Core Insights - The unmanned delivery industry is at a critical point for scaling commercialization, with technology, ecology, and policy entering a "deep water zone" [1][2] - By 2030, it is predicted that China will have a demand for one million unmanned delivery vehicles, creating approximately 5 million technical jobs and transitioning logistics from "manual delivery" to "intelligent operation" [1] Group 1: Industry Challenges - The unmanned delivery sector faces challenges such as fragmented road rights policies, unclear legal status of vehicles, lack of safety standards, and inconsistent operational regulations [2] - A proposed solution includes a "combination punch" of "legal positioning + local authorization + mandatory standards" to establish safety baselines while allowing for innovation [2] Group 2: Industry Development - There is a consensus that the unmanned delivery industry is at a key node for transformation and scaling commercialization, necessitating a deepened "government-industry-academia-research-application" collaborative mechanism [2] - The industry is transitioning from "single-point breakthroughs" to "ecological co-governance," with a trillion-level smart delivery market rapidly emerging [2] Group 3: Future Outlook - The combination of central policy encouragement and local autonomous exploration is seen as the optimal solution for the unmanned delivery industry [2] - The industry must achieve technological breakthroughs to gain government trust and ultimately realize high-quality development [2]

Group 1 - The stock price of Keda Guokuan (300520) closed at 24.61 yuan on July 18, 2025, down by 0.85%, with a turnover rate of 3.73%, a trading volume of 103,500 shares, and a transaction amount of 255 million yuan [1] - As of July 10, 2025, the number of shareholders of the company was over 42,000 [3] Group 2 - The company is actively monitoring the development of digital currency but currently has no related business [2] - The company has made investments in quantum technology through equity participation in quality enterprises and is promoting collaboration in quantum software, although these efforts have not yet significantly impacted its performance [2] - The company has developed a vehicle-road-cloud collaborative system for intelligent connected vehicles and is exploring market opportunities, with specific operational data to be disclosed in regular reports [2] - The company is advancing its intelligent connected vehicle business through its subsidiary, Keda Guokuan Hefei Intelligent Automotive Technology Co., Ltd., which focuses on advanced driver-assistance systems (ADAS) and autonomous driving systems (ADS) [2] Group 3 - On July 18, 2025, the net outflow of main funds was 51.12 million yuan, while the net inflow of speculative funds was 11.71 million yuan, and the net inflow of retail investors was 39.41 million yuan [5]

Core Viewpoint - The company, Junsheng Electronics, has achieved significant growth and global presence in the automotive parts industry, with a record order intake and plans for an IPO in Hong Kong to enhance its international capital platform [1][12]. Group 1: Business Performance - In 2024, Junsheng Electronics reported a revenue of 55.86 billion, with new orders reaching 83.9 billion, marking a 13.8% increase from 73.7 billion in 2023 [3]. - The company’s net profit attributable to shareholders increased by 27.7% to 1.28 billion, showcasing a robust performance despite market fluctuations [8]. - The gross profit margin improved by 1.8 percentage points to 16.3%, driven by the automotive safety and electronics segments [8]. Group 2: Strategic Advantages - Junsheng Electronics has a strong order reserve, with over 55% of new orders coming from the new energy sector, providing a solid performance cushion for the next 3-5 years [3]. - The company ranks fourth globally in the intelligent cockpit domain and is the second-largest supplier in automotive safety, benefiting from high technical and compliance barriers [4]. - The company is expanding into the robotics sector, leveraging its automotive technology to create a new growth avenue [5]. Group 3: Globalization and Market Position - In 2024, 76% of the company’s revenue came from overseas markets, supported by a network of 19 R&D centers and over 50 production bases worldwide [6]. - The company’s strategic restructuring in Europe aims to optimize costs and enhance long-term profitability, despite short-term impacts on net profit [9][10]. - Junsheng Electronics is positioned to capitalize on the global shift towards intelligent automotive solutions, enhancing its competitive edge [12]. Group 4: Future Prospects - The upcoming IPO in Hong Kong is expected to provide necessary capital for expanding production bases in Southeast Asia and developing cloud supply chain systems [13]. - The company aims to strengthen its brand influence and international identity through the dual listing strategy, enhancing its market position [13]. - Junsheng Electronics is transitioning from a "market for technology" model to a "technology export" strategy, reflecting the evolution of the Chinese automotive supply chain [12].

Group 1: Global Capital Market Trends - The US stock market is experiencing strong upward momentum, with the Nasdaq and S&P 500 indices reaching all-time highs, and the Dow Jones approaching its historical peak. This positive sentiment is spreading globally, impacting European markets and even Israel's stock market, which has also hit new highs. The core driver of this rally is the exceptional performance of the technology sector, particularly companies like Nvidia, which symbolize global tech investment [1][2]. - The market has shifted focus from trade tensions to corporate earnings and innovation-driven growth prospects, setting a positive tone for the second half of the year [2]. Group 2: Chinese Capital Market Outlook - The Chinese capital market has emerged from a low point in April, with the Shanghai Composite Index and CSI 300 Index reaching new highs. This aligns with the positive trends seen in global markets. Anticipated larger economic stimulus policies from the Chinese government could inject new growth momentum into the market, suggesting a "tech bull" market in the second half of the year [3]. - The investment outlook is based on macro trends, industry upgrades, and policy direction, emphasizing the importance of understanding long-term trends over short-term price fluctuations [3]. Group 3: Investment Opportunities in Chinese Technology Sector - Key areas for investment in the technology-driven market include: 1. **Chip and Semiconductor Industry**: China is striving to catch up in the entire semiconductor supply chain, with significant growth potential indicated by Nvidia's high valuation. Mergers like the one between Zhongke Shuguang and Haiguang Information aim to create a competitive "national team" in the chip sector [4][5]. 2. **Solid-State Batteries**: Seen as a disruptive technology for next-generation batteries, solid-state batteries offer high energy density and safety. The growth of low-altitude economy and electric vehicles will provide a platform for their application, making equipment suppliers in this field a stable investment direction [6]. 3. **Vehicle-Cloud Integration and Autonomous Driving**: The rapid development of autonomous driving technology is reshaping the automotive industry. The collaborative model of smart electric vehicles, intelligent roads, and cloud services is crucial for achieving high-level autonomous driving [7]. 4. **Emerging Technology Fields**: Areas such as humanoid robots, deep-sea economy, AI, AR glasses, and large models represent the forefront of technological innovation and are expected to significantly alter human life and work [8]. Group 4: Company Case Studies - **Xiaomi Group**: Transitioning from a low-end "assembler" to a diversified ecosystem builder, Xiaomi's expansion into IoT, smart cars, and internet services has significantly increased its market valuation, particularly in the context of AI and policy support [9]. - **SMIC and BeiGene**: SMIC is a leader in advanced wafer foundry in A-shares, but its scarcity diminishes in the international market. BeiGene, despite being perceived as a Chinese company, operates as a US entity, highlighting the importance of international collaboration in the pharmaceutical sector [10][11]. - **Digital Finance and Infrastructure**: Companies like Lakala and Hengsheng Electronics are pivotal in digital finance and infrastructure, with a focus on core competitiveness and actual orders, which will ultimately be recognized by the market [12].

Core Viewpoint - The company aims to significantly reduce losses in 2025, with a focus on improving performance across various business segments, particularly in data compliance and intelligent driving solutions. Group 1: Financial Performance and Projections - The company reported a loss of over 1 billion in 2024, primarily influenced by its subsidiary, Siwei Zhihui, and aims to achieve a substantial turnaround in 2025 [2][11]. - The company’s data compliance business has seen rapid growth, becoming a core pillar of the Zhiyun segment, with a revenue increase of 28.96% in 2024 [20][21]. - The company expects to achieve significant revenue growth in 2025, driven by new orders in intelligent driving products, with 300,000 basic driving products and 60,000 parking products already secured [36][67]. Group 2: Business Strategy and Market Position - The company is focusing on a comprehensive solution that integrates intelligent driving, intelligent cockpit, and chip development, aiming to enhance its competitive edge in the market [25][51]. - The company is actively pursuing partnerships and collaborations, including with Huawei for the development of high-precision maps and data compliance solutions [4][96]. - The company acknowledges the challenges posed by intense competition in the automotive industry and is adjusting its strategies to focus on core competencies and cost control [19][51]. Group 3: Operational Developments - The company has established a complete low-altitude economic solution through its subsidiary, Liufen Technology, and is actively pursuing project implementations in multiple cities [3]. - The company has received new orders from various clients, including Xiaopeng and Wuling, indicating a positive trend in its order book [4][6]. - The company is committed to enhancing its operational efficiency through cost control measures and optimizing its organizational structure [19][73]. Group 4: Market Challenges and Responses - The company faces significant challenges due to the competitive landscape and has experienced a decline in revenue in its intelligent driving segment, which decreased by 28.08% in 2024 [6][28]. - The company is implementing strategies to improve its market recognition and brand awareness, particularly in the context of its intelligent driving and high-precision mapping solutions [74][96]. - The company is aware of shareholder concerns regarding stock performance and is taking steps to improve communication and transparency regarding its business developments [45][71].

Industry Development - The smart driving industry is analyzed from three dimensions: automakers, industry policies, and business models [1] - The development stages of the industry can be summarized as follows: L3 smart driving technology is expected to boost automaker sales between 2025-2027, with 2025 potentially marking a penetration rate inflection point for L3 [1][8] - By 2027, L3 penetration rates in China are projected to reach 50%-80%, leading to the first round of eliminations among domestic brands [1] Consumer Acceptance - Consumer acceptance of smart driving is expected to increase as urban NOA (L3 smart driving core experience) becomes more widespread, making it a key consideration for car purchases [1] - The introduction of Robotaxi (L4 smart driving core experience) is anticipated to revolutionize consumer perceptions of transportation, offering faster, safer, and more comfortable travel options [1] Payment Willingness - Tesla's paid rate in North America is low when converted to local data, while domestic automakers generally include autonomous driving in vehicle prices [2] - Future payment willingness may manifest in improved sales for models with balanced self-driving performance and cost, as well as enhanced ride-hailing experiences [2] L3 Application and Commercialization - Currently, L3 applications are primarily focused on B-end scenarios, with nine automakers involved in the initial L3 application consortium [3] - The commercial value identified includes L3 dedicated routes from Hong Kong to Shenzhen and airport connections, primarily serving high-end customers [3][20] Technical Aspects - The relationship between V2X and L3 is noted, with the first batch of nine automakers not supporting V2X, although supporting V2X may enhance government recognition [4][18] - The development paths for smart driving technology include "single vehicle intelligence" and "vehicle-road-cloud collaboration," both of which are expected to promote technological advancement [6] Market Trends - The overall penetration rate of smart driving (L2 to L3) is expected to rise significantly, with L2 and above penetration rates increasing from 55.8% to 60.2% from March 2024 to March 2025 [8][10] - The sales volume of vehicles equipped with L2 and above smart driving features is projected to grow by 47% year-on-year [8] Policy Development - The policy focus is shifting from promoting road testing to practical applications, with over 50 provinces and cities in China having released implementation details for autonomous driving [14][15] - The government is expected to gradually open up regulations for smart driving vehicles, including passenger transport and personal use [16][17] Business Model Evolution - The commercial landscape is evolving with a focus on the number of vehicles deployed, daily order volumes, and operational costs [20] - The L3 approval process is currently limited to B-end applications, with expectations for future expansion to C-end applications as technology matures [20][21]