证券时报·数据宝统计，截至今日上午收盘，上证综指4017.94点，收于五日均线之上，涨跌幅0.44%，A 股总成交额为12733.37亿元。到目前为止，今日有1085只A股价格突破了五日均线，其中乖离率较大的 个股有天宏锂电、佰维存储、德瑞锂电等，乖离率分别为17.41%、11.81%、8.69%；国海证券、莱伯泰 科、德赛西威等个股乖离率较小，刚刚站上五日均线。 （文章来源：证券时报网） 珠 11月13日突破五日均线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 920252 | 天宏锂 电 | 26.37 | 28.72 | 31.75 | 37.28 | 17.41 | | 688525 | 佰维存 储 | 15.92 | 10.86 | 130.71 | 146.14 | 11.81 | | 920523 | 德瑞锂 电 | 14.66 | 12.36 | 30.80 ...

Core Insights - The automotive AR-HUD (Augmented Reality Head-Up Display) technology is rapidly evolving, with significant growth in adoption and market share, driven by increasing consumer demand for enhanced driving experiences and safety features [1][5][14]. Group 1: AR-HUD Development and Market Trends - The AR-HUD has undergone three generations of upgrades: C-HUD, W-HUD, and AR-HUD, with AR-HUD leveraging augmented reality to provide richer and more intuitive driving information [1][4]. - In the first eight months of 2025, the installation of AR-HUD in passenger vehicles reached 807,200 units, a year-on-year increase of 71.37%, accounting for 30.9% of the overall HUD market, up 6.1 percentage points from 2024 [1][5]. - The average price of AR-HUD in China is projected to drop to around 1,000 yuan in 2024, driven by technological advancements and increased competition among manufacturers [9][11]. Group 2: Technology and Performance - The main imaging technologies for AR-HUD include TFT-LCD, DLP, and LCoS, with LCoS showing remarkable growth, increasing its market share from less than 2% in 2023 to 28% in the first eight months of 2025 [1][9]. - The LCoS AR-HUD installation in the Chinese market reached 224,700 units in the first eight months of 2025, with a year-on-year growth rate of 135.53%, indicating its potential as a leading technology direction [1][9]. Group 3: Competitive Landscape - Domestic companies such as Crystal Optoelectronics, Huayang Multimedia, and Yili Electronics have made significant breakthroughs in the HUD field, gaining a dominant position in the AR-HUD market [1][12]. - In the AR-HUD market segment with a projection distance of over 7 meters, five companies, including Huawei and Crystal Optoelectronics, hold over 80% of the market share, with Huawei leading at 33.87% [12][13]. Group 4: Future Outlook - The penetration rate of AR-HUD is expected to continue rising as smart driving technologies advance, with AR-HUD likely becoming the primary display for critical driving information [14][15]. - The industry is anticipated to face intensified competition, with leading companies expanding their market share while smaller firms may struggle to keep pace [16].

Core Viewpoint - The global smart automotive industry is undergoing unprecedented transformation, driven by software-defined vehicles and AI advancements, leading to a shift in competitive logic within the industry [2][14]. Group 1: Industry Transformation - The transition from distributed architecture to centralized computing platforms signifies a comprehensive change in the automotive sector, with a focus on system integration and cross-domain collaboration [2][3]. - Chinese companies, particularly Desay SV, are showcasing remarkable innovation and are evolving from traditional component suppliers to system solution providers [2][14]. Group 2: Full-Stack Integration - Full-stack integration involves a systematic transformation across multiple technical layers, including hardware-software decoupling, faster OTA upgrades, and enhanced safety and stability requirements [3][4]. - Desay SV is actively implementing full-stack integration in smart cockpits, intelligent driving, and connected services, exemplified by their integrated product ICP S01E [3][9]. Group 3: Growth Strategy - The company's growth strategy is encapsulated in the "growth flywheel" concept, emphasizing comprehensive product solutions, open communication with OEMs, rapid market introduction of new products, and leveraging experience for future innovations [5][6][14]. - Desay SV's R&D investment has seen a compound annual growth rate of 34% over the past five years, focusing on building a complete technology chain from perception to interaction [7][10]. Group 4: Key Technological Focus - The key areas of focus include artificial intelligence and machine learning, intelligent computing platforms, multi-sensor fusion technology, and 5G V2X technology, which together form a complete technology chain for smart vehicles [7][10]. Group 5: Global and Local Integration - Desay SV is expanding its vision from vehicle-centric products to include infrastructure, addressing the limitations of single-vehicle intelligence through vehicle-road collaboration [11][12]. - The company emphasizes the importance of localizing its innovations to fit different markets, advocating for a collaborative approach to global integration [12][14].

国浩律师（深圳）事务所 关于 惠州市德赛西威汽车电子股份有限公司 2025 年第四次临时股东大会 之 法律意见书 GLG/SZ/A2577/FY/2025-1474 致：惠州市德赛西威汽车电子股份有限公司 国浩律师（深圳）事务所（以下简称"本所"）接受惠州市德赛西威汽 车电子股份有限公司（以下简称"公司"）的委托，指派律师出席了公司 2025 年第四次临时股东大会（以下简称"本次股东大会"）。 现根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、 行政法规、规范性文件以及《惠州市德赛西威汽车电子股份有限公司章程》 （以下简称"《公司章程》"）的规定就本次股东大会相关事宜出具法律意 见。在本法律意见书中，本所律师仅对本次会议的召集与召开程序、召集人 和出席人员资格、会议表决程序及表决结果的合法性发表意见，不对本次会 议所审议的议案内容及该等议案所表述的事实或数据的真实性、准确性和完 整性发表意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的事项进行了审 查，查阅了本所律师认为出具法律意见书所必需查阅的文件，并对有关问题 ...

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：2025-083 惠州市德赛西威汽车电子股份有限公司 2025 年第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决、修改、增加议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、股东大会届次：2025 年第四次临时股东大会 2、股东大会的召集人：公司董事会 3、会议主持人：董事长高大鹏先生 4、会议召开的合法、合规性：本次股东大会会议的召集、召开程序符合《中华人 民共和国公司法》、《上市公司股东大会规则》和《惠州市德赛西威汽车电子股份有限公 司章程》的有关规定。 5、会议召开时间： （1）现场会议时间：2025 年 11 月 12 日下午 14:45 （2）网络投票时间：2025 年 11 月 12 日 通过深圳证券交易所交易系统进行投票的具体时间为 2025 年 11 月 12 日上午 9:15 至 9:25、9:30 至 11:30，下午 13:00 至 15:0 ...

Core Insights - Black Sesame Intelligence announced the successful integration of its flagship Huashan A1000 automotive-grade chip into Desay SV's new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series, establishing a collaborative innovation model in the automotive electronics and chip industry [2] - The Huashan A1000 chip features a dual-brain redundancy architecture, enhancing safety for unmanned logistics operations by monitoring the main control system and taking over in case of anomalies [2] - Desay SV's focus on low-speed unmanned delivery aims to address urban last-mile logistics efficiency challenges, with safety redundancy being a core support for scalable operations [2] Company Performance - Desay SV reported a revenue of 7.692 billion yuan for Q3 2025, a year-on-year increase of 5.63%, and a total revenue of 22.337 billion yuan for the year-to-date, reflecting a 17.72% growth [4] - The net profit attributable to shareholders reached 1.788 billion yuan, up 27.08% year-on-year, with total assets growing by 26.81% to 27.242 billion yuan as of September 30 [4] - The company’s cash flow from operating activities surged by 169.3% to 2.26 billion yuan, supported by a successful fundraising of 4.393 billion yuan for expansion in facilities, production lines, and R&D [4] Technological Advancements - The Huashan A1000 chip has achieved ISO 26262 ASIL-B functional safety certification and AEC-Q100 Grade 2 automotive reliability certification, featuring a dual-core lockstep safety processor [3] - It offers 58 TOPS of high-performance computing power while maintaining low power consumption, capable of efficiently processing various sensor data and ensuring real-time responses in critical scenarios [3] - The chip operates within a wide temperature range of -40°C to 105°C, making it suitable for diverse outdoor and low-temperature storage applications [3] Strategic Developments - Black Sesame Intelligence is expanding its dual-line strategy in the smart automotive and robotics sectors, with the Huashan series focusing on driver assistance and the upcoming Huashan A2000 family embracing large models [5] - The Wudang series targets cross-domain computing, with the C1200 family innovating in electronic and electrical architecture, already receiving positive feedback in multiple scenarios [5] - The company plans to launch a robotics product line, leveraging its automotive technology to reduce development barriers and accelerate product deployment [5] Industry Collaboration - The partnership between Black Sesame Intelligence and Desay SV highlights the importance of upstream and downstream collaboration in the industry, with potential for further expansion in smart logistics and robotics [6] - As Desay SV deepens its focus on unmanned delivery and Black Sesame continues to iterate its chip technology, both companies are positioned to drive new momentum in the smart industry [6]

Summary of China Auto Parts Industry Conference Call Industry Overview - **Industry**: China Auto Parts - **Focus**: Global expansion of auto parts suppliers due to deteriorating domestic margins and improving product quality [1][2][3] Key Insights Global Expansion Trends - **Accelerating Global Expansion**: Chinese auto parts suppliers are shifting from exports to offshoring, aiming to capture a US$240 billion opportunity and increase overseas market share to 10% by 2030, with a projected 12% CAGR from 2025 to 2030 [2][57]. - **Push-Pull Dynamic**: Domestic price competition and margin pressure are pushing suppliers to limit domestic exposure, while advancements in product quality and technology are pulling them towards global markets [3][29]. Market Dynamics - **Domestic Margin Pressure**: Average net margins for auto parts suppliers fell from 11.6% in 2022 to 9.9% in 2024, with over 50% of companies experiencing gross margin declines in 1H25 [76][84]. - **Export Growth**: China's auto parts export value grew at a CAGR of 10% from 2019 to 2024, up from 1% CAGR in 2014-2019 [25][52]. Strategic Shifts - **From Exports to Offshoring**: Suppliers are expected to establish offshore plants, with net margins for these plants projected to be 10-15 percentage points lower than exports [4][34]. - **Popular Offshore Locations**: Key sites for offshore plants include Mexico, Eastern Europe, North Africa, and Southeast Asia, chosen for their competitive labor and energy costs [35][96]. Company-Specific Insights Preferred Suppliers - **Strong Candidates for Global Expansion**: - **Xingyu (601799.SS)**: Low but expanding overseas exposure, expected to accelerate revenue through project wins [5][41]. - **Desay (002920.SZ)**: Similar profile to Xingyu, with potential for overseas revenue growth [5][41]. - **Minth (0425.HK)** and **Keboda (603786.SS)**: Sizable and improving overseas exposure, expected to grow earnings amid tariff disruptions [5][41]. Downgrades - **Sanhua (002050.SZ)** and **Tuopu (601689.SS)**: Downgraded due to slowing EV parts outlook and market optimism already priced in [5][41]. Financial Projections - **Market Share Growth**: Expected to capture 10.1% of overseas market share by 2030, with production value increasing at a CAGR of 32% from 2025 to 2030 [57][58]. - **Investment Ratings**: - **Overweight (OW)**: Xingyu, Desay, Minth, Keboda - **Equal Weight (EW)**: Fuyao, Sanhua, Tuopu - **Underweight (UW)**: Recodeal, Hirain [9][42]. Additional Considerations - **Challenges in Domestic Market**: Suppliers face a dilemma with JV OEMs offering decent margins but declining volumes, while local OEMs provide volume but at lower margins [28][62]. - **Quality Improvements**: Chinese suppliers have made significant advancements in product quality, enabling them to compete for global OEM contracts [3][88]. Conclusion The China auto parts industry is undergoing a significant transformation as suppliers seek to expand globally in response to domestic margin pressures and competitive dynamics. Key players are positioned to benefit from this shift, while others face challenges that may impact their growth prospects.

Core Insights - Hezhima Intelligent Technology Co., Ltd. announced the successful integration of its flagship product, the Huashan A1000 automotive-grade high-performance auxiliary driving chip, into the new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series by Desay SV Automotive [1][2] - The S6 series utilizes a "dual-brain redundancy" architecture, where the Huashan A1000 chip acts as a safety backup brain, ensuring safe delivery operations in various environments [1] Group 1 - The Huashan A1000 chip has passed multiple authoritative automotive certifications and features a dual-core lockstep safety processor and an independent safety island [1] - The chip supports various sensor data processing and ensures real-time response in critical scenarios, enhancing operational safety [1] - The collaboration aims to enhance the competitiveness of low-speed unmanned vehicles in high-safety-demand scenarios while solidifying Hezhima's position in the low-speed unmanned delivery chip market [2] Group 2 - The S6 series is designed to address the "last mile" logistics efficiency issue in urban areas, with safety redundancy being a core support for its large-scale operations [1] - The Huashan A1000 chip is equipped with rich automotive-grade interfaces and a flexible computing architecture for efficient system collaboration [1] - Hezhima will continue to provide safety redundancy support for the large-scale deployment of the Chuanxing Zhiyuan S6, helping to establish market advantages [2]

Core Viewpoint - The flagship product of Hezhishama, the Huashan A1000 automotive-grade high-performance auxiliary driving chip, has been successfully integrated into Desay SV's new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series, providing a dual-brain redundancy architecture for safe logistics operations [1] Group 1 - Hezhishama's Huashan A1000 chip serves as a core component in the dual-brain architecture [1] - The integration aims to enhance safety for end logistics unmanned operations [1] - Desay SV's new unmanned vehicle brand focuses on low-speed applications [1]

Core Conclusions - The market is expected to refocus on investment opportunities in smart vehicles in Q4, driven by the ongoing AI trend and the advancement of L4 capabilities in autonomous vehicles like Robotaxi [2][3] - Key catalysts for smart vehicle development in Q4 include Tesla's V14 release, XPeng's 2026 Robotaxi production plan, and the introduction of new autonomous vehicles by various companies [2] - The report anticipates a significant acceleration in the entry of core players into the L4 market by 2026, marking a pivotal year for Robotaxi [2] Comparison with Last Year - Similarities with last year's Q4 include the spread of AI applications, but this year emphasizes the evolution of AI logic rather than a resonance with automotive logic [3] - The focus has shifted from hardware opportunities and consumer sales to software opportunities and breakthroughs in B2B applications [3] Investment Recommendations - The report suggests a preference for Hong Kong stocks over A-shares, with a focus on software over hardware and B2B over B2C [6] - Recommended investment combinations include XPeng Motors, Horizon Robotics, and Cao Cao Mobility [6] - Key targets from the perspective of Robotaxi include integrated models (Tesla, XPeng, Qianli Technology) and technology providers (Horizon Robotics, Baidu, Pony.ai) [6] Smart Vehicle Market Overview - The report highlights the improvement in autonomous driving capabilities among various automakers, with XPeng, Huawei, and Li Auto leading the first tier [7] - The penetration rate of smart driving in urban areas reached 23.0% in August, with XPeng's smart driving penetration hitting 76.1% [7] - The report notes a significant increase in the sales of smart vehicles, with a projected growth in the Robotaxi market from 0-30% penetration by 2030 [15] Future Outlook - The core task for automotive intelligence from 2025 to 2027 is to achieve a penetration rate of 50%-80% for new energy vehicles [15] - By 2028-2030, Robotaxi is expected to achieve large-scale commercialization, marking a significant breakthrough in the automotive industry [15] Smart Vehicle Supply Chain Tracking - The report provides a detailed analysis of the smart vehicle supply chain, including hardware components (sensors, chips) and software solutions [10] - Key companies in the hardware segment include Sunny Optical, Nvidia, and Desay SV [10] - In the software segment, notable companies include WeRide, Momenta, and Pony.ai [10] Consumer Willingness to Pay - The report discusses consumer willingness to pay for smart features, indicating a growing acceptance of smart driving technologies [13] - The analysis includes projections for the domestic market size of Robotaxi, estimating significant growth in sales and market penetration [14]