Investment Rating - The industry investment rating is "Outperform the Market" [5] Core Insights - On December 3, 2025, Cao Cao Mobility announced its "Ten Years, One Hundred Cities, One Hundred Billion" strategic goal, aiming to establish five operational centers globally over the next decade, covering 100 cities and achieving a total transaction value (GTV) of 100 billion yuan [2] - The company has initiated a "three-step" strategy for its Robotaxi operations, which includes technology validation and small-scale testing, moving towards automation and large-scale deployment, and developing a third-generation vehicle for global market operations [2] - Cao Cao Mobility integrates its Robotaxi services within Geely's ecosystem, launching the first "Green Intelligent Passage Island" in Hangzhou, which features automatic battery swapping, vehicle cleaning, intelligent scheduling, and automatic settlement [2] - The company has established a comprehensive operational capability by combining smart customized vehicles, intelligent driving technology, and smart operation systems, significantly reducing operational costs and enhancing efficiency [2] Summary by Sections Industry Overview - The report highlights the differentiation in annual sales target completion among car manufacturers, with a focus on the performance of smart vehicles [1] Strategic Developments - Cao Cao Mobility's strategic plan includes a phased approach to Robotaxi deployment, with initial operations starting in Hangzhou and Suzhou in February 2025, transitioning from closed testing to real commercial environments [2] - The company plans to expand its operations to 10 core cities by 2027, targeting over 80% coverage of major urban roads [2] Technological Integration - The integration of Geely's satellite technology and the establishment of a battery swapping network are key components of Cao Cao Mobility's strategy to enhance communication and positioning capabilities in complex urban environments [2] - The company has developed a smart operation system that manages 37,000 self-operated vehicles across 163 cities, ensuring efficient order processing for future Robotaxi operations [2]

Core Insights - Shenzhou Car Rental and Volant have signed a strategic cooperation agreement, marking a significant step in the exploration of integrated ground and air travel services [1][2] - The partnership aims to provide users with efficient and diverse future travel solutions, leveraging Shenzhou's experience in smart travel technology [1][2] Group 1: Strategic Cooperation - The collaboration is based on a "professional division of labor and complementary advantages" in technological innovation [2] - Volant is a leading supplier in the eVTOL sector, having completed the first manned test flight of its VE25-100 aircraft in October 2025 [2] Group 2: Market Potential - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035, according to the Civil Aviation Administration of China [1] - eVTOL aircraft are central to the low-altitude economy, transitioning from concept to commercialization [1] Group 3: Operational Integration - Shenzhou Car Rental plans to develop integrated solutions for "ground rental + air commuting/sightseeing," gradually building an Urban Air Mobility (UAM) network [2] - The company will explore the procurement of eVTOL aircraft to establish a large-scale operational fleet, promoting air travel accessibility [2] Group 4: Infrastructure Development - Shenzhou will leverage its urban resource integration capabilities to establish low-altitude takeoff and landing platforms in key cities, setting industry standards for passenger services and air-ground transport integration [2] - The partnership will focus on co-developing technical standards, service norms, and safety management systems for the eVTOL travel sector, aiming to solidify a leading position in the integrated air-ground market [2]

Core Insights - Shenzhou Car Rental has signed a strategic cooperation agreement with Volant, a leader in the low-altitude travel sector, marking a significant step in building a technology-driven travel ecosystem [1][2] - The collaboration aims to integrate ground car rental services with aerial travel solutions, enhancing efficiency and diversity in future travel options [1][3] Company Developments - Shenzhou Car Rental has established a service network covering over 360 cities and has accumulated 180 million registered users, providing a strong foundation for the commercialization of low-altitude travel [2] - The company has launched several benchmark cases in smart travel, including the world's first public autonomous driving rental product in July 2025, utilizing L4 autonomous driving technology [1][2] Industry Trends - The low-altitude economy is recognized as a strategic emerging industry in China, with government reports highlighting its importance and potential for growth [2] - The market size for China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and exceed 3.5 trillion yuan by 2035, driven by the commercialization of electric vertical takeoff and landing aircraft (eVTOL) [2] Strategic Collaboration - The partnership with Volant is based on a logic of professional division and complementary advantages, with Volant being a leading supplier in the eVTOL field [2][3] - Shenzhou Car Rental plans to develop integrated solutions combining ground rental and aerial commuting/tourism, gradually building an urban air mobility (UAM) network [3] Infrastructure Development - Shenzhou Car Rental will leverage its urban resource integration capabilities to establish low-altitude takeoff and landing platforms in key cities, creating industry-standard service products [3] - The collaboration will also focus on co-developing technical standards, service norms, and safety management systems for the eVTOL travel sector, aiming to solidify a leading position in the integrated air-ground market [3]

Core Insights - The successful launch of the "Caocao Zhixinghao" satellite marks a significant step in integrating aerospace technology with the Robotaxi ecosystem of Caocao Mobility, advancing its "integrated space-ground" future mobility blueprint [1][6] Group 1: Company Developments - Caocao Mobility launched its autonomous driving platform, Caocao Zhixing, in February this year, initiating pilot operations in Suzhou and Hangzhou [3] - The company has begun deploying a new generation of Robotaxi since April, utilizing Geely's latest redundant architecture and integrating various capabilities such as automatic dispatching and remote safety assurance [3] - A strategic partnership was formed with Time Space Dao Yu to explore satellite communication and high-precision positioning technologies for managing the autonomous vehicle fleet [3] Group 2: Technological Advancements - The satellite communication capability integrated into vehicles ensures reliable connectivity with the control center, enhancing emergency response capabilities during extreme situations [3] - The positioning accuracy achieved through the integration of satellite signals and ground reference station data allows for minimal vehicle location error, maintaining stability even in severe weather conditions [3][4] Group 3: Future Outlook - The operational vehicles on the Caocao Zhixing platform will be equipped with satellite application products and services, addressing signal blind spots in remote areas and accelerating the commercialization of autonomous driving [6] - The successful satellite launch is a key milestone in building a comprehensive mobility service system that integrates ground vehicles, low-altitude aircraft, and low-orbit satellites [6] - Caocao Zhixing aims to become the world's first autonomous driving platform to fully integrate low-orbit satellite communication and high-precision positioning technology, setting a new benchmark for safety in future mobility [6]