景林资产在SEC公布了2025年一季度末的美股持仓情况。 截至一季度末，景林资产在美股市场持有31家公司的股票，总市值为32.3亿美元。 从调仓动作来看，在2025年一季度，景林清仓了英伟达、腾讯音乐、优步、亚马逊、巴西石油、visa等 8只股票；增持Meta、台积电、富途控股、贝壳、新东方、携程、晶科能源、阿特斯太阳能、Legend Biotech Corp ADR和再生元制药；新进阿里巴巴、英特尔和禾赛科技。 截至今年一季度末，景林资产美股持仓的前十大重仓股分别为脸书母公司Meta、拼多多、网易、满帮 集团、台积电、富途、苹果、中通快递、奇富科技和贝壳。 | 证券代码 | 公司名称 | | 持仓占比 持仓市值(亿澳元) 持有股数(股) | | 数量变化(股) | | --- | --- | --- | --- | --- | --- | | META | Meta | 17.31% | 5.59 | 969277 | 90313 | | PDD | 拼多多 | 17.00% | 5.49 | 4635519 | 无变化 | | NTES | 网易 | 11.40% | 3.68 | 3575098 | - ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential relative price increase of over 15% [20]. Core Views - The company is expected to achieve revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 6.746 billion, 940 million, and 879 million yuan in 2024, representing year-on-year growth of 13.24%, 2.86%, and 0.40% respectively [1][3]. - In Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring gains and losses of 1.666 billion, 257 million, and 236 million yuan, with year-on-year growth of 1.41%, 10.94%, and 6.64% respectively [1][3]. - The company is advancing its globalization strategy and is firmly positioned in the "new energy vehicles + intelligent driving" product segment, aiming to deepen partnerships with leading overseas auto parts suppliers while expanding its market share in traditional small parts [1][12]. - The company is also focusing on optimizing its product structure and expanding its business from small to medium and large components, benefiting from the global trend of automotive lightweight upgrades [1][12]. Financial Performance Summary - In 2024, the company achieved total revenue of 6.746 billion yuan, a year-on-year increase of 13.24%, and a total profit of 1.091 billion yuan, up 2.5% year-on-year [2]. - The automotive segment generated revenue of 6.508 billion yuan in 2024, reflecting a growth of 14.75%, while the industrial segment saw a decline in revenue to 171 million yuan, down 27.72% [3][10]. - The company's gross margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, primarily due to rising raw material costs [10][11]. Production and Capacity Expansion - The company is steadily constructing production facilities both domestically and internationally, with factories in Henshan, Ma'anshan, and Malaysia on schedule, and the first phase of the Mexico factory turning profitable [11]. - The company is also expanding its product categories to align with trends in the automotive and humanoid robot industries, maintaining a high equipment utilization rate of over 90% [11].

Group 1: Robotics and Automation - Several companies in the robotics sector have seen significant stock price increases, with notable gains including 10.03% for Zhongchao Holdings and 20.02% for Grebo [2][3] - The rise in stock prices is attributed to advancements in robotics technology and applications in various industries, including military and automotive [2][3][7] Group 2: Chemical Industry - The chemical sector is experiencing price increases for products like diisobutylene and hydroxyl esters, drawing market attention [4] - Companies such as Hongqiang Co. and Jitai Co. have reported stock price increases due to rising prices of chemical products [5] Group 3: Nuclear Power - Companies involved in nuclear power, such as Wangzi New Materials, are gaining attention due to their involvement in projects like controllable nuclear fusion [6][7] - The stock prices of firms like Baoli Electric and Zhongzhou Special Materials have increased significantly, driven by nuclear power and military applications [7] Group 4: Intelligent Driving - The introduction of national standards for automatic emergency braking systems (AEBS) has led to increased interest in companies involved in intelligent driving technologies [8][9] - Stocks like Wan'an Technology and Haoen Automotive have seen price increases linked to developments in AEBS technology [9][10] Group 5: Pet Economy - The pet economy in China is growing, with the market size surpassing 300 billion, leading to increased stock prices for companies in the sector [22][23] - Companies like Baihe Co. and Tianyuan Pet have reported stock price increases due to the rising demand in the pet care market [23] Group 6: Rare Earth and New Materials - The rare earth sector is benefiting from rising prices of tungsten concentrate, positively impacting companies like Zhangyuan Tungsten [24][26] - Stocks in the new materials sector, particularly those related to PEEK materials, are also seeing gains as demand increases [19][21]

此次泰国经销协议签订是继成功进入新加坡市场后，DeepWay深向在东南亚布局的进一步拓 展，充分彰显了DeepWay深向在全球商用车市场的竞争力与品牌影响力。未来，DeepWay深 向将持续深化海外战略布局，为全球客户提供更加高效、环保、智能的运输解决方案，助力构 建低碳高效的国际物流新生态。 近日，DeepWay深向与泰国重要合作伙伴成功签署经销协议，并正式达成首批泰国市场订 单，标志着DeepWay深向新能源重卡在东南亚市场取得了又一重大突破。 在签约当天，DeepWay深向国际公司总经理林发财亲自陪同泰国合作伙伴试乘DeepWay深向 重卡，特别是深入体验了公司的右舵电动重卡和动力挂产品。林总详细介绍了车辆在核心三电 系统、智能驾驶技术以及右舵车型本地化适配等方面的领先优势。 泰国合作伙伴对DeepWay深向重卡的卓越性能、智能化水平以及完善的服务体系给予了高度 评价，并表达了对未来深入合作的坚定信心。双方在随后的深入洽谈中达成共识，并顺利完成 签约。 ● 潍柴超27万台 玉柴/全柴稳居三甲 前4月多缸柴油机销量来了 | 头条 ● 前4月销量翻倍！三环在专用车市场取得哪些瞩目成绩？ ● 首批300辆微卡 ...

Group 1 - The intelligent driving industry is undergoing a dual reassessment of technology and capital due to stricter regulations and industry norms, with a focus on "explainability," "high availability," and "scalable mass production capabilities" [2] - Yuanrong Qixing, established in 2019, is attempting to build recognition through its VLA model (Vision-Language-Action) that evolves from an end-to-end architecture [2][5] - The VLA model incorporates natural language understanding and generation capabilities, allowing the system to provide behavior explanations in complex scenarios, such as recognizing and adapting to variable traffic rules [5][6] Group 2 - In 2023, Yuanrong Qixing partnered with Great Wall Motors, launching the Weipai Lanshan model, which sold over 30,000 units in four months, capturing approximately 15% of the urban NOA market by Q4 2024 [6][7] - The company has raised a total of $300 million from investors including Alibaba, with an additional $100 million investment from Great Wall Motors, aimed at technology R&D, advancing the VLA model, and expanding overseas [6][7] - Yuanrong Qixing's Mapfree solution reduces reliance on high-precision maps, achieving point-to-point driving assistance at one-third the cost of traditional mapping solutions, reflecting a trend towards reducing dependency on external resources [6][7] Group 3 - By early 2025, Yuanrong Qixing plans to have 10 models in mass production, with over five models featuring the VLA model, amidst a projected increase in domestic L2 and above driving assistance penetration to 65% by 2025 [7] - The industry is shifting from "function addition" to "system capability competition," with automakers increasingly considering system stability, product explainability, and scenario coverage in their procurement logic [7] - The current phase represents a critical window for Yuanrong Qixing to validate its VLA model's engineering capabilities and establish a broader network of partnerships with OEMs [7]

Core Viewpoint - The company aims to significantly reduce losses in 2025, with a focus on improving performance across various business segments, particularly in data compliance and intelligent driving solutions. Group 1: Financial Performance and Projections - The company reported a loss of over 1 billion in 2024, primarily influenced by its subsidiary, Siwei Zhihui, and aims to achieve a substantial turnaround in 2025 [2][11]. - The company’s data compliance business has seen rapid growth, becoming a core pillar of the Zhiyun segment, with a revenue increase of 28.96% in 2024 [20][21]. - The company expects to achieve significant revenue growth in 2025, driven by new orders in intelligent driving products, with 300,000 basic driving products and 60,000 parking products already secured [36][67]. Group 2: Business Strategy and Market Position - The company is focusing on a comprehensive solution that integrates intelligent driving, intelligent cockpit, and chip development, aiming to enhance its competitive edge in the market [25][51]. - The company is actively pursuing partnerships and collaborations, including with Huawei for the development of high-precision maps and data compliance solutions [4][96]. - The company acknowledges the challenges posed by intense competition in the automotive industry and is adjusting its strategies to focus on core competencies and cost control [19][51]. Group 3: Operational Developments - The company has established a complete low-altitude economic solution through its subsidiary, Liufen Technology, and is actively pursuing project implementations in multiple cities [3]. - The company has received new orders from various clients, including Xiaopeng and Wuling, indicating a positive trend in its order book [4][6]. - The company is committed to enhancing its operational efficiency through cost control measures and optimizing its organizational structure [19][73]. Group 4: Market Challenges and Responses - The company faces significant challenges due to the competitive landscape and has experienced a decline in revenue in its intelligent driving segment, which decreased by 28.08% in 2024 [6][28]. - The company is implementing strategies to improve its market recognition and brand awareness, particularly in the context of its intelligent driving and high-precision mapping solutions [74][96]. - The company is aware of shareholder concerns regarding stock performance and is taking steps to improve communication and transparency regarding its business developments [45][71].

Investment Rating - The report assigns a "Buy" rating for Horizon Robotics (9660.HK) [3] Core Insights - Horizon Robotics is positioned as a leader in the new generation of automotive intelligent chips and a world-class AI algorithm company, focusing on software-defined principles and exploring new boundaries in intelligent driving [5][14] - The intelligent driving market is expected to grow significantly, with the AD market projected to take over from ADAS as the main growth driver, achieving a market size of 407 billion yuan by 2030 [12][37] - The company has a leading market share in the intelligent driving computing solutions market, with a 28.65% share in the first half of 2024, and is expected to further increase its share in the OEM ADAS and AD markets [11][57] Summary by Sections Company Overview - Horizon Robotics focuses on intelligent driving chip platforms, full-scene intelligent driving solutions, and supporting toolchains, establishing itself as a comprehensive supplier in the industry [5][14] - The company has launched several intelligent driving chips, including J2, J3, J5, and J6, and has developed a self-adaptive BPU computing unit that maximizes computational efficiency [14] Market Growth - The AD+ADAS market in China has seen a compound annual growth rate (CAGR) of 57.8% from 2019 to 2023, with the AD market growing at a CAGR of 144.2% [12][37] - By 2030, the AD market is expected to reach a size of 407 billion yuan, with a CAGR of 48.8% from 2025 to 2030 [12][37] Competitive Position - Horizon Robotics has a steadily increasing market share, with 41% in the ADAS market and over 30% in the AD market among Chinese OEMs by the end of 2024 [12][57] - The company has established partnerships with major OEMs, including BYD, Geely, and Chery, to support their intelligent driving strategies [61][69] Financial Projections - Revenue projections for Horizon Robotics are expected to reach 36.10 billion yuan in 2025, 56.97 billion yuan in 2026, and 80.53 billion yuan in 2027, with corresponding growth rates of 51%, 58%, and 41% respectively [6] - The company anticipates a return to profitability by 2027, with a projected net profit of 668 million yuan [6] Customer Base and Partnerships - Horizon Robotics has a broad customer base, covering major domestic automakers and new energy vehicle manufacturers, which positions it well for future growth as the demand for intelligent driving solutions increases [69]

Core Viewpoint - Infrared thermal imaging technology is transitioning from a luxury feature in high-end vehicles to a core standard in smart cars, driven by technological advancements, market demand, and industry collaboration [3][20]. Group 1: Technological Breakthroughs and Industry Upgrades - Infrared thermal imaging captures infrared radiation to create temperature distribution images, functioning effectively in extreme conditions unlike traditional cameras [7]. - The development of non-cooled detectors has significantly reduced costs from 600,000 yuan to a few hundred yuan, enabling mass production and improved stability [7][11]. - Companies like Gaode Infrared and Ruichuang Micro-Nano have achieved significant technological advancements, including the production of high-resolution infrared chips and automated production lines [11][12]. Group 2: Application Scenarios and Safety Enhancements - Infrared thermal imaging technology enhances safety in various driving conditions, such as night driving and adverse weather, by detecting living beings and obstacles [13][14]. - The technology is crucial for intelligent driving, providing redundancy in sensor systems and monitoring vehicle health by detecting temperature anomalies in critical components [15][12]. - Smart cabin applications utilize infrared technology to monitor driver behavior and adjust environmental controls for enhanced comfort and safety [15][16]. Group 3: Market Dynamics and Competitive Landscape - The infrared thermal imaging market is shifting from being dominated by international giants like FLIR and Bosch to rapid advancements by Chinese companies [20][22]. - Cost reductions due to technological advancements have increased the penetration of infrared systems in mid-range vehicles, with market share expected to grow significantly [22][23]. - The North American market leads in production and consumption of infrared detectors, while the Chinese market is rapidly expanding [23]. Group 4: Challenges and Future Trends - The technology faces challenges such as performance optimization in extreme weather and the need for standardized testing methods [25][26]. - Future developments will focus on technology integration, cost reduction, and enhanced environmental perception capabilities through multi-spectral sensing [26][27]. - The trend indicates that infrared thermal imaging will become a standard feature in vehicles, redefining automotive safety and functionality [27].

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Group 1 - The core point of the news is that Lei Jun announced the upcoming release of Xiaomi's self-developed SoC chip named "Xuanjie O1" in late May [1] - Lei Jun expressed that the past month has been one of the most challenging times since founding Xiaomi, leading to a temporary pause in social media interactions and some meetings [3] - The recent focus on Xiaomi's SU7 car fire incident and issues with its intelligent driving system has prompted investigations by local authorities [5] Group 2 - Xiaomi has updated the SU7 vehicle's details on its official website, changing the term "Intelligent Driving" to "Assisted Driving" to clarify the functionality [5] - The company has issued a statement addressing concerns regarding the SU7 Ultra's horsepower limitations, indicating that the maximum power of 1548 horsepower is locked and can only be unlocked by achieving specific track performance [6] - Following user feedback, Xiaomi has paused the recent software update that restricted the vehicle's power output and is working on a new version to resolve the issues, expected to take 4 to 8 weeks for development and testing [6]