Core Viewpoint - Huayang Group has successfully launched its VPD (Virtual Panoramic Display) product in 2023, marking the world's first mass production in collaboration with Xiaomi's automotive division [1] Group 1: Product Development - The VPD product is now in mass production, having been integrated into Xiaomi's vehicles [1] - The company is actively engaged in multiple bidding projects for its VPD product [1] Group 2: Market Growth - The company's HUD (Head-Up Display) products are also seeing production ramp-up with several major automotive clients, including Great Wall, BYD, Changan, Chery, Geely, Xpeng, Volkswagen Group, Stellantis Group, Anhui Volkswagen, Beijing Hyundai, and Yueda Kia [1] - The company anticipates maintaining a high growth trajectory for its HUD products as new projects with these clients come online [1]

Core Insights - The report maintains an "Outperform" rating for the automotive sector, highlighting the expected boost in market sentiment due to a surge in new product launches and the upcoming earnings reports [1][5][12] - The automotive industry is transitioning towards a technology-driven era, with significant advancements in electrification, intelligence, and connectivity, which are expected to create new demand [12][13] - The report emphasizes the growth potential of domestic brands and the opportunities in incremental components driven by electric and intelligent trends [22][23] Sales Tracking - In June 2025, retail sales of passenger vehicles in China reached 2.084 million units, a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - Cumulative retail sales from January to June 2025 totaled 10.901 million units, reflecting a year-on-year growth of 10.8% [1] - The new energy vehicle market saw retail sales of 1.111 million units in June, marking a year-on-year increase of 29.7% and a cumulative total of 5.468 million units for the first half of the year, up 33.3% [1] Market Performance - In June, the CS automotive sector experienced a slight decline of 0.13%, with the CS passenger vehicle index down 2.34% [2] - Year-to-date, the automotive sector has risen by 28.88%, outperforming the Shanghai Composite Index by 14.17 percentage points [2] - The report notes a decrease in the inventory warning index for automotive dealers, indicating improved market conditions [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components, particularly in the context of the electric and intelligent vehicle trends [22][23] - Recommended companies include Leap Motor, JAC Motors, and Geely for vehicle manufacturing, and companies like Kobot, Huayang Group, and Junsheng Electronics for intelligent components [3][22] - The report highlights the potential of new entrants like Huawei and Xiaomi in the automotive sector, emphasizing their strong channel and software ecosystem capabilities [22][23] Company Earnings Forecasts - Leap Motor is projected to have an EPS of -0.05 in 2025, with a PE ratio of -1200, while Geely is expected to achieve an EPS of 1.36 with a PE of 12 [4] - JAC Motors is forecasted to have an EPS of 0.11 in 2025, with a PE of 380, indicating significant growth potential [4] - The report provides a detailed earnings forecast for several key companies, reflecting their expected performance in the evolving automotive landscape [4][30]

Group 1: Investor Relations Activity - The investor relations activity took place from July 9 to July 10, 2025, at Huayang Industrial Park, Huizhou, Guangdong Province [2] - Participants included representatives from various investment firms such as China Investment Corporation, Fidelity, and Goldman Sachs Asset Management [1][2] Group 2: Automotive Electronics Business - The company has secured projects with major international automotive clients including Stellantis, Ford, and Volkswagen, among others [2] - The company’s HUD (Head-Up Display) products hold a domestic market share of 22.2% and AR-HUD products have a market share of 24.9%, both ranking first in the industry [3] Group 3: VPD Product Introduction - The VPD (Virtual Panoramic Display) product was launched in 2023, featuring an expanded display area across the windshield and improved clarity under various lighting conditions [2] - The product has been adopted by Xiaomi Automotive, marking the first mass production globally [2] Group 4: Precision Die Casting Business - The precision die casting business has seen an increase in orders from major clients such as Bosch and BYD [3] - New production capacity is being developed, with facilities in Zhejiang and Jiangsu already in operation or under expansion [3]

Core Insights - The report maintains an "Outperform" rating for the automotive sector, highlighting the potential for improved industry sentiment driven by a surge in new product launches and upcoming earnings reports [1][5] - The domestic passenger car market saw retail sales of 2.084 million units in June 2025, representing a year-on-year increase of 18.1% and a month-on-month increase of 7.6% [1] - The report emphasizes the long-term growth opportunities in the automotive industry, particularly in the context of electric and intelligent vehicle trends, as well as the rise of domestic brands [12][13] Sales Tracking - In June 2025, the retail sales of new energy passenger vehicles reached 1.111 million units, marking a year-on-year growth of 29.7% and a month-on-month growth of 8.2% [1] - Cumulative retail sales for the first half of 2025 reached 10.901 million units, reflecting a year-on-year increase of 10.8% [1] - The report notes that the inventory warning index for automotive dealers in May 2025 was at 52.7%, indicating an improvement in the automotive circulation industry's sentiment [2] Market Performance - The automotive sector index experienced a slight decline of 0.13% in June 2025, underperforming compared to the Shanghai Composite Index, which rose by 2.9% [2] - Year-to-date, the automotive sector has increased by 28.88%, significantly outperforming the Shanghai Composite Index's 15.78% increase [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities presented by incremental components in the context of electric and intelligent vehicles [12][19] - Recommended companies include Leap Motor, JAC Motors, and Geely for vehicle manufacturing, and companies like KOBOT, Huayang Group, and Junsheng Electronics for intelligent components [3][19] Industry Outlook - The report anticipates that the domestic automotive market will maintain a compound annual growth rate of 2% over the next 20 years, with new energy vehicle sales projected to reach 1.556 million units in 2025, reflecting a year-on-year growth of over 25% [13][22] - The transition towards electric and intelligent vehicles is expected to create structural development opportunities within the industry, as traditional automotive manufacturers adapt to new technologies [12][13] Key Company Earnings Forecasts - Leap Motor is projected to have an EPS of -0.05 in 2025, with a PE ratio of -1200, while Geely is expected to achieve an EPS of 1.36 with a PE ratio of 12 [4] - JAC Motors is forecasted to have an EPS of 0.11 in 2025, with a PE ratio of 380, indicating a strong growth potential [4] New Energy Vehicle Projections - The report predicts that new energy vehicle sales will continue to grow, with expectations of 1.556 million units sold in 2025, representing a 28% increase from the previous year [18][22] - The penetration rate of new energy vehicles is expected to reach 38% in 2024, with significant growth anticipated in the following years [17][22]

Core Viewpoint - Shanxi Huayang Group has achieved significant operational success in the first half of the year, exceeding production targets across various sectors, and is focused on high-quality development and safety management [1][3]. Group 1: Production Performance - In the first half of the year, Shanxi Huayang Group's raw coal production reached 19.93 million tons, completing 105% of the plan, while commercial coal production was 17.93 million tons, achieving 51% of the annual target [2]. - The company reported a total coal sales volume of 18.08 million tons, completing 103% of the plan, with a year-on-year increase of 1.81 million tons [2]. - In the aluminum sector, the production of commercial aluminum reached 97,522 tons, exceeding the plan by 3,722 tons, and aluminum plate and strip production was 60,677 tons, surpassing the plan by 8,377 tons [2]. - Chemical products totaled 691,100 tons, achieving 101.2% of the plan, with notable increases in calcium carbide and urea production [2]. Group 2: Safety and Efficiency - The company has established an effective safety management system, maintaining overall stability in safety production, and has organized extensive safety training for over 25,000 participants [3]. - Shanxi Huayang Group has implemented measures to enhance production efficiency, including the successful establishment of four working faces with a daily output of 10,000 tons [3]. - The application of advanced drilling technology has significantly improved drilling efficiency, with a self-owned drilling team completing 75,400 meters of directional drilling, accounting for 42.6% of total drilling [3]. Group 3: Quality Improvement - The average calorific value of commercial coal increased to 5,279 kcal, reflecting the successful implementation of the "full washing, premium coal" strategy [4]. - The company conducted 1,267 internal quality checks with a compliance rate of 99.8%, and engaged in 968 comparative tests with key users, reducing the exceedance rate by 1.0% year-on-year [4]. Group 4: Strategic Development - Shanxi Huayang Group is deepening its "going out" strategy, focusing on market adaptation and cultivation to enhance competitiveness [5]. - The company has successfully shipped the first batch of 9 tons of environmentally friendly flame-retardant slurry to Korea's Jinrong Group and has signed 12 cooperation agreements for energy storage projects [5]. - The company emphasizes project management, with the annual progress of the Seven Yuan project reaching 84.23%, and the first phase of the 394,000-ton electrolytic aluminum project passing feasibility review [5][6].

Core Viewpoint - The company announced a cash dividend distribution of 0.309 CNY per share for the fiscal year 2024, totaling approximately 1.115 billion CNY to be distributed among shareholders [2][3]. Distribution Plan - The cash dividend distribution plan was approved at the company's annual shareholders' meeting on May 26, 2025 [2]. - The total number of shares for the distribution is based on 3,607,500,000 shares [3]. - The distribution is applicable to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the record date [2]. Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited [6]. - Shareholders who have not completed designated trading will have their dividends held by the clearing company until the trading is completed [6]. - The company will directly distribute cash dividends to its subsidiary, Huayang New Materials Technology Group Co., Ltd. [6]. Taxation Information - For individual shareholders holding unrestricted circulating shares, the cash dividend will not be subject to personal income tax at the time of distribution, with the actual cash dividend being 0.309 CNY per share [6][7]. - The tax burden varies based on the holding period: 20% for holdings of one month or less, 10% for holdings between one month and one year, and no tax for holdings over one year [7]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.2781 CNY per share [7][8].

资料显示，东吴基金管理有限公司成立于2004年9月，董事长为马震亚，总经理为李素明。目前，东吴 基金共有2名股东，东吴证券股份有限公司持股70%、海澜集团有限公司持股30%。 来源：金融界 东吴移动互联混合A基金经理为刘元海。 简历显示，刘元海先生:中国国籍,同济大学管理学博士,具备证券投资基金从业资格。曾任职东吴基金管 理有限公司研究员、基金经理助理、基金经理、投资管理部副总经理(2004年2月-2015年6月),期间担任 东吴新产业精选股票型证券投资基金、东吴深证100指数增强型证券投资基金(LOF)、东吴内需增长混 合型证券投资基金、东吴行业轮动混合型证券投资基金的基金经理。2016年2月再次加入东吴基金管理 有限公司,现任权益投资总部总经理、基金经理。2017年2月9日至2020年1月9日担任东吴优信稳健债券 型证券投资基金基金经理,2020年1月18日至2021年3月1日担任东吴新经济混合型证券投资基金基金经 理,2020年4月1日至2022年12月30日担任东吴价值成长双动力混合型证券投资基金基金经理,2016年4月27 日至今担任东吴移动互联灵活配置混合型证券投资基金基金经理,2019年4月29 ...

Core Insights - The automotive industry is undergoing rapid transformation towards intelligence, electrification, and connectivity, posing new challenges and requirements for the global automotive supply chain [3] Group 1: Event Overview - The "Automotive Parts Enterprises Going Global Innovation Development Seminar and the Release of the 2025 Global Automotive Supply Chain Core Competitiveness White Paper" was held in Suzhou, focusing on global development strategies [1] Group 2: White Paper Highlights - The white paper covers data from over 350 global automotive supply chain companies, highlighting the global and Chinese automotive supply chain Top 100 rankings, which provide valuable insights for Chinese companies aiming for international competitiveness [3] - Desay SV Automotive Electronics Co., Ltd. ranked 14th in the Chinese supply chain with a revenue of 27.618 billion in 2024, rising 7 places from the previous year, while also ranking 93rd globally, a drop of 32 places [3] - EVE Energy Co., Ltd. ranked 30th in the Chinese supply chain with a revenue of 19.167 billion, down 15 places from last year [3] - Huayang Group Co., Ltd. ranked 55th with a revenue of 9.308 billion, rising 9 places from the previous year [3] Group 3: Industry Trends - The global automotive parts development shows three main trends: consolidation of leading companies, growth through mergers and acquisitions, and an increase in the number of Chinese companies in the global supply chain [5] - The automotive parts industry is experiencing a new development pattern influenced by the "new four modernizations," leading to a reshaping of the value distribution in the supply chain [5] - The shift from traditional distributed vehicle development to centralized architecture requires parts suppliers to possess system-level solution capabilities beyond single product supply [5] Group 4: Export Dynamics - In the first five months of 2025, China exported 2.49 million vehicles, a year-on-year increase of 7.9%, with 855,000 of those being new energy vehicles, reflecting strong export capabilities [6] - A structural change occurred in 2024, where vehicle exports surpassed parts exports, influenced by geopolitical factors and the restructuring of global supply chains [6]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [1] Core Insights - The automotive sector has shown mixed performance, with a recent decline of 1.66% over the past two weeks, underperforming the CSI 300 index by 3.04 percentage points, ranking 24th among 31 sectors [5][13] - In terms of production and sales, China's automotive production in May reached 2.649 million units, a year-on-year increase of 11.7%, while sales were 2.686 million units, up 11.1% year-on-year [21] - The launch of Xiaomi's YU7 SUV is expected to intensify competition in the electric vehicle market, particularly against Tesla's Model Y, due to its high specifications and competitive pricing [49][50] Industry Data Tracking - In May, automotive exports totaled 551,000 units, reflecting a year-on-year growth of 14.6% [21] - The dealer inventory warning index stood at 52.7%, down 5.50 percentage points year-on-year and 7.10 percentage points month-on-month [21] - The automotive sector's PE (TTM) ratio is currently at 28.11 times, with the passenger vehicle segment at 35.68 times [18][20] Industry News - The People's Bank of China and six other departments are promoting automotive loan services and reducing penalties for early loan settlements during trade-in processes [31] - The Ministry of Commerce will organize a "New Energy Vehicle Consumption Season" from July to December 2025 to boost sales in rural areas [32] - Guangzhou aims for over 90% of new cars to be L2 or higher level intelligent connected vehicles by 2027 [33][34] Company News - Xiaomi's YU7 was officially launched with prices starting at 259,900 yuan, and it has already received over 200,000 reservations within three minutes [41][49] - Changan Automobile has changed its controlling shareholder's name to Chanzhi Automotive Technology Group Co., Ltd., with no impact on its operations [42] - Haier's Robotaxi business has secured over 3 billion yuan in financing, indicating strong investor interest in autonomous driving technology [43][44]

Core Viewpoint - The visit to Huayang Group by the Huizhou Securities and Futures Industry Association represents a significant opportunity for collaboration and understanding between the company and industry stakeholders, highlighting Huayang Group's strong market position and innovative capabilities in the automotive electronics sector [1][5]. Company Overview - Huayang Group has focused on product development in automotive intelligence and lightweighting, with its automotive electronics business covering three main areas: intelligent cockpits, intelligent driving, and intelligent networking, making it one of the most comprehensive companies in the domestic intelligent cockpit sector [3]. - The precision die-casting business includes key automotive components, precision 3C electronic parts, and industrial control components, establishing Huayang Group as a highly competitive player in the domestic die-casting industry [3]. Industry Insights - The president of the Huizhou Securities and Futures Industry Association emphasized Huayang Group's significant influence in the industry, noting its excellent performance and stable development, which have garnered widespread market recognition [5]. - Huayang Group aims to achieve a revenue breakthrough of 10 billion in 2024, with overseas markets identified as a crucial growth area, supported by increased investment in technology research and development [6]. Product Experience - During the visit, attendees experienced advanced automotive technologies such as AR-HUD, PHUD, wireless charging for mobile devices, and electronic rearview mirrors, showcasing the convenience and trend of intelligent cockpits [5][6]. - The president of the association personally tested the HUD product capabilities, enhancing understanding of Huayang Group's core products [6]. Q&A Session - The Q&A session addressed various topics, including the relationship between internal development and external mergers, strategic planning, competitive advantages, stock incentives, future outlook, R&D investment, and risk management related to raw material cost fluctuations [8]. - Huayang Group's executives provided detailed and professional responses, earning high recognition and satisfaction from the attendees [8].