Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights that commercial aerospace and 6G are key areas for industrial layout, driven by policy and technology [3][4] - A recent policy from Shanghai supports the construction of a world-class industrial cluster focusing on commercial aerospace and 6G, emphasizing application-based research and key technology breakthroughs [12][13] - The third Commercial Aerospace Development Conference indicated that the industry has entered a new phase of scale and commercialization, with a projected market size to achieve a leap forward [13] - The establishment of a 2 billion yuan fund for commercial aerospace and a talent training program to supply 1,000 skilled workers annually over the next 3-5 years were also announced [13][4] Summary by Sections 1. Industry Perspective - The report discusses the Shanghai policy aimed at supporting the G60 Science and Technology Corridor, focusing on commercial aerospace and 6G industries [12] - It emphasizes the need for collaboration among enterprises, academic institutions, and research organizations to drive innovation and technology development [12] 2. Market Performance Review - The computer industry index increased by 2.20% this week, outperforming the Shanghai Composite Index by 0.32 percentage points [15] - Year-to-date, the computer industry index has risen by 16.89%, ranking 14th among 31 industry indices [15][16] 3. Technology Software Industry News - The report covers various sectors including computing power, low-altitude economy, automotive intelligence, cybersecurity, data elements, and artificial intelligence, highlighting significant developments in each area [23][24][25][26][27][29][30] - For instance, the computing power sector in Yangzhou has reached a scale of 34,000 P, leading the province [23] - The automotive sector is seeing advancements in intelligent driving systems, with companies like Huawei and Audi launching new technologies [26] 4. Company Dynamics - The report mentions several companies involved in stock buybacks and incentive plans, indicating active corporate governance and management strategies [32]

Core Insights - Lantu Motors officially announced the launch of its flagship sedan, Zhaiguang L, scheduled for December 10, marking it as the first 800V plug-in hybrid sedan from a Chinese brand [1][2] - The Zhaiguang L boasts an impressive CLTC pure electric range of 410 kilometers and a comprehensive range of 1400 kilometers, supported by a 63 kWh large-capacity battery [1] - The vehicle features an 800V high-voltage platform and 5C super fast charging technology, allowing it to charge from 20% to 80% in just 12 minutes [1] Technical Features - The Zhaiguang L is equipped with Huawei's Qian Kun intelligent driving ADS 4, supporting urban NCA and highway NCA, and can handle complex scenarios such as underground multi-layer parking [1] - It includes a comprehensive collision avoidance system CAS 4.0, providing all-speed, all-direction, all-target, all-weather, and all-scenario safety features [1] - The vehicle's interior features the HarmonyOS 5.0 system, offering smooth interaction and an AI voice model capable of accurately understanding colloquial commands [1] Vehicle Specifications - The Zhaiguang L is positioned as a mid-to-large sedan with dimensions of 5125mm in length, 1985mm in width, and 1522mm in height, along with a wheelbase of 3010mm [1] - It features a magic carpet chassis with CDC and adjustable air suspension, providing a refined ride quality, especially over speed bumps [1] - The vehicle's aluminum chassis includes a front double-wishbone and rear five-link setup, with a minimum turning radius of just 5.55 meters [1]

Core Viewpoint - The automotive industry is shifting back to a development trajectory based on safety and quality, moving away from chaotic marketing practices, particularly in the autonomous driving sector [2][11]. Industry Trends - The introduction of new battery standards and regulations on autonomous driving indicates a regulatory push to ensure safety in the electric vehicle sector [2]. - The phrase "when the tide goes out, you see who is swimming naked" applies to the autonomous driving technology industry, highlighting the need for genuine technological capabilities [3]. Technological Developments - The industry is facing malicious attacks and misleading evaluations that disrupt healthy development, prompting national measures against "internet water armies" and black public relations [4]. - A joint live test by Pacific Automotive and Tongji University showcased the superior performance of vehicles equipped with Huawei's QianKun intelligent driving system, achieving full marks in all nine testing scenarios [5]. - Huawei's QianKun intelligent driving system has demonstrated significant advancements, including a 50% reduction in system latency and improved decision-making speed [6]. Safety and Standards - Safety is emphasized as a core principle, with Huawei's QianKun integrating a multi-sensor approach to enhance safety in various driving conditions [11]. - The CAS 4.0 system provides comprehensive collision avoidance capabilities, significantly enhancing safety features in vehicles [12][14]. Market Position - As of October 2025, Huawei's QianKun has partnered with 15 leading automotive companies, producing 35 models and capturing a 27.8% market share in the autonomous driving sector [9]. - In the luxury vehicle market, Huawei's market share reached 52.75%, indicating strong consumer preference for its technology [9]. Data and Ecosystem - Huawei's QianKun intelligent driving platform benefits from a "snowball effect" driven by data collection from vehicles, enhancing algorithm optimization and user experience [15][16]. - The platform's cloud computing power reached 45 EFLOPS, enabling efficient processing of vast amounts of driving data [16][17]. - By October 2025, the cumulative driving distance for Huawei's QianKun intelligent driving system reached 58.1 billion kilometers, establishing it as a leader in the industry [18]. Competitive Advantage - The combination of data and scale creates a robust competitive moat for Huawei, making it increasingly difficult for smaller competitors to keep pace [20]. - The focus on safety and quality, alongside significant investments in technology and infrastructure, positions Huawei as a leader in the autonomous driving market [20].

Core Viewpoint - The automotive industry is returning to a development trajectory based on safety and quality, moving away from chaotic marketing practices [3][4][27]. Group 1: Industry Trends - The introduction of new battery standards and regulations on assisted driving indicates a shift towards prioritizing safety and quality in the automotive sector [3][4]. - The phrase "when the tide goes out, you see who is swimming naked" applies to the assisted driving technology industry, highlighting the need for genuine capabilities [5]. - The industry is witnessing a crackdown on malicious attacks and misleading evaluations that disrupt healthy development, supported by government actions against "internet water armies" and black public relations [7]. Group 2: Technological Advancements - The Huawei QianKun intelligent driving system has demonstrated superior performance in various tests, achieving full marks in all nine scenarios, particularly excelling in challenging situations [8][9]. - The QianKun system's architecture has improved response times by 50% and reduced braking rates by 70%, enhancing overall driving efficiency and user experience [11][12]. - The system has been upgraded to support cross-city commuting and can autonomously navigate from home to target parking spots, with an increasing number of supported parking facilities [11]. Group 3: Market Position and Performance - Huawei QianKun has established partnerships with 15 leading automotive companies, launching 35 mass-produced models and capturing a 27.8% market share in the assisted driving sector [12][20]. - The QianKun system has sold 452,000 units from January to September 2025, with a market share of 52.75% in the luxury car segment [12][20]. - The cumulative mileage for Huawei QianKun's assisted driving has reached 5.81 billion kilometers, with 35 million parking assists, leading in multiple core metrics [24][27]. Group 4: Safety and Reliability - Safety is embedded in the brand's DNA, with a commitment to prioritize safety at all levels of operation [16][17]. - The QianKun system features a comprehensive collision avoidance system capable of operating in various scenarios, enhancing overall safety [17][19]. - The system has successfully prevented over 3.18 million potential collisions, reinforcing its reputation as a reliable choice for automotive companies [19][29]. Group 5: Competitive Advantage - The QianKun platform benefits from a "snowball effect" driven by data collection from numerous vehicles, enhancing its algorithm and user experience [22][24]. - Huawei's significant investment in the assisted driving sector, exceeding billions annually, strengthens its technological development and product iteration capabilities [24][25]. - The combination of data and scale creates a robust competitive moat, making it challenging for smaller competitors to keep pace [27][29].

Core Viewpoint - GAC Aotong unveiled the A800, a flagship sedan featuring global interior debut, at the Guangzhou Auto Show, marking a significant step in the development of L3 autonomous driving technology in China [1] Group 1: Product Launch - GAC Aotong showcased the "Hua Series Dual Intelligence Flagship Sedan" A800 at the Guangzhou Auto Show [1] - The A800 represents a milestone in the integration of advanced technology and automotive design [1] Group 2: Autonomous Driving Technology - GAC Aotong obtained the L3 high-speed road testing license for speeds up to 120 km/h, indicating the transition of L3 autonomous driving technology from laboratory to real-world testing [1] - The collaboration between GAC and Huawei leverages GAC's Star Spirit Safety Guardian System and Huawei's advanced driving system (ADS 4.0) to create a robust safety and intelligence foundation for vehicles [1] - The partnership aims to achieve a "1+1 = L3" effect, enhancing the certification and approval process for the commercial use of L3 autonomous driving [1]

Core Insights - GAC Aotong unveiled the A800, a flagship sedan featuring global interior debut at the Guangzhou Auto Show [1] - The brand has obtained a license for L3 autonomous driving testing at speeds of 120 km/h, marking a significant step in the practical application of L3 technology on Chinese highways [1] Group 1 - GAC is collaborating closely with Huawei, leveraging GAC's Starling Safety Guardian system's eight redundancy designs alongside Huawei's Qiankun Intelligent Driving ADS 4.0 and Comprehensive Anti-Collision System CAS 4.0 [1] - This partnership aims to create a technological foundation for "safe intelligent vehicles," achieving a synergistic effect described as "1+1 = L3" [1] - The companies are advancing certification and review processes to accelerate the commercial rollout of L3 autonomous driving, propelling smart mobility into a new phase [1]

Core Viewpoint - Huawei's QianKun is transitioning from a technology supplier to a deep empowerment partner in the automotive industry, marking a significant shift in its role and strategy [7][20][26] Group 1: Brand Development and Partnerships - The launch of the "Jing" series brands, including "QiJing" and "YiJing," signifies a strategic partnership between Huawei QianKun and traditional automakers like GAC and Dongfeng, aiming to reshape the competitive landscape of China's smart automotive industry [7][13][25] - "QiJing" symbolizes the beginning of a new chapter in smart mobility, leveraging Huawei's advanced technology and GAC's manufacturing expertise for a comprehensive collaboration [9][11] - The "YiJing" brand, similarly, aims to fulfill Dongfeng's aspirations in smart transformation, indicating a shared vision for high-end smart automotive development [13][20] Group 2: Market Trends and Consumer Expectations - The Chinese automotive market is witnessing a shift where smart features are becoming core elements of product competitiveness, with over 60% of new models expected to feature L2-level or higher driving assistance by mid-2025 [15][17] - The rapid iteration of smart technologies is raising consumer expectations, compelling automakers to accelerate their smart transformation efforts [15][20] Group 3: Strategic Advantages of the "Jing" Series - The "Jing" series offers automakers a pathway to reduce R&D risks and costs by utilizing Huawei's proven technology solutions, allowing them to focus on their strengths in vehicle platforms and brand management [20][21] - The collaboration is designed to speed up product launch timelines, enabling automakers to respond quickly to market demands and gain a competitive edge in the smart automotive sector [20][21] - Huawei's strong brand recognition in technology enhances consumer confidence in new brands like "QiJing," crucial for initial market penetration and user acquisition [20][21] Group 4: Industry Impact and Future Outlook - The "Jing" and "Jie" series together create a complementary product matrix, allowing Huawei to cater to diverse market segments and consumer needs, ultimately driving the smart automotive ecosystem forward [25][26] - The collaboration is expected to shift the competitive focus from mere technical specifications to differentiated innovation based on shared technology platforms, fostering a deeper level of competition in the industry [25][26] - Huawei QianKun aims to establish itself as a core technology provider, potentially leading to a platform effect similar to "Android," influencing industry standards and technological evolution [26][28]

Core Insights - Avita 12's launch marks the introduction of Huawei's four-laser radar system into the 250,000 RMB market segment, with six versions priced between 269,900 RMB and 429,900 RMB, and a post-rights price range of 259,900 RMB to 419,900 RMB [2] - The vehicle faces stiff competition from models like Tesla Model Y and NIO ET5, with its market performance since November 2023 falling short of expectations due to brand recognition challenges [2] - Avita's sales strategies for 2024 include price adjustments and product lineup expansions, but these efforts have not yielded significant results, leading to a "good reputation but poor sales" scenario [2] Product Features - The Avita 12 four-laser version features a comprehensive Huawei four-laser radar system, including three long-range high-sensitivity laser radars and one rear high-precision solid-state laser radar, providing 360° perception coverage [2] - The vehicle's intelligent driving hardware configuration shows advantages over competitors, which typically have only 1 to 3 laser radars focused mainly on forward perception [3] Strategic Development - The launch of the four-laser version is a key milestone in Avita's "Strategy 2.0," which aims to deepen the integration of the CHN model (Changan, Huawei, CATL) into a strategic partnership [3] - The strategy includes a shift from technical cooperation to a HI PLUS model, expanding collaboration from technology supply to product development, marketing, and ecosystem building [3] - Avita plans to launch five upgraded models by 2026 and a total of 17 models by 2030, targeting global sales of 800,000 units [3] Market Positioning - In the 300,000 RMB new energy sedan market, hardware specifications are merely entry tickets; the real competitive edge lies in converting technical advantages into user experience benefits [4] - The market performance of the Avita 12 four-laser version will test the effectiveness of the "technology down" strategy and is crucial for Avita to break through the current market landscape [4]

Core Insights - The launch of the Avita 12 Four Laser Edition marks a significant acceleration in Avita's "Strategy 2.0" [1][13] Product Overview - The Avita 12 Four Laser Edition offers six models with both pure electric and range-extended powertrains, priced between 269,900 to 429,900 yuan, with effective prices ranging from 259,900 to 409,900 yuan [1] - The vehicle features ten new upgrades and twelve exclusive features compared to competitors, enhancing its product strength [5] Strategic Partnerships - The launch event highlighted the strategic collaboration between Avita, Huawei, and CATL, with key figures from these companies present [5] - Avita aims to establish itself as a high-end brand that is distinct and capable of competing globally [5] Intelligent Features - The Avita 12 is equipped with Huawei's four-laser radar system, providing 360° perception coverage, which can identify complex obstacles in challenging conditions [7] - The vehicle includes the HarmonyOS 5 cockpit for improved user interaction and a comprehensive collision avoidance system [7] Performance Specifications - The pure electric version features a 94 kWh CATL battery, achieving a CLTC range of 755 km, while the range-extended version has a combined range of 1,270 km [7] - The vehicle supports rapid charging, allowing a 30% to 80% charge in just 10 minutes [7] Design and Comfort - The design follows a "future aesthetics" theme, with new color options and high-end interior features, including a 25-speaker sound system and advanced seating comfort [8] - The vehicle offers a VIP seating package with multiple comfort features, including heating, ventilation, and massage functions [8] Future Plans - Avita plans to deepen its strategic partnerships and aims to launch a total of 17 new models by 2030, covering various market segments including sedans, SUVs, MPVs, and sports cars [13]

Core Insights - The appointment of Liu Jiaming as CEO of the high-end smart electric vehicle brand "Qijing Automotive," co-created by GAC Group and Huawei, signals a deepening strategic collaboration between the two companies [1][3][10] - Liu Jiaming's extensive experience in the automotive industry, including leadership roles in successful models like Highlander and Camry, positions him as a key figure to integrate GAC's manufacturing capabilities with Huawei's technological expertise [3][6] - The collaboration aims to create a unique competitive advantage for Qijing Automotive through a comprehensive integration of organizational, technological, and marketing strategies [10] Organizational Integration - Starting January 2025, teams from Huawei across various domains such as product, marketing, and finance will fully integrate into Qijing, implementing a co-working model that breaks traditional silos [4][6] - This embedded collaboration ensures that every product from Qijing possesses "native intelligence," enhancing the brand's high-end attributes [4][6] Technological Advancements - Huawei's advanced driving system, ADS 4.0, has been upgraded to enhance safety features, establishing a leading position in proactive safety measures within the industry [6] - Over ten years, Huawei has invested over 20 billion in R&D, building a robust technological barrier across architecture, hardware, and safety dimensions [6][7] Brand and Market Strategy - The "Qijing" trademark is held by Huawei, indicating a significant level of brand operation control and deep integration of Huawei's ecosystem into Qijing's branding and marketing strategies [7][10] - GAC's historical success in vehicle manufacturing, with notable models achieving significant sales milestones, complements Huawei's technological strengths, positioning Qijing to effectively target the high-end market [7][10] Future Outlook - The establishment of Qijing Automotive represents a model of deep integration within the Chinese automotive industry, combining GAC's manufacturing heritage with Huawei's smart technology [10] - The strategic partnership aims to redefine the high-end electric vehicle market, with Qijing poised to leverage its unique strengths for competitive advantage [10]