Core Viewpoint - Baidu's AI new business has entered a growth phase, achieving over 10 billion RMB in revenue for the first time, driven by strong performance in intelligent cloud and autonomous driving services [4][5]. Financial Performance - In Q2 2025, Baidu reported total revenue of 32.7 billion RMB, with core revenue of 26.3 billion RMB and a net profit of 7.4 billion RMB, marking a 35% year-on-year increase [4]. - AI new business revenue, including intelligent cloud, grew by 34% year-on-year, surpassing 10 billion RMB for the first time [4][6]. Business Segments - Intelligent cloud revenue increased by 27% year-on-year, with Non-GAAP operating profit also showing growth [6]. - The "Luobo Kuaipao" service provided over 2.2 million rides globally in Q2, a 148% increase year-on-year, and has completed over 14 million rides since its inception, making it the global leader in autonomous ride-hailing services [6][7]. Strategic Partnerships - "Luobo Kuaipao" has established strategic partnerships with Uber and Lyft to deploy autonomous vehicles in international markets, including Asia, the Middle East, Germany, and the UK [7]. - The collaboration with these companies highlights Baidu's global recognition in the autonomous driving sector and its potential for commercial expansion [7]. AI Transformation - Over 50% of mobile search result pages included AI-generated content by June 2025, increasing to 64% by July, indicating a significant shift towards AI-driven search results [8]. - Baidu's mobile app reached 735 million monthly active users, a 5% year-on-year increase, with managed page revenue accounting for 50% of the core online marketing business in Q2 2025 [8]. Competitive Advantage - Baidu's unique end-to-end AI architecture is a core competitive advantage, supporting healthy growth in intelligent cloud services [8][12]. - The company has established a comprehensive AI infrastructure, enabling it to meet diverse enterprise needs from model training to business integration [8][9]. Market Position - Baidu's intelligent cloud has ranked first in the AI public cloud service market for six consecutive years, with significant market share in large model platforms [6][8]. - The company has become the preferred AI cloud provider for 65% of central enterprises and 80% of systemically important banks in China [8]. Robustness of Full-Stack AI - Baidu's full-stack AI layout enhances its risk resilience, allowing it to adapt to industry fluctuations while exploring new market opportunities [12][13]. - The company's ability to innovate within its core search business reflects the confidence derived from its comprehensive AI strategy [13][14].

| –1.060 –1.18% 換 1.30% 市值1.306亿 市浄 0.81 | | | | | --- | --- | --- | --- | | 盘前 89.740 +0.670 +0.75% | | 美东 06:11 ▼ | | | 盘前▼ 五日 日Ｋ | 周Ｋ 月Ｋ | 更多 | | | 叠加 | 均价:89.214 | | | | 91.010 | 2.18% | 89.850 | 110 | | | | 89.670 | 10 | | | | 15:59 89.067 | RPPS | | Mul | | 15:59 89.070 | 148 | | 89.070 | | 0.00% 15:59 89.070 150 | | | | | 15:59 89.060 | 400 | | | | 15:59 89.060 | 6 | | | | 15:59 89.060 | 707 | | | | 15:59 89.060 | 300 | | 87.130 | -2.18% | 15:59 89.060 | 98 | | 4:00 6:45 | | 9:30 15:59 89.070 | 100 | ...

近日，易控智驾科技股份有限公司（下称"易控智驾"）正式向港交所递交上市申请，冲击"矿区无人驾 驶第一股"。根据招股书，2022年至2024年间，公司营收从5991.7万元升至9.86亿元，三年复合增长率高 达305.6%。 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | | | | (人民幣千元) | | | 收入 | 59.917 | 270,915 | 986,234 | | 銷售成本 | (77,607) | (321,375) | (911,521) | | (毛損)/毛利 | (17,690) | (50.460) | 74.713 | | 分銷及銷售開支 | (3.885) | (16.571) | (31,182) | | 研發開支 | (109,135) | (177,290) | (208.448) | | 行政開支 | (29.328) | (37.159) | (85.663) | | 其他收入 . | 826 | 682 | 1.442 | | 其他收益及虧損淨額 | (5,921) ...

Market Performance - The A-share market experienced a significant increase last week, with major indices rising, particularly the ChiNext Index which surged by 8.58% [1] - The communication equipment, securities, and semiconductor sectors showed strong performance, with increases of 10.95%, 7.78%, and 7.52% respectively, while sectors like aviation, steel, and banking declined [3] - Northbound capital recorded a net inflow of 28.885 billion RMB, indicating foreign investors' positive outlook on A-shares [3] Key Industry News - The liquid cooling server market in China is projected to grow at a compound annual growth rate (CAGR) of approximately 48% from 2025 to 2029, reaching a market size of about 16.2 billion USD by 2028 [4] - NVIDIA GPUs and self-developed ASIC chips from cloud vendors are driving rapid growth in the liquid cooling market, with estimated market sizes of 35.4 billion RMB, 71.6 billion RMB, and 108.2 billion RMB for 2025, 2026, and 2027 respectively [4] - The value of a single liquid cooling cabinet (NVL72) is approximately 100,000 USD, with expectations for significant increases in penetration rates in AI data centers [4] Future Market Outlook - The market is showing a strong upward trend, with the Shanghai Composite Index breaking a nearly four-year high, indicating robust investor sentiment [5] - Recent financial data from the central bank revealed a record increase in non-bank deposits, suggesting a strong liquidity environment [5] - The central bank's monetary policy report emphasizes a moderately accommodative approach, focusing on maintaining reasonable price levels and effective demand creation [6] Sector Developments - In the energy sector, a significant breakthrough was reported in China's shale gas exploration, with the Yongchuan shale gas field confirming an additional geological reserve of 124.588 billion cubic meters [6] - The photovoltaic industry is witnessing active participation, with several companies preparing for a key procurement meeting, indicating a response to rising prices driven by market dynamics [6] - The autonomous driving sector has launched its first batch of smart connected taxis in Shanghai, enhancing public transportation options [7] Investment Opportunities - Focus on technology sectors such as robotics, semiconductors, and AI applications, which are showing improved cost-effectiveness [5] - Consider investments in sectors benefiting from anti-involution trends, including photovoltaics, lithium batteries, and steel [5] - Monitor cyclical industries showing signs of recovery, particularly in non-ferrous metals and military sectors, which may experience continued thematic catalysts [7]

重庆"萝卜快跑"无人驾驶出租车载人坠沟事件带来的舆论冲击还未褪去，近日又传出"武汉高架桥上法 拉利自燃，后方萝卜快跑无人驾驶出租车直冲到跟前才识别换道"的视频。 尽管"萝卜快跑"官方客服在坠沟事件后声称："安全是我们萝卜快跑无人驾驶乘用车第一准则。目前商 业化试点总营运里程已超过1亿公里，从未发生责任事故。"但事实是，去年7月，其车辆在武汉街头就 发生了与行人相撞的事故；2023年7月，在变道时与后方车辆发生剐蹭。 萝卜快跑一个月内接连两次发生事故，将整个无人驾驶行业再次推到舆论的风口浪尖。 今年7月底，萝卜快跑在佛山启动试运营，一批本地自媒体博主与南方财经记者亲身体验时，也遭遇行 驶途中突然停车、呼叫无应答、导航不精准等状况。 真实场景中频现"技术失灵"，暴露出萝卜快跑的技术成熟度与大规模商业化落地的要求之间，仍存在差 距；也暴露出无人驾驶行业面临的共性矛盾——当商业化扩张速度远超技术安全冗余度时，Robotaxi是 否有必要"狂奔"入场？ 频现"技术失灵" 7月16日，佛山市交通运输局发布《关于智能网联汽车远程示范应用区域、时段的公告（第一批）》， 公告萝卜快跑（佛山）科技有限公司智能网联汽车远程示范应用 ...

Group 1 - Didi has invested in the autonomous delivery vehicle company "Xinshiqi," confirming its strategic layout in the unmanned delivery sector [1] - The partnership allows Didi to leverage its platform advantages and user base, positioning itself in the unmanned delivery market [1] - The application of unmanned delivery technology can reduce labor costs and enhance delivery accuracy and efficiency, improving user experience [1] Group 2 - Xiaohongshu has announced the establishment of a large commercial sector to enhance commercialization and transaction synergy [2] - The COO and CMO will lead the new sector, promoting cross-departmental collaboration of resources such as products, technology, and talent [2] - This restructuring aims to improve resource allocation in the commercial and transaction fields, enhancing competitiveness in the content e-commerce sector [2] Group 3 - AliExpress has upgraded its logistics warehouse in Dongguan, Guangdong, to become the first fully automated cross-border logistics park [3] - The warehouse is primarily used for domestic circulation of packages for European consumers, with domestic transport times potentially reduced by up to 6 hours [3] - The automation of logistics processes can significantly shorten package transit times and improve user experience while also reducing labor costs and enhancing delivery precision and efficiency [3]

Summary of Conference Call Company and Industry - The conference call focuses on the autonomous delivery vehicle industry, specifically highlighting the developments of a company referred to as "新世纪" (New Century) and its partnership with "新时期无人车" (New Era Unmanned Vehicles) [1][2]. Key Points and Arguments 1. **Market Growth and Development**: The autonomous delivery vehicle market has seen rapid growth, with New Century achieving significant milestones, including over 4,500 vehicles delivered and a target to become the first company globally to exceed 10,000 Level 4 autonomous vehicles by year-end [1][7]. 2. **Order Backlog**: The company currently has over 30,000 orders in hand, indicating strong demand for its autonomous delivery solutions [1]. 3. **Operational Footprint**: The company has deployed vehicles across 288 cities in China, with notable delivery numbers in cities like Qingdao (over 570 vehicles) and Hangzhou (over 400 vehicles) [3][7]. 4. **Regulatory Milestones**: New Century and its partners were among the first to receive national licenses for autonomous delivery, which has set a precedent for other cities to follow [4]. 5. **Technological Advancements**: The company has transitioned from a laser radar-based perception system to a more advanced technology architecture, enhancing its operational capabilities [5][21]. 6. **Market Share**: The company claims to hold over 95% market share among major clients like JD.com, SF Express, and the postal service, and over 70% among smaller delivery networks [8][9]. 7. **Cost Efficiency**: The company has achieved the lowest operational costs in the industry, with delivery costs reduced to approximately 0.5 yuan per kilometer, significantly lower than traditional delivery methods [16]. 8. **Business Model Evolution**: The company is shifting towards a more integrated logistics solution, offering not just vehicles but also a platform for clients to manage their delivery needs [17][19]. 9. **Safety and Algorithm Development**: The company emphasizes the importance of safety in its autonomous driving algorithms, aiming for a safety record significantly better than human drivers [18][19]. 10. **Future Plans**: The company plans to expand its operational model to include partnerships with various logistics providers and explore new markets, including overseas opportunities [27]. Other Important Content - **Client Insights**: The company has a deep understanding of the logistics processes of its clients, which allows it to tailor its solutions effectively [14]. - **Adaptation to Diverse Environments**: The vehicles are designed to operate in various conditions, including rural areas with challenging road conditions [20]. - **Production Strategy**: The company is cautious about scaling production, focusing on maintaining quality and adapting to industry standards before mass production [23]. This summary encapsulates the key developments and strategic insights shared during the conference call, reflecting the company's position in the rapidly evolving autonomous delivery vehicle market.

不久前滴滴货运与新石器无人车在青岛合作试水无人车送货业务，用户可以通过滴滴平台下单，选择 无人车来运送货物，由新石器无人车负责提供服务。 8月13日，第一财经记者从知情人士处独家获悉，滴滴已于近日投资无人驾驶商用车企业新石器。记 者就此询问滴滴、新石器无人车方面尚无回应。 目前，新石器无人车在280多个城市部署数量过7500台，创始人兼CEO余恩源此前表示，新石器将 比年初预计的时间更早完成万台无人车的部署，今年下半年将从快递行业的计划性物流，向城市货运 的实时调度物流延伸。 ...

Group 1 - Didi has recently invested in the autonomous driving commercial vehicle company, Xinshiqi [1] - Didi Freight and Xinshiqi have collaborated in Qingdao to test autonomous vehicle delivery services, allowing users to order deliveries via the Didi platform [1] - Xinshiqi has deployed over 7,500 autonomous vehicles across more than 280 cities, with plans to accelerate deployment to 10,000 vehicles earlier than initially expected [1] Group 2 - Xinshiqi aims to expand its operations from planned logistics in the express delivery sector to real-time logistics in urban freight in the second half of this year [1]

Group 1 - The Hong Kong government has achieved significant results in attracting investment, with over 1.5 million local companies registered and more than 15,000 non-Hong Kong companies registered as of July 2023, both reaching historical highs [1] - The Investment Promotion Agency has assisted 1,333 companies in establishing or expanding their businesses in Hong Kong from January to July 2023, injecting HKD 174 billion in first-year direct investment and creating over 19,000 new jobs [1] Group 2 - The Office for Attracting Key Enterprises has successfully brought in 84 key enterprises in cutting-edge technology, expected to generate approximately HKD 50 billion in investment and create over 20,000 job opportunities in the coming years [3] - The upcoming fifth batch of key enterprises will include over ten companies, bringing the total number of enterprises attracted since the office's establishment in late 2022 to around 100, with many from overseas markets, including leading pharmaceutical companies [3] Group 3 - Hong Kong Investment Management Company plays a crucial role as the government's "patient capital," focusing on nurturing local startups and leveraging its international network to discover and invest in quality teams and enterprises from mainland China and abroad [4] - The company has invested in over 100 projects, with more than 10 companies already submitted or preparing to submit applications for listing in Hong Kong [4] - Each HKD 1 invested by the Hong Kong Investment Management Company has attracted over HKD 5 in market long-term funding, sourced from sovereign funds, pension funds, and various investment entities [4]