Core Viewpoint - The delivery of 1,000 Dongfeng Liuqi trucks to YTO Express marks a significant collaboration in the logistics industry, emphasizing the importance of intelligent driving technology and operational efficiency [1][18]. Group 1: Event Overview - The delivery ceremony for 1,000 Dongfeng Liuqi trucks to YTO Express took place in Liuzhou, Guangxi, attended by various government officials and company representatives [1]. - The event highlighted the strategic partnership between YTO Express and Dongfeng Liuqi, focusing on collaborative growth in the logistics sector [3]. Group 2: Technological Advancements - The partnership has expanded into new areas, particularly with the introduction of intelligent driving trucks, which have transformed long-distance operations from dual-driver to single-driver models, significantly enhancing operational efficiency [7]. - The Dongfeng Liuqi H7 intelligent driving truck features L2+ level human-machine interaction, enabling 100% safe single-driver operations and reducing fuel consumption by 1.5-2 liters on average [14]. Group 3: Product Features and Market Position - The newly delivered trucks are part of a diverse product range that includes traditional, electric, hybrid, and hydrogen fuel vehicles, showcasing Dongfeng Liuqi's commitment to innovation and customer-centric solutions [11]. - The trucks utilize lightweight and energy-saving technologies, leading to increased payload capacity and operational efficiency, thereby supporting YTO Express in achieving cost reduction and low-carbon operations [16]. Group 4: Future Implications - The successful delivery of these trucks signifies a new beginning for the partnership, with expectations of improved logistics efficiency and service quality during peak operational periods [18].

Core Viewpoint - Xiaomi's chairman Lei Jun addressed the challenges faced by the company during the launch of the Xiaomi YU7, emphasizing the importance of acknowledging imperfections and committing to improvement over the next five years [3][5]. Product Launch and Features - The Xiaomi YU7 was introduced without a price announcement, focusing instead on its design, configuration, and safety features [3][14]. - The YU7 features a performance four-wheel drive version with a maximum power of 508 kW, 0-100 km/h acceleration in 3.23 seconds, and a top speed of 253 km/h, surpassing competitors like Tesla Model Y Performance [9]. - The vehicle boasts an impressive range, with the entry-level version achieving 835 km and the Pro and Max versions reaching 760 km and 770 km respectively [11]. - The YU7 incorporates advanced safety features, including the NVIDIA Thor chip, multiple radar systems, and high-strength steel materials for enhanced occupant protection [13]. Market Positioning and Competition - Xiaomi YU7 is positioned against established brands like Tesla and Porsche, with a design inspired by luxury aesthetics [6][9]. - The absence of a price announcement has led to speculation about its market positioning, with predictions suggesting a price range between 209,800 to 245,900 yuan [25]. - The mid-to-large electric SUV market is highly competitive, with several brands vying for market share, indicating that Xiaomi will face significant challenges as a newcomer [27]. Consumer Response and Market Strategy - The pre-launch buzz around the YU7 was significant, with high consumer interest reflected in the surge of secondary market activities, despite the lack of a price announcement [14][23]. - Industry experts believe that not disclosing the price allows Xiaomi to gauge market reactions and adjust pricing strategies accordingly, while also addressing production capacity issues [23]. - Lei Jun's remarks about the potential for Xiaomi to rise in the market reflect a strategic mindset aimed at overcoming initial challenges and competition [27].

在智能汽车这条赛道上，不夸张地说，比亚迪智驾全维度领先，已经成了中国智驾车市场的 扛把 子 。 数据多、用户多，智驾系统就越用越聪明，也难怪越来越多的人买比亚迪就是冲着智能驾驶来 的。 比 亚迪敢这样大手笔推进全民智驾，底气也很足 —— 有全球最大的数据底座；超 12 万名研发人 员、 5000 多名智驾工程师； 依托全球规模最大的新能源汽车制造体系， 带动行业一起进步 。 最关键的是，比亚迪一直把安全放在第一位，智驾系统不仅帮你解放双手，更像一个随时在身边 的安全卫士。 智能化是大势所趋，比亚迪用实际行动引领了行业。未来，谁不想拥有一辆更聪明、更安全的车 呢？ 2025 年 2 月 10 日，比亚迪官宣全民智驾战略，推出了 " 天神之眼 " 智能驾驶辅助系统，覆盖仰 望、腾势、方程豹和比亚迪等全品牌。 就说 4 月， 比亚迪在国内卖了 30 多万辆乘用车，其中有七成搭载了智驾系统，这个普及率直接 甩开其他品牌几条街。 现在，比亚迪全品牌搭载天神之眼和乾崑智驾的车型累计卖出超过 48 万辆，每天能产生 3000 万公里的智驾数据。 ...

Core Viewpoint - The twelfth Fuqua Forum highlighted the resilience of the Hong Kong stock market despite foreign capital outflows, supported by continuous inflows from the southbound capital and increased share buybacks by listed companies [3][5]. Group 1: Market Performance - The Hang Seng Index has achieved an annualized return of 12% in RMB terms over the past three years, indicating a strong performance [3]. - The AH premium index has risen to 134, showcasing the value proposition of Hong Kong stocks [3]. Group 2: Investment Strategy - The core investment strategy proposed is GARP (Growth at a Reasonable Price), focusing on three dimensions: 1. Performance growth, targeting high-certainty profit sectors such as domestic chip replacements and smart driving [5]. 2. Cash flow and dividends, selecting stable operations with dividend yields above 4%, particularly in telecommunications and energy [5]. 3. Valuation and governance, avoiding companies with high leverage and low transparency, prioritizing those with sound governance and a price-to-book ratio below the 30th percentile [5]. Group 3: Investment Philosophy - The company emphasizes a bottom-up stock selection approach centered on fundamentals, aiming for long-term investment returns [7]. - The investment portfolio is constructed by selecting industries with significantly higher profit levels than benchmark indices, which are also in a sustained favorable economic cycle, to achieve long-term excess returns [7]. Group 4: Performance and Future Outlook - Fuqua Fund has demonstrated strong long-term performance, with its actively managed equity products achieving a cumulative return of 953.86% over nearly two decades, ranking among the industry leaders [7]. - The company plans to continue enhancing its professional investment capabilities to help investors capture certain opportunities amid global changes, contributing to the high-quality development of China's capital market [7].

自动驾驶产业的加速发展，带动了产业链上下游的集体转型，也孕育了一大批国产自动驾驶供应商。今 年开年以来，智能驾驶板块的热度有增无减，多家车企明确了要推动智能驾驶在平价车型上的落地，而 另外一部分车企，也在积极推动L3、L4级智能驾驶的落地，似乎都在为全自动驾驶的最终落地进行铺 垫。 在此背景下，监管部门对智能驾驶的严格分级以及宣传规范，则为产业的发展走势带来了新的指引。 王若瑜告诉证券时报记者，产业投资人的支持，也更有利于公司的产品的深化服务。据悉，针对不同整 车企业的需求，天瞳威视一方面会通过通用的软硬件服务控制成本，另一方面也会最大化考虑个性化定 位，充分满足整车企业的差异化需求。 在海外市场的探索方面，天瞳威视也是国内少有的率先将目光聚焦在全球市场的自动驾驶供应商。据 悉，天瞳威视在2018年就已启动全球化业务布局，成为首批向海外输出智能驾驶解决方案的中国企业。 2021年引入采埃孚战略投资后，双方在技术研发与供应链层面又产生了深度协作，采埃孚的全球资源网 络也加速了天瞳威视产品和服务在全球30余国家及地区的落地。 日前，证券时报专访了天瞳威视联合创始人王若瑜。王若瑜表示，市场对于自动驾驶产品的需求是明 ...

AI制图 增收不增利 资料显示，联合光电主营业务为为市场提供高端光学镜头产品及其应用解决方案，专业从事光学镜头及镜头相关光电器件的研发、设计、生产和销 售。 根据2024年财报中披露的内容，公司产品目前在安防视频监控、新型显示、智能驾驶、人工智能等领域都有广泛应用。其中，安防视频监控领域占 据公司创收的核心地位，而在新型显示领域，上市公司主要布局VR/AR、激光投影等。 年报显示， 2024 年，随着智能驾驶新产线在中山板芙新厂落地，上市公司汽车电子相关产品产能同比提升100%，出货量同比提升超50%，且成 功打入一汽红旗等国内主流车企供应链，并实现与国际知名车企的首次合作突破。 另外， 人工智能领域是上市公司近年重点布局的领域之一， 其设立的全资子公司武汉联一合立技术有限公司专注于无人系统、人工智能的研发和 产业化，主要产品包括智能消杀机器人、智能服务机器人、智能物流机器人及安保巡逻机器人等，已成功应用于医院、机场、海关、工厂等场景。 不过就业绩层面来看，2024年联合光电出现增收不增利的情况。 星标 ★ IPO日报 精彩文章第一时间推送 近期，中山联合光电科技股份有限公司（300691，下称"联合光电"、 ...

Core Viewpoint - The delivery of 1,000 Dongfeng Liuqi trucks to YTO Express marks a significant collaboration in the logistics industry, emphasizing green development and efficient operations [1][8]. Group 1: Event Overview - The delivery ceremony took place on May 23 in Liuzhou, Guangxi, attended by various government officials and representatives from YTO Express and Dongfeng Liuqi [1]. - The event highlighted the strategic partnership between YTO Express and Dongfeng Liuqi, which has lasted for 11 years, showcasing their strong collaboration in the logistics sector [5]. Group 2: Strategic Collaboration - YTO Express is committed to sustainable development and has been exploring low-carbon operational models to set a benchmark in green logistics [3]. - The partnership has expanded to include smart driving technology, with the introduction of the Dongfeng Liuqi H7 intelligent driving tractor, which has significantly improved operational efficiency [6]. Group 3: Vehicle Specifications and Benefits - The 1,000 trucks delivered are designed with advanced lightweight and energy-saving technologies, making them suitable for various logistics applications [11]. - The H7 model features L2+ level intelligent driving capabilities, which enhance safety and reduce fuel consumption by 1.5-2 liters on average, thereby lowering operational costs [13]. - The LNG series models, including HK/H7Pro/H5V/H5, utilize advanced powertrain technology to improve operational efficiency and increase payload capacity, supporting YTO Express's goals of cost reduction and low-carbon operations [15]. Group 4: Future Implications - The successful delivery of these trucks signifies a new beginning for the partnership, enhancing transportation efficiency and ensuring timely deliveries in peak seasons [17].

Core Insights - Xiaopeng Motors reported a significant increase in April 2025 vehicle deliveries, with a total of 35,045 units delivered, representing a year-on-year growth of 273% and a month-on-month increase of 6% [1][2] - The company is enhancing its product lineup with the upgraded 2025 Xiaopeng X9 and P7+, which feature advanced configurations and technology, ensuring strong delivery capabilities moving forward [1][2] Delivery Performance - In April 2025, Xiaopeng Motors delivered 35,045 vehicles, marking a 273% increase year-on-year and a 6% increase month-on-month [1] - The Xiaopeng MONA M03 has achieved over 100,000 cumulative deliveries in just 8 months, while the P7+ has reached its 50,000th unit in 5 months [1] Product Development - The 2025 Xiaopeng X9 has been upgraded with new configurations, priced between 359,800 to 419,800 yuan, while the P7+ features a long-range Max flagship version equipped with advanced AI battery technology [1] - The company is set to mass-produce its Turing AI chip in Q2, enhancing its smart driving capabilities [1] Market Expansion - The 2025 Xiaopeng X9 received 6,000 orders within 7 days of its launch in mainland China, setting a record for pure electric MPVs, and over 1,500 orders in various Asia-Pacific regions [2] - Xiaopeng Motors is accelerating its global strategy, with strong product performance expected to drive sales growth [2] Financial Projections - The company forecasts vehicle sales of 524,000, 786,000, and 966,000 units for 2025, 2026, and 2027, respectively, with corresponding revenues of 97.76 billion, 158.1 billion, and 197.07 billion yuan, reflecting year-on-year growth rates of 139.2%, 61.7%, and 24.7% [2] - Expected net profits for the same years are projected at 1.2 billion, 6 billion, and 9.42 billion yuan [2]

对于港股大模型，杜厚良认为，从长期来看， AI有望在本质上改变移动互联网的入口。通过AI技 术的普及应用，移动互联网现有的分配方式或将发生较大转变。 当硅基代码叩响文明之门，当智能浪潮重塑人类想象， AI浪潮正以前所未有的 速度改变着人类认 知世界的方式， 颠覆着传统产业的底层逻辑 ， 更逐浪于资本市场 。 "AI+"的未来还有哪些想象 空间？人形机器人投资的下一阶段焦点在哪？投资者应该如何 从大模型技术发展中寻找机会？ 近日，中欧基金举办了 AI DAY活动。活动邀请了 中欧基金科技战队核心团队、 券商分析师、国 内 AI科学家及产业专家等，分享了当前AI技术发展的最新成果，探讨了 生成式 AI发展趋势及投 资价值，一同解码AI应用的投资机会和无限可能。 中欧基金权益研究部副总监、科技组组长杜厚良： 关注港股大模型应用、国产替代、 3D打印等 作为中欧基金权益研究部副总监、科技组组长，杜厚良认为投资科技一定要立足产业研究，要比 别人更早发现科技产业变化的机会。今年以来，中欧基金科技战队积极主动开展调研，力求挖掘 AI产业的潜在投资机会。 杜厚良介绍，中欧基金科技战队的大部分成员毕业于清华、交大等院校，且兼具 ...

Core Insights - The launch of the Deep Blue S09 SUV represents a significant response to the growing competition in the electric vehicle market, showcasing the company's confidence in its product value through a "one-year price guarantee" policy [1][3] - The pricing strategy for the Deep Blue S09 ranges from 239,900 to 309,900 yuan, catering to diverse family needs with five different configurations [1][2] Product Features - The Deep Blue S09 integrates advanced safety features, having met stringent global crash standards, particularly ensuring safety for third-row passengers [2] - It is equipped with Huawei's advanced intelligent systems, including HarmonySpace 5 and ADS 3.3, facilitating seamless connectivity between people, vehicles, and homes [2] - The vehicle offers a spacious interior designed for six passengers, featuring the largest trunk space in its class and a versatile layout that provides comfort for all passengers [2] Technological Innovations - The Deep Blue S09 employs innovative range-extending technology, including a unique wide-temperature micro-core high-frequency pulse heating technology and dual battery safety protection from Chang'an and CATL [3] - The vehicle's commitment to low fuel and electricity consumption is highlighted by its "super economical, super comfortable, and super safe" promises [3] Market Impact - The introduction of the Deep Blue S09 is expected to invigorate the electric vehicle market, establishing a new benchmark for family-oriented travel solutions [3] - The "one-year price guarantee" is anticipated to rebuild consumer trust in the fluctuating electric vehicle market, addressing concerns about price drops after purchase [1][3]