Core Viewpoint - The Beijing Stock Exchange (BSE) has shown strong performance this year, with related thematic funds experiencing significant net value increases, suggesting medium to long-term investment value in the BSE sector [1][2][3] Group 1: Market Performance - The BSE 50 Index has risen by 37.25% year-to-date, outperforming major indices such as the Shanghai Composite Index and Shenzhen Component Index [1] - Nearly 40 BSE-themed funds have seen an average net value increase of approximately 33.53% this year, with some funds like CITIC Securities BSE Selected Mixed Fund A and Huaxia BSE Innovative SMEs Selected Fund A achieving net value increases of over 70% [1][2] - 24 BSE funds have recorded net value increases exceeding 30% this year, indicating a broad-based positive performance across various funds [2] Group 2: Investment Opportunities - Analysts suggest focusing on companies with growth potential and strong R&D investments, particularly those in hot sectors and those benefiting from capacity expansion [3] - There is an emphasis on companies that are diversifying and expanding their industrial chains, as well as state-owned enterprises with stable operations and strong growth capabilities [3] - Investment strategies include targeting long-cycle performance stability and unique production capabilities, high dividend and steady growth domestic demand stocks, and thematic sectors such as AI and low-altitude economy [3]

Core Insights - Company has achieved significant breakthroughs in globalization and is gaining widespread attention in the autonomous driving sector [1] - The CEO emphasizes the importance of safety and long-term planning in the company's development strategy [1][2] Group 1: Safety and Technology - Company’s autonomous vehicles have operated for over 2000 days without a single safety incident attributed to them [1] - The safety measures include a multi-modal sensor fusion technology that combines millimeter-wave radar, ultrasonic radar, cameras, and LiDAR for 360° perception [1] - The L2 level driver assistance solution utilizes the QNX operating system, known for its reliability and safety, enabling defensive driving capabilities and obstacle avoidance [1] Group 2: Strategic Partnerships - The partnership with Uber has provided a shortcut for the company to expand into overseas markets, enhancing service recommendations to users [1] - Following the strategic cooperation established in September 2024, the company launched the largest commercial Robotaxi fleet in the Middle East in Abu Dhabi [1] - The collaboration has expanded to Dubai and plans to deploy Robotaxi services in 15 additional international cities over the next five years, with Uber committing an additional $100 million investment [1] Group 3: Market Perspective - The CEO focuses on long-term value rather than market capitalization, emphasizing the importance of unique technology that benefits humanity [2] - The company aims to advance towards the autonomous driving era with a commitment to innovation and technology, contributing to the global development of the industry [2]

Group 1 - The core viewpoint is that the legislative process for autonomous driving in China is advancing, with the revision of the Road Traffic Safety Law being a critical step towards addressing legal regulations for "driverless" scenarios [2][3] - Multiple cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, have initiated various pilot programs for autonomous vehicles, including logistics and public transport applications [2] - Scholars emphasize the need for legal frameworks to address issues related to road testing, traffic violations, and the responsibilities of autonomous vehicles [2][3] Group 2 - The current Road Traffic Safety Law is based on human drivers, and the transition to "driverless" technology necessitates a fundamental re-evaluation of legal responsibilities and definitions [3][6] - The proposed legislative changes may involve adding a new chapter to the existing law or creating new guidelines specifically for autonomous vehicles, which requires thorough discussion and consensus [4] - The integration of the revised Road Traffic Safety Law with other planned laws, such as the Transportation Law, is essential for a cohesive legal framework [5] Group 3 - In the event of an accident involving an autonomous vehicle, determining liability will depend on whether the vehicle was in fully autonomous mode or under human supervision, with different accountability standards for each scenario [6][7] - The responsibility for accidents may be categorized into external and internal liabilities, with external liabilities handled under traditional rules and internal liabilities requiring a clear division of responsibility between drivers and manufacturers [10] - The establishment of a three-tier governance mechanism is suggested to ensure safety standards, verify operational qualifications, and implement a unified regulatory platform for autonomous vehicles [9] Group 4 - The legal challenges posed by autonomous driving extend beyond traffic laws, impacting administrative, civil, and criminal laws, necessitating a comprehensive approach to legal reform [11][12] - The revision of the Road Traffic Safety Law should focus on vehicle management, traffic rules, and accident liability, while avoiding excessive detail on criminal and civil responsibilities [12] - A phased approach to accident resolution is recommended, allowing for quick determination of liability on-site, followed by detailed investigations into insurance and product liability [12]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - The company will focus on the R & D of automated line - controlled vehicles as its line - controlled vehicles have a competitive edge in the industry, and it will not engage in the intelligent driving system for now [25] - The market for autonomous mining trucks is driven by market forces, with the cost - effectiveness of electric vehicles becoming more prominent. The market demand and product iteration are mutually reinforcing [25][26] - The cost difference between autonomous and manned vehicles is mainly due to new energy and fuel vehicles, and the price - performance ratio of products will increase as costs decline [27] - The pure - electric solution will be more advantageous in the future, and the application of pure - electric products will accelerate with the improvement of charging and power - swapping facilities [27] - The company will vigorously expand overseas markets, with good opportunities in regions such as Mongolia, Central Asia, Southeast Asia, and South America [28] 3. Summary According to the Table of Contents 3.1 Research Basic Situation - The research object is Tongli Co., Ltd., belonging to the construction machinery industry. The reception time was June 9, 2025. The company's reception personnel were Chief Engineer Wang Yong and Board Secretary Yang Peng [16] 3.2 Detailed Research Institutions - The participating institutions include asset management companies such as Shanghai Huijin and Fusheng Asset, securities companies such as China Galaxy Securities and Orient Securities, insurance asset management companies such as China Life Asset, and other types of institutions [17][18][19] 3.3 Research Institution Proportion - Securities companies account for 37%, asset management companies 17%, fund management companies 24%, insurance asset management companies 7%, and other types and investment companies each account for 7% [21] 3.4 Main Content Information - **Regarding the intelligent driving system**: The intelligent driving system for mine unmanned vehicles is difficult to standardize, and the company will not engage in it for now, focusing on automated line - controlled vehicles [25] - **Market outlook for autonomous mining trucks**: Market - driven development, with rapid investment in charging and power - swapping facilities, and an increasing market demand for autonomous vehicles [25][26] - **Price difference between autonomous and manned wide - body vehicles**: The cost difference is mainly due to new energy and fuel vehicles, and the price - performance ratio will increase with cost reduction [27] - **Potential of pure - electric solutions**: With the improvement of charging and power - swapping facilities, pure - electric solutions will be more advantageous than range - extended solutions in the future [27] - **Overseas market**: The company will expand overseas markets, with slow progress in high - end markets such as Australia and North America, and good opportunities in other regions [28]

Core Viewpoint - The silver economy is rapidly expanding in China, driven by the increasing population of elderly individuals and the diversification of products and services tailored to their needs [2][4]. Group 1: Market Trends - By the end of 2024, the population aged 60 and above in China is expected to reach 310 million, accounting for 22% of the total population, leading to significant growth in the silver market [2]. - The total number of age-friendly products reached 216,000 by April 2025, involving nearly 10,000 companies, with a year-on-year increase of 255.2% in new products from January to April [2]. - The silver economy is transitioning from a broad supply model to a refined consumption ecosystem, with innovative products like smart ECG clothing and air quality improvement systems gaining attention at the expo [2]. Group 2: Technological Innovations - Advanced technologies such as artificial intelligence, autonomous driving, and flexible robotics are breaking traditional boundaries in elderly care products, exemplified by the smart autonomous wheelchair showcased at the expo [2]. - The emergence of "black technology" in elderly care indicates a shift from merely providing for the elderly to enhancing their quality of life through intelligent solutions [2]. Group 3: Cross-Industry Collaboration - Major brands like Huawei, Haier, and Skyworth are entering the silver economy with smart home solutions, while travel agencies are offering tailored travel packages for seniors [3]. - Financial institutions are diversifying their offerings with various retirement financial products, indicating a growing interest in the silver economy from multiple sectors [3]. Group 4: Policy Support and Industry Growth - The Chinese government is actively promoting the development of the silver economy through policies aimed at enhancing elderly care services and products [4][5]. - There are over 367,000 existing companies related to the silver economy, with more than 22,000 new registrations this year, reflecting a steady growth trend in the sector [4]. - Companies like New Mile Health Technology and Sichuan Portong Medical Equipment are focusing on developing products and services specifically for elderly care, indicating a strategic shift towards this market [4]. Group 5: Local Initiatives - Shanghai is taking proactive steps to develop its silver economy, including the establishment of a dedicated elderly care technology industrial park that aims to integrate research, development, and production [6]. - The park has attracted over 40 elderly care technology innovation companies and aims to achieve a production value of 20 billion yuan within seven years [6].

Group 1: Investor Relations Activities - The company conducted an online communication event on June 9, 2025, with various investment firms participating [3][4]. Group 2: Autonomous Driving Technology - The company focuses on self-developed autonomous driving models with a line control chassis, emphasizing that the technology will be tailored to specific mining needs rather than standardized products [5]. - The market for autonomous mining trucks is expected to grow significantly as charging and battery swap facilities are rapidly established, transitioning from policy-driven to market-driven demand [5]. Group 3: Cost and Pricing Dynamics - The cost difference between autonomous and conventional mining trucks is minimal, primarily influenced by the disparity between electric and fuel vehicle costs, with electric products priced approximately twice that of fuel vehicles [6]. - The deployment of range-extended vehicles is currently more prevalent, but the potential for pure electric solutions is expected to increase as charging infrastructure improves [7]. Group 4: International Market Outlook - The global market for autonomous mining trucks is primarily concentrated in Australia, with China surpassing Australia in ownership last year; however, market expansion is slow due to regulatory requirements and specific client needs [7]. - The company aims to expand its presence in overseas markets, including Mongolia, Central Asia, Southeast Asia, and South America, where significant opportunities exist [7].

青岛机场集团坚持技术研发与标准制定"双轮驱动"，与中机科(北京)车辆检测工程研究院有限公司合作建成全国首个民航无人驾驶检测基地，1:1还原飞行区 真实场景，开发跟随前方设备停-走、避让特勤车辆、机坪滑行航空器避让等20余项检测科目，努力打造行业准入"硬标准"；主导编制《民用机场飞行区车 辆运行智能管控系统建设指南》《民用机场飞行区自动驾驶车辆应用导则》2个团体标准，填补了行业相关标准的空白，为智慧机场建设提供了规范化蓝 本。 《中国民航报》、中国民航网 记者许晓泓 通讯员于洋 报道：6月9日，第四届上合组织成员国青年创新创业大赛颁奖典礼暨"上海合作组织可持续发展年"交 流活动开幕式在山东青岛举行。青岛机场集团报送的"智慧机场无人化关键技术与示范项目"，从8个国家200余个参赛项目中脱颖而出，斩获大赛第一名，获 得科技部国际合作司的高度认可。该项目凭借全球领先的雷达—视频智能分析等技术，实现了无人车与航空器高精度协同调度，为全球智慧交通建设提供了 创新性的"中国方案"，彰显了中国科技创新的国际竞争力。 近年来，青岛机场集团党委创新构建"双三基+集中小部队"党建工作体系，打破部门建制，组建跨领域协作的重点难点攻坚 ...

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Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - High dividend yields are favorable for highway and port companies due to declining domestic interest rates, making them attractive for allocation and investment [2] - Mergers and acquisitions are seen as a potential growth source in the transportation sector, particularly in the highway and bulk supply chain segments, supported by low interest rates and low valuations [3] - The rise of new energy and unmanned transportation is expected to benefit platform companies, with a focus on digital freight and ride-hailing services [4] Summary by Sections 1. Aviation - The aviation industry is expected to see a turning point in supply and demand by 2025, with cumulative revenue growth for airlines projected to match the increase in aircraft numbers [7] - Airlines are likely to experience a recovery in aircraft utilization hours and passenger load factors, leading to increased revenue per passenger kilometer [11] 2. Highways - The defensive value of high dividend highway companies is decreasing as the A-share index rebounds, while their investment value is increasing due to declining interest rates [27] - There is significant potential for mergers and acquisitions in the highway sector, with many listed highway companies having substantial room for asset securitization [30] - Companies like Guangdong Expressway A and Shandong Expressway are highlighted for their high return on equity and dividends [27] 3. Railways - Short-term growth in railway freight and passenger volumes is low, but there is potential for long-term growth driven by new energy vehicles and unmanned driving technologies [36] - The container transport volume in railways is expected to grow significantly, supported by various initiatives like the Belt and Road Initiative [42] 4. Express Delivery - The express delivery industry is experiencing rapid growth in both volume and revenue, with major players like Zhongtong Express and YTO Express showing increasing profits [45] - Price competition is easing, which may present investment opportunities in the sector [46] 5. Bulk Supply Chain - Major bulk supply chain companies in China are seeing a decline in market share, but their revenues remain among the highest globally [51] - Companies like Wuzhou International and Jianfa Group are actively engaging in mergers and acquisitions to enhance their market position [54] 6. Shipping - The shipping industry is facing challenges due to potential declines in global trade volumes as a result of U.S. tariffs, which may pressure shipping rates [57] - The oil shipping sector may benefit from lower oil prices leading to increased demand for oil replenishment [63] 7. Ports - Port container throughput is expected to show resilience despite fluctuations in export growth, with stable pricing anticipated [70] - The report emphasizes the importance of reducing logistics costs, which may limit the potential for rate increases in port fees [70] 8. New Energy and Unmanned Transportation - The adoption of new energy vehicles is significantly reducing travel costs, while smart driving technologies are expected to lower labor costs in transportation [74] - Companies in the ride-hailing and digital freight sectors are projected to experience substantial growth due to these technological advancements [77]

Industry Overview - The National Development and Reform Commission held a meeting focusing on technology innovation, indicating the initiation of the "14th Five-Year Plan" preparation, which will highlight new fields and investment priorities that could attract capital market attention [2] - The autonomous driving industry is expected to see significant advancements, with Tesla's Robotaxi service anticipated to begin public trials on June 22, showcasing rapid progress in autonomous technology [2] - The Shenzhen pilot program for low-altitude economic management aims to enhance the application frequency of low-altitude economic scenarios, which could positively impact market expectations for the low-altitude economy industry chain [3] Advanced Manufacturing Sector - Major domestic automotive companies, including BYD and GAC Group, have committed to a payment term of no more than 60 days in response to the new regulations aimed at improving the payment environment for small and medium enterprises [6] - The average turnover days for accounts payable for major automotive manufacturers are as follows: BYD at 127.23 days, GAC Group at 112.87 days, and Dongfeng Motor at 221.27 days, indicating a significant impact on cash flow and operational costs [6] - This regulation is expected to improve cash flow for upstream suppliers, particularly small and medium enterprises, thereby reducing financing costs and operational risks [6] Consumer Sector - The summer tourism market is projected to grow significantly, with a 70% year-on-year increase in the number of travelers and an 80% increase in GMV, driven by family travel [9] - The brand Zhenjia has seen over 300% year-on-year growth in sales of its high-end fragrance laundry detergent, indicating a shift towards premium products in the home cleaning market [9] - The health supplement brand Feicui, focusing on high-end anti-aging products for women, is expected to contribute approximately 0.12 billion yuan in revenue after its launch in Q3 2024 [9]