可是吧，总有人泼冷水，说要小心，小心"10.8"行情重演，说半导体板块可能要冲高回落，气得不行，天天盯着盘，就怕一开盘，就被套住，还说要看成交 量，要是量太大，就是出货的信号，我说，股市这东西，谁说得准呢，反正我是看不懂，全球那边，也都在涨，大家都在想，这到底是怎么一回事，都等着 A股开盘呢。 后来吧，港交所也出了新规定，说是要改结构性产品的上市制度，降低门槛，比如衍生权证的最低发行价，降到0.15港元，ETF的门槛也调整了，但是呢， 对发行人的资质要求更高了，最低资产净值要50亿港元，还要简化流程，港交所的意思是，要增加市场活力，同时也要保护投资者，提高香港市场的竞争 力，可是吧，谁知道呢，反正我觉得，这些规定，最后还是对大公司有利，小散户，还是容易被割韭菜，不过话说回来，能多点对冲的工具也好，总比没有 强。 那些国际投行，也开始发表意见了，摩根士丹利说，美国投资者想多买中国股票，但是要看盈利能不能持续增长，摩根大通更直接，直接上调了阿里巴巴的 目标价，还增持它的港股和美股，说看好AI驱动的业务，美银也说，欧洲投资者对中国股市的信心回来了，我说，这些人啊，都是锦上添花，涨了就说 好，跌了就说坏，反正都是马后 ...

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].