Core Viewpoint - The Ministry of Transport and six other departments jointly released the implementation opinions on "Artificial Intelligence + Transportation," focusing on enhancing intelligent driving technologies and expanding service scenarios [1] Group 1: Intelligent Driving Development - The initiative includes actions to improve intelligent driving large models and comprehensive evaluation technologies [1] - It aims to support innovation resource aggregation in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Chengdu-Chongqing area [1] - The plan emphasizes the cautious promotion of intelligent assisted driving technology demonstration applications in compliance with laws and regulations [1] Group 2: Technical Testing and Infrastructure - The focus is on implementing technical testing innovations for intelligent driving scenarios, particularly for freight trucks on major corridors [1] - Existing infrastructure like highway ETC gantries will be utilized to explore multi-pole integration and multi-sensing approaches [1] - The initiative aims to scientifically layout vehicle-road-cloud collaborative perception and control devices and systems to enhance public travel experiences [1]

Core Viewpoint - Embodied intelligence is emerging as the next battleground for smart driving entrepreneurs, with significant investments and developments in the sector [2][4]. Market Overview - The global embodied intelligence market is on the verge of explosion, with China's market expected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market [3][21]. - The humanoid robot market is projected to reach 8.239 billion yuan, representing about 50% of the global market [3]. Industry Trends - Several smart driving companies, including Horizon Robotics and Zhixing Technology, are strategically investing in embodied intelligence through mergers, acquisitions, and subsidiary establishments to seize historical opportunities [4]. - The influx of talent from the smart driving sector into embodied intelligence has been notable since 2022, with many professionals making the transition in 2023 [13]. Technological Integration - The integration of smart driving and embodied intelligence is based on the concept of "embodied cognition," where intelligent behavior is formed through continuous interaction with the physical environment [6]. - The technical pathways for both fields are highly aligned, with smart driving vehicles functioning as embodied intelligent agents through multi-sensor perception, algorithmic decision-making, and control systems [6]. Technical Framework - The technical layers of smart driving applications and their migration to embodied intelligence include: - Perception Layer: Multi-sensor fusion for environmental modeling and object recognition [7]. - Decision Layer: Path planning and behavior prediction for task planning and interaction strategies [7]. - Control Layer: Vehicle dynamics control for motion control and execution [7]. - Simulation Layer: Virtual scene testing for skill learning and adaptive training [7]. Investment and Growth Potential - The embodied intelligence market is expected to maintain a growth rate of over 40% annually, providing a valuable channel for smart driving companies facing growth bottlenecks [21]. - The dual development pattern of humanoid and specialized robots allows smart driving companies to leverage their technological strengths for market entry [22]. Profitability Insights - The gross profit margins for embodied intelligence products are generally higher than those for smart driving solutions, with professional service robots achieving margins over 50%, compared to 15-25% for autonomous driving kits [23][25]. - This profit difference arises from the stronger differentiation and lower marginal costs of embodied intelligence products, allowing for rapid market entry and reduced development costs [25]. Future Outlook - The boundaries between smart driving and embodied intelligence are increasingly blurring, with companies like Tesla viewing autonomous vehicles as "wheeled robots" and developing humanoid robots based on similar AI architectures [26]. - Early movers in this transition are likely to secure advantageous positions in the future intelligent machine ecosystem [26].

Group 1 - The Hong Kong technology sector has shown strong performance recently, with the Hong Kong Stock Connect Technology 30 ETF (159636) reaching a market size of 40.284 billion yuan as of September 25, 2023, and a year-to-date share growth rate of 236.95% [1] - The Hong Kong Stock Connect Technology 30 ETF closely tracks the National Index of Hong Kong Stock Connect Technology, which reflects the performance characteristics of leading companies in the technology sector, focusing on areas such as the internet, innovative pharmaceuticals, smart driving, and semiconductors [1] - The National Index of Hong Kong Stock Connect Technology has seen a return of 88.78% over the past year, outperforming similar indices such as the Hang Seng Technology Index (62.92%) and the Hang Seng Internet Technology Index (58.46%) [1] Group 2 - The recent rebound in the Hong Kong technology sector is attributed to accelerated domestic AI advancements, with expectations for further improvement in market sentiment as a new round of monetary easing by the Federal Reserve begins [2] - The management fee rate for the Hong Kong Stock Connect Technology 30 ETF is the lowest among its peers at 0.45%, which may help reduce long-term holding costs for investors [2] - The Hong Kong Stock Connect Technology 30 ETF is supported by off-exchange connection funds, facilitating easy access for external investors [2]

Summary of Conference Call Records Company and Industry Focus - The focus is on the **China A500 Index ETF** and the broader **investment landscape in China**, particularly in the technology and advanced manufacturing sectors [1][2][4]. Key Points and Arguments 1. **China A500 Index ETF Characteristics**: - The ETF emphasizes industry balance and includes leading companies in emerging economic sectors, reflecting China's economic transformation [1][2]. - It features a quarterly mandatory dividend mechanism, providing predictable cash flow for investors [2]. 2. **Market Dynamics**: - Current market uptrend is driven by the elimination of uncertainties, leading to a reallocation of social assets [1][6]. - The technology and advanced manufacturing sectors remain robust, with institutional funds shifting from bonds to equity funds [1][7]. 3. **Impact of U.S. Federal Reserve's Rate Cuts**: - The Fed's entry into a rate-cutting cycle may weaken the dollar and reduce recession risks in the U.S., benefiting global manufacturing recovery and export demand [1][8]. - Anticipation of potential policy adjustments in China by 2026, influenced by upcoming political meetings [1][8]. 4. **Investment Strategy of Taikang Fund**: - Taikang Fund aims to be a service-driven ETF provider, offering low-cost, tool-based products and a diversified ETF product line [1][4]. - The Taikang Research Selected Fund focuses on sectors with upward trends and moderate valuations, primarily in technology and cyclical sectors like precious metals and copper [3][10]. 5. **Sector and Stock Selection Methodology**: - A top-down approach is used to assess market style and select industries based on their economic outlook and valuation metrics [5][11]. - The fund manager emphasizes long-term holding over short-term trading, focusing on significant industry trends and macroeconomic factors [12]. 6. **Current Market Style and Institutional Role**: - The market is characterized by ample liquidity but lacks macro momentum, with a preference for growth stocks over value stocks [9]. - Institutional investors dominate the market, leading to a bias towards large-cap growth stocks, although small-cap stocks may present opportunities if fundamental trends materialize [9]. 7. **Focus on Technology and Resource Stocks**: - The current technology market is supported by fundamentals, with a focus on sectors like AI, semiconductor localization, and robotics [10][13]. - Resource stocks, particularly precious metals like gold, are also highlighted due to their potential as safe-haven assets amid geopolitical changes [13][14]. 8. **Outlook on U.S. Economic Conditions**: - The U.S. economy is showing signs of weakness, with inflation pressures persisting, which may lead to a favorable environment for gold prices [14][15]. - Industrial metals like copper may strengthen if the Fed's preventive rate cuts lead to a soft landing for the U.S. economy [15]. Other Important Insights - The Taikang Research Selected Fund is strategically positioned to capture opportunities in technology, advanced manufacturing, and resource sectors, balancing diversification with focused investment [16]. - The fund manager's experience and the robust research platform of Taikang Fund enhance the decision-making process for investment strategies [11].

Core Viewpoint - The Hong Kong stock market is experiencing a downward trend, with the Hang Seng Index and Hang Seng Tech Index both opening lower, indicating a bearish sentiment in the market [1][6]. Company Summary - The company plans to issue shares at HKD 9.99 each, representing a discount of approximately 5.75%, aiming to raise a net amount of about HKD 6.339 billion. The new shares will account for approximately 4.6% of the existing issued share capital and about 1.9% of the voting rights at the shareholders' meeting. The proceeds will be used to expand overseas market operations, support the scaling of advanced driver assistance solutions, and invest in emerging fields such as Robotaxi-related initiatives [2]. - Horizon Robotics is showing rapid revenue growth year-on-year for the first half of 2025, despite strategic losses. The company's automotive product solutions are experiencing both volume and price increases, with high-level intelligent driving (HSD) production imminent and initial success in overseas expansion. The average selling price (ASP) of automotive product solutions is expected to rise, and new products are anticipated to drive an increase in the number of licensing and service contracts. Significant growth in overseas licensing and service contracts is expected by 2026 [4]. - Horizon Robotics opened over 5% lower following the announcement of its plan to raise over HKD 6.3 billion through share placement [6]. Industry Summary - CITIC Securities has released a report indicating that the advantages of the Hong Kong stock market are becoming more apparent, with increasing attention from both domestic and foreign capital. The overall market is entering a bullish phase. Although there may be short-term fluctuations due to technical adjustments, the market is expected to experience a slow bull trend in the medium to long term, supported by improved liquidity, valuation recovery potential, and corporate profit rebounds [5].

Core Insights - Momenta is set to launch a jointly developed intelligent driving assistance system with Mercedes-Benz, which will first be featured in the new domestic all-electric CLA model this autumn [1] - The system is trained using local Chinese data and incorporates a wealth of experienced driver inputs to better meet the needs of Chinese customers [1] - The system will provide intelligent driving assistance capabilities across various scenarios, including highways, urban areas, and parking, enabling from parking space to parking space functionality [1] - There are plans to expand this system to more Mercedes-Benz models in the future, supporting the brand's strategy for intelligent driving assistance [1]

Group 1 - Cyres has received approval from the China Securities Regulatory Commission for its issuance of H-shares, planning to issue up to 331 million shares for listing on the Hong Kong Stock Exchange, which is expected to enhance its financing channels and accelerate its electric vehicle business expansion [1] - GAC Group's chairman expressed optimism that 3 to 5 Chinese companies will be among the top ten global automakers in the next decade, highlighting China's leadership in the fields of new energy, low carbon, and smart technology [2] - XPeng Motors and Alibaba Cloud have signed a cooperation agreement on post-quantum security technology, aiming to enhance data security in smart connected vehicles and expand applications to AI, V2X, chips, and more [3] Group 2 - Mercedes-Benz and Momenta announced a collaboration to develop an intelligent driving assistance system based on Momenta's model, which will first be featured in the new electric CLA model, marking a significant step in the localization of smart technology by a global luxury automaker [4]

Core Insights - Horizon showcased its upgraded urban auxiliary driving system HSD at the "HSD Pioneer Experience Day" in Beijing, featuring a "one-stage end-to-end + reinforcement learning" architecture that overcomes traditional separation limitations [1] - The HSD system demonstrated low latency, defensive driving, and human-like control capabilities during real-world tests in complex urban environments [1] - The system is designed to self-evolve through reinforcement learning, maintaining stable performance in extreme conditions such as tidal lane changes and unpaved roads [1] - The Xingtai ET5 will be the world's first vehicle equipped with Horizon's HSD and the Journey 6P chip, set to launch in November 2025 [1] - Horizon plans to enter mass production of the HSD system by the end of this year, with expectations to achieve millions of installations over the next 3 to 5 years, promoting the widespread adoption of auxiliary driving technology [1]

经观感知 9月25日，中国智能驾驶赛道出现了一幕耐人寻味的"同日双响"。 奔驰在华同时落下两步关键棋：一边宣布与Momenta联合开发的智能驾驶系统将在国产CLA车型率先量产；一边以每股9.87元、折价近24%的价格买入千里 科技3%股份。 技术与资本同日释放信号，不只是巧合，而是这家国际豪华车企在中国市场的姿态，既要抓住眼下的产品落地，也要提前在本土智驾生态中占位。 这笔股权转让的直接背景，是力帆控股在偿债压力下出让股份。 奔驰的动作与此形成呼应。它早在2017年便投资了Momenta，如今新一代智能驾驶系统在中国本土数据训练和仿真验证下成型，覆盖高速、城区和泊车场 景，并将在今秋上市的CLA上首发。 对奔驰而言，这是一次将产品力尽快拉近竞争对手的尝试。同时，通过参股千里科技，它获得了贴近本土智驾产业链的另一种视角。前者解决的是短期产品 落地的压力，后者则是为中长期在生态中的议价权埋下伏笔。 折价幅度的存在，使这笔交易的解读多了一层复杂意味。对力帆控股而言，这是一次被动的处置。然而对于千里科技而言，这是一次接受国际豪华品牌认可 的机会，此时拓展边界尤为重要。而对奔驰而言，这是对"在中国，为世界"的现实表达。 ...

Core Viewpoint - Chongqing Lifan Holdings Co., Ltd. has agreed to transfer 3% of its shares in Qianli Technology to Mercedes-Benz at a 25% discount due to the failure to repurchase pledged equity after the expiration of an agreement [1][2][3] Group 1: Share Transfer Details - Lifan Holdings will transfer a total of 136 million shares, representing 3% of Qianli Technology's total equity, at a price of 9.87 yuan per share, totaling approximately 1.339 billion yuan [1] - The transfer price is set at 75% of the closing price on the trading day prior to the agreement [1] - Mercedes-Benz has committed not to reduce its holdings within 12 months from the date of share transfer [1] Group 2: Background of Qianli Technology - Qianli Technology, formerly known as Lifan Shares, underwent a successful bankruptcy reorganization in 2020, with Geely Holdings becoming a strategic investor [1] - The company changed its name and stock abbreviation to Qianli Technology in February 2025 [1] - Prior to the transaction with Mercedes, Lifan Holdings held 13.68% of Qianli Technology's shares [1] Group 3: Pledge Agreements and Debt Repayment - Lifan Holdings had previously entered into stock pledge agreements with Shenwan Hongyuan and Huachuang Securities, pledging a total of 135.63 million shares [2][3] - The stock pledge was subject to a 24-month retention period following the approval of the reorganization plan, during which the shares could not be disposed of [2] Group 4: Qianli Technology's Business Focus - Qianli Technology has shifted its focus from traditional automotive manufacturing to technology-driven solutions, emphasizing intelligent driving and smart cockpit systems [3][4] - The company launched the "Qianli Intelligent Driving 1.0" solution, featuring advanced computing capabilities and autonomous decision-making [4] - Qianli Technology aims to build an "AI+Vehicle" full-stack solution and open platform through strategic partnerships with major automotive manufacturers [4]