Group 1 - The Hong Kong Automotive ETF (520720) saw an increase of over 2.6% on its listing day [1] - The Ministry of Industry and Information Technology is soliciting opinions on standards for intelligent connected vehicles, establishing a safety baseline for these products [1] - The global market for intelligent automotive components is expected to exceed $100 billion this year, with China accounting for at least $50 billion [1] Group 2 - The Hong Kong Automotive ETF lowers investment barriers for ordinary investors, allowing access with a minimum investment of around 1 yuan [2] - The ETF focuses on the "new forces + intelligent driving" sector, featuring a balanced structure of pure Hong Kong stocks, which offers high growth and elasticity [2] - The ETF is positioned to efficiently capture the rebound benefits of Hong Kong automotive and intelligent driving sectors amid improving policies and liquidity [2]

Group 1 - Chery Automobile officially listed on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973" [2] - The IPO involved the issuance of 297,397,000 H-shares, with a total fundraising amount of HKD 9.145 billion, making it the largest IPO for a car company in Hong Kong this year [2] - The public offering was oversubscribed by 308.18 times, while the international offering was oversubscribed by 11.61 times [2] Group 2 - Horizon Robotics, a long-term strategic partner of Chery, invested approximately USD 58.7 million (HKD 457.25 million) in the IPO, highlighting the trust and collaboration between the two companies [2][3] - The launch of the Xpeng ET5, the world's first vehicle equipped with Horizon's HSD system and flagship chip, is a significant milestone in their partnership [3][6] - Chery plans to allocate 35% of the IPO proceeds for new model development and 25% for next-generation technology and advanced R&D systems, aligning with Horizon's focus on intelligent driving capabilities [8] Group 3 - Horizon Robotics has established a comprehensive strategic partnership with Chery since 2021, focusing on the development of next-generation assisted driving products [4] - Horizon's products have been adopted by 27 OEMs, with a market share of 32.4% in the Chinese autonomous driving computing solutions market [9] - The company has achieved a production milestone of over 10 million units for its Journey family of products, becoming the first domestic intelligent driving technology company to reach this level [9][12] Group 4 - Horizon Robotics is transitioning from a "hardware and software solution provider" to a "technology infrastructure platform builder," which may lead to a structural change in its valuation logic [13] - The company's stock price has increased by 185% since the beginning of 2025, driven by the rapid growth of the intelligent driving industry and adjustments in its valuation anchors [14]

Core Viewpoint - Chery Automobile is set to officially list on the Hong Kong Stock Exchange on September 25, 2025, under the stock code "9973," raising a total of HKD 9.145 billion through the issuance of 297,397,000 H-shares, making it the largest IPO of a car company in Hong Kong this year [3][9]. Group 1: IPO Details - The IPO saw a subscription rate of 308.18 times for the public offering and 11.61 times for the international offering [3]. - Chery has introduced over ten cornerstone investors, collectively subscribing approximately USD 587 million (HKD 4.5725 billion), including top institutions like Hillhouse and Jinglin [3]. Group 2: Strategic Partnerships - Horizon Robotics, a long-term strategic partner of Chery, has expressed its commitment to supporting Chery's global ambitions and technological advancements, particularly with the launch of the ET5 model featuring Horizon's HSD system and flagship chip [4][5]. - The collaboration between Chery and Horizon Robotics has been ongoing since 2022, focusing on deepening cooperation in automotive intelligence and technology [5]. Group 3: Product Development and Market Position - Chery plans to allocate 35% of the raised funds for new model development and 25% for next-generation technology and advanced research systems, aligning with Horizon's focus on intelligent driving capabilities [9]. - The ET5 model, which debuted at the 2025 Chengdu Auto Show, showcases integrated capabilities in perception, decision-making, planning, and control, highlighting the collaboration's value in practical applications [6]. Group 4: Industry Impact and Future Outlook - Horizon Robotics has achieved significant milestones, including a market share of 32.4% in China's autonomous driving computing solutions and 45.8% in ADAS front-view integration, solidifying its position as a leader in the market [11]. - The partnership with Hello Chuxing for Robotaxi services aims to validate L4-level capabilities in real-world scenarios, further enhancing the commercial viability of autonomous driving technologies [10][13]. - Horizon's stock price has surged by 185% since the beginning of 2025, reflecting the rapid growth of the intelligent driving industry and the company's evolving valuation metrics [19].

Core Viewpoint - Chery Automobile's successful debut on the Hong Kong Stock Exchange reflects market recognition of its fundamentals, with a notable opening price of HKD 34.2, up 11.22% from the issue price of HKD 30.75, indicating strong investor confidence [1] Group 1: Strategic Partnership - Horizon Robotics, a long-term technology partner of Chery, is highlighted as a cornerstone investor, emphasizing a unique relationship that combines capital investment with technological collaboration [1][2] - The strategic investment made by Chery in Horizon in 2022 initiated a deep collaboration in smart technology, showcasing a commitment beyond mere financial transactions [1][3] Group 2: Market Position and Growth - Chery has established itself as a leader in the domestic market, being the first Chinese brand to export over 5 million vehicles and maintaining the top position in passenger car exports for 22 consecutive years, indicating a strong foundation for future growth [2] - Horizon's investment in Chery aligns with its global strategy, leveraging Chery's international market presence to enhance its own technological capabilities [2][3] Group 3: Technological Advancements - The launch of the Chery Exeed ET5, the first mass-produced model equipped with Horizon's Journey 6P flagship chip and HSD urban auxiliary driving system, represents a significant milestone in their collaborative technological efforts [2] - The Journey 6P chip offers 560 TOPS of computing power, enabling advanced environmental perception and path planning capabilities, demonstrating Horizon's ability to deliver scalable smart driving solutions [2] Group 4: Long-term Vision - The partnership between Chery and Horizon reflects a long-term investment logic, where sustained investment in foundational technology and industry collaboration can withstand market fluctuations [3][4] - Chery's expansion into international markets, including Europe, Latin America, the Middle East, and Southeast Asia, is crucial for Horizon's global influence, as each exported vehicle could serve as a platform for Horizon's "China Inside" strategy [3][4]

Core Insights - Horizon Robotics-W won the "Best IPO Company" award at the "2025 Phoenix Star Listed Company Selection," highlighting its strong performance post-IPO and effective market capitalization management [1] - The company successfully listed on the Hong Kong Stock Exchange in October 2024, marking the largest tech IPO in the Hong Kong market in three years, with its market value increasing by over 200% within a year [1] - The award reflects the market's recognition of Horizon's business model and its transition from "scale realization" to "full-scenario expansion" in the intelligent driving industry [1][2] Company Performance - Horizon's self-research strategy integrating hardware and software has led to significant breakthroughs, with over 10 million units shipped from the Journey family and successful mass production of the HSD urban auxiliary driving system [2] - The company holds a 32.4% market share in China's autonomous driving computing solutions market, maintaining its position as the leader [2] - Horizon has empowered seven major domestic brands, with over 25 models "going global," and established production partnerships with several foreign and joint venture brands [2] Industry Outlook - UBS predicts that by the mid-2030s, China's Robotaxi market will reach $183 billion, with over 4 million Robotaxis expected to operate nationwide [3] - Horizon is positioned as a key player in the transition from "product shipment" to "platform output," influencing the platform development of the intelligent driving industry [3] - The recognition as "Best IPO Company" signifies confidence in Horizon's current capabilities and future growth potential in the capital market [3]

Group 1 - The "Million Talents Gathering in South Guangdong" autumn recruitment event has launched, featuring over 3100 companies from the Guangdong-Hong Kong-Macao Greater Bay Area, offering more than 110,000 quality job positions aimed at creating a "fast track" from campus to workplace for outstanding students [2] - The recruitment focuses on "precise talent acquisition," targeting emerging industries that determine future competitiveness, such as artificial intelligence, next-generation information technology, intelligent driving, and cutting-edge new materials [2] - The event provides opportunities for graduates from various fields, including computer science, engineering, finance, and management, ensuring a high degree of job fit [2] Group 2 - Guangzhou is positioned as a city that balances hard work and happiness, making it an attractive choice for professionals [3] - The city offers a rich culinary experience, contributing to daily happiness, from traditional tea to local delicacies [4] - Guangzhou boasts a vibrant atmosphere with 24-hour activities, catering to diverse interests and passions [5] - As a core engine of the Greater Bay Area, Guangzhou presents golden opportunities for professionals to connect globally [6] - The city provides a more manageable cost of living compared to other mega cities, allowing individuals to pursue both career and life aspirations comfortably [7] - The environment in Guangzhou encourages both focused research and exploration of life's possibilities [8] Group 3 - The "Million Talents Gathering in South Guangdong" event is open to all, whether entering the job market or planning for the future, with reserved spots for participants [9] - The call to action encourages immediate participation in the recruitment event to turn dreams into reality in Guangzhou [9]

Core Viewpoint - The article discusses the latest advancements in Huawei's ADS 4.0 autonomous driving technology and the unveiling of the "Fifth Realm" of Hongmeng Intelligent Travel, highlighting its significance in the automotive industry [3]. Group 1 - Huawei's ADS 4.0 is equipped with cutting-edge features aimed at enhancing autonomous driving capabilities [3]. - The "Fifth Realm" of Hongmeng Intelligent Travel represents a new phase in smart mobility, showcasing innovative solutions for the future of transportation [3].

Core Insights - The penetration rate of passenger cars equipped with combined driving assistance systems in China reached 62.6% in the first seven months of 2025, an increase of 40 percentage points compared to the same period in 2021, with sales of 7.76 million units [1] - The current market primarily features L2-level systems, which assist with basic driving tasks but do not provide full autonomous driving capabilities, placing the ultimate responsibility on the driver [1] - The development of intelligent driving in China is accelerating due to policy support, with significant initiatives expected to be implemented in 2025, including the introduction of national standards for combined driving assistance systems [1][2] Industry Developments - The introduction of national standards for L2-level driving assistance is anticipated to provide regulatory support and encourage innovation and quality improvement within the intelligent driving industry [2] - Major automotive manufacturers are shifting from fully in-house development of driving assistance technologies to strategic collaborations with solution providers, enhancing the penetration of intelligent driving technologies [2] - The supply chain for intelligent driving components, including lidar, cameras, and radar systems, is strengthening, with domestic suppliers increasing their influence and moving towards integrated hardware and software solutions [2] Company Highlights - Black Sesame (000716) is recognized as a key player in the domestic autonomous driving chip market, benefiting from the commercialization of L2+ technology and advancements towards L3 and L4 scenarios [3] - Horizon Robotics (09660) has achieved significant production milestones with its HSD series chips, establishing partnerships with international clients and positioning itself as a leader in integrated intelligent driving solutions [3] - SUTENG (02498) has successfully mass-produced high-line count lidar products, which are now featured in new models from various automotive brands [3] - Youjia Innovation (02431) has launched its unmanned logistics brand "Xiaozhu Unmanned Vehicle," marking its entry into the L4 autonomous driving sector and showcasing its ongoing commitment to high-level autonomous driving commercialization [4]

Core Insights - The penetration rate of passenger cars equipped with combined driving assistance systems in China reached 62.6% from January to July 2025, an increase of 5.7 million units and 40 percentage points compared to the same period in 2021 [1] - The current market primarily features L2 level systems, which assist with basic driving tasks but do not provide full autonomous driving capabilities, leaving the driver responsible [1] - The development of intelligent driving in China is accelerating due to policy support, with significant regulations and standards being established to enhance safety and performance in the industry [1][2] Industry Developments - The introduction of national standards for L2 level driving assistance is expected to provide regulatory support and drive innovation within the intelligent driving industry, benefiting the entire supply chain [2] - Major automotive manufacturers are shifting from fully self-developed solutions to strategic collaborations with technology providers, enhancing the integration of AI capabilities and increasing the penetration of intelligent driving technologies [2] - Domestic suppliers of components such as lidar, cameras, and radar are strengthening their influence in the industry and moving towards integrated hardware and software solutions [2] Relevant Companies - Black Sesame Intelligence (02533) is positioned to benefit from the commercialization of L2+ technology and advancements in L3 and L4 scenarios, having launched high-performance intelligent driving chips [3] - Horizon Robotics (09660) has achieved significant production milestones with its HSD chip series and is establishing international partnerships, aiming to expand its intelligent driving solutions globally [3] - Suoteng Juchuang (02498) has successfully mass-produced high-line count lidar products, which are now featured in new intelligent SUV models [3] - Youjia Innovation (02431) has entered the unmanned logistics sector with its "Xiaozhu" brand, showcasing its commitment to advancing high-level autonomous driving commercialization [4]

Group 1: Agriculture, Forestry, Animal Husbandry, and Fishery Industry - The pig industry has entered a loss-making phase, with the latest weekly pig price at 13.15 CNY/kg, down 0.37 CNY/kg from the previous week, indicating significant pressure from weak consumption and supply backlog [2][6][7] - The average weight of pigs at slaughter is 128.45 kg, with 15 kg piglets priced at 358 CNY/head, reflecting severe losses in the piglet segment [2][6] - The industry is undergoing profound policy transformation aimed at protecting farmers' rights and stimulating enterprise innovation, with a focus on solution-oriented companies [7][8] - The chicken industry faces a persistent contradiction of high production capacity and weak consumption, leading to a potential increase in market share for leading companies [8] - Recommendations include focusing on cost-efficient leading companies in the pig sector such as Muyuan Foods and Wens Foodstuffs, as well as Hai Da Group in the feed sector [2][9] Group 2: Construction and Building Materials - Infrastructure investment in China has shown moderate growth, with cumulative investment from January to August reaching 11.58 trillion CNY, a year-on-year increase of 2.0% [14][15] - The power, heat, gas, and water supply sectors have seen a cumulative year-on-year growth of 18.80%, continuing to lead various sectors [14][15] - The report suggests a focus on high-dividend, low-valuation stocks in the construction sector, recommending companies like Jianghe Group and Sichuan Road and Bridge [18] Group 3: North Exchange and Smart Driving Industry - The Ministry of Industry and Information Technology has issued a plan to promote the industrial application of smart connected vehicles, emphasizing the importance of smart technology development [20][21] - The market for automotive-grade SoC chips is expected to reach 38.1 billion CNY by 2024, with a year-on-year growth of 42.7% [20][21] - The report identifies 11 companies in the North Exchange that are part of the smart driving industry chain, highlighting their potential for growth [21] Group 4: Longhong Energy - Longhong Energy specializes in alkaline and lithium-ion batteries, with a projected net profit of 197.18 million CNY in 2024 [25][27] - The company is expanding its production capacity with new plants in Thailand and is focusing on high-performance battery technologies [27][28] - The report highlights the growth potential in the smart home and IoT sectors, with the smart home market expected to exceed 800 billion CNY by 2025 [25][26]