Core Insights - Momenta has formed a strategic partnership with Uber to integrate its autonomous driving vehicles into the Uber platform, with plans for commercialization in Europe by early 2026 [1][2] - Momenta specializes in autonomous driving technology, with its L2 level driving assistance system currently deployed in approximately 300,000 vehicles [1] - The collaboration aims to enhance the global scalability of autonomous driving technology, leveraging existing partnerships with leading computing platforms and vehicle manufacturers [1] Company Overview - Momenta focuses on the research and development of autonomous driving technologies, offering various levels of autonomous driving solutions [1] - The company is continuously iterating its algorithms and learning mechanisms to improve its products [1] Strategic Partnership Details - The partnership will utilize a software and hardware platform consistent with Momenta's L2 level driving assistance system, ensuring technology compatibility and data sharing [1] - Uber's CEO expressed enthusiasm for the partnership, highlighting the combination of Uber's global transportation services with Momenta's AI-driven autonomous driving technology to provide reliable and affordable transportation options [2]

Group 1: Macroeconomic and Industry Background - The return of the technology growth market in May is supported by a combination of loose liquidity and a recovery in risk appetite, with global liquidity remaining abundant and the offshore RMB surpassing 7.20 [2] - The US Federal Reserve's dovish signals and a shift in US fiscal policy towards balance have contributed to a weaker dollar, which further strengthens the rationale for allocating to growth stocks [2] - The end of the April earnings season has cleared risks for the technology sector, with the TMT sector's trading congestion dropping to an 11% historical low for 2023, providing space for capital rotation [3] Group 2: AI Revolution Deepening - Major overseas tech companies have significantly increased capital expenditures related to AI, with a year-on-year growth rate exceeding 30%, focusing on computing chips and cloud infrastructure [7] - The market anticipates that global AI computing investment will exceed $200 billion by 2025, indicating a robust demand for AI infrastructure [7] - Domestic companies are accelerating the deployment of multimodal AI agents, with new AI hardware products being launched, driving the transformation of consumer electronics towards "AI + terminals" [9][10] Group 3: Intelligent Robotics - The mass production of humanoid robots is accelerating, with predictions indicating that by 2050, there will be 100 million humanoid robots globally, generating annual revenues of $5 trillion [11] - The market for exoskeleton robots is expanding, with applications in medical and industrial fields, and the expected market space exceeding hundreds of billions [15] - The US's tariff exemptions on auto parts are reducing costs in the supply chain, benefiting the automotive and robotics sectors [17] Group 4: Autonomous Driving - Policies in both China and the US are accelerating the commercialization of autonomous driving, with new regulations and operational licenses being issued [18] - Key segments of the industry chain benefiting from this trend include high-precision sensors, computing chips, and high-precision mapping [19] Group 5: Investment Strategy for May - Focus on core sectors such as AI, robotics, and autonomous driving, with specific attention to AI applications and hardware, including AI PCs and AI glasses [20][21] - Identify key components in robotics, such as dexterous hands and lightweight materials, as well as critical elements in autonomous driving like lidar and vehicle communication [21] - Emphasize the importance of selecting companies with high R&D investment and strong order visibility while avoiding stocks with uncertain earnings [23]

Company Performance - Berkshire Hathaway reported a net profit of $4.603 billion for Q1 2025, down from $12.702 billion in the same period last year [2] - The company's revenue for Q1 2025 was $89.725 billion, slightly down from $89.869 billion year-on-year [2] - Berkshire Hathaway experienced an investment net loss of $5.038 billion in Q1 2025, compared to a profit of $1.48 billion in the previous year [2] - As of March 31, 2025, the company's cash position reached a record high of $347.7 billion [2] - 69% of the total fair value of equity investments is concentrated in American Express, Apple, Bank of America, Chevron, and Coca-Cola [2] Investment Trends - The Hong Kong Monetary Authority bought $6.005 billion in US dollars for the first time in five years, injecting HKD 46.539 billion into the market [4] - As of May 2, 2025, 21 brokerage firms have released their stock recommendations, totaling 208 recommendations across 167 A-shares [4] - The top recommended stocks include Haida Group, Gree Electric Appliances, and Dongpeng Beverage, with 5, 4, and 4 recommendations respectively [4] - By April 30, 2025, 5,399 listed companies had disclosed their Q1 reports, with 603 companies having social security funds among their top ten circulating shareholders [5] Economic Indicators - As of the end of March, the number of participants in basic pension, unemployment, and work injury insurance reached 1.071 billion, 244 million, and 297 million respectively, showing year-on-year increases of 4.42 million, 2.56 million, and 2.71 million [2]

申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 有员工曾表示，"1月27日后，纵目科技掌握公章的高管 集体离职 ，并且相互在流 程中秒批 ，（相当于）堵死了已经放假回家的普通员工的离职通道。"2月5日，放 假回来的纵目科技员工，没有等来工资，也没有等来解决方案，甚至CEO唐锐在钉 钉群开始 "已读不回" 。 日前，上海市浦东新区人民法院正式受理了纵目科技（上海）股份有限公司（以下 简称"纵目科技"）的破产审查申请， 宣告纵目科技正式进入司法重整程序。 据上海证券报实地探访，纵目科技曾经热闹非凡的总部大楼，如今大门紧闭，仅有 公司接管人在处理剩余公司事务。一楼门禁后的电子屏并未播放画面，公司正门则 贴有遮挡材料，无法观察到门外景象。 图/上海证券报 大楼地库里印有"纵目科技"字样的绿色区域仍摆放着不少蚕丛移动充电设备。2024 年初，纵目科技曾官宣设立全新子公司蚕丛机器人，并推出了低速4级高级自动驾驶 充电机器人Fl a shBot闪电宝。 图/上海证券报 园区相关人士表示，自纵目科技2月8日断电封楼以来，一直看到有员工返回公司处 理相关事宜，也看到有合作方来访， 甚至碰到有合作方与公司直接发生摩擦。 ...

2025年4月30日，广州南沙区明珠湾见证了自动驾驶领域的重要时刻 ——"自动驾驶测试基地和智慧交 通示范区" 揭牌仪式在此隆重举行。活动现场，全球自动驾驶科技领军企业文远知行 WeRide(Nasdaq： WRD)成功拿下广州市南沙区首批无人驾驶装备道路测试牌照，其精心打造的 W5 无人物流车自此获准 在南沙区道路上开展测试，标志着广州无人驾驶商用化进程迈出关键一步。 据悉，这是自今年一季度《广州市南沙区无人驾驶装备道路测试与创新应用工作指引(试行)》落地实施 后，南沙区首次对外发放此类牌照。文远知行凭借在无人驾驶领域卓越的技术实力和丰富的运营经验， 成功跻身首批获牌企业行列，这无疑为其无人驾驶物流车迈向大规模商业化进程按下 "加速键" 。 文远知行W5无人物流车在功能设计上充分考虑了规模化运营需求和降本增效需求，拥有同类产品中最 大的载货容积(5.5m3)，续航里程可达220km，内部货箱空间采用模块化设计，支持多种格口组合货箱， 灵活适配多场景下的城市货运需求。在运营端，文远知行W5无人物流车支持多车编队，可实现1人轻松 调度一个大规模车队，经济高效。 未来，文远知行将不断拓宽无人物流车的测试范围和场景 ...

Core Insights - WeRide has officially received the first batch of road testing licenses for autonomous driving equipment in Nansha District, Guangzhou, allowing its Robovan W5 to conduct road tests [1] - The W5 autonomous logistics vehicle is designed for urban freight, leveraging nearly six years of operational experience in the robotaxi sector and utilizing industry-leading Level 4 autonomous driving technology [3] Group 1 - The unveiling of the "Autonomous Driving Testing Base and Smart Transportation Demonstration Zone" in Nansha District marks a significant step in the commercialization of autonomous logistics vehicles [1] - The W5 vehicle features a cargo capacity of 5.5m³ and an extended range of 220km, making it suitable for multiple urban logistics trips [5] - The modular design of the internal cargo space allows for flexible configurations to meet diverse delivery needs, enhancing operational efficiency [5] Group 2 - WeRide aims to expand the testing landscape for its autonomous logistics vehicles and unlock more complex scenarios to drive the large-scale commercial application of Level 4 autonomous logistics services [7] - The vehicle supports multi-vehicle convoy operations, requiring only one operator to efficiently manage a large fleet, thereby reducing labor costs [5]

制造业和高新技术企业年度新增银行贷款，单个企业年度贴息金额最高2000万元；全省统筹资源整合组 建超万亿元总规模的产业投资基金和创业投资基金，其中省级基金规模超过1000亿元；跨国公司全球研 发中心落户一次性给予最高600万元奖励…… 为进一步支持市场主体创新发展，加快建设现代化产业体系，扎实推动高质量发展，4月30日，广东省 人民政府办公厅印发《广东省进一步激发市场主体活力加快建设现代化产业体系的若干措施》（以下简 称"措施"），推出12条措施真金白银激发市场主体活力。 每年贴息贷款总规模最高2000亿 措施提出，突出培育发展前沿赛道产业。聚焦集成电路、人工智能、机器人、自动驾驶、低空经济、生 物医药、量子科技、商业航天、新型储能、新能源汽车、数字经济、现代化海洋牧场等重点领域，编制 产业链招商图谱，建立头部企业和领军人才数据库，实施有针对性的招商引资政策。对特别重大的产业 招引项目，结合产业特点依法依规制定更加精准的支持政策。 在降低制造业和高新技术企业融资成本方面，措施提出，对制造业和高新技术企业年度新增银行贷款， 用于建设厂房、购买设备、技术改造、科技研发等方面，不包括借新还旧、购买土地等方面，省财政 ...

Macroeconomic Events - The People's Bank of China conducted reverse repurchase operations totaling 279 billion yuan on April 28, with a winning rate of 1.5%, resulting in a net injection of 103 billion yuan after 176 billion yuan matured that day [1] - The manufacturing PMI for April fell to 49.0%, down 1.5 percentage points from the previous month, indicating a contraction in the manufacturing sector [1][2] - The State Council approved nuclear power projects, emphasizing the importance of safety in nuclear development, which is expected to boost related industries and employment [1][2] Industry Data - As of April 27, China has 102 operational, under-construction, and approved nuclear power units, with a total installed capacity of 113 million kilowatts, making it the world's largest nuclear power producer [1][2] - In Q1, China's smartphone market shipped 70.9 million units, a year-on-year increase of 5%, driven by state subsidies and consumer recovery [1][2] International Political Events - The new Canadian government, led by Prime Minister Carney, criticized the previous U.S. trade policies and vowed to strengthen cooperation with Europe and the Asia-Pacific region, potentially impacting trade dynamics [1][3] - The International Court of Justice began hearings on Israel's blockade of Gaza, which may increase international pressure on Israel regarding humanitarian aid access [1][3] Financial Market Performance - The domestic bond market saw an increase in funding rates, with the overnight Shibor rising to 1.606% and the seven-day Shibor to 1.641% [2] - The A-share market exhibited volatility, with the Shanghai Composite Index fluctuating around 3,300 points, while sectors like electricity and AI performed well, contrasting with weaker performance in real estate and finance [2][3] - International markets showed mixed results, with U.S. stocks experiencing varied performances among major Chinese concept stocks, while European indices generally rose [2][3] Market Strategies - In bond investments, increasing the allocation to short-term government bonds is recommended to secure stable coupon income, while monitoring economic data for potential adjustments [4] - For equity investments, focusing on undervalued blue-chip stocks with high dividends is advised, alongside identifying growth opportunities in emerging industries like AI and renewable energy [4] - A diversified asset allocation strategy is suggested to mitigate risks, with dynamic adjustments based on macroeconomic indicators and market conditions [4]

4月30日，一则重磅消息震动汽车与科技行业——丰田汽车和Alphabet旗下的Waymo表示，双方已同意 探讨合作，加快自动驾驶技术的开发和部署。两家公司在一份联合声明中表示，他们的目标是结合各自 的优势，开发一个自动驾驶汽车平台，同时还将探索如何加强下一代个人拥有的汽车(POVs)。双方表 示将讨论扩大合作范围的可能性。 在智通财经APP看来，作为全球汽车行业的龙头企业，丰田此番与美国Robotaxi领域唯一成规模的玩家 联手，绝非偶然，而是其在智能驾驶领域深思熟虑后的关键落子，背后折射出丰田对自动驾驶商业化的 深远布局与坚定决心。 丰田选择Waymo，本质上是一次优势互补的战略"联姻"。Waymo作为全球顶级的L4级自动驾驶企业， 拥有深厚的技术积淀与丰富的运营经验。其自动驾驶系统历经数千万英里的实际道路测试，具备处理各 类复杂路况的能力，在全无人驾驶技术领域处于行业领先地位。 目前，Waymo的Robotaxi服务已在美国多个城市实现常态化运营，每周为用户提供超25万次出行服务， 积累了海量的实际运营数据。而丰田作为全球汽车制造巨头，具备强大的整车制造能力、完善的供应链 体系以及庞大的全球销售网络。双方 ...

4月30日，广东省人民政府办公厅印发《广东省进一步激发市场主体活力加快建设现代化产业体系的若干措 施》（以下简称《措施》）。 《措施》共12条，包括突出培育发展前沿赛道产业、降低制造业和高新技术企业融资成本、建强产业基金体 系、大力开发应用场景、提升总部支持能级、加强企业服务、加大投资促进激励等。 具体来看，《措施》提出，突出培育发展前沿赛道产业。聚焦集成电路、人工智能、机器人、自动驾驶、低空 经济、生物医药、量子科技、商业航天、新型储能、新能源汽车、数字经济、现代化海洋牧场等重点领域，编 制产业链招商图谱，建立头部企业和领军人才数据库，实施有针对性的招商引资政策。对特别重大的产业招引 项目，结合产业特点依法依规制定更加精准的支持政策。 "降成本强保障"是各地激发市场主体活力的关键因素之一。《措施》提出，降低制造业和高新技术企业融资成 本。对制造业和高新技术企业年度新增银行贷款，用于建设厂房、购买设备、技术改造、科技研发等方面，不 包括借新还旧、购买土地等方面，省财政按不超过银行贷款利率的35%进行贴息，每年贴息贷款总规模最高 2000亿元，政策执行期内单笔贷款合同可享受不超过1年贴息，单个企业年度贴息金额最 ...