Core Insights - The integrated domain control solution is a core technology for the development of intelligent and connected vehicles, widely implemented in both passenger and commercial vehicles [1][5] - The global market for integrated domain control solutions is expected to grow rapidly, with projections of approximately 85.16 billion yuan in 2025 and 132.46 billion yuan in 2026 [5] - In China, the market size for integrated domain control solutions is projected to reach about 44.14 billion yuan in 2025 and 66.78 billion yuan in 2026, driven by rising consumer demand for smart experiences and supportive national policies [5] Industry Definition - The term "domain" refers to a collection of electronic and electrical architectures that control major functional modules of a vehicle, typically divided into five domains: intelligent driving, entertainment (cockpit), chassis, power, and body [2] - The trend towards integration in the vehicle's electronic and electrical architecture is driven by the increasing number of electronic control units and the shift towards centralized E/E architectures [2][4] Market Overview - The integrated domain control solution market is experiencing rapid growth due to the shift towards centralized E/E architectures and the increasing demand for integrated computing capabilities in smart vehicles [5] - The market is supported by rising consumer spending and the importance of smart experiences in vehicle purchasing decisions, particularly among younger consumers [5] Industry Chain - The upstream of the integrated domain control solution industry includes core components such as domain control SoCs, vehicle networking, and other embedded computing modules, as well as related software like operating systems and application software [5] - The midstream involves system integration and services for integrated domain control solutions, while the downstream includes traditional domestic manufacturers, foreign manufacturers, joint ventures, and new forces in the automotive industry [5] Competitive Landscape - The competition in the Chinese integrated domain control market is characterized by a transition from separate intelligent driving and cockpit domain controls to integrated solutions, with key players including Desay SV, Jingwei Hirain, and Joyson Electronics [7] - Companies are focusing on developing higher computing power solutions and integrated cockpit and driving domain control solutions [7] Company Highlights - Megvii Technology is a leading automotive technology company focusing on AI-driven integrated domain control solutions, aiming to reshape the next generation of smart vehicles [8] - Desay SV is a global leader in mobile travel technology, focusing on the integration of intelligent cockpit, intelligent driving, and connected services, with significant revenue from its smart cockpit segment [9] Industry Trends - The integrated domain control solution industry is entering a high-growth phase, driven by the electrification, intelligence, and connectivity of the automotive industry [10] - The industry is evolving towards functional integration, AI fusion, and higher safety standards, with an emphasis on cost reduction and domestic substitution [10]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，惠州市德赛西威汽车电子股份有限公司取得一项名为"汽车仪表总里程存储 方法、读取方法、装置、设备及介质"的专利，授权公告号CN117011961B，申请日期为2023年6月。 天眼查资料显示，惠州市德赛西威汽车电子股份有限公司，成立于1986年，位于惠州市，是一家以从事 汽车制造业为主的企业。企业注册资本55494.9301万人民币。通过天眼查大数据分析，惠州市德赛西威 汽车电子股份有限公司共对外投资了24家企业，参与招投标项目117次，财产线索方面有商标信息132 条，专利信息2876条，此外企业还拥有行政许可177个。 ...

Core Viewpoint - The National Development and Reform Commission announced the continuation of new car subsidy policies for the next year, with subsidies of 20,000 RMB for new energy vehicles and 15,000 RMB for internal combustion engine vehicles, aligning with Morgan Stanley's expectations [1] Group 1: Policy Impact - The new policy considers vehicle prices, indicating that subsidies for cars priced below 150,000 RMB will decrease year-on-year, while vehicles priced between 150,000 and 200,000 RMB will benefit the most from the incentives [1] - High-end vehicles will not be affected by the adjustments in the subsidy policy [1] Group 2: Company Preferences - Morgan Stanley prefers companies that offer high-end vehicles, such as Li Auto (02015), NIO (09866), and companies collaborating with Huawei, which will also benefit high-end brand agents like Zhongsheng Holdings (00881) [1] Group 3: Market Challenges - Mass market brands are expected to face greater headwinds due to reduced subsidies and a 5% increase in the purchase tax for new energy vehicles [1] Group 4: Supplier Benefits - Suppliers such as Xingyu Automotive (601799.SH), Desay SV (002920.SZ), and Huayang Group (002906.SZ) are believed to benefit from their exposure in the local market [1]

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2]. Core Insights - Baidu's collaboration with Uber and Lyft to launch a Robotaxi pilot project in the UK in 2026 is a significant development, indicating a global expansion strategy for domestic Robotaxi operators [3][4]. - The report highlights that leading domestic Robotaxi operators are achieving positive unit economics (UE) per vehicle, driven by fleet expansion and reduced vehicle costs, with expectations for rapid growth in fleet size in 2026 [4]. - The report emphasizes the potential for improved operational performance and market expansion for Robotaxi operators, particularly in regions where traditional ride-hailing costs are significantly higher than in China [4]. Summary by Sections Industry Overview - The report discusses the strategic importance of partnerships with international ride-hailing platforms for domestic Robotaxi operators, facilitating their global market expansion [4]. - It notes that the first L3 level vehicles have received approval for mass production, marking a significant step towards the widespread application of autonomous driving technology [2]. Market Dynamics - The report indicates that leading players in the Robotaxi sector are achieving profitability on a per-vehicle basis, with companies like Luobo Kuaipao and Xiaoma Zhixing reporting positive unit economics in specific cities [4]. - The cost of autonomous driving kits has decreased significantly, with Xiaoma Zhixing reporting a reduction of over 70% compared to previous generations, further supporting profitability [4]. Investment Recommendations - The report suggests focusing on key companies such as XPeng Motors, Desay SV, Huayang Group, Bertel, Junsheng Electronics, Xiaoma Zhixing, Horizon Robotics, Nexperia, and Top Group, as they are expected to perform well in the growing Robotaxi market [4][6].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, with specific recommendations for companies like BYD and Geely [1]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, enhancing demand for mid-to-low-end vehicles [1]. - The report highlights the potential for significant performance improvements in parts manufacturers due to subsidy support, recommending companies with strong fundamentals and low valuations [1]. - The report emphasizes the advantages of new energy vehicle companies like Xpeng, NIO, and Li Auto, as well as key Tier 1 suppliers such as Desay SV and Jingwei Hirain [1]. - The report notes a positive trend in the used car market, benefiting from the industry's recovery and improved profitability for dealers, recommending companies like Uxin [1]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [1]. - The automotive industry recorded a total transaction value of 582.81 billion yuan, with the automotive index rising by 2.74% during the week, outperforming the Shanghai Composite Index [1][4]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao, which saw increases of 41.6%, 33.7%, and 33.3% respectively [1][9]. Market Conditions - The report highlights a rise in traditional and new energy raw material price indices, with traditional vehicle raw material prices increasing by 1.3% and 1.0% over the past week and month, respectively, while new energy vehicle raw material prices rose by 5.6% and 6.8% [1][54]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all primary industries, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [6]. Key Events - The report discusses the optimization of toll road policies and the improvement of autonomous driving regulations, which are expected to enhance the operational efficiency of the transportation system [2][3]. - The report notes significant developments in the automotive sector, including the launch of new models and strategic partnerships aimed at enhancing market competitiveness [17][18][19].

Group 1 - The global technology competition is intensifying, with disruptive technologies at the core of the "future industries" becoming a prominent part of China's economic landscape, as highlighted in the "14th Five-Year Plan" [1][2] - The total financing in related fields has approached 70 billion yuan this year, with specific sectors like nuclear fusion and 6G seeing index increases of over 80% [1][4] - The future industries are transitioning from "concept validation" to "commercialization," becoming a leading force in driving economic and social transformation [1] Group 2 - The "14th Five-Year Plan" outlines a clear blueprint for future industries, focusing on seven key areas including quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence, and 6G [2] - Local governments are actively responding with supportive policies, such as Beijing's "Create the Future" initiative, which has supported 83 potential enterprises and facilitated over 2 billion yuan in financing [2] - Various cities like Shenzhen and Shanghai are implementing financial measures to support high-quality development in future industries, establishing a solid foundation for growth [2] Group 3 - The capital market's enthusiasm for future industries is evident, with IPOs and refinancing processes accelerating significantly, totaling nearly 70 billion yuan as of December 26, 2025 [4] - Notable fundraising includes 14 billion yuan from China Nuclear Power in the nuclear fusion sector and over 8 billion yuan from companies in the embodied intelligence sector [4] - The overall profitability of future industries is expected to improve, with a median net profit forecast of over 650 billion yuan for 381 companies in 2025, reflecting a year-on-year increase of over 20% [5] Group 4 - Market funds are actively seeking undervalued potential stocks, with over 40 companies showing a decrease in shareholder numbers, indicating a concentration of shares [6] - Companies like Fuzhijun Technology and Zhongyuan Neipei have seen significant reductions in shareholder numbers, suggesting increased market attention [6] - Some companies, despite underperforming in the market, are positioned in sectors like embodied intelligence and quantum technology, presenting potential investment opportunities [6]

Market Performance - The A-share market showed mixed results on December 29, with the Shanghai Composite Index rising by 0.04% to 3965.28 points, marking a nine-day consecutive increase, while the Shenzhen Component Index fell by 0.49% to 13537.1 points, and the ChiNext Index decreased by 0.66% to 3222.61 points [1]. Fund Manager Changes - From December 27 to December 29, a total of 63 fund managers experienced changes in their positions, with 83 fund products announcing departures of fund managers during this period, involving 32 managers [3]. - Over the past 30 days (November 29 to December 29), 696 fund products saw changes in their fund managers, indicating significant turnover in the industry [3]. - The reasons for the changes included 26 managers leaving due to job changes, one due to personal reasons, four due to product expiration, and one due to resignation [3]. Fund Manager Performance - Dai Jie from Pengyang Fund currently manages assets totaling 298 million yuan, with the highest return of 235.16% achieved by the Hui'an Fengze Mixed A fund (003889) during his tenure of 6 years and 147 days [5]. - Zhang Xun, also from Pengyang Fund, manages assets of 10.543 billion yuan, with the highest return of 129.11% from the Pengyang Digital Economy Pioneer Mixed A fund (012456) over a tenure of 1 year and 124 days [5]. Fund Company Research Activity - In the past month (November 29 to December 29), Huaxia Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund, Bosera Fund, and Huitianfu Fund, which researched 34, 32, and 31 companies respectively [7]. - The most researched industry was specialized equipment, with 146 instances, followed by the computer equipment industry with 111 instances [7]. Recent Fund Research Focus - In the last week (December 22 to December 29), Lingyi Zhizao, a company in the consumer electronics sector, was the most researched, receiving attention from 40 fund institutions [9]. - Other companies with significant research interest included Pulite, Nord Shares, and Desai Xiwai, with 28, 23, and 22 fund institutions respectively [9].

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, as well as the impact of new subsidies [2]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, with a focus on companies like BYD and Geely, which cater primarily to mid-to-low-end demand [2]. - The report highlights the potential for significant performance improvement in parts manufacturers in the first half of 2026 due to subsidy support, recommending companies with strong fundamentals and low valuations [2]. - The report identifies new energy vehicle companies such as XPeng, NIO, and Li Auto, which have advantages in AI and robotics, as potential investment opportunities [2]. - The report notes a positive trend in the used car market and overall dealer profitability, recommending companies like Uxin [2]. - The report emphasizes the importance of state-owned enterprise reforms, particularly for SAIC and Dongfeng, as a key area to watch [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [2]. - The automotive industry recorded a total transaction value of 582.81 billion yuan for the week, with an industry index increase of 2.74%, outperforming the Shanghai Composite Index [6]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao [11]. Market Conditions - The report notes that traditional and new energy raw material price indices have risen recently, with traditional vehicle raw materials increasing by 1.3% week-on-week and 1.0% month-on-month, while new energy vehicle raw materials rose by 5.6% week-on-week and 6.8% month-on-month [62]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all sectors, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [8][10]. Key Events - The report highlights the optimization of toll road policies and the improvement of autonomous driving regulations as significant developments that will enhance the operational efficiency of the transportation system [3][4]. - The report mentions the launch of the first L3 autonomous driving license plate in China, awarded to Changan Automobile, marking a milestone in the industry [24][44].

Core Insights - Huizhou Chuangxing Zhiyuan Technology Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on artificial intelligence software and hardware development, as well as intelligent robotics [1][2] Company Information - The company is registered in Huizhou, Guangdong Province, and its business scope includes AI application software development, AI theory and algorithm software development, sales of AI hardware, and research and sales of intelligent robots [1][2] - The legal representative of the company is Chen Junfeng, and it is classified as a limited liability company [2] Shareholding Structure - The major shareholder is Huizhou Desay SV Automotive Electronics Co., Ltd., holding 70% of the shares, which amounts to 70 million yuan [2] - Other shareholders include Huizhou Chuan Zhichang Investment Consulting Partnership (Limited Partnership) with 12%, Huizhou Chuan Zhide Investment Consulting Partnership (Limited Partnership) with 10%, and Huizhou Chuan Zhijie Investment Consulting Partnership (Limited Partnership) with 8% [2]

证券日报网讯 12月26日，德赛西威在互动平台回答投资者提问时表示，公司主要销售汽车电子产品， 深度聚焦于智能座舱、智能驾驶和网联服务三大领域的全栈融合。 （文章来源：证券日报） ...