Core Viewpoint - Tongda Electric (603390) is currently in the technical research phase for its unmanned logistics vehicle project in collaboration with relevant autonomous driving solution providers, and has not yet developed products or generated revenue [1] Company Summary - The unmanned logistics vehicle project is still in the technical research stage and has not yet resulted in any products or income [1]

Core Viewpoint - The company is currently in the technical research phase of a project involving unmanned logistics vehicles in collaboration with relevant autonomous driving solution providers, and has not yet developed products or generated revenue [1] Group 1 - The unmanned logistics vehicle project is a joint effort with autonomous driving solution providers [1] - The project is still in the technical research stage and has not yet resulted in any products or revenue [1] - Investors are advised to be cautious regarding investment risks associated with this project [1]

Core Viewpoint - The company is currently in the technical research phase of a project involving unmanned logistics vehicles in collaboration with relevant autonomous driving solution providers, and has not yet developed products or generated revenue [1] Group 1 - The unmanned logistics vehicle project is a joint effort with autonomous driving solution providers [1] - The project is still in the technical research stage and has not yet resulted in any products or revenue [1] - Investors are advised to be cautious regarding investment risks associated with this project [1]

在集成灶业务接连下滑的局面下，头部公司纷纷选择多元化发展，打造未来增长曲线。 公开资料显示，超聚变脱胎于华为的X86服务器业务，2021年华为将该业务剥离并成立超聚变数字技术有限公 司，后由河南国资委旗下河南超聚能控股。现在超聚变专注于算力基础设施与算力服务两大领域，2024年的销售 收入突破400亿元。今年年初，超聚变董事长刘宏云表示，2025年全年营收将突破500亿元。近期，有消息称超聚 变正在筹备上市相关工作。截至目前，陆续有多家机构注资超聚变，包括中国移动相关的中移股权基金、中国互 联网投资基金、郑州航空港先进计算基金等。 11月19日，"集成灶四小龙"之一的帅丰电器发布公告称：公司拟与优势金控（上海）资产管理有限公司、福建炳 中投资有限公司、玖势通源（上海）数字科技有限公司、杭州汇方私募基金管理有限公司、张笑天、朱灵洁、黄 照华、赵静、王笛共同投资厦门芯势澜算贰号创业投资基金合伙企业（有限合伙）。公司作为有限合伙人，拟以 自有资金出资认购标的基金份额5300万元。该基金将直接投资于超聚变数字技术有限公司。 在这背景下，南都湾财社记者注意到，近年来集成灶公司纷纷尝试跨界转型，寻找新的增长点。此前浙江美 ...

近日，《关于加快场景培育和开放推动新场景大规模应用的实施意见》（以下简称《实施意见》）正式 对外发布。这是我国首次在国家层面对"场景培育开放"进行系统部署。 何为场景？ "场景，就是把新技术、新产品、新业态放在一个具体情境中来应用、来验证，是一种体系化的'社会性 中试'。"国家发展改革委副主任李春临这样阐释。 可以说，场景培育开放，瞄准的是科技成果转化的关键环节，为新兴事物提供展示应用的舞台，加快推 动其产业化进程，避免"新技术"被拖成"老技术"，避免"英雄无用武之地"。 当前，新一轮科技革命和产业变革正在重构全球创新版图、重塑全球经济结构，抓住了就是机遇，抓不 住就是挑战。无论是打造新兴支柱产业，还是前瞻布局未来产业，场景培育和开放都是重要抓手。 就拿智能驾驶来说，早在2020年11个部门就联合印发了《智能汽车创新发展战略》，推动有条件的地方 开展城市级智能汽车大规模、综合性应用试点。随后，从北京、上海到武汉、广州，我国有20个城市 （联合体）成为智能网联汽车"车路云一体化"应用试点。 依托试点，无数的智能驾驶汽车在实际道路中不断行驶、收集数据、优化算法，中国在"智能驾驶"赛道 上已经稳居全球第一梯队。 下 ...

Core Viewpoint - The article discusses the importance of "new scenarios" in driving technological innovation and industrial transformation, as highlighted by the recent government policy aimed at fostering the development and application of these scenarios [2][4][11]. Group 1: Definition and Importance of New Scenarios - New scenarios are defined as specific contexts for validating and applying new technologies, products, and business models, serving as a bridge between technology and industry [3][4]. - The cultivation and opening of new scenarios are seen as strategic choices to enhance China's market advantages and overcome technological bottlenecks [4][5]. Group 2: Challenges in Implementing New Scenarios - There is a call for the establishment of new scenarios as incubators for new models and industries, with examples showing that without foundational scenarios like mobile payments, new business models would not emerge [5][6]. - Many innovative technologies in fields such as artificial intelligence and robotics remain in pilot stages due to a lack of effective application scenarios [6][7]. Group 3: Case Studies and Government Initiatives - Hefei has developed a "super experimental field" for low-altitude economy, expanding to 22 application scenarios and establishing over 180 low-altitude takeoff and landing facilities [8]. - Guangdong has created 14 innovative application scenario testing zones, facilitating a more efficient transition from technology to commercial contracts [8][10]. Group 4: Mid-Testing Platforms and Industry Support - The establishment of mid-testing platforms is crucial for the industrialization of new technologies, addressing issues like process optimization and cost control [9][10]. - Central and private enterprises are actively participating in building mid-testing platforms, enhancing the supply of innovative solutions [10]. Group 5: Future Implications - The integration of new scenarios is reshaping the technology, industry, and capital ecosystems, indicating a significant economic and social transformation [11].

未经许可，不得转载或者引用。 投资要点 本周细分板块涨跌幅排序： SＷ商用载货车(+1.1%) > SW乘用车(0.0%) >SW商用载客车(-1.9%) >SW汽车（-2.1%）>SW汽 车零部件(-3.2%) 。本周已覆盖标的 小鹏汽车-W、金龙汽车、松原安全、瑞玛精密、福田汽车 涨幅前五。 本周团队研究成果： 外发汽车智能化11月投资策略。 本周行业核心变化： 1） 星途汽车旗下全新车型星途ET5正式开启预售，全球首搭地平线HSD城区辅助驾驶系统与 征程®6P计算方案； 2） 文远知行宣布正式获得阿联酋联邦政府批准，将在阿布扎比开展纯无 人Robotaxi商业化运营； 3） 中国重汽10月批发2.8万，同比+70.5%，环比+0.5%；出口1.51 万，同比+77.7%，环比+0.7%，出口单月销量再创新高。 Q4重视AI智能车投资机会 下游应用维度核心标的： #Robotaxi视角 ：1）一体化模式：特斯拉/小鹏汽车/千里科技（关 注）；2）技术提供商+运营分成模式：地平线机器人/百度（关注）/小马智行/文远知行；3） 网约车/出租车的转型：曹操出行，关注滴滴/如祺出行/大众交通/锦江在线。 #Rob ...

Group 1 - The article highlights the impressive technological innovations showcased at the 15th National Games, emphasizing the vibrant tech scene in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - The Greater Bay Area, covering 56,000 square kilometers, is noted for its high level of openness and economic vitality, contributing to over 2 trillion USD in economic output, which is about 1/9 of the national total [6] - The region is recognized as a fertile ground for technological innovation, with continuous breakthroughs that provide vast opportunities for financial innovation [6][8] Group 2 - The article discusses the deep integration of technology and finance in the Greater Bay Area, where the three regions work together to overcome institutional barriers and accelerate mutual development [8] - Notable innovations include the use of autonomous vehicles for torch relay at the National Games, showcasing advancements in smart driving technology [9] - The article mentions the emergence of unicorn companies and the successful international contracts won by local firms, indicating a robust innovation ecosystem [10] Group 3 - A comprehensive innovation capital system is described, which supports companies from inception to maturity, with active participation from private venture capital firms and state-owned capital [10][11] - The article notes that Guangdong Province leads the nation with 2,466 private equity and venture capital fund managers and approximately 12,000 managed funds [11] - Traditional financial institutions are adapting by developing new financial products tailored to the needs of tech companies, including climate-friendly loans and insurance products [12][13] Group 4 - The article highlights the successful issuance of a knowledge property securitization product, which allows tech companies to leverage intangible assets for financing [14][18] - Various financial products such as tech loans and talent loans are being introduced to support innovation, with significant growth in tech loan balances reported [14] - The cross-border collaboration in the Greater Bay Area is exemplified by the first cross-border marathon event, which symbolizes the seamless integration of the three regions [16] Group 5 - The article concludes with the announcement of the 20th China Economic Forum, which will focus on the development of technology and financial innovation in the Greater Bay Area [20]

1522米海洋深处采集的圣火、无人驾驶车护送的火炬、机器人"乐师"奏响的青铜钟、全息投影还原的百人英歌舞……第十五届全国运动会开幕式上，130 多款高科技产品惊艳全场。这些源自粤港澳三地人工智能、新一代信息技术等前沿领域的创新成果，正以鲜活的姿态向全球展现大湾区科技创新的朝气与 活力。 总面积5.6万平方公里的粤港澳大湾区，是我国开放程度最高、经济活力最强的区域之一，经济总量突破2万亿美元，以全国不到0.6%的国土面积、6%的 人口总量，创造出全国1/9的经济总量。这里更是科技创新的沃土，各类创新突破持续涌现，既为金融创新提供了广阔场景，也驱动着金融打破传统边 界、寻求模式革新。 在科技与金融的深度交织中，粤港澳三地求同存异、破解制度壁垒，推动科技与金融加速"双向奔赴"、同频共振，让粤港澳大湾区跑出创新发展的加速 度。 创新资本深度"伴跑"，全方位托举企业从0到100 在第十五届全运会火炬传递广州站的接力现场，一台搭载火炬的无人驾驶车辆从越秀公园出发，经过广州解放路、海珠广场等地，将火种灯护送至广州体 育馆传递点位。这是全运会历史上首次由无人驾驶车参与火炬传递，而确保这次护送工作安全、零误差的"硬核"技术，正 ...

Group 1 - The article highlights the impressive technological innovations showcased at the 15th National Games, including over 130 high-tech products from the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the region's vitality in technology innovation [1] - The Greater Bay Area, covering 56,000 square kilometers, is noted for its high level of openness and economic vitality, contributing to 1/9 of China's economic output with a total economic volume exceeding $2 trillion [9] - The collaboration between the three regions aims to break down institutional barriers, accelerating the mutual development of technology and finance, thus enhancing innovation in the Greater Bay Area [11] Group 2 - The article discusses the emergence of unicorn companies in the Greater Bay Area, with significant achievements such as the successful international contract won by Deep Sea Intelligence, marking a breakthrough for Chinese deep-sea robotics [14] - A comprehensive innovation capital system is in place to support startups from inception to maturity, with active participation from private venture capital firms and state-owned capital matrices [12][15] - By the end of 2024, Guangdong is expected to have 2,466 private equity and venture capital fund managers, managing around 12,000 funds, indicating a robust investment landscape [15] Group 3 - Traditional finance is evolving to support technology innovation, with new financial products tailored for tech companies, such as climate-friendly loans and insurance products that mitigate risks during the research phase [17][18] - The article mentions the launch of the first comprehensive insurance for major technological breakthroughs in Guangdong, which addresses the risks associated with early-stage research and development [18] - Various financial products, including technology loans and knowledge property securitization, are being developed to meet the diverse needs of tech enterprises in the Greater Bay Area [19] Group 4 - The article describes the seamless cross-border events, such as the first cross-border marathon, showcasing the integration of the Greater Bay Area through improved infrastructure and regulatory cooperation [21] - Collaborative innovation efforts are highlighted, with over 180 companies participating in the Hong Kong University of Science and Technology's technology transfer base in Nansha, indicating a thriving innovation ecosystem [22] - The successful issuance of the first cross-border knowledge property ABS in Shenzhen represents a significant step in recognizing the value of intellectual property across borders [23]