Core Viewpoint - Desay SV Automotive (002920) announced that major shareholders Huizhou Innovation Investment Co., Ltd. and Shenzhen Shenhua Investment Group Co., Ltd. plan to reduce their holdings due to personal funding needs [1] Shareholder Reduction Plans - Huizhou Innovation Investment Co., Ltd. intends to reduce its stake by up to 16.4 million shares, representing 3% of the company's total share capital, within three months after 15 trading days from the announcement [1] - Shenzhen Shenhua Investment Group Co., Ltd. plans to reduce its stake by up to 7.9803 million shares, accounting for 1.45% of the company's total share capital, within three months after three trading days from the announcement [1] Pricing Mechanism - The reduction prices for both shareholders will be determined based on market prices [1]

《机器人赋能 RoboVan+AI 无人物流！— —机器人行业点评》 2025/05/28 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 王珂 A0230521120002 wangke@swsresearch.com 胡书捷 A0230524070007 husj@swsresearch.com 戴文杰 A0230522100006 daiwj@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 研究支持 行 业 研 究 / 行 业 点 相关研究 行 业 及 产 业 交通运输 范晨轩 A0230123070006 fancx@swsresearch.com 联系人 王易 (8621)23297818× wangyi@swsresearch.com 本研究报告 ...

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：2025-044 惠州市德赛西威汽车电子股份有限公司 监事会关于公司 2025 年股票期权激励计划授予激励对象名单的公示 情况说明及核查意见 公司于 2025 年 5 月 24 日在公司内部网站对 2025 年股票期权激励计划拟授予 激励对象的姓名及职务进行了公示，公示时间为 2025 年 5 月 24 日至 2025 年 6 月 2 日。截至公示期满，公司监事会未收到任何员工对本次拟激励对象提出的异议。 本公司及监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"）于 2025 年 5 月 23 日召开的第四届董事会第十次会议、第四届监事会第十次会议审议通过了《关于公 司<2025 年股票期权激励计划（草案）>及其摘要的议案》等相关议案，具体详见公 司于 2025 年 5 月 24 日在巨潮资讯网（www.cninfo.com.cn）上披露的相关文件。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）《深圳证券交易 所股票 ...

Core Insights - The smart connected vehicle ETF (159872.SZ) increased by 0.67%, with its associated index, CS Vehicle Networking (930725.CSI), rising by 0.52% [1] - Key component stocks such as BYD rose by 1.26%, Derun Electronics surged by 9.97%, Youfang Technology increased by 7.12%, OFILM gained 1.10%, and Siwei Tuxin rose by 1.19% [1] - Xpeng Motors and Huawei announced a strategic partnership on June 5, which is expected to catalyze the smart connected vehicle industry chain, leading to significant stock price increases for related companies like Derun Electronics and Youfang Technology [1] - Research from Kaiyuan Securities highlights the rise of limited scenario L4 autonomous driving, indicating a continued evolution of automotive intelligence and deeper penetration into the industry chain [1] - Guotai Junan Securities focuses on the commercialization capabilities of automotive supply chain manufacturers, suggesting a transition from technological explosion to commercial validation, with hardware OEM models bringing new momentum to the industry [1] Related Products and Stocks - Smart Connected Vehicle ETF (159872), linked funds (Class A 021080, Class C 021081, Class I 022885) [2] - Related stocks include BYD (002594), Huayu Automotive (600741), Inovance Technology (300124), Hongfa Technology (600885), CATL (300750), iFlytek (002230), Dahua Technology (002236), Desay SV (002920), OFILM (002456), and SAIC Motor (600104) [2]

东方证券表示，从投资策略上看，一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，预计二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。建议关注：上汽 集团、江淮汽车、比亚迪（002594）、长安汽车、中国重汽（000951）、广汽集团（601238）、宇通客 车（600066）；新泉股份（603179）、银轮股份（002126）、岱美股份（603730）、拓普集团 （601689）、嵘泰股份（605133）、经纬恒润、爱柯迪（600933）、保隆科技（603197）、精锻科技 （300258）、贝斯特（300580）、瑞鹄模具（002997）、上声电子、双林股份（300100）、华阳集团 （002906）、华域汽车（600741）、伯特利（603596）、德赛西威（002920）、科博达（603786） ...

证券研究报告 电子 Robovan 无人物流车：城配需求旺 盛，L4 商业化启航 华泰研究 2025 年 6 月 03 日│中国内地 动态点评 Robovan 无人物流车加速落地，关注产业链投资机会 无人物流车 Robovan 目前在快递领域，特别是网点-驿站端无人化降本需求 驱动下，正在加快商业化步伐，随着快递末端低速配送场景跑通，我们认为 该合作模式有望逐步往生鲜、商超等其他城配领域拓展。目前行业公司包括： （1）一级创业公司：具备 L4 智驾技术和物流经验的新石器、九识智能、白 犀牛等；（2）配送公司：菜鸟、美团等；（3）L4 多场景公司：文远知行等。 行业头部企业新石器、九识等正在快速生产车辆满足下游需求，新石器在手 订单已经超过 2 万台。我们认为无人物流车有望成为智能驾驶 L4 快速商业 化落地的第一环，建议关注快递公司、运营公司、零部件公司等投资机会。 成本、技术、需求共振，无人物流车步入商业化拐点 无人物流车成本、技术和下游降本需求三方面促进市场步入商业化。（1）成 本为前提：随着近两年乘用车智驾产业上游供应商逐步实现规模化，激光雷 达、芯片、电池等核心零部件成本的快速下降，无人物流车的整车制 ...

证券研究报告 汽车/科技 政策产业共振，"Robo X"迎来新成长 华泰研究 2025 年 6 月 02 日│中国内地 动态点评 政策与产业共振下，Robo X（以 Robotaxi 和 Robovan 为代表的无人载具） 商业化落地加速，多重催化下资本市场关注度显著提升，如特斯拉计划 6 月 推出 Robotaxi 服务，头部企业运营数据持续验证商业模式可行性，以及中 国方案全球输出的潜力。故我们重新审视 Robo X 产业。①Robotaxi：25Q1 小马智行/文远知行/萝卜快跑等车队规模持续扩大，订单量快速增长并积极 拓展海外运营。②Robovan 在物流领域展现较大潜力，形成"技术降本-场景 验证-规模扩张"的正向循环，商业模式初步跑通，25 年或加速落地。③Robo X 演绎至更广阔的无人化应用，Robosweeper/Robotruck 等场景商业化亦在 提速，无人机物流崭露头角。Robo X 产业加速落地有望带来全产业链投资 机遇，建议关注：核心运营平台、高成长硬件供应商及场景集成商。 Robotaxi：商业化进程加速，中国方案有望实现全球输出 全球 Robotaxi 商业化进程加速，中国方案 ...

Wind数据显示，截至2025年5月30日 11:06，中证数字经济主题指数(931582)下跌1.45%。成分股方面涨 跌互现，恒生电子(600570)领涨0.72%，沪硅产业(688126)上涨0.21%，龙芯中科(688047)上涨0.11%；华 大九天(301269)领跌4.66%，寒武纪(688256)下跌4.06%，德赛西威(002920)下跌4.04%。数字经济 ETF(560800)下跌1.74%，最新报价0.73元。流动性方面，数字经济ETF盘中换手1.37%，成交1025.70万 元。拉长时间看，截至5月29日，数字经济ETF近1年日均成交2294.51万元。（以上所列示股票为指数 成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的投资建 议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300059 | 东方财富 | -1.15% | 8.12% | | 688889 | 中芯国际 | -1.55% | 6.58% | | 30 ...

沪指5月29日上涨0.70%，申万所属行业中，今日上涨的有27个，涨幅居前的行业为计算机、医药生 物，涨幅分别为3.62%、2.37%。计算机行业位居今日涨幅榜首位。跌幅居前的行业为美容护理、银 行，跌幅分别为0.59%、0.24%。 资金面上看，两市主力资金全天净流入169.30亿元，今日有19个行业主力资金净流入，计算机行业主力 资金净流入规模居首，该行业今日上涨3.62%，全天净流入资金71.91亿元，其次是电子行业，日涨幅为 2.10%，净流入资金为37.43亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 301316 | 慧博云通 | 0.07 | 20.35 | -5163.29 | | 301396 | 宏景科技 | -2.28 | 14.28 | -4921.82 | | 000066 | 中国长城 | 0.68 | 3.20 | -4248.20 | | 301339 | 通行宝 | 3.18 | 17.89 | -3023.46 | | 688568 | 中科星图 | ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The commercial closure of the autonomous logistics sector is forming, with policies continuously promoting the industry. Level 4 (L4) autonomous vehicles are on the verge of large-scale deployment in logistics scenarios. As of May 27, Jiushi Intelligent has launched its E-series autonomous logistics vehicle platform, with the first model priced at 19,800 yuan and a subscription service for full self-driving (FSD) at 1,800 yuan per month. Jiushi has delivered over 3,000 units and aims for a total of 10,000 units by the end of the year [3][4] - Cost reductions are aiding the formation of a commercial closure, as autonomous logistics meets the need for cost reduction at the terminal. In 2024, China's express delivery volume is expected to reach 174.5 billion packages, with revenue of 1.4 trillion yuan, reflecting year-on-year growth of 21% and 13%, respectively. The high cost of delivery personnel and low safety in delivery are significant issues. Currently, 80%-90% of autonomous logistics scenarios are concentrated between express delivery points and service stations, covering round-trip distances of approximately 10-30 kilometers, effectively supplementing delivery capacity and reducing overall costs. New Stone's X6 autonomous logistics vehicle can reduce the cost per delivery by 50% [4] - Central and local policies are driving the industry forward, with legislative measures being implemented to standardize development. In June 2024, thirteen ministries jointly issued a document supporting the large-scale application of new energy autonomous delivery vehicles. The Ministry of Transport's "Implementation Opinions on Artificial Intelligence + Transportation" has completed the consultation process and will be expedited for release. Additionally, the number of cities with road rights licenses has increased from 30 in 2023 to 93 in 2024 [4] Summary by Sections Autonomous Driving in Passenger Vehicles - The impact of autonomous driving in passenger vehicles is expanding, with a high feasibility for commercializing L4 in limited scenarios. According to NE Era New Energy data, the penetration rate of Level 2 (L2) and above autonomous driving exceeded 60% from January to March 2025, while L2++ and above reached 16.8%. The maturity of the supply chain and scale effects are leading to cost reductions in core components such as LiDAR and domain controllers [5] - The rapid iteration of autonomous driving algorithms and their validation in real-world scenarios are facilitating the application of these technologies in other commercial fields, particularly in limited areas such as ports, industrial parks, and express delivery branches. The feasibility of technology in these scenarios reduces labor costs and promotes commercialization [5] - Various players can benefit from L4 in limited scenarios, with technology providers being a core segment. Many players are already involved, and component manufacturers are expected to share in the industry benefits, achieving both performance and valuation improvements. Specific operational players in unique scenarios can leverage their understanding to enhance efficiency and reduce costs, securing a position in the market. Recommended companies include XPeng Motors, Changan Automobile, BYD, Great Wall Motors, Desay SV, and others [5]