未经许可，不得转载或者引用。 投资要点 本周复盘总结：五月第二周交强险44.3万辆，环比上周/上月周度+6.5%/+29.8% 。 本周SW汽车指数+2.4%，细分板块涨跌幅排序: SW乘用车(+4.4%)>SW汽车(+2.4%）>SW汽车 零部件(+2.2%) >SＷ商用载货车(-0.18%) >SW摩托车及其他(-0.20%) >重卡指数(-1.5%) > SW商 用载客车(-4.5%) 本周已覆盖标的耐世特、均胜电子、新泉股份、继峰股份、亚太股份涨幅较 好。 本周行业核心变化： 1） 魏牌新能源发布2025款全新高山车型，全新高山搭载Coffee Pilot Ultra智能辅助驾驶系统， 标配Hi4性能版； 2） 恒生科技指数调入比亚迪股份； 3） 吉利汽车2025Q1单季度营收725.0亿 元，同比+24.5%；归母净利润56.7亿元，同比+263.4%； 4） 芜湖长鹏100%股权交割完成，更 名为芜湖拓普； 5） 保隆科技宁国园区二期4.8MW分布式光伏项目在隆威厂区竣工验收。 板块观点重申：继续坚定看好汽车！机器人/智能化/红利三条主线！ 本周市场对汽车核心关注？ 本周汽车领涨A-H股均领涨市场 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2]. Core Viewpoints - The focus is on the mass production and commercialization pace of Robotaxi, with significant advancements expected in 2025 due to cost reductions in smart driving hardware, ongoing R&D, and supportive policies [5][15]. - The report highlights the strategic partnership between Xiangdao Mobility and Momenta to launch the world's first pre-installed mass-produced Robotaxi fleet, aiming for hundreds of vehicles by 2026 [15][25]. - The automotive sector is expected to benefit from the growing penetration of L2+ assisted driving technologies, with a notable cost reduction of 60%-70% for the seventh generation Robotaxi from Xiaoma Zhixing [17][5]. Industry Dynamics - Key industry news includes BYD establishing its European headquarters in Hungary, which is expected to create thousands of jobs and focus on smart driving and electric vehicle technologies [16]. - GAC Group announced plans to set up a research and development center in Brazil [16]. - The automotive sector saw a performance increase, with the automotive index outperforming the CSI 300 index by 1.29 percentage points during the week of May 12 to May 16, 2025 [5][42]. Data Tracking - In April 2025, retail sales of passenger vehicles reached 1.755 million units, a year-on-year increase of 14.62% [51]. - The retail sales of new energy passenger vehicles reached 905,000 units in April, with a penetration rate of 51.6%, reflecting a year-on-year increase of 33.67% [61]. - The report notes that the penetration rate of L2.5 and above smart driving vehicles reached 17.10% in February 2025, marking a historical high [73].

Core Viewpoint - The coal industry is facing unprecedented challenges and opportunities in the era of energy revolution, with companies like Huayang Group actively pursuing reforms and innovations to enhance production efficiency and contribute to national energy security and sustainable development [1] Group 1: Technological Empowerment - Huayang Group is implementing smart mining solutions, utilizing 5G technology for real-time monitoring and communication, which significantly improves operational efficiency and safety [2][3] - The introduction of automated cleaning devices and 5G explosion-proof phones has reduced the workload of underground workers, allowing them to focus more on production tasks [2] - The completion of smart mining construction across all production mines positions Huayang Group as the first in Shanxi Province to achieve this milestone [2] Group 2: High Production Efficiency - Huayang Group's mining team achieved a monthly production of 388,000 tons and an annual production of 3.78 million tons, setting new records for the group [4] - The team's success is attributed to effective collaboration, clear responsibilities, and a focus on equipment maintenance to ensure zero operational failures [4][5] - Continuous training and knowledge enhancement among team members contribute to improved operational capabilities and efficient problem-solving [5] Group 3: Institutional Innovation - Huayang Group has introduced practical institutional reforms that enhance workers' quality of life and work efficiency, such as streamlining meeting schedules and optimizing transportation [6][7] - The cancellation of traditional night shifts and the adjustment of work schedules have led to increased productivity without compromising employee wages or safety [6][7] - These reforms have fostered a positive work environment, motivating employees and driving the company towards efficient production [7]

Group 1: Automotive Electronics Business Progress - The company has made significant progress in expanding its automotive electronics business, securing multiple projects with international and joint venture clients, including Stellantis, Ford, and Volkswagen [1][2]. - The automotive electronics product line has evolved from a single audio-visual entertainment system to a diverse range of smart cockpit and driver assistance products, enhancing the per-vehicle value [2][3]. - The company is actively increasing its customer base, covering domestic independent brands, new power vehicle manufacturers, and well-known international companies [3]. Group 2: VPD Product Development - The VPD product, which integrates display technology across the entire windshield, is set to enter mass production soon, with several competitive bidding projects underway [2]. - The VPD product's display content is customized based on client requirements and user needs, covering navigation, communication, entertainment, and social information [2]. Group 3: Digital Acoustics Product Advancements - The company has developed comprehensive capabilities in hardware, software, algorithms, and tuning for digital acoustics products, focusing on personalized sound field management [2]. - Digital acoustics products have been successfully integrated with clients such as XPeng, Changan, and Geely, with new projects recently secured from Changan and SAIC General [2]. Group 4: Future Outlook - The company aims to enhance its competitive edge in automotive electronics by continuously expanding its product line and application scenarios, offering more competitive services and solutions to clients [2][3]. - There is a strong emphasis on increasing overseas market penetration while maintaining growth in domestic markets, with a focus on securing new projects from international clients [3].

行业报告:先进制造行业周报 2025年5月11日 中航证券有限公司 AVIC SECURITIES CO., LTD. 外骨骼机器人消费场景应用可期，美的人形机器人进厂"打工" 行业评级:增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 分析师：卢正羽 证券执业证书号：S0640521060001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 中航代逃開造- -- 投资观点 ■ 重点推荐:北特科技、信捷电气、汉威科技、兆威机电、恒立液压、纽威股份、软通动力 ■ 重点跟踪行业——人形机器人： ■ 核心个假组合;北特科技、兆威机电、恒立液压、纽威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纠睿雷达、坎通动力、航锦 科技、华伍股份、华阳集团、万马科技、绿的谐波、埃斯顿 ■ 本周专题研究：近日人形机器人产业动态汇总：1） 5月1日，智元正式发布国内首款融合AI步态预测与力矩自适应技术的消费级外骨骼踏山AsBxo TK1000, 产品核心特点包括智能、舒适、安全, 主要应用于助老出行、运 ...

[Table_IndustryInfo] 2025 年 05 月 11 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（5.6-5.9） 4 月乘用车批发创当月历史新高， 2025 中国智能汽车技术展举行 智能汽车：5月 8日，由中国汽车工业协会、重庆市电源学会联合主办的"2025 中国智能汽车技术展"开幕，展会以"启新潮、驭未来"为主题，围绕汽车产业前 瞻研究、趋势战略、产业瓶颈、技术突破等焦点问题展开深入探讨，推动汽车 产业链技术共享、资源互通，将高质量科技创新成果转换成新质生产力。建议 关注在智能驾驶算法、传感器、智能座舱等核心领域有技术积累和创新的企业， 以及与科技企业深度合作、积极布局智能汽车领域的传统车企。主要标的：1） 整车：比亚迪（002594）、吉利汽车（0175.HK）、上汽集团（600104）；2） 零部件：德赛西威（002920）、华阳集团（002906）、科博达（603786）、 投资要点 西南证券研究院 [Table_QuotePic] 行业相对指数表现 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 268 ...

证券研究报告 | 2025年05月12日 汽车行业 2025 年 5 月投资策略暨年报&一季报总结 优于大市 2025Q1 汽车板块营收同比增长 6%，盈利能力同环比提升 2024 年报及 2025 一季报总结：2024，中信 CS 汽车实现营收 37123 亿元，同 比+7%，归母净利润 1363 亿元，同比+9%。2024Q4，CS 汽车实现营收 11176 亿元，同比+13%（CS 汽零同比+7%），环比+22%（CS 汽零环比+13%）；归母 净利润 309 亿元，同比+26%（CS 汽零同比+11%），环比-9%（CS 汽零环比-30%）。 2025Q1，CS 汽车实现营收 8417 亿元，同比+6%（CS 汽零同比+7%），环比-25% （CS 汽零环比-14%）；归母净利润 359 亿元，同比+14%（CS 汽零同比+14%）， 环比+16%（CS 汽零环比+64%）。 销量跟踪：乘联会初步统计 4 月本月狭义乘用车零售总市场规模 175 万辆左 右，同比+14.4%，环比-9.8%，新能源零售预计可达 90 万，渗透率 51.4%。 上险数据显示4 月(4.7-4.27)国内乘用车累计上牌11 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][19]. Core Views - The company reported a revenue of 10.158 billion yuan for 2024, a year-on-year increase of 42.33%, and a net profit attributable to shareholders of 651 million yuan, up 40.13% year-on-year. For Q1 2025, revenue reached 2.489 billion yuan, growing 25.03% year-on-year, with a net profit of 155 million yuan, an increase of 9.27% year-on-year [1][3]. - The automotive electronics and precision die-casting businesses are driving growth, with automotive electronics revenue expected to reach 7.603 billion yuan in 2024, a 57.55% increase, and precision die-casting revenue projected at 2.065 billion yuan, a 24.39% increase [1][8]. - The company is increasing its R&D investment, with 831 million yuan allocated in 2024, a 28.94% increase, focusing on product iteration and technological advancements [1][8]. - The company is expanding its domestic and international presence, with new production capacities coming online, including a new precision die-casting facility in Zhejiang and subsidiaries in Thailand and Mexico [1][8]. Financial Summary - For 2024, total revenue is projected at 10.158 billion yuan, with a growth rate of 42.3%. Net profit is expected to be 651 million yuan, with a growth rate of 40.1% [3][9]. - The earnings per share (EPS) for 2024 is estimated at 1.24 yuan, with a price-to-earnings (P/E) ratio of 26 [3][9]. - The company anticipates revenue growth of 27.4% in 2025, reaching 12.945 billion yuan, and net profit growth of 32.7%, totaling 864 million yuan [3][9].

汽车与零部件行业 行业研究 | 深度报告 1 季度行业营收平稳增长，优质整车及汽零 盈利好于平均水平 ——汽车行业 1 季度经营分析及投资策略 核心观点 投资建议与投资标的 从投资策略上看，1 季度汽车行业竞争加剧导致汽车公司盈利能力、现金流等整体表现相 对承压，但部分行业地位领先、经营管理效率较高的整车及零部件公司仍然实现净利 润、毛利率、经营性现金流同比改善，业绩表现跑优于行业平均水平；随着汽车"两 新"政策以及地方促消费政策效果持续释放、车展期间多款新车发布，预计 2季度有望促 进汽车公司业绩表现逐步回暖。建议持续关注部分汽车行业央国企及人形机器人链、华 为产业链、小米产业链、T 链、智驾产业链公司。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 05 月 12 日 | 姜雪晴 | jiangxueqing@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860512060001 | | 袁俊轩 | yuanjunxuan@orientsec.com.cn | | | 执业证书编号：S0860523070005 | | | | | 上海 ...

惠州20家上市企业高管最高薪酬(单位:万元) | 公司名 | 姓名 | 眼务 | | 薪酬 | | | --- | --- | --- | --- | --- | --- | | TCL科技 | 赵军 | 革事高级副总裁 | | | 1617.29 | | 德基西成 | 陈春霖 | 商張(2024年6月部任) | | 749.56 | | | 德瑞锂电 | 潘文硕 | 并事长、总经理 | 460.64 | | | | 亿纬锂能 | 刘金成 | 确保 | 457.33 | | | | 光弘科技 | 唐建兴 | 帝事长、总经理 | 429.72 | | | | 华阳集团 | 刘斌 | 313.71 常务副总裁 | | | | | 美新科技 | 林东融 | 童制版 307.22 | | | | | 宇新股份 | 胡先念 | 童服 304.72 | | | | | 胜宏科技 | 陈涛 | 面制系、总经理 269.34 | | | | | 科荫股份 | 泰远国 | 副总经理 265.47 | | | | | 辰奕智能 | 唐丹 | 中 1 副总经理 143 | | | | | 酸亚科技 | 李强 | 半事副总经理 13 ...