhanced vehicle performance, achieving a balance between energy density, safety, and cost control, which benefits both mid-range and high-end models [1][2]. - The widespread adoption of fast charging technology is alleviating consumer concerns about range anxiety, with vehicles on an 800V platform able to charge from 10% to 80% in just 10-15 minutes [2]. - Continuous improvements in intelligent features, such as interactive smart cockpits and advanced driver assistance systems, are becoming central to industry competition, with these features now available in vehicles priced under 100,000 yuan [2][3]. Group 2: Challenges and Future Directions - To succeed globally, Chinese automakers must enhance their understanding of international standards, including safety, data privacy, and quality control [2][3]. - Establishing localized teams and brand systems is crucial for adapting to different market needs, particularly in charging infrastructure and smart cockpit support [3]. - Strengthening the automotive supply chain is essential for integrating Chinese manufacturers into the global market, requiring collaboration between vehicle manufacturers and local parts suppliers [3]. - Emerging technologies such as L4 autonomous driving and flying cars represent new frontiers for the development of China's EV industry, showcasing its potential for future growth [3].

行 业 汽车 2025 年 05 月 11 日 研 究 行 业 定 期 报 告 汽车 吉利汽车建议私有化极氪 小鹏汇天生产许可证 申请获受理 投资要点： 本周专题：吉利汽车建议私有化极氪 小鹏汇天生产许可证申请获受理 5 月 7 日，吉利汽车公告称，公司于 2025 年 5 月 7 日向极氪提交 非约束性报价函，建议私有化极氪，收购所有已发行及发行在外的极 氪股份及美国存托股票（本集团实益拥有者除外）。公告称，建议购 买价为每股极氪股份 2.566 美元或每股美国存托股票 25.66 美元。 一旦私有化建议落实并完成，极氪将成为吉利汽车的全资附属公 司，实现私有化并于纽交所退市。此举是吉利汽车进一步落实《台州 宣言》，聚焦汽车主业，提升资源利用效率，深化品牌协同的重要步 骤，将强化吉利汽车在智能新能源汽车领域的全球竞争力。 5 月 9 日，小鹏汇天宣布，"陆地航母"飞行体生产许可证（PC） 申请正式获得民用航空中南地区管理局受理，标志着飞行汽车产品量 产体系开始接受局方审查。 生产许可证（PC） 是民航主管部门颁发给民用航空产品型号设计 批准持有人或其权益转让人的证件，用于表明其已建立航空产品的生 产体系和质 ...

Group 1: Low-altitude Economy and Flying Cars - The production license application for Xiaopeng Huitian's "land aircraft carrier" flying vehicle (code X3-F) has been accepted, marking a significant step towards mass production planned for 2026 [2] - Xiaopeng Huitian is constructing the world's first large-scale production facility for flying cars, with an annual production capacity of 10,000 units, expected to be completed by Q3 next year [2] Group 2: Zhongtai Automobile - Zhongtai Automobile announced a projected loss of 1 billion yuan for 2024, with revenue of 558 million yuan, a year-on-year decline of 23.96% [3] - The company sold only 14 vehicles in 2024, a staggering drop of 98.74% compared to the previous year [3] - Despite the losses, the total compensation for the board of directors reached 5.9145 million yuan, with the chairman's salary exceeding 1 million yuan [3] Group 3: BYD - BYD's new model, the Haiyan 07DM-i, has been launched with a starting price in the range of 160,000 yuan, featuring advanced technology and smart driving systems [4] - BYD aims to enhance its focus on intelligent technology as part of its strategic goals for 2025 [4] Group 4: Avita - The 2025 Avita 12 has been launched with six models available, starting at 259,900 yuan, slightly lower than the previous year's model [5] - Avita's sales targets for 2025 are ambitious, aiming for 220,000 units, following sales of approximately 27,600 units in 2023 and 73,600 units in 2024 [5][6] - The company plans to list on the Hong Kong stock exchange by 2026 and aims for global sales of 400,000 units by 2027 [6]

IPO Dynamics - No companies are scheduled for IPO meetings in the A-share market [1] - No new stocks are listed this week in the A-share market [2] New Stock Subscription - Three new stocks are available for subscription this week, with no new stock subscriptions scheduled for next week [3] - Hanbang Technology (688755) is set to be subscribed on May 7, while Taili Technology (301595) and Weigao Blood Purification (603014) will be subscribed on May 8 [3] Hong Kong Stock Market - Several companies have passed the hearing for listing on the Hong Kong Stock Exchange, including Heng Rui Pharmaceutical, CATL, and Ji Hong Technology [4] - On May 8, Hong Kong's stock market welcomed the listing of "Hushang Ayi," which raised approximately HKD 195 million by issuing 241,130 shares at HKD 113.12 per share [5] - The founders of Hushang Ayi have a combined net worth of USD 1.1 billion, holding approximately 78.78% of the company's shares post-IPO [5] Upcoming Listings - Green Tea Group is expected to list on May 16, with a share price of HKD 7.19 and a total of 168 million shares being offered [6][7] - The company has secured eight cornerstone investors, with a total investment of approximately USD 87.33 million [7] Company Developments - Xiaopeng Motors is considering an IPO for its flying car subsidiary, Xiaopeng Huitian, with potential listings in Hong Kong or the U.S. [8] - Xiaopeng Huitian has received a significant loan of CNY 1.26 billion from a consortium of banks to support its manufacturing base [8] Regulatory Updates - The Hong Kong Stock Exchange has launched a "Tech Company Fast Track" to facilitate the listing of specialized technology and biotech companies, allowing for confidential submission of applications [9] - This initiative aims to support early-stage companies in understanding listing rules and preparing for the IPO process [9]

Summary of Key Points from Conference Call Records Industry and Company Involvement - **Industry**: Robotics, Electric Vehicles, OLED Technology - **Companies Mentioned**: - 卧龙电驱 (Wolong Electric Drive) - 清越科技 (Qingyue Technology) - 东芯股份 (Dongxin Co., Ltd.) - 爱乐达 (Aileda) - 国瓷材料 (Guoci Materials) - 合康新能 (Hekang New Energy) - 合众思壮 (Hezhong Shizhuang) - 柯力传感 (Keli Sensor) - 束智数媒 (Shuzhi Shumei) Core Insights and Arguments - **Wolong Electric Drive**: - Actively developing core components for humanoid robots, including high-performance joint modules, servo drivers, and frameless torque motors - Achieved a torque density breakthrough of 102.85 Nm/kg by utilizing third-generation high-performance permanent magnet materials, enhancing product performance and market competitiveness [5][6] - Collaborating with the China Civil Aviation Science and Technology Research Institute to establish a joint laboratory, contributing to the formulation of standards for electric power systems in aviation [5] - **Qingyue Technology**: - As of December 31, 2024, successfully shipped 0.71-inch silicon-based OLED products, applied in Transsion's AR Pocket Vision glasses - Established partnerships with clients in the XR field, receiving positive feedback for high brightness, wide color gamut, and wide field of view [5][6] - **Dongxin Co., Ltd.**: - Reported that its G100 chip product has completed initial wafer processing and is entering packaging testing and product validation stages as of the first quarter of 2025 [6] - **Aileda**: - Provides precision machining and special process treatment for aircraft components, specifically for the C919 aircraft, having passed the direct supplier audit by COMAC [6] - **Guoci Materials**: - Focused on both oxide and sulfide technology routes, having developed various oxide solid electrolyte products, including aluminum-based solid electrolytes synthesized from chromium oxide [6] - **Hekang New Energy**: - High-voltage frequency converters are applicable in nuclear industry fields, covering various systems including primary pumps and seawater desalination [6] - **Hezhong Shizhuang**: - Enhancing high-precision satellite positioning technology to improve environmental perception capabilities for humanoid robots [6] - **Keli Sensor**: - Strategic investment in Kepler Robotics, holding a 1.55% stake, aiming to strengthen cooperation in sensor technology innovation and supply chain collaboration [6] Other Important Insights - **Market Trends**: - The sentiment indicators from the interactive platform highlight shareholder capital returns, industrial robots, and artificial intelligence as top concerns, with LED and OLED also ranking high [1] - The interactive platform's hot word statistics indicate a growing interest in robotics and AI technologies, reflecting broader market trends [2][3] - **Stock Performance**: - Notable stock performance increases for Qingyue Technology (+1.49%) and Wolong Electric Drive (+6.86%) during the reporting period [7] This summary encapsulates the key points from the conference call records, focusing on the companies' developments, industry trends, and market performance.

作 者丨卜松 编辑丨刘恒涛 图源丨零重力飞机 当行业仍然沉迷"飞行汽车"概念时，零重力在飞行培训场景和文旅场景进行商业化探索，并寻求突 破。 成立四个年头，作为一家专注研发低空飞行器的公司，零重力已经构建起"电动固定翼-多旋翼-倾转 旋翼"的产品矩阵。 截至目前，公司旗下的电动固定翼飞机RX1E-A已取得适航证可开展商业化运营，成为通航公司的教 培主力机型；多旋翼载人eVTOL ZG-ONE"鹊飞"瞄准文旅市场，以目标数百元/人的亲民指导价格冲 击传统直升机观光；而倾转旋翼机型ZG-T6全尺寸工程机即将下线，实现关键技术全倾转试飞。 零重力联合创始人兼首席运营官石红表示，三大产品矩阵的背后，是零重力"销售一代、取证一代、 研发一代"的产品策略。在eVTOL审定规章和基础设施尚未完善的当下，找到距离市场最近的场景， 带来现金流，实现自我造血，才是当务之急。 X 零重力或 水上 WATER FLIGHT CAMP 飞行营地 IL 9 合肥滨湖水上飞行营地，预计5月开业运营 "eVTOL对于旅行场景来说很合适，去山区的旅游景区体验一下，一年最多也不会超过十来次，大多 数人是愿意付费的。"石红说。 而在飞行培训的市场 ...

Policy Highlights - The Ministry of Industry and Information Technology (MIIT) has released the 2025 automotive standardization work points, focusing on enhancing the safety of new energy vehicles, strengthening standards for intelligent connected vehicles, and accelerating the revision of automotive chip standards [1][2] - The work points emphasize the need to improve the safety level of new energy vehicles, particularly in terms of battery safety and convenience, and to establish a safety baseline for autonomous driving systems [3][4] Focus Areas - **Battery Safety**: The work points highlight the importance of improving the safety and convenience of power batteries, including the review and approval of standards for battery durability and thermal management systems, as well as the development of standards for solid-state batteries and battery labeling [3] - **Autonomous Driving Safety**: There is a strong emphasis on establishing safety standards for autonomous driving systems, including the revision of standards for lane-keeping assistance and the development of standards for parking assistance systems [4] - **Chip Standards**: The work points call for the acceleration of the revision of automotive chip standards, including the implementation of standards for safety chips and power drive chips, to address the industry's challenges related to chip shortages [5] Industry Analysis - The frequent mention of "safety" in the 2025 automotive standardization work points indicates a strong focus on ensuring the safety of new energy vehicles and traditional automotive safety standards [6] - The industry recognizes that safety is paramount for the sustainable and healthy development of the new energy vehicle sector, especially during this critical phase of industry transformation [7]

Regulatory Developments - The China Securities Association is seeking opinions on guidelines aimed at preventing securities practitioners from engaging in illegal trading activities, including insider trading and market manipulation [1] - The guidelines are intended to strengthen the management of industry personnel and promote a culture of compliance within the financial sector [1] Macro News - The Chinese Foreign Ministry confirmed that there have been no recent communications between the leaders of China and the United States, contradicting claims made by former President Trump [2] Industry Dynamics - The Ministry of Industry and Information Technology released key points for automotive standardization work for 2025, focusing on advanced technology standards and new areas such as artificial intelligence and solid-state batteries [3] - The National Medical Products Administration issued quality management regulations for online sales of medical devices, effective from October 1, 2025, to enhance industry accountability [5] Company News - Zhengzhou Coal Machine Company plans to change its name to "Zhongchuang Zhiling (Zhengzhou) Industrial Technology Group Co., Ltd." to better reflect its strategic direction [6] - Seres plans to go public in Hong Kong with a projected revenue of 145.1 billion yuan for 2024, a year-on-year increase of 305.5%, and aims to become a leading luxury electric vehicle brand [6] - Unigroup plans to issue H-shares and list on the Hong Kong Stock Exchange, considering the interests of existing shareholders [6] - Saitex New Materials announced that its chairman will voluntarily forgo salary, and several executives will reduce their salaries by 20% for the remainder of 2025 [7] - Jiayuan Technology's chairman is under investigation, and the company has arranged for the vice chairman to assume responsibilities during this period [7] - Lifan Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [8] - Baidu's stock will be suspended for one day and will be renamed "*ST Baidu" due to negative net profit for 2024 [9] - Nanchuan Co. will also change its stock name to "ST Nanchuan" following a negative audit report [10] - Weitai will change its stock name to "*ST Weitai" and suspend trading for one day due to risk warnings [11] - ST Xinchao expects to miss the deadline for its annual report, which may lead to trading suspension [12] - XCMG plans to repurchase shares worth between 300 million and 600 million yuan [14] - SF Holding intends to repurchase shares worth between 500 million and 1 billion yuan [15] - Midea Group received a commitment from China Bank for a stock repurchase loan of up to 1 billion yuan [15] - Yitu Co. plans to repurchase up to 10% of its H-shares [16] - Beiqi Blue Valley reported a net loss of 953 million yuan in Q1 2025, despite a 150.75% increase in revenue [17] - Zhonggang Luoyang reported a 117% increase in net profit in Q1 2025, driven by revenue growth [18] - Yanghe Distillery's Q1 2025 net profit decreased by 39.93% due to market conditions [19] - CICC reported a 65% increase in net profit in Q1 2025, attributed to increased investment income [20] - WuXi AppTec's Q1 2025 net profit increased by 89.06% [21] - Lao Fengxiang's Q1 2025 net profit decreased by 24% due to declining sales [22]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China has released the key points for automotive standardization work for 2025, focusing on the development of standards in emerging technologies such as artificial intelligence for vehicles, solid-state batteries, and electric vehicle battery swapping systems [1] Group 1: Standardization Focus Areas - The MIIT aims to analyze and assess the development trends of cutting-edge technologies and their potential applications in the automotive sector [1] - The initiative includes the identification and evaluation of future directions for automotive standardization [1] - The MIIT plans to promote the formulation and release of sub-systems of standards related to vehicle artificial intelligence, solid-state batteries, and electric vehicle battery swapping [1] Group 2: New Areas of Standardization - The MIIT will initiate the construction of standard systems for new fields such as data governance and application [1] - There will be proactive research on the standardization needs for new business models, including flying cars [1]

Group 1 - The core viewpoint of the articles highlights the launch of the Xiaopeng P7+ Max flagship version at the 2025 Shanghai Auto Show, priced at 208,800 yuan, and the global delivery of the Xiaopeng X9 [2][3] - The Xiaopeng P7+ Max features advanced 5C supercharging battery technology, allowing for a range of 420 kilometers in just 10 minutes of charging, addressing consumer concerns about long-distance travel and frequent charging [2] - The vehicle is equipped with a sophisticated suspension system and AI chassis technology that enhances driving response and road adaptability, while also improving comfort and safety through real-time adjustments [2][3] Group 2 - In Q1 of this year, Xiaopeng Motors delivered over 94,000 vehicles, with the Xiaopeng X9 and MONA M03 performing particularly well in sales [3] - The introduction of the P7+ Max is expected to strengthen Xiaopeng's competitiveness in the core price range of 200,000 to 300,000 yuan [3] - Xiaopeng is also focusing on cutting-edge technologies in AI-assisted driving, smart chips, battery swapping, and flying cars, and has initiated the development of a "world base model" with 72 billion parameters to enhance its AI capabilities [3][4]