证券研究报告 | 2025年07月11日 汽车行业 2025 年 7 月投资策略 优于大市 新品密集上市有望提振板块景气度，建议关注财报行情 销量跟踪：根据乘联会，2025 年 6 月全国乘用车市场零售 208.4 万辆，同比 增长 18.1%，环比增长 7.6%，1-6 月累计零售 1090.1 万辆，同比增长 10.8%； 6 月新能源乘用车市场零售 111.1 万辆，同比增长 29.7%，环比增长 8.2%； 1-6 月累计零售 546.8 万辆，增长 33.3%；上险数据看，6 月（6.2-6.29）国 内乘用车累计上牌 195.79 万辆，同比+18.4%；其中新能源乘用车累计上牌 103.71 万辆，同比+30.7%。 本月行情：6 月 CS 汽车板块下跌 0.13%，其中 CS 乘用车下跌 2.34%，CS 商用车下跌 0.25%，CS 汽车零部件上涨 0.92%，CS 汽车销售与服务上涨 1.42%，CS 摩托车及其它上涨 6.72%，同期沪深 300 指数上涨 2.5%，上 证综合指数上涨 2.9%，CS 汽车板块跑输沪深 300 指数 2.63pct，跑输上 证综合指数 3.03pct；汽 ...

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]

Core Viewpoint - Baolong Technology's stock price has decreased by 2.83% this week, closing at 38.11 yuan, with a total market capitalization of 8.174 billion yuan as of July 4, 2025 [1] Company Announcements Summary - Baolong Technology provided guarantees for its subsidiaries Baolong Industrial and Longgan Electronics, amounting to 359 million yuan and 17 million yuan respectively, with total guarantees reaching 2.762 billion yuan, accounting for 86.40% of the company's latest audited net assets [1] - The company issued convertible bonds with a total amount of 1.39 million bonds at a face value of 100 yuan each, raising 1.39 billion yuan, with a net amount of 1.377 billion yuan after expenses [2] - In the second quarter of 2025, 98,000 yuan of "Baolong Convertible Bonds" were converted into 2,414 shares, representing 0.0011% of the total shares before conversion [3] - As of June 30, 2025, the company has repurchased 1.0247 million shares, totaling 40.003 million yuan, as part of its share repurchase plan [5]

Group 1 - The establishment of Weifu Baolong (Nanjing) Technology Co., Ltd. has been reported, with a registered capital of 400 million yuan [1] - The legal representative of the new company is Wu Chu, and its business scope includes automotive parts research and development, manufacturing, retail, and wholesale [1] - The company is jointly owned by Weifu High Science (000581) through Nanjing Weifu Jinning Co., Ltd. and Baolong Technology (603197) through Shanghai Baolong Automotive Technology (Anhui) Co., Ltd. [1]

Group 1 - The company has established a joint venture to capitalize on the development trends of fully active suspension systems in the automotive industry [1][2] - The joint venture, named Weifu Baolong (Nanjing) Technology Co., Ltd., was officially registered on July 1, 2025, with a registered capital of 400 million RMB [2] - The shareholding structure of the joint venture consists of Weifu Jinning holding 55% and Hefei Baolong holding 45% [2] Group 2 - The joint venture's business scope includes automotive parts research and development, manufacturing, retail, wholesale, and various technical services [2] - The establishment of the joint venture is aimed at achieving rapid growth and long-term sustainable development in the hydraulic pump technology business for fully active suspension systems [1][2]

为把握汽车全主动悬架系统应用发展趋势，抓住全主动悬架电机液压泵技术 业务发展机会，实现业务的快速增长和长期可持续发展，上海保隆汽车科技股份 有限公司（以下简称"公司"）于 2025 年 5 月 20 日召开第七届董事会第二十五 次会议，审议通过《关于全资子公司对外投资设立合资公司的议案》，同意公司 全资子公司上海保隆汽车科技（安徽）有限公司（以下简称"合肥保隆"）与无 锡威孚高科技集团股份有限公司的控股子公司南京威孚金宁有限公司（以下简称 "威孚金宁"）共同投资设立合资公司，合资公司注册资本人民币 40,000 万元， 其中合肥保隆认缴出资人民币 18,000 万元，占注册资本的 45%；威孚金宁认缴 出资人民币 22,000 万元，占注册资本的 55%。具体内容详见公司于 2025 年 5 月 21 日在上海证券交易所网站(www.sse.com.cn)披露的《上海保隆汽车科技股份 有限公司关于全资子公司对外投资设立合资公司的公告》（公告编号：2025-039）。 | 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：1 ...

| 证券代码：603197 | 证券简称：保隆科技 公告编号：2025-072 | | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | 上海保隆汽车科技股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2025/4/30 | | | --- | --- | --- | | 回购方案实施期限 | 2025 年 4 月 28 日~2026 年 4 | 月 27 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 102.47万股 | | | 累计已回购股数占总股本比例 | 0.4778% | | | 累计已回购金额 | 4,000.30万元 | | | 实际回购价格区间 | 38.68元/股~39.36元/股 | | 三、 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于 2025 年第二季度可转债转股及股权激励计划 股票期权自主行权结果暨股份变动的公告 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。 重要提示内容： 可转债转股情况 上海保隆汽车科技股份有限公司（以下简称"公司"）2025 年第二季度共 有 98,000 元"保隆转债"换为公司股票，因转股形成的股份数量为 2,414 股； 截至 2025 年 6 月 30 日，累计共有 98,000 元"保隆转债"换为公司股票，累计 因转股形成的股份数量为 2,414 股，占"保隆转债"转股前（2025 年 5 月 5 日） 公司已发行股份总额的 0.0011%。截至 2025 年 6 月 30 日，尚未转股的"保隆转 债"金额为 1,389,902,000 元，占可转债发行总额的 99.9929%。 股权激励计划股票期权自 ...

Group 1 - The company Shanghai Baolong Automotive Technology Co., Ltd. has issued convertible bonds totaling RMB 139 million, with a net amount of RMB 137.71 million after deducting issuance costs [3][24]. - The convertible bonds have a face value of RMB 100 each and will be listed on the Shanghai Stock Exchange starting November 27, 2024 [4][3]. - The bonds have a maturity period of 6 years, with interest rates increasing from 0.10% in the first year to 2.00% in the sixth year [5][4]. Group 2 - The company reported a revenue of RMB 702.49 million for 2024, representing a 19.12% increase compared to the previous year [22][23]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was RMB 25.24 million, a decrease of 14% from the previous year [22][23]. - The total assets of the company increased by 27.53% to RMB 1.08 billion [23]. Group 3 - The company is focused on the research, development, manufacturing, and sales of automotive intelligent and lightweight products, including tire pressure monitoring systems and various sensors [21][22]. - The company has production and research centers in multiple locations, including Shanghai, Anhui, and international sites in the USA, Germany, Poland, and Hungary [21]. - Major clients include global automotive manufacturers and first-tier suppliers [21]. Group 4 - The company has established a dedicated account for the management of raised funds, ensuring compliance with regulatory requirements [24][25]. - As of December 31, 2024, the company had significant balances in various bank accounts designated for project funding [25].

股票代码：603197 股票简称：保隆科技 转债代码：113692 转债简称：保隆转债 上海保隆汽车科技股份有限公司 （上海市松江区沈砖公路 5500 号） 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人：长城证券股份有限公司 （深圳市福田区福田街道金田路 2026 号能源大厦南塔楼 10-19 层） 二零二五年六月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"管理办法"）、《上 海保隆汽车科技股份有限公司（发行人）与长城证券股份有限公司（债券受托管 理人）关于上海保隆汽车科技股份有限公司向不特定对象发行可转换公司债券之 债券受托管理协议》（以下简称"受托管理协议"）、《上海保隆汽车科技股份 有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"募集说明 书""可转债募集说明书"）、《上海保隆汽车科技股份有限公司 2024 年年度 报告》等相关文件、第三方中介机构出具的专业意见等，由本期可转换公司债券 受托管理人长城证券股份有限公司（以下简称"长城证券"、"受托管理人"） 编制。长城证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验 证，也 ...