Core Viewpoint - The recent departures of key executives at Haomo Technology raise concerns about the company's stability and future direction in the autonomous driving sector [2][4]. Group 1: Executive Departures - Vice President of Technology, Ai Rui, and Vice President of Product, Cai Na, have left Haomo Technology, with Ai Rui joining Daotong Intelligent [2][4]. - Ai Rui has a strong background, having previously worked at Baidu's intelligent automotive division, where he was responsible for L3 and L4 autonomous driving product development [3]. Group 2: Company Strategy and Challenges - Haomo Technology's "wind turbine strategy" focuses on three business lines: passenger vehicles, low-speed unmanned vehicles, and smart hardware [4]. - The company aims to ensure the mass production and delivery of its second-generation intelligent driving products by the end of 2024, but has faced delays in production progress, leading to rumors of turmoil within the leadership [4].

Key Points - DJI's first panoramic camera, Osmo 360, has reported fogging issues, which the company attributes to user error in humid conditions, stating that the fogging is an isolated incident [4][5] - Li Auto responded to public backlash regarding a crash test involving its i8 model, clarifying that the test was not intended to compare with other brands and that it does not compete directly with Dongfeng Liuzhou [7][8] - Gree Electric Appliances has denied allegations of financial misconduct involving its executives, stating that the claims are false and have been reported to the police [10] - Zunpai Technology was fined for stealing Huawei's chip technology, with 14 former employees sentenced and a total fine of 13.5 million yuan imposed [10][11] - Silicon-based Intelligence has addressed rumors of layoffs, asserting that it has a stable research and sales team and plans to expand its workforce significantly by 2026 [12][13] - Geely has restructured its intelligent driving teams, integrating the Zeekr team into Qianli Technology, indicating a strategic shift towards a unified technology platform [15][16] - Neta Auto has resumed full operations, with 47 potential investors expressing interest in funding its restructuring efforts, despite significant debts [17] - Faraday Future has denied allegations of copying Great Wall Motors, emphasizing its collaborative development approach [18] - Major Chinese food delivery platforms, including Meituan and JD, have collectively called for an end to cutthroat competition in the industry, promising to regulate subsidy practices [19] - IM Motors has introduced a new range-extended electric vehicle system, claiming significant improvements in efficiency and range [20][21] - Apple reported a 10% increase in total revenue, with a notable 4% growth in revenue from the Greater China region, attributed partly to government subsidies [30][31] - TikTok has merged its core product and trust safety teams to better address uncertainties in the U.S. market [33] - Intel is undergoing significant leadership changes in its wafer foundry business, with three senior executives set to retire [34][35] - Shein reported over $10 billion in revenue for Q1 2025, benefiting from a rush of consumer purchases before new tariffs take effect [36] - Tim Cook has officially become the longest-serving CEO in Apple's history, surpassing Steve Jobs [37]

Core Viewpoint - Huatai Securities released a report indicating that the A-share market is entering a period of increased volatility due to key domestic and international events, with a focus on sectors that show potential for rebound and sustained performance [1] Market Analysis - The market experienced a contraction in trading volume due to fluctuations in the US dollar index and policy expectations, but the selling pressure is considered manageable [1] - The current profit-making effect has reverted to levels seen in mid-July, suggesting a potential stabilization in the market [1] Sector Focus - Key sectors identified for rebound potential include AI, capacity clearance, and self-controllable technologies, which are expected to show continuous improvement in performance [1] - Investment strategies should focus on sectors with high dividend yield and potential for recovery, such as white goods, storage chips, optical fiber cables, chlor-alkali, aviation equipment, intelligent driving, and robotics [1] Strategic Recommendations - The report suggests an overweight allocation in large financials, innovative pharmaceuticals, and military industries to capitalize on growth opportunities [1]

华泰证券策略团队最新研报指出，上周进入海内外关键事件频发的"超级周"，后半周在美元指数、政策 预期扰动下，市场缩量调整，但考虑到目前赚钱效应已回调至7月中旬位置、市场抛压相对可控，短期 A股或进入波动率放大的平台期，局部热点活跃或为基准情形。结合题材容量、补涨空间、业绩持续性 分析，目前具备补涨逻辑且景气改善持续性的板块主要集中于AI、产能出清及自主可控方向。配置 上，把握赔率思维，关注白色家电等跌出股息率性价比的稳健及潜力高股息品种及Q2业绩回升且具备 补涨逻辑的方向，如存储芯片、光纤光缆、氯碱、航空装备、 智能驾驶、机器人等。战略上超配大金 融、创新药、军工。 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - OpenAI has announced the establishment of the first "Stargate" data center project in Narvik, Norway, with an initial capacity of 230 MW and plans to expand by an additional 290 MW, aiming to deliver 100,000 NVIDIA GPU clusters by the end of 2026 [4][5][37] - Major food delivery platforms, including Meituan, Ele.me, and JD.com, have collectively announced measures to curb disordered competition in the industry, emphasizing the need for fair competition and the reduction of excessive subsidies [4][12] Summary by Sections Market Review - From July 28 to August 1, 2025, the Shanghai Composite Index decreased by 0.94%, the ChiNext Index fell by 0.74%, and the CSI 300 Index dropped by 1.75%. The Hang Seng Tech Index saw a decline of 4.94%, while the Nasdaq Index decreased by 2.17%. The media index increased by 1.11%, and the AI index rose by 1.36% [3][24]. AI Sector Developments - OpenAI's data center project in Norway is expected to be a significant AI initiative in Europe, with an investment of approximately $1 billion from Nscale and Aker for the initial 20 MW phase [4][5]. - Domestic AI advancements include Xiaomi's browser upgrade to incorporate AI search capabilities and ByteDance's release of the experimental Seed Diffusion Preview model, which significantly improves code inference speed [6][37]. Semiconductor Industry - Samsung has confirmed that its Exynos 2600 will be the first chip manufactured using 2nm technology, enhancing AI capabilities in devices [39][41]. Smart Driving - Li Auto has launched its first six-seat electric SUV, the Li i8, priced between 321,800 to 369,800 CNY, featuring an upgraded VLA architecture for advanced driver assistance [10][41]. E-commerce and Local Life - The recent announcements from food delivery platforms indicate a shift towards rational competition, with expectations of reduced subsidy intensity leading to improved profitability [12][37].

Core Insights - The Chinese automotive industry is undergoing a significant transformation towards intelligence, with smart driving becoming the main engine for industry upgrades, shifting focus from mere existence to performance and efficiency [2][3] - The smart driving sector is experiencing rapid advancements, particularly in application innovation, marking a turning point for mid-to-high level autonomous driving [8][9] Industry Trends - The future of the smart driving industry is promising, but challenges remain, with only 3 to 4 major technology providers expected to survive in the long run [3][19] - The concept of "smart driving equality" proposed by companies like BYD is seen as a necessary trend that will drive technological development and reduce costs in the smart driving sector [9] Company Insights - Horizon Robotics, under the leadership of President Chen Liming, plays a crucial role in the smart driving industry, focusing on providing intelligent driving solutions [2][4] - The company emphasizes a "soft and hard synergy" approach, recognizing that deep integration of software and hardware is essential for achieving high performance and cost-effectiveness in smart driving technologies [14][15] Technological Development - The industry is currently in a rapid iteration phase, with ongoing innovations in algorithms and increasing demands for computing power, as evidenced by Horizon's flagship chip, which has significantly improved performance metrics [11][12] - The need for efficient engineering capabilities to translate technology into cost-effective products is highlighted as a critical challenge for the industry [14] Future Outlook - The ultimate goal for the smart driving industry is the realization of L4 and L5 level autonomous driving, which would transform vehicles into mere transportation tools, enhancing productivity and leisure during commutes [17][18] - The competitive landscape will likely see a division of labor where most automotive companies will rely on capable suppliers, rather than pursuing full-stack self-development [18][19]

据新华社消息，国务院总理李强7月31日主持召开国务院常务会议，会议审议通过《关于深入实施"人工智能+"行动的意见》。 北京大学光华管理学院教授翁翕对21世纪经济报道记者表示，当前中国经济正处于新旧动能转换的关键阶段，实施"人工智能+"行动是培育新动能、更新 旧动能的关键举措。 翁翕指出，在培育新动能方面，人工智能技术以"AI for Science"(AI4S)为全新科研利器，加速基础研究突破，进而推动生物制药、智能制造、智能驾驶等 新兴产业快速崛起，成为经济增长的"新引擎"。在更新旧动能方面，人工智能技术与传统产业深度融合，通过提升生产效率、优化运营流程、降低能耗成 本等方式，赋能钢铁、纺织、装备制造等传统行业向高端化、智能化、绿色化转型，让旧动能释放"新潜力"。 孙克同样指出，实施"人工智能+"行动，将加快推动人工智能和实体经济深度融合，释放技术潜能，突破科学发现、技术进步和生产组织的瓶颈与边界， 形成培育与推动新质生产力的新动能，真正让人工智能形成现实生产力，让我国的产业体系完备优势、超大规模市场优势、海量数据（603138）资源优 势、丰富应用场景优势向国家智能优势转化。同时，在推动各领域智能化升级过 ...

Core Viewpoint - The Chinese government is advancing the "Artificial Intelligence +" initiative to promote large-scale commercialization of AI applications, leveraging the country's comprehensive industrial system, large market scale, and rich application scenarios to foster innovation and application synergy [1][3]. Group 1: Government Initiatives - The State Council, led by Premier Li Qiang, has approved the "Artificial Intelligence +" action plan, emphasizing the need for AI to integrate deeply into various sectors of economic and social development [1]. - The government aims to enhance the AI innovation ecosystem by improving computing power, algorithms, and data supply, while also increasing policy support and talent development [1][4]. Group 2: Industry Development - China has established a complete AI technology industry system covering foundational, framework, model, and application layers, with continuous improvements in AI infrastructure and rapid algorithm innovation [2]. - AI applications are increasingly penetrating high-digitization industries such as finance, healthcare, and transportation, indicating a shift towards deeper integration of AI in the real economy [2]. Group 3: Economic Impact - The "Artificial Intelligence +" initiative is seen as a crucial measure for fostering new economic drivers and updating traditional ones, particularly in sectors like biopharmaceuticals, intelligent manufacturing, and smart driving [3]. - The initiative is expected to enhance productivity and operational efficiency in traditional industries, facilitating their transition towards high-end, intelligent, and green practices [3][4].

Core Viewpoint - Yinggang Capital is focusing on technology-driven investments that enhance people's livelihoods, emphasizing the importance of practical applications and sustainable monetization paths for technology [12][16][27]. Group 1: Investment Strategy - In 2025, Yinggang Capital established several funds in Jiangsu, including digital industry, robotics, and AI funds, to align with local government strategies and technology enterprise needs [1]. - The company has a cumulative management scale exceeding 8 billion RMB and USD, covering sectors such as robotics, AI, smart driving, low-altitude economy, semiconductors, internet, and medical technology [1][2]. - Yinggang Capital emphasizes a dual coupling of "underlying technology + practical scenarios," prioritizing projects with strong implementation capabilities and clear monetization paths [4][12]. Group 2: Key Investments - Recent investments include participating in the D-round financing of smart driving company "Tian Tong Wei Shi" and leading investments in low-altitude economy firm "Fu Lin Lan" [1][12]. - The humanoid robot company "Jia Su Jin Hua" is set to launch commercial products, marking a significant step towards industrialization [2]. - The medical AI company "An De Yi Zhi" has successfully entered clinical systems in multiple countries, showcasing the global reach of Yinggang's investments [2]. Group 3: Founder and Leadership - Liu Zidi, the founder of Yinggang Capital, has a background in investment banking and has been recognized as one of the best female investors in various platforms [6][9]. - Liu Zidi's investment philosophy combines rational analysis with emotional intelligence, allowing her to support entrepreneurs through challenges [20]. - The company promotes a culture of trust and collaboration, encouraging team members to take ownership and participate actively in investment processes [18][20]. Group 4: Market Positioning and Future Outlook - Yinggang Capital's approach to "long-termism" is dynamic, focusing on identifying value that can withstand market cycles rather than static long-term holding [22][23]. - The firm is strategically positioned to leverage local government funding and international family offices, enhancing its investment capabilities [23]. - Future focus areas include AI, robotics, quantum computing, and brain-computer interfaces, reflecting a commitment to sustainable development and global opportunities [27][28].

Wind数据显示，截至7月30日收盘，港股通科技30ETF（159636）已连续16个交易日获资金净流入；拉 长时间线来看，在近21个交易日中（7月2日至7月30日），该ETF累计20日获资金净流入，累计净流入 额超26亿元；该ETF最新流通份额、流通规模分别为197.83亿份、270亿元；其中，该ETF流通份额创上 市以来新高，年内份额增长超122.59亿份，涨幅达162.93%。 除港股通科技30ETF之外，港股市场今年以来整体获南向资金净流入。Wind数据显示，7月30日，南向 资金净流入超110亿港元，连续五个交易日净流入。Wind数据显示，截至7月30日，今年以来南向资金 累计净流入超8500亿港元，创年度净流入额历史新高，超过2024年净流入的8078.69亿港元。 | 田回(截止:2025-07-30) | | | HKD | CNY | | --- | --- | --- | --- | --- | | | 合计 | 沪市港股通 | 深市港股通 | | | 最新 | 117.14 | 64.27 | | 52.87 | | 本周合计 | 336.87 | 186.43 | | 150.44 | ...