Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive industry is expected to benefit from the continuation of the vehicle replacement policy in 2025, supporting upward consumption trends. The industry is also experiencing a structural shift towards high-end and intelligent upgrades, which presents investment opportunities [18] Summary by Sections Recent Developments - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising HKD 9.14 billion with a record oversubscription of 238 times. The company's revenue is projected to grow from CNY 92.618 billion in 2022 to CNY 269.899 billion by 2024, with a compound annual growth rate (CAGR) of 70.7% [5][13] - The Ideal i6 was launched at a price of CNY 249,800, featuring advanced technology and performance specifications [14] - The Shangjie H5 was launched with a starting price of CNY 159,800, offering both electric and range-extended versions [15] - The all-new Wanjie M7 was launched with a price range of CNY 279,800 to CNY 379,800, providing multiple powertrain options [17] Market Performance - From September 22 to September 26, the automotive sector underperformed compared to the Shanghai Composite Index, with the automotive index remaining flat while the overall index rose by 0.2% [19] - The automotive sector's weekly trading volume decreased, indicating a potential decline in investor interest [19] Investment Opportunities - The report highlights several companies poised to benefit from the industry's transition to high-end and intelligent vehicles, including Ideal Auto, Jianghuai Automobile, Geely, BYD, and Great Wall Motors [18] - The report also identifies opportunities in high-level intelligent driving technologies, recommending companies like XPeng Motors and Huayang Group [18] - In the commercial vehicle sector, it anticipates a recovery in heavy truck demand in 2025, recommending leading companies such as Foton Motor and China National Heavy Duty Truck Group [18] Key Company and Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several key companies, indicating a bullish outlook for firms like Yiyuan Co., Baolong Technology, and Xinyu Co. [8]

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [4][5][6]. Core Insights - The automotive industry is experiencing significant advancements in smart driving technologies, with a notable increase in the penetration rates of L2 and above functionalities in passenger vehicles, reaching 30.4% as of July 2025, up 15 percentage points year-on-year [3]. - The report highlights the strategic partnerships and market entries of key players, such as Horizon's collaboration with Hello to accelerate Robotaxi commercialization and Hesai Technology's listing on the Hong Kong Stock Exchange [1][4]. - The report emphasizes the growing importance of high-resolution cameras and advanced driving chips, with 800 million pixel cameras expected to reach a penetration rate of 66.7% by July 2025, and NVIDIA's driving chip market share increasing to 57.5% [2][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology plans to introduce mandatory national standards to set safety thresholds for autonomous driving technologies [1]. - Key developments include Xiaopeng Motors entering five European markets with new models and the successful road testing of Robotaxis in Dubai and Singapore [1][15][16]. High-Frequency Core Data Updates - By July 2025, the penetration rate of 800 million pixel front-view cameras in passenger vehicles is projected to be 66.7%, with a year-on-year increase of 6 percentage points [2]. - The market share of LiDAR in passenger vehicles is expected to rise to 10.7%, reflecting a year-on-year increase of 3.3 percentage points [2]. Smart Driving - The penetration rate of L2 and above smart driving functionalities in passenger vehicles has increased by 15 percentage points year-on-year, reaching 30.4% as of July 2025 [3]. - The report notes that the penetration rates for various sensors, including front-view cameras and LiDAR, have shown consistent growth [3]. Investment Recommendations - The report recommends investing in companies such as Xiaopeng Motors, Leap Motor, and Geely for complete vehicles, and companies like Hesai Technology and Horizon Robotics for components [4][5].

Investment Rating - The industry investment rating is maintained as "Positive" [7] Core Insights - The launch of the Shangjie H5 model has seen significant pre-order success, with over 10,000 orders within the first hour and a total of 160,000 pre-orders, indicating strong market demand [3][12] - The U.S. has implemented a 15% tariff on EU automobiles, which may impact pricing and competitiveness in the market [13] - Chery Automobile has successfully listed on the Hong Kong Stock Exchange, raising approximately 9.14 billion HKD (around 8.38 billion RMB), marking it as the largest IPO in the Hong Kong market for the year [13] - Leap Motor has achieved a milestone of producing its 1 millionth vehicle in just 343 days, with revised sales targets for 2025 set between 580,000 to 650,000 units [14] - GAC Group is accelerating its European expansion, entering markets in Switzerland, Austria, Hungary, Slovenia, and Croatia [16] - The new brand "Qijing" by GAC and Huawei targets young consumers, focusing on smart driving and high-quality electric vehicles [15] Market Performance - The Shanghai and Shenzhen 300 Index increased by 1.07%, while the automotive sector saw a modest gain of 0.11%, ranking 6th among A-share industries [4][23] - The passenger vehicle index decreased by 1.18%, with companies like Seres and Changan leading the gains [4][26] - The commercial vehicle index fell by 2.15%, with Shuguang and Hanma Technology showing strong performance [4][30] - The automotive parts index rose by 1.10%, with New Coordinates and Kebo Da leading the sector [4][30] Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury cars is exceeding expectations, with recommendations for Jianghuai Automobile and Seres, while Geely is identified as a beneficiary [4] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV and Zhejiang Xiantong, and beneficiaries including Kebo Da, Huayu Automotive, and Fuyao Glass [4]

证券代码：603786 证券简称：科博达 公告编号：2025-058 科博达技术股份有限公司 2025年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 26 日 (二)股东大会召开的地点：上海市自由贸易试验区祖冲之路 2388 号科博达会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 188 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 343,442,296 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 85.0406 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事长柯桂华先生主持。本次会议的召集、召开和表决方式、表 决程序符合《公司法》和《公司章程》的有关规定。 (五)公司董 ...

上海瀛东律师事务所 关于科博达技术股份有限公司 2025年第三次临时股东大会 之 法律意见书 上海瀛东律师事务所 www.yingdonglawfirm.com 中国上海市恒丰路 436 号环智国际大厦 26&29 层 200070 26&29F, Greentech Tower, No. 436, Hengfeng Road, Shanghai 200070, China 电话（Tel）：+86-21-2226 5678 传真（Fax）：+86-21-2226 5688 上海瀛东律师事务所 关于科博达技术股份有限公司 2025 年第三次临时股东大会之 法律意见书 本法律意见书仅供公司为本次股东大会之目的使用，不得被其他任何人用于其 他任何目的。本所律师同意将本法律意见书随本次股东大会决议按有关规定予以公 告。 致：科博达技术股份有限公司 上海瀛东律师事务所（以下简称"本所"）接受科博达技术股份有限公司（以 下简称"公司"）委托，就公司召开 2025 年第三次临时股东大会（以下简称"本次 股东大会"）所涉及的召集、召开程序、召集人资格及出席会议人员的资格、股东 大会的提案、表决程序及表决结果等有关事宜，根据《 ...

Core Viewpoint - Kobot's stock price has shown significant growth this year, with a year-to-date increase of 58.40% and a recent surge of 16.28% over the last five trading days [2] Group 1: Stock Performance - As of September 25, Kobot's stock price was 96.86 CNY per share, with a market capitalization of 39.118 billion CNY [1] - The stock has experienced a 66.23% increase over the past 20 days and a 76.37% increase over the past 60 days [2] Group 2: Financial Performance - For the first half of 2025, Kobot reported a revenue of 3.047 billion CNY, representing a year-on-year growth of 11.10%, and a net profit attributable to shareholders of 451 million CNY, up 21.34% year-on-year [2] Group 3: Shareholder Information - As of June 30, 2025, Kobot had 11,300 shareholders, an increase of 6.57% from the previous period, with an average of 35,530 circulating shares per shareholder, a decrease of 6.16% [2] - The company has distributed a total of 1.251 billion CNY in dividends since its A-share listing, with 707 million CNY distributed over the last three years [3] Group 4: Institutional Holdings - As of June 30, 2025, Kobot's top ten circulating shareholders included notable funds, with XINGQUAN HETAI MIXED A increasing its holdings by 314,400 shares [3]

证券代码：603786 证券简称：科博达 公告编号： 2025-057 科博达技术股份有限公司 股票交易异常波动公告 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。 公司股票于 2025 年 9 月 22 日、2025 年 9 月 23 日、2025 年 9 月 24 日连续 3 个交易日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易 规则》的有关规定，属于股票交易异常波动。 1 科博达技术股份有限公司（以下简称"公司"）股票于 2025 年 9 月 22 日、 2025 年 9 月 23 日、2025 年 9 月 24 日连续 3 个交易日内日收盘价格涨幅 偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动。 公司股票自 2025 年 9 月 12 日以来，累计涨幅达 58.69%，同期申万汽车 零部件指数累计涨幅达 5.73%，同期上证指数累计下跌 0.56%；公司股 票短期涨幅高于同期行业涨幅及上证指数，存在市场情绪过热的情形， 请投资者注意二级市场交易风险。 截至 ...

科博达公告，公司拟以现金方式收购上海恪石投资管理有限公司持有的上海科博达智能科技有限公司 60%股权。本次交易尚需提交公司股东大会审议通过后实施。公司将尽快推动交易进程，经公司股东大 会审议通过后，预计上海科博达智能科技有限公司将于2025年9月30日成为公司控股子公司并纳入合并 报表范围，公司将根据该事项的进展情况履行信息披露义务。 ...

标的方面 推荐：1)规模已成、领先布局出海的中国自主车企：比亚迪（002594）(01211)、零跑汽车(09863)、长 城汽车（601633）(601633.SH)、吉利汽车(00175)、小鹏汽车(09868)等。2)随着欧美日车企电动智能转 型，深耕全球、技术领先的国际化零部件白马将迎来戴维斯双击：敏实集团(00425)、福耀玻璃 中金发布研报称，全球汽车正处于格局重构阶段，2025年中国汽车已完成出口扩张，即将迎来出海加 速，预计2030年中国自主品牌车企有望实现全球近3000万辆的产量规模，并培育数家年产500万辆以上 的车企。全球消费者对电动智能技术认知已建立，欧美日车企加速产品投放，非中国市场的新能源渗透 率，将从拖累转向加速。因此，建议对应关注中国自主车企的出海扩张机遇；欧美日车企加速新能源转 型，拉动的中国供应链机遇。 中金主要观点如下： 中国汽车电动智能变革基本完成，立足出口走向出海 中金预计2025年中国汽车新能源渗透率突破50%，依托技术变革优势，中国自主品牌实现本土新能源市 场份额的领先(新能源上险口径8M25达89%)；依托规模优势和运营效率，中国蝉联汽车出口全球第一， 自主车企 ...

Group 1 - The core point of the news is that Kobotda's stock price increased by 5.41% to 97.70 CNY per share, with a trading volume of 378 million CNY and a turnover rate of 0.99%, resulting in a total market capitalization of 39.457 billion CNY [1] - Kobotda Technology Co., Ltd. is located in the China (Shanghai) Free Trade Pilot Zone and was established on September 12, 2003, with its listing date on October 15, 2019. The company primarily engages in the research, production, and sales of automotive electronic products [1] - The main business revenue composition of Kobotda is 96.77% from automotive parts and 3.23% from other sources [1] Group 2 - From the perspective of fund holdings, Huafu Fund has one fund heavily invested in Kobotda, specifically the Huafu Times Selected Mixed A (016119), which held 48,100 shares in the second quarter, accounting for 3.93% of the fund's net value, ranking as the seventh largest holding [2] - The Huafu Times Selected Mixed A (016119) was established on December 1, 2022, with a latest scale of 58.5449 million CNY. It has achieved a year-to-date return of 31.18%, ranking 2796 out of 8173 in its category, and an annual return of 80.58%, ranking 1258 out of 7996 [2] - The fund managers of Huafu Times Selected Mixed A are Chen Qi and Wang Yiwei, with Chen having a tenure of 5 years and 341 days and a total fund asset scale of 817 million CNY, while Wang has a tenure of 3 years and 332 days with a total fund asset scale of 422 million CNY [2]