Core Viewpoint - The company is optimistic about Cao Cao Mobility (02643) due to its full-chain support from Geely's ecosystem, mature mobility service experience, and a comprehensive operational system, which are essential for the development of autonomous driving [1] Group 1: Company Current Status - On December 3, 2025, Cao Cao Mobility held a Robotaxi strategic upgrade conference in Hangzhou, where management announced Robotaxi 2.0 and set a strategic goal of "100 cities in ten years with 100 billion" [2] - The company aims to create a multifunctional integrated transportation hub with the launch of its first "green intelligent passage island," accelerating the commercialization of Robotaxi [2] Group 2: Strategic Development - The company has established a "three-step" strategy for Robotaxi development, focusing initially on technology validation and small-scale testing, transitioning to a mixed operation model of human and unmanned driving, and finally moving towards full commercial operation based on customized Robotaxi models [3] - The strategic goal of "100 cities in ten years with 100 billion" includes building five major operational centers, achieving Robotaxi service coverage in 100 cities, and accumulating a Gross Transaction Value (GTV) of 100 billion [3] - In the Robotaxi 2.0 phase, the company plans to enhance the automation level of large-scale fleet operations, launching the Cao Cao Zhixing Ras remote safety service platform and implementing a digital asset management system [3] Group 3: Collaboration and Ecosystem - Cao Cao Mobility collaborates deeply with Geely's ecosystem, creating a development model that integrates "intelligent customized vehicles + intelligent driving + intelligent operations" [3] - Geely empowers the company with electric intelligent vehicle R&D, computational algorithm data support, and a nationwide service network, positioning Cao Cao Mobility as a core vehicle for exploring future mobility [3] - A strategic cooperation agreement has been signed with Qianli Zhijia to deepen collaboration on intelligent driving technology, leveraging both parties' strengths to accelerate the large-scale application of autonomous driving technology [3]

Core Insights - The CEO of Caocao Travel, Gong Xin, announced an upgraded Robotaxi strategy with a goal of "100 cities in 10 years and 100 billion RMB" [1] - The first future urban transportation hub, the "Green Intelligent Passage Island," was unveiled, indicating accelerated commercialization of Robotaxi under Geely Technology's ecosystem [1] Group 1: Strategic Goals - Caocao Travel aims to establish five operational centers globally over the next decade, expanding Robotaxi services to 100 cities and achieving a total transaction value (GTV) of 100 billion RMB [1] - The "three-step" strategy for Robotaxi includes initial technology validation and small-scale testing, transitioning to mixed operations of human-driven and autonomous vehicles, and finally launching fully customized Robotaxi models for comprehensive commercialization [1][2] Group 2: Technological Advancements - In the Robotaxi 2.0 phase, Caocao Travel will enhance the automation capabilities of large-scale fleets and launch the Caocao Zhixing Ras remote safety service platform, integrating digital asset management systems [2] - The Green Intelligent Passage Island features automatic battery swapping, cleaning, vehicle interior management, intelligent scheduling, and automatic settlement, laying the groundwork for future urban transportation infrastructure [2] Group 3: Competitive Landscape - The competition in the Robotaxi sector extends beyond algorithms and hardware to include a comprehensive system of smart customized vehicles, intelligent driving technology, and operational platforms, forming a competitive moat for Geely's smart technology ecosystem [3] - Caocao Travel's unique development model combines smart customized vehicles, intelligent driving technology, and smart operations, supported by advanced electric vehicle R&D and manufacturing capabilities [3]

Core Insights - Uber is collaborating with Nebius's autonomous vehicle subsidiary Avride to launch self-driving ride-hailing services in Dallas, marking the fourth U.S. city for Uber's autonomous services [1][2] - The initial phase will involve a small number of Avride's autonomous taxis, with plans to expand to hundreds of vehicles in the coming years [2] - Uber has committed to investing up to $375 million in Avride to accelerate the expansion of its autonomous fleet, contingent on achieving specific milestones [2] Group 1 - Uber's partnership with Avride is part of a broader strategy to integrate human-driven and autonomous vehicles into its ride-hailing and delivery platforms [1] - The service will initially include a safety operator in each vehicle, with future plans for fully autonomous operations [1] - Uber has established over ten similar technology partnerships in the past year, aiming to deploy autonomous vehicles in at least ten cities by the end of 2026 [1] Group 2 - The investment in Avride will support product development and expansion into new markets, with a target fleet size of 500 autonomous vehicles [2] - Uber's existing partnerships for autonomous services include collaborations with Waymo in Phoenix, Austin, and Atlanta, and with WeRide in Abu Dhabi and Riyadh [2] - Future pilot projects are planned in Los Angeles with Volkswagen, Arlington with May Mobility, Dubai with WeRide, and London with Wayve [3]

Core Insights - A batch of humanoid robots, Atom, has entered the Robotaxi industry, marking the launch of the world's first integrated smart passage island for Robotaxi operations [1] - Cao Cao Travel and Yuejiang Technology have signed a strategic cooperation agreement to explore innovative applications of robotics in Robotaxi operations, focusing on vehicle cleaning, maintenance, and energy replenishment [1][2] - The "green smart passage island" serves as an integrated maintenance center for Robotaxi, ensuring safety and operational efficiency for autonomous vehicles [2] Group 1 - Atom humanoid robots are now functioning as the first smart employees at the "green smart passage island" in Hangzhou, performing tasks such as guest interaction, vehicle inspection, and data collection [1] - Cao Cao Travel, as the core commercial entity for Geely Holding Group's Robotaxi, has developed a three-pronged strategy involving smart customized vehicles, smart driving technology, and smart operations [1] - Yuejiang Technology has established a diverse product lineup in the field of embodied intelligence, including collaborative robots and humanoid robots, which will support the intelligent upgrade of Robotaxi [1] Group 2 - The green smart passage island integrates functions such as intelligent vehicle management, parking, energy testing, and maintenance, providing operational support for autonomous vehicles [2] - Yuejiang Technology has previously collaborated with manufacturing companies to create benchmark cases in smart manufacturing, with over 100,000 robots deployed globally in companies like Foxconn, BYD, Toyota, and Nestlé [2]

Core Insights - Didi's Q3 2025 financial results show total revenue of approximately 58.6 billion, a year-on-year increase of 8.6%, with a net profit of 1.5 billion, meeting expectations [1] - The core platform's order volume, including domestic and international businesses, grew by 13.8% year-on-year to 4.685 billion orders, with daily average orders exceeding 50 million [1] - Didi's domestic business remains robust despite macroeconomic challenges, holding the highest market share and demonstrating resilience [2][4] - The international business, particularly in Latin America, is expanding into a "mobility+" ecosystem, enhancing Didi's future growth potential [1][5] Domestic Business Performance - In Q3, Didi's domestic GTV increased by 10.1% to 86 billion, with a 10.7% rise in order volume and an 8% revenue growth [2] - Didi's scale provides a competitive advantage, with a projected market share of 70% in 2024 [2] - The company is focusing on optimizing user experience and improving driver satisfaction as part of its growth strategy [2][4] Supply and Demand Strategies - Didi is launching various segmented services to stimulate potential travel demand while providing drivers with better order opportunities [3] - The upgraded driver welfare initiatives aim to enhance driver satisfaction and service quality, reinforcing the platform's operational foundation [4] International Business Expansion - Didi's international order volume grew by 24.3% year-on-year to 1.162 billion, with revenue increasing by 35% [5] - The relaunch of the "99 Food" brand in Brazil has expanded to over 30 cities, integrating ride-hailing and delivery services into a super app [5][6] - Didi's international strategy emphasizes local adaptation and ecosystem extension, with successful operations in Mexico validating the "mobility+" model [7][8] Sustainability and Future Outlook - Didi is actively promoting sustainable transportation initiatives in Brazil, including the introduction of electric vehicle services [10] - The company aims to invest 20 billion Brazilian Reais in its Brazilian food delivery business over the next year, targeting expansion to 100 cities by mid-2026 [6] - Didi's international operations are characterized by stable growth and profitability, contributing to its overall business resilience [9]

活动现场，有关部门携手快递、外卖、网约车等行业企业成立"江苏省新就业形态人员文明交通公 益联盟"，进一步促进企业落实安全主体责任，引导从业人员自觉养成守法文明出行习惯，推动交通出 行职业伤害事故减少。 12月2日是第十四个"全国交通安全日"，省公安厅联合省委网信办、省文明办、省教育厅等部门， 在全省开展"文明交通 礼行天下"主题系列宣传活动，并同步启动全省交通安全"零违法零事故"百日挑 战赛活动，引导相关群体共筑文明礼行新风尚。 省公安厅交管总队一支队副支队长段义明介绍，挑战赛主要面向新就业形态人员及货车、巡游出租 车、网约车驾驶人群体。参与者百日内未发生交通违法行为、未发生有责以上交通事故，将评为挑战成 功。 ...

Core Insights - Didi Autonomous Driving has launched 24/7 fully driverless passenger testing in designated areas of Guangzhou, following its previous service at the 15th National Games [1][8] - The service area includes high-frequency travel locations such as subway stations, schools, shopping centers, office buildings, and residential communities [1] - Users can request driverless vehicles through the Didi app, which will intelligently match vehicles based on various factors [1][3] Group 1 - The testing service is available all week, allowing users to call for autonomous vehicles at any time [1][7] - Passengers can unlock the vehicle doors via the app or automatically as they approach, and they have the option to modify their destination during the ride [5][7] - Didi Autonomous Driving has been conducting comprehensive testing in various conditions for over 1,900 days, ensuring safety and reliability [7] Group 2 - Didi Autonomous Driving received a Series D funding round totaling 2 billion yuan, aimed at enhancing AI research and advancing L4 autonomous driving applications [8] - The company is collaborating with GAC Aion to develop a new generation of autonomous vehicles, expected to be delivered by the end of 2025 [8] - Didi is actively participating in the smart city development in Guangzhou, having provided official autonomous driving services during the recent National Games [8]

标准化品质出行服务，科技赋能生态重塑 智通财经APP获悉，国盛证券发布研报称，首次覆盖，给予曹操出行(02643)"买入"评级。公司是国内头 部的科技出行平台，深度融合吉利控股集团生态，借定制车协同优势及聚合平台流量优势实现高质量扩 张，科技赋能提质增效，网约车GTV位列行业第二。战略布局自动驾驶业务，是全球稀缺的同时满足 智能定制车、智能驾驶技术及智能运营"三要素的科技出行平台，看好公司长期发展空间。 国盛证券主要观点如下： 中国共享出行领军企业，产业链协同优势显著 曹操出行创立于2015年，是由吉利集团孵化的中国网约车平台，按2024年GTV计算，公司是中国第二 大网约车平台。通过定制车队加强品牌形象，采用与运力伙伴合作的方式快速拓展市场，投资自动驾驶 积极布局下一代出行服务。控股股东在汽车制造、新能源科技、车联网、智能驾驶等领域的全面产业链 布局，与公司的业务发展形成了强大的协同效应，提供了独特的生态优势。1H25公司收入94.56亿元， 同比增长53.50%;毛利率稳步提升，费用持续摊薄;各项经营指标显著提升，网络效应强化。 共享出行赛道空间广阔，格局清晰 出行作为社会运转的基础需求，刚性特征显著，2 ...

Core Viewpoint - Company is positioned as a leading technology-driven ride-hailing platform in China, leveraging its integration with Geely Holding Group to achieve high-quality expansion and strategic development in autonomous driving [1][4] Group 1: Company Overview - Caocao Travel, founded in 2015 and incubated by Geely Group, is the second-largest ride-hailing platform in China based on projected GTV for 2024 [1] - The company reported revenue of 9.456 billion yuan in the first half of 2025, reflecting a year-on-year growth of 53.5%, with a steady increase in gross margin and improved operational metrics [1] Group 2: Market Potential - The Chinese ride-hailing market is projected to reach 8 trillion yuan by 2024, with the shared mobility segment expected to grow from 344.4 billion yuan in 2024 to 800 billion yuan by 2029, at a CAGR of 17% [2] - The competitive landscape is characterized by a dominant player and several strong competitors, with a high concentration in regional markets [2] Group 3: Service and Technology - The company is enhancing its brand image and driver loyalty through standardized ride services and is actively piloting autonomous taxi services in cities like Suzhou and Hangzhou [3] - Four core competitive advantages identified include ecological integration, standardized supply and economic optimization, differentiated brand perception, and technology-driven operational innovation [3] Group 4: Autonomous Driving Market - The global market for autonomous ride-hailing services is expected to reach 359.6 billion dollars by 2035, with favorable conditions for commercialization driven by technological advancements and policy support [4] - The company's collaboration with its parent group is anticipated to create significant competitive barriers and enable it to capitalize on market opportunities [4]

Core Viewpoint - The establishment of driver service stations in Shandong province aims to enhance the support for taxi and ride-hailing drivers, addressing their needs for food, rest, and vehicle maintenance, while also being recognized as a national model for replicable projects [2][3]. Group 1: Driver Service Stations - Seven driver service stations in Shandong have been selected for a national replicable promotion project, leading the country in the number of recognized stations [2]. - The service stations provide essential services such as affordable charging, meals, and legal assistance, transforming from basic rest areas to comprehensive support hubs for drivers [2][4]. Group 2: Driver Needs and Solutions - Drivers typically operate over 10 hours daily, facing challenges such as difficulty in dining, resting, and vehicle maintenance, which the service stations aim to address [3]. - A multi-channel communication platform has been established to ensure drivers' concerns are heard and addressed, including direct connections to associations and government departments [3]. Group 3: Legal and Psychological Support - Legal aid stations and psychological counseling services have been set up at the service stations to assist drivers with legal issues and disputes, enhancing their overall support [4]. - The integration of legal services has proven effective, as demonstrated by a case where a driver received compensation for damages through legal assistance [4]. Group 4: Economic Impact and Sustainability - The service stations not only support drivers but also promote local agricultural products, enhancing market reach and providing additional income for farmers [5]. - A diverse service model, including maintenance, charging, and retail, is essential for the sustainable operation of the service stations, allowing them to generate revenue while serving the community [4][5].