Core Viewpoint - The company is actively engaging with multiple global leading clients and has over 10 projects in discussion, which include products such as air springs, air supply units, gas tanks, electro-hydraulic pumps, sensors, and cameras [2] Group 1: Business Expansion - The company is expected to see significant growth in its overseas business next year, particularly in the smart suspension and sensor sectors, with multiple projects set to enter mass production at its Hungary factory [2] - The company's vehicle camera products have already secured orders from overseas clients, indicating a positive trend in international market penetration [2]

Core Viewpoint - Baolong Technology's stock price has experienced fluctuations, with a year-to-date decline of 1.99% and a recent increase over the past five days of 2.81% [2] Group 1: Stock Performance - As of December 23, Baolong Technology's stock price was 36.19 yuan per share, with a market capitalization of 7.732 billion yuan [1] - The stock has seen a trading volume of 1.25 billion yuan and a turnover rate of 1.60% [1] - Year-to-date, the stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once, with the last appearance on February 7 [2] Group 2: Financial Performance - For the period from January to September 2025, Baolong Technology achieved a revenue of 6.048 billion yuan, representing a year-on-year growth of 20.32% [2] - The net profit attributable to shareholders was 198 million yuan, showing a year-on-year decrease of 20.35% [2] - Cumulatively, the company has distributed 771 million yuan in dividends since its A-share listing, with 422 million yuan distributed over the past three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Baolong Technology was 22,300, a decrease of 1.91% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.96% to 9,579 shares [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.1694 million shares, an increase of 3.3986 million shares from the previous period [3]

Core Insights - The Ministry of Industry and Information Technology has issued the first batch of L3 conditional autonomous driving vehicle permits, with Xiaomi Auto being the latest company to obtain an L3 road testing license in Beijing [1][14] - The report indicates that by September 2025, 23 companies, including Xiaomi, have accumulated over 60.27 million kilometers of operation with 750 autonomous passenger vehicles [1][14] - The L3 autonomous driving permit process follows a structured pathway, and companies are categorized into those with official "entry permits" and those with "road licenses" for internal testing [1][14] Company Developments - Changan Automobile's "Deep Blue SL03" has received L3 permit for operation in specific congested areas in Chongqing [2][15] - BAIC Blue Valley's "ARCFOX Alpha S" has been granted L3 permit for operation on specific highways in Beijing [2][15] - BYD was the first to obtain an L3 road testing license in July 2023 and has begun large-scale road validation [3][16] - Seres (Wenjie) has obtained L3 testing permits primarily in Chongqing and Shenzhen for its Wenjie M9 model [4][17] - SAIC Group has received two L3 road permits, making it one of the companies with the most licenses [4][17] - NIO has been selected for the first batch of L3/L4 autonomous driving permits and road testing trials [5][17] - GAC Group has made progress in L3 autonomous driving technology [6][18] - JAC Motors has obtained L3 road testing permits [7][19] - Foton Motor has completed the development and acceptance of L3 autonomous driving prototypes [8][20] - Yutong Bus is the first in the bus industry to enter the L3 autonomous driving pilot program [9][21] - FAW Jiefang's high-level autonomous driving truck J7 L3 has completed road testing [10][22] Industry Trends - The transition to L3 autonomous driving represents a significant technological milestone, shifting driving control and accident liability from the driver to the system itself [10][22] - Multiple institutions emphasize the hardware upgrade logic due to the increased safety and reliability requirements associated with L3 [11][23] - The regulatory framework for L3 permits indicates a closed loop in product safety, network security, and accident liability, alleviating long-standing compliance concerns for automakers [12][23] - The commercialization of L3 is expected to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [12][23][24] - Specific components benefiting from this trend include active suspension systems from companies like Baolong Technology and Top Group, EMB systems from Bertel and Asia Pacific Holdings, and SBW systems from companies like Nexperia [12][24]

Group 1 - The core viewpoint of the collaboration between Baolong Technology and Infineon is to deepen their partnership in the automotive electronics sector, focusing on creating safer, smarter, and more competitive intelligent vehicle solutions [3][4] - The collaboration is built on a foundation of previous cooperation, leveraging Infineon's extensive product portfolio and system-level solutions alongside Baolong Technology's expertise in intelligent driving perception systems and intelligent chassis control systems [3][4] - The partnership aims to accelerate technological iteration and commercialization in the core areas of automotive safety and intelligence, providing more reliable solutions for the automotive industry [4] Group 2 - Baolong Technology and Infineon have a history of successful collaboration, having achieved significant results in key technology areas such as tire pressure monitoring systems, wheel speed sensors, and suspension control [4] - The mutual trust and win-win cooperation established over time serve as a solid foundation for the deepening of their collaboration [4]

Investment Summary - The automotive industry is benefiting from the acceleration of smart technology and the development of the robotics industry, with the parts sector outperforming the vehicle sector. From January 1 to December 12, 2025, the CITIC passenger car index fell by 0.40%, while the CITIC automotive parts index rose by 34.76%, indicating a significant difference in performance between the two sectors [4][18][25]. Group 1: 2025 Market Performance and Earnings Review - The automotive parts sector achieved a revenue of 7,541.60 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.75%, and a net profit of 460.10 billion yuan, up 19.60% year-on-year [49]. - The passenger vehicle sector's revenue reached 15,203.16 billion yuan, growing by 8.68% year-on-year, while the net profit decreased by 15.72% to 391.90 billion yuan [31][49]. - The performance of passenger vehicle companies varied, with most showing revenue growth, but some, like BYD and Great Wall Motors, experienced profit declines [39][42]. Group 2: Outlook for 2026 - The automotive market in 2026 is expected to see a decline in policies, while exports and new energy vehicles (NEVs) will continue to rise. The "old-for-new" policy is anticipated to drive high growth in vehicle sales in 2025, but its absence in 2026 may lead to a demand shortfall [5][62][66]. - The penetration rate of NEVs is expected to continue increasing, with smart and high-end vehicles becoming new growth drivers. By 2025, the penetration rate of NEVs reached 46.7% [72][73]. - The L3 commercial application is expected to reach a critical point in 2026, with smart chassis technology anticipated to be applied in large quantities [5][6]. Group 3: Investment Strategy - The investment strategy focuses on the smart automotive sector, particularly as the industry transitions from L2 to L3 autonomous driving. Companies that continue to invest in this area are expected to benefit significantly [6][8]. - Recommended companies in the vehicle sector include SAIC Motor, Jianghuai Automobile, and Chery Automobile, which are positioned to leverage advancements in smart driving technology [6][8]. - In the parts sector, companies like Baolong Technology and Top Group are highlighted for their potential to benefit from the implementation of line control steering and braking systems, which are set to enter mass application in 2026 [8][49].

Group 1 - The core announcement from Baolong Technology is the approval of two key proposals by the company's eighth board of directors during its second meeting [2] - The first proposal involves the extension of the fundraising projects related to the convertible bonds [2] - The second proposal pertains to the agreement to deposit the remaining raised funds in a fixed deposit manner [2]

保隆科技微信公众号今日消息，近期公司获得新能源头部品牌的智能悬架项目定点，定点零部件包括单 腔空气弹簧、双腔空气弹簧、全主动电液泵总成，其中全主动电液泵总成（MPU）采用保隆科技与威 孚高科合资公司威孚保隆自研自制。该项目生命周期6年，生命周期总金额超20亿元，计划2026年量 产。 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-124 | | --- | --- | --- | | 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 第八届董事会第二次会议（通讯表决）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。 一、董事会会议召开情况 会议审议并通过了以下议案，并形成了决议： （一）审议通过了《关于可转换公司债券部分募投项目延期的议案》 表决结果：赞成 9 票；反对 0 票；弃权 0 票。 该议案已经第八届董事会审计委员会第二次会议审议通过，同意将该事项提 交公司董事会审议。 上海保隆汽车科技股份有限公司（以下简称"公司"）第八届董事会第二次 会议于 2025 年 12 月 12 日以电子邮件方式通知全体董事，并于 2025 年 12 月 17 日以通讯表决的方式召开，会议应出席董事 9 人，实际出席董事 9 人。本次会议 的通知、召开及审议程序符合《公司法》《证券法》等法律法规及《公司章程》 的有关规定，所作决议合法有效。 二、 ...

每经头条（nbdtoutiao）——"太空快递"来了？全国首个民营飞船成功"上天"！背后公司创始人：正积 极开发"中型货运飞船"低成本产品 （记者 张明双） 每经AI快讯，保隆科技（SH 603197，收盘价：35.48元）12月17日晚间发布公告称，公司第八届第二次 董事会会议于2025年12月17日以通讯表决的方式召开。会议审议了《关于可转换公司债券部分募投项目 延期的议案》等文件。 2025年1至6月份，保隆科技的营业收入构成为：汽车OEM占比77.6%，汽车AM占比19.0%，其他业务占 比2.31%，非汽车产品占比1.09%。 截至发稿，保隆科技市值为76亿元。 ...

本次发行过程中，公司应支付承销及保荐费用、律师费用、审计及验资费用、 资信评级费等发行费用（不含增值税）合计人民币12,927,452.82元，上述募集资 金总额扣除不含税发行费用后,本次发行募集资金净额为人民币1,377,072,547.18 元。 长城证券股份有限公司 关于上海保隆汽车科技股份有限公司 以协定存款方式存放募集资金余额的核查意见 长城证券股份有限公司（以下简称"长城证券""保荐机构"）作为上海保 隆汽车科技股份有限公司（以下简称"保隆科技""公司"）向不特定对象发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所股票上市规则》《上市公司募集资金监管规则》《上海证券交易所上市 公司自律监管规则指引第 1 号——规范运作》等相关法规规章的要求，就保隆科 技及相关子公司本次以协定存款方式存放募集资金余额的事项进行了审慎核查， 核查情况和意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可[2024]1184号）同意注册， 并经上海证券交易所同意，公司由主承销商长城证券 ...