智通财经APP获悉，民生证券发布研报称，人形机器人板块正从主题投资迈向成长投资，2025年有望成 为全球量产元年。技术端，大模型突破通用性瓶颈，DeepSeek低成本训练范式加速AGI落地；产业端， 特斯拉、英伟达、华为等科技巨头密集布局；政策端，政府工作报告明确，培育具身智能等未来产业， 大力发展智能机器人。预计2025年全球出货量将达万台级别，2027年特斯拉目标产能突破百万台，产业 链长期成长空间打开。 民生证券主要观点如下： 产业逻辑：AI赋能+巨头入局，三重驱动强化趋势 1)技术基座升级：非具身大模型实现任务分解与规划，具身大模型直接输出高频动作指令，AGI终极形 态下机器人将具备单模型闭环、主动理解与强适应能力。 2)场景成本突破：特斯拉Optimus将率先导入超级工厂，车端供应链复用推动售价降至2-3万美元，远期 规模效应下成本有望进一步下探。 3)政策密集催化：2025年政府工作报告首次将具身智能纳入未来产业培育，地方政策围绕技术攻关、产 业集群、应用示范三方面加码，形成"中央定调-地方落实"的立体支持体系。 供给维度：全球产业巨头形成多维共振 1)特斯拉：2025年计划出货数千台，2027年 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly focusing on the growth potential in the passenger vehicle segment and related technologies [2][3]. Core Insights - The report highlights a week-on-week increase in passenger vehicle insurance registrations by 6.5%, with a total of 443,000 units for the second week of May 2025, indicating a strong recovery trend [2][48]. - The SW automotive index rose by 2.4%, with the passenger vehicle segment leading the gains at 4.4%, suggesting robust market performance [2][3]. - Key developments include the introduction of new models and technologies by major players such as Weipai and Geely, alongside significant financial performance from Geely with a 24.5% year-on-year revenue increase in Q1 2025 [2][3]. Market Performance - The automotive sector ranked third in A-shares and first in Hong Kong stocks for the week, reflecting strong investor interest and market dynamics [7][9]. - The report notes that the passenger vehicle segment outperformed other categories, with a focus on the positive impact of tariff adjustments between the US and China [3][15]. Sector Trends - The report emphasizes three main investment themes for 2025: AI robotics, AI smart technologies, and favorable market conditions, with a particular focus on the robotics segment showing the highest elasticity [3][49]. - The anticipated growth in the domestic retail sales volume for 2025 is projected at 23.83 million units, a year-on-year increase of 4.7%, driven by new policies and market recovery [49][50]. Company-Specific Developments - Notable companies such as BYD and Geely are highlighted for their strong performance, with Geely reporting a net profit increase of 263.4% year-on-year in Q1 2025 [2][3][62]. - The report tracks significant movements in the stock prices of covered companies, with notable gains for companies like Naisite and Junsheng Electronics [2][24][62]. Future Outlook - The report predicts a continued upward trend in the automotive sector, supported by favorable policies and technological advancements, particularly in the areas of smart driving and electric vehicles [3][54][59]. - The expected penetration rate for new energy vehicles is projected to reach 62% by 2025, indicating a strong shift towards sustainable automotive solutions [50][52].

截至5月16日收盘，汽车热管理概念上涨1.82%，位居概念板块涨幅第10，板块内，102股上涨，铭科精 技、均胜电子、新坐标等涨停，精锻科技、银轮股份、经纬恒润等涨幅居前，分别上涨12.28%、 7.23%、6.42%。跌幅居前的有天龙股份、永茂泰、恒勃股份等，分别下跌2.11%、1.82%、1.18%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 3.40 | 赛马概念 | -1.41 | | 可控核聚变 | 2.76 | 自由贸易港 | -1.12 | | 草甘膦 | 2.72 | 养鸡 | -1.06 | | 华为汽车 | 2.18 | 航运概念 | -1.00 | | 一体化压铸 | 2.15 | 期货概念 | -0.83 | | 小米汽车 | 2.14 | 猪肉 | -0.83 | | 长安汽车概念 | 1.98 | 同花顺中特估100 | -0.71 | | 培育钻石 | 1.93 | 信托概念 | -0.70 | | 有机硅概念 | 1.92 | 粮食概念 | -0.69 ...

Core Viewpoint - The automotive manufacturing sector is experiencing a surge in stock prices due to the introduction of a mandatory national standard for Automatic Emergency Braking Systems (AEBS), which is expected to significantly enhance vehicle safety and reduce rear-end collisions [1][2]. Group 1: Industry Impact - The new mandatory standard for AEBS will replace the existing recommendation-based standard, expanding its applicability to all M1 and N1 category vehicles, thus ensuring that all passenger cars must be equipped with AEBS [1][2]. - The implementation of AEBS as a mandatory standard is anticipated to drastically improve vehicle safety, as it addresses the high incidence of rear-end collisions, which constitute a significant portion of traffic accidents [2]. Group 2: Company Developments - Companies like Wan'an Technology are actively developing AEBS solutions, having completed the R&D of AEBS and EBS systems, and are offering comprehensive solutions to clients [2]. - Ruiming Technology has reported successful sales of its self-developed aftermarket AEBS products in domestic public transport and taxi sectors, while its original equipment manufacturer (OEM) AEBS products have been exported to Europe [2].

Core Viewpoint - The A500 index and its corresponding ETF are experiencing fluctuations, with a notable focus on market style rebalancing and the impact of policy changes on market stability [3][4]. Group 1: A500 Index Performance - As of May 16, 2025, the A500 index (000510) decreased by 0.37%, with mixed performance among constituent stocks [3]. - Leading gainers included Jingsheng Electronics (600699) up 10.00%, and Yingfeng Environment (000967) up 5.61%, while Shanghai Jahwa (600315) led the declines at 4.25% [3]. - The A500 ETF (512050) fell by 0.53%, with the latest price at 0.94 yuan [3]. Group 2: Trading Activity and Liquidity - The A500 ETF recorded a turnover rate of 9.95% during the trading session, with a total transaction volume of 1.71 billion yuan, ranking first among similar funds [3]. - Over the past year, the A500 ETF has achieved an average daily trading volume of 3.728 billion yuan, also leading among comparable funds [3]. Group 3: Fund Growth and Inflows - The A500 ETF saw a significant increase in scale, growing by 579 million yuan over the past week, ranking first among comparable funds [3]. - The fund's share count increased by 4.05 million shares in the last week, also placing it first among similar funds [4]. - In the last five trading days, the A500 ETF attracted a total inflow of 269 million yuan [4]. Group 4: Top Holdings in A500 Index - As of April 30, 2025, the top ten weighted stocks in the A500 index included Kweichow Moutai (600519), CATL (300750), and Ping An Insurance (601318), collectively accounting for 20.8% of the index [4].

A股机器人概念股持续拉升，豪恩汽电20CM涨停，万安科技、均胜电子、铭科精技多股涨停，兆丰股 份、华依科技等涨超10%。 ...

5月16日，三大指数集体低开，截至发稿深成指、创业板指反弹飘红，汽车、机械设备、有色金属、国 防等板块涨幅居前。中证A500当前跌幅0.19%。 东莞证券认为，市场自4月初回调后当前已有所修复，市场情绪亦升至相对稳定区间。"一行一局一 会"政策逐步落地等因素有助于坚定投资者长期信心、稳住资本市场预期，不断为市场积攒做多动能。 但考虑到上方或存在一定抛压，短期市场或延续震荡态势，中长期维度仍坚定看好中国资产重估。 中原证券认为，2025年一季度A股归母净利润同比增速由负转正，中小盘股盈利修复显著，TMT、消费 细分领域景气度回升。预计短期市场以稳步震荡上行为主，市场有望延续结构性行情，政策支持与流动 性宽松为市场提供底部支撑，科技成长与消费复苏为双轮驱动主线。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） （文章来源：21世纪经济报道） 相关ETF方面，A500指数ETF（159351）下跌0.10%，成交额超8亿元，换手率近4%。成分股方面，均 胜电子涨停，盈峰环境、新易盛、拓普集团等多股跟涨。 A500指数ETF（159351）紧密跟踪新一代标杆指数中证 ...

Group 1 - The A-share automotive sector has shown strong performance, with companies such as Qin'an Co., Ltd. and Joyson Electronics reaching the daily limit increase [1] - Other companies like Wan'an Technology, Mingke Precision, and New Coordinates also previously hit the daily limit increase, indicating a positive trend in the sector [1] - Companies such as Haon Automotive Electric, Xinhongye, Tianqimo, and Rongtai Co., Ltd. have also seen significant gains, reflecting overall bullish sentiment in the automotive industry [1]

Summary of Junsheng Electronics Conference Call Company Overview - **Company**: Junsheng Electronics - **Industry**: Automotive Safety and Electronics Key Financial Metrics - **Q1 2025 Revenue**: 14.6 billion, a year-on-year increase of 10% [2][3] - **Net Profit**: 340 million, a year-on-year increase of 11% [2][3] - **Gross Margin**: 17.9%, an increase of 2.6 percentage points year-on-year [2][3] - **Automotive Safety Gross Margin**: Increased to 15.6%, up 1.9 percentage points [7] - **Automotive Electronics Gross Margin**: Increased to 21.2%, up 2.1 percentage points [7] - **New Orders**: 15.7 billion in Q1 2025, with a total of 84 billion in new orders for 2024, including a record high of 57.4 billion in automotive safety orders [2][8] Core Business Performance - **Automotive Safety Business**: - Junsheng Electronics is a leading player in the global automotive safety sector, showing significant improvement in operational capabilities and profitability [3] - The overseas market performance is better than the domestic market, particularly in automotive safety [3][5] Emerging Business Developments - **Robotics Business**: - The company is actively developing its robotics segment, showcasing components such as 6AD sensors and inertial measurement units [4][11] - Collaborations with potential robotics manufacturers are expected to open new growth avenues [4] Global Strategy and Market Position - **Global Layout**: - The company has effectively mitigated global tariff barriers through a local-for-local supply model [2][5][6] - Continuous cost improvement measures have stabilized overseas operations [5] - **Impact of Tariff Wars**: - Short-term impacts from tariff wars have significantly eased, with no effects noted in Q1 2025 [9][10] - The sustainability of tariff exemptions under the US-Mexico-Canada Agreement (USMCA) is a point of concern [9] Future Outlook - **Revenue Growth**: - The company expects to gradually realize revenue growth from its new orders over the next five years [8] - Projected non-GAAP profit for 2025 is around 1.6 billion, bolstered by the integration of Xiangshan, contributing approximately 6 billion in revenue [2][8][12] - **Market Valuation**: - Current market valuation corresponds to about 15 times the non-GAAP performance, indicating potential for growth [12] Additional Insights - **Cost Management**: - The local-for-local production model not only mitigates tariff impacts but also optimizes cross-regional R&D and production costs [10] - **Investment Recommendations**: - Investors are encouraged to consider Junsheng Electronics for its high growth potential and resilience in the current market environment [12]

2025年一季度，公司期间费用为20.03亿元，较上年同期增加4.32亿元；期间费用率为13.74%，较上年同期上升1.91%。其中，销售费用同比增长38.74%，管 理费用同比增长16.60%，研发费用同比增长31.67%，财务费用同比增长39.65%。 瑞财经 钟鸣辰 5月14日消息，均胜电子(SH600699)近日发布2025年第一季度报告。 | | | | 单位:元 币种:人民币 | | | --- | --- | --- | --- | --- | | | | | 本报告期比上年同 | | | 项目 | 本报告期 | 上年同期 | 期增减变动幅度 | | | | | | (%) | | | 营业收入 | 14.575. 967. 353. 98 | 13, 277, 538, 158. 73 | | 9.78 | | 归属于上市公司股东的净利 润 | 340, 450, 174. 31 | 306, 501, 980, 99 | | 11.08 | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 320, 009, 706, 96 | 311, 317, 622. 77 | | 2.79 | ...