Summary of Key Points Core Viewpoint - The company is experiencing a decline in profitability due to macroeconomic conditions and industry downturns, but it is focusing on transformation and new growth areas to enhance its competitive position in the market [1][2][3]. Group 1: Financial Performance - In 2024, the company achieved a net profit of 383 million yuan, a decrease compared to 2023, and for Q1 2025, the net profit was 57.895 million yuan, also down year-on-year [1][2]. - The company's cash flow from investment activities was negative due to increased purchases of financial products, while cash flow from financing activities was negative due to dividend payments [4]. Group 2: Growth Opportunities - The company is committed to a strategic transformation focusing on "digitalization, industrialization, platformization, and internationalization," aiming to develop new business areas such as low-altitude economy and infrastructure digitalization [2][3]. - In 2024, revenue from new business segments reached 1.38 billion yuan, accounting for over 31% of total revenue, with the low-altitude economy segment seeing a 96% increase in order volume [2]. Group 3: Industry Outlook - The traditional infrastructure construction era is facing challenges, but new fields driven by digital, AI, and low-carbon technologies present significant market opportunities for growth [3]. - The overall industry is in a downturn due to reduced macro infrastructure investment, but there are still emerging growth points in areas like low-altitude economy and digital transformation [3].

Summary of the Conference Call on Vehicle Road Cloud Integration Industry Overview - The conference call focuses on the **Vehicle Road Cloud (车路云)** integration industry, which is experiencing accelerated development driven by government policies and support. [2][3][6] Key Points and Arguments 1. **Government Support and Investment**: - Starting from April 2025, there will be a significant rollout of projects related to Vehicle Road Cloud integration, with a budget of approximately **1 trillion yuan** allocated for investments and over **3 trillion yuan** in special bonds. [2][4][14] - The investment is primarily concentrated on road and cloud infrastructure, which is costly and requires comprehensive funding support from various sources, including social capital and market participation. [2][4] 2. **Technological Development**: - There is a strong focus on the development of **smart driving technologies** and **V2X communication** applications, aiming to enhance urban traffic management and provide residents with safer and more efficient travel experiences. [2][3][5] - The relationship between single-vehicle intelligence and road collaboration is complementary, with road collaboration expected to optimize resource allocation through cloud computing. [2][15][18] 3. **Pilot Projects and Regional Initiatives**: - Major cities like **Beijing, Shanghai, and Shenzhen** have initiated pilot projects for Vehicle Road Cloud integration, with significant progress in infrastructure construction and technology deployment. [3][9][10] - Specific projects include smart driving technology development, V2X communication systems, and innovative applications such as smart parking and logistics systems. [5][9][10] 4. **Funding Structure**: - The funding structure for projects varies by region, with local governments contributing a significant portion alongside central and provincial funding. For example, in **Wuxi**, the funding structure includes **30%** from central finance, **20%** from provincial finance, and **30%** from local enterprises. [14] 5. **Future Development and Challenges**: - The pace of Vehicle Road Cloud integration is expected to accelerate in the next one to two years, with a focus on quality and speed as mandated by government policies. [6][9] - Challenges include the need for substantial investment and the integration of various technologies to ensure effective collaboration between vehicles and road infrastructure. [4][18] Additional Important Content - The national government is beginning to downplay the hype surrounding smart driving to manage public expectations, indicating a shift in focus towards practical applications and integration. [2][20] - The **eCall** emergency call system is gradually being developed, with standards expected to be approved by **2026**, focusing on new vehicles rather than retrofitting existing ones. [29][30] - The integration of cloud technology in traffic management has already shown success in applications like real-time traffic signal updates and emergency alerts, enhancing overall road safety and efficiency. [27][28] This summary encapsulates the critical insights and developments discussed during the conference call regarding the Vehicle Road Cloud integration industry, highlighting the interplay between government support, technological advancements, and regional initiatives.

完善创新指标体系，加大交通科研经费投入。交通科技创新指标体系主要反映创新要素投入水平、新技 术应用、创新产出成效、创新环境等情况。要坚持重点突破，加强关键共性技术、前沿引领技术、现代 工程技术、颠覆性技术研发应用，突破关键核心技术难题，营造良好科技创新环境。坚持各部门协同融 合，推动跨领域、跨部门、跨区域科技创新资源融合，优化财政科技经费支出结构，加强资金和项目统 筹。设立专项基金，强化科技研发、成果转化、平台建设、人才培养的经费支持，构建政产学研用协同 创新体系，为相关技术研发应用提供资金保障。 开展关键核心技术攻关。广泛应用新材料、新能源、新技术和新工艺，研制先进的轨道交通车辆和控制 系统、智能汽车和节能减排技术、民用飞机和航空发动机、智能船舶等载运装备，提升产业链供应链竞 争力和安全性。增强人、车、路耦合机理和车路协同控制等基础理论研究，通过集成应用先进的信息、 通信、传感、控制等技术，使人车路间相互作用关系以新方式呈现。 （文章来源：经济日报） 打通人、车、路、云、网，构建数据驱动的车路协同运营体系；探索交通大模型算法，通过分析环境和 交通流数据预判、推演，提升效率和安全性……当前，科学技术在交通领域 ...

Core Insights - The 2025 Shanghai Auto Show showcased Joyson Electronics' commitment to innovation in automotive technology, emphasizing their new immersive smart cockpit solution, JoySpace+, and various key components for robotics and energy management [1][2][4] Group 1: Company Overview - Joyson Electronics aims to leverage a global perspective to enhance its future growth, with a projected revenue exceeding 55.8 billion yuan in 2024 and over 60% of its business coming from overseas [1] - The company has secured over 80 billion yuan in new orders, indicating strong market demand and confidence in its product offerings [1] Group 2: JoySpace+ Smart Cockpit - JoySpace+ integrates multiple innovative technologies to provide an immersive and personalized driving experience, combining visual, auditory, tactile, and voice interactions [2][3] - The cockpit features user-defined controls, a foldable steering wheel, and advanced safety technologies, enhancing both user experience and driving safety [2][3] Group 3: Robotics and Key Components - Joyson Electronics is expanding into the robotics sector, focusing on innovative key components and intelligent data training, positioning itself as a "Tier 1" supplier in the automotive and robotics industries [4][8] - The company introduced several robotics components, including a power battery management system and sensor kits, showcasing its technological advancements in this field [4][7] Group 4: Automotive Safety Innovations - Joyson Electronics presented new safety products, including an adaptive electric seatbelt and a driver monitoring system, aimed at enhancing vehicle safety in response to the rise of assisted driving technologies [10][11] - The company emphasizes a three-tiered safety approach, integrating physical, data, and ecological defenses to ensure the safety of global families during travel [10][11] Group 5: Future Mobility Solutions - The company is addressing the evolving needs of automotive electronics by introducing advanced computing units and controllers that simplify vehicle architecture and enhance performance [9][10] - Joyson Electronics is also focusing on electric vehicle solutions, showcasing a comprehensive range of energy management systems and power electronics [10]

" 十多年过去，百度自动驾驶变得更好了吗？ " 作者丨吴彤 铁打的营盘，流水的兵。 01 余凯时代：无人车起步 2011年底，百度向在国际人工智能领域崭露头角的余凯伸出橄榄枝。 彼时，百度财力雄厚，李彦宏登顶中国首富，百度市值位居中国互联网企业之首。在这样的背景下，百度 有底气招揽世界顶级研究人员。当年春节前，李彦宏与余凯在北京见面，这次交流成为双方命运的关键一 步。 2012年春天，余凯正式加入百度，开启了他在百度的三年。在他加入之前，王海峰刚将视觉团队从搜索部 门独立，成立了VIS（视觉技术搜索）。余凯的老本行是视觉，他直接合并了视觉和语音，组建了多媒体 部。后来，余凯又将视觉拿到IDL，语音则还给了王海峰。 余凯 2012年10月，余凯加入百度半年后，辛顿团队的AlexNet算法在计算机视觉会议上震惊了学术界和产业 界。余凯意识到与辛顿合作对百度在深度学习领域弯道超车的重要性，立刻联系辛顿表达合作意愿，不过 结果未能如愿。 虽有遗憾，但这次竞标也让李彦宏深刻意识到深度学习的潜力与重要性。一个月后，百度宣布成立深度学 习研究院（IDL），李彦宏亲自挂帅，余凯出任常务副院长。 IDL的成立在中国互联网行业是 ...

Group 1 - Huawei's first foldable smartphone, Pura X, sold out within 10 minutes of its launch on March 30, with a starting price of 7,499 yuan [4] - BYD announced price reductions for several models, including a 10,000 yuan decrease for the Qin L DM-i non-intelligent driving version, now starting at 89,800 yuan, and a 16,000 yuan decrease for the Song L DM-i non-intelligent driving version, now starting at 119,800 yuan [4] - The average salary of employees at Pang Dong Lai is reported to be 9,886 yuan after social security deductions [4] Group 2 - Siemens completed the acquisition of Altair, a provider of industrial simulation and analysis software, for approximately 10 billion USD (about 727 billion yuan) [5] - The Ukrainian Ministry of Defense announced the establishment of a space policy office to develop Ukraine's military space program [4]

Group 1: Company Overview - Hanxin Technology is a professional service provider in the new generation information technology sector, focusing on the innovative application of artificial intelligence in industrial, transportation, and government fields [3][4] - The company offers solutions in three main areas: intelligent manufacturing, intelligent driving, and smart cities, serving over a thousand enterprises [4] Group 2: Business Development - In December 2024, Hanxin established a wholly-owned subsidiary in Beijing Yizhuang to leverage local talent and enhance market presence [5] - The 2025 business development plan includes focusing on key areas such as computing power and vehicle-road-cloud integration, while improving profitability through product development and cost control [6]

【线】【 2 公众号·计算机文艺复兴 第一批车路云一体化应用试点城市名单公布。 根据2024年1月15日工信部、公安部、自然资源部、住建部、交通部联合发布的《关于开展智能网联汽车"车路 云一体化"应用试点工作的通知》安排，7月3日五部门联合发布应用试点城市名单，包括北京、上海、重庆、鄂尔多斯、沈阳、长春、南京、苏州、无锡、杭 州-桐乡-德清联合体、合肥、福州、济南、武汉、十堰、长沙、广州、深圳、海口-三亚-琼海联合体、成都。 法律声 明 本公众 订阅 号( 计算机文 艺复兴) 为国泰君 安证 券研 究所计算机 研究团队依法 设 立并运营 的微信公众订阅 号 。本团队负 责人李 沐华具备 证券投资咨询 （分析 师）执 业 资格，资格 证书编 号为 S 0 8 8 0 5 1 9 0 8 0 0 0 9 。本订阅 号不是国泰 君安证券 研究 报告发布 平 台。本订 阅号所 载内容均 来自于国泰君 安证 券研究所已 正式发 布的研 究报告，如需 了 解详细的证 券研究 信息 ，请具 体 参见 国泰 君 安证 券研 究所发布 的完整报告。 本订阅号 推送的 信息仅限完 整 报 告发布当 日有效，发布日 后推送的信息 ...

合规声明：本文节选自已经入库的正式研究报告，如需全文请后台留言。 欢迎加入行业交流群！ 欢迎所有对计算机产业研究和投资感兴趣的盆友（包括云计算、网络安全、医疗IT、金融科技、人工智能、自动驾驶等）后台留言加入我们的行业交流 群。我们的目标是建立系统的计算机产业研究框架，提高整个A股的IT行业研究水平，减少韭菜数量，普度众生。 华为预计下半年推出新产品解决路侧和感知短板。 2024年6月19日，华为无线网络产品线车联网领域总裁马金斗在CICV 2024科技周国际边会上表示，华为将在今年 下半年推出新产品，以解决车路云路侧和感知短板。车路协同包括智能车载技术、智能路侧技术、通信技术、云控技术。根据其说法，华为已经可以将通信时延做 的很低，而感知部分包括雷达和摄像头等边缘计算和平台计算时延还是很高，新产品可让路侧的信息看的更清楚、算的更快、服务的更全。 路侧感知技术进步让车路协同解决方案更显优势。 自动驾驶目前发展出了单车智能和车路协同两大路线，车路协同技术通过路侧设备收集和同步数据，可有效弥补 单车智能在感知上的局限，是具有中国特色的解决方案。6月18日，在第十一届国际智能网联汽车技术年会上，中国工程院院士、中国 ...

车路协同建设规模或超预期，车、路、云三端智能化市场前景广阔。 在我们6月11日发布的行业专题报告《车路协同产业即将进入爆发期》中，仅考虑示范区 城市，依据北京订单规模与GDP比例，我们测算车路协同市场空间超千亿，其中上海、深圳、广州超90亿元，重庆、成都、武汉等超50亿元。此次武汉车路 云大单总体金额达到171亿元，虽然项目建设方向不尽相同，但也意味着后续全国各地车路协同建设整体订单规模或超市场预期，车、路、云三端智能化市场 前景广阔。此外，从长期来看，车路云建设也为ETC2.0和低空经济运营等构筑了基础设施条件，将对交通领域的新业态进行深度赋能。 武汉车路云大单金额更大，拟立即开工。 2024年6月14日，湖北省投资项目在线审批监管平台显示，武汉市智能网联新能源汽车"车路云"一体化重大示范项 目获得市发改委同意批复，项目单位为国有企业武汉车网智联测试运营管理有限公司，总投资170.84亿元，与5月31日北京市车路云一体化新型基础设施建设 项目（初步设计、施工图设计）招标公告显示的99.39亿元投资额相比，金额更大，且拟开工时间为2024年6月，意味着完成备案后立即开工。 项目建设范围相对较广，提升智慧道路覆 ...