香港贸易发展局代表张曼莉强调，香港将发挥"超级联系人"和"超级增值人"作用，借助科研、人才与金 融优势，助力中国科技高质量出海。 新京报讯（记者陈琳）11月12日，第二十八届京港洽谈会科技专题活动暨第八届"京港青创杯"创业大赛 总决赛在香港会议展览中心举办。本次活动以"京港合作，共享出海新机遇"为主题，现场完成多项合作 协议签署，8个优秀创业项目在总决赛中获奖。 在签约环节，北京市科委、中关村管委会与香港贸易发展局续签《深化京港科技协同创新合作备忘 录》，为京港科技企业搭建更加畅通的出海通道。香港工业总会与中关村京港澳青年创新创业中心签署 战略合作协议，进一步夯实两地协同创新基础。 北京市科委、中关村管委会主任张继红表示，北京已设立"中关村人工智能企业出海服务站"，积极支持 优秀科技企业拓展海外市场。这一举措将为企业提供更加精准的出海服务。 据了解，为更好支持内地企业"出海"，香港特区政府整合香港的外地办事处，包括投资推广署、香港贸 易发展局及香港驻内地的办事处，组成"内地企业出海专班"，主动招揽有意拓展海外业务的企业，通过 香港"走出去"，把优质的国际资本"引进来"。 香港投资推广署现场介绍了"内地企业出海 ...

Core Viewpoint - The dialogue with Ye Guofu emphasizes the importance of product quality over the online-offline retail debate, highlighting that good products will sell well regardless of the sales channel [2][4]. Group 1: Ye Guofu's Views on Retail - Ye Guofu believes that the concept of online versus offline retail should be abandoned, advocating for a focus on product quality [4]. - He cites that Miniso's in-store conversion rate is 30%, significantly higher than typical e-commerce rates, demonstrating the effectiveness of physical retail [5]. - Ye Guofu expresses a strong preference for offline retail, stating that 90% of Miniso's sales come from physical stores, with only 10% from online [3]. Group 2: Miniso's Business Model and Growth - Miniso achieved a revenue milestone of 10 billion in just five years, faster than Alibaba's growth to the same figure [5]. - The company opened over 1,000 stores in peak years, showcasing rapid expansion [5]. - Ye Guofu emphasizes that successful franchises do not require advertising, as the stores themselves serve as effective marketing tools [6]. Group 3: Collaboration and Industry Insights - Ye Guofu discusses the collaboration with Yu Donglai, highlighting that it is a selfless effort to help Yonghui Supermarket improve without any financial gain [9]. - He notes that the transformation of Yonghui's stores, referred to as "Fat Transformation Stores," is a trend among various supermarket brands aiming for quality retail [10]. - Ye Guofu admires Yu Donglai for his altruistic approach and considers him a unique figure in the business world [11]. Group 4: Future Directions and Cultural Aspirations - Miniso is transitioning from a retail company to a cultural and creative enterprise, aiming to meet the growing spiritual needs of consumers as material needs become saturated [7]. - Ye Guofu plans to help 100 Chinese IPs go global in the next decade, indicating a strategic shift towards cultural exports [7]. - He believes that the future of China's economy relies on both technological and cultural advancements, moving beyond traditional retail models [7].

Group 1 - The 137th Canton Fair showcased the resilience and potential of Hangzhou's foreign trade, achieving an intended export transaction amount of 934 million USD, reflecting a nearly 5% year-on-year growth [1] - The Hangzhou delegation won the "Best Organization Award," and Zhejiang Qiangnao Technology Co., Ltd. received the "Supreme Gold Award" for design innovation, highlighting the recognition of "Made in Hangzhou" by overseas buyers [1] - For the 138th Canton Fair, 1,065 enterprises from Hangzhou participated, presenting superior product matrices and competitive advantages to demonstrate the excellence of "Hangzhou manufacturing" [1] Group 2 - Hangzhou's foreign trade enterprises are focusing on "technology content + green attributes" to break out of traditional market competition and create visible growth opportunities [2] - Zhejiang Tianjie Industrial Co., Ltd. emphasizes high quality and green production, using eco-friendly materials and solar energy systems to reduce carbon emissions [2] - Changming Battery Co., Ltd. has invested over 20 million CNY annually in R&D, representing about 3% of its revenue, leading to innovative products like a high-performance gas stove battery [3] Group 3 - The transformation of Hangzhou's foreign trade enterprises involves moving from a broad approach to a more precise and in-depth strategy, as exemplified by Zhongce Rubber Group's tailored tire products for different markets [4] - Zhongce Rubber has developed two intelligent tire research systems to enhance production efficiency and product performance through digital technology [4] - Hangzhou Sansu Lighting Co., Ltd. introduced a solar wall lamp with a compact design, aimed at reducing storage and transportation costs while adapting to local market needs [5] Group 4 - Hangzhou has established a "1+2+N" foreign trade service chain to support enterprises in stabilizing orders, expanding markets, and mitigating risks, covering various key areas such as law, finance, and logistics [6] - The "Overseas Hangzhou" initiative has organized exhibitions in countries like Japan and Indonesia, resulting in 10.8 billion USD in intended orders for over 550 foreign trade enterprises [6] - The city aims to maintain its position as a leader in exhibition scale and enterprise participation by 2025, enhancing brand image and AI applications [6] Group 5 - Hangzhou is building a comprehensive foreign trade service ecosystem to address uncertainties in the external environment, facilitating efficient supply-demand matching [7] - The city encourages service institutions to establish branches in overseas parks and target markets, enhancing support for participating enterprises [7] - By integrating resources and improving service efficiency, Hangzhou achieved an export value of 408.05 billion CNY from January to August, a year-on-year increase of 10.9%, contributing significantly to the national export total [7]

Group 1 - The report highlights that the Federal Reserve's resumption of the interest rate cut cycle may stimulate a recovery in U.S. demand, which could lead to increased exports from China, particularly in the manufacturing and consumer sectors [2][6][18] - As of June 2025, U.S. nominal and real inventory growth rates have shown a downward trend, indicating a tightening inventory level relative to sales, suggesting potential replenishment demand in the future [2][7][33] - The report identifies that certain sectors, such as home appliances, machinery, automotive, and light industry, are experiencing significant inventory reduction, making them key areas for market focus [2][8][51] Group 2 - The technology export index has reached a new high, driven by strong capital expenditure growth in U.S. tech stocks related to AI, while the manufacturing and consumer export indices have lagged due to weak demand in traditional economic sectors [5][15] - The report notes that the U.S. manufacturing PMI's recovery is typically a leading indicator for China's intermediate and capital goods exports, suggesting that a rebound in U.S. manufacturing could positively impact Chinese exports [6][18][29] - The report emphasizes that sectors with historically low inventory levels, such as home appliances, machinery, automotive, and light industry, are expected to see greater demand as they enter a replenishment phase [8][47][51]

Group 1 - The report highlights that Jinbo Biological's private placement has been accepted, aiming to raise 2 billion for the development of a humanized collagen FAST database and product development platform, which is expected to significantly enhance the company's R&D efficiency and lay a solid foundation for long-term growth [11][12] - Wantong Hydraulic's convertible bonds have been successfully registered, with plans to raise 150 million, where Pangu Intelligent, a listed company, will subscribe for no less than 120 million [12][13] - The report emphasizes a structural market outlook for Q4, suggesting that investors should focus on core assets related to the North Exchange and manage trading rhythms effectively [12][13] Group 2 - The North Exchange 50 index fell by 1.43%, with a trading volume of 57.34 billion shares, a decrease of 13.21% week-on-week, and a trading value of 1361.69 billion yuan, down 14.73% [18][24] - The report notes that 66 stocks rose while 207 fell, resulting in a rise-fall ratio of 0.32, with notable gainers including Kaiter Co. (+33.76%) and Sanwei Equipment (+22.53%) [38][39] - The average PE (TTM) for the North Exchange is 87.36 times, with a median of 49.68 times, indicating a decrease in valuation metrics [24][25] Group 3 - The report mentions that 10 new companies were listed on the New Third Board, while 5 were delisted, with a total planned financing of 362 million yuan and completed financing of 133 million yuan [47][48] - The newly listed company, Shichang Co., had a first-day increase of 271.56%, with a trading volume of 6.41 billion yuan [26][30] - The report indicates that the New Third Board currently has 6021 listed companies, with 2319 in the innovation layer and 3702 in the basic layer [47]

Core Viewpoint - The forum focused on "Investment Logic and Value Creation Driven by New Quality Productivity," emphasizing opportunities in hard technology sectors, technological innovation, and the integration of capital and industry [1]. Group 1: Key Themes and Discussions - The "New Quality Productivity Investment Forum" was successfully held, providing a professional platform for deep communication and collaboration in the industry [1]. - Liu Haofei, the founding partner of Shengjing Jiacheng, highlighted that sectors such as AI, embodied intelligence, low-altitude economy, and technology going abroad could create opportunities worth trillions [5]. - The investment strategy proposed by Liu involves a "three horizontal and multiple vertical" approach, focusing on large enterprise incubation, AI result-oriented RaaS models, and supporting entrepreneurs in going abroad [5]. Group 2: Roundtable Discussions - A roundtable on "Value Creation in the New Quality Productivity Era" featured discussions on industry innovation and how startups can cope with internal competition, led by Wang Meng from Junshan Mother Fund [8]. - Another discussion on "New Opportunities in Technology-Driven Consumption" explored how to seize historical opportunities in technology-driven consumption and the relationship between future and traditional industries, moderated by Yao Fengjiao from Bailian Zhigao Capital [10]. - The session on "Healthcare and Wellness Across Cycles" addressed strategies for capitalizing on the recovery in the healthcare sector and opportunities in AI healthcare, moderated by Yi Lin from Defu Capital [14]. Group 3: Industry Trends - Si Tingyou, president of BC Asset Management, discussed trends in China's innovative pharmaceuticals, noting that recent collaborations between Chinese innovative drug companies and international pharmaceutical giants indicate recognition of China's R&D capabilities [12]. - The future focus for Chinese innovative drugs should be on global innovation, with the Hong Kong market expected to see long-term foreign capital inflows [12].

Core Insights - The article discusses the strategic positioning of Horizon Robotics in the global smart driving industry, emphasizing its role as a "non-car manufacturer Tesla" that focuses on providing comprehensive solutions in the smart driving ecosystem [3][4] - Horizon's approach is characterized by a collaborative philosophy, aiming to empower automotive manufacturers by filling the gaps in the smart driving value chain, thus achieving a significant market share in China [4][5] - The company is poised for a technological leap, likening the current moment in smart driving to the "4G moment" in mobile communications, with its HSD system set to revolutionize the market by making advanced driving assistance accessible to mainstream vehicles [5][6][8] Company Strategy - Horizon Robotics is recognized for its "four quadrants" strategy, encompassing chips, software, cockpit, and intelligent driving, positioning itself as a comprehensive enabler for automotive companies [3][4] - The company has achieved a 45.8% market share in China's ADAS front-view integrated machine market in the first half of 2025, collaborating with over 40 manufacturers and enabling more than 400 models [4][5] - Horizon aims to transition from "millions of chips" to "millions of HSD systems," focusing on delivering a fully integrated autonomous driving solution that combines perception, decision-making, and execution [11][12] Technological Advancements - The HSD system, which debuted at the Munich Auto Show, integrates advanced algorithms and low-latency processing, marking a significant step in the evolution of smart driving technology [5][6][7] - Horizon's chips, such as the Journey 6P, boast a processing power of 560 TOPS, placing them in the same league as competitors like Mobileye and NVIDIA [7] - The company emphasizes making high-level driving assistance a standard feature in affordable vehicles, aiming to democratize access to advanced driving technologies [6][8] Global Expansion - Horizon has established a European headquarters in Munich and formed deep partnerships with major Tier-1 suppliers, completing extensive overseas testing [15][16] - The company has secured collaborations with nine joint venture automakers for 30 models, projecting over 7.5 million overseas orders in the future [15][16] - Horizon's strategy for international expansion focuses on building trust and ecological partnerships rather than merely increasing shipment volumes, reflecting a long-term vision for global market integration [15][16]

Group 1: Core Insights - The main investment theme for the year is innovative drugs, while AI healthcare represents a trading opportunity [1] - In Q3 and Q4, sectors like CXO and medical devices are expected to show better structural alpha, potentially becoming significant investment directions next year [1][2] - The Hong Kong stock market has around 20% upside potential for quality innovative drug leaders, while A-shares have scarce expected difference targets [1] Group 2: Sector Analysis - The CXO and medical device sectors have shown a clear improvement since the end of last year, with future performance dependent on domestic demand and bidding conditions [2] - The investment rhythm includes three phases: data phase (March to June), business development phase (June to October), and post-IPO profit improvement phase [2] - AI healthcare is viewed as a trading theme, with CXO and medical devices expected to provide good structural alpha in the latter half of the year [2] Group 3: Technology and Robotics - The AI industry chain is currently in a phase of continuous fundamental growth, with hardware investments favored over software [3] - The robotics sector is highlighted as a key area of inflation within the AI industry, with strong demand anticipated for high-quality products [3] - Upcoming events, such as Tesla's shareholder meeting and new product launches from domestic brands, may create new investment opportunities in the robotics sector [3]

Core Viewpoint - The overall A-share market is expected to remain in a bottoming phase in 2025, with non-financial sectors stabilizing in revenue growth and return on equity (ROE) [1] Group 1: Financial Performance - The industrial sector's profitability is primarily affected by commodity prices, with upstream resource and basic commodity profits declining by 2.1% and 18.7% year-on-year in Q2, respectively [1] - Consumer sector profits fell from a 4.9% increase in Q1 to a -6.5% decrease in Q2 [1] - The technology sector saw a significant profit increase of 19% year-on-year in the first half, aligning with market trends [1] - Financial sector profit growth mainly came from brokerage firms, while large-cap companies demonstrated strong profit resilience, with the overall profit growth of CSI 1000/CSI 2000 constituents declining to around -9% year-on-year in Q2 [1] Group 2: Sector Analysis - High-performing sectors in the first half of the year were concentrated in technology, including telecommunications, artificial intelligence, cloud computing, semiconductors, gaming, and innovative pharmaceuticals [2] - Within the technology sector, companies focused on domestic demand performed well, particularly in electronics, supported by a low base and semiconductor backing, while other sectors like telecommunications and media showed better performance in external demand [2] - The forecast for net profit adjustments for 2025 indicates a notable increase for two categories: a rebound in certain domestic demand products (e.g., building materials, steel) and strong performers in overseas markets, particularly in technology exports [2] Group 3: International Expansion - The analysis highlights that international expansion is a key factor for exceeding mid-year expectations, despite challenges such as tariffs, exchange rate losses, and cash flow pressures [2] - Representative companies with accelerated overseas operations have seen improvements in ROE and profit margins, indicating that international expansion has become a core pillar of financial growth for some firms [2]

Group 1: Autonomous Driving Initiatives - Baidu is launching its autonomous driving business in Europe, starting with an office in Zurich and plans to operate in Switzerland and Europe by next year, initially with safety drivers in vehicles [1] - Pony.ai is planning to deploy a fleet of autonomous taxis in Hong Kong after overcoming regulatory hurdles, while downplaying competition from Tesla [2] Group 2: Automotive Industry Developments - ZhiMi Technology has officially announced its entry into the automotive sector, aiming to produce a luxury electric vehicle comparable to Bugatti, with a team of nearly 1,000 people and a patent portfolio of 6,379 applications [4] - BYD's vehicle registrations in the EU doubled in July, surpassing Tesla's registrations, with 13,503 units sold across the EU and additional countries [9] - BYD has launched the Atto 1 in Indonesia, with two models priced at 2.09 billion and 2.49 billion Indonesian Rupiah [10] - BYD announced plans to build an assembly plant in Malaysia, expected to start production in 2026 [12] - BYD's Thailand factory has produced and exported over 900 Dolphin electric vehicles to Europe, marking a significant milestone for the company [14] Group 3: Consumer Brands Expansion - Mixue Group reported a revenue of 14.87 billion yuan in the first half of 2025, with a net profit of 2.72 billion yuan and a global store count of 53,014 [5] - Lucky Coffee has opened its first overseas store in Malaysia, offering a localized menu alongside classic products [7] - Xiaomi has established around 200 stores overseas, with a target of over 100 stores in Southeast Asia by 2025 [8] Group 4: Investment and Financing Activities - JD.com is planning to establish a real estate investment trust (REIT) in Singapore, with assets potentially exceeding $1 billion [18] - Chery Automobile has made significant progress towards its IPO in Hong Kong, with plans to issue up to 699 million shares [19]