以下文章来源于凤凰网 ，作者王之言 凤凰网 . 关心生长的力量，凤凰网官方公众号 很多小镇做题家，工作一两年， 突然因为竞业协议而债台高筑。 文 ｜ 王之言 编辑 ｜ 周褶褶 来源｜ 凤凰网（ID：ifeng-news） 封面来源 ｜ U n splash 崔灿是一名年轻律师，他有一个1100多人的社群，里面都是离职后被"竞业"困住的打工人，以程序员居多。 这几年，竞业限制类案件一再引发舆论关注，有95后"小镇做题家"跳槽后背上百万量级的违约金，陷入重度抑郁，也有拌黄瓜的冷菜厨师中招，被餐厅启动 竞业禁止协议——在崔灿看来，这种原本是企业为了保护商业秘密而采取的法律手段， 如今呈滥用化趋势，数量一路攀升，因为公司方"起诉没有成本，赢 了就能得到上百万违约金"。 他甚至听到一位公司法务说，其部门因为启动的竞业协议足够多，"创收还不错"。 这海量的竞业类案件中，又隐约存在着底层打工人和高层管理者的"双轨制"：西南政法大学副教授熊晖等人曾对"无讼案例数据库"中2015-2019年的556份判 决书进行研究并发现， 在以"负有保密义务的其他人员"身份承担竞业限制义务的人员中，77%是基层员工，包括保安、保洁、前台等 ...

Group 1 - The core viewpoint is that Horizon Robotics is well-positioned to benefit from the growth potential of global smart driving, with projected global and Chinese smart vehicle sales reaching approximately 80 million and 30 million units by 2030, respectively, and high-level assisted driving and autonomous driving penetration rates approaching 100% [1] - Horizon Robotics holds over 40% market share in the Chinese OEM advanced driver assistance market as of 2024, indicating a strong leadership position [1] - The unique BPU (intelligent computing unit) architecture of Horizon Robotics is a key competitive advantage, enabling higher computing power density and intelligence at lower power consumption and cost [1] Group 2 - Horizon Robotics is expected to ship a cumulative total of 7.7 million units of its Journey series chips by the end of 2024, with projected shipments of 4.2 million, 4.5 million, and 5.5 million units for 2025, 2026, and 2027, respectively [2] - The company anticipates revenue of 3.43 billion, 5.41 billion, and 7.46 billion yuan for the years 2025, 2026, and 2027, respectively, with a forecasted return to profitability in 2027 [2] - A "buy" rating is assigned to Horizon Robotics with a target price of 8.60 HKD, based on a 20x P/S valuation for 2026, using comparable companies such as Nvidia, ARM, Mobileye, and Black Sesame Intelligence [2]

Core Insights - The decline in discount rates is a key driver for the rise of the Chinese stock market and creates favorable conditions for thematic investments, with opportunities in both industrial and trading themes [1][2]. Investment Themes Overview - The article outlines ten investment themes focusing on emerging technologies, advanced manufacturing, and structural improvements, indicating a bullish outlook for China's "transformation bull market" by the second half of 2025 [2][6]. Theme 4: Low-altitude Economy and Commercial Space - China's low-altitude economy has officially entered the "manned era" with the issuance of the first operational certificates for manned civil unmanned aerial vehicles, and the market is expected to exceed 1 trillion yuan by 2026 [3][22]. - The demand for satellite launches is anticipated to rise significantly as multiple satellite constellations enter a dense networking phase, with plans to launch 15,000 satellites by the end of 2030 [3][29]. Theme 5: Deep Sea Technology - The government has emphasized deep-sea technology in its strategic goals, with the marine economy expected to exceed 10 trillion yuan in 2024, driven by rapid growth in marine engineering and equipment [4][37]. - The article recommends investments in deep-sea resource development, including offshore wind power and oil and gas extraction, as well as key deep-sea exploration equipment [4][39]. Theme 6: Self-Controlled Technology - The semiconductor sector is highlighted as a critical battleground in technology competition, with policies promoting mergers and acquisitions to deepen domestic supply chain collaboration [4][42]. - The article suggests focusing on leading semiconductor equipment and materials companies as well as domestic computing power supply chains [4][42]. Theme 7: Intelligent Driving - The penetration of advanced intelligent driving technologies is accelerating, with significant growth in the market for related components such as chips, cameras, and lidar systems [5][60]. - The article notes that the cost of related hardware is expected to decrease, further facilitating the adoption of intelligent driving solutions [5][60]. Market Dynamics - The article discusses the shift in investor sentiment towards a more optimistic view of the market, driven by a decrease in risk perception and a decline in risk-free interest rates [6][7]. - The Chinese stock market is seen as entering a historical turning point with increased liquidity and a focus on investor returns [7][10].

Group 1 - China's exports have evolved beyond simple goods, deeply embedding into the daily lives of billions globally [2] - The photovoltaic industry is adapting to challenges and seeking new markets amid geopolitical tensions [3] - Huole Technology has secured several million in Pre-B round financing, collaborating with over 50 global hardware manufacturers [4] Group 2 - Global Robotaxi players are racing towards commercialization, with Tesla initiating a pilot program in Austin, Texas [5] - Guangdong province is supporting e-commerce companies in establishing export-to-domestic sales zones and providing financial incentives [6] - AliExpress has been recognized as the top e-commerce platform in the Kantar BrandZ Globalization Brand List [7] Group 3 - Yikong Zhijia has completed over 400 million in D round financing, focusing on autonomous driving product development and international expansion [7] - CP Group has formed a strategic partnership with Ningji, enhancing its market presence [8] - Dongshan Precision expects its Thailand factory to achieve mass production in the second half of the year [8] Group 4 - The Chinese Ministry of Commerce has expressed strong opposition to the EU's restrictions on Chinese companies in public procurement [8] - The China Council for the Promotion of International Trade is facilitating exchanges between Chinese and American businesses [9] - A program in Indonesia aims to help Chinese companies navigate the healthcare market [9]

Group 1 - The Hong Kong stock market indices opened high on June 24, with the Hang Seng Index surpassing the 24,200 points level, driven by active trading in the smart driving concept stocks, particularly in the new energy vehicle sector [1] - Major ETFs saw significant gains, with the Hang Seng Tech Index ETF (513180) rising over 2%, and the Hong Kong Stock Connect Automotive ETF (159323) increasing by more than 3%, led by stocks such as Li Auto, Xiaomi Auto, and BYD [1] - Xiaomi's founder and CEO Lei Jun announced the official launch of the Xiaomi Auto YU7 on June 26, with interactions from various automotive company founders wishing for its success [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) focuses heavily on the Hong Kong passenger vehicle sector, featuring a leading proportion of new energy vehicle manufacturers compared to similar indices [2] - As of June 23, the top four weighted stocks in the index are BYD (15.09%), Xpeng Motors (14.81%), Li Auto (14.03%), and Geely (10.53%), collectively accounting for 54.46% of the index [2] - The index includes companies like Zhixing Technology and Horizon Robotics, indicating a higher concentration of smart driving elements compared to A-share automotive indices, aligning with industry development trends [2]

Group 1 - Guangzhou government issued a three-year action plan to promote the development of intelligent connected new energy vehicles, aiming for over 90% of new cars to be L2 or higher by 2027 [2] - The plan includes support for large-scale production of autonomous vehicles, with rewards of up to 50 million yuan for models meeting specific criteria [2] - The intelligent driving and vehicle networking sectors saw significant stock price increases, with major companies like Sanyou Technology and Wanma Technology reaching their daily price limits [2][3] Group 2 - Tesla launched its Robotaxi service in Austin, Texas, charging only $4.2 per ride, showcasing the scalability of its autonomous driving technology [5] - A report from Lianhe Securities predicts that the automotive industry will increasingly focus on intelligence and connectivity, leading to rapid growth in earnings per share for related stocks by 2025 [5] - A total of 120 stocks in the A-share market are involved in the intelligent driving and vehicle networking sectors, with some having rolling P/E ratios below 20 [6] Group 3 - Among the low-valuation stocks, Huayu Automotive has the lowest rolling P/E ratio at 8.51, indicating potential investment opportunities [6][7] - Social security funds have shown strong interest in several concept stocks, with a total investment value of 7.971 billion yuan in 17 stocks by the end of the first quarter [9] - Yutong Bus has been operating its autonomous bus products safely for six years, with regular operations in 24 cities across China [9]

Market Overview - A-shares experienced a significant rise with over 4600 stocks increasing in value, as the Shanghai Composite Index surpassed 3400 points, gaining 1% [1] - The Shenzhen Component Index rose by 1.45%, and the ChiNext Index increased by 1.94%, with a total trading volume exceeding 925 billion yuan, an increase of over 240 billion yuan compared to the previous day [1] Company Specifics: Huasheng Co., Ltd. - Huasheng Co., Ltd. resumed trading and opened at the limit-up price, but quickly fell by 14.8% within three minutes, eventually closing down by 4.33% [3] - The company announced plans to acquire 100% of Yixin Technology through a combination of stock issuance and cash payment, aiming to transition from traditional industries to strategic emerging industries [5] - Huasheng's stock price has increased by 55.49% year-to-date, with a trading volume of 617 million yuan, marking the highest single-day trading volume since February 2024, and a turnover rate of 20.13% [6] - The company's recent financial performance has been underwhelming, reporting a net loss of 49 million yuan in the 2024 annual report and a continued loss of 13 million yuan in the first quarter of this year, attributed to rising interest expenses and operational costs [6] Industry Developments: Intelligent Driving - Guangzhou's government issued a three-year action plan to promote the development of intelligent connected new energy vehicles, targeting that by 2027, over 90% of new vehicles will be L2 or higher level [7] - The plan includes incentives for the production of autonomous vehicles, with rewards of up to 50 million yuan for qualifying models [7] - The intelligent driving sector saw a collective rise, with related indices increasing by over 2%, and significant capital inflow into the sector [7] - Tesla launched its Robotaxi service in Texas, charging only $4.2 per ride, indicating a growing focus on the scalability of autonomous driving technology [11] - A report predicts that the intelligent vehicle sector will experience rapid earnings growth, with the potential for a "Davis Double" effect by 2025 [11] Valuation Insights - Among the 120 stocks in the intelligent driving and vehicle networking sector, the median rolling P/E ratio is 47.46, with several stocks, including Huayu Automotive and Yutong Bus, having P/E ratios below 20 [12] - Huayu Automotive has the lowest rolling P/E ratio at 8.51, indicating potential undervaluation [12] Institutional Holdings - Several stocks in the intelligent driving sector have attracted significant interest from social security funds, with 17 stocks receiving heavy investments totaling 7.971 billion yuan [14] - Yutong Bus has been a consistent favorite, with its stock being heavily held for seven consecutive quarters, reflecting strong institutional confidence [14]

中国基金报记者 晨曦 大家好！来一起关注最新的市场行情和资讯～ 6月24日，A股市场早间开盘表现清淡，盘中持续拉升。截至发稿，上证指数涨超0.8%，深证成指涨超1%，创业板指涨超1.6%，全市场超4500只个股上 涨。 | A股 美股 全球 農金 图片 | | --- | | 内地股票 它 | | 行情 资金净流入 涨跌分布 | | 深证成指 北证50 上证指数 | | 3409.18 1396.49 10166.67 | | +27.60 +0.82% +118.27 +1.18% +28.34 +2.07% | | 科创50 创业板指 万得全A | | 972.18 5184.97 2050.20 | | +10.70 +1.11% +32.56 +1.61% +54.30 +1.06% | | 沪深300 中证A500 中证500 | | 3896.84 5732.96 4556.71 | | +38.94 +1.01% +58.79 +1.04% +46.83 +1.04% | | 中证红利 中证1000 深证100 | | 6142.04 4445.85 5420.78 | | +48.31 +1. ...

Market Overview - Oil and gas stocks experienced significant declines, while military stocks also weakened. The computing power industry chain showed strength, with CPO direction leading the gains. Notable increases were seen in sectors such as intelligent driving, aviation, pet economy, and robotics [2][4]. A-Share Market Performance - The A-share market opened with mixed results. The Shanghai Composite Index opened at 3380.08 points, down 0.04%. The Shenzhen Component Index opened at 10074.27 points, up 0.26%, and the ChiNext Index opened at 2024.7 points, up 0.35% [2][3]. Key Indexes - Shanghai Composite Index: 3380.08, down 1.50 points, -0.04% [3] - Shenzhen Component Index: 10074.27, up 25.88 points, +0.26% [3] - ChiNext Index: 2024.70, up 7.07 points, +0.35% [3] Sector Performance - The computing power sector showed a strong performance, with various sub-sectors such as AI PC and digital watermarking also recording gains. The ride-hailing sector increased by 3.21%, while the autonomous driving sector rose by 1.81% [3]. Commodity Market - Liquefied petroleum gas (LPG) futures hit the daily limit down, currently at 4257 yuan/ton, with a decline of 5.98% [1][2]. - SC crude oil futures also reached the daily limit down, currently at 518.6 yuan/barrel, with a drop of 9% [7]. Currency and Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 406.5 billion yuan, with an operation rate of 1.40% [5]. - The central parity rate of the RMB against the USD was adjusted up by 54 basis points, reported at 7.1656 [6].

Core Viewpoint - The smart driving concept stocks experienced a collective surge in early trading, driven by the launch of Tesla's Robotaxi pilot service in Austin, Texas, which offers a fixed fare of $4.20 for the first passengers [1] Group 1: Company Developments - Tesla officially launched its Robotaxi pilot service on June 22 in Austin, Texas, confirming the initiative through CEO Elon Musk [1] - The first passengers using the Robotaxi service will pay a fixed fee of $4.20, indicating a new pricing model for autonomous ride-sharing [1] Group 2: Market Reaction - Stocks related to smart driving, including Wanma Technology, Jinjiang Online, Zhejiang Sebao, and Yong'anxing, reached their daily limit up, while Jun Chuang Technology and Sanyou Technology opened over 10% higher [1]