Core Insights - The Chinese off-road vehicle market is experiencing unprecedented expansion, with projections indicating that the market share of hard-core off-road vehicles will exceed 3% by 2025 and potentially surpass 13% by 2030 [1] - The transition from niche products to mainstream markets is expected in the next five years, driven by technological innovations that reshape consumer perceptions of new energy off-road vehicles [1] Industry Trends - The penetration rate of hard-core off-road vehicles in the SUV market reached 2.91% in Q1 2025, with annual market share expected to exceed 3%, corresponding to sales volumes of 350,000 to 400,000 units, a significant increase from less than 2% in 2020 [1] - The Beijing Automotive Group's BJ40 model has achieved impressive sales, with 58,000 units sold in the first half of the year, marking a 29% year-on-year increase [2] - The BJ40 series ranked third in sales among hard-core off-road vehicles, with cumulative sales of 21,768 units from January to June [2] Technological Advancements - The BJ40 model features a range-extended electric version with a pure electric range of 152 km and a total range of 1,200 km, addressing range anxiety while being priced around 150,000 yuan [2] - The integration of advanced intelligent driving systems in new off-road vehicles is becoming a competitive differentiator, with BJ40's system utilizing a combination of sensors to enhance off-road capabilities [2][3] - The collaboration between Huawei and automotive companies is leading to the development of high-end intelligent off-road vehicles, with the Dongfeng M817 model focusing on urban commuting and outdoor leisure [3][4] Consumer Expectations - Consumers are increasingly demanding versatile vehicles that perform well in urban settings while also being capable of handling off-road conditions, with expectations for low operating costs and high adaptability [3][4] - The market is witnessing a shift towards intelligent off-road vehicles that can meet diverse user needs, including comfort, efficiency, and advanced driving assistance systems [4]

智慧服务机器人解决方案供应商优必选（09880.HK），被指中标觅亿（上海）汽车科技有限公司的逾 九千万元机器人设备采购项目，股价于7月21日大涨5.25%，报90.25港元，创近两月以来新高。 当投资者沉浸在喜悦与憧憬中，优必选将凭借大单有力推升市场预期，股价有望一举突破关键压力位， 彻底打开上行通道，投资收益随之水涨船高…… 然而，优必选决策层却向市场泼了一盆冷水，令好不容易升腾起来的交投情绪急速冷却至谷底。 7月22日，在港股盘前，优必选宣布了折价配股计划。受此拖累，优必选7月22日低开3.60%，现跌 5.98%，报84.85港元，市值374.85亿港元。 对于优必选这种炒作，不少投资者直言难以理解，甚至感到这种操作令人不齿…… 而回望配股记录，优必选一直都在融资路上，折让配售筹资家常便饭。 配股不断的优必选 或可推断，尽管优必选已实现变现，并取得大型订单，但要通过规模效益降低支出，实现经营现金流收 支平衡或仍需一些时间，估计这也是其持续配售融资以资助其运营开支的原因。 其他同行也忙着融资 在我们之前的《见好继续收，机器人募资忙》一文中已有提及，协作机器人制造商越疆（02432.HK） 近日也通过配股 ...

Core Viewpoint - The launch of the new luxury smart off-road SUV, the Mengshi M817, by Dongfeng Mengshi in collaboration with Huawei, aims to integrate intelligent experiences into the off-road SUV sector through advanced technology solutions [1][9]. Group 1: Intelligent Driving Experience - The Mengshi M817 features Huawei's QianKun Intelligent Driving HUAWEI ADS 4 system, which includes urban and highway navigation assistance and point-to-point navigation capabilities, enhancing daily commuting experiences [5]. - The QianKun Intelligent Driving system has supported over 3.5 billion kilometers of assisted driving, with 230 million instances of smart parking and 2.38 million collision interventions, aiming to change the perception that off-road vehicles do not require intelligence [5]. Group 2: Smart Cabin and User Experience - The vehicle is equipped with the HarmonySpace 5 cabin based on the new MoLA architecture, facilitating connectivity between people, vehicles, and ecological devices, and offering a rich entertainment experience with millions of audio-visual resources [7]. - The integration of the Harmony cabin with the vehicle's intelligent capabilities aims to create a feature-rich mobile smart space for users during travel and rest [7]. Group 3: Collaboration and Market Positioning - The partnership between Huawei and Dongfeng Mengshi combines smart technology with off-road vehicle characteristics, targeting diverse travel needs for urban commuting and outdoor exploration [9].

来源：金融界 联合资信评级报告认为，华为投资控股有限公司（以下简称"公司"或"华为"）是一家100%由员工持股 的全球领先的信息与通信技术（ICT）基础设施和智能终端提供商，拥有通信业界完整的、端到端的产 品线和融合解决方案，具备先进的全球化管理体系和健全的激励机制，但国际政治经济环境复杂多变、 贸易壁垒凸显、外汇市场波动以及外汇管制等均对公司资产、业务全球化布局带来一定的不确定性和管 理难度。跟踪期内，公司在基础研究、专利规模、全栈全场景AI解决方案、生态合作、市场地位、研 发等方面保持了显著的竞争和规模优势，规模效益和客户资源优势显著。2024年，公司ICT基础设施业 务、数字能源业务和云业务保持稳定增长，终端业务大幅增加，智能汽车解决方案收入快速增长。公司 具备很强的整体盈利能力、现金获取能力和再投入能力；资产、权益规模增长，现金类资产充裕，债务 负担较轻，偿债指标表现非常好，融资渠道畅通。同时，需关注公司面临美国司法部提起的多项刑事指 控，存在诉讼周期长和诉讼结果可能不利的负面预期；公司研发费用、折旧摊销等刚性成本持续处于较 大规模，若未来业绩增长未如预期，利润增长将承压；上述因素均对公司信用水平可能 ...

Group 1 - Cyngn's stock surged over 15% in pre-market trading following the announcement of a $32 million funding round [1] - The company is collaborating with Nvidia to develop autonomous vehicle solutions for industrial applications [1]

智通财经6月27日电，自动驾驶汽车技术公司Cyngn美股盘前涨超50%，该股前一交易日收涨171%。消 息面上，Cyngn宣布正在与英伟达合作开发用于工业的自动驾驶汽车解决方案。 ...

Investment Rating - The investment ratings for specific companies in the automotive sector include "Buy" for Asia-Pacific Co., "Hold" for Chang'an Automobile, and "Increase" for several others such as Great Wall Motors and Foton Motor [1][2][3]. Core Insights - The automotive sector experienced a decline of 2.56% from June 16 to June 20, underperforming the CSI 300 index by 2.1 percentage points. The passenger vehicle segment fell by 2.08%, while commercial vehicles and parts also saw declines [10][20]. - A strategic cooperation agreement was signed between Jiangqi Group and Huawei, focusing on smart automotive solutions and digital transformation, aiming to enhance electric, intelligent, and connected vehicle development [3][6][32]. Summary by Sections Market Overview - The automotive sector's performance from June 16 to June 20 showed a decline across various segments, with the overall automotive parts sector down by 2.59% and automotive services down by 4.98% [10][20]. - The retail sales of passenger vehicles in the first half of June increased by 20% year-on-year, but saw a month-on-month decline of 9% [7][37]. Valuation Levels - As of June 20, the automotive industry's PE-TTM was 25.18, down by 0.63 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts were 25.35, 35.5, and 23.37 respectively [2][11][36]. Key Developments - The strategic partnership between Jiangqi Group and Huawei aims to leverage AI and communication technologies for smart vehicle applications and enhance the group's operational efficiency [3][6][32]. - New energy vehicle retail sales reached 40.2 million units in the first half of June, marking a 38% year-on-year increase, with a penetration rate of 57% [7][37]. Recent Listings - A total of 24 new and updated vehicle models were launched during the week of June 16 to June 20, including models from major manufacturers like Volkswagen and Changan [33][34].

Group 1 - The event on June 18 marked the mass production of the ZunJie S800 and a supply chain partnership conference in Hefei, attended by Anhui's Governor Wang Qingxian and Huawei's Executive Director Yu Chengdong along with industry experts [1] - Governor Wang emphasized the importance of aligning with the trends of industrial and technological transformation, aiming to create an internationally influential innovation center for the electric vehicle industry in Anhui [3] - Yu Chengdong and his team expressed strong support for the development of Anhui's intelligent connected electric vehicle industry, focusing on technology and product upgrades, and enhancing deep cooperation in the supply chain [3] Group 2 - On June 17, Jianghuai Automobile Group (JAC) signed a strategic cooperation agreement with Huawei in Hefei to deepen their partnership [3] - The agreement aims to implement Huawei's intelligent automotive solutions across JAC's vehicle platforms, including features like assisted driving, intelligent cockpit, and vehicle communication [4] - The collaboration will leverage Huawei's advanced capabilities in AI and communication technology to enhance JAC's digital transformation and promote high-quality development through green and low-carbon initiatives [4]

Core Points - Jianghuai Automobile Group and Huawei Technologies signed a strategic cooperation agreement to enhance their partnership in smart automotive solutions, digital transformation, and green low-carbon transition [1] - The collaboration aims to integrate Huawei's smart automotive solutions into Jianghuai's vehicle platforms, focusing on areas such as intelligent driving assistance, smart cockpit, and data-driven decision-making [2] - The first model developed from this partnership is expected to be a high-end electric vehicle priced around 1 million yuan, targeting luxury brands like BMW and Maybach, with a planned launch in Q4 2024 [4][5] Group 1 - The strategic cooperation will leverage Huawei's advanced capabilities in AI and communication technology to enhance Jianghuai's operations across R&D, manufacturing, supply chain, and sales [2] - The partnership began in 2019 but saw limited progress until recent developments, including a stock equity invitation from Huawei to Jianghuai [2] - The construction of a new intelligent electric vehicle industrial park in Hefei, with an investment of 2.6 billion yuan, is set to support the development of high-end smart electric vehicles [4] Group 2 - The first model under the brand "Zun Jie" (MAEXRTRO) is the S800, which was officially launched on May 30, 2024, with a price range of 708,000 to 1,018,000 yuan [5][7] - The S800 has received strong market interest, with over 5,000 pre-orders within 19 days of its launch [7] - Following the announcement of the deepened partnership, Jianghuai's stock price experienced a slight decline of 0.76% [7]

Group 1 - Jianghuai Automobile Group and Huawei Technologies signed a strategic cooperation agreement to enhance their partnership in smart automotive solutions, digital transformation, and green low-carbon transition [1] - Ideal Auto responded to Meituan CEO Wang Xing's stock reduction, stating it was a personal action and did not affect Meituan's holdings [1] - Skyworth Automotive has been listed as an executor with a total enforcement amount exceeding 250 million yuan [1] Group 2 - Skyworth Automotive Technology Group was established in June 2015 with a registered capital of approximately 880 million yuan, and it has multiple enforcement records totaling 280 million yuan [2] - Wuhu Jietu Automotive Sales Company, a subsidiary of Chery, increased its registered capital from 500 million yuan to 2 billion yuan, marking a 300% increase [2] - Caocao Mobility announced the launch of its IPO, with six cornerstone investors committing to subscribe for 950 million HKD [2][3] Group 3 - Caocao Mobility plans to globally issue 44.1786 million shares at a price of 41.94 HKD per share, aiming to raise approximately 1.853 billion HKD [3] - Nissan launched the new third-generation LEAF, set to be available in the U.S. this fall, with assembly taking place in Japan [3] - Faraday Future announced that several executives signed a 10b5-1 stock purchase plan, allowing for automatic stock purchases after a cooling-off period [4] - Volvo is recalling a total of 11,469 vehicles in the U.S. due to potential brake failure in certain driving scenarios [4]