中国隔夜简报- 2025年5月29日

Restricted - External China TechnologyPOSITIVEChina TechnologyJiong Shao, CFA+1 212 526 5562jiong.shao@barclays.comBCI, USLian Xiu (Roger) Duan+1 212 526 4633lianxiu.duan@barclays.comBCI, USXinyao Song+1 212 526 6972xinyao.song@barclays.comBCI, US upgrade of its reasoning AI model R1 to compete with OpenAI’s o3 model, and it isnow allowing users to begin testing. Details of the upgrade were not provided, and thecompany did not respond to the report with further comment.Kuaishou releases an update to its Kling AI model to reduce the cost and time to createvideos:According to 36kr, Kuaishou hasofficiallyreleased the updated Kling 2.1 version,which enhancesefficiencywith low costs and quality of video generation. According to thearticle, the Kling 2.1 version can generate high-quality 1080P videos in less than a minute,thus speeding up production.Huawei aims to build a chip chemical company capable of rivaling global leaders:According to Sina news, in a radical attempt to develop a fullyself-sufficientdomesticsemiconductor supply chain, Huawei is engaged ineffortsto build a chip chemical companythat will be capable of rivaling global leaders. The strategy is to turn the recently foundedZhuhai Cornerstone Technologies into an end-to-end supplier capable of competing againstglobal companies such as Shin-Etsu Chemical and Merck.XPengofficiallylaunched MONA M03 Max and Plus versions and has received over 12,000pre-orders in one hour:According to IT Home, XPeng hasofficiallylaunched its MONA M03Max and Plus versions, with the pricing range between 119.8k yuan to 129.8k yuan. XPeng hasreceived a total of 12,566 units of pre-orders in just one hour postofficiallaunch.JD.com and RedNote to broaden partnership to help merchants expand theirbusinesses:According to 36kr, JD.com and RedNote have announced that they will broadentheir retail partnership to help brands and merchants expand their businesses. Themerchants on JD.com will be able to place advertisements on RedNote with direct links toJD.com's shopping page starting from June 5.A major dealer of BYD in Shandong province reportedly had fallen intodifficultieswithmore than 20 stores found to be shut:According to Tencent News, A major dealer of BYD inShandong province had fallen intodifficultiesand had shut at least 20 of its stores,affectingmore than 1,000 customers who were still owed warranty coverage andafter-saleservices.The public relations representative stated that the main cause of thedifficultieswas thedealer's rapid expansion. The representative added that BYD is now providing support to thedealer.Tmall saw robust sales growth from clothing brands during the first phase of 618:According to dsb.cn, Tmall has released the sales highlights of the first phase of 618 (May 16 -May 26). Tmall saw robust sales growth from clothing brands during the mid-year 618shopping festival in phase one. Nearly 345 clothing brands generated over 10 million yuanand over 3,000 brands generated over 1 million yuan of sales revenue.JD.com announces that it will expand subsidies in this year’s 618 starting May 30:According to Techweb, JD.com has announced that it will expand subsidies and pledges tooffermore extensive discounts to customers in this year’s 618 Grand Promotion starting May30. The subsidies program includesofferingsof up to 6,180 yuan per customer per day and3,000 yuan coupons for JD Plus members.NIO and Zeekr have reached an agreement to share battery-charging networksnationwide:According to IT Home, NIO and Zeekr have reached an agreement to sharebattery-charging networks nationwide. As of May 29, a group of top EV manufacturersincluding Huawei, GAC and Dongfeng have signed agreements on charging network sharingwith NIO. •••••••••••••••• 2 Barclays is not responsible for the content of any third-party website accessed via a hyperlink inthis report. Information on hyperlinked third-party websites is not incorporated by reference intothis report. The inclusion in this report of hyperlinks to third-party websites does not imply anyendorsement by or anyaffiliationwith Barclays. Some external links may require a subscription.Links are current as of publication time and we are not responsible if those links are unavailablelater. Analyst(s) Certification(s):We, Jiong Shao, CFA and Lian Xiu (Roger) Duan, hereby certify (1) that the views expressed in this research report accurately reflect our personal viewsabout any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thel