Core Viewpoint - The company Jingwei Hengrun (688326) has experienced a stock price increase of 6.61% this week, closing at 117.85 yuan, with a total market capitalization of 14.095 billion yuan as of December 26, 2025 [1]. Group 1: Stock Performance - Jingwei Hengrun's stock reached a weekly high of 123.88 yuan and a low of 110.6 yuan during the week [1]. - The company ranks 32nd out of 133 in the software development sector by market capitalization and 1379th out of 5181 in the A-share market [1]. Group 2: Financial Announcements - The company announced plans to use a total of 253,981,067.88 yuan from its surplus reserves to cover losses, with a breakdown of 36,171,495.55 yuan from surplus reserves and 217,809,572.33 yuan from capital reserves [2][3]. - As of December 31, 2024, the company's accumulated undistributed profits stand at -253,981,067.88 yuan [2][3]. - The company has completed the necessary board and shareholder meeting procedures regarding the use of surplus reserves to cover losses [3].

Group 1 - The stock of Jingwei Hengrun (688326) closed at 115.35 yuan on December 30, 2025, up 1.72% from the previous trading day, with a total market capitalization of 13.837 billion yuan [1] - The stock opened at 110.89 yuan, reached a high of 116.78 yuan, and a low of 110.56 yuan, with a trading volume of 294 million yuan and a turnover rate of 2.32% [1] - The company announced that it will use surplus reserves to cover losses, with a total of 253,981,067.88 yuan in accumulated undistributed profits as of December 31, 2024 [1] Group 2 - The company plans to use 36,171,495.55 yuan from surplus reserves and 217,809,572.33 yuan from capital reserves to cover the total losses [1] - According to regulations, the company must notify creditors, who may request debt repayment or guarantees within a specified period [1]

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]

Group 1 - The software development sector increased by 0.4% on December 26, with Guangdao Tui leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Guangdao Tui's stock price rose by 29.82% to 2.22, with a trading volume of 278,000 shares and a transaction value of 54.49 million yuan [1] Group 2 - The software development sector experienced a net outflow of 271 million yuan from institutional investors and 208 million yuan from retail investors, while retail investors saw a net inflow of 479 million yuan [2] - The stock of Zhizhen Technology decreased by 4.23% to 37.36, with a trading volume of 153,700 shares and a transaction value of 59.9 million yuan [2] - The stock of Guoneng Rixin fell by 2.56% to 51.30, with a trading volume of 15,400 shares and a transaction value of 80.55 million yuan [2] Group 3 - Major stocks like 360 (601360) saw a net inflow of 230 million yuan from institutional investors, while retail investors had a net outflow of 191 million yuan [3] - Sifang Jingchuang (300468) had a net inflow of 76.11 million yuan from institutional investors, but a net outflow of 65.62 million yuan from retail investors [3] - The stock of Chengmai Technology (300598) experienced a net inflow of 60.79 million yuan from institutional investors, with a net outflow of 5.45 million yuan from retail investors [3]

Key Points - The company, Beijing Jingwei Hirain Technologies Co., Ltd., held its first extraordinary general meeting of shareholders on December 24, 2025, where several important resolutions were passed, including the repurchase and cancellation of part of the restricted stock incentive plan, the cancellation of the supervisory board, and the use of reserves to cover losses [1][3] - The company plans to repurchase and cancel a total of 18,080 shares of restricted stock due to the departure of 23 incentive targets and 3 targets not meeting performance assessments, resulting in a reduction of total shares from 119,959,040 to 119,940,960 and a decrease in registered capital from 119,958,040 yuan to 119,940,960 yuan [2][3] - On December 24, 2025, the stock closed at 113.76 yuan, up 2.16%, with a turnover rate of 3.34%, a trading volume of 37,300 lots, and a transaction amount of 430 million yuan [1]

Core Viewpoint - The company, Jingwei Hengrun, announced the convening of its first extraordinary general meeting of shareholders for 2025 on December 24, 2025, to review several key proposals [2] Group 1 - The company will consider a proposal to repurchase and cancel certain restricted stock options granted under the 2023 incentive plan that have not yet been released from restrictions [2] - A proposal to change the registered capital and cancel the supervisory board will also be reviewed [2] - The company plans to revise and establish certain governance systems as part of the agenda [2]