值得注意的是，全球头部汽车电子供应商均胜电子（600699）借助全球化优势，有望在海外汽车智能化 升级与智驾渗透提升的趋势下获得增量机会，尤其是L3和L4高阶智驾带来的增长机遇。 近日，全球最大两大汽车市场的美国和中国针对自动驾驶政策陆续破冰，相关产业链价值分配与商业模 式随之重构，将催生满足国际标准、具备全球交付能力的供应链搭建。随着政策、技术与市场的同频共 振形成，具备系统级交付能力的车企及供应商将获益。 此外，均胜电子还前瞻布局了L3及以上运行的智能辅助驾驶数据存储系统（DSSAD），即自动驾驶 的"黑匣子"，可记录L3及以上级别自动驾驶的系统运行和驾驶员操作数据，助力事故溯源与责任判定， 也为自动驾驶技术迭代提供数据支撑。 目前，均胜电子在亚洲、欧洲、北美等核心汽车市场拥有25个研发中心与60余个生产基地，可为中国车 企出海与海外主机厂本地化提供全栈式服务。随着L3试点深化与L4示范加速，均胜电子凭借系统级能 力、落地经验和全球交付能力，有望抢占全球智驾政策风口，持续拓展成长边界提高盈利能力和质量。 产品层面，均胜电子的域控产品矩阵开发走在了世界前列。2023年，均胜电子推出基于高通Snapdrago ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with significant growth percentages noted for New Qianglian, Pudong Development Bank, and Angel Yeast, indicating strong market confidence in these sectors [1][2]. - New Qianglian has a target price increase of 35.75%, with a highest target price set at 60.00 CNY, categorized under the wind power equipment industry [2]. - Pudong Development Bank shows a target price increase of 33.45%, with a highest target price of 15.00 CNY, classified in the joint-stock banking sector [2]. - Angel Yeast has a target price increase of 27.12%, with a highest target price of 55.55 CNY, belonging to the seasoning and fermentation products industry [2]. Group 2 - On January 14, a total of 17 listed companies received broker recommendations, with Dongpeng Beverage receiving the highest number of recommendations at 3, followed by Pudong Development Bank with 2 [3]. - Dongpeng Beverage's closing price was 264.68 CNY, and it is categorized in the beverage and dairy industry [3]. - Pudong Development Bank's closing price was 11.24 CNY, and it is classified under the joint-stock banking sector [3]. Group 3 - On January 14, two companies received their first coverage from brokers, with Lingge Technology rated "Overweight" and Helin Micro-Nano rated "Buy" by Huayuan Securities [4][5]. - Lingge Technology is categorized under specialized equipment, while Helin Micro-Nano is classified in the semiconductor industry [5].

（来源：工人日报） 本报讯 （记者彭冰 柳姗姗 通讯员胡海峰）"一袋碳酸钠足足有80斤，摇几下手柄就能轻松精准填加； 以前搬这么一袋碳得咬牙撑半天，还生怕受伤。现在这'神器'简直太懂我们一线工人了！"近日，吉林 石化丙烯腈厂外操员工任世君，一边使用新安装的手摇起吊器，一边对着身旁同事连连夸赞。 这个让任世君赞不绝口的"省力神器"，是第二丙烯腈联合车间践行"我为员工群众办实事"的暖心之作。 石春海平时是个细心人，他发现车间有一项定期操作——每个班次都需要把碳酸钠缓冲剂添加到溶液罐 中，每袋碳酸钠重80斤，员工弯腰搬运、仰头倾倒，单次作业耗时10余分钟，物料撒漏时有发生，后续 清扫又增加工作强度，而最让车间党支部放心不下的就是员工操作时容易扭伤腰部。 "一线的'累点'就是技改的靶点！"去年10月，石春海主动提出设想："能不能做个手摇升降器，让大家省 点力？" 这一提议当即得到车间党支部的全力支持。接下来的几天，石春海结合碳酸钠溶液罐布局反复 调整安装高度与角度，最终搭建了手摇起吊器。 "单人即可操控升降平移，吊钩刚好对准进料口，割开袋底就能精准倾倒，一点也撒不出来！"试用这 一"省力神器"后，一线员工都欣喜不已。 ...

Group 1 - The core point of the news is that Junsheng Electronics has experienced a continuous decline in stock price, dropping 1.44% to 30.16 yuan per share, with a total market value of 467.71 billion yuan and a cumulative decline of 7.8% over the past five days [1] - Junsheng Electronics, established on August 7, 1992, and listed on December 6, 1993, is primarily engaged in providing smart automotive technology solutions, with its main business segments including automotive safety systems (62.53% of revenue), automotive electronic systems (27.53%), and others [1] - The company operates mainly in the domestic market and has five business divisions, including automotive safety systems, automotive electronic systems, automotive parts, weighing instruments, and other segments [1] Group 2 - From the perspective of fund holdings, Huatai Bairui Fund has a significant position in Junsheng Electronics, with the Smart Driving Fund holding 429,000 shares, accounting for 3.78% of the fund's net value, ranking as the ninth largest holding [2] - The Smart Driving Fund, established on February 9, 2021, has a current scale of 395 million yuan and has reported a year-to-date return of 9.97% and a one-year return of 47.37% [2] - The fund manager, Tan Hongxiang, has been in position for nearly five years, with the fund's total asset scale at 35.161 billion yuan and a best return of 115.43% during his tenure [3]

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

Group 1 - The core point of the news is that Junsheng Electronics has experienced a decline in stock price, dropping 2.92% to 30.60 CNY per share, with a total market capitalization of 474.54 billion CNY and a cumulative drop of 6.45% over four consecutive days [1] - Junsheng Electronics, established on August 7, 1992, and listed on December 6, 1993, is primarily engaged in providing smart automotive technology solutions, with its main business segments including automotive safety systems (62.53% of revenue), automotive electronics systems (27.53%), and other segments [1] - The company operates mainly in the domestic market and has five business divisions, including automotive safety systems, automotive electronics systems, automotive parts, weighing instruments, and other segments [1] Group 2 - According to data from the top ten holdings of funds, one fund under Fuan Da has a significant position in Junsheng Electronics, holding 49,300 shares, which accounts for 1.18% of the fund's net value, ranking as the third-largest holding [2] - The Fuan Da fund has incurred a floating loss of approximately 10.4 thousand CNY during the four-day decline, with a current floating loss of about 4.54 thousand CNY [2] - The Fuan Da fund, established on September 8, 2021, has a total scale of 145 million CNY, with a year-to-date return of 4.25% and a one-year return of 32.33% [2]

南方财经1月12日电，南财投研通数据显示，1月5日至1月11日，券商给予上市公司目标价共66次，按最 新收盘价计算，目标价涨幅排名居前的公司有天赐材料、固德威、安徽建工，目标价涨幅分别为 81.16%、52.28%、50.11%，分别属于电池、光伏设备、基础建设行业。评级调低方面，1月5日至1月11 日，券商调低上市公司评级达到5家次，最新数据包括了天风证券对海峡股份的评级从"买入"调低至"增 持"，东北证券对均胜电子、三花智控的评级从"买入"调低至"增持"。查看原文：天赐材料目标价涨幅 超81%，均胜电子、三花智控评级被调低丨券商评级观察刚刚 ...

Core Viewpoint - The article discusses the evolving landscape of the Chinese automotive industry, focusing on the impact of personal branding (IP) of industry leaders, the rise of Huawei in automotive technology, and the trends in global expansion and regulatory changes in autonomous driving [4][5][6]. Group 1: Personal Branding in Automotive Industry - The debate on whether automotive leaders like Lei Jun and Wei Jianjun should develop personal brands (IP) has intensified, with differing opinions on its effectiveness and potential backlash [5][25]. - Lei Jun's recent challenges with Xiaomi's automotive ventures highlight the risks of personal branding, while Wei Jianjun's successful IP development reflects a more grounded approach [26][30]. - The article emphasizes the need for automotive leaders to focus on product quality and strategic management rather than solely on personal branding [31][35]. Group 2: Huawei's Role in Automotive Technology - Huawei's positioning as a service provider rather than a car manufacturer allows it to play a unique role in the automotive industry, focusing on empowering car manufacturers with advanced technologies [7][10]. - The introduction of Huawei's "Jing" and "Jie" series vehicles indicates a strategic expansion into the automotive market, with a focus on high-end segments [9][10]. - Huawei's technology capabilities, including smart cockpit and driving technologies, are seen as critical to its success in the automotive sector, potentially reshaping the competitive landscape [12][15]. Group 3: Trends in Global Expansion - The article notes a significant trend of Chinese automotive companies pursuing IPOs in Hong Kong, reflecting a renewed interest in capital markets and the need for ongoing funding in a capital-intensive industry [38][39]. - The global expansion of Chinese automotive brands is characterized by a shift towards local production and partnerships, moving beyond simple export strategies to more integrated approaches [43][45]. - The necessity for Chinese companies to adapt to local markets and consumer behaviors is emphasized, indicating a more mature approach to globalization [47][49]. Group 4: Regulatory Changes in Autonomous Driving - The Chinese government has implemented stricter regulations on L2 autonomous driving systems, reflecting a growing emphasis on safety following recent incidents [58][60]. - The approval of L3 autonomous driving systems indicates a positive regulatory environment for advanced driving technologies, with companies like Deep Blue and BAIC leading the way [58][61]. - The article suggests that the development of Robotaxi services is gaining momentum, with a focus on subscription-based models as a viable business strategy [61][63].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [53]. Core Insights - The automotive parts sector saw a weekly increase of 3.37%, ranking second among the SW automotive sector, with a year-to-date increase of 47.4% since the beginning of 2025 [2][19]. - The robotics sector experienced a weekly rise of 3.74%, with a year-to-date increase of 68.14% since the beginning of 2025, outperforming the automotive parts sector by 0.37% [2][27]. - Key developments include the announcement of a 7.8 billion yuan contract for Xusheng Group with a North American new energy manufacturer, expected to start production by the end of 2026 [2][42]. - Notable stock performances this week include Xusheng Group (+18.05%), Xinquan Co. (+16.17%), and Hengshuai Co. (+13.24%) [2][42]. Summary by Sections Automotive Parts Sector Weekly Review - The automotive parts sector ranked second in the SW automotive index this week, with a performance of +3.37% [19]. - The sector's PE (TTM) is at 1.3 times that of the entire A-share market, and its PB (LF) is at 1.5 times, indicating a strong valuation relative to the market [25]. - The sector's PE has increased by 8.75 times and PB by 0.74 times since the beginning of 2025 [25]. Robotics Sector Weekly Review - The robotics index increased by 3.74% this week, with a year-to-date performance of +68.14% since the beginning of 2025 [27]. - The latest PE (TTM) for the robotics sector is at 1.39 times that of the entire A-share market, with a PB (LF) at 1.90 times [37]. - The sector's PE has risen by 5.53 times and PB by 0.64 times since the beginning of 2025 [37]. Key Stock Tracking - Core stocks in the automotive parts sector include Fuyao Glass, Top Group, and Junsheng Electronics, with recommendations based on EPS and PE dimensions [48]. - The report highlights the importance of focusing on structural opportunities in the automotive parts sector and certainty in the robotics sector, particularly with upcoming product launches and market applications [2][48].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [2][38]. Core Insights - The automotive sector has shown a recent upward trend, with the Shenwan Automotive Index rising by 3.52% over the past two weeks, outperforming the CSI 300 Index by 1.47 percentage points [4][11]. - The report highlights the implementation of a new vehicle scrappage and replacement policy for 2026, which includes subsidies for purchasing new energy vehicles and fuel-efficient cars, aimed at boosting consumer confidence and sales [33][34]. - The report notes a significant decline in retail sales of passenger vehicles in December 2025, with a year-on-year decrease of 13%, indicating a cautious market sentiment as consumers await new subsidy policies [21][34]. Summary by Sections Automotive Industry Trends and Valuation Review - As of January 8, 2026, the Shenwan Automotive Index has increased by 1.49% since the beginning of the year, ranking 23rd among 31 industries [11][12]. - The automotive sub-sectors have also experienced growth, with the automotive parts sector rising by 4.66% and the motorcycle and other sectors increasing by 2.44% [13][14]. Industry Data Tracking - Raw material prices have seen increases, with steel prices up by 0.70%, aluminum by 6.95%, and lithium carbonate by 16.88% as of January 8, 2026 [18][19]. Industry News - The Ministry of Industry and Information Technology has initiated testing and safety evaluations for smart connected vehicles equipped with autonomous driving features [20]. - The Ministry of Commerce projects that 17.67 million vehicles will be scrapped from 2024 to 2025, with an annual growth rate of 45.8% [22]. Corporate News - Xiaomi's new electric vehicle, the SU7, is expected to launch in April 2026 [26]. - Desay SV plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence [28]. - Hesai Technology has been selected by NVIDIA as a lidar partner for its autonomous driving platform [30]. Investment Recommendations - The report suggests focusing on companies like BYD and Seres, which are expanding their overseas markets and benefiting from the increasing penetration of smart driving technologies [33][35].