在政策红利的推动下，新能源车产业链的技术创新也在加速推进。锂电池技术不断突破，固态电池量产在即，复合集流体技术快速普及，这些技术突破不 仅提升了新能源车的续航里程和安全性，还降低了生产成本，让新能源车的竞争力越来越强。 华为智能汽车解决方案 BU CEO靳玉志表示，2025年汽车智能化已迎来规模化爆发临界点，L2级组合辅助驾驶在20万元以上新能源车型中基本成为标配， 正快速向20万元以下市场渗透；L3有条件自动驾驶也已开启试点，据预测2030年智能汽车市场规模有望突破5万亿元。 信达证券（601059）研究报告指出，当前国内关于智能网联汽车的法规持续完善，行业发展环境逐步规范化。同时自主品牌加快智驾技术研发，行业智驾 渗透率持续提升，2025年1月份至9月份L2++及以上车型销量达364.3万辆，占比为38.65%，其中自主品牌在L2级及以上辅助驾驶渗透率提升最快。在高阶 自动驾驶层面，Robotaxi2030年市场规模有望达到2700亿元，且无人物流车逐步落地，2030年中国无人驾驶物流车产业产值增量有望升至5948亿元。 随着政策的持续推进，新能源车行业正在从"政策扶持"向"市场成熟"转变。中汽协数据显示 ...

消息面上，智能驾驶近期催化不断，L3方面，国家首批L3级有条件自动驾驶车型公布，长安、北汽两 款车型在指定区域进行试点，同时地方层面，小鹏汽车等获得地方L3级试点批准。随着L3自驾的技 术、政策、监管等方面逐渐成熟，智驾有望进入加速发展阶段，智驾迈入L3时代。Robotaxi方面，马斯 克表明，公司目前正在测试不配备人类安全员的无人驾驶出租车，无安全员版Robotaxi有望加速落地， 实现真正无人驾驶载客，推动真正无人驾驶商业化进程。 智能网联汽车ETF紧密跟踪中证车联网主题指数，中证车联网主题指数将内容与服务提供商、软件提供 商、硬件提供商、汽车厂商等相关上市公司纳入车联网主题，以反映车联网上市公司的整体表现。 数据显示，截至2025年11月28日，中证车联网主题指数(930725)前十大权重股分别为宁德时代 (300750)、宏发股份(600885)、大华股份(002236)、德赛西威(002920)、汇川技术(300124)、华域汽车 (600741)、均胜电子(600699)、科大讯飞(002230)、上汽集团(600104)、中科创达(300496)，前十大权重 股合计占比51.03%。 智能网联汽 ...

智通财经APP获悉，12月22日共有18家上市公司的限售股解禁，解禁总市值约1029.66亿元。 | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 沃顿科技 | 000920 | 增发A股法人配售上市 | 5062.11万 | | 中恒集团 | 600252 | 股权激励限售流通 | 235.95万 | | 华电能源 | 600726 | 增发A股法人配售上市 | 47.28亿 | | 中航重机 | 600765 | 股权激励限售流通 | 268万 | | 南京港 | 002040 | 股权激励限售流通 | 15.18万 | | 潍柴动力 | 000338 | 股权激励限售流通 | 2348.1万 | | 首创证券 | 601136 | 发行前股份限售流通 | 22.52亿 | | 安控科技 | 300370 | 其他 | 2.37亿 | | 新亚制程 | 002388 | 股权激励限售流通 | 346.55万 | | 兆易创新 | 603986 | 股权激励限售流通 | 6.46万 | | 甘李药业 | 603087 | 股权激励限售流通 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 152.49 CNY, based on a comparable company PE average valuation of 69 times for 2026 [3][6]. Core Insights - The company is expanding its automotive electronics business and accelerating its layout in smart ports and intelligent public transport [2]. - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.30 CNY, 2.21 CNY, and 3.50 CNY respectively, reflecting slight adjustments in revenue, gross margin, and expense ratios [3]. - The company has reported a significant reduction in losses, with a net profit forecast of 36 million CNY in 2025, transitioning from losses of 217 million CNY in 2023 and 550 million CNY in 2024 [5][10]. Financial Performance Summary - Revenue is projected to grow from 4,678 million CNY in 2023 to 10,115 million CNY in 2027, with year-on-year growth rates of 16.3%, 18.5%, 24.4%, 22.8%, and 19.5% respectively [5][10]. - The company expects to achieve a gross margin of approximately 24.2% to 24.4% from 2025 to 2027, with a net profit margin improving from -4.6% in 2023 to 4.2% in 2027 [5][10]. - The net asset return (ROE) is anticipated to rise from -4.2% in 2023 to 8.2% in 2027, indicating a recovery in profitability [5][10]. Business Development and Strategy - The company is actively developing its smart driving business, with plans to mass-produce new products based on advanced chip technologies by the end of the year [9]. - Strategic partnerships are being formed to enhance domestic chip development, which is crucial for the company's platform development strategy [9]. - The company is also focusing on L4 autonomous driving technology, with products aimed at various sectors including logistics and public transport, indicating a broad market potential [9].

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].

证券日报网讯 12月19日，经纬恒润在互动平台回答投资者提问时表示，关于官网近期展示的"工业智 能"产品，公司并非停留在PPT概念层面，目前已形成智能光学检测系统与智能工业机器人两条产品 线。 （文章来源：证券日报） ...

证券日报网讯 12月19日，经纬恒润在互动平台回答投资者提问时表示，公司以自研功率模块为核心、 可按客户平台化需求向上集成：既可以交付模块、逆变砖等功率器件级产品，也可以进一步集成到电机 控制器、多合一控制器乃至动力域系统方案中实现整套量产交付。目前，公司在动力电控领域已完成系 统化产品布局，形成覆盖纯电、增程及分布式驱动等主流技术路线的完整解决方案：多合一控制器（针 对纯电动平台），通过深度一体化设计降低系统体积与重量，提升功率密度；增程器控制器（针对增程 车型），专用于增程式混合动力系统，重点优化发电效率、NVH与排放表现；双电控控制器（针对分 布式驱动），面向轮边、轮毂电机、新能源重卡电驱桥等分布式驱动架构，可独立控制双电机实现扭矩 精准分配。上述动力电控产品均采用了公司自研的功率模块，推进从模块到控制器再到系统解决方案的 持续升级与规模化交付。 （文章来源：证券日报） ...

证券之星消息，12月19日软件开发板块较上一交易日上涨0.67%，经纬恒润领涨。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。软件开发板块个股涨跌见下表： 从资金流向上来看，当日软件开发板块主力资金净流出1.09亿元，游资资金净流出2.02亿元，散户资金 净流入3.11亿元。软件开发板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Viewpoint - The market experienced a rebound with the Shanghai Composite Index rising by 0.36%, the Shenzhen Component Index increasing by 0.66%, and the ChiNext Index up by 0.49%. The trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion, an increase of 704 billion compared to the previous trading day. [1] Market Performance - The market saw rapid rotation of hotspots, with nearly 4,500 stocks rising, although some high-position stocks like Dongbai Group and Pingtan Development faced significant declines towards the end of the trading session. [1] - The Hainan sector surged in the afternoon, with stocks like Hainan Haiyao and Hainan Qiche Group hitting the daily limit. [1][2] - The consumer sector remained strong throughout the day, particularly in retail and dairy, with stocks such as Shanghai Jiubai and Zhuangyuan Pastoral reaching the daily limit. [1][2] Sector Analysis - The Hainan sector is benefiting from the implementation of the Hainan Free Trade Port's full island closure operation, which is expected to attract new industries and increase consumer traffic, providing growth opportunities for businesses in the region. [2] - The consumer sector is supported by recent national policies aimed at expanding domestic demand, which are expected to accelerate the transformation and upgrading of the retail industry. [2] - The smart driving concept stocks saw renewed strength, with companies like Zhejiang Shibao and Luchang Technology hitting the daily limit, following the announcement of the first batch of L3-level conditional autonomous driving vehicle permits by the Ministry of Industry and Information Technology. [3][6] Individual Stock Performance - Over 4,400 stocks closed in the green, with nearly 100 stocks rising over 9%. The consumer sector continued its strong performance, with multiple stocks achieving consecutive limit-ups. [5] - The commercial aerospace sector remained active, with stocks like Xibu Materials and Shenjian Co. also hitting the daily limit, although some popular stocks faced adjustments. [5] Future Market Outlook - The market is expected to face a new round of directional choices, with the Shanghai Composite Index showing relative strength. The focus will be on whether it can maintain its position above the 30-day moving average. [7][8] - Structural opportunities are anticipated, emphasizing the importance of capturing the rotation rhythm among popular themes. [8]

| | 份 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 002644 | 佛慈制 | 10.06 | 4.83 | 9.04 | 9.52 | 5.33 | | | 药 | | | | | | | 688626 | 翔宇医 | 5.72 | 2.70 | 51.28 | 54.01 | 5.32 | | | 疗 | | | | | | | 002666 | 德联集 | 10.04 | 2.60 | 5.22 | 5.48 | 5.04 | | | 团 | | | | | | | 688648 | 中邮科 | 10.94 | 11.95 | 55.72 | 58.49 | 4.97 | | | 技 | | | | | | | 300878 | 维康药 业 | 13.01 | 6.18 | 22.86 | 23.98 | 4.92 | | 001368 | 通达创 | 7.45 | 17.53 | 24.62 | 25.83 | 4.91 | | | 智 | | | | | | | 300632 | 光莆股 | 4.61 | 8.83 | 1 ...