Summary of Conference Call Records Company and Industry Overview - **Company**: 深城交 (Shenzhen Urban Transport) - **Industry**: Low-altitude economy and energy storage Key Points and Arguments 1. **Expansion in Low-altitude Economy and Energy Storage**: 深城交 is actively expanding its low-altitude economy and energy storage applications, with multiple demonstration projects in Shenzhen and plans to purchase 9 Bell 505 aircraft [2][4][5] 2. **Government Investment Increase**: The Shenzhen municipal government has significantly increased fixed asset investment by 50%, expected to reach 200-300 billion yuan, focusing on the construction of ultra-fast charging infrastructure [2][6][17] 3. **Future Development Focus**: The company will focus on smart connected supply chain management, transportation energy integration, digital governance, and computing, while exploring pilot projects in photovoltaic and charging infrastructure [2][7][8] 4. **Peak Fly Company Initiatives**: Peak Fly plans to establish multiple low-altitude routes from Shenzhen Dapeng and is developing an integrated communication and meteorological monitoring system expected to launch this year [2][9] 5. **Industrial Drone Applications**: Peak Fly's industrial drones are utilized for indoor positioning, facility safety inspections, urban patrols, and traffic accident handling, with plans to promote a unified drone management platform in the Greater Bay Area and Central China [2][10][11] 6. **Policy Support for Low-altitude Economy**: Shenzhen's latest policies support the low-altitude economy and energy storage, aiming to make Shenzhen a digital energy pioneer and promote comprehensive demonstration zones [3][19] 7. **Investment and Acquisition Strategy**: 深城交's strategy focuses on technology companies with core technologies for domestic substitution, currently negotiating in the chip sector to enhance core competitiveness [4][14][21] 8. **Integration of Energy and Transportation**: The company is involved in significant research projects on smart grids, focusing on the interaction between new energy vehicles and urban grids [5][13] 9. **Commercial Model Exploration**: The business model includes planning consultation and subsequent operational revenue, with a focus on integrating energy into transportation hubs and take-off/landing facilities [15][18] 10. **Market Expectations**: There is cautious optimism regarding orders and revenue in the low-altitude sector, contingent on favorable national policies and the rapid rollout of ultra-fast charging projects [20][22] Additional Important Content - **Project Development Timeline**: The Dapeng base for Peak Fly is expected to be operational by August or September this year, with ongoing overseas project consultations in the UAE and Saudi Arabia [2][9] - **Technological Collaboration**: 深城交 is collaborating with major companies like BYD, Huawei, and Meituan to develop systems applicable to both vehicles and aircraft, aiming to build a robust smart manufacturing ecosystem [21]

深城交：无人物流的卡位与布局 20250531 摘要 深圳正积极推动无人物流车商业落地，已初步发布物联网调度平台，并 与美团、顺丰、京东等签署战略合作协议，同时颁发 L4 级别测试牌照， 旨在通过技术体系支持无人物流运营，提升城市物流效率。 深圳市已着手建设覆盖全市的充电桩和停车位网络，旨在提高资源利用 率，为无人物流车提供配套服务，协调社会资源，为未来的大规模部署 提供支持，解决无人物流车运营的后顾之忧。 公司中标香港新能源车辆及政府专项资金系统项目，金额超 3 亿港元， 虽目前仍以有人驾驶为主，但未来将依托数字底座和大模型技术，逐步 向无人驾驶技术发展，实现对车辆和飞机的有效管控与调度。 公司与东部公交公司合作"无人物流市政项目"，旨在建设智慧物流枢 纽，包括智慧场站、运力车辆等，实现龙岗区内无人化物流运送，这是 一个软硬件结合的完整系统，公司参与其中进行运营和投资。 公司与深圳机场签约无人接驳车项目，预计 6 月节后开始测试，通过降 低事故率、减少人工成本，实现更高效、更低成本的运营，未来计划将 此模式复制到其他机场，扩大业务规模。 Q&A 深圳市在智能网联和无人物流领域的最新进展是什么？ 深圳市将在 ...

Core Insights - Huawei has been tracking and increasing investment in the vehicle-road-cloud integration field for over ten years, emphasizing the need to address various issues in the future development of this sector [1] Group 1: Technological Development - The rapid advancement of electric vehicles and autonomous driving has not been matched by the digitalization and intelligence of road infrastructure, highlighting the need for innovation in roadside technology [3] - Huawei is focusing on four typical scenarios to promote technology implementation: urban road intelligent traffic control, real-time traffic signal communication, automatic parking and shuttle services, and heavy-duty truck logistics [3] Group 2: Future Strategy - Huawei aims to leverage its digital and intelligent technology advantages to integrate communication, perception, and cloud control technologies, while also connecting the entire industry chain ecosystem [3] - The company plans to maintain a forward-looking and compatible technology architecture to adapt to diverse future products and demands, thereby continuously injecting technological momentum into the intelligent connected vehicle industry [3]

Core Insights - Beijing Saimo Technology Co., Ltd. and Gaode Software Co., Ltd. signed a strategic cooperation agreement in Hong Kong to collaborate in three key areas: smart equipment, smart transportation, and smart cities [2] - The partnership aims to build a "data-driven - virtual verification - real application" collaborative system to support the development of emerging industries such as low-altitude economy and smart travel [2] Group 1: Strategic Collaboration - The collaboration will leverage Saimo's depth and Gaode's breadth to enhance the low-altitude economy, providing support for its development in Hong Kong [2] - Gaode Software has developed core capabilities in algorithms, data, scenario empowerment, and regional practices related to spatiotemporal intelligence [2] Group 2: Ecosystem Development - The two companies plan to create an open, secure, and compliant urban-level ecosystem, including a comprehensive service platform for the low-altitude economy in the smart equipment sector [2] - In the smart transportation sector, they aim to develop integrated urban-level smart transportation solutions, while in the smart city sector, they will focus on deep data integration and building a shared platform [2] Group 3: Standardization Efforts - Standardization is a key focus of the collaboration, with Saimo having previously participated in the development of over 60 intelligent connected vehicle industry standards [3] - The partnership aims to introduce this experience into the low-altitude economy sector, potentially leading to the establishment of technology specifications that align with China's national conditions [3]

Group 1: AI Industry Funds - Shenzhen has launched two AI industry funds focusing on artificial intelligence smartphones, computers, tablets, and embodied robots [3] - Zhejiang plans to create an AI fund cluster exceeding 10 billion yuan to support AI companies at various lifecycle stages [12] Group 2: Other Regional Funds - Xi'an has established a 10 billion yuan new materials industry fund, aiming to leverage additional capital to reach a total scale of 100 billion yuan [4][5] - Lhasa has initiated a 1.5 billion yuan "Strong City Mother Fund" to support cultural tourism and digital economy sectors [6] - Beijing Daxing has signed agreements to set up two equity investment funds totaling 4 billion yuan, focusing on life health and advanced manufacturing [7][8] - Tianjin is launching a biopharmaceutical industry fund to invest in key sectors like nucleic acid drugs and AI in healthcare [9] - Hangzhou has established a 1 billion yuan smart connected vehicle industry fund to cover the entire industry chain [10] - Changchun plans to set up two sub-funds with a total scale of 1 billion yuan to support automotive and high-tech enterprises [11]

Core Viewpoint - Huihan Co., Ltd. (301600.SZ) has announced a substantial profit distribution plan in its first year of listing, reflecting strong operational performance and commitment to shareholder returns [1][4]. Financial Performance - In 2024, Huihan Co. achieved a revenue of 1.022 billion yuan, a year-on-year increase of 25.68%, and a net profit of 175 million yuan, up 37.54% [2][3]. - The company plans to distribute a total cash dividend of 175 million yuan, which represents 99.95% of its net profit for the year [1][4]. - The stock price reached 161.55 yuan per share as of May 14, 2024, marking a 305.5% increase from its IPO price of 39.84 yuan [5]. Business Operations - Huihan Co. specializes in providing intelligent connected solutions for smart vehicles and industrial IoT, focusing on the development, production, and sales of vehicle networking smart terminals and IoT smart modules [2][7]. - The company has seen significant growth in product shipments, driven by the global automotive industry's shift towards intelligence, connectivity, and electrification [2][7]. Research and Development - In 2024, Huihan Co. invested 66.56 million yuan in R&D, a 22.84% increase from the previous year, accounting for 6.51% of its revenue [8]. - The number of R&D personnel reached 258, making up 57.46% of the total workforce, reflecting a focus on innovation and product development [6][8]. - The company has been actively involved in standard-setting and has obtained various certifications, including EU eCall certification, enhancing its competitive edge in the market [7][8]. Market Position - As a primary supplier to major automotive manufacturers such as SAIC, Chery, Geely, and BYD, Huihan Co. leverages its expertise in information communication to optimize product design and expand its product matrix [7]. - The company reported that its vehicle networking smart terminals and IoT smart modules generated revenues of 842 million yuan and 136 million yuan, respectively, with the former growing by 32.19% [7].

Core Viewpoint - The Chengdu Eastern New Area has rapidly developed into a vital economic hub within the Chengdu-Chongqing economic circle, showcasing significant growth in GDP and infrastructure, while also enhancing its role as a center for innovation and modern urban living [5][11][31]. Economic Development - The Chengdu-Chongqing economic circle achieved a GDP of 87,193 billion yuan in 2024, accounting for 30.3% of the western region's total, with a growth rate exceeding the national average by 0.8 percentage points [5]. - The Eastern New Area's GDP reached 32.26 billion yuan in 2024, marking a 2.5 times increase since its establishment and an 11% growth compared to 2023, making it a key player in the region [5][11]. - The area has seen a fivefold increase in public budget revenue and a fourfold increase in tax revenue over five years, with high-tech industries growing from zero to 38 companies [10][11]. Infrastructure and Connectivity - The Tianfu International Airport is projected to handle over 54 million passengers in 2024, accounting for more than half of Chengdu's annual passenger throughput, and has established 35 international cargo routes [6][8]. - The ongoing construction of the Chengdu-Chongqing high-speed railway aims to create a "half-hour commuting circle," enhancing connectivity within the region [10][20]. Trade and Investment - The Eastern New Area's foreign trade enterprises increased from 2 to 28 between 2020 and 2024, with total foreign trade volume rising from 626 million yuan to 4.06 billion yuan [8]. - The area has attracted significant investment, with 61 key projects implemented, totaling over 56.7 billion yuan, and 18 industrial projects signed with a total investment of 11 billion yuan [8][13]. Urban Development and Quality of Life - The Eastern New Area is developing a "future city" model, integrating modern urban planning with ecological considerations, including the establishment of parks and high-quality living spaces [22][27]. - Educational and healthcare facilities are being enhanced, with the addition of 23 new schools and the establishment of 17 medical networks to improve access to quality healthcare [28][29]. Technological Innovation - The area has established a comprehensive financial service system to support innovation, including a 5 billion yuan fund and a collaborative banking initiative to reduce financing costs for enterprises [14][16]. - The integration of advanced technologies such as AI and big data is being utilized to enhance urban management and public services, exemplified by the launch of the "Dong e Ask" intelligent government service platform [24][31].

Group 1 - The core viewpoint is that Xixian New Area is promoting innovation and development in the technology sector through various initiatives, including the establishment of international cooperation bases and innovative financing policies [1][2]. - Xixian New Area has established 52 international cooperation bases and 6 offshore entrepreneurship platforms, with 26 international cooperation projects implemented [1]. - The area has launched innovative pilot programs such as "pay after use" and "invest first, equity later" to accelerate the development of technology innovation platforms [1]. Group 2 - Xixian New Area has released a comprehensive policy package with 296 clauses to support financing for technology enterprises, which includes the construction of 29 incubation facilities at the municipal level or above [2]. - The technology contract transaction volume for 2024 is projected to reach 35.03 billion yuan, representing a year-on-year increase of 56.4%, with 6,878 technology-based SMEs registered, up 38.4% [2]. - The area has introduced a three-year action plan titled "Ten Thousand Talents Gather in Xixian," successfully attracting 544 high-level talents and establishing 5 academic expert workstations [2]. Group 3 - Xixian New Area is fostering cross-regional collaborative development by forming a "technology going global" innovation consortium and establishing the first professional service team for technology enterprises in Northwest China [3]. - The area has signed cooperation agreements with various regions to facilitate cross-province services and remote evaluation processes [3]. - The local government aims to implement a free trade zone enhancement strategy to align with international high-standard economic and trade rules, supporting the overall "technology innovation free trade" development in Shaanxi province [3].

Group 1: Company Value Management - The company emphasizes value management through improving operational performance and effective communication with investors [2][3] - Measures include share buybacks, equity incentive plans, and maintaining good communication with the market to balance company value and market capitalization [3] Group 2: Accounts Receivable Management - The company has implemented a three-pronged approach to manage accounts receivable: pre-collection, during collection, and post-collection [3][12] - As of 2024, the company has achieved four consecutive years of positive operating cash flow [3] Group 3: Financial Performance - The company reported improved financial conditions in Q1 2025, with ongoing positive trends [4] - R&D expenses in 2024 amounted to 242 million CNY, representing 17.05% of revenue, indicating a commitment to maintaining technological leadership [12][13] Group 4: Product Applications and Collaborations - The company provides automotive communication products for various Geely models, including T-BOX and OBD, and has successfully integrated 5G products into Geely's high-end electric vehicles [5][9] - The company has shipped over 15 million electric vehicle digital number plates, indicating a strong presence in the digital management of electric bicycles [8] Group 5: Market Expansion and Challenges - The company has seen a 15.28% year-on-year increase in overseas revenue, reaching 219 million CNY in 2024 [9] - The company is actively exploring solutions to mitigate the impact of increased tariffs due to the US-China trade tensions, as its export business to the US is relatively small [10] Group 6: Governance and Shareholder Engagement - Independent directors are committed to protecting minority shareholders' interests through active communication and compliance with regulations [11] - The company has taken measures to improve performance after three consecutive years of losses, focusing on high-margin overseas markets and efficient cash flow management [11][12]

Core Viewpoints - The economic growth target for this year is set at around 5%, consistent with last year's target, but reflects a more conservative outlook due to increasingly complex external conditions [1][4] - The fiscal deficit is projected to increase to 4%, surpassing the previous threshold of 3%, indicating a stronger push for fiscal stimulus [2][6] - The focus on expanding domestic demand has been elevated as a primary task, with significant emphasis on promoting consumption through various measures [3][10] Economic Growth Targets - The government has set the economic growth target at approximately 5%, maintaining the same level as last year, but with a more cautious approach due to external challenges [1][4] - The consumer price index target has been adjusted to around 2%, down from 3%, reflecting a more realistic assessment while increasing its binding force [1][4] - The urgency to reduce energy consumption per unit of GDP has intensified, with a target reduction of 13.5% set in the 14th Five-Year Plan, impacting high-energy-consuming industries like steel and chemicals [1][4] Central Policy Adjustments - The fiscal budget deficit is set at 4%, with a planned scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from last year's budget [2][6] - Local government special bonds are projected to reach 4.4 trillion yuan, a 13% increase from last year, indicating a significant rise in fiscal capacity [2][6] - The monetary policy is characterized as "moderately loose," with potential for timely reductions in reserve requirements and interest rates [7] Key Focus Areas - Expanding domestic demand is prioritized, with a focus on enhancing consumption capabilities and promoting supply release [3][10] - The government plans to allocate 300 billion yuan in special bonds to support the consumption of new goods through trade-in programs, doubling last year's funding [3][10] - The report emphasizes a higher technological content in industrial policies, with specific support for sectors such as commercial aerospace, low-altitude economy, and artificial intelligence [11] Real Estate Regulation - The real estate regulation continues with a strategy of "controlling new supply and managing existing stock," aiming to revitalize the market [12][13] - The report suggests integrating eligible rural migrant workers into the housing security system, which could stimulate demand in the real estate market [13] Support for Childbirth - The introduction of childcare subsidies at the national level acknowledges the effectiveness of local policies and indicates potential increases in central financial support for childbirth [13]