中国隔夜简报- 2025年5月27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 •China asks internet companies including Tencent and Baidu to combat privacy leak•online:According to Sina News, theofficialstatement from the Cyberspace administrationvows to crack down on the problem of privacy leak online and urges online platformsincluding Tencent, Baidu, Douyin Kuaishou, Bilibili and others to step up privacy protection.•Shenzhen unveils two new investment funds totaling 7 billion yuan to support AI and•startups in robotics and other smart devices:According to Sohu, Shenzhen is ramping upsupport for hardware powered by AI, unveiling two new investment funds totaling 7 billionyuan to back startups in robotics and other smart devices. The funds, 5 billion yuan vehicleand a separate 2 billion yuan pool, were announced on Thursday at the opening of the GlobalAI Terminal Expo 2025.Company News•BYD has announced price discounts for 22 EV models that will run through June 30:•According to Sina News, BYD hasofficiallyannounced price discounts that will run throughJune 30 for 22 EV models including Qin Plus DM-i, Song Pro DM-i by up to 53,000 yuan.•Nvidia reportedly plans to launch a new AI chip for China with its latest Blackwell•architecture at a lower price than the H20:According to 36kr, Nvidia reportedly is planningto launch a new AI chip for China with its latest Blackwell architecture at a lower price thanthe H20 model. The expected cost of the new AI chip is between USD 6,500 and USD 8,000,whereas the H20 model for China has sold until now for USD 10,000 to USD 12,000.•The daily orders of Taobao’s Instant Commerce and Ele.me have surpassed 40 million•within a month of launching:According to IT Home, the daily orders of Taobao’s InstantCommerce and Ele.me, whichofferson-demand delivery service within 60 minutes, hassurpassed 40 million within a month of launching. The Taobao Instant Commerce bringsmerchants from food delivery arm Ele.me onto its main shopping app Taobao for food andother products instant delivery service.•Alibaba Group Chairman Joe Tsai says Asian companies can look to Asia and the•European markets for growth amid trade tensions:According to Sina News, Alibaba GroupChairman Joe Tsai said at a tech conference in Macau on Saturday that Asian companies canlook to inter-Asia opportunities and the European market for growth amid trade tensions. Mr.Joe Tsai also defended Alibaba’s prospects by saying that the company is on a very goodpath, and it is focusing on e-commerce and AI.•Meituan to distribute vouchers for food delivery and on-demand delivery to all•customers in 618:According to 36kr, Meituan hasofficiallyannounced plans to distribute avoucher package redeemable for food delivery and on-demand delivery service to allcustomers in 618 from May 28 to June 18.•Trip.com has launched a tourism innovation fund worth 1 billion yuan to further•improve its travel services and customer experiences:According to 36kr, Trip.com haslaunched a tourism innovation fund worth 1 billion yuan to further improve its travel servicesand customer experience, as well as formed strategic deals with hotel groups in Thailand,Malaysia and Indonesia, and partnerships with 10 Chinese cities and five overseas touroperators to support inbound tourism.•Pony AI reached strategic cooperation with Dubai’s Transport Authority for robotaxi•service:According to 36kr, Pony AI says it has reached strategic cooperation with Dubai’sRoads and Transport Authority to deploy its robotaxi fleet in the region. The collaboration willintroduce Pony AI’s autonomous driving technology in phases. Trial operation is set to start in2025, followed by fully driverless operations in 2026. 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 t