Industry Overview - The automotive gateway serves as the core data interaction hub in the vehicle's electronic architecture, acting as the "nervous system" or "translator" for different networks [2] - The automotive gateway market in China is projected to reach approximately 7.7 billion yuan in 2024, with a year-on-year growth of 22.22% [1][5] - The industry is transitioning from a traditional distributed ECU architecture to a domain-centralized/area architecture, driven by the evolution of automotive electronic and electrical architecture [1][5] Industry Chain - The upstream of the automotive gateway industry chain includes essential components such as chips, microprocessors, and communication modules [4] - The midstream involves the production and manufacturing of automotive gateways, while the downstream primarily consists of automotive OEMs, which directly influence market size and technology routes [4] - Recent government policies have supported the integrated circuit industry, significantly reducing costs and stimulating capacity expansion [4] Market Size - The automotive gateway is crucial in the wave of automotive intelligence, with its market size expected to grow significantly as the demand for cross-domain communication and protocol conversion increases [1][5] - The demand for high-performance gateways is driven by the rise of new energy vehicles and the proliferation of intelligent driving technologies [5] Key Companies Performance - Neusoft Group has established itself as a leader in automotive electronic software and information security, with a focus on "software-defined security" [7] - Beijing Jingwei Hirain Technologies has become a dominant player in the automotive gateway industry, offering a comprehensive product line that supports various protocols and advanced features [8] - Both companies have shown significant revenue growth, with Neusoft Group reporting a revenue of 7.49 billion yuan in the first three quarters of 2025, while Jingwei Hirain reported 4.46 billion yuan, reflecting their competitive positions in the market [7][8] Industry Development Trends - The automotive gateway is evolving towards a "vehicle server," integrating stronger computing power and service-oriented architecture (SOA) capabilities [9] - There is a shift towards edge computing and high-bandwidth networks to meet the demands of higher-level autonomous driving, with vehicle Ethernet transitioning from gigabit to 10-gigabit speeds [9] - A comprehensive security system is being developed, moving beyond simple encryption to a multi-layered defense architecture that includes collaboration among automakers, chip manufacturers, software companies, and cloud service providers [10]

格隆汇1月5日丨经纬恒润(688326.SH)在投资者互动平台表示，公司SiC功率模块已接近量产。当前开发 的功率模块主要针对新能源汽车电机控制器场景需求，并未直接面向数据中心应用设计，但可通过平台 扩展，实现对数据中心高效应用的适配。 ...

Core Insights - The integrated domain control solution is a core technology for the development of intelligent and connected vehicles, widely implemented in both passenger and commercial vehicles [1][5] - The global market for integrated domain control solutions is expected to grow rapidly, with projections of approximately 85.16 billion yuan in 2025 and 132.46 billion yuan in 2026 [5] - In China, the market size for integrated domain control solutions is projected to reach about 44.14 billion yuan in 2025 and 66.78 billion yuan in 2026, driven by rising consumer demand for smart experiences and supportive national policies [5] Industry Definition - The term "domain" refers to a collection of electronic and electrical architectures that control major functional modules of a vehicle, typically divided into five domains: intelligent driving, entertainment (cockpit), chassis, power, and body [2] - The trend towards integration in the vehicle's electronic and electrical architecture is driven by the increasing number of electronic control units and the shift towards centralized E/E architectures [2][4] Market Overview - The integrated domain control solution market is experiencing rapid growth due to the shift towards centralized E/E architectures and the increasing demand for integrated computing capabilities in smart vehicles [5] - The market is supported by rising consumer spending and the importance of smart experiences in vehicle purchasing decisions, particularly among younger consumers [5] Industry Chain - The upstream of the integrated domain control solution industry includes core components such as domain control SoCs, vehicle networking, and other embedded computing modules, as well as related software like operating systems and application software [5] - The midstream involves system integration and services for integrated domain control solutions, while the downstream includes traditional domestic manufacturers, foreign manufacturers, joint ventures, and new forces in the automotive industry [5] Competitive Landscape - The competition in the Chinese integrated domain control market is characterized by a transition from separate intelligent driving and cockpit domain controls to integrated solutions, with key players including Desay SV, Jingwei Hirain, and Joyson Electronics [7] - Companies are focusing on developing higher computing power solutions and integrated cockpit and driving domain control solutions [7] Company Highlights - Megvii Technology is a leading automotive technology company focusing on AI-driven integrated domain control solutions, aiming to reshape the next generation of smart vehicles [8] - Desay SV is a global leader in mobile travel technology, focusing on the integration of intelligent cockpit, intelligent driving, and connected services, with significant revenue from its smart cockpit segment [9] Industry Trends - The integrated domain control solution industry is entering a high-growth phase, driven by the electrification, intelligence, and connectivity of the automotive industry [10] - The industry is evolving towards functional integration, AI fusion, and higher safety standards, with an emphasis on cost reduction and domestic substitution [10]

截至2025年12月26日收盘，经纬恒润（688326）报收于117.85元，较上周的110.54元上涨6.61%。本 周，经纬恒润12月22日盘中最高价报123.88元。12月23日盘中最低价报110.6元。经纬恒润当前最新总市 值140.95亿元，在软件开发板块市值排名32/133，在两市A股市值排名1379/5181。 北京经纬恒润科技股份有限公司于2025年12月8日和12月24日分别召开董事会及临时股东会，审议通过 使用公积金弥补亏损的议案。截至2024年12月31日，母公司累计未分配利润为-253,981,067.88元。公司 拟使用盈余公积36,171,495.55元和资本公积217,809,572.33元，合计253,981,067.88元弥补亏损。根据相 关规定，公司需通知债权人，债权人可在规定期限内要求公司清偿债务或提供担保。 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。 本周关注点 公司公告汇总 关于使用公积金弥补亏损通知债权人的公告 公司公告汇总：经纬恒润拟使用公积金合计253,981,067.88元弥补母 ...

截至2025年12月30日收盘，经纬恒润（688326）报收于115.35元，较前一交易日上涨1.72%，最新总市 值为138.37亿元。该股当日开盘110.89元，最高116.78元，最低110.56元，成交额达2.94亿元，换手率为 2.32%。 公司近日发布公告称，北京经纬恒润科技股份有限公司于2025年12月8日和12月24日分别召开董事会及 临时股东会，审议通过使用公积金弥补亏损的议案。截至2024年12月31日，母公司累计未分配利润 为-253,981,067.88元。公司拟使用盈余公积36,171,495.55元和资本公积217,809,572.33元，合计 253,981,067.88元弥补亏损。根据相关规定，公司需通知债权人，债权人可在规定期限内要求公司清偿 债务或提供担保。 最新公告列表 《关于使用公积金弥补亏损通知债权人的公告》 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。 ...

Group 1 - The core viewpoint of the news is that Jingwei Hengrun's stock has shown significant price movements and financial performance, indicating potential investment interest [1][2]. - As of December 30, Jingwei Hengrun's stock price increased by 2.01% to 115.68 CNY per share, with a total market capitalization of 13.877 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 37.55%, with a recent 5-day increase of 3.88% and a 20-day increase of 26.70%, although it has seen a 9.62% decline over the past 60 days [1]. Group 2 - Jingwei Hengrun's main business involves providing electronic products, R&D services, and high-level intelligent driving solutions, with electronic products accounting for 87.55% of total revenue [1]. - For the period from January to September 2025, Jingwei Hengrun achieved operating revenue of 4.464 billion CNY, representing a year-on-year growth of 25.88%, while the net profit attributable to shareholders was -75.046 million CNY, reflecting an increase of 81.70% [2]. - The company is categorized under the software development industry, with concepts including wire-controlled chassis and low-altitude economy [2].

证券代码：688326 证券简称：经纬恒润 公告编号：2025-068 北京经纬恒润科技股份有限公司 关于使用公积金弥补亏损通知债权人的公告 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、准确性和完整性依法承担法律责任。 一、通知债权人的原由 北京经纬恒润科技股份有限公司（以下简称"公司"）分别于 2025 年 12 月 8 日、2025 年 12 月 24 日召开了第二届董事会第十六次会议与 2025 年第一次临 时股东会，审议通过了《关于使用公积金弥补亏损的议案》。 根据立信会计师事务所（特殊普通合伙）出具的审计报告，截至 2024 年 12 月 31 日，母公司财务报表累计未分配利润为-253,981,067.88 元，盈余公积 36,171,495.55 元，资本公积 4,721,737,243.18 元。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、财政部《关于公 司法、外商投资法施行后有关财务处理问题的通知》等相关规定，公司拟使用母 公 司 盈 余 公 积 36,171,495.55 元 和 资 本 公 积 217,809,572 ...

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, with specific recommendations for companies like BYD and Geely [1]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, enhancing demand for mid-to-low-end vehicles [1]. - The report highlights the potential for significant performance improvements in parts manufacturers due to subsidy support, recommending companies with strong fundamentals and low valuations [1]. - The report emphasizes the advantages of new energy vehicle companies like Xpeng, NIO, and Li Auto, as well as key Tier 1 suppliers such as Desay SV and Jingwei Hirain [1]. - The report notes a positive trend in the used car market, benefiting from the industry's recovery and improved profitability for dealers, recommending companies like Uxin [1]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [1]. - The automotive industry recorded a total transaction value of 582.81 billion yuan, with the automotive index rising by 2.74% during the week, outperforming the Shanghai Composite Index [1][4]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao, which saw increases of 41.6%, 33.7%, and 33.3% respectively [1][9]. Market Conditions - The report highlights a rise in traditional and new energy raw material price indices, with traditional vehicle raw material prices increasing by 1.3% and 1.0% over the past week and month, respectively, while new energy vehicle raw material prices rose by 5.6% and 6.8% [1][54]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all primary industries, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [6]. Key Events - The report discusses the optimization of toll road policies and the improvement of autonomous driving regulations, which are expected to enhance the operational efficiency of the transportation system [2][3]. - The report notes significant developments in the automotive sector, including the launch of new models and strategic partnerships aimed at enhancing market competitiveness [17][18][19].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, as well as the impact of new subsidies [2]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, with a focus on companies like BYD and Geely, which cater primarily to mid-to-low-end demand [2]. - The report highlights the potential for significant performance improvement in parts manufacturers in the first half of 2026 due to subsidy support, recommending companies with strong fundamentals and low valuations [2]. - The report identifies new energy vehicle companies such as XPeng, NIO, and Li Auto, which have advantages in AI and robotics, as potential investment opportunities [2]. - The report notes a positive trend in the used car market and overall dealer profitability, recommending companies like Uxin [2]. - The report emphasizes the importance of state-owned enterprise reforms, particularly for SAIC and Dongfeng, as a key area to watch [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [2]. - The automotive industry recorded a total transaction value of 582.81 billion yuan for the week, with an industry index increase of 2.74%, outperforming the Shanghai Composite Index [6]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao [11]. Market Conditions - The report notes that traditional and new energy raw material price indices have risen recently, with traditional vehicle raw materials increasing by 1.3% week-on-week and 1.0% month-on-month, while new energy vehicle raw materials rose by 5.6% week-on-week and 6.8% month-on-month [62]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all sectors, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [8][10]. Key Events - The report highlights the optimization of toll road policies and the improvement of autonomous driving regulations as significant developments that will enhance the operational efficiency of the transportation system [3][4]. - The report mentions the launch of the first L3 autonomous driving license plate in China, awarded to Changan Automobile, marking a milestone in the industry [24][44].

Group 1 - The core point of the news is that Beijing Jingwei Hengrun Technology Co., Ltd. experienced a decline in stock price by 5.08%, with a current share price of 111.86 yuan and a total market capitalization of 13.419 billion yuan [1] - The company, established on September 18, 2003, and listed on April 19, 2022, primarily provides electronic products, R&D services, and high-level intelligent driving solutions for sectors such as automotive, high-end equipment, and unmanned transportation [1] - The revenue composition of the company is as follows: electronic products account for 87.55%, R&D services and solutions for 12.21%, other supplementary services for 0.20%, major assemblies and special vehicles for 0.02%, and intelligent transportation solutions for 0.01% [1] Group 2 - From the perspective of fund holdings, HSBC Jintrust Fund has one fund heavily invested in Jingwei Hengrun, specifically the HSBC Jintrust Strategy Selected Mixed A (016174), which held 79,300 shares, representing 1.72% of the fund's net value [2] - The fund has reported a floating loss of approximately 474,900 yuan as of the latest data [2] - The HSBC Jintrust Strategy Selected Mixed A fund was established on September 14, 2022, with a current scale of 351 million yuan, and has achieved a year-to-date return of 28.47% [2]