Core Viewpoint - The merger between Scage International and Finnovate Acquisition Corp. marks a significant milestone in advancing global decarbonization in commercial transportation, with plans for Nasdaq listing and expansion into new markets [1][3]. Group 1: Merger Details - Scage International has completed its business combination with Finnovate Acquisition Corp, with the new company, Scage Future, set to trade on Nasdaq under the ticker "SCAG" starting June 30, 2025 [1]. - The merger has received approval from Finnovate's shareholders and all remaining conditions have been satisfied or waived [1]. Group 2: Company Strategy and Vision - The CEO of Scage International emphasized that the Nasdaq listing will enhance market visibility and broaden financing channels, facilitating the commercialization of next-generation hybrid, electric, and hydrogen fuel cell trucks [3]. - The company plans to expand production capacity, invest in hydrogen infrastructure, and extend its global footprint in regions such as China, Central Asia, Southeast Asia, and the Middle East, while preparing to enter the European and American markets [3]. - Scage International aims to create long-term value for shareholders through a strong order backlog and an expanding portfolio of zero-emission products [3]. Group 3: Company Background - Scage International is a leading provider of zero-emission technology in China, focusing on accelerating the decarbonization of global commercial transportation through advanced heavy-duty new energy vehicle products and innovative clean fuel systems [4]. - The company has extensive experience in the design, production, and testing of the next generation of heavy-duty new energy commercial vehicles, with key products including the Longwang II plug-in hybrid dump truck and the Galaxy II plug-in hybrid truck [4].

Core Viewpoint - The automotive sector is expected to continue its growth trajectory, driven by technological innovation and the rise of AI and robotics, with a focus on three main themes: dividends, smart technology, and robotics [5][6][12]. Weekly Review Summary - In the third week of June, the compulsory insurance for vehicles reached 548,000 units, showing a week-on-week increase of 21.6% and a month-on-month increase of 40.0% [2][42]. - The performance of various automotive segments ranked as follows: SW automotive parts (+4.6%), SW commercial passenger vehicles (+3.2%), SW automotive (+2.9%), SW motorcycles and others (+2.4%), SW passenger vehicles (+0.1%), and SW commercial freight vehicles (0.0%) [2][9]. Industry Core Changes - Xiaomi launched the YU7, a mid-to-large luxury high-performance SUV, with prices starting from 253,500 CNY for the single-motor rear-drive version and going up to 329,900 CNY for the dual-motor high-performance version [4][11]. - Li Auto updated its Q2 2025 delivery forecast to 108,000 units, reflecting a slight decrease of 0.5% year-on-year but an increase of 16% compared to the previous quarter [4][11]. - Black Sesame Intelligence and Nullmax collaborated to create a mainstream production solution for assisted driving, utilizing a single Wudang C1236 chip [4][11]. - The YU7 model is equipped with a standard electric power steering system [4][11]. Sector Perspective Reaffirmation - The market remains optimistic about the automotive sector, particularly following the impressive pre-sale of the Xiaomi YU7, which surpassed 240,000 units in just 18 hours, setting a historical record [5][12]. - The recommendation is to increase the allocation towards dividend stocks in the automotive sector for the second half of the year, focusing on three main themes: dividends and good patterns, AI smart technology, and AI robotics [6][12]. Current Automotive Sector Configuration - The automotive sector is advised to focus on technological innovation as a means to achieve healthy development [6][12]. - Key stocks to consider include: - Dividend and good pattern theme: Yutong Bus, China National Heavy Duty Truck, and various automotive parts manufacturers [6][12]. - AI smart technology theme: Preferred stocks include Xpeng Motors, Li Auto, and Xiaomi Group in Hong Kong, and companies like Seres and BYD in A-shares [6][12]. - AI robotics theme: Recommended stocks include Top Group, Joyson Electronics, and others [6][12].

6月27日，中国重汽（香港）有限公司发布重要公告，宣布多项高层人事变动及董事委员会架 构调整。 FALE DE SINOTRUK SINOTRUK (HONG KONG) LIMITED 中國重汽(香港)有限公司 (於香港註冊成立的有限公司) (股份代號:03808) 本公司董事長、執行董事及總裁變動 設立環境、社會及管治委員會 原执行董事刘正涛获委任为董事长、执行委员会主席以及战略及投资委员会主席，并因此辞任 总裁一职。 及 董事委員會人士變動 本公司董事長、執行董事及總裁變動及董事委員會人士變動 董事會謹此宣佈,自2025年6月27日起: (iv) 王德春先生已辭任執行總裁;及 (v) 韓峰先生已獲委任為執行董事及執行委員會成員。 在高层人事变动方面 (i) 王志堅先生已辭任董事長、執行董事、執行委員會主席以及戰略及投資委員 會主席; (ii) 劉正濤先生獲委任為董事長、執行委員會主席以及戰略及投資委員會主席及 因此辭任總裁; (iii)劉偉先生已獲委任為執行董事、總裁、執行委員會成員以及戰略及投資委員 會成員; 中国重汽（香港）董事会宣布，自2025年6月27日起：王志坚已辞任董事长、执行董事、执 行委 ...

在政策、市场和技术的三重因素驱动作用下，商用车的"智电革命"正在全面提速。 据第一商用车网最新掌握的交强险数据显示，2025年1-5月国内新能源重卡累计销售6.12万 辆，同比大涨195%。其中5月份，国内新能源重卡实销1.51万辆，创下史上同期新高，且居 史上月度销量第三高峰，同比大涨190.7%。新能源重卡市场"没有最火只有更火"，也为行业 和企业带来了前所未有的发展机遇。 同时，参考乘用车发展路径，商用车在完成电动化布局后，智能化将成为下一阶段竞争焦点。 消息面上，不管是交通运输领域人工智能发展的顶层设计，还是智慧城市建设中的"车路云一 体化"，商用车企业都是重要参与者和技术实现者。 2024年国内重卡BEV（纯电动）加速渗透，主要因供给丰富，且电池价格下降及购置补贴使 BEV在部分细分市场具备强产品力与经济性。根据交强险数据，2024年BEV重卡上险约7.7万 辆，同比高速增长154%，BEV重卡渗透率快速提升至接近13%。国海汽车研报预计，2025 年全年国内BEV渗透率或为23%左右，在补能基础设施不断完善、产品供给持续丰富、路权 等政策稳定支持下，国内BEV重卡渗透率的阶段性顶点或为30-35% ...

Core Viewpoint - The article emphasizes the significant economic advantages of electric heavy-duty trucks in commercial vehicle electrification, particularly in the express trunk logistics sector, where the SANY Jiangshan SE636 electric truck is positioned as a game-changer for cost reduction and efficiency enhancement in the industry [1][3]. Group 1: Economic Efficiency - The SANY Jiangshan SE636 features a 636 kWh battery, enabling a real-world range of 500 kilometers, which meets the needs of major express trunk routes in China [4]. - The truck's weight is optimized to 10.6 tons, which is over 0.5 tons lighter than mainstream competitors, allowing for additional cargo capacity and increased revenue per trip [6]. - The "smart energy management system" of the SE636 allows for an average energy consumption of just 1.1 kWh per kilometer, potentially saving over 100,000 yuan annually in energy costs for a fleet operating 200,000 kilometers per year [8][10]. Group 2: Operational Efficiency - The SE636 utilizes an 800V high-voltage architecture and 1000A fast-charging technology, allowing for a 30-minute charge from 20% to 80%, equating to approximately 300 kilometers of range [14]. - The truck's dual-motor and dual-transmission system provides 870 horsepower, surpassing traditional diesel trucks in performance, and offers robust climbing capabilities on steep gradients [16]. - Advanced chassis technology and air suspension enhance operational efficiency and comfort, reducing the physical strain on drivers during long hauls [18]. Group 3: Driver Experience and Safety - The SE636's cabin design maximizes space and comfort, featuring a flat floor and a spacious sleeping area, catering to long-distance drivers [22]. - It is equipped with an L2-level intelligent driving assistance system, providing comprehensive safety features to reduce fatigue and enhance driving safety [24]. - The "Smart Transport" platform allows fleet managers to monitor vehicle status in real-time, optimizing operations for safety and efficiency [26]. Group 4: Market Positioning - The SE636 is positioned as a reliable solution for the express logistics sector, addressing the urgent need for cost-effective electric heavy-duty trucks [28]. - SANY's commitment to a direct sales and service model, along with comprehensive support services, strengthens customer confidence in the SE636 [28].

欧盟委员会提议免除通行费 以提振对零排放卡车和公共汽车的需求 智通财经6月27日电，为了刺激和支持可持续道路运输的竞争力，欧盟委员会提议免除零排放重型车辆 的道路通行费和使用费。欧盟委员会提议将目前的豁免期从2025年12月31日延长至2031年6月30日，为 公司投资零排放重型车辆提供重大激励。拟议的豁免期将与欧盟的CO2新型重型车辆的排放性能标准其 目标是到2030年将排放量减少43%。 ...

Core Viewpoint - Hino Motors is pursuing a merger with Mitsubishi Fuso, setting financial targets to improve operating profit margins to 5% by FY2026 and 8% by FY2030, while initiating efficiency optimization plans before the merger is finalized [1][3][7] Group 1: Merger Background and Financial Goals - The merger plan between Hino and Mitsubishi Fuso was initiated in May 2023, with the aim to complete integration by the end of 2024, but was delayed due to Hino's emissions scandal [3] - Hino faced significant financial losses due to the scandal, reporting net losses of 84.7 billion yen in FY2021 and 117.6 billion yen in FY2022, prompting the need for external capital and the merger [3] - The new holding company will have Toyota and Daimler Trucks each holding 25% of shares, with Daimler having a slight edge in voting rights, indicating Hino's departure from being a subsidiary of Toyota [6] Group 2: Cost Management and Operational Efficiency - Hino plans to achieve its operating profit margin targets primarily through internal efforts and operational synergies post-merger, with a focus on reducing the variety of key components by 50% [7] - The company anticipates a net loss of 217.7 billion yen in FY2024 due to substantial settlement costs, necessitating cost-cutting measures in the following years [7] - Hino has already sold its Hamura plant for 150 billion yen to Toyota, which will be used to cover losses and invest in electrification [7] Group 3: Industry Context and Competitive Landscape - The merger is seen as a strategic response to the dual challenges of electrification and globalization in the commercial vehicle sector, with the new entity expected to form a significant competitive group alongside Isuzu and UD Trucks [8] - The consolidation aims to enhance scale and competitiveness against the rapid expansion of Chinese commercial vehicle brands in overseas markets, particularly in Southeast Asia and the Middle East [8]

6月26日，"陆地航班﹒V你而来 —— 长安凯程V919全球上市发布会"在重庆举行。全球首款纯电动后驱宽体轻客、首款K01架构商用 车型、首款新央企数智商用车、首款接轨乘用车体验轻客——长安凯程V919，以"四大首发"实力强势上市，凭"陆地航班"之空间和舒 适度，颠覆燃油轻客市场，售价为8.99-22.59万元，为新世代生意人带来全新的"低能耗、大收益"解决方案及智慧物流新生态。 作为新央企的首款新车，长安凯程V919不仅自带重塑市场的实力，还重磅推出五大上市专属权益，以满满诚意为用户提供高价值产品体 验。 长安汽车董事长朱华荣先生讲到，当前全球轻型商用车市场稳步增长，中国新能源轻客大有可为！作为长安商用车战略的承载者，长安 凯程正向"数智新能源商用车科技品牌"转型，V919纯电宽体轻客凭借"方正大空间、后驱大承载、低耗大收益"优势，助力用户"装得 多、拉得多、赚得多"。长安汽车将在资金、技术、人才等方面支持长安凯程做强做优做大，并抓住新央企机遇将长安凯程打造为世界 一流商用车品牌。 车内主副驾联通座椅，让用户工作之余在前排通铺轻松休息，四向调节乘坐更舒适。双手机固定充电位，接单、生活两不误。豪华独立 座椅、 ...

Core Viewpoint - The launch of the Great Wall G series hybrid heavy-duty truck marks a significant step in the company's strategy to innovate within the commercial vehicle sector, focusing on cost reduction and efficiency improvements for logistics operations [1][5][9] Group 1: Product Launch and Features - The Great Wall G1050 hybrid heavy-duty truck is officially launched with a starting price of 536,600 yuan, featuring a self-developed "power brain" chip and a dual-motor DHT hybrid transmission, delivering 1,050 horsepower and reducing fuel consumption by 15%-25% [1][6] - The upcoming G970 model is designed to cater to diverse logistics needs, particularly for general cargo and high-efficiency express delivery scenarios [3] Group 2: Market Context and Strategy - The commercial vehicle market in China is experiencing intense competition, with a reported 9% decline in overall sales and a 5% drop in truck sales in 2024, attributed to weak domestic demand and excess capacity [3][5] - Great Wall Motors' chairman, Wei Jianjun, emphasizes that the company's entry into the heavy-duty truck market represents a second entrepreneurial venture, aiming for long-term growth despite current market challenges [3][5] Group 3: Value Proposition and Innovation - Great Wall Motors is redefining the heavy-duty truck concept by focusing on a comprehensive value chain approach, aiming to reduce costs for owners, simplify operations for managers, and ease driving for operators [5][6] - The hybrid technology is positioned as a key differentiator, utilizing advanced features such as a low-drag design and intelligent coasting to lower operational and maintenance costs [5][6] Group 4: Competitive Advantages and Market Positioning - The G series hybrid heavy-duty truck has demonstrated a fuel efficiency improvement of 8.4 liters per 100 kilometers compared to high-end imported trucks, achieving a total fuel savings rate of 19.8% [6] - Great Wall Motors is introducing attractive sales incentives, including a "money-back guarantee" for fuel savings, three years of comprehensive maintenance, and a guarantee that the vehicle's residual value will not fall below 50% after three years [6][9]

Group 1: Core Insights - Wei Long Wei Wei (9985.HK) is a leading player in the Chinese spicy snack food industry, having established competitive barriers through over 20 years of experience and strategic supply chain and brand management [3][4] - The company has successfully transitioned from traditional production to modern food manufacturing, achieving significant brand value enhancement through marketing strategies and product upgrades since 2010 [3][4] - The core management team is stable, and the company has implemented an efficient operational mechanism supported by external talent and multi-level incentive systems [3] Group 2: Product Development - The company is upgrading its classic spicy snack products while introducing new flavors and packaging to enhance price points and meet diverse consumer preferences [4] - The konjac snack segment is expected to see explosive growth, with a projected 59% year-on-year increase in vegetable products in 2024, driven by health-conscious consumer trends and effective marketing strategies [4][6] Group 3: Channel Strategy - The company has a robust multi-channel strategy, achieving significant growth in both traditional and emerging channels, with a notable increase in the number of sales points from 12,100 in 2022 to 433,000 by the end of 2024 [5] - Online sales channels, including Tmall, JD, and Douyin, have shown positive growth, with Douyin's revenue increasing by 160% year-on-year in 2024 [5] - The company has initiated overseas market trials in Southeast Asia, indicating a strategic move towards global expansion [5] Group 4: Future Outlook - The konjac snack segment is anticipated to become a major product line, with the company holding a 70% market share in the konjac snack category and 42% in the overall konjac snack industry by 2024 [6] - The company is expected to continue innovating and expanding its product lines beyond spicy snacks and konjac, with a focus on improving profitability through cost efficiency and product structure optimization [6][7] Group 5: Financial Projections - The company is projected to achieve revenues of 7.858 billion, 9.346 billion, and 10.755 billion yuan from 2025 to 2027, with net profits of 1.372 billion, 1.697 billion, and 2.008 billion yuan respectively [7][8] - The earnings per share (EPS) are expected to rise from 0.56 yuan in 2025 to 0.83 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 22.4x to 15.3x [7][8]