今日，港股科技盘中反弹，医药股领涨，港股科技ETF（513020）涨超1.3%。 港股科技分子端受益于国内经济复苏和科技创新动力，分母端受益于海外流动性改善。 国内角度，受益于资金面宽松和政策宽松预期，国内经济有望持续复苏。另外，5月7日央行、证监 会、金融监督管理总局宣布降准降息，有助于成长风格获得超额收益。政策端，对培育新质生产力的重 视程度显著提升，港股科技的"内生增长动力"有望被持续激活。 海外角度，年内来看，交易员预计美联储仍然有2-3次的降息空间，若降息落地，海外流动性改 善，利好港股资金回流。另外，当前中美关税政策已经出现实质性缓和，资本市场的风险偏好有所改 善，这也利好港股科技股的走强。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 港股科技ETF（513020）跟踪中证港股通科技指数，包括互联网、新能源车、生物医药和创新药等 核心科技板块，代表了中 ...

注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 财信证券指出，纳斯达克100总收益指数的行业分布符合当前科技主线，尤其在人工智能、机器人、智 能驾驶等新兴产业领域权重较高。从业绩预期来看，科技成长板块的增速潜力居前，预计国产AI产业 链的业绩将在2025年中报开始释放。此外，纳斯达克资本市场的流动性改善驱动估值提升，其市盈率和 市净率均处于相对低位，具备较强吸引力。未来若美联储降息，美元流动性将进一步支撑估值修复。同 时，中美关税谈判的积极进展有望提升市场风险偏好，推动科技成长风格延续。 今日开盘，纳指ETF（513100）涨幅1.23%，成交额达2.07亿元。 纳指ETF（513100）跟踪的是纳斯达克100总收益指数（W00206），该指数由纳斯达克编制，选取在纳 斯达克上市的100家规模最大且非金融领域的上市公司证券作为成分股，重点覆盖高科技、高成长性企 业。其行业分布主要集中于 ...

请务必阅读正文之后的信息披露和免责申明 1 全球AI周报 摘要 证券研究报告 2025年05月19日 海外行业报告：行业动态研究 AI推动腾讯阿里业绩增长，Google I/O 2025预计推出AI眼镜 作者： 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 李泽宇 SAC执业证书编号：S1110520110002 分析师 樊程安吉 SAC执业证书编号：S1110524080001 分析师 杨雨辰 SAC执业证书编号：S1110521110001 分析师 刘诗雨 SAC执业证书编号：S1110524120001 ➢ 近期市场表现，受到关税缓和预期的影响，A I相关标的反弹显著。市场普遍担忧因宏观因素及地缘政治变化导致的经济衰退风险有所缓解。从AI发展的角度来看，谷歌 2025 年度 Google I/O 开发者大会将于 5 月 20 日至 21 日举办；近期 OpenAI推出Codex，且预计GPT-5发布在即；与此同时，智能驾驶商业化进程提速，Uber加速布局Robotaxi项目，这些进展对A I应用及智能驾驶行业均产生了积极推动作用。建议关注：（1）智能驾驶落地提速，Uber宣布与 ...

Core Viewpoint - Xiaomi is facing a significant trust crisis in its automotive division, stemming from safety concerns and quality issues related to its SU7 model, which has led to public criticism and calls for accountability from the company [1][4][5]. Group 1: Safety and Quality Issues - The SU7 model has been involved in incidents such as self-ignition after a collision, raising safety concerns among consumers [1]. - There are allegations of exaggerated claims regarding the NOA intelligent driving system and performance specifications, with the SU7 Ultra's horsepower being limited from 1548 to 900 [1][4]. - Customers have reported issues with the SU7's design, including problems with the headlight frame and fender, contributing to a broader perception of quality control failures [1][19]. Group 2: Consumer Reactions and Legal Challenges - Many customers are demanding refunds and compensation due to perceived false advertising, particularly regarding the SU7 Ultra's carbon fiber hood, which was marketed with misleading claims about its design [7][8]. - A group of dissatisfied customers has formed a legal action group, seeking to sue Xiaomi for false advertising and demanding refunds [8][11]. - Xiaomi's response to customer complaints has been criticized as inadequate, with some customers feeling that the company's attitude is dismissive [11][15]. Group 3: Company Response and Future Outlook - Xiaomi's CEO, Lei Jun, acknowledged the company's responsibility and the need for higher standards following the recent crisis [4]. - A strategic product launch event is scheduled for May 22, where Xiaomi plans to unveil new products, including its first SUV, the YU7, amidst ongoing scrutiny [1][23]. - Recent sales data indicates a decline in Xiaomi's automotive sales, with weekly sales dropping from 7000 to 5200 units over a few weeks, reflecting the impact of the current crisis on consumer confidence [24].

Core Viewpoint - Horizon Robotics is a leading provider of advanced driver assistance systems (ADAS) and high-level intelligent driving (AD) solutions in China, focusing on a software-hardware integrated technology path to cover low, medium, and high-end markets with its chips and algorithms [2][3]. Group 1: Company Overview - Horizon Robotics was established in 2015 and has released multiple generations of its Journey series chips since 2017, with cumulative shipments expected to exceed 10 million by 2025 [3]. - The company has a diverse customer base, including major automakers such as Volkswagen, BYD, and Geely, and is projected to hold over 40% and 30% market shares in the Chinese OEM ADAS and AD markets by 2024, ranking first and second respectively [3][4]. - The company has experienced strong revenue growth, with a CAGR of 72% from 2021 to 2024, expecting total revenue of 2.4 billion yuan in 2024 [3][18]. Group 2: Market Potential - The intelligent driving solutions market is expected to reach a scale of 1 trillion yuan by 2030, with significant growth driven by the penetration of high-level intelligent driving technologies [4][44]. - The market for high-level intelligent driving is anticipated to rapidly penetrate the 100,000 to 200,000 yuan segment, with a forecasted increase in demand for intelligent driving solutions [4][35]. - The global market for advanced driver assistance systems and high-level autonomous driving solutions is projected to grow from 61.9 billion yuan in 2023 to 1,017.1 billion yuan by 2030, with a CAGR of 49.2% [44]. Group 3: Financial Performance - Revenue from automotive solutions is expected to grow significantly, with automotive product solutions revenue projected to reach 664 million yuan in 2024, reflecting a CAGR of 47% [25]. - The company has maintained a high gross margin, with gross margins of 71%, 69%, 71%, and 77% from 2021 to 2024 [19]. - Despite strong revenue growth, the company has reported net losses from 2021 to 2024, primarily due to high R&D expenditures, with an adjusted net loss of 1.681 billion yuan in 2024 [18][19]. Group 4: Technological Advancements - The company has developed a comprehensive product matrix, including the Journey series chips, which cover all levels of intelligent driving needs, with the latest Journey 6 series expected to achieve significant performance improvements [54][55]. - Horizon Robotics has a strong focus on R&D, with R&D expenditures projected to reach 3.16 billion yuan in 2024, and a high proportion of its workforce dedicated to R&D [30][32]. - The company has secured numerous patents, with a total of 673 patents, including 585 invention patents, establishing a strong competitive barrier [32].

Financial Data and Key Metrics Changes - The company's revenue for Q1 2025 reached RMB 12 billion, representing an annual increase of approximately 187% [5] - Gross profit in Q1 2025 was 14.9%, up from 13.3% in Q4 2024, attributed to increased sales and optimized portfolio [5] - The net loss for Q1 2025 was about RMB 130 million, a significant reduction from approximately RMB 1 billion in the previous year [6] - The company reported RMB 25.7 billion in cash reserves, indicating strong capital availability [6] Business Line Data and Key Metrics Changes - C car deliveries in Q1 reached about 60,000 units, contributing to a total of 700,000 units delivered [6] - The launch of the Dayton model on April 10 resulted in over 18,000 units sold shortly after its release [7] - The A10 model showcased at the Shanghai Auto Show targets the young generation, emphasizing optimal range and performance [8] Market Data and Key Metrics Changes - The company plans to expand its retail presence, targeting over 80 additional cities in China, focusing on second-tier cities [11] - In Q1, the efficiency of retail operations improved by 4% compared to 2024 [12] - The company exported a significant volume of locomotives, ranking first among its peers in overseas markets [14] Company Strategy and Development Direction - The company aims to enhance investments in smart driving technology, with anticipated investments exceeding RMB 1 billion [11] - Strategic cooperation with Stellantis will facilitate localized assembly and manufacturing in Malaysia and Europe by the end of 2025 [15] - The company is committed to integrating technological innovation with social service, evidenced by a RMB 5 million donation to improve local livelihoods [16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust sales in Q2, expecting sales to reach between 130,000 to 140,000 units [25] - The company aims for annual sales targets of 500,000 to 600,000 units, with a gross profit margin close to 10% [26] - Management remains optimistic about achieving annual breakeven based on Q1 performance [26] Other Important Information - R&D expenses increased by about 52% year-on-year to RMB 800 million, reflecting greater investment in labor and technology [18] - The company achieved a significant improvement in customer service response rates, with a 99.4% response rate within 15 minutes [13] - The company is focused on digital transformation to enhance customer service and operational efficiency [61] Q&A Session Summary Question: What is the expectation for gross profit margin in Q2? - Management indicated that while Q1 performance was robust, a slight decline in gross profit margin is expected in Q2 due to the launch of new models [24] Question: What percentage of revenue is due to strategic cooperation? - Management stated that specific data on revenue from strategic cooperation is confidential, but gross profit margins for complete vehicles are similar to 2024 levels [27][28] Question: How will the company handle tariffs in overseas markets? - The company plans to follow market-based pricing strategies and prioritize market share over immediate profits in international markets [46][47] Question: What is the target for channel stores? - The company aims to exceed 1,000 stores, with about 800 stores already established in Q1 [59] Question: How will the company address battery supply pressures? - Management confirmed that battery supply issues are expected to be resolved by May, ensuring sufficient production capacity [62]

Financial Data and Key Metrics Changes - In Q1 2025, the company's revenue reached RMB 12 billion, representing an annual increase of approximately 187% [5] - The gross profit margin in Q1 was 14.9%, up from 13.3% in Q4 2024, attributed to increased sales and an optimized portfolio [5][17] - The net loss for Q1 was about RMB 130 million, a significant reduction from approximately RMB 1 billion in the previous year [6] - The company reported RMB 25.7 billion in cash reserves, indicating strong capital availability [6] Business Line Data and Key Metrics Changes - The delivery volume of C cars in Q1 reached about 60,000 units, contributing to a total of 700,000 units delivered [6] - The newly released Dayton model achieved sales of 18,000 units shortly after its launch [7] - R&D expenses increased to RMB 800 million, reflecting a 52% year-on-year rise due to greater investment in labor and R&D costs [18] Market Data and Key Metrics Changes - The company plans to expand its retail presence, targeting over 1,000 stores, with 800 stores already established in Q1 [59] - The company aims to penetrate second-tier cities, expecting to add over 80 cities of second level or below [11] Company Strategy and Development Direction - The company is focused on enhancing investments in smart driving technology, with anticipated investments exceeding RMB 1 billion [11] - Strategic cooperation with Stellantis aims to localize assembly and manufacturing in Malaysia and Europe by the end of 2025 [15] - The company emphasizes technological innovation and social responsibility, having received an ISG International certificate for its environmental, social, and governance performance [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust sales in Q2, expecting sales to reach between 130,000 to 140,000 units [25] - The company aims for annual sales targets of 500,000 to 600,000 units, with a gross profit margin close to 10% [26] - Management acknowledged potential slight declines in gross profit margin in Q2 due to the launch of new models but remains optimistic about achieving annual objectives [24][26] Other Important Information - The company has expanded its overseas operations, ranking top in export volume among competitors [14] - The integration of Qualcomm chips into the company's architecture has enhanced its product offerings and competitiveness [10][9] Q&A Session Summary Question: What are the expectations for gross profit margin in Q2? - Management indicated that while Q1 performance was robust, a slight decline in gross profit margin is expected in Q2 due to new model launches [24][21] Question: What is the percentage of revenue from strategic cooperation? - Specific data on revenue from strategic cooperation was not disclosed, but management noted that gross profit margins for complete vehicles in Q1 were similar to those in 2024 [27][28] Question: How will the company handle tariffs in overseas markets? - The company plans to follow market-based pricing strategies and prioritize market share over immediate profits in the early stages of international expansion [46][47] Question: What is the target for channel stores? - The company aims to exceed 1,000 stores, with a focus on ensuring dealer profitability and quality in channel development [59][60] Question: How does the company plan to address battery supply pressures? - Management stated that battery supply issues are expected to be resolved by May, ensuring sufficient supply for production [62]

估值方面：截至 2025 年 5 月 16 日，申万汽车板块 PE（TTM） 26.74 倍，位于近 5 年的 34.72%分位点。 汽车产业链数据观察 市场研究部 2025 年 5 月 19 日 汽车行业周报（2025/5/12-2025/516） 行情综述 上周沪深 300 指数上涨 1.12%，申万汽车行业指数上涨 2.40%， 跑赢大盘 1.29 个百分点，在申万 31 个一级行业中排名第 3。 上周二级细分行业中，乘用车板块（+4.43%）、汽车零部件 （+2.18%）、汽车服务板块（+0.59%）、摩托车及其他板块（- 0.20%）、商用车板块（-1.70%）。上周三级行业均涨幅最大的三 个板块是电动乘用车（+6.16%）、其他汽车零部件（+5.34%）和 汽车电子电气系统（+3.43%）；仅商用载客车（-2.03%）出现回落。 个股：上周汽车行业 294 家上市公司中，192 家实现上涨，其中涨 幅前三为成飞集成（+61.09%)、兆丰股份（+34.78%)和新坐标 (+26.17%)。跌幅前三为苏奥传感(-9.01%)、潍柴重机(-8.90%)和金 鸿顺(-7.62%)。 截至 5 月 10 ...

Core Viewpoint - The financial technology sector is experiencing mixed performance, with the China Securities Financial Technology Theme Index showing a slight decline, while specific stocks within the sector have varied in their performance [3][4]. Group 1: Financial Technology ETF Performance - The Financial Technology ETF (516860) has decreased by 0.42%, with a latest price of 1.19 yuan [3]. - The ETF has seen a recent net inflow of 959.22 million yuan, with a total of 3,745.96 million yuan net inflow over the past five trading days [4]. - The ETF's one-year net value has increased by 61.11%, ranking it first among comparable funds [5][6]. Group 2: Market Trends and Insights - The AI industry chain, smart driving, and software outsourcing are expected to maintain high levels of prosperity, while sectors like data elements and power IT show good prospects [4]. - The Financial Technology ETF closely tracks the China Securities Financial Technology Theme Index, which reflects the overall performance of listed companies in the financial technology sector [4]. Group 3: Key Stock Performances - The top ten weighted stocks in the China Securities Financial Technology Theme Index account for 53.28% of the index, with notable companies including Tonghuashun (300033) and Dongfang Caifu (300059) [9][11]. - Specific stock performances include a decline in Tonghuashun by 0.94% and Dongfang Caifu by 0.42% [11]. Group 4: Fund Metrics - The Financial Technology ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in comparable funds [9]. - The ETF's Sharpe ratio for the past year is 1.24, indicating a favorable risk-adjusted return [7].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [9][41]. Core Views - The automotive market is experiencing stable overall performance, with domestic demand being supported by new vehicle cycles and "old-for-new" policies, leading to a significant increase in consumption [7][8]. - The report highlights the potential of humanoid robots and their integration into various sectors, suggesting that companies with strong R&D capabilities and self-controlled equipment are likely to succeed [6][9]. - The report emphasizes the growth of new energy vehicles (NEVs), which accounted for 42.7% of total vehicle sales in April, with production and sales showing rapid growth [8][9]. Summary by Sections Industry Performance - The automotive sector outperformed the market with a 10.1% increase over the past month, compared to a 3.1% increase in the Shanghai Composite Index [3][16]. - The automotive index rose by 2.7% in the last week, outperforming the broader market by 1.6 percentage points [16]. Market Data - In April, the production and sales of automobiles reached 2.619 million and 2.59 million units, respectively, marking a year-on-year increase of 8.9% and 9.8% [8]. - The first four months of 2025 saw a total production and sales of over 10 million vehicles for the first time in history, with NEVs showing a year-on-year growth of 48.3% in production and 46.2% in sales [8]. Investment Recommendations - The report recommends specific companies in the humanoid robot sector, such as Shuanglin Co. and Rongtai Co., and highlights the importance of self-controlled equipment manufacturers [6][9]. - It suggests focusing on companies with deep collaborations with major tech firms, such as Seres and JAC Motors, as well as those in the automotive parts sector that are poised for growth due to technological changes and export opportunities [42]. Company Focus and Earnings Forecast - The report provides earnings forecasts for several companies, indicating a positive outlook with "Buy" ratings for Shuanglin Co. (PE of 37.11 for 2025E), Redik (PE of 55.67 for 2025E), and others [11][44].