Group 1 - The National Robot Industry Index decreased by 1.3%, the China Internet of Things Theme Index fell by 1.5%, the China Consumer Electronics Theme Index dropped by 1.6%, and the China Intelligent Electric Vehicle Index declined by 2.4% as of the midday close [1][4][6][8] - The EasyOne ETF for robots saw a net subscription of 10 million units in half a day [1] Group 2 - The China Intelligent Electric Vehicle Index focuses on key areas such as power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production within the industry chain [3] - The China Consumer Electronics Theme Index emphasizes AI hardware, which is currently a major category of smart terminal products, including companies involved in component production and complete product design and manufacturing [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 自願公告 關於蔚來 蔚來是全球智能電動汽車市場的先驅及領跑者。成立於2014年11月，蔚來致力 於共創可持續和更美好的未來，實現「Blue Sky Coming」的使命。蔚來的願景是 成為技術與體驗領先的用戶企業。蔚來設計、開發、製造及銷售智能電動汽車， 推動新一代核心技術的創新。蔚來通過持續的技術突破及創新、極致的產 ...

Group 1: Market Performance - The robotics sector experienced fluctuations this week, with the China Securities Intelligent Electric Vehicle Index rising by 1.8% and the National Securities Robotics Industry Index increasing by 0.9%. In contrast, the China Securities Consumer Electronics Theme Index fell by 1.3%, and the China Securities Internet of Things Theme Index decreased by 1.7% [1] - The robot ETF from E Fund (159530) attracted nearly 300 million yuan in net subscriptions over the first four trading days of the week, with an additional net subscription of over 40 million units today [1] Group 2: Industry Insights - According to Dongfang Securities, China's robotics industry chain has strong manufacturing advantages, with companies continuously expanding overseas production capacity. The uncertainty of the industry chain influenced by external factors is decreasing [1] - Leading robotics companies are seeing their products mature and are about to enter mass production, suggesting that the recent pressure on the sector may present a good opportunity for investment [1]

Core Insights - Xiaomi Group's chairman Lei Jun received significant support amid public scrutiny, with a local government official visiting Xiaomi's smart home appliance factory and expressing hopes for further development [2][3][5] - Lei Jun's wealth increased dramatically, ranking him fifth on the 2025 Hurun Rich List, with a total wealth of 326 billion yuan, reflecting a 151% year-on-year growth [10][11] Group 1: Government Support - The visit by Hubei's provincial secretary to Xiaomi's factory signifies recognition and support for the company's existing projects and future expectations [3][5] - The smart home appliance factory represents Xiaomi's first factory outside Beijing, covering over 750 acres with a planned investment exceeding 2.5 billion yuan and an expected annual output value of 14 billion yuan [5] Group 2: Financial Performance - Lei Jun's wealth surged by 196 billion yuan over the past year, primarily driven by explosive growth in Xiaomi's automotive business, which reported a revenue of 21.3 billion yuan in Q2 2025 [10][11] - The automotive division's sales reached 264,000 units in the first three quarters, marking a year-on-year increase of 278.8% [10] Group 3: Public Perception and Resilience - Despite facing negative public sentiment and stock price fluctuations, Lei Jun's personal wealth has remained largely unaffected, indicating resilience against external pressures [10][12] - Lei Jun has acknowledged the challenges posed by public criticism but remains focused on overcoming these issues, drawing on past experiences to navigate through difficulties [11][12]

Core Viewpoint - The article discusses the transformative journey of Li Auto in the autonomous driving sector, highlighting the shift from skepticism to a strong commitment to AI-driven end-to-end solutions, culminating in the successful launch of the "end-to-end + VLM" system, which significantly boosted sales and market presence [1][6][42]. Group 1: Strategic Shift - In March 2024, Li Auto's CEO, Li Xiang, expressed dissatisfaction with the company's autonomous driving performance, emphasizing the need for a decisive shift towards end-to-end technology [2][8]. - The introduction of the "end-to-end + VLM" system in July 2024 marked a pivotal moment for Li Auto, allowing the company to transition from a follower to a leader in the autonomous driving space [3][4]. Group 2: User Reception and Sales Impact - The "end-to-end + VLM" system received overwhelmingly positive feedback during initial trials, leading to a significant increase in user engagement, with 65% of test drives featuring the new technology by October 2024 [5][6]. - By the end of 2024, the delivery share of models equipped with the AD Max system (featuring the new technology) reached 75.4% in the 300,000+ yuan segment and 84.6% in the 400,000+ yuan segment, a dramatic increase from just 20% earlier in the year [6][50]. Group 3: Team Dynamics and Development - The autonomous driving team at Li Auto faced anxiety and uncertainty at the beginning of 2024, but the successful implementation of the end-to-end system led to a turnaround in morale and performance [8][12]. - Li Auto's strategy involved rapidly expanding its autonomous driving team from around 600 to over 1,000 by the end of 2023, although this expansion initially did not yield the expected results [9][10]. Group 4: Technological Innovation - The end-to-end approach allowed Li Auto to integrate various functions into a single model, enhancing efficiency and reducing complexity compared to traditional modular methods [57]. - The project was characterized by a rapid development cycle, with the team successfully delivering a demo version of the end-to-end system in just over a month, showcasing superior performance compared to previous iterations [31][52]. Group 5: Data-Driven Approach - The success of the end-to-end project was largely attributed to a robust data-driven strategy, which emphasized the importance of high-quality data over sheer manpower [63][71]. - Li Auto's data collection capabilities were built into every vehicle from the start, ensuring standardized and comparable data for algorithm training, which was crucial for the success of the autonomous driving system [71][72].

Group 1 - The robotics sector experienced a volatile upward trend, with notable gains in stocks such as Dingzhi Technology and Liyuanheng, leading to a 3.0% increase in the CSI Intelligent Electric Vehicle Index and a 2.1% rise in the CSI Consumer Electronics Theme Index [1] - The CSI Robotics Industry Index rose by 0.9%, while the CSI Internet of Things Theme Index increased by 0.6% [1] - The E Fund Robotics ETF (159530) saw a net subscription of 15 million shares throughout the day, accumulating over 700 million yuan in total over six consecutive trading days [1] Group 2 - The CSI Intelligent Electric Vehicle Index focuses on smart electric vehicles, which are expected to represent a significant direction for embodied intelligence, covering various segments of the industry chain including power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production [3] - The CSI Consumer Electronics Theme Index emphasizes AI hardware, which is currently a major category of smart terminal products, comprising stocks of companies involved in component production and complete brand design and manufacturing [5]

Core Viewpoint - Xiaomi is restructuring its organization by establishing a new primary department, the Architecture Department, to focus on the next-generation technology framework for smart electric vehicles, directly reporting to Lei Jun, indicating a strong commitment to technological foresight and positioning in the automotive industry [4][6][15]. Group 1: Organizational Changes - The new Architecture Department will include key personnel from the R&D sector, such as the former head of vehicle development, Cui Qiang, and the former head of electric power, Wang Zhensuo, who will now lead vehicle development [5]. - This restructuring elevates the importance of technological strategy within Xiaomi, which is crucial for its long-term market positioning and competitive edge [6][15]. Group 2: Technological Strategy - The establishment of the Architecture Department reflects Xiaomi's intent to define its technological direction five to eight years in advance, which is essential for the survival and competitiveness of automotive companies [7][9]. - The automotive industry is experiencing rapid technological advancements, but there are underlying uncertainties, particularly in electric vehicle technologies, where companies like Xiaomi and BYD are competing on high-performance electric motors and battery technologies [10]. Group 3: Market Position and Performance - Xiaomi's automotive division, established in 2021, has faced a challenging market environment, particularly with the price wars expected in 2024. The company emphasizes its technological positioning to differentiate itself [17]. - The sales performance of Xiaomi's vehicles has been notable, with the cumulative sales of the SU7 surpassing 258,000 units and the YU7 delivering over 40,000 units within three months of launch, indicating a potential for quarterly profitability in the automotive business [18][19]. Group 4: Industry Trends and Competition - The automotive industry is experiencing intense competition, with companies under pressure to launch low-cost, high-competitiveness products in shorter cycles. This has led to a trend of product homogenization, where differentiation becomes challenging [21]. - In response to the rapid technological iterations, companies like Li Auto are pivoting towards artificial intelligence, indicating a shift in competitive strategies within the industry [22].

Core Insights - The launch of the Avita 12 four-laser version marks a significant upgrade in collaboration with Huawei, showcasing advanced technology and design [1][2] - Avita aims to establish itself as a high-end brand with unique offerings in the luxury car market, emphasizing a blend of technology and user experience [1][3] Product Features - The Avita 12 four-laser version is equipped with Huawei's four-laser radar system, providing 360° perception coverage, enhancing safety in various driving conditions [2] - It offers both pure electric and range-extended versions, with the pure electric model featuring a 94kWh battery and a range of up to 755 km, while the range-extended version has a total range of 1,270 km [2] - The vehicle includes a high-end audio system with 25 speakers and advanced interior features designed for comfort and luxury, such as heated and ventilated seats [3] Strategic Vision - Avita plans to deepen its strategic partnerships with Huawei and CATL, aiming to launch 17 new models by 2030 across various segments, including sedans, SUVs, and sports cars [3] - The company positions the Avita 12 as a benchmark in the 300,000 RMB luxury sedan market, reflecting its commitment to innovation and market leadership [3]

Group 1 - The robotics sector experienced wide fluctuations, with the Guozheng Robotics Industry Index declining by 0.1% at the close, while the CSI Intelligent Electric Vehicle Index rose by 0.01% [1] - The CSI Consumer Electronics Theme Index and the CSI Internet of Things Theme Index both fell by 0.3% [1] - The E Fund Robotics ETF (159530) saw over 30 million net subscriptions throughout the day, accumulating approximately 700 million yuan over five consecutive trading days [1] Group 2 - The CSI Intelligent Electric Vehicle Index focuses on smart electric vehicles, which are expected to represent a significant direction for embodied intelligence, covering various industry chain segments including power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production [3] - The CSI Consumer Electronics Theme Index emphasizes AI hardware, which is currently a major category of smart terminal products, comprising stocks of companies involved in component production and complete machine brand design and manufacturing [5]

Group 1 - A-shares experienced a significant increase, with the Shanghai Composite Index rising over 1% and approaching 4000 points, indicating a resurgence in the technology sector [1] - The Hong Kong market mirrored this trend, with the Hang Seng Index and Hang Seng Tech Index both rising, and key technology ETFs seeing substantial inflows [1] Group 2 - Investment opportunities are suggested in the "new quality productivity" sector, focusing on technology companies with genuine technological barriers that align with national strategies [2] - The consumption sector is highlighted as crucial for stabilizing the economy, emphasizing its importance in domestic demand [3] - Attention is drawn to the "dual heavy" sectors, particularly in infrastructure and construction related to major local strategic projects [3] - The "anti-involution" sector is noted for its potential in addressing disordered competition and standardizing local investment attraction [4] - The real estate chain is expected to benefit from a framework promoting high-quality development, leading to a transformation towards quality enhancement and institutional innovation [5] Group 3 - The Hong Kong technology sector is evolving beyond its previous identity as merely an "internet platform," now representing a core asset pool of China's "new quality productivity" [5] - The Guozheng Hong Kong Stock Connect Technology Index covers key areas such as software services, smart electric vehicles, advanced hardware manufacturing, biotechnology, and semiconductors, showcasing a diverse range of innovative companies [5] - This sector's structure combines hardware and software, consumption and technology, as well as internet and manufacturing, making it an ideal investment tool to capture the growth potential of China's economic transformation [5]