Overview - The rapid development of the automotive market in China has significantly increased the demand for air suspension systems, driven by consumer preferences for comfort, safety, and performance [1][10] - The air suspension system market is projected to reach a demand of 1.0643 million sets and a market size of 10.737 billion yuan in 2024, with over 60% of the demand coming from the passenger vehicle sector [1][10] Industry Policies - The Chinese government has issued various policies to support the development of the automotive parts industry, including air suspension systems, creating a favorable policy environment for industry growth [4][5] Industry Chain - The air suspension system industry consists of upstream suppliers of raw materials (steel, plastic), component suppliers (air springs, dampers, ECU, sensors), system assemblers in the midstream, and downstream automotive manufacturers and aftermarket services [7][8] Market Demand - The automotive market in China has shown steady growth, with production and sales of vehicles increasing by 14.5% and 11.2% year-on-year in early 2025, respectively, and a notable 50.4% increase in the production of new energy vehicles [8][10] Competitive Landscape - The air suspension system market in China is characterized by an oligopolistic structure, with the top five companies holding over 90% market share. The top three companies (Konghui Technology, Top Group, and Baolong Technology) account for 86.7% of the market [12][14] - Konghui Technology leads the market with an installation volume of 335,470 sets, capturing 41.3% of the market share, followed by Top Group with 25.8% and Baolong Technology with 19.6% [12][14] Company Profiles - Konghui Technology is the first domestic company to achieve OEM mass production of passenger car air suspension systems, supplying over 20 models and expecting to deliver over 600,000 units in 2024 [14] - Top Group specializes in automotive parts, with projected revenues of 26.6 billion yuan in 2024, where air suspension systems are a significant part of their product offerings [17] Development Trends - Future air suspension systems are expected to integrate deeply with intelligent driving systems, allowing for automatic adjustments based on road conditions to enhance ride comfort and vehicle stability [19] - The use of high-strength, lightweight materials such as aluminum and carbon fiber is anticipated to increase in air suspension systems to improve efficiency and performance while maintaining strength [19]

Group 1 - The Shanghai High-end Equipment Manufacturing 60 Index decreased by 1.22%, closing at 8009.43 points with a trading volume of 31.715 billion yuan [1] - Over the past month, the index has increased by 0.53%, but it has decreased by 11.12% over the last three months and by 7.02% year-to-date [1] - The index consists of 60 high-end equipment manufacturing stocks listed on the Shanghai Stock Exchange, reflecting the overall performance of this sector [1] Group 2 - The top ten weighted stocks in the index include: Zhaoyi Innovation (2.54%), Weir Shares (2.39%), Hengli Hydraulic (2.21%), Cambricon (2.21%), Shengyi Technology (2.17%), Jianghuai Automobile (2.12%), Dongfang Electric (2.1%), Sany Heavy Industry (2.02%), Lattice Semiconductor (2.01%), and Fuyao Glass (1.94%) [1] - The index is fully composed of stocks from the Shanghai Stock Exchange, with an industry composition of 53.25% in industrials, 33.41% in information technology, 11.82% in consumer discretionary, and 1.52% in communication services [1] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Each adjustment typically does not exceed 10% of the sample, and weight factors are adjusted accordingly [2] - Special circumstances may lead to temporary adjustments, such as delisting or corporate actions like mergers and acquisitions [2]

Group 1: Overall Industry Performance - The automotive industry in China showed overall positive performance in Q1 2025, with production and sales reaching 7.561 million and 7.47 million units, respectively, representing year-on-year increases of 14.5% and 11.2% [2] - The industry generated revenue of 240.22 billion and profits of 94.7 billion in Q1 2025, with wholesale sales of passenger vehicles reaching 8.597 million units, a year-on-year growth of 12.91% [2] - The new energy vehicle segment performed exceptionally well, with cumulative sales of 3.981 million units in the first four months of 2025, marking a year-on-year increase of 42.08% [2] Group 2: Auto Parts Sector - The auto parts sector achieved revenue of 234.43 billion in Q1 2025, a year-on-year increase of 7.4%, with net profit reaching 14.32 billion, up 13.56% [3] - Despite the growth, the sector faces challenges with a decline in gross margin to 17.63%, down 0.63% year-on-year, while net margin improved slightly to 6.46% [3][4] - The decline in gross margin is attributed to increased competition, although the sector's expense ratio decreased to 11.29%, down 0.82% year-on-year, indicating better cost management [4] Group 3: Performance Disparity Among Companies - There is a noticeable performance disparity among automotive companies, with some experiencing revenue growth while others face declines; for instance, BYD and BAIC Blue Valley reported positive revenue growth, while most others did not [5] - In Q1 2025, the passenger vehicle sector's revenue reached 434.86 billion, with a year-on-year growth of 7.39%, while net profit increased by 16.35% [5] - Companies leading in smart and electric vehicle technologies are performing better, while those lagging in these areas are seeing significant sales declines [9] Group 4: Price Wars and Market Dynamics - The automotive market in 2025 has seen price wars evolve from promotional tools to catalysts for industry differentiation, with some companies expanding while others face losses [10] - The demand for advanced driving assistance systems has surged, with sales of models featuring such technology increasing by 147.9% year-on-year [10] - Companies are under pressure to invest in R&D for smart driving features, but price wars are compressing profit margins, making it difficult for many to allocate sufficient funds for innovation [10][11]

金十图示：2025年05月27日（周二）全球汽车制造商市值变化 | | RIVIan | 179.19 | -3.21 | 15.63 | | --- | --- | --- | --- | --- | | | 雷诺 | 164.89 | 1 +1.78 | 54.8 | | | 长安汽车 | 149.89 | + -1.7 | 1.72 | | | 斯巴鲁 | 134.18 | + -0.42 | 18.35 | | JAC | 江淮汽车 | 123.94 | + +0.02 | 5.67 | | | 和泰汽车 | 115.79 | -1.12 | 20.78 | | | 广汽集团 | 110.4 | + -0.99 | 1.08 | | ISUZU | 五十铃 | 94.41 | 1 -0.68 | 13.26 | | NISSAN | 日产 | 86.85 | +0.15 | 2.49 | | | 尉来汽车 | 86.21 | -1.36 | 3.82 | | ID | Leapmotor C | 83.71 | + -1.87 | 7.17 | | | VinFast Auto | 81.86 | + ...

Core Viewpoint - The event "Value Co-creation, Pursuing Light Together" showcased JAC Commercial Vehicles' 61 years of technological accumulation and innovation, presenting a new product matrix and user ecosystem plan to drive high-quality development in the commercial vehicle industry [1][3]. Group 1: Company History and Achievements - Since the launch of its first cargo vehicle in 1964, JAC Commercial Vehicles has been user-demand oriented and technology-driven, participating in major sectors like national infrastructure and logistics [3]. - JAC has produced and sold nearly 5 million vehicles, serving over 5 million customers and exporting to more than 130 countries, maintaining a leading position in China's commercial vehicle exports [5]. Group 2: Strategic New Products - The strategic new product matrix unveiled at the event includes advanced technologies across four platforms: fuel, hybrid, pure electric, and hydrogen, aimed at creating high-end intelligent trucks for modern logistics [7]. - The fuel vehicles continue to lead the market with new power series and integrated lightweight and intelligent driving assistance technologies, while the new energy sector introduces innovative electric chassis with multiple safety features [7]. Group 3: Testing and Quality Assurance - JAC's new manufacturing base features Asia's first 5.2 km high-ring test track, where every vehicle undergoes 100% testing to ensure dynamic performance and quality before leaving the factory [8]. - The immersive test drive experience highlighted JAC's strengths in power tuning, intelligent safety, and energy-saving technologies, reinforcing the company's commitment to quality [8]. Group 4: User-Centric Initiatives - JAC launched the "2025 Pursuing Light Plan" to create the industry's first "Commercial Vehicle Value Community," emphasizing user value and collaboration in brand building and value creation [9]. - The company announced a 1 billion yuan "Pursuing Light Fund" to reward long-term users, offering comprehensive benefits to express gratitude for their support [10].

Core Viewpoint - The company plans to hold an investor briefing on June 4, 2025, to discuss its 2024 annual report and the first quarter report of 2025, allowing investors to engage in Q&A sessions regarding the company's performance and financial status [2][3][4]. Group 1: Meeting Details - The investor briefing is scheduled for June 4, 2025, from 15:00 to 16:00 [4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - Investors can submit questions from May 27, 2025, to June 3, 2025, before 16:00 [2][4]. Group 2: Participants - Key participants in the meeting will include the General Manager, Independent Directors, Board Secretary, and Financial Officer [4]. Group 3: Participation Method - Investors can join the meeting online via the Shanghai Stock Exchange Roadshow Center [4]. - Questions can be submitted through the pre-collection section on the website or via the company's email [4][5]. Group 4: Contact Information - The company’s securities department can be contacted for inquiries via phone or email [5].

Core Points - The China Securities Index of Jiangyin Wealth Management in the Yangtze River Delta has shown a decline of 0.5%, closing at 2231.45 points with a trading volume of 44.851 billion yuan [1] - Over the past month, the index has increased by 2.19%, but it has decreased by 5.87% over the last three months and by 3.02% year-to-date [1] Index Composition - The index includes 40 representative listed companies from strategic emerging industries and 60 from non-strategic emerging industries, focusing on companies with large market capitalization, high revenue, and strong R&D investment [1] - The top ten weighted stocks in the index are: Dongfang Caifu (7.95%), Hengrui Medicine (5.73%), Hikvision (4.1%), Weir Shares (3.71%), WuXi AppTec (3.71%), iFlytek (3.48%), SAIC Motor (3.11%), Lanke Technology (2.93%), Jianghuai Automobile (2.91%), and Bank of Communications (2.7%) [1] Market and Sector Breakdown - The Shanghai Stock Exchange accounts for 66.52% of the index, while the Shenzhen Stock Exchange accounts for 33.48% [2] - Sector allocations within the index include: Information Technology (27.60%), Financials (19.93%), Industrials (17.64%), Healthcare (13.46%), Materials (10.54%), Consumer Discretionary (7.97%), Communication Services (1.71%), Energy (0.71%), and Real Estate (0.44%) [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Each adjustment typically does not exceed 20% of the sample, and weight factors are adjusted accordingly [2]

Core Viewpoint - The China Securities Index for the automotive sector has shown fluctuations, with a recent decline of 2.89%, while it has experienced an overall increase of 6.25% in the past month, 2.00% in the past three months, and 4.27% year-to-date [1][2]. Group 1: Index Performance - The China Securities Index for automobiles closed at 11,864.46 points with a trading volume of 38.548 billion yuan [1]. - The index has increased by 6.25% over the last month, 2.00% over the last three months, and 4.27% year-to-date [2]. Group 2: Index Composition - The top ten weighted companies in the index are BYD (19.39%), Seres (14.94%), SAIC Motor (10.7%), JAC Motors (10.0%), Changan Automobile (8.7%), Yutong Bus (5.26%), Great Wall Motors (4.58%), BAIC Blue Valley (3.99%), GAC Group (2.81%), and Foton Motor (2.05%) [2]. - The index is composed of 61.87% from the Shanghai Stock Exchange and 38.13% from the Shenzhen Stock Exchange [2]. Group 3: Industry Breakdown - The index sample shows that consumer discretionary accounts for 74.38% and industrials account for 25.62% [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. Group 4: Related Funds - Public funds tracking the automotive index include GF China Securities Automotive A, GF China Securities Automotive C, and GF China Securities Automotive ETF [4].

会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 27 日(星期二)至 6 月 3 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jqgf@jac.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 证券代码：600418 证券简称：江淮汽车 公告编号： 2025-027 安徽江淮汽车集团股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日发布公司 2024 年年度报告，于 2025 年 4 月 30 日发布公司 2025 年第一季度报 告，为便于广大投资者更全面深入地了解公司 2024 年度和 2025 年第一季度经营 成果、财务状况，公司计划于 2025 年 6 月 4 日（星期三）下午 15:00-16:00 举 行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 安徽江淮汽车集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和 ...

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Viewpoints - The upcoming launch of the Huawei brand vehicle, the Zun Jie S800, is expected to enhance market competition in the luxury car segment, leveraging Huawei's strengths in technology and branding [11][40] - The report suggests continued focus on the Huawei supply chain, autonomous driving technology leaders, and certain state-owned enterprises that may reverse their current challenges through reforms and collaborations [2][13] - The report highlights strong order volumes for the Wanjie M8 and M9 models, indicating a positive trend for the Wanjie brand [11] Summary by Sections Market Performance - The automotive sector outperformed the CSI 300 index, with a weekly increase of 1.8%, ranking second among 29 primary industries [15] - The passenger vehicle segment saw a significant increase of 5.48%, while the automotive parts sector experienced a slight decline of 0.70% [15] Sales Tracking - From May 1-18, 2025, the wholesale sales of passenger vehicles reached 858,000 units, marking an 18% year-on-year increase, while retail sales reached 932,000 units, up 12% year-on-year [23] - Cumulative wholesale sales for the year reached 9.326 million units, reflecting a 12% increase compared to the previous year [23] Key Companies to Watch - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several others in the automotive and parts sectors, with specific buy ratings for some [14] - The report emphasizes the importance of monitoring companies involved in the Huawei supply chain and humanoid robotics [2][13] Industry Developments - The report notes the upcoming testing of Tesla's Robotaxi project, which will operate without safety drivers, showcasing advancements in autonomous driving technology [12] - Figure Robotics has achieved a significant milestone by completing 20-hour shifts in BMW's production line, indicating progress in robotics for manufacturing [13]