L3商用有望加速落地。L3级自动驾驶对应为有条件的自动驾驶，在智驾系统运行时，由系统实现持续 的车辆横向和纵向的运动控制，并且由系统实现对目标、事件进行探测，并作出适当的响应。其运行范 围是有限制的，当超出其运行范围时，驾驶员需要及时接管。但L3与L2等辅助驾驶存在本质上的差 异，在于其能在特定范围内实现自主驾驶。本次《道路机动车辆生产企业及产品》（第401批）包括了 长安、北汽两款搭载L3自动驾驶功能的汽车，体现了我国对L3级产品的许可。我们认为，后续将有更 多搭载L3功能的车辆获得许可，L3的商用化进程有望提速。 L3商用将推动智能底盘的批量应用。据长安汽车公众号，本次获得准入的车 东兴证券近日发布汽车行业研究报告：近期，工信部官方公众号发布文章，重庆长安汽车股份有限公司 和北汽蓝谷麦格纳汽车有限公司两家汽车企业向工业和信息化部提交了搭载L3级有条件自动驾驶功能 的智能网联汽车产品准入申请，根据《道路机动车辆生产企业及产品准入管理办法》等有关规定，经受 理、审查、公示等程序，工业和信息化部于第401批《公告》附条件许可了相关产品。 以下为研究报告摘要： 近期，工信部官方公众号发布文章，重庆长安汽车股份有限 ...

近日，全球汽车零部件行业的季度业绩与战略调整密集发布，冰火两重天的态势与整车行业如出一辙。 在需求收缩与地缘政治重塑供应链的双重冲击下，欧美巨头深陷转型阵痛与市场寒流，亏损、裁员与业务重组成为主旋律。 "我们做尊界S800，其实把中国汽车工业高端工艺都拉起来了。" 在最新的《超凡一步 | 在一起 鸿蒙智行》直播中，华为常务董事、终端BG董事长余承东如此表态。 以汽车座椅皮面缝纫的针孔开爆现象为例，劳斯莱斯和宾利等车型的爆针范围在0.6——1.0mm之间，而此前从未参与如此高规格汽车制造的中国企业延 锋，将爆针严格控制在0.5mm以内，完成了一次看似微小却意义不凡的突破。 如果说，尊界S800等高端车型出现的最大意义之一，是带动相关的国产技术与供应链的高端化，那么，自主品牌崛起的最大意义，也一定包括了带动了 中国汽车零部件企业的发展和腾飞。 01 业绩承压成常态，欧美巨头艰难转型 与之形成鲜明对比的，是东方供应链的蓬勃动能。背靠中国这一全球最大且加速转型的汽车市场，并乘着电动化、智能化的确定性浪潮，中国零部件企业 普遍迎来营收、利润双增长。日韩等零部件企业，则依托有利的外汇环境和政府补贴实现了亮眼表现。 笼罩在 ...

Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

加入轩辕同学 ， 成就新汽车人! 撰文 | 铃 轩奖 组 委 会 编辑 | 黄 大 路 设计 | 甄 尤 美 2025年12月6日晚，中国汽车零部件年度贡献奖——第十届铃轩奖颁奖典礼在姑苏汾湖之畔盛大举行。 自6月13日 启动奖项申报 ， 两个半月左右的时间 ， 有101家企、127项产品或技术案例申报参评 。 此后，在差不多半年时间内， 29位铃轩奖评 委经过初审、终审等多个环节，最终评选出第十届铃轩奖。 铃轩奖，即中国汽车零部件年度贡献奖，2016年由《汽车商业评论》发起创办，旨在发掘、鼓励汽车零部件企业优秀分子和新生力量，绘制中国 汽车供应链竞争力地图。 历经十载坚守， 特立独行，独一无二的铃轩 奖因其专业和公正，已经发展成为无可替代的中国汽车零部件产业评价体系，更成为主流汽车厂商重 要供应链选择的考量标准。 铃轩奖申报案例分前瞻类和量产类两大类，分别有动力系统、底盘系统、车身系统、热管理系统、车用软件、车用芯片、智能驾驶、座舱系统、 轻量化与新材料、智能装备与工艺10大类别。 据铃轩奖执委会统计，本届入围的技术或产品案例中，前瞻类技术案例占比高达61%，智能座舱、智能驾驶、车用软件、车用芯片四大领域热 ...

华安证券研报指出，保隆科技传感器业务保持快速增长，业绩拐点有望显现。25年Q3营收保持增 长，年降压力影响利润率，年降压力增大，Q3毛利率同比下滑。公司核心业务增长强劲，核心产品线 依旧呈现差异化高增长态势。智能悬架业务、TPMS业务、传感器业务成为拉动企业整体增长的引擎， 结构持续优化。除此以外，企业坚持高强度研发，针对上述核心技术领域进行突破，实现核心部件自主 研发与系统集成，同步研发能力保障技术成果落地。在此基础上，公司一方面构建了"OEM+AM+非汽 车"多元市场格局，与多家传统整车厂达成合作，提供稳定业务增长，另一方面进行全球化布局，在 美、德、匈等设立生产、研发中心，保障其业务拓展。公司传感器主业保持较快增长，空气悬架业务随 着蔚来等客户销量改善，有望快速增长，年降导致的降价压力有望缓解，业绩拐点有望显现。我们预计 公司2025-2027年归母净利润为3.04/4.67/5.57亿元，对应PE为25/16/14倍，维持"买入"评级。 ...

（记者 曾健辉） 每经AI快讯，华安证券12月3日发布研报称，给予保隆科技（603197.SH）"买入"评级。评级理由主要包 括：1）25年Q3营收保持增长，年降压力影响利润率；2）年降压力增大，Q3毛利率同比下滑；3）传感 器核心业务高增长，空气悬架业务有望随客户快速增长。风险提示：1）市场竞争风险；2）产能不及预 期风险；3）大宗原材料价格及汇率波动风险，成本下沉不及预期。 每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's sensor business continues to grow rapidly, with a potential inflection point in performance expected. In the first three quarters of 2025, the company achieved revenue of 6.048 billion yuan, a year-on-year increase of 20.32%, while the net profit attributable to shareholders was 198 million yuan, a decrease of 0.95% year-on-year [5] - The third quarter of 2025 saw revenue of 2.098 billion yuan, a year-on-year increase of 13.85% and a quarter-on-quarter increase of 2.59%. However, the net profit attributable to shareholders was 63 million yuan, down 36.92% year-on-year but up 59.99% quarter-on-quarter [5] - The company's core business is experiencing strong growth, particularly in smart suspension, TPMS, and sensor businesses, which are driving overall growth. The company is also focusing on high-intensity R&D to achieve breakthroughs in core technology areas [7] Financial Performance Summary - For the third quarter of 2025, the gross margin was 21.34%, down 3.27 percentage points year-on-year but up 0.86 percentage points quarter-on-quarter. The net profit margin was 3.02%, up 0.41 percentage points year-on-year and up 2.30 percentage points quarter-on-quarter [6] - The company expects net profits attributable to shareholders for 2025-2027 to be 304 million, 467 million, and 557 million yuan, respectively, corresponding to P/E ratios of 25, 16, and 14 times [8] - The company is projected to achieve revenue of 70.25 billion yuan in 2024, with a year-on-year growth of 19.1%, and is expected to reach 87.77 billion yuan in 2025, with a growth rate of 24.9% [11]

Company Overview - Baolong Technology (SH 603197) announced on December 1 that as of November 30, 2025, the total external guarantees provided by the company and its subsidiaries amount to approximately 3.938 billion yuan, which represents 123.17% of the company's most recent audited net assets [1][1][1] - The total guarantees provided by the company to its subsidiaries are also approximately 3.938 billion yuan, accounting for 123.17% of the company's most recent audited net assets, with no overdue guarantees reported [1][1][1] Revenue Composition - For the first half of 2025, Baolong Technology's revenue composition is as follows: 77.6% from automotive OEM, 19.0% from automotive AM, 2.31% from other businesses, and 1.09% from non-automotive products [1][1][1] Market Capitalization - As of the report date, Baolong Technology has a market capitalization of 7.6 billion yuan [1][1][1]

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-123 | | --- | --- | --- | | 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 关于提前归还部分用于临时补充流动资金的 闲置募集资金的公告 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。 重要内容提示： 截至 2025 年 12 月 1 日，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 日审议通过的用于临时补充流动资金的 8,000.00 万元闲置募集资金已累计归还 3,000.00 万元。 一、募集资金临时补充流动资金情况 公司于 2025 年 5 月 20 日召开第七届董事会第二十五次会议及第七届监事会 第二十四次会议，审议通过《关于使用部分闲置募集资金暂时补充流动资金的议 案》，同意公司使用不超过 8,000 万元闲置募集资金暂时补充流动资金，使用期 限自公司董事会审议通过之日起不超过 12 个月。具体内容详见公司 2025 年 5 月 21 日披露 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-122 | | --- | --- | --- | | 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 关于为控股子公司提供担保的公告 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。 重要内容提示： | 担 保 | 对 | 被担保人名称 | 上海保隆工贸有限公司（以下简称 "保隆工贸"） | | | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 19,000.00 万元 | | | | 象一 | | 实际为其提供的担保余额 | 170,565.00 万元 | | | | | | 是否在前期预计额度内 | □是 | 否 | □不适用 | | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | | | | 被担保人名称 | 上海保隆汽车科技（安徽）有限公 司（以下简称"合肥保隆"） | | | | 担 保 | 对 | 本次担保金额 | 5,0 ...