Core Viewpoints - The automotive sector is expected to continue its upward trend, driven by three main themes: AI robotics, AI intelligence, and favorable market conditions [4][8] - The market showed strong performance in the automotive sector, with passenger vehicles and components leading the gains, influenced by better-than-expected adjustments in US-China tariffs and previous significant corrections in the automotive market [4][8] Weekly Review Summary - In the second week of May, the number of compulsory insurance policies reached 443,000 vehicles, reflecting a week-on-week increase of 6.5% and a month-on-month increase of 29.8% [2][7] - The SW automotive index rose by 2.4%, with the best-performing segments being SW passenger vehicles (+4.4%) and SW automotive components (+2.2%), while commercial vehicles and motorcycles showed declines [2][7] Key Industry Changes - Weipai New Energy launched the 2025 model of the Gaoshan vehicle, equipped with the Coffee Pilot Ultra intelligent driving assistance system [3][7] - BYD was added to the Hang Seng Technology Index [3][7] - Geely Automobile reported Q1 2025 revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [3][7] - The acquisition of 100% equity in Wuhu Changpeng was completed, and the company was renamed Wuhu Top [3][7] - Baolong Technology's second phase of the 4.8MW distributed photovoltaic project in Ningguo was completed and accepted [3][7] Sector Configuration Recommendations - The company maintains a positive outlook for 2025, focusing on three main themes: AI robotics, AI intelligence, and favorable market conditions, with the robotics theme expected to have the highest elasticity in May [5][8] - Recommended stocks for the AI robotics theme include Top Group, Junsheng Electronics, and Precision Forging Technology [5][8] - For the AI intelligence theme, preferred stocks include Xpeng Motors, Li Auto, and Xiaomi in Hong Kong, and Seres, SAIC Motor, and BYD in A-shares [5][8] - The favorable market conditions theme includes recommendations for bus manufacturers like Yutong Bus and heavy-duty trucks like China National Heavy Duty Truck and Weichai Power [5][8] Market Performance Tracking - The automotive sector ranked third in A-shares and first in Hong Kong this week, with strong performances in passenger vehicles and components [12][21] - The automotive sector's performance in the SW index showed significant gains, with passenger vehicles leading the way [15][21] Sales Data Overview - In April, the total number of passenger vehicles insured was 443,000, with a year-on-year increase of 29.8% [44] - New energy vehicles accounted for 222,000 units, with a penetration rate of 50.2% [44]

Meeting Overview - The annual general meeting of China Automotive Engineering Research Institute Co., Ltd. was held on May 16, 2025, in Chongqing [2] - The meeting was chaired by Chairman Zhou Yulin, and the voting method combined on-site and online voting [2] Attendance - All 9 serving directors and 5 serving supervisors attended the meeting [3] - The General Manager and Board Secretary Liu Anmin was present, along with the company's Chief Legal Counsel [3] Resolutions Passed - All proposed resolutions were approved, including: - The 2024 Board of Directors Report [4] - The 2024 Supervisory Board Work Report [4] - The 2024 Annual Report and its summary [5] - The 2024 Financial Settlement and 2025 Budget Report [5] - The 2024 Profit Distribution Plan [5] - The "China Automotive Engineering Research Institute Future Three-Year Shareholder Return Plan (2025-2027)" [5] - Authorization for the Board to decide on the 2025 interim profit distribution [5] - Estimated daily related transactions for 2025 [5] - Providing guarantees for subsidiaries [5] Voting and Legal Compliance - The voting process complied with the Company Law and the Articles of Association, with all resolutions being legally valid [10] - The controlling shareholder, China Certification & Inspection Group Co., Ltd., abstained from voting on the related party transaction resolution [6] Additional Information - The meeting also included a report from the independent directors for the 2024 annual performance [9]

北京市嘉源律师事务所 关于中国汽车工程研究院股份有限公司 2024年年度股东大会的 法律意见书 号所 西城区复兴门内大街158号远洋大厦4楼 中国 ·北京 源管师事务所 UAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:中国汽车工程研究院股份有限公司 北京市嘉源律师事务所 关于中国汽车工程研究院股份有限公司 2024年年度股东大会的法律意见书 嘉源(2025)-04-319 北京市嘉源律师事务所(以下简称"本所")接受中国汽车工程研究院股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称 "《公司法》") 《上市公司股东会规则》 (以下简称"《股东会规则》") 等现行 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 国汽车工程研究院股份有限公司章程》(以下简称"《公司章程》")的有关规定, 指派本所律师对公司2024年年度股东大会 (以下简称"本次股东大会")进行见证, 并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现 ...

证券代码：601965 证券简称：中国汽研 公告编号：临2025-028 中国汽车工程研究院股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 16 日 (二)股东大会召开的地点：重庆市北部新区金渝大道 9 号中国汽研 405 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 251 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 646,282,116 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 64.4165 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长周玉林先生主持。会议采用现场投 票和网络投票相结合的表决方式。会议的召集和召开程序、出席 ...

Group 1 - The State Intellectual Property Office has granted a patent for an "automobile underbody protection assembly" to China Automotive Engineering Research Institute Co., Ltd. and China Automotive Testing (Chongqing) Co., Ltd. The patent number is CN222845263U, with an application date of August 2024 [1] - The patent addresses issues related to battery overheating by improving the design of the underbody protection assembly, which includes features such as air intake and exhaust ports, a cooling air outlet, and a sloped guide plate [1] - China Automotive Testing (Chongqing) Co., Ltd. was established in 2020, has a registered capital of 20 million RMB, and has participated in 187 bidding projects with 101 patent records [1] Group 2 - China Automotive Engineering Research Institute Co., Ltd. was founded in 2001, has a registered capital of approximately 1,004.18 million RMB, and has invested in 34 companies while participating in 5,000 bidding projects [2] - The company holds 1,780 patent records and has 377 trademark records, along with 97 administrative licenses [2]

Core Viewpoint - The live broadcast of the wind resistance coefficient test for the Avita 12 marks a significant milestone in China's automotive industry, showcasing advancements in aerodynamics and the competitive landscape among electric vehicle manufacturers [1][2]. Group 1: Wind Resistance Coefficient Testing - The China Automotive Engineering Research Institute conducted a live broadcast of the wind resistance coefficient test for the Avita 12, which is the first public live stream of such tests in the automotive sector [1]. - The test simulated six different conditions, revealing that at a wind speed of 160 km/h, the Avita 12 achieved a wind resistance coefficient of 0.2172, which slightly increased at 120 km/h [1]. Group 2: Importance of Wind Resistance Coefficient - The wind resistance coefficient is a critical parameter that quantifies the aerodynamic efficiency of vehicles, directly impacting fuel economy, range, stability at high speeds, and noise levels [2]. - A 10% reduction in wind resistance can lead to a fuel savings rate of 1.5% in NEDC comprehensive conditions, highlighting the importance of this metric for electric vehicles [2]. Group 3: Competitive Landscape and Technological Innovations - As competition intensifies in the automotive market, manufacturers are not only competing on price but also on technical parameters such as wind resistance [2]. - The Avita 12 incorporates innovative features like electronic side mirrors, air suspension, a disc-wing front face, hidden radar, and an external active intake grille to reduce wind resistance and enhance user experience [2]. Group 4: Industry Perspectives - Experts emphasize the need for rational evaluation of the pursuit of lower wind resistance coefficients, comparing it to the past focus on acceleration metrics in traditional fuel vehicles [2]. - The willingness to publicly broadcast such tests is seen as a demonstration of courage and capability within the industry, suggesting that optimizing wind resistance should be a key focus for future research and development [2].

Group 1 - The East China headquarters project of China Automotive Research is in the final acceptance stage, with a 90% equipment procurement rate and 50% of the equipment already delivered for installation and debugging, expected to be fully completed and put into trial operation by the end of 2025 [2] - The project includes four major R&D centers focused on new energy vehicle testing, intelligent connected vehicle testing, electronic communication and software testing, and specialized parts and materials testing, enhancing the company's capabilities in intelligent, connected, electric, and low-carbon services [2] - The project aims to provide localized one-stop services for enterprises in East China, including standard formulation, common technology research, and third-party testing R&D services, becoming a public service platform for the development of the intelligent connected new energy vehicle industry in the region [2] Group 2 - The Southern (Shaoguan) Intelligent Connected New Energy Vehicle Testing Center, co-invested by China Automotive Research and China Quality Certification Center, is currently under construction, with an overall completion rate of 80%, expected to be completed and put into trial operation by the end of 2025 [2] - The Hydrogen Energy Quality Inspection and Testing Center has officially commenced operations in January 2024, running smoothly, and includes multiple laboratories for hydrogen vehicles, fuel cells, and powertrains [3] - The Hydrogen National Testing Center has established a testing system covering hydrogen vehicles, systems, and components, providing detection services for hydrogen fuel cell vehicles, key components, and hydrogen quality, encompassing the entire hydrogen energy industry chain [3]

Group 1 - The China Automotive Engineering Research Institute Co., Ltd. has applied for a patent for a device and method for overtaking tests in a wind tunnel, indicating innovation in automotive testing technology [1] - The patent application was filed on March 2025, with the publication number CN119935485A, showcasing the company's ongoing research and development efforts [1] - The invention includes a wind tunnel, balance rotation device, and mechanisms for rotating vehicles, allowing for flexible adjustment of the relative positions and orientations of the vehicles during testing [1] Group 2 - The China Automotive Engineering Research Institute Co., Ltd. was established in 2001 and is located in Chongqing, primarily engaged in professional technical services [2] - The company has a registered capital of 1,004.18 million RMB and has invested in 34 enterprises, demonstrating its active role in the automotive industry [2] - The company has participated in 5,000 bidding projects and holds 1,776 patents, indicating a strong focus on innovation and intellectual property [2]

Summary of Key Points Core Viewpoint - The company, China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research), is actively engaging with investors to enhance understanding of its operational strategies and future plans, particularly in the context of the evolving automotive industry towards electrification, intelligence, connectivity, and low-carbon initiatives [1][2]. Group 1: Investor Communication and Engagement - The company held an investor communication meeting on May 9, 2025, in Chongqing to discuss its operational status and strategic execution for 2024 and the first quarter of 2025 [1]. - Various securities firms and investment management companies participated in the meeting, indicating a broad interest from the investment community [1]. Group 2: Industry Trends and Company Positioning - The automotive industry is undergoing significant changes due to the "new four modernizations" (electrification, intelligence, connectivity, and low-carbon), prompting testing institutions to shift from traditional compliance testing to new technology research and testing [2]. - China Automotive Research has a long history and is one of the earliest institutions to obtain regulatory testing qualifications, accumulating extensive experience in testing services and product development [3]. Group 3: Service Capabilities and Market Strategy - The company is enhancing its service capabilities by focusing on three main technical lines: safety, green technology, and user experience, while increasing R&D investment [3]. - It has established a comprehensive service capability that includes development, testing, certification, evaluation, and after-sales services, effectively addressing pain points in product development for automotive enterprises [3]. Group 4: Environmental and Health Initiatives - The company has launched the China Automotive Health Index and services in the "dual carbon" field, focusing on carbon emission accounting and green low-carbon assessments [4]. - The company is actively involved in setting new emission standards and expanding its capabilities in environmental testing, despite a slight decline in the overall market for automotive emission testing due to the rise of electric vehicles [4]. Group 5: Infrastructure Development and Internationalization - The construction of the East China headquarters is nearing completion, with 90% of equipment procurement achieved, expected to be operational by the end of 2025 [5]. - The company is focusing on internationalization, aiming to provide comprehensive quality technical services to support Chinese automotive enterprises in their global operations [5][6]. Group 6: Hydrogen Energy Initiatives - The National Hydrogen Energy Power Quality Inspection and Testing Center commenced operations in January 2024, providing testing services across the hydrogen energy industry chain [6][7]. - The company is developing hydrogen-related detection equipment and core components, with plans to expand into various hydrogen energy applications, including hydrogen power generation and storage [7].

为构建和谐高效的投资者沟通交流平台，增进投资者对中国汽车工程研究院 股份有限公司（以下简称"公司"或"中国汽研"）2024 年年度及 2025 年第一 季度生产经营、战略执行等情况的了解，公司于 2025 年 5 月 9 日在重庆举办了 投资者沟通交流会。现将有关情况公告如下： 一、调研情况 关于接待投资者调研情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 调研时间：2025 年 5 月 9 日 调研方式：现场交流 调研机构名称（排名不分先后）： 证券代码：601965 证券简称：中国汽研 公告编号：临 2025-027 中国汽车工程研究院股份有限公司 二、交流的主要问题及公司回复概要 1、车企在选择检测机构时主要考虑哪些因素？公司有什么特点和优势？ 回复：车企在选择检测机构时，主要考虑机构的资质能力、资源平台、行业 影响力、合作基础、历史合作关系、科研能力、属地化服务能力、产品价格、服 务水平等综合因素。在汽车"新四化"趋势下，汽车产业产品技术、商业模式、 市场格局等都在发生变化，检测机构也在加速技术转型，由传统 ...