Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

China Auto/EV/Batteries EQUITY: AUTOS & AUTO PARTS Another double-digit y-y growth for China auto market Some concerns around EV market looking ahead into mid-term Solid growth in Jun for entire China auto market, while EV market development was subontimal The China auto market reported wholesale unit deliveries of 2.5mn (+14.5% y-yl +7.8% m- m). PV retail sales excluding minivans was 2.1mn units (+18.3% y-y and +7.6% m-m). Both wholesales and retails clocked double-digit y-y growth again, with OEMs pushing ...

2025 年 07 月 13 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 极氪发布浩瀚 [Table_Title] -S 架构，尚界启动预热 ——汽车行业周报 最近一年走势 | 行业相对表现 | | | | 2025/07/11 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 汽车 | | -1.9% | 5.3% | 26.8% | | 沪深 | 300 | 3.1% | 7.0% | 15.8% | 相关报告 《帕西尼 A 轮融资落地，星动纪元推出超拟人服务 机器人星动Q5——人形机器人行业2025年6月月 报（推荐）*汽车*吴铭杰，戴畅》——2025-07-07 《汽车行业周报：小鹏 G7 上市，多家车企公布上 半年销量（推荐）*汽车*戴畅》——2025-07-07 《人形机器人灵巧手深度报告：灵巧手赛道蓝海可 期，各类新技术百花齐放（推荐）*汽车*吴铭杰， 戴畅》——2025-07-06 《商用车行业动态研究：2025 年 6 月重卡销量同 比显 ...

Meeting Overview - The first meeting of the 2025 Employee Stock Ownership Plan (ESOP) was held on July 11, 2025, both in-person and via communication methods, with 100% attendance from the holders [1] - The meeting was convened and presided over by the company's board secretary, ensuring compliance with the relevant regulations of the ESOP [1] Resolutions Passed - A management committee was established to oversee the ESOP, consisting of three members, with a term aligned with the duration of the ESOP [1][2] - The committee members elected were Xiong Wenquan, He Zhiliang, and Li Lele, all of whom do not hold more than 5% of the company's shares and have no related party relationships with major stakeholders [2] Committee Responsibilities - The management committee is authorized to handle various tasks, including convening meetings, supervising daily management, managing accounts, and representing holders in exercising shareholder rights [3][4] - The committee will also manage the assets of the ESOP, coordinate with professional consulting institutions, and handle matters related to the registration and distribution of benefits [3][4]

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2025-054 惠州市德赛西威汽车电子股份有限公司 关于 2025 年员工持股计划首次持有人大会决议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）2025 年员工持股 计划（以下简称"持股计划"）首次持有人大会会议于 2025 年 7 月 11 日以现场及 通讯方式召开。本次会议由公司董事会秘书章俊先生召集并主持，持有人应参会 67 人，实际参会 67 人，代表员工持股计划份额 167,994,820 份（每份份额为 1 元），占 2025 年员工持股计划总份额数的 100%。本次会议召集、召开和表决程 序符合公司 2025 年员工持股计划的有关规定。 二、会议审议情况 1. 审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 为保证本持股计划的顺利进行，保障持有人的合法权益，根据公司《2025 年 员工持股计划》《2025 年员工持股计划管理办法》等相关规定，同意设立本持股 ...

投资者关系活动记录表 编号：2025-007 | | √特定对象调研 □分析师会议 | | | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） 中金公司 李诗雯 | | | | 中金公司 朱镜榆 | | | 活动参与人员 | 瀚鑫基金 柯夤翀 | | | | Cephei Capital 刘京 | | | | Polymer Capital 隗葳 | | | | 上海瓴仁私募基金王以哲 | | | 时间 | 年 7 月 9 日 | 2025 | | 地点 | 惠州市德赛西威汽车电子股份有限公司 | | | 形式 | 公司办公室 | | | 上市公司接待 | 证券事务代表：林洵沛先生 | | | 人员姓名 | 证券事务专员：黄伊靖女士 | | | 交流内容及具体 | 1、请介绍一下公司智能驾驶业务的竞争优势？ | | | | 答：公司不断拓展自身在研发创新、客户服务、安全验证方面 | | | | 的综合实力，满足客户对不同产品组合及业务开发模式的多元 ...

Summary of Key Points Core Viewpoint - The recent block trading activity of Desay SV Automotive indicates significant institutional interest, with a total transaction volume of 644,000 shares and a transaction value of 60.81 million yuan, reflecting a discount of 7.86% compared to the closing price on the same day [2][3]. Trading Activity - On July 9, Desay SV Automotive experienced 10 block trades, with an average transaction price of 94.43 yuan per share [2][3]. - The closing price for Desay SV Automotive on the same day was 102.48 yuan, marking a 0.93% increase, with a trading volume of 560 million yuan and a net inflow of 19.71 million yuan in main funds [2][3]. - Over the past five days, the stock has seen a cumulative increase of 2.07%, although there was a net outflow of 34.78 million yuan in funds during this period [2][3]. Margin Financing - The latest margin financing balance for Desay SV Automotive stands at 872 million yuan, which has decreased by 36.10 million yuan over the past five days, representing a decline of 3.98% [3].

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.39%, with key stocks like Defu Technology (301511) rising by 3.57% and Huayou Cobalt (603799) by 2.92% [1] - The National Development and Reform Commission and other departments announced plans to establish over 100,000 high-power charging facilities by the end of 2027, aiming for improved service quality and technology upgrades [1] - CITIC Securities forecasts that domestic electric vehicle sales will reach 16.52 million units in 2025, with a year-on-year growth rate of 15-22% expected in 2026 [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.15%, with major stocks like Sungrow Power (300274) increasing by 1.62% [4] - The top ten weighted stocks in the photovoltaic index account for 55.39% of the total index, indicating a concentrated market [9] Group 3: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) increased by 0.29%, with stocks like Zhengmei Machinery (601717) rising by 2.51% [4] - The top ten weighted stocks in the automotive parts index represent 41.05% of the total index, highlighting key players in the sector [9] Group 4: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 0.50%, with stocks like Yake Technology (002409) increasing by 4.58% [6] - The top ten weighted stocks in the new materials index account for 51.27% of the total index, showcasing significant contributors to the industry [10]

6 July 2025 | 2:08PM HKT Desay SV (002920.SZ): Mgmt. visit: Smart driving continues to grow; full stack solutions to accelerate deployment We visited Desay SV in Huizhou recently. Management remains positive on the smart driving trend, domain controllers growth, full stack solutions, and ongoing costs control and operation efficiency. We are positive on Desay SV's product expansion from smart cockpit to smart driving and automotive software, supporting them to better ride on the growing smart driving trend ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].