（编辑 丛可心） 证券日报网讯 1月19日，中国汽研在互动平台回答投资者提问时表示，公司为顺应汽车全球化趋势，助 力中国汽车产品进军国际市场，积极推进国际化能力建设，开展业务探索，并于2025年成立海外事业 部。该事业部以综合性质量技术服务作为主责主业，力争通过精准把握中国车企产品和产能出海过程中 的技术服务需求痛点，伴随车企的全球布局，提供一站式、一体化的质量技术服务，致力于成为"汽车 企业全球化运营值得信赖的质量服务伙伴"。目前，公司海外事业部主要涵盖口岸业务、认证业务、海 外测试业务三大板块，并联合公司控股股东中国检验认证（集团）有限公司的海外资源和行业组织初步 建立涵盖欧洲、东南亚、日韩、中东等重点地区的海外服务网络，可提供目标国汽车标准法规解读、产 品适应性开发、国内验证摸底测试、出口认证测试、海外道路测试及海外属地化检验检测等服务。 ...

Group 1 - The company, China Automotive Technology & Research Center (601965), has disclosed its 2025 annual performance report on the Shanghai Stock Exchange website [1] - Investors are encouraged to refer to the detailed announcement titled "China Automotive Technology & Research Center 2025 Annual Performance Report Announcement" (Document No. 2026-003) for more information [1]

证券日报网讯1月19日，中国汽研（601965）在互动平台回答投资者提问时表示，公司积极服务国家战 略，长期参与国家及地方智能网联汽车政策的制定与技术研究，已为多地汽车智能网联平台建设提供核 心技术支撑与标准协同制定服务。公司围绕汽车智能网联领域设立了信息智能事业部，该事业部聚焦汽 车智能化网联化产业前沿，通过多区域协同与资源整合，围绕成为信息智能安全为核心的技术服务引领 者的目标，聚焦智能基石、智能安全、智能应用3大技术方向，打造了智能驾驶、电磁兼容、融合安 全、网络通信、智能座舱、仿真工具、芯片测评7个核心业务，形成了智能网联汽车智能安全全域全方 位服务能力。《上海高级别自动驾驶引领区"模速智行"行动计划》的出台，预计将为国内智能网联汽车 产业升级提供方向、指引和机遇。公司将依托"虚拟仿真-封闭场地-开放道路"全场景测试验证体系，发 挥公司华东总部基地的区域服务优势，构建长三角一体化测试服务网络，支持高级别自动驾驶在多元场 景下的规模化示范与落地；同时基于参与国家与地方标准制定的经验，协同产业链上下游开展技术共建 与能力共享，共同营造支撑产业持续创新的制度环境，助力推动汽车行业高质量发展。 ...

Core Viewpoint - The automotive service sector experienced a notable increase of 3.22% on January 19, with China Automotive Research leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the automotive service sector showed significant price movements, with China Automotive Research rising by 10.02% to a closing price of 18.89 [1] Group 2: Stock Performance Details - China Automotive Research (601965) had a trading volume of 244,300 shares and a transaction value of 459 million yuan [1] - Other notable performers included Haowu Co. (000757) with a 4.16% increase, closing at 5.26, and Zhongqi Co. (301215) with a 3.13% increase, closing at 7.24 [1] Group 3: Capital Flow Analysis - The automotive service sector saw a net inflow of 28.66 million yuan from institutional investors, while retail investors contributed a net inflow of 23.18 million yuan [2] - Notably, retail investors showed a net outflow of 51.84 million yuan from speculative funds [2] Group 4: Individual Stock Capital Flow - China Automotive Research had a net inflow of 1.10 billion yuan from institutional investors, but a net outflow of 67.55 million yuan from speculative funds [3] - Xiamen Xinda (000701) recorded a net inflow of 12.62 million yuan from institutional investors, while also experiencing a net outflow from speculative and retail investors [3]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing above the six-month moving average, indicating a potential bullish trend in the market [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4114.00 points, with a gain of 0.29% [1]. - The total trading volume of A-shares reached 27,322.16 billion yuan [1]. Group 2: Stocks Breaking the Six-Month Moving Average - A total of 260 A-shares have surpassed the six-month moving average today [1]. - Notable stocks with significant deviation rates include: - Zhejiang Natural: 7.31% deviation rate, closing price at 27.11 yuan [1]. - Jingxing Paper: 7.12% deviation rate, closing price at 5.86 yuan [1]. - Hongrun Construction: 6.80% deviation rate, closing price at 9.68 yuan [1]. Group 3: Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Chuangye Heima: just above the six-month line [1]. - Fengshan Group: just above the six-month line [1]. - Anyang Steel: just above the six-month line [1].

Core Insights - The article discusses the performance forecasts and reports of 20 companies that released their earnings reports for the year 2025, highlighting the accuracy of earnings quick reports compared to earnings forecasts [1] Group 1: Revenue Performance - The highest revenue among the companies that released earnings quick reports is from CITIC Bank, achieving a revenue of 212.475 billion yuan, with a year-on-year decrease of 0.55% [1] - Following CITIC Bank, Shanghai Pudong Development Bank and Yangtze Power reported revenues of 173.964 billion yuan and 85.882 billion yuan, respectively [1] - Out of the 20 companies, 14 reported a year-on-year increase in revenue, with the highest growth rate recorded by Siyuan Electric, which achieved a revenue of 21.205 billion yuan, marking a growth of 37.18% [2] - CITIC Securities and Beiding Co. followed with revenue growth rates of 28.75% and 26.04%, respectively [2] Group 2: Profit Performance - All companies that released earnings quick reports reported profits, with five companies achieving net profits exceeding 10 billion yuan [2] - CITIC Bank led in net profit with 70.618 billion yuan, reflecting a year-on-year increase of 2.98% [2] - Shanghai Pudong Development Bank and Yangtze Power reported net profits of 50.017 billion yuan and 34.167 billion yuan, respectively [2] - Among the companies, 13 reported a year-on-year increase in net profit, with the highest growth seen in Quanyuan Spring, which achieved a net profit of 0.015 billion yuan, up by 147.89% [2] - Beiding Co. and Siyuan Electric also showed significant net profit growth rates of 59.05% and 54.35%, respectively [2]

Group 1 - The core viewpoint of the news is that China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research) experienced a stock price increase of 7.98%, reaching 18.54 CNY per share, with a trading volume of 49.81 million CNY and a turnover rate of 0.27%, resulting in a total market capitalization of 18.597 billion CNY [1] - China Automotive Research, established on January 11, 2001, and listed on June 11, 2012, is primarily engaged in automotive technology services and equipment manufacturing, with 89.80% of its revenue coming from automotive technology services [1] - The revenue composition of China Automotive Research includes: 65.58% from complete vehicle and traditional parts development and testing, 16.21% from new energy and intelligent connected vehicle development and testing, 8.01% from testing equipment, 4.20% from automotive gas systems and key components, 3.39% from specialized vehicle modification and sales, and 2.62% from rail transit and specialized vehicle components [1] Group 2 - From the perspective of the top ten circulating shareholders of China Automotive Research, Southern Fund's Southern CSI 500 ETF (510500) reduced its holdings by 111,600 shares in the third quarter, now holding 5.8692 million shares, which accounts for 0.59% of the circulating shares [2] - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a latest scale of 140.098 billion CNY, and has achieved a year-to-date return of 10.32%, ranking 987 out of 5,579 in its category, and a one-year return of 51.09%, ranking 1,275 out of 4,225 [2]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [20]. Core Views - The demand for AIDC power generation equipment is expected to grow rapidly, with recommendations for Weichai Power, which is diversifying into diesel and gas generator sets and SOFC [20][19]. - Liquid cooling is identified as a promising area for automotive components, with a recommendation for Silver Wheel Holdings [20]. - The export of passenger vehicles to Europe is anticipated to grow significantly under carbon reduction policies, with recommendations for XPeng Motors and SAIC Group [20]. - The intelligent driving industry chain is expected to benefit from advancements in L3 testing, with recommendations for Nexperia and China Automotive Research [20]. - The humanoid robot sector is highlighted for its long-term potential, recommending Delta Electronics and Ningbo Huaxiang [20]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the week from January 9 to January 16, 2026, with the new energy vehicle index down by 1%, automotive parts index up by 2%, and commercial vehicle index down by 1% [2][8]. - Over the past month, the automotive index increased by 8%, the new energy vehicle index by 1%, and the automotive parts index by 13% [9]. 2. Engine Giants Continue to Layout AIDC Power Generation Equipment - AIDC investment is experiencing high growth, leading to rapid expansion in the power generation and backup power market [17]. - Weichai Power is seeing strong demand for its data center power products and is accelerating SOFC capacity expansion [17][18]. - Yuchai International plans to acquire a stake in a high-pressure common rail supplier, enhancing its supply chain capabilities [18]. 3. Investment Strategy and Recommendations - The report recommends an "Overweight" rating for the industry, with specific stock recommendations including: 1. Weichai Power for its diversified AIDC power generation equipment [20]. 2. Silver Wheel Holdings for its potential in liquid cooling automotive components [20]. 3. XPeng Motors and SAIC Group for their growth potential in the European market [20]. 4. Nexperia and China Automotive Research for advancements in intelligent driving [20]. 5. Delta Electronics and Ningbo Huaxiang for their long-term positioning in the humanoid robot sector [20].

Key Points - China Metallurgical Group Corporation (China MCC) expects a decline of over 50% in net profit attributable to shareholders in 2025 due to losses in the real estate sector and increased asset impairment provisions [1] - JAC Motors anticipates a net loss of approximately 1.68 billion yuan in 2025, although this represents a reduction in losses compared to the previous year [2] - Northern Rare Earth forecasts a net profit increase of 116.67% to 134.60% in 2025, driven by improved sales and production efficiency in rare earth products [3] - Shenghong Technology projects a net profit increase of 260.35% to 295% in 2025, attributed to the growing demand for AI infrastructure and high-end products [4] - Lanke Technology expects a net profit increase of 52.29% to 66.46% in 2025, benefiting from strong demand in the AI industry [7] - Aiwai Electronics anticipates a net profit increase of 17.70% to 29.47% in 2025, focusing on high-value chip solutions [25] - Longxin General expects a net profit increase of 47.15% to 60.53% in 2025, driven by steady growth in its core motorcycle and general machinery businesses [28] - China One Heavy Industry predicts a net loss of 310 million to 460 million yuan in 2025, although this represents a significant reduction from the previous year's loss [35] - Kunda Technology expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, impacted by industry supply-demand imbalances [34] - Daqing Energy anticipates a net loss of 1 billion to 1.3 billion yuan in 2025, although this reflects a narrowing of losses compared to the previous year [42]

Core Viewpoint - In 2025, China Automotive Engineering Research Institute Co., Ltd. reported a revenue increase of 4.98% year-on-year, with significant growth in profit metrics, indicating a strong performance driven by high-quality development and operational efficiency improvements [1][2]. Financial Performance - The total operating revenue for 2025 reached 496,754.44 million yuan, up from 473,206.25 million yuan in the previous year [1]. - Operating profit was 134,448.81 million yuan, reflecting an 18.62% increase [1]. - Total profit amounted to 134,404.17 million yuan, marking an 18.72% year-on-year growth [1]. - Net profit attributable to shareholders was 106,011.38 million yuan, with a growth rate of 17.85% [1]. - The net profit excluding non-recurring gains and losses was 100,574.60 million yuan, up 15.77% [1]. - Basic earnings per share were 1.07 yuan, an increase of 17.58% [1]. - The weighted average return on equity was 14.34%, up by 1.07 percentage points from the previous year [1]. Asset Growth - As of the end of 2025, total assets reached 1,400,436.78 million yuan, a 38.52% increase from the beginning of the year [1]. - Shareholders' equity attributable to the parent company was 783,394.27 million yuan, growing by 10.61% [1]. - The net asset value per share was 7.81 yuan, reflecting a 10.62% year-on-year increase [1]. Growth Drivers - The company emphasized high-quality development, customer-centric approaches, regional reforms, and enhanced service capabilities as key factors driving growth [2]. - The integration of a wholly-owned subsidiary from the controlling shareholder contributed to the financial performance, with adjustments made to the previous year's financial statements [2].