Summary of Key Points from Conference Call Records Industry Overview - The Hong Kong stock market has benefited from previous overseas liquidity easing, leading to active investments in small and thematic stocks. The market is expected to accommodate 100-200 new AH shares and returning US stocks, supported by policies and liquidity injections [1][2][3] - The Hong Kong government and the Securities and Futures Commission (SFC) have increased their focus on the capital market, providing a stable foundation for the Hong Kong stock market, allowing it to remain strong even amid external disturbances such as trade wars [1][4][5] Core Industry Directions - Long-term optimism is noted in sectors such as the internet, smart driving, and new consumption. Companies like Pop Mart and Lao Pu Gold are showing global potential, while AI technology is enhancing valuations for firms like Xiaomi. The innovative drug sector also presents growth opportunities [1][6][7] Company Recommendations - Recommended companies include internet giants Tencent and Alibaba, which remain key holdings for many institutions. Xiaomi is highlighted for its strong alpha logic and performance, while new consumption brands like Pop Mart and Lao Pu Gold are recognized for their growth potential through technological breakthroughs and globalization strategies [1][6][7] Xiaomi's Market Expectations - There is high market anticipation for Xiaomi's new car launch, with expected large sales reaching 250,000 units and monthly sales of 40,000 units. This could significantly impact Xiaomi's stock price positively. The company is viewed favorably for its diversified development in automotive, IoT, mobile, and robotics sectors [1][8][10] Smart Driving Technology - Smart driving technology is advancing, with Chinese companies demonstrating strong competitiveness. The launch of Tesla's Robo TAXI is a notable example. Companies like Li Auto, Pony.ai, WeRide, and Hesai Technology are gaining attention in this field [3][11][12] New Consumption Sector - Despite some recent underperformance from new consumption stocks like Haidilao, the sector remains vibrant. Pop Mart continues to show strong performance, and other companies like Blok are also worth monitoring. The new consumption sector is expected to maintain long-term investment value [1][6][13] Web 3.0 Ecosystem - The Web 3.0 ecosystem is evolving, particularly with the attention on Bitcoin ETFs. Traditional financial institutions are entering the space, and the compliance of stablecoins is expected to create new growth opportunities. Companies like ZhongAn Online are highlighted as potential investments in this area [3][14][17] AI Applications and Opportunities - AI applications are gradually becoming commercialized, with expectations for more applications to emerge in the second half of the year and into 2026. The release of GPT-5 is anticipated to enhance market expectations [1][18] - The AI video sector is also gaining traction, with platforms like Kuaishou showing significant growth in AI-generated content. The potential for AR technology in this space is substantial, with projections for significant revenue increases [1][19]

Core Viewpoint - The CEO of SUTENG JUCHUANG expresses confidence in the company's performance in the second half of 2025, driven by increased sales of automotive lidar products due to head clients' growth [2][5]. Financial Performance - In Q1 2025, SUTENG JUCHUANG reported revenue of 330 million RMB, a decrease of 31 million RMB from 361 million RMB in the same period last year [3][4]. - Revenue from ADAS applications was 229 million RMB, down from 306 million RMB year-on-year, while revenue from robotic lidar products increased by 87% to 73.4 million RMB [3][5]. - Gross profit for Q1 2025 was 77 million RMB, up 73.1% from 44.5 million RMB in the previous year, with a gross margin of 23.5%, an increase of 11.2 percentage points [4]. Business Segments - The decline in ADAS revenue was attributed to reduced cooperation with two major clients, which previously accounted for 60% of total revenue [5][11]. - The company anticipates strong growth in logistics and garden robot sectors, with significant orders already secured, including a 1.2 million unit order with Mammotion [5][13]. - The company aims to achieve breakeven in a quarter of the second half of 2025 and expects to be profitable in 2026 [5][12]. Innovation and R&D - SUTENG JUCHUANG plans to invest approximately 250 million RMB in innovative business areas in 2024, representing 41% of total R&D expenses, focusing on robotics and AI technologies [7][23]. - The company has established partnerships with over 20 humanoid robot companies, indicating a strategic shift towards humanoid robotics, which is expected to have a market size ten times that of the automotive sector [8][25]. Market Outlook - The company expects overseas revenue to significantly increase by 2026, as current contributions are minimal due to the need for trust-building with international clients [6][22]. - The automotive lidar market is projected to expand as the technology becomes more accessible, with prices dropping below 200 USD, facilitating adoption in lower-priced vehicles [15][16].

深交所创业板第三套标准的即将启动，或将与一周前发布的"H+A"《意见》产生积极的联 动效应。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 中国证监会主席吴清在 6月18日举行的2 025陆家嘴论坛上表示，证监会将在 创业板正式启用第三套标准，支持优质未盈利创新企业上市。 吴清 同时还透露， 科创板 也将 重启未盈利企业适用科创板第五套标准上市，更加精准服务技术有 较大突破、商业前景广阔、持续研发投入大的优质科技企业 。 显然，这对于尚未盈利、仍需一定资金支持长远发展的科技企业及 生物医药企业 而言是一大利好。 若具体拆分来看，在谈及 " 重启未盈利企业适用科创板第五套标准上市 "时 ，吴清 指出，将 扩大 第五套标准适用范围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用 。 或许，这样的 "组合拳"将助力上述 优质 科技 企业 实现更加高质量的长期发展。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 这意味着， 相较于早前的 科创板第五套标准 更多扶持生物医药企业，本次重启的 第 ...

证券研究报告 | 2025 年 06 月 13 日 晨会集萃 制作：产品中心 重点推荐 《固收|美债仍有上行压力？》 一、拉长时间看，美债似乎进入拐点。期限溢价从 2023 年下半年开始持 续上行，背后是市场对美国财政问题恶化、贸易政策不确定性的担忧。一 些历史规律也在失效，铜金比和 10Y 美债走势不再相关，或反映了投资 者正在重新定价美国国债的避险属性。二、下半年美债怎么看？展望下半 年，关税和财政问题延续，10Y 美债收益率预计继续在当前 4.2–4.6%区 间附近震荡，但三季度面临进一步上行的风险。美债信用下降的背景下， 期限利差将继续扩大、利率曲线进一步陡峭化。三季度，核心因素是关税、 财政法案。关注一是 7 月 9 日对等关税的"暂停期"到期后，关税是否落 地执行；二是财政法案方面，两党博弈或在 8 月进入最后阶段。四季度， 核心因素在于美联储。从目前联储官员表态来看，相比于降息以预防衰退， 维持高利率来控通胀仍然更为重要。受益于移民流入的下降，就业数据尚 稳健；而关税对通胀的传导，美联储或需更多时间观察数据结果。年内或 降息 1-2 次，但不足以带动长端利率显著下行。 风险提示：特朗普关税谈判超 ...

激光雷达：AEBS 新规催化标配预期，割草机+无人城配 快速放量 20250612 Q&A 激光雷达在科技行业大规模落地和商业变现中的核心作用是什么？ 科技行业的大规模落地和商业变现的背后，本质上是要解决替代人的问题。替 代人需要模拟人与世界的交互方式，简单来说可以抽象为三个环节：五官感受 客观世界的变化、大脑进行认知和分析、手脚及其他器官反馈和执行。因此， 感知客观世界的变化是所有一切的起点。激光雷达作为多维感知领域的重要技 术之一，在包括智能驾驶、安监等多个方向上发挥了关键作用。 近期车规市场最大的变化是什么？其对激光雷达配置有何影响？ 近期车规市场最大的变化是 ABS 新规征求意见稿的发布。这一新规对于 L2 及 以下级别车辆配置激光雷达，以实现基本安全性防护和感知功能，有非常强的 催化作用。这将推动更多车辆采用激光雷达，提高整体安全性。 激光雷达技术在自动驾驶中的应用呈现下沉化、扩散化、高端化趋势， 价格快速下沉，应用范围从乘用车扩展到轻型商用载货车，同时 L3/L4 级别车辆对高性能激光雷达的需求增加。 无人货运车市场快速发展，多家厂商积极布局，预计 2025 年将实现大 规模交付，激光雷达是主流配 ...

行业研究 不止于车载传感器，非车赛道激光雷达加速放量背景下，重点推荐全球激光雷达龙头速腾聚创、禾赛。 智能驾驶技术路线改变；L3/L4 渗透率不及预期；泛机器人视觉方案出现变动；国际关系端影响海外销售风险。 敬请参阅最后一页特别声明 1 行业研究 内容目录 | 1. 车规市场：AEBS 新规有望推动激光标配，下沉化+高端化或牵引量价齐升 5 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1.1 ≤L2 辅助驾驶：AEBS 系统或将升级为强制性国标，标配车载激光雷达或提上日程 5 | | | | | | | | | 1.2 L3 有条件的自动驾驶："接管缓冲期+责任转移"，单车 4-5 颗激光雷达或为刚需 8 | | | | | | | | | 自动驾驶：Robotaxi 落地车型搭载 颗激光雷达，中美主流厂商进展提速 9 1.3 L4 7-10 | | | | | | | | | 1.4 规模扩容：成本下探+政策催化激活中低端市场，L3/4 高阶智驾有望构筑"通胀引擎" 10 | | | | | | | | | 2. 割 ...

10日，两市股指早盘窄幅震荡，午后加速下探，创业板指、科创50指数等跌超1%。截至收盘，沪指跌 0.44%报3384.82点，深证成指跌0.86%报10162.18点，创业板指跌1.17%报2037.27点，科创50指数跌 1.47%，北证50指数跌约1%，沪深北三市合计成交14516亿元，较此前一日增加近1400亿元。行业方 面，半导体、军工、石油、酿酒、券商、汽车等板块走低，传媒、农业、医药、银行等板块拉升，种业 股、创新药、稀土概念等活跃。 东莞证券指出，政策积极落地预期、国内经济结构性亮点以及科技领域技术突破催化等，都有望带动市 场中结构性机会显现和股市赚钱效应的增加，短期大盘或保持震荡蓄势，若后续成交量能持续放大指数 有望实现突破，否则仍将维持震荡走势。 今日投资机会解析 TV面板价格有望迎来反转 受2025年一季度国补、关税等拉动的提前备货影响，TV厂商一季度末库存水位升高、二季度面板采购 需求下调，二季度整体呈现旺季不旺状态。但5月以来头部面板厂通过控产控价，TV面板价格基本持 稳。 中办国办部署深入推进深圳综合改革试点 中信证券表示，短期来看，随着年中大促推动TV厂商库存去化、面板厂开始规划2 ...

随着消费级机器人不断放量带动机器视觉配套需求增加，乐动机器人营业收入在2024年实现了快速增长 背靠机器人头部企业 招股书显示，根据灼识咨询，乐动机器人为专注视觉感知技术为核心的智能机器人公司。2024年，公司 合计赋能智能机器人600万台。其中，DTOF（直接飞行时间法，一种激光雷达的技术路线）激光雷达 出货量72万台，为全球第一。 公司产品覆盖全球50个国家终端用户，服务下游客户300家，其中包括全球十大服务机器人中的七家， 以及全球五大商用机器人企业。 国内两大清扫机器人品牌科沃斯（603486）、云鲸也均为乐动机器人客户。 虽然名为"机器人"，但乐动机器人业务主要是以激光雷达模组销售为主，是一家以"视觉感知技术"为核 心的机器人企业。 与禾赛、速腾聚创通过车载激光雷达为人熟知不同，乐动机器人的激光雷达产品主要聚焦家用、商用、 工业等机器人运用场景。而相比车载激光雷达，家用机器人激光雷达对远距离探测深度的要求不高，但 对近距离探测精度有更高的要求。这个产品特点也决定了，其比车载激光雷达利润更低，但量能更大。 随着消费级机器人不断放量带动机器视觉配套需求增加，乐动机器人营业收入在2024年实现了快速增 长 ...

Group 1 - CrowdStrike Holdings Inc-A (CRWD.O) maintains a hold rating with a target price of $414, driven by improved operational efficiency and the importance of identity security in the AI era, despite slightly lower revenue expectations for Q1 FY26 [1] - Lululemon Athletica Inc (LULU.O) also holds a neutral rating with a target price of $280, as same-store sales in the Americas weaken and competition in China increases, leading to a valuation downgrade [1] - Nvidia (NVDA.O) is rated outperform, with Q1 FY26 revenue exceeding expectations by 69%, driven by data center growth, and projected revenue of $45 billion for Q2 FY26 [1] Group 2 - Suzano SA ADR (SUZ.N) maintains a hold rating, with expectations of cost reduction and stable profits from a joint venture with Kimberly Clark, despite regulatory risks [2] - Zscaler (ZS.O) is rated buy with a target price of $317, as significant revenue and order growth is noted, alongside a strong position in the SASE market [3] - Bilibili (BILI.O) is rated buy, with Q1 revenue exceeding expectations and a significant improvement in adjusted net profit, driven by strong growth in advertising and gaming [6] Group 3 - Broadcom (AVGO.O) maintains an outperform rating with a target price of $275, as Q2 FY25 results meet expectations and AI revenue exceeds $4.4 billion, with a forecast of 60% growth in AI revenue for FY25 and FY26 [6][7] - Charters Industrial (GTLS.N) holds a rating of hold, with expectations of $300 million in annual synergies from a merger with FOSS, despite potential risks from cost inflation and demand downturns [8] - Hesai Technology (HSAI.O) shows strong Q1 performance with significant revenue and profit growth, and partnerships with top global OEMs [9] Group 4 - Palo Alto Networks (PANW.O) is rated buy with a target price of $203, as the company focuses on platform strategy and anticipates increased customer spending on platform products [10] - Pinduoduo (PDD.O) maintains a buy rating with a target price of $131, despite Q1 results falling short of expectations, as long-term growth strategies remain promising [11] - EHang Intelligent (EH.O) is rated outperform, with expectations of revenue growth despite a decline in Q1 due to reduced sales of EH216 series [12] Group 5 - MOMO Inc (MOMO.O) is rated outperform with a target price of $9, as Q1 results exceed expectations and overseas business shows rapid growth [13] - MOMO Inc also receives a buy rating with a target price of $8, with an increase in revenue and adjusted net profit expectations based on a 7x P/E ratio for 2025 [14]

证券研究报告 禾赛科技 (HSAI US) Q1 收入符合预期，维持全年指引 禾赛科技 1Q25 激光雷达出货量达 19.6 万颗，其中 ADAS 交付量 14.6 万颗， 机器人交付 5.0 万颗；1Q25 实 现营业收入 5.3 亿元，同比 /环比 +46.3%/-27.1%，符合此前指引 5.2-5.4 亿元；实现净利润-0.18 亿元。公司 指引 2Q25 实现激光雷达出货量 30 万颗，营业收入 6.8-7.2 亿元，同比增 长 48-57%，GAAP 净利润转正。我们看好：（1）智驾和机器人共振带来激 光雷达出货量规模后续逐季增长；（2）公司扎实的半导体设计工艺能力带来 稳定的毛利率水平（40%左右）。维持"买入"评级，目标价 24.96 美元。 ADAS：25 年公司销量 禾赛 1Q25 的 ADAS 激光雷达总出货量为 14.6 万颗（去年同期：5.2 万颗）， 销量同比高增。从公司 Q1 的业绩中我们看到：（1）公司储备订单丰富，截 至 Q1 已取得 23 家主机厂超过 120 款车型的定点，本季度新增合作包括奇 瑞 iCar、长城欧拉、极氪多款热销车型、吉利一款车型。（2）新获得了全 球 ...