金融界2025年6月21日消息，国家知识产权局信息显示，赛力斯汽车有限公司申请一项名为"一种车辆声 学包方案设计方法及装置、设备、介质"的专利，公开号 CN120180746A，申请日期为 2025 年 03 月。 专利摘要显示，本发明实施例提供了一种车辆声学包方案设计方法及装置、设备、介质，通过根据车辆 声学包各零部件的位置信息，将车辆声学包划分为至少两个零部件声学区域；随后确定每个零部件声学 区域对应的待测试零部件并获取待测试零部件的相关参数；并根据待测试零部件的相关参数对待测试零 部件进行仿真测试，得到待测试零部件的声学性能预测值；从而将声学性能预测值满足预设条件的待测 试零部件确定为待采用零部件，并根据预设评价函数将声学性能与质量均满足预设需求的待采用零部件 确定为目标零部件；进而根据每个零部件声学区域所对应的目标零部件，确定车辆的声学包方案的方 式，实现了在平衡零部件的质量与声学性能的前提下的声学包方案设计。 天眼查资料显示，赛力斯汽车有限公司，成立于2012年，位于重庆市，是一家以从事汽车制造业为主的 企业。企业注册资本1030528.0001万人民币。通过天眼查大数据分析，赛力斯汽车有限公司共对 ...

Group 1: Industry Performance - In May, China's automobile production and sales reached 2.649 million and 2.686 million units, respectively, with month-on-month growth of 1.1% and 3.7%, and year-on-year growth of 11.6% and 11.2% [1] - In the same month, the production and sales of new energy vehicles (NEVs) were 1.27 million and 1.307 million units, showing year-on-year increases of 35% and 36.9%, with NEVs accounting for 48.7% of total new car sales [2] - From January to May, NEV production and sales totaled 5.699 million and 5.608 million units, reflecting year-on-year growth of 45.2% and 44% [2] Group 2: Market Dynamics - The automotive market is experiencing a "green transformation" driven by the "Two New" policies, with a focus on enhancing consumption vitality through new product launches and promotional events [2] - A collective action among major automotive companies aims to shorten payment terms to suppliers to within 60 days, addressing financial pressures and promoting a healthier industry ecosystem [3][6] Group 3: Regulatory Environment - The Ministry of Industry and Information Technology has emphasized the need for stricter regulations to combat industry chaos, including the establishment of new safety standards for NEVs and addressing hidden safety risks [4] - The China Automobile Industry Association has called for maintaining fair competition and addressing the negative impacts of price wars on consumer rights and industry health [4][5]

[Table_Title] 人形机器人系列深度（十三）区域篇：重庆抢滩 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 人形机器人市场前景广阔，2025 年量产元年开启。随着老龄化加剧、人力成本上升，人形机器 人在多场景的应用需求将持续增长。国内外企业软硬件技术迭代加速，应用场景持续扩大，规 模化商业应用有望加速落地。国内产业链稳步推进应用进展，人形机器人本体厂商参与者持续 增加，持续发布人形机器人新产品，积极探索下游应用场景落地。国内软硬件供应链成长迅速， 建议关注技术领先的主机厂，以及具备核心零部件技术、与头部企业深度合作的零部件企业。 行业研究丨深度报告丨汽车与汽车零部件 立潮头，具身智能大跨步 分析师及联系人 [Table_Author] 高伊楠 邬博华 赵智勇 SAC：S0490517060001 SAC：S0490514040001 SAC：S0490517110001 SFC：BUW101 SFC：BQK482 SFC：BRP550 张永乾 SAC：S0490524030002 请阅读最后评级说明和重要声明 2 / 3 ...

专题：A股大消费产业链支付账期大观 在如今行业极致内卷的背景下，车企普遍将供应商视为"无息资金池"，通过漫长的账期，将本该由自己承担的融资和现金流压力转嫁到了供应商头 上。据Wind数据统计，当前国内车企对供应商的支付账期平均超过170天，将近半年；部分车企账期甚至超过240天，也就是8个多月。 出品：新浪财经上市公司研究院 作者：君 据业内人士介绍，产业链更上游的供应商的账期，往往是在上一级供应商的账期基础上加2个月左右，这也就意味着，许多Tier2、Tier3，以及更上 游供应商的账期还会更长。而对于不少小微型供应商企业而言，3-6个月的账期足以使它们的财务状况捉襟见肘，甚至直接给它们宣判死刑。 2025年3月17日，国务院公布修订后的《保障中小企业款项支付条例》（下称"《条例》"）。《条例》规定，大型企业从中小企业采购货物、工 程、服务，应当自货物、工程、服务交付之日起60日内支付款项；合同另有约定的，从其约定，但应当按照行业规范、交易习惯合理约定付款期限 并及时支付款项，不得约定以收到第三方付款作为向中小企业支付款项的条件或者按照第三方付款进度比例支付中小企业款项。 6月1日，《条例》正式施行，旨在解 ...

Group 1 - The automotive industry shows varied performance among major companies, with Volkswagen leading in market capitalization at 508.89 billion, followed closely by Maruti Suzuki at 464.54 billion [2] - General Motors and Porsche have market capitalizations of 464.18 billion and 429.52 billion respectively, indicating strong positions in the market [2] - Companies like Ford and Honda also demonstrate positive growth, with Ford at 414.36 billion and Honda at 411.36 billion, reflecting a competitive landscape [2] Group 2 - The data reveals that companies such as Tata Motors and Stellantis are experiencing slight declines, with Tata at 287.91 billion and Stellantis at 284.90 billion [2] - Emerging players like Li Auto and Xpeng are also noted, with market capitalizations of 280.37 billion and 177.67 billion respectively, highlighting the growth of new entrants in the automotive sector [2] - Traditional manufacturers like Nissan and Subaru are facing challenges, with Nissan at 85.41 billion and Subaru at 128.14 billion, indicating potential shifts in consumer preferences [3]

Group 1 - The automotive industry is experiencing varied performance among major players, with Volkswagen leading at 514.82 billion, followed by General Motors at 473.7 billion and Maruti Suzuki at 458.96 billion [2] - Several companies are showing declines in their financial performance, such as Ford with a decrease of 8.09 billion and Mahindra & Mahindra with a drop of 2.28 billion [2] - Emerging companies like Li Auto and Xpeng are also facing challenges, with Li Auto reporting a decline of 13.43 billion and Xpeng down by 0.77 billion [2] Group 2 - The data indicates that traditional automakers are struggling, while some newer entrants are still trying to establish their market presence, as seen with NIO at 78.53 billion and VinFast Auto at 85.83 billion [3] - Companies like Subaru and JAC are showing slight growth, with Subaru increasing by 3.05 billion and JAC by 1.13 billion, indicating some resilience in specific segments [3] - The overall market dynamics suggest a competitive landscape where established brands are pressured by both economic factors and the rise of new players [2][3]

Investment Rating - The report maintains a recommendation for the domestic automotive industry, indicating an improvement in profitability and a pursuit to catch up with overseas automakers [2]. Core Insights - Overseas automakers have a higher average adjusted net profit margin than domestic independent brands by approximately 5 percentage points (PP) in 2024. The trend shows that while overseas automakers experienced a decline in 2023, domestic automakers improved, reflecting similar trends in gross margins [3][21]. - The report highlights that overseas automakers have higher gross margins than domestic independent brands by about 7PP in 2024, with the gap narrowing over recent years [19][21]. - The analysis indicates that domestic automakers are benefiting from the scale-up of new energy vehicle sales, leading to improvements in both gross and net profit margins [10][21]. Summary by Sections 1) Profitability - In 2024, overseas ordinary vehicles are projected to sell 4.79 million units, domestic independent brands 1.7 million units, and overseas luxury vehicles 1.42 million units, showcasing the larger sales volume of overseas automakers [18]. - The report notes that the average adjusted gross margin for overseas luxury vehicles is 21%, overseas ordinary vehicles 20%, and domestic independent brands 13%, with overseas automakers maintaining a significant margin advantage [21][26]. 2) Cost Structure: Input Perspective - The total cost structure for automakers is approximately 100% = COGS 86% + sales expenses 6% + management expenses 3% + R&D expenses 5% + financial expenses 0% [12]. - The report indicates that overseas automakers have higher management and sales expense ratios, primarily due to significantly higher labor costs [4][12]. 3) Cost Structure: Transformation Perspective - The report emphasizes that domestic automakers have increased their investment in sales and R&D, while overseas automakers have seen a decrease in these ratios due to rising material costs [12][22]. - The analysis suggests that despite the current profitability and product structure advantages of overseas automakers, domestic brands are enhancing their competitiveness through electric and intelligent transformations [11][12]. 4) Summary and Investment Recommendations - The report concludes that domestic automakers have substantial growth potential in terms of sales, market share, average selling price (ASP), and profitability, driven by advancements in electric and intelligent vehicle technologies [10][11]. - Recommended stocks include BYD, Geely, Li Auto, and JAC Motors, with a focus on structural opportunities in the short term [10].

Core Viewpoint - The article highlights the significant impact of the "old-for-new" policy on the automotive market, driving demand and enhancing the penetration of new energy vehicles (NEVs), while also emphasizing the profitability boost from high-end products and international expansion [2][3][10]. Group 1: Review of 2025 H1 - In the first half of 2025, the cumulative wholesale sales of passenger cars reached 8.584 million units, a year-on-year increase of 11.7%, with NEV sales up by 44.3% [2][58]. - The penetration rate of NEVs remained stable, with a wholesale penetration rate of 46.8%, up by 10.6 percentage points year-on-year [2][33]. - The "old-for-new" policy continued to stimulate demand, with significant sales increases observed in January to April 2025 [14][58]. Group 2: Outlook for 2025 H2 - The continuation of the "old-for-new" policy is expected to support demand, with projected insurance sales of 24.4 million units, a year-on-year increase of 7.0%, and wholesale sales of 29.3 million units, up by 6.4% [3][9]. - NEV penetration is anticipated to accelerate, with expected insurance sales of 14.7 million units, a year-on-year increase of 35.7% [3][9]. Group 3: Competitive Landscape - The market is becoming clearer, with domestic brands expected to exceed 70% market share, particularly in the under 150,000 yuan segment [4][11]. - High-end market dynamics are shifting, with brands like Huawei and Xiaomi poised to capture market share from traditional luxury brands [4][44]. Group 4: Smart Technology - The first half of 2025 saw advancements in smart driving technology, with companies like Xiaopeng and Leap Motor launching high-end smart driving products [5][51]. - Trends in 2025 H2 include price reductions for smart driving features and increased hardware capabilities [5][51]. Group 5: International Expansion - Despite challenges in the Russian market, companies like BYD are experiencing growth in international sales, with expectations for passenger car exports to reach 5.7 million units, a year-on-year increase of 17.0% [6][49]. - The establishment of overseas factories by companies like BYD and Changan is expected to enhance their international presence [6][49]. Group 6: Profitability - Overall profitability in the automotive sector is improving, driven by scale effects and high-end product offerings [53][54]. - In Q1 2025, the net profit of seven sample companies reached 16.59 billion yuan, a year-on-year increase of 21.1% [54][55].

上交所：推动投资者与优质企业深度互动 图/"走进ETF成分股公司·赛力斯站"活动现场图 上交所创新产品部业务人员表示，此次活动是落实证监会"以投资者为本"理念的重要举措。近年来，上 交所深入贯彻落实中央金融工作会议精神和新"国九条"部署，持续优化指数化投资生态，推动ETF市场 高质量发展，取得显著成效。 2025年6月13日，由上海证券交易所联合华安基金共同主办的"走进ETF成分股公司·赛力斯站"活动在重 庆成功举办。本次活动是上交所"以投资者为本，重回报促发展"系列主题活动的重要组成部分，国泰海 通证券重庆分公司组织证券公司投顾、机构投资者及个人投资者代表走进上证180ETF成分股——赛力 斯（601127.SH）总部，深入了解公司在智能电动汽车领域的技术创新与产业布局。 图/赛力斯公司代表介绍公司发展历程及最新经营情况 2025年，赛力斯进一步深化与华为的战略合作，收购"超级工厂"后产能进一步提升，并加速海外市场布 局。 华安基金解析指数化投资价值 图/上交所创新产品部业务人员介绍上交所ETF市场概况 作为上证180ETF核心成分股，赛力斯的业绩增长与产业升级备受市场关注。随着资本市场深化改革持 续推进， ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, highlighting the potential of humanoid robots and the recent changes in the automotive supply chain [1][8][42]. Core Insights - The automotive industry is experiencing a shift towards value-driven competition, with a new 60-day payment term for suppliers aimed at alleviating financial pressure on small and medium-sized enterprises [6][7]. - The first humanoid robot 4S store is set to open in Beijing, providing a new platform for showcasing and selling various humanoid robots, with nearly 30 companies expected to participate [3]. - The Ministry of Industry and Information Technology and the Ministry of Civil Affairs are launching pilot projects for smart elderly care robots, focusing on practical applications and product safety [4][5]. Market Performance - The automotive sector's performance has been mixed, with the CITIC Automotive Index declining by 0.7%, underperforming the broader market [16]. - The average PE ratio for the automotive industry stands at 35.9, indicating a relatively high valuation compared to historical levels [26]. Investment Recommendations - The report suggests focusing on companies involved in humanoid robots, particularly those producing lead screws and linear joint assemblies, with specific recommendations for companies like Shuanglin Co., Ltd. and Reddick [5][8][42]. - For automotive parts suppliers, the report recommends companies with strong bargaining power and close ties to major automakers, particularly in lightweight materials and interior/exterior components [7][43]. Company Announcements and Industry News - Reddick has announced the acquisition of a 51% stake in a precision technology company to enhance its humanoid robot strategy [47]. - The report notes significant developments in the automotive sector, including the upcoming launch of Tesla's Robotaxi service and ongoing trade negotiations between the U.S. and China [61][57].