2)虹软科技(金鹰基金参与公司业绩说明会&电话会议) 调研纪要：虹软科技在2025年上半年的机构调研中，详细介绍了公司在手机业务、AI眼镜、智能辅助驾驶等多个领域的进展。手机业务方面，Q2 收入波动主要因客户项目验收延迟，但全年仍看好移动智能终端业务成长性。AI眼镜业务已与5-6个品牌签约，未来将从1.0音频眼镜发展到3.0带 屏幕AR眼镜，解决对焦、成像质量等核心问题。智能辅助驾驶产品方面，智能停车辅助系统和智能辅助驾驶系统完成技术验证，L2级解决方案进 入商业化落地阶段。毛利率下滑因智能汽车业务软硬一体产品出货，未来将转向纯软件授权，目标毛利率90%。研发人员数量保持稳定，下半年 不会大幅增加。手机业务增长逻辑包括智能芯片和硬件升级、扩大渗透率、开发影像和视觉相关应用，降低硬件成本。 调研纪要：捷捷微电2025年半年度报告显示，公司实现营业收入160,047.70万元，同比增长26.77%。晶闸管、防护器件和MOSFET为主要收入来 源，分别占主营业务收入的17.94%、34.31%和47.75%。2025年第二季度，晶闸管、防护器件和MOSFET的营收分别为1.51亿、3.15亿和4.25亿。毛 利率下 ...

Core Viewpoint - SAIC-GM has signed a strategic cooperation agreement with Momenta to deepen collaboration in the field of assisted driving, marking a significant step in adopting local technology solutions for intelligent driving in their vehicles [3][4] Group 1: Partnership Details - The first model to feature Momenta's R6 Flywheel model will be the Buick high-end electric sub-brand "Zhijing" L7, which will showcase advanced assisted driving capabilities [3][4] - Momenta has become a prominent player in the domestic intelligent driving supply market, with partnerships extending to various brands including Toyota and Honda, but SAIC-GM's investment in Momenta gives it a unique position [3][4] Group 2: Technology Overview - The R6 Flywheel model is based on 3 billion kilometers of real-world driving data and utilizes 70 million data points through reinforcement learning, aiming to surpass human driving capabilities [4][5] - The intelligent driving system in the Zhijing L7 includes a comprehensive sensor suite with 12 ultrasonic radars, 12 cameras, 3 millimeter-wave radars, and 1 lidar, designed with high redundancy for enhanced safety and performance [7][8] Group 3: Development History - SAIC-GM's development of intelligent driving systems has evolved through three stages, starting with the introduction of Super Cruise in North America, leading to the development of a second-generation system for the Buick GL8 [6] - The collaboration with Momenta represents an advancement in SAIC-GM's capabilities in intelligent driving, integrating Momenta's expertise in perception and algorithm models with SAIC-GM's experience in vehicle control [6]

Core Viewpoint - The company reported a revenue of 20.555 billion yuan for the first half of 2025, reflecting a year-on-year growth of 11.43%, demonstrating resilience amid industry challenges [1] Group 1: Financial Performance - The company's express delivery revenue reached 18.613 billion yuan, marking an increase of 11.89% year-on-year, indicating a steady rise in market share [1] Group 2: Industry Challenges - The logistics industry faces persistent high costs due to issues such as high operational costs across the supply chain, low resource allocation efficiency, and inefficient circulation [1] - The industry is focusing on "cost reduction, quality improvement, and efficiency enhancement" as key challenges [1] Group 3: Technological Innovation - The company is committed to a technology-driven strategy, investing in automation and intelligent systems across all logistics processes to reduce costs and improve efficiency [2] - Collaboration with Mu Yi Robotics has led to the promotion of advanced equipment like unmanned forklifts, with 46 automated equipment sites established [2] - The introduction of intelligent driving systems for vehicles operating in the 800-1200 km range has transitioned from dual drivers to single drivers, significantly reducing costs for over 30,000 end vehicles [2] Group 4: Economic Impact - The logistics sector plays a crucial role in connecting production and consumption, and cost reduction in this area has a significant leverage effect, contributing to high-quality economic development [2] - The company’s long-term investment in technology and proactive engagement with cutting-edge developments positions it as a model for integrating advanced technology with logistics operations [2]

Core Viewpoint - Tesla is currently facing internal challenges and pressures, necessitating the introduction of new strategies and products to maintain its market position [3][20]. Group 1: Recent Developments - Tesla recently achieved a notable milestone in the Chinese market, with its Model 3 and Model X scoring an 83.3% success rate in a driving assistance test, marking the best performance among 36 tested models [8][10]. - The company announced the release of the Model Y L, a six-seat luxury SUV, with an estimated price of around 400,000 yuan, indicating a strategic move to cater to the Chinese market [13][17]. - Reports of a new affordable version of the Model Y have surfaced, suggesting that Tesla is accelerating its efforts to introduce lower-cost models in China [14][15]. Group 2: Financial Performance - Tesla's Q2 financial report revealed a revenue of approximately $22.496 billion, a 12% year-over-year decline, marking the largest drop in at least a decade [22]. - The net profit for the second quarter was $1.172 billion, down 20.7% compared to the previous year [22]. - Global vehicle deliveries fell to 384,100 units, a decrease of 13.5% year-over-year, with significant declines noted in the European market [24][25]. Group 3: Market Position and Competition - The Chinese market remains crucial for Tesla, contributing over 30% to its global sales, with 129,000 units delivered in Q2, despite a 5.4% decline in year-to-date sales [27]. - Tesla's Model Y continues to dominate the Chinese SUV market, with sales of 44,848 units in June, significantly outpacing competitors [34]. - The introduction of the Model Y L and the affordable Model Y is expected to enhance Tesla's competitiveness against local brands, which are rapidly gaining market share [38][39]. Group 4: Strategic Focus - Tesla is increasingly focusing on localizing its operations in China, adapting its product offerings to meet local consumer demands [42]. - The company plans to enhance its intelligent driving assistance systems, which have been recognized as industry-leading, to further strengthen its market position [40][41].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence sector [6]. Core Insights - The report highlights the acceleration of commercial deployment of Robotaxi in Shanghai, with new operational licenses issued on July 26 [1]. - The penetration rates of advanced driver-assistance systems (ADAS) and various automotive technologies are on the rise, indicating a growing trend towards vehicle intelligence [3][4]. Summary by Sections Industry News - Tesla's smart assisted driving plan is set to further expand in China within the year [1]. - Shanghai has issued a new batch of demonstration operation licenses for intelligent connected vehicles [1]. - Pony.ai has received approval to conduct Robotaxi operations in central Shanghai [1]. - Various companies, including WeRide and Horizon Robotics, are advancing their autonomous driving technologies and solutions [1]. High-Frequency Core Data Updates - By May 2025, the penetration rate of 8 million pixel front-view cameras in passenger vehicles is projected to reach 66.7%, with 38.6% of that being 8 million pixel cameras, showing a year-on-year increase of 23 percentage points [2]. - NVIDIA's driving chip market share is increasing, with a projected penetration rate of 29% for passenger vehicle driving domain controllers by May 2025 [2]. - The market share of LiDAR in passenger vehicles is expected to reach 10% by May 2025, reflecting a year-on-year increase of 4 percentage points [2]. Intelligent Driving - The penetration rate of passenger vehicles equipped with L2 level or higher functions reached 28.1% by May 2025, up 13 percentage points year-on-year [3]. - The penetration rates for various sensors, including front-view cameras and radar, are also increasing, indicating a trend towards more sophisticated vehicle sensing capabilities [3]. Investment Recommendations - Recommended companies for whole vehicles include XPeng Motors, Leap Motor, and Geely [4]. - For L4 level technologies, Pony.ai is recommended [4]. - Component recommendations include companies like Hesai Technology and SUTENG for data acquisition, and Horizon Robotics for data processing [4]. Key Company Earnings Forecast and Investment Ratings - XPeng Motors: Outperform, with a projected EPS of -3.03 in 2024 and -0.83 in 2025 [5]. - Xingyu Co., Ltd.: Outperform, with an EPS of 4.93 in 2024 and 5.95 in 2025 [5]. - Horizon Robotics: Outperform, with an EPS forecast of 0.18 in 2024 and -0.14 in 2025 [5].

Core Viewpoint - The article discusses the rapid advancements in the automotive intelligence sector, highlighting the commercialization of autonomous driving technologies and the issuance of operational licenses for smart connected vehicles in Shanghai, which marks a significant step towards the integration of autonomous vehicles into everyday life [2][19][21]. Group 1: Key Developments in Autonomous Driving - Tesla's intelligent driving plan is set to further localize in China within the year, with the launch of Robotaxi services in various regions [17][18]. - Shanghai has issued a new batch of operational licenses for smart connected vehicles, allowing companies like Pony.ai and Baidu to commence autonomous driving services [19][21]. - Pony.ai's Robotaxi has received approval for demonstration operations in central Shanghai, expanding its autonomous driving network across major cities [21][22]. Group 2: Industry Data and Trends - As of May 2025, the penetration rate of L2 and above functions in passenger vehicles reached 28.1%, showing a year-on-year increase of 13 percentage points [6][7]. - The penetration rate of 800 million pixel cameras in passenger vehicles increased to 66.7%, with an annual growth of 23 percentage points [4][5]. - The market share of lidar in passenger vehicles reached 10%, reflecting a year-on-year increase of 4 percentage points [5]. Group 3: Technological Innovations - Pony.ai's seventh-generation Robotaxi has completed over 2 million kilometers of road testing, marking a significant milestone in the mass production of L4 autonomous driving technology [23]. - WeRide has launched a high-performance computing platform based on NVIDIA's latest DRIVE Thor X chip, enhancing the capabilities of its Robotaxi [25]. - 行深智能 has introduced an L4 autonomous driving solution based on Horizon's computing platform, expanding its application to urban logistics [26]. Group 4: Collaborations and Partnerships - Uber has partnered with Lucid and Nuro to launch an autonomous taxi fleet by 2026, integrating Nuro's technology into Lucid vehicles [30]. - Baidu and Uber have announced a strategic partnership to deploy autonomous taxi services in various markets outside the US and mainland China [32]. - GAC Group plans to deepen its strategic cooperation with Huawei to promote high-quality development in the automotive industry [36].

Group 1 - South Korea's efforts to improve relations with North Korea are dismissed by North Korean officials as unrealistic [2] - The U.S. and EU have reached a new trade agreement with a 15% tariff on EU goods, but key areas like steel, aluminum, chips, and spirits remain unresolved [3] - Russia's future relationship with Ukraine will be determined after the completion of its military objectives [4] Group 2 - The Houthis have escalated their maritime blockade, threatening to attack all vessels associated with companies cooperating with Israel [5] - China's Ministry of Foreign Affairs and the UN have renewed a cooperation agreement on the Belt and Road Initiative, emphasizing its significance for sustainable development [6] - Profits of large-scale industrial enterprises in China fell by 1.8% year-on-year in the first half of the year, totaling 34,365 billion yuan [7] Group 3 - The State Council's Food Safety Office has intensified regulatory efforts on food safety, particularly for infant and disaster relief foods [8] - The China Capital Market Society has been established to enhance research capabilities in the capital market [9][10] - A joint plan to promote agricultural product consumption has been issued by ten government departments, focusing on optimizing supply and enhancing consumer confidence [11] Group 4 - The Shenzhen charging treasure industry has responded to a self-discipline initiative to resist malicious competition and reject low-quality battery procurement [12] - The Haihe River's Luan River has experienced its first numbered flood of the year due to heavy rainfall, with inflow rates reaching 2,270 cubic meters per second [13] - China has proposed the establishment of a World Artificial Intelligence Cooperation Organization, with a potential headquarters in Shanghai [14] Group 5 - A 2 billion yuan seed fund for artificial intelligence has been launched in Pudong, focusing on seed-stage investments [15][16] - The abbot of Shaolin Temple is under investigation for criminal activities and violations of Buddhist precepts [17] - The U.S. Secretary of Commerce has stated that the deadline for additional tariffs will not be extended beyond August 1 [18] Group 6 - Cambodian Prime Minister Hun Manet will lead a delegation to Malaysia for discussions with Thailand [19] - Thailand's acting Prime Minister will also attend talks in Malaysia regarding conflicts with Cambodia [20] - Japanese Prime Minister Kishida has expressed intentions to continue his leadership despite internal party pressures [21] Group 7 - U.S. Secretary of State has indicated that President Trump is losing patience with Russia regarding the Ukraine conflict [22] - Russia has resumed flights from Moscow to Pyongyang, marking the reopening of a passenger route after several years [23] - Ant Group has announced the open-source of a high-level program model for trustworthy applications at the World Artificial Intelligence Conference [24] Group 8 - Tesla plans to further implement its smart driving assistance program in China by the end of the year [25] - Over 100 billion yuan worth of locked shares will be released this week, with a peak on July 28 [26][27] - Three new stocks will be issued this week, with specific details on their subscription dates and prices [30][31]

Group 1: Chinese Automotive Industry Expansion - The second China Brand Automotive Overseas Exhibition opened in Santiago, Chile, showcasing over ten Chinese automotive brands, including Chery, Foton, and Xpeng [1] - Chile's Deputy Minister of Transport, Jorge Daza, stated that China is a key strategic partner in green transportation, with approximately 4,400 Chinese-made electric buses expected to operate in the Santiago metropolitan area by early 2026 [1] - Over 40% of the newly certified electric vehicle models in Chile from January 2024 to May 2025 will be from China [1] Group 2: Technological Advancements and Partnerships - SAIC Motor Corporation received new licenses for intelligent connected vehicle demonstration operations, becoming the only company to hold both passenger and commercial vehicle licenses in Shanghai [1] - Tesla's third-generation robot is set to enter the Chinese consumer market, with plans for mass production of 1 million units within five years, starting in 2026 [1] Group 3: Product Launches and Market Expansion - Li Auto's founder and CEO, Li Xiang, officially joined Douyin, gaining over 80,000 followers on the first day, with a live broadcast scheduled for July 29 [2] - BYD launched the new pure electric compact SUV, Yuan UP, in Kuala Lumpur, Malaysia, and is expanding its service network to over 30 locations [5] - Avita's new 5G smart factory was officially established in Chongqing, aiming for full digitalization of the manufacturing process and achieving 100% automation [6][7] Group 4: Industry Innovations - Tesla showcased its latest innovations, including smart electric vehicles and the Robotaxi service, at the World Artificial Intelligence Conference, with plans to further implement its smart driving system in China and Europe by 2025 [4] - The Robotaxi service is based on a visual architecture and trained neural networks using data from millions of vehicles, allowing for rapid deployment in new regions [4]

Group 1 - The US and EU have reached a new trade agreement imposing a 15% tariff on EU goods exported to the US, with key areas such as steel, aluminum, chips, and spirits still pending agreement [2] - The Chinese government has proposed the establishment of a World Artificial Intelligence Cooperation Organization, with the headquarters tentatively located in Shanghai, aiming to promote global governance and bridge the digital divide [13] - A new seed fund for artificial intelligence in Pudong has been launched, with a total scale of 2 billion yuan, focusing on seed-stage investments in innovative talent and cutting-edge technology [14] Group 2 - The Chinese Capital Market Society has been established to enhance research capabilities in the capital market, focusing on national strategies and regulatory issues [8] - The State Council's Food Safety Office has intensified regulatory efforts on food safety, particularly for infant food and disaster relief supplies, to ensure public health [7] - The Ministry of Agriculture and Rural Affairs, along with nine other departments, has issued a plan to promote agricultural product consumption, emphasizing quality supply and e-commerce advantages [9][10] Group 3 - The charging treasure industry in Shenzhen has responded to a self-discipline initiative to combat vicious competition and reject low-quality battery procurement, with increased government oversight expected [11] - In the stock market, over 10 billion yuan worth of restricted shares will be unlocked this week, with a peak on July 28, involving 54 companies and a total of 3.385 billion shares [24] - Three new stocks are set to be issued this week, including Tianfu Long on the Shanghai main board, Youli Intelligent on the Beijing Stock Exchange, and Guangdong Jianke on the ChiNext board [28]

Macro News - The National Bureau of Statistics reported that from January to June, the total profit of industrial enterprises above designated size reached 34,365 billion yuan, a year-on-year decrease of 1.8% [2] - In June, the profit of industrial enterprises above designated size fell by 4.3% year-on-year, although the decline was narrower compared to May, with rapid profit growth in new momentum industries like equipment manufacturing [2] - The Chinese government proposed the establishment of a World Artificial Intelligence Cooperation Organization, with initial considerations for its headquarters to be located in Shanghai [2] Industry and Company News - The Ministry of Agriculture and Rural Affairs and nine other departments jointly issued the "Implementation Plan for Promoting Agricultural Product Consumption," which includes nine measures to optimize supply, innovate circulation, and activate market potential [3] - The State Council's Food Safety Office emphasized increased daily supervision of infant food and disaster relief food to ensure public dietary safety [4] - Tesla showcased its smart electric vehicles and autonomous driving technology at the World Artificial Intelligence Conference, planning to further implement its smart assisted driving system in China by the end of 2025 [14] - Alibaba announced the technological progress of its self-developed AI glasses, "Quark AI Glasses," which integrate various functionalities and support multiple applications within the Alibaba ecosystem [16] - China Mobile's chairman stated the company's commitment to upgrading its "AI+" action plan to enhance technological and industrial innovation, aiming to contribute significantly to high-quality economic development [19] - Taiyuan Heavy Industry announced that it is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [20]