（记者 曾健辉） 截至发稿，德赛西威市值为732亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 每经AI快讯，德赛西威（SZ 002920，收盘价：122.7元）发布公告称，2025年12月25日，德赛西威接受 中银基金管理有限公司等投资者调研，公司证券事务部钱雨纯、黄伊靖参与接待，并回答了投资者提出 的问题。 2025年1至6月份，德赛西威的营业收入构成为：汽车电子占比100.0%。 ...

股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 投资者关系活动记录表 惠州市德赛西威汽车电子股份有限公司 | 商柔芷 | 信达澳亚基金 | 林峰 | 中信证券资产管理有限公司 | | | | --- | --- | --- | --- | --- | --- | | 王可丹 | 共青城鼎睿资产管理有限公司 | 刘宇尘 | 银华基金管理股份有限公司 | | | | 李峰 | 平安证券股份有限公司 | 郭子琪 | 博时基金管理有限公司 | | | | 史世祺 | 兴华基金管理有限公司 | 金炜 | 中信保诚资产管理有限责任公司 | | | | 林仁兴 | 上海金恩投资有限公司 | 成佩剑 | 上海五地私募基金管理有限公司 | | | | 张端锋 | 华泰自营 | 阎安琪 | 中银基金管理有限公司 | | | | 黄向前 | 深圳市尚诚资产管理有限责任公司 | 周宗舟 | 汇丰晋信基金管理有限公司 | | | | 郑常斌 | 中航基金管理有限公司 | 王梁 | 长江养老保险股份有限公司 | | | | 李其东 | 上海嘉世私募基金管理有限公司 | 劳杰男 | 汇添富基金管理股份有限公 ...

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Technology and Smart Driving Solutions Key Points and Arguments Financial Performance and Projections - Desay SV expects a stable long-term gross margin around 20%, benefiting from increased penetration of traditional joint venture brands in smart driving and premium revenue from overseas operations [2][3] - The company’s contract manufacturing business currently accounts for 10% to 15% of total revenue, with expectations that this proportion will not significantly increase in the long term due to rising contributions from traditional brands' smart driving systems [3] Market Dynamics and Product Development - The cockpit sector has potential for increased per-vehicle value, driven by the demand for higher performance chips as L3 autonomous driving progresses [2][6] - Desay SV anticipates new customers in the smart driving sector primarily from traditional brands and sub-brands that did not launch this year, with a shift towards higher-margin projects expected [7] - The company is collaborating closely with domestic autonomous driving chip manufacturers, maintaining the ability to transition from OV platforms to others [9] Overseas Market Strategy - As of Q3, overseas revenue accounted for 7.5%, with expectations of remaining below 10% for the year. The goal is to increase this to 20% by 2030, starting with mass production of integrated cockpit solutions in Q4 next year [8] Supply Chain and Cost Management - Desay SV has a strong supply chain management capability, particularly in procurement and logistics, providing a significant cost advantage over competitors [11] - The company is addressing rising material costs, especially memory prices, by negotiating cost-sharing with clients and ensuring stable supply for automakers [4] Product Innovation and Competitive Edge - The company’s autonomous vehicles adhere to automotive-grade standards and are fully self-developed, which enhances reliability and quality, allowing Desay SV to capture market share without engaging in price wars [10] - The introduction of L3 autonomous driving standards is expected to significantly enhance vehicle value and increase the demand for high-performance chips [6][12] Customer Structure and Market Trends - The customer base is becoming more diversified, with revenue from any single customer now below 20%. The company expects stable demand from core clients despite competitive pressures [13] - Future market demand is anticipated to be influenced by tax incentives and trade-in policies, with core customers maintaining a strong demand for autonomous configurations [15][16] Research and Development - A decrease in R&D expenses in Q3 is viewed as a temporary phenomenon, with plans to maintain a stable R&D investment ratio to support ongoing innovation [15] Additional Important Insights - Desay SV is exploring opportunities in the instant retail market and potential collaborations in the Robotaxi sector, which is expected to yield higher margins compared to traditional passenger vehicles [12] - The company is positioned to benefit from the growing Robotaxi market, which has a significantly higher value than traditional vehicles, contributing to improved gross margins [12]

Core Viewpoint - Recently, Huizhou Chuanxing Zhiyuan Technology Co., Ltd. was established with a registered capital of 100 million yuan, focusing on various applications in artificial intelligence and related technologies [1] Group 1: Company Overview - Huizhou Chuanxing Zhiyuan Technology Co., Ltd. has a registered capital of 100 million yuan [1] - The company is involved in the development of artificial intelligence application software and theoretical algorithms [1] - It also engages in the sales of artificial intelligence hardware and provides system integration services for AI industry applications [1] Group 2: Business Scope - The business scope includes IoT technology services and manufacturing of IoT devices [1] - The company is involved in the manufacturing and sales of industrial robots [1] - It also focuses on the research and development of intelligent robots and the sales of complete electric vehicles [1] Group 3: Shareholding Structure - The company is jointly held by Desay SV Automotive (002920) and several investment consulting partnerships [1]

Core Viewpoint - The Chinese automotive industry is at a critical juncture in its globalization efforts, with a strong market presence but facing potential short-term growth slowdowns due to various constraints. The focus on deep localization and industry chain collaboration is essential for maintaining competitive advantages in international markets. Group 1: Globalization and Market Strategy - The Chinese automotive industry has successfully entered the global mainstream, achieving market share comparable to American and Korean manufacturers, with a promising outlook for future growth [1] - By 2030, it is projected that China's overseas sales share could reach 15% to 20%, although growth may slow in the next two years due to factors like overseas inventory and localization challenges [1] - Key criteria for selecting target markets include large market size and a relatively mature industry chain, or a faster transition towards electrification [5][10] Group 2: Localization and Industry Collaboration - "Industry chain collaboration" and "deep localization" are identified as critical factors for Chinese automotive companies to maintain their leading position in the global market [2] - Deep localization is emphasized as a key focus for the next phase of automotive globalization, requiring companies to adapt their products and strategies to local market needs [2][17] - Companies must integrate their core value propositions with local insights to transition from a purely global layout to a symbiotic local presence [17] Group 3: ESG and Core Competitiveness - ESG (Environmental, Social, and Governance) factors are not only entry barriers for international markets but also represent core competitive advantages for companies [6][13] - Quality and trust are highlighted as essential components of ESG, which are crucial for Chinese automotive companies to succeed globally [13][16] - The traditional supply chain structures are inadequate for meeting the demands of smart electric vehicles, presenting an opportunity for restructuring the supply chain [7][13] Group 4: Market Entry and Development Strategies - Companies are encouraged to develop differentiated market expansion strategies tailored to various regions, leveraging their technological and cost advantages from the domestic market [17] - Successful global companies must ensure their values are recognized globally, and their innovative technologies and products meet local demands [17][20] - Establishing distribution and service channels is critical for overseas development, and finding local partners can facilitate market entry [23]

内容概况：当前，车载毫米波雷达市场仍主要由博世、大陆、安波福等国际领先企业主导，但国内厂商 正凭借持续提升的技术实力与产品竞争力，逐步加快国产化替代进程。近年来，在汽车智能化快速演进 以及雷达芯片设计、制造工艺不断突破的推动下，中国车载毫米波雷达行业呈现出强劲的发展势头。据 统计，2015-2024年中国车载毫米波雷达行业市场规模从23.18亿元增长至88.22亿元，年复合增长率为 16.01%。未来，随着本土供应链日趋完善、研发投入持续加大以及下游整车企业对自主可控需求的日 益增强，国产车载毫米波雷达厂商有望进一步发挥贴近市场、响应迅速、成本优化等本土化优势，在竞 争中占据更有利的市场地位。预计2025年中国车载毫米波雷达行业市场规模将增长至99.29亿元。 相关上市企业：德赛西威（002920）、华域汽车（600741）、上汽集团（600104）、长安汽车 （000625）、吉利汽车（00175）、零跑汽车（09863）、赛力斯（601127）、比亚迪（002594）、理想 汽车-W（02015）、福田汽车（600166）等。 相关企业：北京行易道科技有限公司、木牛领航（江苏）科技有限公司、南京隼眼电子科 ...

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。 证券代码：002920 证券简称：德赛西威 公告编号：2025-099 惠州市德赛西威汽车电子股份有限公司 关于 2021 年限制性股票激励计划第三个解除限售期 惠州市德赛西威汽车电子股份有限公司 解除限售股份上市流通的提示性公告 重要内容提示： 1、本次解除限售的限制性股票上市流通日：2025 年 12 月 29 日； 2、本次解除限售条件的激励对象：772 人； 3、本次解除限售数量：1,609,316 股，占目前上市公司总股本的 0.27%。 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 12 月 2 日召 开了第四届董事会第十五次会议和第四届监事会第十五次会议，审议通过了《关于 2021 年限制性股票激励计划第三个解除限售期解除限售条件成就的议案》，具体详见公司于 2025 年 12 月 3 日在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。公司办理了 2021 年限制性股票激励计划第三个解除限售期解除限售股份上市流通手续。现将相关事项的内 容公告如下： 一、20 ...

证券之星消息，12月24日软件开发板块较上一交易日上涨1.23%，广道退领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。软件开发板块个股涨跌见下表： 从资金流向上来看，当日软件开发板块主力资金净流入2.1亿元，游资资金净流出7.64亿元，散户资金净 流入5.54亿元。软件开发板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300803 | 指南针 | 3.40 Z | 9.60% | -1.62 Z | -4.58% | -1.78 Z | -5.02% | | 300377 | 赢时胜 | 1.55 Z | 5.30% | -1034.61万 | -0.35% | -1.45 Z | -4.95% | | 603528 多伦科技 | | 1.35 Z | 13.92% | -6533.51万 | -6.73% | -6978.50 ...

| 基本信息 8 | 法律诉讼 经营风险 经营信息 1 | | | --- | --- | --- | | 工商信息 ● | | | | 工商信息 历史工商信息0 | | | | 企业名称 | 惠州市川行致远科技有限公司 | | | 法定代表人 | 登记状态 ② 医 陈俊峰 | 存録 | | | 成立日期 | 2025-12- | | 统一社会信用代码 ② | 91441303MAK40T6H32 注册资本 2 | 10000万. | | 工商注册号 | 441303000473361 纳税人识别号 ② | 9144130 | | 营业期限 | 纳税人资质 2025-12-19 至 无固定期限 | | | 企业类型 | 其他有限责任公司 行业 | 计算机、 | | 参保人数 | 英文名称 | Huizhou | | 登记机关 | 惠州市工商行政管理局仲恺分局 注册地址 ② | 惠州仲恺 | | 经营范围 ② | 一般项目：人工智能应用软件开发；人工智能理论与算法软件开发；人工智能 （不含许可类租赁服务）；技术服务、技术开发、技术咨询、技术交流、技术锌 售;软件开发;互联网数据服务;服务消费机器人制造;服务消费 ...

Core Insights - The transition from L2 to L3 represents a critical leap from driver assistance to autonomous driving, with responsibility potentially shared among drivers, manufacturers, and autonomous system suppliers [2] Investment Summary - The first L3-level vehicles have been approved for road use, marking a significant milestone in China's autonomous driving industry, transitioning from laboratory testing to legitimate road applications [3] - The approval establishes a clear safety baseline by allowing conditional and limited scenarios for testing, promoting innovation while ensuring safety [3] - The high reliability and safety redundancy requirements of L3 systems will drive technological upgrades across the entire supply chain, including perception hardware, computing platforms, and software algorithms [3] Future Outlook - Pilot programs are expected to expand from current highway and congested scenarios to more complex urban roads, with legal and technical standards evolving based on pilot experiences to support broader adoption [3] - The high costs associated with vehicles equipped with advanced autonomous driving features need to decrease through technological advancements and economies of scale for widespread consumer adoption [3][4] Investment Strategy and Focus - The automotive sector should focus on undervalued leading manufacturers and component suppliers benefiting from performance improvements, particularly in the fields of new energy and intelligent vehicles [5] - Recommended companies include early movers in the new energy sector such as BYD, Changan Automobile, Geely, and Li Auto; stable low-valuation component leaders like Huayu Automotive and Fuyao Glass; and key players in electrification and intelligence like Desay SV, Ruikeda, and Kobot [5] - The strategy also highlights opportunities arising from domestic substitution due to the "domestic circulation" initiative, with companies like Lingdian Electric Control and Sanhua Intelligent Control being of interest [5] Key Focus Companies - The investment focus for the week includes BYD, Li Auto, Top Group, Desay SV, and Shangsheng Electronics [6]