应时刻反思东南亚摩托车出海的教训。 "在汽车智能化领域，无论是产品、技术，还是产业链，中外（美国以外的海外市场）都存在发展的时 间差和代差，这就为中国的汽车智能化出海提供了千载难逢的机会。"12月1日，在第七届全球智能驾驶 大会上，车百会理事长张永伟表示。 过去，谈到汽车出口，往往是以贸易为主的产品出海。而随着中国智能化的发展，相关产业链开始探索 海外发展路径，体系出海已成大势所趋，这将是一次深度的全球汽车产业融合与价值重塑。 今年下半年以来，在第一财经"对话独角兽"年度主题调研中，多家汽车智能化产业链头部企业也表示， 在国内市场竞争日渐白热化的大背景下，出海已经不是企业的可选项，而是必选项，关键是看怎么出， 以及去哪里？ 虽然出海的"天时"即市场机遇已经存在，但汽车智能化实际出海挑战很大。不同于过去的产品出海，智 能化出海更为复杂，因为必须和后续服务、运营等深度捆绑，另外更有法律法规、人文、技术适配"水 土不服"、政策开放性等问题。 "面对更多的不确定性和限制，最好的办法就是合作。"张永伟表示，所以国内企业一开始就要学会到海 外寻找优秀的合作伙伴（包括在华跨国企业），从零和走向共赢。这个建议也同样适用于国内 ...

截至2025年12月1日 14:39，中证智能汽车主题指数(930721)强势上涨2.20%，成分股广和通(300638)上涨20.01%，北京君正(300223)上涨17.04%，美格智能 (002881)上涨10.00%，移远通信(603236)，沪光股份(605333)等个股跟涨。智能汽车ETF基金(159795)上涨2.14%， 冲击3连涨。最新价报1.05元。拉长时间 看，截至2025年11月28日，智能汽车ETF基金近1周累计上涨3.63%。（以上所列股票仅为指数成份股，无特定推荐之意） 流动性方面，智能汽车ETF基金盘中换手2.45%，成交92.69万元。拉长时间看，截至11月28日，智能汽车ETF基金近1周日均成交240.28万元。 消息面上，12月1日，零跑汽车称，11月，零跑全系交付再创新高达70327台，同比增长超75%，持续刷新月销纪录，并已连续九个月保持增长态势。零跑汽 车10周年发布会将于12月28日举行。 小米集团于11月22日宣布正式发布并全面开源其具身大模型MiMo-Embodied，该模型为业界首个成功打通自动驾驶与具身智能的跨域具身基座模型，实现了 两大领域任务的统一建模 ...

计算机 2026 年度策略： AI 全域赋能，业绩 周期与技术周期同步向上 计算机行业 2025 年 12 月 1 日 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱：pangqianqian@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 | 证券研究报告 | | | --- | --- | | 行业研究 | | | 行业投资策略 | | | 计算机 | 行业 | | 投资评级： | 看好 | | 上次评级： | 看好 | 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号 金隅大厦B 座 邮编：100031 AI 全域赋能，业绩周期与技术周期同步向上 2025 年 12 月 1 日 报告内容摘要： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 计算机板块"牛市旗手"属性凸显，基本面与流动性共振。 ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector's performance compared to the overall market [61]. Core Insights - The report emphasizes the importance of AI Infrastructure (AI Infra) as a foundational system for AI workloads, which includes computing power, storage, and networking [5][11]. - The AI Infra market in China is projected to grow significantly, reaching CNY 3.45 billion in 2024 and CNY 6.73 billion in 2025, representing a year-on-year growth of 95.1% [7][10]. - Key players in the AI Infra space include both domestic and international companies, with a focus on data layer software and models [4][36]. Summary by Sections AI Infra Overview - AI Infra is defined as the hardware and software systems designed to support AI workloads, aiming for efficient and large-scale AI model training and inference [5][11]. - The infrastructure consists of several layers, including computing, storage, and networking, with a focus on optimizing AI model performance [8][11]. Market Growth and Trends - The AI Infra market is expected to see rapid growth, with a significant increase in the number of AI applications anticipated in 2024 [29][32]. - The demand for private deployment and data integration solutions is rising, particularly in sectors with stringent data security requirements [29][36]. Key Players and Technologies - Major players in the AI Infra market include Alibaba Cloud, Huawei Cloud, and various startups focusing on Machine as a Service (MaaS) [12][13]. - Technologies such as virtualization and containerization are central to the computing management layer, enhancing resource utilization and efficiency [12][22]. Investment Opportunities - The report identifies several investment targets across different categories, including AIGC applications, digital economy leaders, and data infrastructure [52][53]. - Companies like Snowflake and MongoDB are highlighted as international benchmarks for data layer software, with strong revenue growth trends [36][38]. Future Outlook - AI infrastructure providers are expected to maintain high growth potential due to their critical role in supporting AI applications and the increasing integration of AI into traditional industries [51].

中国银河（601881）证券发布研报称，展望2026，在政策支持、技术进步与成本下行的共同推动下， Robotaxi（开放高速场景）迎来商业化拐点。主机厂与科技巨头的相关业务在国内外呈现"多点开花"之 势，并逐渐形成商业闭环；凭借领先的产品技术与丰富的新车矩阵，部分主机厂有望借此持续提升销量 与市场份额；智能化升级已成为撬动2026年主流车企新车销量的关键支点。 销量方面：新能源车购置税免征持续至2025年底，2026-2027年政策调整为减半征收，每车减税额度不 超过1.5万元，对30万元以下产品新增购车成本比例更高，该价格带目标消费者对价格变化更加敏感， 预计形成更强的销量冲击。展望2026年，鸿蒙智行、零跑、吉利、江淮等车企进入密集的新品投放周 期，在产品力技术领先、新车矩阵丰富的优势下，部分主机厂有望持续提高销量和市场份额。 电动化方面：2023-2025年主流车企的纯电平台（如比亚迪（002594）e平台3.0、吉利SEA）完成验证， 2026年将规模化落地新车型；智能化方面，L3级别智能驾驶落地在即，智能化升级正在成为2026年各 主流车企新车型放量的关键驱动力，车企通过在新车型上大规模配置高阶智 ...

Group 1 - A total of 30 companies were investigated by institutions on November 26, with 19 companies specifically targeted by funds, indicating a strong interest in these firms [1] - Luxshare Precision was the most popular among funds, with 94 funds participating in its investigation, while Desay SV and Noposion each attracted 17 funds [1] - The companies investigated are distributed across 12 industries, with the electronics and machinery sectors having the highest representation, each with 3 companies [1] Group 2 - Among the companies investigated, only 2 had a total market capitalization exceeding 500 billion, with Luxshare Precision being one of them, while 6 companies had market caps below 100 billion [1] - In terms of market performance, 6 of the investigated stocks increased in value over the past 5 days, with the highest gains seen in Yintan Zhikong (3.39%), Meilixin (1.86%), and Yian Technology (1.66%) [1] - Conversely, 13 stocks experienced declines, with the largest drops recorded by Chuaneng Power (-12.68%), Lianhua Technology (-11.98%), and Chongde Technology (-9.40%) [1] Group 3 - In terms of capital flow, 5 stocks saw net inflows over the past 5 days, with Luxshare Precision receiving the highest net inflow of 490 million yuan [2] - The only company to release an annual performance forecast among those investigated was Luxshare Precision, which anticipates a net profit of 16.852 billion yuan, representing a year-on-year increase of 26.09% [2]

Group 1: Luxshare Precision (立讯精密) - The company has developed core capabilities across the entire industrial chain in the humanoid robot sector, capable of independently completing precision processing of key components such as harmonic gears, except for batteries and some joint modules [1] - Luxshare has a well-established automotive business with a diverse product matrix, including high and low voltage harnesses, high-speed harnesses, special harnesses, and fast-charging guns, all of which have shown strong development momentum globally [1] Group 2: Desay SV (德赛西威) - The company possesses global leading capabilities in the intelligent sector and has gained recognition from numerous overseas clients, with plans to systematically and steadily enter various regional markets [2] - Desay SV adheres to a value proposition of "open, full-stack, and rapid realization," focusing on innovation and collaboration to build initial cases and accumulate full-stack system capabilities, thereby expanding its ecosystem and reinforcing competitive barriers [2] Group 3: Jinyinhai (金银河) - The company has developed a two-stage low-temperature sulfuric acid lithium extraction technology that outperforms traditional high-temperature sulfate methods in terms of environmental and economic benefits, producing battery-grade lithium carbonate and other high-value by-products [3] - This technology addresses solid waste pollution issues associated with traditional processes and has multiple barriers in technology, processes, and equipment, taking nearly ten years from R&D to mass production [3] - The company has secured long-term orders for rubidium and cesium salts, which are used in fields such as atomic clocks, quantum physics, aerospace, and perovskite batteries, indicating a promising future [3] Group 4: Century Huatong (世纪华通) - The games launched in 2023 continue to set new records, with no observed peak in their lifecycle, and the game "Kingshot" is breaking overseas records for "Whiteout Survival," indicating a larger overseas market with more users [4] - The company has tested multiple products at a low cost and has released no fewer than 20 products since 2023, with hit games driven by data [4] - The casual gaming segment has a long and stable lifecycle, which, while less profitable than SLG, is still significant for the company [4]

1）立讯精密 （鹏扬基金参与公司特定对象调研&现场参观） 个股亮点：公司在人形机器人领域已具备全产业链核心能力，除电池与部分关节模组外，可自主完成谐波齿轮等关键部件的精加工。；公司的汽 车业务已布局多年，产品矩阵非常丰富。无论是高低压线束、高速线束、特种线束，还是闪充充电枪等，均在全球范围内都取得了良好的发展势 头。；公司办公地址为广东省东莞市清溪镇北环路313号。 2）德赛西威 （鹏扬基金参与公司特定对象调研&电话会议） 证券之星消息，根据市场公开信息及11月26日披露的机构调研信息，鹏扬基金近期对3家上市公司进行了调研，相关名单如下： 3）世纪华通 （鹏扬基金参与公司投资者交流会） 调研纪要：23年上线的游戏仍在创新高，尚未观测到生命周期顶峰，Kingshot正在打破WhiteoutSurvival海外纪录，海外市场更大，用户更多。公 司通过高速低成本测试多个产品，23年以来发布不少于20款产品，爆款由数据驱动。点点利润约占公司总利润的2/3，激励机制结合现金与股权。 海外市场用户重合度约为20%。研发费用增长因点点团队扩充，美元折算影响不大。第三方数据仅为参考，公司流水基于真实财务数据。休闲赛 道生命周 ...

截至发稿，德赛西威市值为648亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 胡玲） 每经AI快讯，德赛西威（SZ 002920，收盘价：108.63元）发布公告称，2025年11月26日，德赛西威接 受国信证券等投资者调研，公司证券事务代表林洵沛参与接待，并回答了投资者提出的问题。 2025年1至6月份，德赛西威的营业收入构成为：汽车电子占比100.0%。 ...

Group 1: Company Strategy and Market Position - The company emphasizes the need for deep localization in operations to navigate the trend of de-globalization, aiming to explore diversified innovation models and proactively position itself for opportunities in overseas markets [3] - The company maintains a value proposition of "open, full-stack, rapid realization," leveraging innovation and partnerships to create successful cross-industry cases, thereby enhancing its competitive barriers [3] - The intelligent cockpit business continues to grow, driven by a diverse product portfolio, market extension strategies, and strong demand for new customer orders [4] Group 2: Technological Advancements and Industry Trends - Rapid advancements in AI and smart driving technologies are expected to enhance the application scenarios for intelligent cockpits, leading to increased product penetration and market expansion [4] - The integration of smart driving and intelligent cockpit technologies will improve vehicle efficiency, optimize costs, and enhance user experience, presenting higher challenges for the industry [4] - The company has established a leading position in both intelligent cockpit and smart driving sectors, with the potential for compounded competitive advantages through cross-domain integration [4]