In the global wave of technology, China is rising as a new center of innovation.

The China Private Technology Roadshow, hosted by the Goldman Sachs Asia team, took place from April 13 to 17 in Shanghai, Shenzhen, and Guangzhou. This event brought together factory site visits and keynote speeches from C-level executives of 19 leading technology companies, systematically showcasing the complete industrial chain from semiconductor underlying technology to smart terminal applications.

In the latest research report, Goldman Sachs analysts Allen Chang, Verena Jeng, and others expressed optimism about eight key themes in the Chinese technology sector, namely: private rockets, silicon photonics, autonomous driving, eVTOL (flying cars), AI software, AI hardware, semiconductors, and smartphones.

Private Rockets: Liquid Rockets Open a New Industrial Cycle

The report states that the representative company in this field, Landspace, is driving innovation in China's rocket technology.

According to the report, the ZQ-2 liquid rocket system developed by Landspace has reduced propellant costs by 50% to 90%, and this breakthrough is expected to significantly lower satellite launch costs. Additionally, the company is developing the reusable rocket system ZQ-3, which will further enhance cost-effectiveness in the aerospace sector.

The report highlights core topics discussed by companies in this field, including: the downward trend in satellite launch costs; the development prospects of China's satellite industry chain; and the demand outlook for satellite communication driven by 6G technology.

Silicon Photonics: 800G Optical Modules Ready for Mass Production

Companies such as Sicoya and Qianmu Laser will disclose the latest advancements in silicon photonics technology: Sicoya's 800G optical module has achieved large-scale production, while Qianmu Laser has broken through the technical bottleneck of 100W continuous wave laser chips.

Core topics include: the penetration rate of silicon photonics technology; the technological gap with internationally leading companies; potential development bottlenecks; and opportunities in Co-Packaged Optics (CPO) technology.

Autonomous Driving: L4 Technology Commercialization Breakthrough

Yuanrong Qixing's map-free urban navigation solution has been implemented in the Robotaxi trial operation in Shenzhen, with an average daily order volume exceeding 2,000. Chip company Rhino.ai has simultaneously launched a third-generation autonomous driving chip with over 500 TOPS of computing power, which is 40% cheaper than international competitors.

Core topics include: the evolution of NOA (Navigate-on-Autopilot) technology from highways to urban areas; the application prospects of the VLA model; and the commercialization process of autonomous vehicles.

eVTOL (Flying Cars): Concepts are Becoming Reality

XPeng Huitian's split-type flying car LAC plans to achieve mass production in 2026, with its 800V silicon carbide platform and rapid separation technology attracting attention. The report states that this could mark a significant turning point in turning "flying cars" from concept to reality.

It is reported that XPeng Huitian is currently advancing airworthiness certification with the European Union Aviation Safety Agency, and if successful, it will open up a low-altitude logistics market worth over 10 billion euros, with silicon carbide substrate suppliers SICC and midstream component manufacturers expected to benefit significantly Core topics include: key technological breakthroughs in flying cars; potential application scenarios.

AI Software: Foundation Models Leading the Intelligent Revolution

Zero One Everything is driving innovation in AI foundation models, with its latest release, Yi-Lightning, showing significant improvements in inference speed and computational energy consumption, achieving a 3-fold increase in inference speed compared to GPT-4. In addition to foundation models, Wujie Ark also provides full-stack solutions, offering AI agents for enterprises and consumers that support personalized memory and real-time interaction.

Core topics include: development trends in AI/LLM technology; exploration of LLM commercialization models; the impact of the latest AI boom on the industry.

AI Hardware: A Computing Power Revolution is Happening

On the AI hardware front, the report states that Super Fusion's liquid-cooled servers (with a PUE value as low as 1.06) and ZStack GPU cloud platform (supporting tens of thousands of cluster training) demonstrate domestic computing power infrastructure capabilities, enabling large-scale AI cluster deployment, and have become a leading supplier in China's liquid-cooled server market.

Core topics include: trends in AI server demand in China and overseas markets; the development prospects of liquid cooling technology; the latest trends in AI deployment.

Semiconductors: Advanced Packaging Driving Capacity Upgrades

The report states that Xinyu Energy's 6-inch silicon carbide wafer yield has reached international first-tier levels, and Capcon chip bonding equipment has been bulk purchased by ASE and JCET. Zhenxin Semiconductor's 12-inch logic chip foundry line is expected to be put into production in Q3 2025, focusing on the automotive-grade power device market. Industry insiders point out that third-generation semiconductors and Chiplet technology may become the core path for domestic substitution breakthroughs.

Core topics include: pricing trends in the semiconductor industry; the expansion of semiconductor capacity and capital expenditure in China; the localization process of semiconductor equipment.

Smartphones: AI and Foldable Screens May Lead Innovation

Oppo, as a leading global smartphone brand, is at the forefront of innovation in foldable screens and AI smartphones.

The company's latest release, the Find N5 foldable phone, features a titanium alloy Flexion hinge, with a thickness of only 8.93 mm and a weight of just 229 grams, making it "pencil-thin." Additionally, Oppo is focusing on AI as a key development direction, providing users with a smarter experience through AIGC applications and its self-developed AndesGPT model.

As an emerging smartphone brand focused on overseas markets, Nothing plans to launch the Nothing Phone 3 and Nothing Fold foldable phone.

Core topics include: the development prospects of AI smartphones; market penetration rates of foldable screen phones; trends in consumer demand