Group 1: Hong Kong Stock Market Highlights - Midea Group opened up 2% against the market trend after being included in the Hang Seng Index [1] - Yuan Da Pharmaceutical opened over 3% higher, with its first "zero radiation" nuclear medicine factory set to commence production in June [1] - Bruker surged over 6% after being added to the Hang Seng Composite Index, with institutions stating it meets the criteria for inclusion in the Hong Kong Stock Connect [1] - Xuanwu Cloud rose over 22% following a strategic partnership with Tencent Cloud, focusing on AI-driven retail and cloud communication growth [1] - Mixue gained over 5% after being included in the Hang Seng Composite Index, with expectations of being added to the Hong Kong Stock Connect next month [1] - Konnate Optical increased nearly 3% as it plans to invest $4 million in establishing a resin lens production line in Japan [1] - Solar stocks declined, with Q1 solar product exports dropping over 30%, indicating potential pressure on the industry chain [1] - Weilang Delicious rose over 5% after completing a placement that raised over HKD 1.1 billion, with CICC noting the scale of the placement is relatively controllable [1] - Logistics stocks continued to rise, with notable increases in shares of Guangdong-Hong Kong-Macau Holdings, Guangdong Transportation, Kerry Logistics, and ZTO Express [1] Group 2: US Stock Market Highlights - Pony.ai surged nearly 14%, with expectations of achieving positive gross margins for complete vehicles this year [2] - Walmart increased nearly 2% as the company plans to raise prices on certain products in the US [2] - QUBT rose over 39% after turning profitable in Q1 [2] - CoreWeave jumped over 22%, with NVIDIA holding a 7% stake [2] - Bilibili increased over 2%, with Goldman Sachs projecting a 71% year-on-year growth in gaming revenue for Q1 [2] - Hesai Technologies rose over 6% at one point, closing nearly 2% higher amid rumors of a secret application for a Hong Kong listing [2] - Novo Nordisk fell nearly 3% following the announcement of the CEO's departure [2] - Applied Materials (AMAT) dropped over 5% as Q2 revenue fell short of expectations, with a bleak outlook for Q3 [2]

据广州日报报道，记者从部分银行及房产中介获悉，5月17日起，广州地区银行首套房贷利率从原来的LPR-60个基点调整为LPR-50个 基点，即五年期以上首套房贷利率上涨10BP（基点），由原来的3.0%上调到3.1%。 点评：广州首套房贷利率微幅上调，反映出在LPR（贷款市场报价利率）下调背景下银行对利差的调整。这将轻微增加购房成本，或 对刚需及市场预期形成一定抑制，需关注后续市场反应。 ｜2025年5月19日星期一｜ NO.1 广州五年期以上首套房贷利率上调10BP 点评：旅客会在购物、餐饮、住宿、娱乐等方面产生大量消费，从而刺激香港本地消费市场，带动相关产业发展，为香港经济增长注 入动力。 NO.4 广州将开通8条自动驾驶专线 据"中国广东发布"微信公众号5月17日消息，广州将在市中心开通8条自动驾驶出行服务示范运营专线，开启全国首个全天时、全天候 的自动驾驶出行服务。据悉，服务路线覆盖广州塔、广交会展馆、花园酒店、珠江新城等地标，以及广州白云国际机场、广州南站等 交通枢纽，覆盖了广州人流、车流、物流最密集繁忙的区域。 点评：作为全国首个开启全天时、全天候自动驾驶出行服务的城市，广州展现出了在科技创新和城市 ...

Core Viewpoint - The article discusses the advancements in the field of autonomous driving, particularly focusing on the Diffusion model and its application in generating driving trajectories, highlighting the differences between VLM and VLA systems [1][4]. Group 1: Diffusion Model Explanation - Diffusion is a generative model that learns data distribution through a process of adding noise (Forward Process) and removing noise (Reverse Process), akin to a reverse puzzle [4]. - The model's denoising process involves training a neural network to predict and remove noise, ultimately generating target data [4]. - Diffusion not only generates the vehicle's trajectory but also predicts the trajectories of other vehicles and pedestrians, enhancing decision-making in complex traffic environments [5]. Group 2: VLM and VLA Systems - VLM consists of two systems: System 1 mimics learning to output trajectories without semantic understanding, while System 2 has semantic understanding but only provides suggestions [2]. - VLA is a single system with both fast and slow thinking capabilities, inherently possessing semantic reasoning [2]. - The output of VLA is action tokens that encode the vehicle's driving behavior and surrounding environment, which are then decoded into driving trajectories using the Diffusion model [4][5]. Group 3: TransDiffuser Architecture - TransDiffuser is an end-to-end trajectory generation model that integrates multi-modal perception information to produce high-quality, diverse trajectories [6][7]. - The architecture includes a Scene Encoder for processing multi-modal data and a Denoising Decoder that utilizes the DDPM framework for trajectory generation [7][9]. - The model employs a multi-head cross-attention mechanism to fuse scene and motion features during the denoising process [9]. Group 4: Performance and Innovations - The model achieves a Predictive Driver Model Score (PDMS) of 94.85, outperforming existing methods [11]. - Key innovations include anchor-free trajectory generation and a multi-modal representation decorrelation optimization mechanism to enhance trajectory diversity and reduce redundancy [11][12]. Group 5: Limitations and Future Directions - The authors note challenges in fine-tuning the model, particularly the perception encoder [13]. - Future directions involve integrating reinforcement learning and referencing models like OpenVLA for further advancements [13].

5月16日，在第三十五次全国助残日来临之际，江汉区残联携手萝卜快跑，联合举办了"无障碍督导体验活动"，探索科技助残新路径，通过自动驾驶技术创 新应用，为视障群体提供更加安全、便捷、舒适的出行选择。 据了解，此次江汉区残联共组织百余人参与无障碍督导体验活动，通过无障碍督导、科技体验与公益倡议，共同推动无障碍环境建设迈向新高度。 活动当天，湖北省残联、武汉市残联、江汉区相关领导、江汉区残联、江汉区人大代表、江汉区政协委员、江汉区残疾人代表、志愿者等组成无障碍体验队 伍，深度考察了自动驾驶技术在无障碍出行场景中的应用，并亲身体验萝卜快跑无障碍服务，切实感受科技创新对特殊群体的帮助与关怀。 未来，萝卜快跑将继续围绕视障群体出行需求，持续推动科技助残服务升级，让更多视障朋友感受到科技带来的温暖与便利。（古雨） "以前很难独自出行，比如担心找不到车、打不开车门，也总觉得会麻烦到别人，今天体验萝卜快跑无障碍功能后，我感受到了科技带来的安全感，未来的 出行多了一种独立、安全、便捷的选择。"多名无障碍体验员在现场分享了他们的感受，"这是有温度的高科技，能够真正帮助我们视障群体的日常独立出 行。" 值得一提的是，面向员工，萝卜快 ...

Company Developments - China Telecom, China Mobile, and China Unicom have officially launched the construction of a computing power internet experimental network, aiming to interconnect their own computing resources and nationwide distributed social computing resources [6] - Xiaomi Group's president revealed that products equipped with Xiaomi's self-developed "Xuanjie O1" chip will extend beyond smartphones, with ambitions to improve its air conditioning market position from fourth to third place this year and to be among the top two by 2030 [6] - OpenAI plans to build a large new data center in the UAE, which could become one of the largest data centers globally [6] - Xiaomi Automotive addressed concerns regarding minor deformation of the SU7 front bumper, offering free pickup and repair services for affected vehicles [6] - Autonomous driving technology company WeRide announced the launch of eight autonomous driving service demonstration routes in downtown Guangzhou, marking the first all-weather autonomous driving service in the country [6] Industry Insights - As of the end of Q1, the balance of inclusive loans for small and micro enterprises in the banking sector reached 35.3 trillion yuan, reflecting a year-on-year growth of 12.5% [4] - The bond fund market has seen significant activity, with two funds, Guotai Fund and Minsheng Jianyin Fund, each achieving close to 60 billion yuan in establishment scale, marking them as the third and fourth bond funds to reach this scale since April [4] - The scale of land acquisition plans using special bonds has surged, with 171 cities announcing plans totaling 391.8 billion yuan and involving 6,565 hectares of residential land [5]

Group 1: Positive Factors - The advancement of Sino-U.S. regulatory cooperation has alleviated the delisting risks for Chinese companies listed in the U.S. [2] - The Federal Reserve's interest rate cuts in 2024 are expected to enhance market liquidity, leading to a projected 116% year-on-year increase in fundraising for Chinese companies going public in the U.S. [3] - Specific industries such as biomedicine and hard technology are likely to benefit from U.S. market valuations that recognize innovation and high R&D investments [4] - The internationalization demand in sectors like new energy and autonomous driving has led to significant brand effects for companies like Zeekr and WeRide after their U.S. listings [5] - The U.S. has a more accommodating stance towards cryptocurrency companies, attracting Chinese firms to split their businesses and list in the U.S. [6] - New policies in China support the expansion of overseas listing channels, with the China Securities Regulatory Commission (CSRC) optimizing the filing process, resulting in a significant increase in the number of companies preparing for listings in 2024 [7] Group 2: Major Challenges - Geopolitical tensions and regulatory conflicts remain a concern, particularly with the U.S. Foreign Company Accountability Act posing potential delisting risks if Sino-U.S. audit cooperation falters [8] - Compliance pressures from China's Data Security Law require companies to separate sensitive operations or localize data storage, increasing listing costs [9] - Market performance is uneven, with over two-thirds of Chinese companies listed in the U.S. in 2024 experiencing stock price declines, while smaller firms face high issuance costs that diminish fundraising efficiency [10] - The Hong Kong Stock Exchange has lowered listing thresholds for specialized technology companies, creating competition for Chinese firms considering dual listings [11] - The A-share Sci-Tech Innovation Board is prioritizing hard technology companies, which may lead to local financing preferences [12] - Nasdaq's new rules set to be implemented by the end of 2024 will increase the difficulty for small and medium-sized enterprises to meet market capitalization requirements for IPOs [13] Group 3: Future Outlook - An optimistic scenario suggests that if Sino-U.S. regulatory cooperation deepens and the Federal Reserve continues to lower interest rates, leading tech and biomedicine companies could see a 20%-30% year-on-year increase in IPO fundraising [14][15] - A neutral scenario indicates that if regulatory deadlocks persist but geopolitical tensions remain manageable, a few companies may pursue dual listings or split non-sensitive operations for U.S. entry, resulting in moderate fundraising growth [16][17] - A pessimistic scenario predicts that if the Sino-U.S. tech conflict escalates and China tightens overseas listing approvals, IPO activities in the U.S. could nearly halt, accelerating the privatization of existing Chinese companies listed abroad [18][19] Group 4: Corporate Strategy Recommendations - Companies are advised to prioritize compliance by designing cross-border data and legal frameworks, such as VIE structures and independent data entities [20] - Diversifying financing strategies through a combination of A-share/H-share and U.S. listings can help mitigate risks [21] - Companies in hard technology should focus on local listings, while those with strong global attributes, like biomedicine, should target U.S. markets [22]

Core Viewpoint - Guangzhou has launched 8 autonomous driving service lines, marking the first all-weather autonomous driving service in the country [1] Group 1: Company Overview - The autonomous driving technology company, WeRide, has initiated a demonstration operation of autonomous driving services in downtown Guangzhou [1] - The service network operates around the clock, providing continuous transportation solutions [1] Group 2: Service Coverage - The newly launched service lines connect major landmarks such as the Guangzhou Tower, Canton Fair Exhibition Center, Garden Hotel, and Zhujiang New Town [1] - The network also links to key national transportation hubs, including Guangzhou Baiyun International Airport and Guangzhou South Railway Station [1] - The service covers the most densely populated and trafficked areas in Guangzhou, catering to passenger, vehicle, and logistics flows [1]

Core Insights - Guangzhou Huangpu autonomous driving technology company WeRide has launched 8 autonomous driving service routes in downtown Guangzhou, establishing China's first 24-hour autonomous driving service network in a core urban area [1][4] - The service network connects major landmarks and national transportation hubs, showcasing WeRide's advanced autonomous driving technology and operational safety, stability, and reliability [1][4] Company Overview - WeRide is one of the earliest companies globally to achieve open-road commercial operation of autonomous driving services, having launched China's first paid autonomous ride-hailing service in Guangzhou in 2019 [4] - The company has established a service network across 8 cities in China, UAE, and Switzerland [4] Industry Development - Huangpu District has created a dual-driven development model for traditional and new energy smart connected vehicles, attracting major industry players like XPeng Motors, Hyundai, and Baidu Apollo [4] - The district has become a testing ground for intelligent connected vehicles, with 334 roads opened for testing, totaling 480.404 kilometers in one-way and 955.978 kilometers in two-way routes [5] Policy Support - In April 2025, Huangpu District will implement guidelines for the application of intelligent connected vehicles and autonomous driving equipment in transportation, simplifying approval processes for various autonomous vehicle types [9]

先来分析一波阿里。 昨天晚上，阿里发布财报， 营收 2365亿元，同比增长7%；经调整息税前利润 326亿元，同比增长36%；非通用会计准则下净利润298亿元，同比增长6%，几项核 心财务数据表现都不错。 可是，市场却不给面子，股价大跌，美股昨晚低开跌了 7.57%，港股今天低开6%，收盘跌了4.27%。 到底出什么事了呢？ 我特意听了后面的业绩说明会，电商的业绩还不错，可是大家都把注意力集中在 AI上。 我挑几个比较关键的问题说一下。 一、 云算力增长能不能持续？ 云计算 18%的增速是由AI带动来的，市场之前给了20%的预期，认为增速不快，但以前阿里的云客户集中在互联网、教育、金融、汽车等 行业，现在有更多的行业因为需要AI，使用了阿里云。 现在的大趋势在，不少行业与时俱进也是需要时间的，所以云算力我认为是长期趋势，但是需要足够的耐心。 二、 电商增速是怎么来的？ 实际上，淘宝和天猫能够实现业绩高增长的原因之一，也是离不开 AI。 阿里重新构建了搜索广告体系，从目前国内外大厂的AI表现来看，广告效率是最明显、最有效的变现方法。这个思路和腾讯比较类似，都是 先把用户体验搞起来，然后再去提高产品和生态的细节。 ...

据知情人士透露，总部位于北京的百度已在与Swiss Post旗下提供公共巴士服务的部门PostAuto进行商谈，以便在瑞士推 出萝卜快跑(Apollo Go)无人驾驶出租车服务。知情人士称，百度计划未来几个月内在瑞士设立当地实体，并在今年年底 前开始测试该技术。这些知情人士称，百度计划在土耳其推出萝卜快跑。中国和美国的自动驾驶公司希望通过网约车服 务以及用于消费者车辆的先进驾驶辅助系统将其技术商业化。 中东是另一个关键战场，在那里，优步已与百度的中国竞争对手合作部署无人驾驶出租车。文远知行本月早些时候表 示，将于今年年中前与优步在阿布扎比共同推出至少50辆无人驾驶出租车，并扩大了合作伙伴关系，计划在未来五年内 将自动驾驶汽车推广到另外15个城市，包括欧洲城市。小马智行(Pony AI)表示，今年将与优步在中东地区的一个关键市 场推出自动驾驶汽车服务。小马智行的投资者包括丰田(Toyota)。百度在3月表示，计划今年年底前在迪拜市中心部署 100辆完全自动驾驶汽车，并力争到2028年将其车队规模扩大到至少1000辆。该公司打算推进去年12月在香港启动的萝 卜快跑测试，在无人驾驶车辆中搭载乘客。 特斯拉(Tesl ...