重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示未来表现。投资须谨慎。 A股市场的上涨动能自6月下旬以来有所加速，上证综指站上3800点，并创下十年新高。在市场情绪回暖的背景下，外资投行机构对中国股票市场的关注 度也显著提升。近期的热点话题主要围绕市场上涨的持续性、"反内卷"政策解读、国际投资人对中国市场的配置态度等展开。 市场上涨的持续性 此轮行情的持续性是不少机构讨论的一个话题，海外机构认为本轮上涨主要由于以下几个因素： 1）宏观经济改善预期： "反内卷" 以及近期出台的促消费举措，反映政策层更精准应对经济结构性挑战。自6月以来，10年期和30年期国债收益率呈现上 升趋势，表明投资者对于宏观前景趋于更加乐观，也促进了资金从债市流向股市。对比2024年9月和2023年1月，债券市场的涨幅有限甚至没有上涨，显示 2）中报业绩： 基本面因素是支撑行情上涨的基石。对于市场整体盈利，部分机构认为当前更应该关注微观层面的产业结构性亮点，比如AI算力链、创新 药、机器人和智能驾驶等。而从不同资产类别来看，亚洲区域的投资经理当前最为关注的四类资产分别 ...

现在处于行情启动的阶段，很多投资者从空翻多，入场积极性较高。市场这一波上涨得非常迅猛，但这 并非常态，在大幅上涨之后，可能会出现一些获利了结的调整。我认为这轮行情是慢牛、长牛，可能要 延续两到三年的时间，而不是短期的快牛、疯牛。从一开始，场外配资就已经严格管控，因此目前尚未 出现场外配资的现象，主要还是通过两融加杠杆。建议投资者谨慎使用两融，因为加杠杆后，时间就不 再是朋友，可能成为敌人。2015年的教训告诉我们，过度加杠杆一旦市场出现趋势向下，可能会造成较 大的投资损失，甚至面临强制平仓的风险。 建议大家坚定信心，当前行情已经逐步启动，吸引了场外资金入场。居民储蓄向资本市场的大规模转 移，可能成为资金流入的最大来源。据统计，7月份居民存款减少了1.1万亿，正常月份居民存款应该增 加约1万亿，因此这差额反映出资金的流动趋势。非银行存款增加了2.14万亿，正好与储蓄增量的减少 部分差不多，且大部分存款进入券商的保证金账户，说明很多居民通过股票或基金入市，开始出现存款 搬家的现象。目前我国居民存款有160万亿，转移到资本市场的资金量仍然较小，这一过程刚刚开始。 在去年年底，我就已明确预言2025年A股和港股会迎来 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 346 million RMB in the first half of 2025, representing a year-on-year growth of 46.1% [1] - The gross profit reached 52 million RMB, with a gross margin of 15%, reflecting a 0.9 percentage point increase year-on-year [1] - The company reported a loss of 162 million RMB, which is an increase from the loss of 112 million RMB in the same period last year, primarily due to increased investments in advanced driver assistance and L4 autonomous driving technologies, with R&D expenditures rising by 50.2% year-on-year [1] Summary by Sections Intelligent Driving Solutions - Revenue from intelligent driving solutions was 241 million RMB, a year-on-year increase of 32.4%, accounting for 69.8% of total revenue [2] - The company is expected to benefit from the implementation of industry standards, with a significant increase in the number of projects for L2+ business [2] - The L4 business has made key commercial breakthroughs, including the launch of unmanned buses and logistics vehicles, with over 10 unmanned bus projects secured [2] Smart Cockpit Business - Revenue from smart cockpit solutions reached 61 million RMB, showing a remarkable year-on-year growth of 99.0%, and accounting for 17.6% of total revenue [3] - The company’s DMS (Driver Monitoring System) has achieved the highest level of ASPICE certification, which is expected to drive demand due to new regulations [3] Financial Forecast - Revenue projections for 2025-2027 are 1.01 billion RMB, 1.48 billion RMB, and 2.01 billion RMB, with growth rates of 54%, 47%, and 36% respectively [4] - The company is expected to continue benefiting from the ongoing trend of automotive intelligence and the increasing demand for high-performance SoCs in domain controllers [4]

Core Insights - The gradual players in the intelligent driving industry are experiencing a slowdown in losses, while the aggressive players continue to burn cash significantly [1] - Youjia Innovation's recent mid-year performance for 2025 confirms the trend of improving operational quality with a net loss rate of 46.82%, down from 47.26% in the same period of 2024 [1][3] Financial Performance - In the first half of the year, Youjia Innovation achieved total revenue of 346 million yuan, a substantial increase of 46.1% year-on-year [1] - The gross profit reached 52 million yuan, reflecting a year-on-year growth of 54.8%, with a gross margin of 15%, up by 0.9 percentage points [1] Business Development - The commercialization of unmanned minibuses has led to a significant revenue breakthrough in the L4 business for Youjia Innovation [3] - The company has expanded its product matrix with the release of iPilot 4 Plus and iPilot 4 Pro, securing four mid-to-high-end assisted driving projects and adding six platform projects from four new OEMs [5] Inventory and Production Efficiency - The inventory turnover rate for the first half of 2025 was approximately 4.78 times, an increase from 4.09 times in 2024, indicating improved production efficiency [5] Strategic Initiatives - Youjia Innovation is deepening its differentiated "cockpit integration" business and global strategy, broadening its business boundaries and building scale barriers [6] - The company has launched new solutions like the "Smart Butler BamBam" and the iCabin Lite, catering to the needs of automotive manufacturers for improved efficiency and cost control [6] Market Positioning - The company is well-positioned to benefit from favorable policies that encourage the intelligent driving sector, potentially leading to valuation premiums due to its alignment with industry trends [12] - Youjia Innovation's business model aligns with policy directions, enhancing its long-term competitiveness and growth potential [12] Growth Potential - The company is exploring commercial opportunities in unmanned logistics and specific scenarios, with the first generation of unmanned logistics vehicles expected to be delivered in Q4 of this year [13][14] - The focus on specific scenarios for L4 automation enhances the feasibility of commercialization, with potential for significant market growth [14] Long-term Outlook - Youjia Innovation is building a "technology-scenario-business" flywheel, establishing itself as a growth-oriented company with strong technical barriers [15] - The ongoing development of L4 business is expected to reshape the valuation model for leading players in the intelligent driving industry [15]

8月26日午后，A股三大指数震荡上行，AI重要应用领域，智能车ETF（159888）强势拉升，截至14点 00，涨幅1.92%，持仓股立讯精密领涨，涨幅超8%，欧菲光、移远通信、豪威集团、德赛西威、思特 威-W等股跟涨。 民生证券表示，顶层政策区域破冰下责任体系逐渐明晰，智能驾驶技术迭代下可靠性和成熟度趋于 L3 级别落地标准，新架构量产上车后的技术验证值得期待；"智驾平权"趋势确立，高阶智能驾驶功能下探 至低价格带构建消费者技术敏感性，智能驾驶车型有望迎来结构销量拐点；智驾技术头部车企在算法、 算力、数据三方面构建差异化优势，有望在技术普惠下浪潮中重塑品牌价值，形成竞争优势，并带动智 能驾驶行业市场渗透率跃升，智能驾驶行业奇点已至。 智能车ETF（159888）紧密跟踪中证智能汽车主题指数，聚焦感知系统、车联网等核心环节，电子、计 算机、汽车行业分布均衡，全面覆盖智能座舱、自动驾驶、车路协同等前沿赛道。 （文章来源：每日经济新闻） ...

国家监管的重拳之下，智能网联汽车的"野蛮生长"时代正悄然落幕。小鹏、理想、华为等车 企的OTA策略与宣传方式即将面临一场全面重塑。 2025年8月中旬，国家市场监督管理总局与工业和信息化部联合发布《关于加强智能网联新能源汽车产 品召回、生产一致性监督管理与规范宣传的通知（征求意见稿）》，向全社会公开征求意见。 这份被称为"史上最严监管"的通知直指行业乱象，从汽车召回、生产一致性、商业宣传到事件事故报告 四大维度构筑全面监管体系。其中六次使用"不得"的禁止性措辞，明确为行业划出红线。 01 新规核心：严管宣传与OTA升级 此次征求意见稿的核心内容主要体现在两个方面：规范宣传行为和严格管理OTA升级。 在宣传方面，新规明确要求企业不得在命名和营销宣传中使用任何可能让消费者误以为是自动驾驶的字 眼，不得暗示消费者可以将其视为自动驾驶系统。 新规严禁虚假或夸大宣传，要求企业必须真实、全面地提供智能网联新能源汽车的驾驶自动化等级和系 统能力等信息。 在OTA升级方面，新规规定未经备案不得开展OTA升级活动，不得将未经充分测试验证的软件版本推 送给用户，不得通过OTA方式隐瞒缺陷。 对频繁开展OTA升级活动的企业，市场监 ...

Core Insights - The company reported a revenue of 410 million yuan for the first half of 2025, representing a year-on-year growth of 7.73% [1] - The net profit attributable to shareholders reached 89 million yuan, with a significant year-on-year increase of 44.06% [1] - The overall gross margin stood at 88.37%, a decrease of 2.69 percentage points compared to the previous year [1] Financial Performance - The company achieved a revenue of 201 million yuan in Q2 2025, reflecting a year-on-year growth of 2.08% [1] - The net profit attributable to shareholders for Q2 was 39 million yuan, up 42.43% year-on-year [1] - The non-GAAP net profit for Q2 was 32 million yuan, marking a year-on-year increase of 34.83% [1] Business Segments - Revenue from mobile intelligent terminal visual solutions was 339 million yuan, growing by 2.23% year-on-year [1] - Revenue from intelligent automotive and other AIoT visual solutions reached 64.65 million yuan, with a remarkable growth of 49.09% [1] - The mature segment showed stable customer retention and strong technical barriers, while the emerging segment experienced increased demand and penetration [1] Technology and Product Development - The company is advancing its in-cabin and out-of-cabin solutions, with driver and passenger safety assistance systems already in mass production [2] - The DMS product has received EU ADDW certification and achieved full marks in safety tests for brands like Lantu and Geely [2] - The company is focusing on smart parking and driver assistance systems, with successful POC technology validation for integrated parking solutions [2] AI and Robotics - The company is making strides in commercializing AI glasses and embodied intelligence, enhancing product capabilities and expanding ecosystem resources [3] - Collaborations with leading chip manufacturers like Qualcomm are aimed at optimizing imaging algorithms and chip compatibility [3] - The company has established technical partnerships with renowned civilian robotics firms for core intelligent visual perception and integration [3] Earnings Forecast - The company is expected to benefit from the high growth rates in the smart imaging and smart driving sectors, with projected EPS of 0.54, 0.66, and 0.82 yuan for 2025-2027 [3]

Core Viewpoint - The article emphasizes the investment potential of the Hang Seng Technology Index, suggesting it is undervalued and poised for a rebound, particularly in the context of the ongoing AI wave and favorable industry news [2][3][6]. Market Performance - On August 25, global capital markets saw a broad increase, with the Shanghai Composite Index rising by 1.51%, the ChiNext Index up by 3%, and the Hang Seng Index gaining 1.94%. The Hang Seng Technology Index led the gains with a rise of 3.14%, and the Hang Seng Technology ETF (513180) surged by 4.2%, marking a year-to-date increase of 29.79% [1]. Valuation and Investment Strategy - Despite recent gains, the Hang Seng Technology Index is still considered "cheap," with a price-to-earnings ratio of 21.77, below the five-year average of 23.46, and a price-to-book ratio of 3.13 [6][7]. - Historical data indicates a clear alternating relationship between the ChiNext Index and the Hang Seng Technology Index, suggesting that the latter has significant room for upward movement, especially when the former reaches new highs [3][4]. Industry Catalysts - The domestic computing power sector has received multiple positive developments, including advancements in domestic chip technology and increased demand for AI capabilities. Notable companies like Huawei and Haiguang Information have made significant strides in chip performance and ecosystem development [7][8][9]. - The demand for domestically produced chips is expected to rise due to ongoing international supply chain risks, with companies like Xpeng Motors also signaling confidence in the market by announcing plans for L4 autonomous vehicles and increasing their stock holdings [10][11]. Composition of the Hang Seng Technology Index - The Hang Seng Technology Index includes major players in the semiconductor and smart driving sectors, with significant weightings in companies like SMIC, Hua Hong Semiconductor, and BYD, which collectively represent a substantial portion of the index [11][12]. Future Outlook - The article posits that the Hang Seng Technology Index is on the verge of a "high光时刻" (highlight moment) as China's tech industry continues to rise, suggesting that the current rebound may just be the beginning of a more significant upward trend [13].

集团经营业绩增加乃由于集团持续优化和升级现有的解决方案、增加投资于创新及增强新产品以及智能 驾驶技术不断发展及ICV在中国的接受度不断提高令研发及销售效率提高。 格隆汇8月25日丨赛目科技(02571.HK)公告，截至2025年6月30日止6个月中期业绩，集团实现营业收入 约为人民币9100万元，较2024年同期增长63.7%。公司拥有人应占利润由2024年同期亏损人民币470万 元变为利润人民币130万元。每股基本及摊薄盈利0.01人民币元。 ...

同期，公司还战略投资了智能辅助驾驶芯片商新芯航途，并基于该芯片开发高阶智驾域控制器，相关芯 片已成功点亮并上车测试。均胜电子表示，随着相关订单逐步落地，公司智驾业务预计将迎来快速增长 阶段。 8月25日，均胜电子在2025年半年度报告中透露其智驾业务获得多项突破进展，包括与头部智能驾驶算 法公司Momenta合作，首次联合突破某知名自主品牌的智能辅助驾驶域控项目定点，订单金额超10亿 元，将为其多款车型提供高阶智能辅助驾驶域控制器解决方案，预计于 2026年开始量产。其他国内及 全球性客户的项目定点目前也正联合全力推进中。 ...