证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-23 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250722：25Q2 固收+基金转债持仓十大亮点 透过 2025Q2 基金持仓数据，观察到如下 10 点特征： 特征 1：2025Q2， 固收+基金规模整体为净申购，其中一级债基和二级债基的基金规模增幅 相对更明显，转债基金规模环比下降明显。 特征 2：观察大类资产配置 情况，固收+基金整体降低了含权仓位的比例，提高了债券和现金类资产 仓位，其中仅灵活配置型基金提高了股票和转债仓位，转债基金提高了转 债仓位。含权仓位的下降也使得各类型固收+基金跑输了万得可转债等权 指数，可转债基金和灵活配置型基金相对领先，跑赢中证转债加权指数。 特征 3：就转债资产仓位而言，公募基金整体略微下降 0.08pct，固收+基 金整体下降 0.54pct，只有可转债基金环比增加 0.77pct。转债指数在二季 度连创新高但整体仓位下降，原因或有：一是转债规模退出较多，但固收 +整体仍持续净申购，转债仓位被动下降；二是 6 月转债估值、小微盘指 数达到相对高位，参考 3 月前高后，泡沫破裂 ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,096 | 4,697 | 5,471 | 6,997 | 8,388 | | 同比（%） | 24.48 | 14.65 | 16.50 | 27.88 | 19.88 | | 归母净利润（百万元） | 836.17 | 907.78 | 1,113.61 | 1,393.54 | 1,717.02 | | 同比（%） | 21.33 | 8.56 | 22.67 | 25.14 | 23.21 | | EPS-最新摊薄（元/股） | 0.83 | 0.91 | 1.11 | 1.39 | 1.71 | | P/E（现价&最新摊薄） | 23.03 | 21.22 | 17.29 | 13.82 | 11.22 | 证券研究报告·公司深度研究·汽车服务 中国汽研（601965） 智能网联强检落地将至，看好汽车检测行业 空间扩容与格局重塑 [Table_Tag] ...

中国汽研 20250721 摘要 气盐公司作为国内六家全牌照汽车强检机构之一，占据行业约 20%的市 场份额，2023 年并入中检后，发挥协同效应，中检持股比例超 50%。 公司自 2018 年以来进行了三次股权激励，覆盖核心骨干，并在韶关、 重庆、苏州建立产能基地，拓展海外及后市场业务。 气盐公司业务增长稳健，检测业务收入占比达 87%（2024 年），净利 率维持在 20%左右，毛利率持续上升。尽管人员投入增加导致费用上升， 但整体现金流健康。公司历史上有多轮资本投入，每次投入后几年内， 检测行业收入均有所增加。 横向比较，气盐公司的 ROE 高于中汽股份和米石，但低于福耀；ROA 方面，中汽股份和福耀属于行业较高水平。尽管是偏重资产公司，但其 仿真业务和实验业务使其资产利用效率仍然很高。下游整车行业竞争加 剧导致应收账款提升，挤占部分现金流，但总体现金情况依旧健康。 《智能网联汽车组合驾驶辅助系统安全要求》国标公示，标志着智能驾 驶国标落地，对具备检测能力和试验场资质的企业是重要节点。智能网 联相关政策落实度超预期，将推动气盐公司发展。 Q&A 检测赛道在汽车零部件行业中的发展前景如何？ 检测赛道是汽车 ...

金融界2025年7月19日消息，国家知识产权局信息显示，中国汽车工程研究院股份有限公司申请一项名 为"一种基于生成式预训练架构的电池系统运行数据生成方法"的专利，公开号CN120336854A，申请日 期为2025年04月。 天眼查资料显示，中国汽车工程研究院股份有限公司，成立于2001年，位于重庆市，是一家以从事专业 技术服务业为主的企业。企业注册资本100418.0587万人民币。通过天眼查大数据分析，中国汽车工程 研究院股份有限公司共对外投资了36家企业，参与招投标项目5000次，财产线索方面有商标信息378 条，专利信息1836条，此外企业还拥有行政许可98个。 专利摘要显示，本发明涉及电池系统技术领域，具体涉及一种基于生成式预训练架构的电池系统运行数 据生成方法，包括以下步骤：收集少量的真实电池系统运行数据；对收集到的少量的真实电池系统运行 数据，基于预设的数据预处理策略，对真实电池系统运行数据进行清洗，去除异常值和噪声数据；根据 清洗后的真实电池系统运行数据，基于预设的特征提取策略，提取与电池系统运行状态和性能相关的关 键运行特征；从噪声分布向量中随机获取采样噪声向量，基于预先构建的生成式对抗网络 ...

Core Insights - The collaboration between China Automotive Engineering Research Institute (China Automotive Research) and EU Green NCAP marks the launch of the world's first automotive testing capability benchmarking and recognition project between China and Europe, providing strong technical support for Chinese automotive exports [2] Group 1 - The project focuses on green testing technologies related to vehicle energy consumption, charging, and emissions, aiming to establish mutual trust and recognition in green testing technology between China and Europe [2] - The initiative will enable Chinese laboratories to conduct preliminary tests based on EU Green NCAP protocols, ensuring robust capability support [2] Group 2 - The partnership has evolved since 2020, with China Automotive Research monitoring the developments of EU Green NCAP and deepening understanding through multiple technical exchanges in 2023 [3] - The signing of a memorandum of cooperation in Belgium and the establishment of a regular communication mechanism between the two testing systems signify a substantial advancement in their collaboration [3] - The five-party agreement is expected to enhance the quality of development in China's automotive industry towards green and international standards, positioning Chinese laboratory testing capabilities among the top tier globally [3]

Core Insights - The China Automotive Engineering Research Institute has completed in-depth evaluations of nearly 500 vehicle models across over 60 platforms, indicating significant advancements in automotive technology in China [1] - The safety index testing shows a remarkable increase in occupant safety ratings from 41% in 2019 to 91% in the past five years, reflecting improvements in vehicle safety standards [1] - The testing results for intelligent features reveal that domestic brands have a 90% adoption rate for navigation assistance and 88.8% for memory parking, significantly outperforming non-domestic brands [1] - The health index testing indicates a 25% reduction in formaldehyde concentration limits within vehicles and nearly a 10% decrease in temperature-related range degradation, showcasing advancements in vehicle health standards [1] Industry Developments - The upgrade and deepening of automotive indices are driven by the urgent need to align with national strategies, emphasizing the automotive industry's transition towards intelligence and sustainability [2] - Rapid technological iterations in the automotive sector present unprecedented challenges for evaluation techniques, necessitating continuous innovation in testing methods and expansion of evaluation dimensions to enhance precision [2] - Strengthening consumer rights is a priority, aimed at boosting consumer confidence in the automotive market [2]

Core Viewpoint - The 2026 version of the China Automotive Health Index (C-AHI) framework was released, focusing on consumer concerns such as odor, volatile organic compounds, electromagnetic radiation, and pathogens [1][2]. Group 1: C-AHI Overview - The C-AHI is a third-party evaluation system developed by the China Automotive Engineering Research Institute, aimed at promoting a healthier and better automotive industry through continuous iteration [2]. - The 2026 version framework will undergo drafting and public consultation, with the final version expected to be published in April 2026 [2]. Group 2: New Assessment Indicators - The framework maintains three primary dimensions: "Fresh Air," "Health Protection," and "Green Travel" [2]. - The "Fresh Air" dimension introduces new assessment items including high-risk compounds, air freshness, and air conditioning filter performance [2]. - The "Health Protection" dimension adds assessment items for electromagnetic radiation for vulnerable groups, microbial colonies in vehicles, sun protection performance, and blue light glare protection [2][3]. - The "Green Travel" dimension includes new metrics such as charging compatibility, greenhouse gas emissions, non-exhaust emissions, extreme range (optional), and co-driver range (optional) [3]. - The charging compatibility metric aims to address charging protocol barriers and promote standardized collaboration between automakers and charging facilities [3].

Core Viewpoint - The Tesla concept sector experienced a slight decline of 0.15% with a significant capital outflow of approximately 2.92 billion [1] Group 1: Stock Performance - A total of 84 stocks within the sector saw an increase, while 113 stocks experienced a decline [1] - The top-performing stocks included: - Gongzhi Tui (11.54%) - Kelu Electronics (10.02%) - Haosen Intelligent (7.49%) - Zhongke Sanhuan (5.22%) - Hezhuan Intelligent (5.02%) - Jinli Yongci (4.48%) - China Automotive Research (4.1%) - Jinjing Technology (3.23%) - Southern Precision (3.09%) - Nanbo A (2.49%) - *ST Weier (2.38%) - Nord Shares (2.03%) - Spring and Autumn Electronics (2.02%) - Baolong Technology (1.92%) - Hengdian East Magnet (1.74%) - Galaxy Magnet (1.71%) - Paislin (1.63%) - Shida Shenghua (1.61%) - Bowei Alloy (1.4%) - Delian Group (1.38%) [1] Group 2: Declining Stocks - The stocks with the largest declines included: - Rongtai Co. (-7.53%) - Yamaton (-5.0%) - Shenghong Technology (-4.96%) - Quanfeng Automotive (-4.64%) - Shuanglin Co. (-3.99%) - Xingyuan Zhuomei (-3.36%) - Jintuo Co. (-3.08%) - Keda Li (-3.01%) - Hailian Jinhui (-2.98%) - Huafeng Superfiber (-2.86%) - Chaojie Co. (-2.74%) - Jifeng Co. (-2.66%) - Ningbo Huaxiang (-2.64%) - Changsheng Bearing (-2.54%) - Saiwu Technology (-2.34%) - Fabon Information (-2.25%) - Chaoda Equipment (-2.07%) - Lingyun Co. (-2.06%) - Sikan Technology (-1.94%) - Changhua Group (-1.86%) [1]

7月10日下午，2025贝壳财经年会"智能网联汽车如何重构新生态"分论坛举办。中国汽研政研咨询中心副总工程师朱云尧带来《智能网联汽车产业格局与生 态演变》的主旨演讲，从技术变革、产业格局和生态前景三个方面进行解析。 朱云尧表示，中国汽车产业格局呈现四段式演进。2025年后是智能网联爆发期，新型生态快速发展，价值重心向软件、数据和运营服务转移，更多企业将淘 汰出局。2028年后，中国汽车有望占到全球45%的市场份额。此外，软件系统生态、能源系统生态和数字运营生态将相互关联、协同作用，推动汽车产业全 球化发展。 中国汽研政研咨询中心副总工程师朱云尧。活动现场图 预计2035年新能源汽车渗透率超80% 另外，他认为，数据驱动汽车全生命周期创新，自2022 年起汽车已迈入数据定义时代，算力和数据是未来智能驾驶竞争核心。 对于技术变革，朱云尧认为，其底层逻辑是汽车产业与能源、智能、互联三大革命紧密耦合。未来绿色能源体系、智能终端普及与万物互联，推动汽车从耗 能工具向储能载体、从机械载体向智能终端等多方面转变。汽车技术在机械结构层、能源供给层、电气架构层、操作系统层、软件应用层和云端数据层六个 层面提升。 L4级自动驾驶 ...

技术、检测、生态是智能驾驶三大瓶颈 智能驾驶技术已经成为各大车企实力的重要体现。然而，近年来智能驾驶无序发展引发了不少行业 乱象和安全事故。前不久，工信部发布通知，要求汽车企业切实提升智能网联汽车产品安全水平。 中国汽车工程研究院股份有限公司（以下简称"中国汽研"）顺应我国智能驾驶的发展趋势，适时启动了 中国汽研华东总部基地建设，并与苏州市政府合作，成立了苏州市新能源汽车公共服务平台。 在日前举行的中国汽研华东能力发布会暨智联汽车与核心部件前沿技术研讨会上，国内外智能驾驶专 家，以及阿维塔、赛力斯、吉利等企业代表分享了各自的最新成果。 发展智能驾驶已是行业普遍共识，各家企业投入大量人力、物力进行研发。然而，智能驾驶作为新生事 物，在发展的过程中也暴露出很多问题。记者梳理演讲嘉宾提及的问题，主要归结为3个方面：技术层 面问题、检验检测层面问题以及产业生态层面问题。 技术层面上，多年来，视觉派与激光雷达派路线之争持续不断，一定程度上分散了企业的精力。纯视觉 方案依赖摄像头与深度学习模型，在雨雾、夜间等复杂场景下性能明显下降；激光雷达融合方案虽能提 升感知精度，但成本较高且对算力要求也较高。 当前辅助驾驶分级标准并 ...