申港证券近日发布汽车行业研究周报：11月汽车销量为342.9万辆，同比增加3.4%。今年1-11月，汽车 累计销量为3112.7万辆，同比增长11.4%。11月汽车经销商综合库存系数为1.6，同比增加41.4%，环比 增加34.2%。同期经销商库存预警指数为55.6%，同比增加3.8百分点，环比增加3百分点。 以下为研究报告摘要： 投资摘要： 每周一谈：11月新能源汽车表现亮眼 汽车板块应关注低估值的整车和零部件龙头企业因业绩改善带来的机会，新能源电动化和智能化的优质 赛道核心标的。因此我们建议关注：在新能源领域具备先发优势的自主车企，如比亚迪、长安汽车、吉 利汽车、理想汽车等；业绩稳定的低估值零部件龙头，如华域汽车、福耀玻璃等；电动化和智能化的优 质赛道核心标的，如德赛西威、瑞可达、科博达、伯特利等；"国内大循环"带来的国产替代机会，如菱 电电控、三花智控、星宇股份、上声电子、中鼎股份等；强势整车企业对核心零部件的拉动效应，如拓 普集团、文灿股份、旭升集团等。 本周重点关注组合：比亚迪、理想汽车、拓普集团、德赛西威和上声电子。 市场回顾： 汽车板块本周涨跌幅为0.16%，在申万31个板块中位列第9位。 汽车 ...

资金流向方面，主力资金净流出39.12万元，大单买入190.71万元，占比12.14%，卖出229.82万元，占比 14.63%。 科博达所属申万行业为：汽车-汽车零部件-汽车电子电气系统。所属概念板块包括：小鹏汽车概念、智 能座舱、汽车零部件、汽车电子、价值成长等。 截至9月30日，科博达股东户数1.33万，较上期增加17.18%；人均流通股30431股，较上期减少14.35%。 2025年1月-9月，科博达实现营业收入49.97亿元，同比增长16.96%；归母净利润6.46亿元，同比增长 6.55%。 分红方面，科博达A股上市后累计派现12.51亿元。近三年，累计派现7.07亿元。 科博达今年以来股价涨17.74%，近5个交易日跌1.79%，近20日涨1.71%，近60日跌13.57%。 今年以来科博达已经3次登上龙虎榜，最近一次登上龙虎榜为10月22日，当日龙虎榜净买入-8941.99万 元；买入总计2.07亿元 ，占总成交额比25.55%；卖出总计2.97亿元 ，占总成交额比36.58%。 资料显示，科博达技术股份有限公司位于中国(上海)自由贸易试验区祖冲之路2388号1-2幢，成立日期 2003年9 ...

Core Insights - The news highlights a significant breakthrough in the commercialization of L3-level autonomous driving in China, with the Ministry of Industry and Information Technology officially granting the first conditional licenses for L3 autonomous vehicles [1][3]. Group 1: Market Activity - Several companies in the autonomous driving sector saw their stock prices surge, with Hanxin Technology reaching a 30% limit up, and other companies like Wanjie Technology and Zhejiang Shibao also hitting their daily limits [1]. - The market enthusiasm is driven by the recent regulatory approval for L3-level autonomous vehicles, indicating a shift from testing to commercial application [1]. Group 2: Regulatory Developments - The Ministry of Industry and Information Technology has approved two models for L3-level autonomous driving, which will operate in designated areas of Beijing and Chongqing, marking a critical step towards commercial deployment [1][3]. - The L3-level autonomous driving classification allows vehicles to take over driving tasks under specific conditions, although drivers must remain alert and ready to take control [1][2]. Group 3: Industry Competition - Major automotive companies are competing to establish timelines for mass production of L3 vehicles, with many setting 2025-2026 as a crucial period for development [3][4]. - Companies like GAC Group and Huawei are actively testing their L3 technologies in major cities, preparing for commercial launch [4]. Group 4: Policy and Infrastructure - The recent policy changes have facilitated the expansion of testing areas for autonomous vehicles, with cities like Shanghai and Beijing designating extensive road networks for trials [3]. - The ethical guidelines released by the Ministry of Science and Technology further clarify responsibility in case of accidents, which is essential for the industry's growth [3]. Group 5: Investment Opportunities - The news lists several companies involved in the autonomous driving sector, providing insights into their market capitalization and stock performance, indicating potential investment opportunities [6].

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]

Core Viewpoint - KEBODA plans to increase its capital by €21.2 million (approximately RMB 174 million) to strengthen its financial capacity and enhance its overseas market expansion capabilities [2][3] Group 1: Capital Increase Details - The capital increase will be conducted through cash contributions from the company's own funds, with the exchange rate set at 1 Euro = 8.2052 RMB as of December 1, 2025 [2] - After the capital increase, the registered capital of KEBODA Deutschland will rise from €30.075 million to €51.275 million, while the ownership structure remains unchanged as a wholly-owned subsidiary of KEBODA [2] Group 2: Financial Performance - As of December 31, 2024, KEBODA Deutschland reported total assets of RMB 177 million, total liabilities of RMB 174 million, and equity of RMB 2.9633 million, resulting in a debt-to-asset ratio of 98% [3] - By September 30, 2025, total assets increased to RMB 493 million, total liabilities to RMB 232 million, and equity to RMB 261 million, with the debt-to-asset ratio decreasing to 47% [3] - For the first nine months of 2025, KEBODA Deutschland achieved revenue of RMB 273 million and a net profit of RMB 1.6266 million, indicating an improvement in operational performance [3] Group 3: Strategic Rationale - The capital injection is aligned with the operational development needs of KEBODA and its overall strategic planning, aimed at enhancing credit capabilities and optimizing financial structure [3] - The funding will address the development capital requirements and further support the company's overseas market positioning and global operational capabilities [3]

Group 1 - The core point of the article is that KOBODA (SH 603786) held its 23rd meeting of the third board of directors on December 12, 2025, to discuss the proposal for the re-election of the audit committee members [1] - For the first half of 2025, KOBODA's revenue composition was 96.77% from automotive parts and 3.23% from other businesses [1] - As of the time of reporting, KOBODA's market capitalization was 29.6 billion yuan [1]

Core Viewpoint - The company has announced the re-election of two members to its audit committee, indicating a focus on governance and oversight [2] Group 1 - The third meeting of the company's third board of directors approved the proposal for the re-election of audit committee members [2] - Directors Chen Geng and Xu Min have been elected as members of the audit committee, effective from the date of the board's approval [2] - The term for the newly elected members will last until the end of the current board's term [2]

Group 1 - The company announced that as of the disclosure date, the total amount of external guarantees provided by the company and its controlling subsidiaries is 138.6 million yuan, which accounts for 26.44% of the company's most recent audited net assets [2] - All guarantees provided by the company, including those from its controlling subsidiaries, are for the benefit of its controlling subsidiaries, and there are no overdue guarantees [2]

Group 1 - Shouyao Holdings is planning to issue H-shares and list on the Hong Kong Stock Exchange, with discussions ongoing with intermediaries regarding the specifics of the listing [1] - Jiangsu Guoxin's subsidiary, Guoxin Mazhou, has completed the trial operation of a 1000MW coal-fired power unit, which is set to officially commence operations on December 12, 2025 [2] - Yuekang Pharmaceutical's mRNA tumor vaccine has received clinical trial approval from the National Medical Products Administration for treating advanced solid tumors [3] Group 2 - Dongli New Science plans to invest 666 million yuan in the restructuring of SAIC Hongyan, acquiring approximately 14.66% equity post-restructuring [4] - Longsheng Technology is set to invest approximately 350 million yuan in the establishment of an intelligent robot innovation center in Wuxi [5] - Shangwei Co. has received a government subsidy of 2.212 million yuan, which accounts for 13.53% of its audited net profit for 2024 [6] Group 3 - Anglikang has received drug registration certificates for Diclofenac Sodium Enteric-Coated Tablets and approval for a supplemental application for Sacubitril/Valsartan Sodium Tablets [7] - Guangzhou Development has received acceptance notices for the registration of 8 billion yuan in medium-term notes and 6 billion yuan in short-term financing bonds [8] - Kebo Da plans to increase capital by 21.2 million euros (approximately 174 million yuan) in its wholly-owned subsidiary in Germany [9][10] Group 4 - Changguang Huaxin has received a total of 11.6672 million yuan in government subsidies, including 8.0552 million yuan related to income [11] - Haizheng Pharmaceutical's subsidiary has received a European Pharmacopoeia suitability certificate for its raw material [12] - Qianjin Pharmaceutical's subsidiary has received a drug registration certificate for Lurasidone Hydrochloride Tablets, used for treating schizophrenia [13] Group 5 - Daimai Co. has received a warning letter from the Shanghai Securities Regulatory Bureau due to failure to timely disclose a significant event related to a fire incident [14] - ST Changyao's subsidiary has recently ceased production due to financial difficulties and competitive pressures in the photovoltaic industry [15] - Guodian Power is investing in the construction of a 2×1000MW expansion project at the Ganbi Power Plant, with a total dynamic investment of 7.218 billion yuan [16] Group 6 - Kaichuang International's subsidiary has completed the handover of a tuna purse seine vessel, expected to be operational by 2026 [16] - Tieke Rail plans to sign an energy management agreement for a distributed photovoltaic project, which is expected to save approximately 1.441 million yuan in electricity costs over 25 years [18] - Bailian Co. plans to sign a land compensation agreement with Friendship Logistics, with a total compensation of 103 million yuan [19] Group 7 - Dayu Water-saving's subsidiary has been pre-awarded two high-standard farmland construction projects, with total expected amounts of 137 million yuan and 135 million yuan respectively [20] - Tianma Technology reported a total eel output of approximately 1197.15 tons in November, with sales prices ranging from 53,000 yuan/ton to 89,000 yuan/ton [21] - Guorui Technology's subsidiary has been shortlisted for the GXLF project with a bid of 76 million yuan [22] Group 8 - Qingdao Food's deputy general manager has resigned for personal reasons [23] - Guosheng Zhike plans to use up to 900 million yuan of idle funds for cash management [24] - Guodian Nanrui plans to use up to 23 billion yuan of idle funds for entrusted wealth management [25] Group 9 - Jiahuan Energy plans to merge its wholly-owned subsidiary, Zhejiang Jiahuan Hydrogen Peroxide Co., Ltd., through an overall absorption merger [26] - Ganyue Expressway reported vehicle toll service revenue of 309 million yuan for November [27] - Jinling Hotel's chairman has resigned due to work changes [28] Group 10 - Lisheng Pharmaceutical's subsidiary has received drug registration certificates for Apremilast Tablets [29] - Baotai has received a positive opinion from the European Medicines Agency for Gotenfia® for various inflammatory conditions [30] - ST Zhisheng has been awarded a smart city governance project with a bid amount of 104 million yuan [31] Group 11 - Chenxi Aviation and its related personnel have received administrative regulatory measures from the Shaanxi Securities Regulatory Bureau due to financial reporting issues [32] - Portong Medical has appointed Xia Canglan as the new deputy general manager [33] - Maide Medical plans to repurchase shares with a total amount between 20 million and 40 million yuan [34] Group 12 - Jimin Health plans to establish a joint venture with a total investment of 600 million yuan, focusing on AI and software development [35] - Beilu Pharmaceutical has received a drug registration certificate for Pioglitazone Metformin Tablets [36] - Hainan Mining plans to entrust the overall management of the Shiluo Iron Mine to a construction company for three years, with a total contract amount of approximately 818 million yuan [38] Group 13 - Huiyu Pharmaceutical has received a drug registration certificate for Nicardipine Hydrochloride Injection [39] - Baoland has received a government subsidy of 10 million yuan related to income [40] - Qingdao Port has terminated the acquisition of 100% equity in an oil company and 50% equity in Rizhao Shihua due to regulatory concerns [41]

证券代码：603786 证券简称：科博达 公告编号：2025-085 科博达技术股份有限公司 第三届董事会第二十三次会议决议公告 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 为增强全资子公司 KEBODA Deutschland GmbH & Co. KG（科博达德国两合 公司）的资金实力和运营能力，同意公司使用自有资金 2,120 万欧元对科博达德 国两合公司增资，增资完成后科博达德国两合公司的注册资本为 5,127.5 万欧元。 详见同日披露的《科博达技术股份有限公司关于对全资子公司增资的公告》 （公告编号：2025-087）。 科博达技术股份有限公司（以下简称"公司"）第三届董事会第二十三次会 议通知于 2025 年 12 月 2 日以邮件方式发出，并于 2025 年 12 月 12 日上午 10:00 时以现场会议结合通讯表决方式召开。会议应出席董事 9 名，亲自出席董事 9 名（董事陈耿先生、独立董事孙林先生以通讯方式参加了会议），公司部分高级 管理人员列席了会议，会议由董事长柯桂华先生主 ...