炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：@证券市场周刊微博 近几年，以智能交易工具为代表的智能化投资已成为券商财富管理业务破局的关键词之一，如何利用数 智化手段解决投资者的痛点，提升投资效率，成为券商服务客户的重要发力点。 以银河证券为例，投资者只要打开银河证券APP，立即弹出"1024智能交易日"的活动页面。据了 解，"银河1024智能交易日"活动自2020年至今已举办五届，累计吸引超百万人次参与，在投资者群体以 及券商行业内，带起一股"智能化交易"热潮。 满足投资者需求，数智化手段助推财富管理转型破局 作为金融行业"国家队"，银河证券一直践行普惠金融，致力于做老百姓身边的理财顾问。银河证券倾力 打造拥有行业领先水平的智能交易工具，就是将主要由机构投资者使用的量化交易平台下沉赋能中小投 资者，帮助投资者解决没有时间盯盘、由于操作效率低而错失交易机会等痛点，从而提升投资效率。 "一方面，我们触发的效率目前可以达到微秒级，并具备分笔行情处理能力；另一方面，支撑工具使用 的底层交易系统正是专业机构日常在使用的量化交易平台，它能够同时处理100万笔订单，甚至还能根 据客户使用 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **smart vehicle industry**, which is seen as a revolutionary terminal in the physical world, similar to how PCs and mobile devices transformed the digital landscape [2][35]. Core Insights and Arguments - **Investment Strategy**: Investment should encompass the entire smart vehicle industry chain, including upstream technology suppliers, midstream supply chains, and downstream brand merchants. This approach is expected to yield investment opportunities that surpass those seen in the PC and mobile internet eras [1][6]. - **Revenue Generation**: The revenue potential of smart vehicles is tied to their ability to replace human tasks, particularly in applications like Robot Taxi, which has a higher revenue ceiling compared to traditional models [5][8]. - **Valuation Methodology**: Traditional valuation methods based on hardware penetration rates or internet traffic do not apply to smart vehicles. Instead, a focus on software revenue models and the complexity of tasks completed by smart agents is necessary [3][4][24]. - **Profit Distribution**: The smart vehicle industry follows a "smile curve" in profit distribution, where core technology hardware and software platforms yield higher profit margins (15%-30%), while midstream manufacturing and downstream distribution have lower margins (around 5%) [3][24]. Key Companies and Investment Opportunities - **Software Companies**: Notable software companies include: - Vertical integration models like Tesla and Xpeng Motors - Core algorithm providers such as Horizon Robotics and Baidu - Traditional taxi and ride-hailing companies like Didi, which are transitioning to smart vehicle models [9][10]. - **Hardware Companies**: Investment should focus on: - Vehicle manufacturing (e.g., BAIC, GAC, SAIC) - Upstream components like chips, domain controllers, sensors, and control chassis [10][11]. Market Dynamics and Future Trends - **Consumer Adoption**: The C-end market for smart vehicles is expected to see explosive growth around 2027, driven by consumer education through B-end experiences [13][41]. - **Robot Taxi as a Key Application**: Robot Taxi is highlighted as the most significant application scenario due to its high revenue potential. Investment should prioritize software companies over hardware companies [8][37]. - **Impact on Traditional Markets**: Smart vehicles may replace a portion of private cars, expanding the market space for smart vehicles. The focus should shift from traditional user metrics to unit revenue capabilities and software development opportunities [42][43]. Additional Considerations - **Historical Context**: The lessons from the PC era's internet bubble highlight the importance of understanding user metrics and revenue models in evaluating smart vehicle companies [25][38]. - **Technological Evolution**: The transition from electric vehicles to smart vehicles requires a shift in investment focus, emphasizing the need for companies to adapt quickly to the evolving landscape [7][29]. This summary encapsulates the critical insights and strategic directions discussed in the conference call regarding the smart vehicle industry and its investment landscape.

Group 1 - The core viewpoint of "Haineng Investment Advisory" is to create an intelligent investment value-added platform that meets the growing demand for efficient and smart investment tools in a competitive market [1][3] - "Haineng Investment Advisory" leverages advanced technologies such as big data, artificial intelligence, and machine learning to provide precise investment recommendations through deep market data analysis [3] - The platform features a professional team with extensive financial knowledge and market experience, offering customized one-on-one services tailored to investors' risk preferences and investment goals [3] Group 2 - Asset management services are a key feature of "Haineng Investment Advisory," utilizing intelligent systems for real-time monitoring and management of investors' assets to ensure effective asset allocation [3] - The intelligent asset management approach enhances transparency in asset operations and allows for timely identification and adjustment of potential risk points, safeguarding investors' assets [3]