Group 1 - The 9th China-South Asia Expo showcases a vibrant scene of technology and innovation, featuring interactive AI, health diagnostics, and robotics, attracting foreign interest in "Chinese manufacturing" [1] - Yunnan Radio Company debuted its smart traditional Chinese medicine health detection device, which standardizes and digitizes traditional pulse diagnosis, providing health management suggestions based on AI analysis [2] - Yunnan Xincheng Waterproof Technology Company presented waterproof materials designed for high UV and humidity environments in South and Southeast Asia, addressing issues of traditional coatings [2] Group 2 - New Stone Technology, a specialized "little giant" in the L4 autonomous delivery sector, showcased its X3 and X6 logistics vehicles, which have been deployed in over 15 countries and 250 cities, with a total of over 5,000 units delivered [3] - The X3 model improves last-mile delivery efficiency by over 20%, while the X6 is suitable for medium-distance deliveries, addressing logistics challenges during peak periods [3] - The expo highlighted the vitality and potential of Chinese technological innovation, with specialized companies acting as bridges for international cooperation [4]

Core Insights - The commercialization of unmanned logistics vehicles has entered stages 1 to 10, with leading manufacturers expected to see a significant increase in order volumes, expanding application scenarios from express delivery to retail distribution [1][6] - Level 4 autonomous vehicles are accelerating their application in the logistics sector, primarily in last-mile delivery [1] Market Overview - The stock market size for urban distribution vehicles is approximately 30 million units (excluding three-wheeled vehicles), with annual sales between 3 million to 4 million units [2] - The annual revenue for urban distribution logistics is around 3 trillion yuan, covering various scenarios such as express delivery, fresh produce, and cold chain logistics [2] Cost Efficiency - The cost of unmanned delivery vehicles has significantly decreased, with prices dropping from over 1 million yuan in 2018 to below 100,000 yuan today, allowing for cost recovery within a year [3][5] - In last-mile delivery, labor costs account for over 80% of expenses, while in trunk logistics, labor costs are about 10%, highlighting the potential for cost savings through automation [2] Technological Advancements - The shift from a multi-lidar and camera setup to a more cost-effective vision-based system has contributed to the reduction in hardware costs, with a projected decline of over 80% from 2023 to 2025 [5] - The new technology approach enhances safety and adaptability in various weather conditions, making it suitable for logistics applications [5] Policy Support - Government policies, including road rights opening and supportive management measures, are facilitating the application of unmanned vehicles in logistics, accelerating the establishment of standards and regulations [5]

Core Viewpoint - Beijing is accelerating the development of intelligent connected vehicles, positioning itself as a global leader in the smart electric vehicle industry, focusing on advanced autonomous driving technology and infrastructure development [1][2]. Industry Development - The "14th Five-Year Plan" emphasizes the integration of intelligent connected new energy vehicles into high-tech industry development, aiming to enhance the competitiveness of the automotive sector through innovation and industrialization [1]. - Beijing has implemented intelligent infrastructure across 600 square kilometers, establishing a city-level experimental platform that integrates "vehicle, road, cloud, network, and map" systems to support rapid technological advancements in autonomous driving [1]. Technological Innovation - The city is fostering core technology innovation by building a national innovation center for intelligent connected vehicles, focusing on key technologies such as perception systems, in-vehicle operating systems, high-precision maps, and intelligent cockpits [2]. - A comprehensive security testing capability has been developed at the National Intelligent Connected Vehicle Innovation Center, addressing issues related to high costs and insufficient validation of safety compliance for smart vehicles [3][5]. Safety Measures - To mitigate security risks like network penetration, a defensive research system has been established, utilizing intrusion detection and defense probes in vehicles to monitor and report potential risks in real-time [5]. - The center has created a vehicle network identity authentication security trust system, which has already served over 20 enterprises and demonstration zones, facilitating secure communication and interoperability across brands and cities [5]. Global Expansion - New Stone Technology's unmanned vehicles have been deployed in over 15 countries and more than 250 cities, with a total of over 5,000 units delivered and an accumulated driving distance exceeding 42 million kilometers [5]. - Beijing has hosted the "World Intelligent Connected Vehicle Conference" for seven consecutive years, promoting international collaboration and leading trends in the global intelligent connected vehicle industry [5].

Group 1 - The report indicates that the market is likely to maintain a "consolidation" phase in June, with large-cap stocks expected to see a recovery [3][12][13] - Domestic demand momentum is anticipated to improve marginally, with April industrial profits continuing a recovery trend, although both volume and price have declined [12][31] - The "barbell strategy" remains effective in the market, but there has been a notable shift towards a "concentration" phenomenon, with profit effects concentrating in the banking sector and small-cap stocks [32][33] Group 2 - The report highlights that the global supply-demand dynamics for chlorantraniliprole may be reshaped due to production capacity disruptions, with prices already entering a rebound phase [38][40] - The Chinese innovative pharmaceutical companies are gaining global influence, with significant participation in the 2025 ASCO annual meeting, showcasing advancements in drug development [38][40] - The report emphasizes the accelerating penetration of autonomous delivery vehicles, with costs approaching or even lower than human labor costs, indicating a significant shift in logistics [43][44] Group 3 - The report notes that the AI industry chain remains robust, with strong demand for computing infrastructure and significant advancements in AI applications, particularly in the context of major tech companies [46][48] - The report suggests that the market is currently in a box range, with risk appetite suppressed by fluctuating global trade policies and concerns over U.S. Treasury yields [48] - The report identifies key sectors to watch, including innovative pharmaceuticals, autonomous driving, and stablecoins, which are expected to have strong catalysts for growth [48]

Core Viewpoint - The launch of the "Intelligent New Journey to the Future" express delivery unmanned vehicle in Hai'an marks a significant step towards the intelligent, automated, and green transformation of the local logistics industry [1][3]. Group 1: Unmanned Vehicle Operations - New Stone Technology has successfully obtained the operational registration code for functional unmanned vehicles in Hai'an, indicating official approval for their operations in the region [3]. - The first batch of 11 unmanned vehicles covers 22 delivery routes, serving 10 districts and towns, with each vehicle capable of carrying 800 to 1,000 packages [5]. - The X6 model has a loading capacity of 6 cubic meters and a range of 200 kilometers on a full charge [10]. Group 2: Efficiency and Cost Reduction - The delivery efficiency of unmanned vehicles is reported to be 2 to 3 times higher than that of manual delivery, with a 30% reduction in the cost per package [6]. - The introduction of unmanned vehicles addresses the inefficiencies and high costs associated with traditional manual delivery methods, providing a new solution for logistics companies to reduce costs and improve efficiency [8]. Group 3: Technological Advancements - The X6 unmanned vehicle features a 360-degree environmental perception capability, allowing it to navigate various challenging conditions, including nighttime and adverse weather [10]. - New Stone Technology's combination of advanced technology, operational service capabilities, and legal road rights has enabled it to rapidly penetrate the market, with more logistics companies joining the unmanned delivery sector [10].