Core Viewpoint - The company, Desay SV Automotive Electronics Co., Ltd., has announced the convening of its fifth extraordinary general meeting of shareholders for 2025, scheduled for December 22, 2025, to discuss various proposals approved by the board of directors [1][6]. Meeting Details - The meeting will be held on December 22, 2025, at 14:45 local time, with network voting available throughout the day [2]. - The meeting will combine on-site voting and online voting, allowing shareholders to participate either in person or through designated proxies [3]. - The record date for shareholders to attend the meeting is December 16, 2025, at 15:00 [4]. Attendance and Voting - All ordinary shareholders registered by the record date are entitled to attend the meeting, along with company directors, supervisors, senior management, and other legally required attendees [4]. - The meeting will take place at the company's conference room located in Huizhou, Guangdong Province [5]. - Shareholders must register for the meeting by providing necessary documentation, including identification and proof of shareholding [9][10]. Proposals and Voting Procedures - The proposals to be discussed at the meeting have been approved by the board and include special resolutions requiring a two-thirds majority for approval [6]. - Certain proposals will require separate voting for minority shareholders to ensure their interests are considered [6]. - Related party shareholders must abstain from voting on specific proposals [7]. Registration and Contact Information - Registration for the meeting will occur on December 18, 2025, with options for on-site, mail, or electronic registration [11]. - Contact details for inquiries include a designated representative and their contact information [12].

（文章来源：证券日报） 证券日报网讯 12月17日晚间，德赛西威发布公告称，公司将于2025年12月22日召开2025年第五次临时 股东大会。 ...

惠州市德赛西威汽车电子股份有限公司 关于召开 2025 年第五次临时股东大会的提示性公告 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。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"或"德赛西威"） 第四届董事会第十五次会议审议通过了《关于提议召开公司 2025 年第五次临时 股东大会的议案》，决定于 2025 年 12 月 22 日召开公司 2025 年第五次临时股东 大会，公司已于 2025 年 12 月 3 日在巨潮资讯网（http://www.cninfo.com.cn）和 《证券时报》、《中国证券报》、《上海证券报》、《证券日报》上披露了《关于召开 2025 年第五次临时股东大会的通知》（公告编号：2025-093）。本次股东大会采取 现场投票与网络投票结合的方式进行，现将本次股东大会的有关事项再次通知如 下： 一、召开会议的基本情况 1、股东大会届次：2025 年第五次临时股东大会 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：2025-094 2、股东大会的召集人：公司董事会 3、会议召开的合法、合 ...

Core Insights - The "Super CEO" list by Zhito Finance highlights outstanding leaders in the automotive industry, focusing on their financial growth and reputation, with BYD's Wang Chuanfu ranked first [1][12]. Industry Overview - The automotive industry in China, encompassing vehicles, parts, and services, is projected to produce and sell 31.28 million and 31.44 million units in 2024, reflecting year-on-year growth of 3.7% and 4.5% respectively, maintaining its position as the world's largest market for 16 consecutive years [2]. - In 2024, China's automotive exports are expected to reach 5.859 million units, marking a 19.3% increase, showcasing the industry's resilience amid global trade uncertainties [2]. New Energy Vehicles (NEVs) - NEVs are leading the transformation of the automotive industry, with production and sales expected to exceed 10 million units in 2024, achieving year-on-year growth of 34.4% and 35.5% respectively [3]. - NEV exports are projected to reach 1.284 million units, a 6.7% increase, as China strengthens its competitive edge in key overseas markets [3]. Automotive Parts Industry - The automotive parts sector is experiencing significant growth, with the demand for core components like batteries, motors, and electronic controls surging as NEV penetration exceeds 40% [4]. - In 2024, the installed capacity of power batteries is expected to grow by 47.6% to 531 GWh, with lithium iron phosphate batteries accounting for 69.2% of the total [4]. - The export value of automotive parts is anticipated to reach $105.61 billion, reflecting a 6.8% increase [4]. Intelligent Driving - The intelligent driving sector is witnessing rapid advancements, with consumer demand for safety and efficiency driving the adoption of L2 and higher autonomous driving features in mid-to-high-end vehicles [5]. - Technological breakthroughs in AI algorithms, automotive-grade chips, and high-precision mapping are laying a solid foundation for the industrialization of intelligent driving [5]. CEO Performance - The 25 CEOs on the list have demonstrated impressive performance, with median revenue growth of 23.3%, net profit growth of 31.42%, and return on equity of 15.35% [8]. - The average market capitalization of these companies is approximately 113.6 billion yuan, with 24 CEOs disclosing their 2024 salaries, the highest being 639.134 million yuan [8]. - The representation of post-80s CEOs has increased significantly, indicating a trend towards younger leadership in the automotive sector [8]. Notable CEOs - Wang Chuanfu of BYD leads the list, achieving sales of 4.2721 million units in 2024, with a revenue of 777.102 billion yuan, a 29.02% increase year-on-year [12]. - Zhang Zhengping of Seres has seen a remarkable revenue increase of over 305.04% to 145.176 billion yuan, with NEV sales rising by 182.84% [13]. - Li Xiang of Ideal Auto reported a revenue of 144.460 billion yuan, a 16.64% increase, and is focusing on expanding into the Middle East and Central Asia [14]. - Wang Bin of Top Group achieved a revenue of 26.6 billion yuan, growing by 35.02%, by implementing a Tier 0.5 platform strategy [15].

方正证券指出，当前AI芯片市场呈现"GPU领跑、ASIC崛起"的态势。通用型GPU凭借其强大的并行计 算能力和成熟的软件生态，在AI训练和推理领域仍占据主导地位，专用型芯片（ASIC）因其在特定场 景下更高的计算效率和能效比，正获得快速发展，出货量增速显著。该机构认为，从长远来看，通用与 专用两种技术路径将根据不同的应用需求长期共存，并可能最终走向融合架构。同时，行业的关注点正 从单个芯片的性能，逐步转向如何通过"超节点"等系统级方案，实现更大规模的算力整合与高效利用。 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技术、 基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互联"地 基"。前十大权重股包括中际旭创、新易盛、寒武纪-U、中科曙光、科大讯飞、豪威集团、海康威视、 澜起科技、金山办公、紫光股份等国内科技龙头。 （文章来源：每日经济新闻） A股三大指数午后持续走低，上证指数跌1.3%，深证成指跌1.91%，创业板指跌2.34%，CS人工智指数 跌2.52%，沪市规模最大的人工智能AIETF（515070）盘中跌2. ...

Group 1 - The core viewpoint of the news is the significant rise in the smart driving sector, driven by the recent approval of L3-level conditional autonomous driving vehicles in China, marking a transition from testing to commercial application [1] - The smart car ETF (159888) has shown a leading increase of 1% in the market, with key holdings such as Wanjie Technology, Zhejiang Sebao, and Suoling Co., Ltd. reaching their daily limit [1] - The Ministry of Industry and Information Technology announced the first batch of L3-level autonomous driving vehicle licenses, allowing two models to conduct road trials in designated areas of Beijing and Chongqing [1] Group 2 - According to China International Capital Corporation (CICC), the penetration rate of advanced autonomous driving is expected to gradually increase, with urban NOA penetration surpassing 15% and highway NOA exceeding 30% by September 2025 [1] - The smart car ETF closely tracks the CS Smart Car Index, with its constituent stocks primarily distributed across high-quality sectors such as electronics, computers, automobiles, and communications, showcasing a strong technological attribute [1] - The automotive parts ETF (562700) tracks the CSI Automotive Parts Theme Index, focusing on high-quality parts companies, with significant weight in automotive parts, automation equipment, and consumer electronics sectors [2]

Core Insights - The first batch of L3-level conditional autonomous driving vehicles has been granted approval in China, marking a significant step towards commercial application in the intelligent connected vehicle industry [1][4] Group 1: Regulatory Developments - The Ministry of Industry and Information Technology announced the approval of two L3-level conditional autonomous driving models: Changan SC7000AAARBEV and Arcfox BJ7001A61NBEV [1] - According to national standards, L3-level autonomous driving allows the vehicle system to fully take over driving tasks under specific conditions, while the driver must remain alert and ready to take control [3] Group 2: Industry Implications - Analysts suggest that this approval signifies a transition from "testing demonstration" to "commercial application" for China's intelligent connected vehicle industry [4] - The two approved models will undergo road trials in designated areas, with the Ministry of Industry and Information Technology collaborating with local authorities to enhance vehicle operation monitoring and safety [4] Group 3: Market Trends - The "Automotive Industry Stabilization Growth Work Plan (2025-2026)" was released, providing clear guidance for industry development over the next two years, including conditional approval for L3-level autonomous vehicle production [5][6] - The formal implementation of L3-level autonomous driving regulations is expected to be a key catalyst for industry development by 2026, with consumer interest in advanced driver assistance systems increasing [6] Group 4: Financial Performance of Related Companies - A total of 13 intelligent driving stocks have seen net buying exceeding 100 million yuan since Q4 2025, with Hikvision, JAC Motors, Lens Technology, and Desay SV leading in net buying amounts [7] - Companies like Hikvision and Desay SV are focusing on smart driving sensor solutions and intelligent cockpit systems, respectively, indicating a strong growth trajectory in the intelligent driving sector [10] - Predictions for 2025 show that 19 intelligent driving stocks are expected to have a net profit growth rate exceeding 30%, with notable increases from companies like Foton Motor (1633.76%) and SAIC Motor (584.34%) [12]

| 公司名称 | 国家 | 细分领域 | 公司名称 | 国家 | 细分领域 | 公司名称 | 国家 | 细分领域 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 百度 | 中国 | 综合 | 科大讯飞 | 中国 | 智能翻译 | 英伟达 | 美国 | 半导体 | | 阿里巴巴 | 中国 | 综合 | 德赛西威 | 中国 | 电子制造 | Cadence | 美国 | 软件 | | Melexis | 比利时 | 半导体 | 地平线机器 人 | 中国 | 汽车智能解 决方案 | Synopsys | 美国 | 工 软件 | | 意法半导体 | 欧洲 | 未合体 | ARM | 英国 | 软件 | 德州仪器 | 美国 | 未合体 | | 三星电子 | 韩国 | 半导体 | AMD | 美国 | 半导体 | 索尼 | 日本 | 综合 | | 三星电机 | 韩国 | 电子制造 | 安森美 (onsemi) | 美国 | 半导体 | 安霸 (Ambarell a) | 美国 | 半导体 | | ROHN Semiconduc tor | 日本 | ...

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]