乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -18% -6 ...

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai Consumer 50 Index rising by 0.43% to 8251.36 points, with a trading volume of 39.565 billion yuan [1] - The Shanghai Consumer 50 Index has decreased by 4.50% over the past month, increased by 1.55% over the past three months, and has fallen by 3.01% year-to-date [1] - The index reflects the overall performance of consumer-related securities listed on the Shanghai Stock Exchange, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The top ten weighted stocks in the Shanghai Consumer 50 Index include Kweichow Moutai (10.51%), Yili Group (10.44%), and others, with the total weight of the top ten accounting for a significant portion of the index [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with optional consumption accounting for 51.26% and major consumption accounting for 48.74% of the holdings [1] - The index sample is adjusted every six months, with adjustments typically occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio not exceeding 10% [2]

金融界4月16日消息，A股三大指数收盘涨跌不一，上证180动态指数 (180动态，000123)上涨0.62%，报 5446.7点，成交额744.57亿元。 数据统计显示，上证180动态指数近一个月下跌7.53%，近三个月下跌1.80%，年至今下跌4.91%。 从指数持仓来看，上证180动态指数十大权重分别为：中国平安（11.5%）、中信证券（5.26%）、中芯 国际（3.86%）、海光信息（3.0%）、寒武纪（2.78%）、浦发银行（2.64%）、赛力斯（2.35%）、韦 尔股份（2.26%）、山西汾酒（2.25%）、中国太保（2.23%）。 从上证180动态指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证180动态指数持仓样本的行业来看，金融占比33.22%、信息技术占比26.61%、工业占比14.56%、 原材料占比8.63%、可选消费占比5.64%、主要消费占比4.18%、公用事业占比2.44%、医药卫生占比 1.90%、房地产占比1.75%、能源占比0.79%、通信服务占比0.27%。 据了解，上证180、380动态和稳定指数分别以上证180和上证380指数样本为样本空间，根据波动 ...

Industry Overview - The automotive sector experienced a decline of 0.8% on April 16, with a net outflow of 628 million yuan from major funds [1] - Among the constituent stocks, 10 increased in value while 16 decreased [1] Major Fund Outflows - The companies with the highest net outflows included BYD (2.87 billion yuan), Seres (1.2 billion yuan), JAC Motors (971.18 million yuan), Changan Automobile (270.26 million yuan), and Ankai Bus (198.32 million yuan) [1] Major Fund Inflows - The companies with significant net inflows were SAIC Motor (25.14 million yuan), Yutong Bus (17.08 million yuan), ST Hanma (6.28 million yuan), ST Shuguang (4.54 million yuan), and Changan B (970,000 yuan) [2] - Notably, ST Hanma had a net inflow percentage of 9.03%, indicating strong investor interest [2]

那智借这边的话整个这个后续的整个价格带的话大概是从25万到六七十万这个价格带都会有一些目前来看的话赛里斯的主要的车型还是从这个20万到也是六七十万的这么一个价格带偏家庭用车的这么一个定位那现在从后面的一个这个M8这款车型来看的话我们给到的是一个 月销的话大概是在1到1.2万这样的一个水平那在整个问界目前的这些这个车型里面来讲的话还会有一个M7的一个大的改款那想借和致借这边的车型的话会稍微偏多一点主要还有后面还有一个大尺寸的SUV加上一款M7V这样的一个车型 整理&字幕志愿者解说 自选的朋友圈里面来讲的话现在整个这个江淮的定位的话还是偏高端像现在现在来讲的话北齐蓝谷还偏商务一些塞里斯的整个定位的话是偏家庭奇瑞这边的整个定位的话是偏年轻运动再加上上汽这边的这个上界后面的整体的这个定位的话是在15到25万的这个价格带里面去 各位领导大家晚上好我是动物汽车的郭雨萌这边的话我们主要是汇报一下马上要量产的文件M8这边的一个情况我们也针对目前主要的这个 那当下的这个时间点来讲的话,其实我们觉得塞丽斯的整个体量上来讲,其实它的后续的这个M8的车型,我们觉得还是比较具有确定性的这么一个这个订单比较好的这么一个量嘛。 所以我们也 ...

"这几天工厂集中招聘，主要是（问界）M8订单量比较多。"4月15日，一位负责赛力斯工厂招聘的人事专员在接受《每日经济新闻》记者采访时表示，"最 近因为比较缺人，有（赛力斯）工厂连续两天全天招聘，从早上面试到晚上10点后。目前，这种紧急招聘的情况已结束。" 近日，多个社交媒体平台显示，赛力斯正在大量招聘普工。记者翻阅微信公众号为"重庆招聘网官网"发布的招聘信息发现，一条名为"问界M8新车订单火 爆，问界汽车招聘工人，工资5000元~8000元，包吃包住，高工资"的招聘信息，在20天不到的时间内发布了两次。"我们是赛力斯厂区对外招工的一个合作 平台，他们工厂有招工需求就会发在我们这个号上。"一位"重庆招聘网官网"的工作人员告诉记者。 记者以投资者身份致电赛力斯董秘电话时，相关工作人员向记者透露，截至目前，问界M8小订数量已超12万辆。"关于网上工厂大规模招聘是否与问界M8 订单量大增有关的问题，还请以公司公开的官方信息为准。"该工作人员回复称。 每经记者 李星 每经编辑 孙磊 不过，上述负责赛力斯工厂招聘的人事专员强调称，近期，赛力斯工厂大规模招聘虽与问界M8订单有关，但不是全部招聘进来的工人都会安排去生产问界 ...

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index relative to the growth index declining by 0.45%, closing at 2675.86 points and a trading volume of 171.84 billion [1] - The Shanghai Composite Index relative to the growth index has decreased by 5.59% over the past month, increased by 0.79% over the past three months, and has declined by 1.15% year-to-date [1] - The Shanghai Composite Index style index series is based on the Shanghai Composite Index, calculating style scores based on growth and value factors, selecting the top 150 listed companies for the growth and value indices [1] Group 2 - The top ten holdings of the Shanghai Composite Index relative to the growth index include Kweichow Moutai (12.65%), Zijin Mining (3.77%), and others, with the Shanghai Stock Exchange accounting for 100% of the holdings [2] - The industry composition of the holdings in the Shanghai Composite Index relative to the growth index includes Information Technology (19.80%), Industrials (19.31%), Consumer Staples (18.67%), and others [2] Group 3 - The index sample is adjusted every six months, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 20% [3] - In special circumstances, the index may undergo temporary adjustments, and companies that are delisted will be removed from the index sample [3]

Investment Rating - The report indicates a strong investment outlook for the automotive sector, particularly in the areas of advanced driving and humanoid robotics, driven by technological advancements and market dynamics [3][7]. Core Insights - Embodied intelligence is identified as the strongest industrial trend in the automotive sector, with smart driving and humanoid robots being the two key directions [3]. - The report forecasts a significant increase in the penetration rate of advanced driving systems, expected to exceed 15% by 2025, with a year-on-year growth of 200% [3][10]. - The supply chain for smart driving components, including chips and lidar, is highlighted as a high-value investment area due to its explosive growth potential [4][27]. Summary by Sections Advanced Driving - Advanced driving is entering a phase of explosive growth, with a projected penetration rate of over 70% in the next 2-3 years [3]. - The report emphasizes the importance of the Tier0.5 model versus full-stack self-research in data acquisition and customer response speed, with full-stack self-research expected to gain a competitive edge [3][20]. - The Robotaxi segment is anticipated to reach a tipping point by 2025, with operational costs aligning with traditional ride-hailing services [3][26]. Humanoid Robotics - The humanoid robotics sector is on the verge of commercialization, with significant advancements expected by 2025, particularly in high-cost scenarios [5][35]. - The report identifies key components such as dexterous hands and sensors as critical to the humanoid robotics supply chain, with high average selling prices (ASP) and barriers to entry [5][48]. - The Chinese supply chain is expected to rise significantly, contributing to the cost reduction and mass production of humanoid robots [5][48]. Supply Chain Dynamics - The report highlights the increasing penetration and localization rates of smart driving chips, with Nvidia and Tesla leading the market [27][29]. - The laser radar market is also projected to see significant growth, with major players like Hesai and RoboSense capturing substantial market shares [31][33]. - The anticipated reduction in costs for smart driving systems is expected to make advanced driving features standard in vehicles priced above 200,000 RMB by 2025 [30][34].

A股复盘 | 电风扇行情 / 2025.04.14 听说今天又是那种"周末狠狠学习但是周一猛亏"的行情？ 听说今天又是那种"好多概念发酵但是收盘被套"的行情？ 今天a股热点轮动: 果链 AI 眼睛 内外贸一体化 体育 核聚变 电力 锦 CIPS 三胎 东盟铁路, 摩托车, 海南, 汽 车,必选消费,910C,中概回 流, 互金 ..... 但凡抓住一个 你收盘就套佳晨 Datayes 今日A股 我看大家都在为到底豁没豁免中国而吵架，没什么好吵架的， 此前对等关税政策 已经豁免了被单独征收关税的行业，比如汽车、钢铝等，因此结合特朗普的增税 计划，之后很可能会针对半导体、芯片等行业额外加征关税。 当然特朗普也这么预告了，无论是Truth Social，还是对记者，他都是这么表态 的！ 美国商务部长霍华德·鲁特尼克周日在接受ABC《本周》节目采访时表示，智能 手机、计算机及部分其他电子产品将适用单独的关税，这些关税可能会在大约一 个月后实施。 虽然我们一直调侃特朗普像个舔狗一样在等我们的电话，事实上双方的态度都很 强硬，离谈判还有好长一段时间呢！ 做好心理准备！ 今天这个出口数据大超我的预期，一开始海关总署开发布会 ...

2月底，车规级碳化硅功率芯片生产线完成通线，汽车核心零部件再添重要支撑；3月，成功入选全国首批车网互动规模化应用试点，让汽车 化作储能单元助力电网"削峰填谷"；进入4月，阿维塔、深蓝等重庆车企相继透露多款智能网联新能源汽车新车型上市计划…… 开年以来，重庆汽车产业动作频频，昔日的燃油汽车"产量冠军"之城不断爬坡过坎，向新而行、转型求变，正加速迈向"智能网联新能源汽车 之都"。 0:00 换道突围 造车重镇"V"字上扬 走进位于重庆两江新区的赛力斯汽车超级工厂，只见一派科技感满满的忙碌景象：现场3000余台机器人协同作业，一辆辆"问界"新能源汽车 有序下线。 这是2024年11月6日在位于重庆市两江新区的赛力斯汽车超级工厂拍摄的新能源汽车（无人机照片）。新华社记者 王全超 摄 2025年3月6日，工人在位于重庆市渝北区的长安汽车数智工厂总装车间作业。新华社记者 王全超 摄 一批龙头企业前瞻未来，快速"变道"。走进长安汽车全球研发中心，一列整齐排布、造型酷炫、功能多样的智能网联新能源汽车引人注目。 长安汽车董事长朱华荣说，公司坚持每年研发投入占比不低于营业收入的5%，迄今已在新能源汽车"三电"领域突破400余项核 ...