证券研究报告 | 2025年06月27日 | 晨会纪要 | | --- | | 数据日期:2025-06-26 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3448.45 | 10343.47 | 3946.01 | 11721.66 | 2971.78 | 989.97 | | 涨跌幅度（%） | -0.21 | -0.48 | -0.35 | -0.37 | -0.37 | -0.56 | | 成交金额（亿元） | 6030.95 | 9800.56 | 3281.02 | 3370.38 | 5101.82 | 307.35 | $$\overline{{{\mathbb{E}}}}\triangleq\pm\overline{{{\mathbb{E}_{\mathrm{E}}^{\mathrm{E}}}}}$$ 【常规内容】 宏观与策略 固定收益专题研究:2025 年上半年债券行情回顾-债市先抑后扬，信用利 差收窄 固定收益周报:政府 ...

Robovan 节约成本+解放人力，智能驾驶技术落地新场景 20250625 摘要 Q&A RoboVan 的主要特点、应用场景及其在成本节约方面的具体效益如何？ RoboVan，即无人物流小车，主要特点是低速行驶，主要应用于"最后 5 公 里"配送场景，包括快递和生鲜配送。根据测算，以 916 车型为例，其能够帮 助快递网点在每票快递上节约约 60%至 70%的成本，显示出较强的成本节约 能力。 德赛西威进军无人物流小车行业，小鹏汽车客户回流，小米项目供应四 合一域控单车价值量可观。预计 2025 年净利润达 26 亿元以上，当前 市盈率约 20 倍。2025 年和 2026 年将迎来智能驾驶和座舱芯片周期。 经纬恒润在 L4 级自动驾驶领域布局全面，与白犀牛在无人 RoboVan 方 面有战略合作。L2C 业务方面，已在无人港口领域布局多年，2025 年 新增拓展两个港口。预计 2025 年第二季度收入增速将超出预期，2025 年将是公司扭亏为盈的一年。 RoboVan 市场规模的替代量预计在 200 万辆以上，市场规模至少达到 千亿级别。与无人环卫车年销量约 10 万辆的量级相比，RoboVan 的替 ...

脉脉高聘：智驾和机器人岗位量暴增28倍，岗位月薪最高超11万元 金十数据6月26日讯，脉脉高聘发布的《智驾和机器人领域人才洞察》显示，智驾和机器人领域的人才 需求在2025年呈现爆发式增长。2025年4月的新发岗位量相比2024年1月暴涨28倍。多家企业高薪招聘核 心技术岗位，AI科学家/负责人岗位平均月薪11.2万元、大模型算法岗位平均月薪7.2万元。 ...

Group 1 - Hong Kong stock indices experienced a decline, with the automotive sector facing significant losses, particularly for companies like Geely, BYD, and Xpeng, which fell over 3% in the afternoon session [1] - The Hong Kong Stock Connect automotive ETF (159323) saw a drop of nearly 2%, with major holdings such as Zhejiang Shibao, Youjia Innovation, Geely, BYD, Xpeng, and Zhixing Technology among the biggest decliners [1] - Everbright Securities noted that the commercialization of Robotaxi is accelerating, with a turning point in scale approaching, and identified Xpeng as closely following Tesla's technology path, planning to launch Robotaxi by 2026 [1] Group 2 - The Hong Kong Stock Connect automotive ETF (159323) focuses heavily on the Hong Kong vehicle sector, with a leading proportion of passenger vehicles compared to similar indices, and includes relatively scarce new car-making forces in the A-share market [2] - As of June 25, the top five weighted stocks in the index are BYD, Xpeng, Li Auto, Geely, and Leap Motor, collectively accounting for 58.24% of the index [2] - The index also includes companies in the intelligent driving industry chain, such as Zhixing Technology, Horizon Robotics, Sunny Optical Technology, and Zhejiang Shibao, which aligns more closely with the trends in the automotive industry compared to A-share automotive theme indices [2]

Core Insights - The announcement of Wang Jun, former president of Huawei's automotive solutions, joining Qianli Technology as co-president signals a significant shift in the smart driving landscape [1][3] - Qianli Technology is positioning itself as an independent Tier 1 supplier for smart automotive solutions, rather than being merely a part of the Geely ecosystem [3][8] - The launch of Qianli Smart Driving 1.0, which targets L2+ level smart driving solutions, showcases the company's ambition to expand its market presence beyond Geely [10][11] Company Positioning - Qianli Technology, often perceived as part of the "Geely system," emphasizes its independence and strategic partnership with Geely, aiming to support multiple automotive clients [3][8] - The company has established a joint venture, Chongqing Qianli Smart Driving Co., with Geely and Megvii, each holding a 30% stake, indicating a collaborative approach to smart driving technology [5][6] - Qianli Smart Driving 1.0 includes three versions (basic, professional, flagship) with varying computational power, highlighting the company's technological capabilities [10][11] Market Strategy - Qianli Technology aims to capture a significant share of the smart driving market, aspiring to be a leading independent supplier amidst increasing competition [3][12] - The company plans to release its L3 smart driving solution, Qianli Smart Driving 2.0, within six months, and a L4 solution by mid-2026, indicating a clear roadmap for technological advancement [10][11] - The strategic hiring of experienced talent from various sectors, including the automotive and AI industries, is intended to enhance Qianli's competitive edge in product development [11][15] Industry Context - The smart driving sector is witnessing a shift towards third-party suppliers as traditional automakers face challenges in maintaining in-house development teams [12][15] - Qianli Technology's ambition to become a leading Tier 1 supplier reflects a broader trend in the industry where companies seek to diversify their client base to ensure sustainability and growth [15][16] - The current technological transformation and challenges faced by traditional automakers present a unique opportunity for new entrants like Qianli Technology to establish themselves in the market [16]

Core Insights - The article discusses the evolution of autonomous driving technology, highlighting the historical significance of the first remote-controlled car in 1925 and the current advancements in AI and smart driving solutions in China [2][3]. Industry Developments - The smart driving industry is experiencing rapid growth, referred to as the "Chinese Miracle," with companies like Qianli Technology announcing significant advancements in autonomous driving solutions [4][6]. - Qianli Technology has introduced the Qianli Smart Driving 1.0 solution, targeting L2+ level smart assistance and outlining a roadmap for L3 and L4 autonomous driving products [4][6]. Company Progress - Qianli Technology's recent annual report indicates a revenue of 7.035 billion yuan, a year-on-year increase of 3.94%, and a net profit of approximately 40.0172 million yuan, reflecting a 65.28% increase [10]. - The company is focusing on a dual-driven strategy of terminal and technology businesses, aiming for AI integration and international expansion [10][11]. Market Potential - The autonomous driving market is projected to exceed $40 billion by 2030, with some forecasts suggesting it could reach $34 trillion in five years [8]. - The current penetration of smart driving features in vehicles is below 20%, indicating significant growth potential as every vehicle is expected to incorporate smart driving capabilities in the future [19]. Technological Innovations - Qianli Technology is developing a comprehensive end-to-end solution for smart driving, emphasizing the importance of integrating sensors, controllers, and actuators to minimize latency [12][13]. - The company is also working on the Qianli Smart Driving RLM model, which focuses on multi-modal data training and reinforcement learning to enhance the safety and comfort of autonomous driving experiences [16][17]. Future Outlook - Qianli Technology plans to release its L3 level smart driving solution within the next six months and aims to introduce an L4 level solution for Robotaxi scenarios by the second half of 2026 [12][15]. - The automotive industry is expected to evolve, with vehicles becoming more than just transportation tools, integrating advanced AI capabilities to enhance user experience [21].

Core Viewpoint - Chengtai Technology, founded by former Huawei engineers, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing significant revenue growth but a heavy reliance on BYD for its income [1][5][19] Group 1: Company Overview - Chengtai Technology was established in 2016 by Chen Chengwen and Zhou Ke, both with backgrounds in Huawei and expertise in millimeter-wave radar technology [2][11] - The company specializes in millimeter-wave radar, which is essential for intelligent driving systems, providing real-time detection and spatial positioning [2][4] - Chengtai Technology holds a leading position in the domestic forward millimeter-wave radar market with a 9.3% shipment share and a total market share of 4.5% as of 2024 [4] Group 2: Financial Performance - Chengtai Technology's revenue has shown a compound annual growth rate (CAGR) of 145.7%, with figures of 0.58 billion, 1.57 billion, and 3.48 billion RMB for 2022, 2023, and 2024 respectively [5][6] - The company's gross margin has been steadily increasing, reaching 34.0% in 2024, while R&D expenses remain high, exceeding 50% of revenue [6] - Despite significant revenue growth, the company has experienced net losses, although these have narrowed from 79.17 million RMB in 2022 to 21.77 million RMB in 2024 [6][7] Group 3: Customer Dependency - Chengtai Technology's revenue is heavily dependent on BYD, with 93.6% of its income in 2024 coming from this single customer, highlighting a growing customer concentration risk [5][7][8] - The top five customers accounted for 98.3% of total revenue in 2024, indicating an increasing reliance on a limited customer base [7][8] Group 4: Market Potential - The millimeter-wave radar market is projected to grow significantly, with the Chinese market expected to increase from 8.2 billion RMB in 2024 to 21.6 billion RMB by 2029, reflecting a CAGR of 21.5% [16][17] - Chengtai Technology's manufacturing advantage is notable, with a production yield of 99.8% in 2024, surpassing the industry average of 95% [16][19] Group 5: Strategic Considerations - The company plans to use IPO proceeds for technology research and product development (35%), production line upgrades (20%), and operational funding (20%) [16] - Chengtai Technology's founders face the challenge of maintaining a strong partnership with BYD while mitigating the risks associated with high customer concentration [19]

坚定看好长期价值。 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， 深圳佑驾创新科技股份有限公司 （以下简称 " 佑驾创新 "， （ 2431.HK ） 发布 公告称，公司收到 IPO基石投资者康成亨国际投资有限公司（以下简称"康成亨国际"）出具的 《承诺函》。 康成亨国际在《承诺函》中 强调 ，基于其对佑驾创新技术实力、业务能力、团队精神的高度认可 以及对 所在行业前景的长期看好 ， 康成亨国际解禁后不会急于减持股份。承诺内容包括两点：其 一，自原限售期届满后 3个月内，不以任何方式减持任何股份；其二，自原限售期届满后9个月内， 直接或间接通过二级市场场内交易方式减持股份不超过其持有总数的10%。 这里不妨补充一点， 佑驾创新将 于 6月27日 迎来上市后的首个解禁期。康成亨国际 作为主要基石 投资者 "时间+比例"的双重承诺， 某种程度上 向市场传递出 了 其作为长期投资者的战略定力。 在 康成亨国际 看来 ，真正颠覆性技术的产业价值需要时间沉淀，持续支持才是推动科技创新企业 实现价值跃迁的核心动力。作为耐心资本，康成亨国际会坚定持有像佑驾 ...

Core Viewpoint - Youjia Innovation (02431.HK) has received a commitment letter from Kang Cheng Heng International, which includes a promise to not reduce shareholdings for three months post-lockup and to limit any secondary market sales to 10% of their holdings within nine months after the lockup period ends [1] Group 1: Company Developments - Kang Cheng Heng International holds 31.09 million H-shares of Youjia Innovation, representing approximately 7.77% of the company's total issued shares [1] - The first lockup expiration date for Youjia Innovation is June 27, and Kang Cheng Heng International voluntarily extended their lockup commitment, indicating strong confidence in the company's technology and industry prospects [1] - Youjia Innovation has developed comprehensive intelligent driving capabilities from L1 to L4 and has solutions applied in production models of 35 major automakers, including Chery, Changan, SAIC, and Volkswagen [1] Group 2: Financial Performance - Youjia Innovation reported a revenue of 654 million yuan for 2024, marking a year-on-year increase of 37.4% [2] - Revenue from intelligent driving solutions reached 484 million yuan, up 25.2%, accounting for 73.9% of total revenue, while intelligent cockpit solutions revenue surged to 104 million yuan, reflecting a growth of 467.8% [2] - The global intelligent driving market is projected to exceed 600 billion USD by 2027, with China's L2 intelligent driving new car coverage surpassing 57% [2] Group 3: Market Position and Outlook - Youjia Innovation is recognized as one of the few companies in China capable of fully self-developing autonomous driving solutions, which positions it well for future performance [2] - Analysts from Guozheng International and CITIC Lyon express optimism about Youjia Innovation's growth potential due to its extensive customer base and diverse product offerings [2] - The company's stock price has been on the rise, with its market capitalization surpassing 10 billion HKD [3]

商务部数据显示，今年1—4月，我国服务贸易保持较快增长，服务出口11285.2亿元，同比增长14.6%。 在全球贸易充满不确定性的背景下，14.6%这一增速来之不易。 当前，"中国游""中国购"持续升温，人工智能、云计算等前沿技术的突破正重塑全球合作模式……中国 已成为全球服务贸易增长的重要力量。 日前，记者采访企业、专家，探寻我国服务贸易的新趋势、新动能。 前4月，旅行服务出口增长79.9% "China Travel"（中国游）持续火热，越来越多的外国游客走进中国、了解中国、爱上中国。 近日，在上海和四川成都，一场特别的行业大会吸引了全球目光——来自74个国家和地区的3000多位旅 游业大咖受国内旅游平台企业邀约，组团来中国"打卡"。 "看熊猫吃竹子我能看一整天！"来自澳大利亚的旅行社经营者戴维已从事旅游业20年，在成都大熊猫繁 育研究基地，近距离观看熊猫吃竹子、爬树的体验让他颇为心动，"我们准备把看熊猫、逛周边加入明 年主推的高端线路。去年以来，'去中国旅游'已成为线下客人咨询最多的内容。明年我们旅行社计划至 少带500名澳大利亚游客来中国。" 迪拜酒店的市场总监、欧洲大型旅行社的产品经理、国际知名网红 ...