德赛西威（002920）在互动平台表示，公司已与奇瑞汽车达成相关合作，共同开发舱驾一体中央计算平 台，该平台基于公司自主研发的智能中央计算平台ICPS01E打造，采用创新的单芯片多域融合解决方 案，成为业内首款可量产舱驾一体SOC产品，标志着公司在智能驾驶核心技术领域取得重大突破。同 时，公司已与昊铂签订战略合作协议，将基于新一代高算力芯片共同研发推动新一代舱驾一体乃至中央 计算平台的加速落地，适配L4高级别自动驾驶软硬件系统需求。 ...

Core Viewpoint - The 2025 International Automotive and Supply Chain Expo in Hong Kong showcases the transformation of China's automotive industry from a "follower" to a "leader" in global markets, emphasizing the role of Hong Kong as a strategic hub for mainland automotive companies to expand internationally [1][3]. Group 1: Event Overview - The expo features 11 mainland automotive manufacturers and nearly 40 leading supply chain companies, highlighting the acceleration of global expansion efforts [1]. - The event serves as a platform to display "Chinese intelligent manufacturing" achievements, reflecting the industry's growth and innovation [1]. Group 2: Market Opportunities - New energy vehicles are identified as one of China's most competitive export industries, with Hong Kong positioned as an ideal testing ground for mainland companies to enter right-hand drive markets such as the UK, Japan, Australia, and Southeast Asia [3]. - Hong Kong's status as an international financial and trade center provides significant advantages in financing, technology development, and brand promotion, facilitating comprehensive collaboration for mainland automotive firms [3]. Group 3: Industry Growth and Globalization - Chinese automotive parts companies are increasingly pursuing global expansion, with three Chinese firms ranking in the top twenty of the 2024 "Global Automotive Supply Chain Top 100" [3]. - CATL, which raised over HKD 100 billion in its recent Hong Kong listing, exemplifies the model of "Hong Kong fundraising, global layout," with 90% of the funds allocated for projects in Hungary [3]. Group 4: Technological Advancements - The expo highlights advancements in smart driving and flying car technologies, with companies like GAC Group unveiling their first mass-produced unmanned flying car [5]. - The low-altitude economy is recognized as a strategic emerging industry, presenting new opportunities for Hong Kong's economic transformation and collaboration with the Guangdong-Hong Kong-Macao Greater Bay Area [5]. Group 5: Future Prospects - The establishment of R&D centers, international headquarters, and listings by more mainland new energy vehicle and related companies in Hong Kong is expected to drive new development momentum and create numerous high-quality job opportunities [5]. - Hong Kong aims to become a "landing point, bridgehead, charging station, and propeller" for mainland automotive companies and their supply chains to venture abroad [5].

Macro Strategy - The report highlights that the merger and acquisition (M&A) market is entering a "fast lane," driven by favorable macroeconomic conditions and supportive policies, which are expected to enhance the valuations of technology companies [1][14][15] - Historical parallels are drawn to the M&A boom from 2013 to 2015, suggesting that current conditions, including a recovering economy and increased market liquidity, are conducive to a similar surge in M&A activity [1][14] - The report emphasizes the importance of M&A as a means to optimize resource allocation, improve production efficiency, and create new market demands, particularly in the technology sector [1][14][15] Industry Insights - The report indicates that the current M&A policies are focused on high-value industries, particularly in technology and advanced manufacturing, with 50% of major restructuring events since 2024 occurring in the TMT sector [1][14] - It notes that state-owned enterprises (SOEs) are leading the current wave of M&A, accounting for 50% of completed projects and 68% of the total value, which is expected to further concentrate resources in strategic industries [1][14][15] - The report also discusses the ongoing technological advancements in AI, robotics, and smart driving, which are driving the need for M&A to acquire critical technologies and enhance competitive advantages [1][14][15] Financing and Economic Indicators - The report anticipates a rebound in financing demand, with social financing growth expected to rise in May, supported by seasonal loan increases and government bond financing [2][16][17] - It highlights that the People's Bank of China has implemented a series of financial policies, including a 0.5% reserve requirement cut and interest rate reductions, to stimulate economic activity and improve liquidity [2][16][17] - The report also notes that the economic environment remains stable, with construction investment showing signs of recovery, although real estate sales are experiencing a downturn [16][17] Company Recommendations - The report recommends investing in companies like Conch Venture (海螺创业), which is expected to see significant cash flow improvements and asset value reassessment, projecting net profits of 2.182 billion, 2.304 billion, and 2.438 billion yuan for 2025-2027 [13] - Another recommended company is Boqian New Materials (博迁新材), which is positioned as a leader in electronic powder with strong growth potential in the new energy sector, forecasting net profits of 250 million, 370 million, and 500 million yuan for the same period [13]

Macro Strategy - The report highlights that the merger and acquisition (M&A) market is entering a "fast lane," driven by favorable macroeconomic conditions and supportive policies, similar to the period from 2013 to 2015 [1][17][18] - The current macroeconomic environment is characterized by loose liquidity, which is conducive to M&A activities aimed at enhancing production efficiency and optimizing resource allocation [1][17] - The report notes that the focus of M&A activities is shifting towards emerging technology sectors, with significant advancements in AI, robotics, and smart driving technologies [1][17] Industry Insights - The report indicates that the current M&A wave is primarily led by state-owned enterprises, which accounted for 50% of completed projects in 2025, reflecting a strategic focus on key industries and sectors [1][17] - It emphasizes that the new M&A policies are designed to encourage high-value industries, particularly in technology, to foster innovation and industry upgrades [1][17] - The report suggests that the ongoing economic transformation necessitates M&A as a means to balance supply and demand, ultimately guiding the economy towards high-quality development [1][17] Company Recommendations - Lin Yang Energy is recommended for its stable expansion across three major business areas, benefiting from the tight electricity supply-demand balance in Hebei province [13][14] - Chipone Technology is highlighted for its leadership in ASIC chip customization, with a strong focus on AIGC and smart driving strategies, supported by a robust technology ecosystem [13][15] - Tai Ling Microelectronics is recognized for its innovative low-power wireless IoT chips, which are gaining traction in various high-value applications, positioning the company as a key player in the domestic market [13][15] - Huadong Medicine is noted for its innovative transformation, with new products expected to contribute to performance growth as the impact of previous generic drug policies diminishes [13][16]

Domestic News - The establishment of safety requirements for intelligent connected vehicle combination driving assistance systems has been initiated, with a project cycle of 22 months, expected to be submitted by March 22, 2024 [7] - Sichuan Province has issued a medium to long-term development plan for the hydrogen energy industry (2025-2035), aiming to promote over 4,000 hydrogen fuel cell vehicles and establish more than 40 hydrogen refueling stations by 2027 [8] - Luzhou has introduced new policies to promote the application of new energy vehicles, targeting a scale of over 5 billion yuan in the new energy vehicle industry and a vehicle ownership of 65,000 units this year [9] - FAW-Volkswagen signed a memorandum of cooperation with the Tianjin Economic Development Zone government to produce two new energy vehicles based on the new CMP platform by 2027 [10] - Hongqi's integrated vehicle-road-cloud technology has successfully passed initial testing, enhancing smart traffic systems and enabling seamless communication between vehicles and infrastructure [12] - Nearly half of the users of the new Xiaopeng MONA Max version are women, with over 80% of new orders opting for the high-end intelligent driving assistance system [13] - Dongfeng Motor has officially entered the Polish market with three brands, showcasing a full range of products and establishing strategic partnerships for local sales and service [14] - NIO's entry-level electric vehicle, Firefly, is set to launch in the European market, with sales in the UK expected to start soon [15] International News - India has filed a complaint with the WTO against the US for increasing tariffs on automobiles, indicating a toughening stance in trade negotiations [16] - Italy's new car sales in May slightly decreased by 0.16% year-on-year to 139,390 units, with total sales for the first five months down by 0.54% [17][18] - Lucid Motors has signed a long-term supply agreement with Graphite One to strengthen its supply chain for raw materials in the US [19] - Mazda plans to produce its first pure electric vehicle in Japan by 2027, marking its entry into the electric vehicle market [20] Commercial Vehicles - Yuchai and XCMG have signed an international strategic cooperation agreement to enhance overseas development and establish service stations in the Eurasian region [21] - Suzhou Golden Dragon launched its new V-series buses in Dubai, marking a significant milestone in the UAE market [22] - The logistics industry in China reported a PMI of 50.6% in May, indicating continued expansion and growth in consumer logistics demand [23] - Fastech showcased its latest electric drive systems and solutions at the International New Energy Commercial Vehicle Exhibition, focusing on the electrification needs of heavy-duty and specialized vehicles [24][25]

Core Viewpoint - Horizon (9660.HK) has been included in the Hong Kong Stock Connect list, effective from the next trading day, marking recognition of its strength and long-term value in the capital market [2]. Group 1: Company Performance - Horizon delivered approximately 2.9 million sets of intelligent driving product solutions in 2024, representing a year-on-year growth of 38%, and has cumulatively delivered around 7.7 million sets, leading the domestic market [2]. - The revenue of Horizon increased by 53.6% year-on-year to 2.384 billion yuan in 2024, indicating strong growth in both production scale and commercial revenue [4]. Group 2: Market Position - By 2025, Horizon's cumulative shipment volume is expected to exceed 10 million sets, making it the first intelligent driving technology company in China to reach this milestone [3]. - Horizon's market share in the Chinese OEM Advanced Driver Assistance Systems (ADAS) market increased to over 40% in 2024, maintaining its leading position [3]. - In the domestic market for intelligent driving computing solutions for self-owned passenger vehicles, Horizon holds a market share of 33.97%, with one in three intelligent driving cars in China equipped with Horizon's solutions [4]. Group 3: Product Development and Partnerships - Horizon officially launched the L2 urban assisted driving system on April 18, featuring the domestically strongest intelligent driving computing solution, the Journey 6P, which employs an end-to-end technology architecture [4]. - The company has announced or deepened strategic partnerships with global automotive Tier 1 giants such as Continental, Bosch, and Denso [4].

Summary of Asia-Pacific Co., Ltd. Conference Call Company Overview - Asia-Pacific Co., Ltd. specializes in brake systems, including line control braking systems and electronic parking brakes (EPB) with domestic production rates of 35% and 80%-90% respectively [2][3] Key Points and Arguments - **Sales Growth Projections**: EPB sales are expected to exceed 1 million units in 2024, while line control braking system sales, although currently below 20,000 units, are projected to see significant growth by 2025, indicating a strong market position in the braking system sector [2][3] - **International Market Expansion**: The company is actively expanding into overseas markets, having secured EPB orders from major global clients and is in discussions for additional projects such as line control braking systems. A significant increase in overseas market volume is anticipated in the latter half of this year and into next year, contributing to high certainty in revenue growth [2][4] - **Domestic Market Trends**: The domestic passenger vehicle market is experiencing a clear trend towards increased intelligence in vehicles, particularly among self-owned brands in the 100,000 yuan price range. This shift is improving the profitability of Chinese parts manufacturers, reversing the trend of cost-cutting seen in the first half of 2023-2024 [2][6] - **Industry Competition**: The brake industry has high entry barriers and a stable competitive landscape, dominated by a few foreign companies. Asia-Pacific Co., Ltd. and a few other domestic firms hold a certain market share, with EPB growth expected to exceed 30% this year [2][7] - **Financial Performance Expectations**: The company anticipates revenue growth of approximately 35% over the next two years, with projected revenues of 380 million yuan and 510 million yuan respectively. By 2027, the company may enter full-scale production, primarily benefiting from European clients [2][8] Additional Important Insights - **Valuation and Investment Appeal**: The current valuation of Asia-Pacific Co., Ltd. is slightly above 20 times earnings, which, considering its high growth potential, remains attractive for investors [5][9] - **Risk Factors**: Potential risks include a decline in global automotive sales, slower-than-expected progress with overseas clients, and significant increases in raw material prices, all of which could negatively impact the company's performance [5][10]

Core Viewpoint - The rapid development of intelligent connected vehicles has reached the L3 stage of human-machine co-driving, necessitating the establishment of regulations to ensure safety and facilitate the application of new technologies in China [1][2]. Group 1: Technological Progress - The technology has advanced to the human-machine co-driving stage, with some technologies nearing maturity. In highway conditions, the NOA (Navigation on Autopilot) technology has transitioned from "usable" to "well usable," allowing drivers to "let go" of the steering wheel under good conditions [1]. Group 2: Need for Regulations - There are currently no global regulations for the human-machine co-driving stage. Germany has set limited conditions for allowing drivers to let go of the steering wheel, but these conditions are rarely met and do not effectively guide automotive innovation. The lack of clear rules creates a chaotic situation where drivers may misuse automated driving technologies [2]. Group 3: Initial Rule Development - While comprehensive rules for human-machine co-driving cannot yet be fully defined, preliminary rules can be established. For instance, allowing the use of intelligent driving systems under clear visibility, well-marked lanes, and when the driver's attention is focused. External cameras and sensors can monitor road conditions, while internal cameras can assess the driver's state [3]. Group 4: Government's Role - Given that China is at the forefront of this technology, government authorities should take the lead in establishing these rules. The innovation in the automotive industry requires not only technological advancements from companies but also regulatory innovations from the government [4]. Group 5: Industry Response to Regulations - Following the government's crackdown on excessive promotion by companies, two extreme attitudes have emerged in the industry: some companies continue to exaggerate their capabilities, while others hesitate to adopt new technologies. The government should establish clear regulations to ensure safety while promoting the development of intelligent driving technologies [4].

Group 1 - The core viewpoint of the news is that "Hongmeng Intelligent Driving" has shown significant growth in key metrics related to smart assisted driving, indicating strong user recognition and trust in the technology [1][3] - In April, the total mileage for smart assisted driving reached an impressive 264 million kilometers, with user activity at 88.62%, and an average mileage per user of 561.65 kilometers [1] - The safety performance of Hongmeng Intelligent Driving is notable, with the system helping users avoid potential collisions 94,000 times, enhancing driving safety [3] Group 2 - In terms of specific driving scenarios, the system recorded 19 million kilometers of new mileage for high-speed assisted driving, successfully handling complex situations like lane changes and merging 19.4653 million times [3] - In urban driving, new mileage reached 7.745 million kilometers, with 5.0874 million instances of anticipating lane changes [3] - During the recent holiday period from May 1 to May 5, the total number of orders for Hongmeng Intelligent Driving vehicles exceeded 22,000, demonstrating strong market competitiveness and user recognition [3] Group 3 - The company plans to continue increasing investment in research and development in the field of smart driving technology to enhance product intelligence and safety performance [3]

Core Viewpoint - Leap Motor's founder and CEO, Zhu Jiangming, along with his spouse, has significantly increased their shareholding, demonstrating confidence in the company's future and aiming to boost investor trust [2][3]. Shareholding and Commitment - Zhu Jiangming and his spouse increased their holdings by 6,809,600 shares, amounting to over 300 million HKD, following a previous increase of the same amount last year [2]. - As of the announcement date, they collectively hold 205,546,438 H-shares and 128,517,839 domestic shares, representing 24.99% of the total issued shares [2]. - A commitment was made by Zhu Jiangming and his associates not to transfer or reduce their shareholdings for the next ten years, a rare move in the industry [3]. Financial Performance - In 2024, Leap Motor's total revenue reached 32.164 billion CNY, a year-on-year increase of 92.06% [4]. - The company achieved a quarterly profit of 80 million CNY in Q4 2024, with a gross margin of 13.3%, marking it as the second new force car company to achieve quarterly profitability [4]. - Leap Motor delivered 293,724 vehicles in 2024, doubling its year-on-year performance and ranking third among new force car companies [4]. Market Position and Strategy - Despite significant growth, Leap Motor's revenue remains lower than competitors like Seres and Li Auto, which reported revenues of 145.176 billion CNY and 144.5 billion CNY, respectively [6]. - The average selling price of Leap Motor vehicles is 126,000 CNY, significantly lower than competitors, which may impact revenue generation [6]. - The company plans to enhance its product lineup and distribution channels, with new models set to launch in the coming years targeting various market segments [8]. Future Outlook - Leap Motor aims to expand its overseas market presence, targeting sales in nine European countries and planning to establish 200 sales outlets by the end of the year [8]. - A strategic partnership with FAW Group has been established to explore joint development of vehicles and components, indicating potential for future growth [9].