Core Viewpoint - The company has signed a contract with Beijing New Energy Automobile Co., Ltd. to develop parking software products for two of its models, showcasing recognition of its R&D capabilities and product quality [1] Group 1: Business Development - The contract with Beijing New Energy is expected to help the company expand its parking technology and related business areas, enhancing profitability [1] - The company is actively embracing the trend of smart technology and is in a strategic transformation phase, focusing on becoming a solution provider in the intelligent driving sector [1] Group 2: Financial Performance - In 2024, the company achieved revenue of 3.518 billion yuan, a year-on-year increase of 12.68%, with the intelligent cloud business growing by 28.96% [2] - The company is currently in a transformation investment phase, reporting a net loss of 1.095 billion yuan in 2024, but the loss is narrowing compared to the previous year [2] - The company expects significant loss reduction in 2025 as market share increases [2] Group 3: Market Trends - The trend of democratizing intelligent driving is seen as crucial, with mid-to-high-level assisted driving becoming a standard feature in vehicles priced around 100,000 yuan [3] - The company believes that a full-stack controllable and ecosystem cooperative approach is a more practical and cost-effective solution for automakers [3]

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Viewpoints - The report continues to favor investment opportunities in stablecoins and Real World Assets (RWA), emphasizing the potential for the development of RMB stablecoins to enhance the global influence of the RMB [6][12] - The implementation of the Hong Kong Stablecoin Regulation on August 1, 2025, will require licenses for issuing stablecoins, which is seen as a key entry point for traditional banks and fintech companies [7][13] - The market for stablecoins is rapidly expanding from cryptocurrency trading to broader payment applications, with significant growth in market size and trading activity anticipated [8][14] Summary by Sections Weekly Perspective - The report highlights the ongoing positive outlook for stablecoins and RWA investment opportunities, suggesting a combined development model for domestic and offshore RMB stablecoins [6][12] - The report notes that the Hong Kong Stablecoin Regulation will officially take effect on August 1, 2025, requiring licenses for stablecoin issuance, which will impact market dynamics [7][13] Company Dynamics - Companies such as iFlytek are forecasting a revenue increase of 15%-20% for the first half of 2025, while other firms like Rui Ming Technology expect a net profit increase of 53.64% to 77.90% [17] - Strategic collaborations are being formed, such as the partnership between Zhongke Xingtou and Zhongke Shuguang to advance technology in the space sector [22] Industry Dynamics - The report mentions that the AI unicorn Zhipu AI is preparing for simultaneous listings in Hong Kong and A-shares, indicating strong market interest [27] - Amazon is considering a significant investment in AI startup Anthropic, which reflects ongoing trends in the AI sector [30]

Group 1: Foreign Exchange Reserves and Gold Holdings - As of June 2025, China's foreign exchange reserves reached $33,174 billion, an increase of $322 million from May, marking a 0.98% rise and maintaining stability above $32,000 billion for 19 consecutive months [2] - The People's Bank of China reported that as of the end of June, the country's gold reserves stood at 7.39 million ounces (approximately 2,298.55 tons), with a month-on-month increase of 70,000 ounces (about 2.18 tons), representing the eighth consecutive month of gold accumulation [2] Group 2: Automotive Industry Regulations - The Ministry of Industry and Information Technology released a mandatory national standard for passenger car braking systems, effective January 1, 2026, which includes "single-pedal braking" requirements to enhance predictability and safety in braking operations [3] - The new standard mandates that vehicles cannot be brought to a stop by simply releasing the accelerator pedal; drivers must use the brake pedal, thus formally regulating the "single-pedal mode" at the national standard level [3] Group 3: Corporate Developments - Industrial Fulian expects a net profit of between 11.958 billion and 12.158 billion yuan for the first half of 2025, representing a year-on-year increase of 36.84% to 39.12% [4] - The company reported that its cloud computing business experienced rapid growth in the second quarter, with overall revenue increasing by over 50% year-on-year, and AI server revenue growing by over 60% [4] - Longxin Storage has initiated the listing guidance process, with China International Capital Corporation and CITIC Securities serving as advisory institutions [3] Group 4: Market Reactions and Economic Indicators - Following the announcement of new tariffs by the U.S. on imports from Japan and South Korea, U.S. stock markets experienced declines, with the Dow Jones Industrial Average falling by 0.94% [5] - The S&P 500 index decreased by 0.79%, and the Nasdaq Composite index dropped by 0.92% [5]

Group 1 - The Shanghai Stock Exchange and China Securities Index Company announced the launch of the Shanghai Stock Exchange's specialized index for innovative small and medium-sized enterprises on July 21 [2] - The Shenzhen Stock Exchange will also release its specialized index for innovative small and medium-sized enterprises on the same date [2] - A new mandatory national standard for passenger car braking systems will be implemented starting January 1, 2026, introducing new requirements for electric transmission braking systems and emergency braking signals [2] Group 2 - XinYada's cross-border payment business is expected to account for less than 5% of the company's total revenue in 2024 [3] - BlueDai Technology is planning a change in company control, leading to a stock suspension [3] - Xingye Co. confirmed that there is no significant information that should have been disclosed but was not [3] Group 3 - Ruixin Microelectronics expects a year-on-year net profit increase of 185% to 195% for the first half of the year [4] - Four-dimensional Map New Technology will develop parking software products for two models of BAIC New Energy [3] - Yinglian Co. anticipates a year-on-year net profit increase of 360.57% to 460.7% for the first half of the year [4]

7月7日晚间，四维图新（002405）发布公告，公司近日与北京新能源汽车股份有限公司（以下简称"北 汽新能源"）签署《零部件开发合同》，将为后者两车型开发泊车软件产品。 2024年，四维图新实现营收35.18亿元，同比增长12.68%。其中智云业务录得营收22.54亿元，同比增长 28.96%；智芯业务营收5.66亿元，同比增长10.92%；智舱业务板块收入为4.03亿元，同比下降12.87%； 受产品结构调整及交付周期的影响，智驾业务营收为2.71亿元，同比下滑28.08%。 定点方面，2024年初至2025年一季度，四维图新获得基础行车产品300万套及舱泊产品60万套的新增定 点。 目前，四维图新正处于转型投入期，净利润处于阶段性亏损状态，不过亏损幅度正在收窄。2024年，公 司净利润为-10.95亿元，同比减亏超3亿元。公司预计，伴随着市场份额的增加，2025年将实现大幅减 亏。 不过，技术开发项目经历一定的研发周期，且存在研发活动固有的风险，四维图新提示投资者注意投资 风险。 就智驾业务而言，其盈利水平取决于订单的构成，如开发成本、软硬件占比、采购成本、出货量等，其 中出货量是重要影响因素。目前，四维 ...

7月7日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 斯康达：公司董事长兼总经理李月杰和董事朱春城被采取刑事强制措施 工业富联二季度净利润预增约五成 工业富联(601138)发布2025年半年度业绩预告，预计上半年实现归母净利润119.58亿元—121.58亿元， 同比上升36.84%到39.12%；预计第二季度实现归母净利润67.27亿元到69.27亿元，同比上升47.72%— 52.11%，均创下同期历史新高。业绩大幅增长主要得益于AI相关业务的爆发，在第二季度AI服务器营 收同比增长超过60%，800G交换机营收达2024全年的3倍。 华友钴业：上半年净利同比预增55.62%到67.59% 瑞斯康达(603803)公告，7月5日，公司收到相关人员家属通知，因涉嫌违规披露、不披露重要信息罪， 根据《中华人民共和国刑事诉讼法》第八十二条的规定，北京市公安局朝阳分局决定对公司董事长兼总 经理李月杰和董事朱春城采取刑事强制措施，其中朱春城已被取保候审。经与有关部门了解，上述涉嫌 违规披露、不披露重要信息事项与2023年9月中国证监会对公司做出的行政处罚系同 ...