Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

Group 1 - The core viewpoint of the article highlights the rise in stock prices of several intelligent driving concept stocks, indicating positive market sentiment towards this sector [1] Group 2 - Minth Group (00425.HK) saw a significant increase of 12.95%, reaching HKD 38.56 [1] - Botai Car Networking (02889.HK) experienced a rise of 7.26%, with its stock priced at HKD 245.4 [1] - Nexperia (01316.HK) increased by 4.39%, trading at HKD 7.37 [1] - Delta Electronics (00179.HK) rose by 3.88%, with shares priced at HKD 30.54 [1]

Group 1 - Several intelligent driving concept stocks have seen significant gains, indicating positive market sentiment in this sector [1] - Minth Group (00425.HK) experienced a notable increase of 12.95%, reaching a price of 38.56 HKD [1] - Botai Car Networking (02889.HK) rose by 7.26%, with its stock priced at 245.4 HKD [1] Group 2 - Nexperia (01316.HK) saw an increase of 4.39%, trading at 7.37 HKD [1] - Delta Electronics (00179.HK) gained 3.88%, with shares priced at 30.54 HKD [1]

Group 1 - Several intelligent driving concept stocks have risen, with Minth Group (00425) up 12.95% to HKD 38.56, Baidu Carlink (02889) up 7.26% to HKD 245.4, Nexperia (01316) up 4.39% to HKD 7.37, and Delta Electronics (00179) up 3.88% to HKD 30.54 [1] - On January 7, three departments jointly issued the "Shanghai High-Level Autonomous Driving Leading Area 'Mosu Zhixing' Action Plan," aiming to accelerate the transformation of intelligent connected technology innovation into industrial competitiveness, which is expected to promote the commercialization of high-level autonomous driving in Shanghai from demonstration to scale [1] - The Guangdong Provincial Government has issued several policy measures to empower high-quality development of transportation through artificial intelligence [1] Group 2 - Ping An Securities believes that the application of autonomous driving technology is moving towards mass production, although the current operating conditions for approved L3 models still have many restrictions [1] - The approval of L3 model access indicates progress in technology and policy for intelligent driving, laying the foundation for the subsequent commercialization process of intelligent driving [1] - The commercial closed loop of intelligent driving is expected to accelerate further by 2026 [1]

（根 據 開 曼 群 島 法 例 註 冊 成 立 的 有 限 公 司） Nexteer Automotive Group Limited （股 份 代 號：1316） 董事名單與其角色與職能 耐世特汽車系統集團有限公司董事會（「董事會」）成 員 載 列 如 下： 執行董事 丁峰濤 （首 席 執 行 官 兼 主 席） MILAVEC, Robin Zane 耐世特汽車系統集團有限公司 獨立非執行董事 劉健君 王 斌 岳 雲 董 事 會 設 有 兩 個 委 員 會。下 表 載 列 每 名 董 事 會 成 員 在 該 等 委 員 會 擔 任 成 員 的 資 料： | 董事委員會 | 審核及合規委員會 | 薪酬及提名委員會 | | --- | --- | --- | | 董 事 | | | | 執行董事 | | | | 丁峰濤 | – | – | | MILAVEC, Robin Zane | – | – | | 非執行董事 | | | | 雷自力 | – | – | | 張文冬 | – | M | | 喬 堃 | M | – | | 獨立非執行董事 | | | | 劉健君 | – | C | | 王 斌 | C | ...

耐世特(01316)发布公告，BOYER,HervéPaul Gino先生为寻求新机遇，已辞任公司执行董事、高级副总 裁及全球首席运营官，自2026年1月19日起生效。 ...

智通财经APP讯，耐世特(01316)发布公告，BOYER, Hervé Paul Gino先生为寻求新机遇，已辞任公司执 行董事、高级副总裁及全球首席运营官，自2026年1月19日起生效。 ...

格隆汇1月15日丨耐世特(01316.HK)宣布，BOYER,Hervé Paul Gino为寻求新机遇，已辞任公司执行董 事、高级副总裁及全球首席运营官，自2026年1月19日起生效。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Nexteer Automotive Group Limited 耐世特汽車系統集團有限公司 （根 據 開 曼 群 島 法 例 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1316） 香 港，2026年1月15日 於本公告日期，本公司的執行董事為丁峰濤先生（主席及首席執行官）、MILAVEC, Robin Zane先生及BOYER, Hervé Paul Gino先 生；非 執 行 董 事 為 雷 自 力 先 生、張 文 冬 女 士 及 喬 堃 先 生；及 獨 立 非 執 行 董 事 為 劉 健 君 先 生、王 斌 博 士 及 岳 雲 先 生。 BOYER先 生 已 確 認，彼 與 董 事 會 之 間 並 無 意 見 分 歧。唯 一 需 要 關 注 的 事 項 是， BOYER先生 ...

Core Viewpoint - The report from Zhongyin International predicts that the operational performance of Naisite will be stable in the second half of last year, supported by increased demand in North America and Europe, exchange rate factors, and stability in the Chinese market [1] Financial Performance - Revenue is expected to grow by 7% year-on-year to reach $2.3 billion, marking a new high for the half-year period [1] - Net profit is projected to exceed $70 million, continuing the profit recovery trend since 2024 [1] Market and Regulatory Factors - Naisite's optimization and restructuring efforts in North America have shown initial results [1] - A new national standard for automotive steering systems will be implemented in July this year, removing mandatory mechanical connection requirements, which is expected to clear key regulatory obstacles and accelerate the application of steer-by-wire technology [1] Profit Forecast and Rating - The net profit forecast for Naisite for 2025 and 2026 has been raised by 7% to 10%, now estimated at $137 million and $160 million respectively [1] - The rating has been upgraded to "Buy," with the target price increased to HKD 9 [1]