9月23日，广汽丰田在长沙举办了2026款丰田全球车发布会，赛那、汉兰达、凯美瑞、锋兰达四款全球车集中焕新，这是广汽丰田在"聚变2030"战略 下，对"油电同强"理念的一次集中落地。 面对新能源市占率持续提升的市场环境，广汽丰田明确传递出一个信号：不仅有能力造好电车，更有意愿、有技术为仍占半壁江山的油车用户造一台更 好的车。这次产品升级体现了"入门价值大幅提升"，四款2026款全球车在智能化、高价值感等方面全面进阶，且多数升级均为"全系标配"。广汽丰田没有在 顶配车型上堆砌"炫技型配置"，而是选择把用户最常用、最有感知、最需要的功能下放至入门版，直接提升入门版的高价值。 2026款全球车全系芯片升级，高通8155芯片，算力直接提升4倍，汉兰达15.6英寸大屏和锋兰达12.9英寸大屏全系PAD化，让丰田全球车一步迈入"大屏 时代"。手车互联方面，4款车型均同时兼容Carlink、HiCar5.0、CarPlay。 其次是智能驾驶配置，从入门锋兰达到旗舰赛那，全级别配备丰田TSS智能驾驶辅助，覆盖高速、城区、泊车三大场景。基于全球1000亿公里智能驾驶 零事故大数据，匹配"安全第一"的开发策略，让安全智能驾驶无需 ...

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].

| 聯合股東的姓名或名 地址 | 股份數目 | | --- | --- | | 将 | | | 信託的名稱 | 神 | 與信託 股份數目 | | --- | --- | --- | | | | 有關的 身分代 號 | 本报讯 （记者袁传玺）8月18日，根据香港联交所披露的文件显示，巴美烈捷福（Baillie Gifford&Co）于8月14日以每股均价7.5603港元增持地 平线机器人-W2477.94万股H股股份，价值约1.87亿港元。增持后，巴美烈捷福最新持股数目为5.88亿股股份，持仓比例由4.79%升至5.00%。 业内人士表示，巴美烈捷福加仓，正是全球资本对地平线机器人-W智能驾驶行业地位的再度盖章。公司软硬一体全栈布局、客户覆盖比亚迪、 理想等头部车企，征程芯片累计出货已超500万片，Robotaxi与L2+市占率双第一。伴随城区NOA规模落地，高毛利软件授权收入占比快速提 升，盈利拐点清晰可见。中国智驾出海浪潮下，地平线机器人-W凭工程化与性价比优势，有望成为全球Tier1"新标配"。 有分析师表示，巴美烈捷福此次1.87亿港元增持地平线机器人-W，彰显国际资本对其技术实力与市场地位的高度认可。 ...

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].