12月21日，广汽丰田•2025广州马拉松赛鸣枪开跑，丰田鸿蒙座舱豪华旗舰D级纯电轿车铂智7为赛事领航。这是广马赛事历史上首款豪华纯 电领航车，也是铂智7的首次动态路跑展示。 20万元级豪华堆料王：百万配置下放，智能科技满配 铂智7深度融合HarmonySpace 5全新一代鸿蒙座舱，其卡片式桌面与零层级交互如智能手机般直观，MoLA 混合大模型+DeepSeek AI支持超150项语 音控制功能。智能驾驶层面，Momenta R6强化学习大模型赋能全场景智能驾驶辅助系统，配合27个高规格传感器与30亿公里实战数据，实现高速、城 区、泊车全场景覆盖，诠释"智能驾驶平权"。动力上搭载华为DriveONE电驱，毫秒级响应带来"无感刹车、无感加速"的平顺体验。 铂智7还罕见地将双腔空悬+ SDC减振器下放至20万级市场，配合摄像头"预瞄"路面功能，可实时无级调节阻尼，高效过滤路面颠簸；豪车同款前双 叉臂+后五连杆悬挂组合，搭配液压衬套，实现"轻载稳、满载不晃"的越级操控。 作为一款配置全面上探的20万级纯电家用轿车，铂智7同时在直接影响用户乘坐舒适性的座舱内，让每一处细节都体现越级豪华质感。新车配备70 万内唯一达 ...

Core Viewpoint - Deep Blue Automotive is initiating a new round of financing, aiming to position itself strategically in a rapidly changing market, seeking a path that diverges from traditional state-owned enterprises and the cash-burning model of new players [1][3] Financing Overview - The financing is not merely a capital injection but a strategic move to observe how "new central enterprises" leverage their unique identity and market capabilities to navigate competitive price wars [3] - The financing is designed to ensure governance transparency and operational flexibility, paving the way for future independent IPOs and international competition [8] Financial Performance - In September 2025, Deep Blue's sales reached 33,600 units, climbing to 36,800 units in October, maintaining a strong market presence [4] - The company's net loss significantly decreased from 3.196 billion in 2022 to 1.571 billion in 2024, with further reduction to 1.025 billion by October 2025, while revenue reached 39.797 billion [4] Strategic Positioning - Deep Blue's success is attributed to a long-term strategy, leveraging over a decade of experience in range-extended technology and smart driving systems [6] - The company operates under a hybrid model that combines state-owned enterprise advantages with market-driven operations, allowing for rapid response to market changes [6][14] Global Expansion Strategy - To achieve its ambitious sales target of 5 million units by 2030, Deep Blue must expand beyond the domestic market, entering nearly 100 countries with tailored strategies for each region [9][11] - The company is enhancing its production capacity by acquiring factories and establishing manufacturing clusters across key regions, aiming for 400,000 deliveries by 2025 and launching 30 new models by 2030 [11] Competitive Advantage - Deep Blue is transforming competitive pressures in the Chinese market into opportunities for global expansion, focusing on building a comprehensive service network and brand recognition in emerging markets [13] - The company's unique "new central enterprise" identity allows it to engage in global standard battles and operational capabilities, distinguishing itself from competitors still focused on price wars [14]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引致的任何 損失承擔任何責任。 魔視智能科技（上海）股份有限公司 MOTOVIS INTELLIGENT TECHNOLOGY (SHANGHAI) CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向魔視智能科技（上海）股份有限公司（「本公司」）、本公司的保薦人、 整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登 記前，不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請， 有意投資者務請僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該文 ...

Core Viewpoint - GAC Toyota's launch of the 2026 global vehicle lineup emphasizes its commitment to both electric and gasoline vehicles, showcasing a significant upgrade in technology and user experience while maintaining competitive pricing [1][3][8]. Product Upgrades - The 2026 global vehicle lineup includes the Sienna, Highlander, Camry, and Crown, all featuring enhanced smart technology and high-value attributes, with many upgrades available as standard across all models [1][3]. - All models are equipped with upgraded chips, specifically the Qualcomm 8155, which increases computing power by four times, and features large screens, marking the transition into the "big screen era" [3][6]. - The vehicles come with comprehensive smart driving configurations, including Toyota's TSS intelligent driving assistance, covering various driving scenarios [6][8]. Market Positioning - GAC Toyota aims to maximize entry-level value while keeping a competitive pricing structure, ensuring that high-end features are not exclusive to top-tier models [8][9]. - The company recognizes that nearly half of the market still prefers gasoline vehicles, with a reported 51% penetration rate for new energy vehicles, indicating strong ongoing demand for gasoline cars [8][9]. Customer Assurance - GAC Toyota introduces a "dual responsibility" policy for manufacturers, covering battery fire incidents and smart parking accidents, applicable to both new and existing customers without warranty period limitations [8][9]. - All gasoline vehicle users will benefit from a "lifetime warranty" on the powertrain for the 2026 global vehicle lineup [8][9]. Strategic Collaboration - The partnership with Huawei for car connectivity and smart features is highlighted, showcasing advancements in intelligent voice interaction and comprehensive vehicle-home connectivity [9][11]. - The upcoming launch of a new mid-size SUV with a next-generation intelligent cockpit and TSS 4.0 intelligent driving assistance signifies GAC Toyota's commitment to delivering the "smartest Toyota vehicles" in China [11].

Core Viewpoint - Nomura Securities indicates that BYD's performance may have bottomed out in Q2 2025, with short-term profitability under pressure due to intensified domestic competition, but ongoing investments in technology upgrades and rapid overseas expansion are expected to create momentum for a potential profit turnaround in 2026 [1][2]. Financial Performance - BYD's Q2 performance fell short of market expectations, with gross profit margin (GPM) dropping to 16.3%, the lowest since Q3 2022, and operating profit margin (OPM) declining to 1.4%, marking a five-year low [1][4]. - The company reported a net profit of 6.4 billion CNY in Q2, a year-on-year decrease of 30% and a quarter-on-quarter decrease of 31% [5]. Reasons for Performance Decline - The decline in performance is attributed to several factors: early incentives paid to dealers to cope with competition, a negative operating leverage effect due to capacity growth not keeping pace with business scale, and a significant increase in R&D expenses, which rose by 71% year-on-year and 8% quarter-on-quarter [5][6]. Market Strategy and Outlook - BYD's "Smart Driving Equality" initiative in 2025 did not meet expectations, as price remains a more decisive factor than smart driving features in the Chinese market, particularly in the sub-200,000 CNY segment [6]. - Nomura expects only gradual improvement in BYD's performance for the remainder of 2025, especially in the Chinese market, but believes that lessons learned will prepare the company for a strategic turnaround in 2026 [6]. Overseas Expansion - Despite challenges in the domestic market, BYD's overseas business is emerging as a new growth engine, with overseas sales in the first half of 2025 reaching 464,000 units, a year-on-year increase of 128% [7]. - The company’s new factory in Brazil began production in July 2025, and its fleet for exports has expanded to eight ships, further enhancing its overseas growth potential [7]. Profit Forecast and Rating - Nomura has revised down its profit forecasts for BYD for the fiscal years 2025 to 2027, with passenger vehicle sales estimates lowered by 10-11% and total revenue estimates down by 9% [8]. - Despite the downward revisions, Nomura maintains a "Buy" rating for BYD, projecting a compound annual growth rate (CAGR) of 15% for revenue and 18% for profit from 2024 to 2027 [8].

Core Viewpoint - Baillie Gifford & Co increased its stake in Horizon Robotics by acquiring 24.7794 million H-shares at an average price of HKD 7.5603 per share, totaling approximately HKD 187 million, raising its ownership from 4.79% to 5.00% [2][3]. Group 1: Investment Activity - The acquisition by Baillie Gifford reflects renewed confidence from global capital in Horizon Robotics' position within the intelligent driving industry [2]. - Following the increase, Baillie Gifford's total holdings in Horizon Robotics reached 588.235 million shares, confirming institutional confidence in the company's strategic advantages [2][3]. Group 2: Company Performance and Market Position - Horizon Robotics has established a comprehensive hardware and software stack, with significant client coverage including major automotive companies like BYD and Li Auto [2]. - The company has shipped over 5 million units of its Zhengcheng chip, leading in both Robotaxi and L2+ market share [2]. - With the rollout of urban NOA (Navigation on Autopilot), the proportion of high-margin software licensing revenue is rapidly increasing, indicating a clear path to profitability [2]. Group 3: Future Outlook - As the wave of Chinese intelligent driving technology expands globally, Horizon Robotics is positioned to become a new standard for Tier 1 suppliers due to its engineering capabilities and cost advantages [2]. - Analysts suggest that Baillie Gifford's investment underscores international recognition of Horizon Robotics' technological strength and market position, reinforcing its leadership in the intelligent driving sector [2].

Group 1 - The report highlights ten investment themes focusing on advanced manufacturing, emerging technologies, and structural improvements, indicating a favorable environment for thematic investments in the second half of 2025 [1][4][10] - The report emphasizes the shift in investor perception towards a "transformation bull market" in China's stock market, driven by declining discount rates and a reduction in opportunity costs for equity investments [10][11] - The low-altitude economy is entering a "manned era," with the first operational certificates for manned civil unmanned aerial vehicles issued, indicating significant growth potential in this sector [2][34] Group 2 - The low-altitude economy market is projected to exceed 1 trillion yuan by 2026, with a growth rate of 33.8% year-on-year in 2023, driven by the manufacturing of low-altitude aircraft and operational services [36][40] - The commercial aerospace sector is expected to see a significant increase in satellite launch demand, with multiple satellite constellations entering a dense networking phase, highlighting a substantial gap in launch capacity [41][49] - The deep-sea technology sector is being prioritized under the "Marine Power" strategy, with a focus on developing key technologies and equipment, aiming to enhance China's capabilities in deep-sea resource exploration and utilization [55][64] Group 3 - The semiconductor industry is identified as a critical battleground in the technology competition, with a focus on domestic advancements in lithography technology and the promotion of mergers and acquisitions to strengthen the supply chain [3][64] - The report recommends investing in leading semiconductor equipment and materials companies, as well as domestic computing power industry chains, to capitalize on the growing demand for advanced semiconductor technologies [3][64] - The intelligent driving sector is experiencing accelerated penetration, with the report suggesting investments in key components such as intelligent driving chips, cameras, and lidar systems, as well as smart transportation software and hardware companies [3][64]

Core Insights - The automotive industry is undergoing a transformation driven by advancements in intelligent driving technology, with a focus on enhancing consumer safety and convenience [1][3] - The demand for advanced driver assistance systems (ADAS) is increasing among consumers, particularly in higher-priced vehicle segments, reflecting a shift in consumer priorities towards safety features [1][3] - Current ADAS technologies have not yet fully instilled consumer confidence, but improvements are expected with the introduction of stricter standards and the transition from intelligent driving to intelligent assisted driving [1][2] Company Insights - Zhuoyutech's CEO, Shen Shaojie, emphasized the importance of using dual-camera technology capable of avoiding common obstacles, which aligns with new regulatory requirements [2] - The company aims to achieve true equality in ADAS by overcoming technical challenges, with expectations to effectively address complex scenarios within a year [2] - As a Tier 1 supplier, Zhuoyutech must possess comprehensive problem-solving capabilities across all aspects of intelligent assisted driving subsystems, necessitating strong technical and supply chain management skills [2][3] Industry Insights - The intelligent driving industry is in a rapid development phase, with continuous technological breakthroughs and growing market demand [3] - The path to equality in ADAS faces numerous technical challenges and requires industry collaboration, with different companies contributing from their unique perspectives [3] - Zhuoyutech is positioned to play a crucial role in advancing ADAS equality, leveraging its deep technical insights and ongoing innovation to enhance consumer driving experiences [3]

Core Viewpoint - Zhuoyu Technology, formerly known as DJI Automotive, is making significant progress in external financing, attracting investments from major players like BAIC Investment and GAC Capital, with total funding exceeding 2.5 billion yuan [2][3]. Financing and Investment - Zhuoyu has recently secured investments from BAIC Investment and GAC Capital, totaling several hundred million yuan, while continuing discussions with other potential investors [2]. - The company has cumulatively raised over 2.5 billion yuan from various investors, including BYD, SAIC Hengxu Capital, and others, since its split from DJI Innovation earlier this year [3]. Product and Technology Development - Zhuoyu specializes in low-computing power, dual-vision solutions, achieving advanced driving features with a 32 TOPS computing chip, which is currently the lowest computing power solution available for such functionalities [4]. - The company is also developing a mid-computing power (100 TOPS) solution based on the Qualcomm 8650 chip, aimed at providing urban NOA (Navigation on Autopilot) capabilities [4]. Competitive Landscape - The competitive environment for Zhuoyu is intensifying, with major automakers like BYD, Changan, and Geely introducing similar advanced driving features at lower price points, making high-level driving functions standard in vehicles priced around 100,000 yuan [4][5]. - Zhuoyu's 32 TOPS solution is increasingly being compared with higher computing power solutions, indicating a potential decline in its competitive edge, prompting the company to optimize its offerings [5]. Strategic Partnerships and Future Plans - Zhuoyu has announced partnerships with nine automakers, including Volkswagen, BYD, and FAW, and has already mass-produced over 20 vehicle models, with plans for more than 30 additional models to be launched [5].

Core Viewpoint - Geely has established a comprehensive strategy focusing on safety in the development of intelligent driving technologies, aiming to make advanced driving features accessible across various vehicle price segments while ensuring robust safety measures [3][4][8]. Group 1: Intelligent Driving Technology - Geely has launched the "Qianli Haohan" intelligent driving system, which includes five levels of driving solutions (H1, H3, H5, H7, H9) catering to different price ranges [4][5]. - The company emphasizes the importance of safety in its intelligent driving solutions, leveraging extensive driving data and advanced technologies to ensure a secure driving experience [5][6][12]. - Geely's intelligent driving technology is designed to be inclusive, with features like highway navigation and automatic parking being made available in vehicles priced around 100,000 yuan [2][5]. Group 2: Safety Measures - The foundation of Geely's safety strategy involves comprehensive risk scenario identification and targeted product design [10][11]. - Geely has implemented a 720° intelligent safety protection system, which includes advanced features like AEB (Automatic Emergency Braking) and AES (Active Emergency Steering) to enhance active safety [14][15]. - The company has also developed safety features for low-speed scenarios, such as door opening warnings and obstacle detection, to prevent accidents [16]. Group 3: Technological Infrastructure - Geely has formed the "Intelligent Automotive Computing Alliance," achieving a computing power of 23.5 EFLOPS, significantly surpassing competitors [28][29]. - The integration of AI technologies, such as the AI-Drive model and world model, allows Geely to generate complex driving scenarios for training, enhancing the efficiency of intelligent driving systems [32][33]. - Geely's focus on advanced algorithms, including the release of the Xingrui model and collaboration with AI firms, positions the company for future advancements in autonomous driving [35][36]. Group 4: Long-term Strategy - Geely's commitment to safety and technology is rooted in its acquisition of Volvo, which has instilled a safety-first culture within the company [48][49]. - The company has been proactive in participating in regulatory pilot programs for advanced driving features, ensuring the safety and reliability of its products [50][51]. - Geely's extensive data collection, with over 750,000 vehicles equipped with L2 driving capabilities and a cumulative driving distance of over 10 billion kilometers, supports its ongoing technological advancements [51].