Market Overview - The Hong Kong stock market experienced significant gains post-National Day holiday, with the Hang Seng Index and Hang Seng Tech Index showing consistent upward trends, particularly in the semiconductor and gold sectors [1] - Concerns were raised about a potential repeat of the "10.8" market scenario, with warnings that the semiconductor sector might face a pullback after reaching new highs [1][3] - The Hong Kong Stock Exchange announced new regulations to lower the listing threshold for structured products, aiming to enhance market vitality while increasing requirements for issuers [1] Investment Sentiment - International investment banks, such as Morgan Stanley and JPMorgan, expressed optimism about Chinese stocks, with JPMorgan raising Alibaba's target price due to positive AI-driven business prospects [3] - European investors are reportedly regaining confidence in the Chinese stock market, indicating a potential shift in investment dynamics [3] Electric Vehicle Sector - New energy vehicle companies reported record delivery numbers for September, with Li Auto showing a decline, raising discussions about market leadership and the importance of overseas market performance and technology strategies [5][8] - The competitive landscape in the new energy vehicle market is expected to intensify, necessitating differentiation for survival [5] Technical Analysis - Following the holiday, the A-share market opened with positive sentiment driven by favorable news in the technology sector, including semiconductors and solid-state batteries [7] - The market is closely monitoring the ability to maintain the 3900-point level, with trading volume and broker sentiment being critical indicators [7] Delivery Data - September 2025 delivery figures for electric vehicle manufacturers showed significant year-on-year and month-on-month growth for Leap Motor, XPeng, and NIO, with Leap Motor achieving a 97.40% increase year-on-year [8]

Core Viewpoint - Liou Co., Ltd. is officially applying for a dual listing on the Hong Kong Stock Exchange, aiming for A+H listing, supported by leading underwriters Huatai International and China Galaxy International, with core business driven by AI across two major sectors [1] Financial Performance - The company is projected to achieve steady revenue growth from 2022 to 2024, reaching 21.171 billion yuan, indicating strong financial health and risk resilience [1] - The cash flow is stable, with a collection rate exceeding 90% in the pump business and an accounts receivable turnover period of only 93 days in digital marketing [1] Business Segments - In the AI digital marketing sector, the company is expected to rank first in revenue in the Chinese market by 2024, holding an 8.72% share of the advertising agency market, also the highest in the industry [1] - In the smart pump and systems segment, the company ranks second in domestic revenue and thirteenth globally, with the highest export value of civilian pumps in the country [1]

Core Viewpoint - Alibaba plans to spin off its smart cockpit solution provider, Zhibo Network, for an IPO in Hong Kong, aiming to enhance R&D, increase market share, and support business expansion [1][11]. Financial Performance - Zhibo Network's revenue for 2022, 2023, and 2024 was RMB 805 million, RMB 872 million, and RMB 824 million respectively, with net losses of RMB 878 million, RMB 876 million, and RMB 847 million, totaling RMB 2.6 billion over three years [2][5]. - In Q1 2025, Zhibo Network reported revenue of RMB 136 million, a 19% year-on-year decline, while net losses expanded to RMB 1.58 billion, a 675% increase [2][5]. - The gross margin decreased from 53.9% in 2022 to 38.9% in 2024, attributed to an increase in licensing revenue and a decline in the profitability of technology development services [3]. R&D Investment - R&D expenditures for Zhibo Network were RMB 1.11 billion, RMB 1.12 billion, and RMB 980 million for the years 2022 to 2024 [4]. Market Position - Zhibo Network is the largest software-centric smart cockpit solution provider in China, with over 8 million smart cockpit solutions installed in vehicles as of June 30, 2025 [2][5]. - The annual installation of smart cockpit solutions grew from 835,000 units in 2022 to 2.33 million units in 2024, representing a compound annual growth rate of 67.2% [5]. Shareholder Structure - Major shareholders include Alibaba, SAIC, and other entities, with Alibaba holding approximately 44.72% of the shares and controlling 40.17% of the voting rights [6][8][12]. - Zhibo Network is highly dependent on its major clients, particularly SAIC, which accounted for 54.7% of its revenue in 2022 [12].