Core Viewpoint - The company is committed to strengthening its core business while actively seizing market opportunities and strategically positioning itself in new product and business areas [1] Group 1: Business Strategy - The company is leveraging its existing mature automotive-grade supply chain resources and technological foundation to efficiently integrate current technologies, production capabilities, and partner networks [1] - This approach enables the company to enter new businesses at lower costs and faster speeds, quickly establishing competitiveness in emerging fields [1] Group 2: New Business Exploration - The company is actively exploring emerging fields such as smart transportation, unmanned delivery, and robotics to create a new growth curve for sustainable future development [1]

Core Viewpoint - The company, Desay SV, has achieved industry leadership in its intelligent business sector and continues to invest heavily in research and development, maintaining its first-mover advantage in mass production [1] Group 1: Business Capabilities - The company possesses full-stack capabilities in intelligent cockpit and intelligent driving, allowing it to aggregate top industry resources for faster rollout of scalable integration solutions, full-stack solutions, and innovative solutions [1] - The diverse and tiered product matrix, along with flexible cooperation models, enables the company to cover the vast majority of market customer needs, helping it maintain a leading market share [1] Group 2: Value Proposition - The company adheres to the value proposition of "open, full-stack, and rapid realization," fostering innovation through its own efforts and by attracting more partners who embrace innovation [1] - This approach aims to quickly form first-case examples and demonstration effects, accumulating more experience in both product and technology full-stack capabilities, as well as in the systematic capabilities of research, production, supply, sales, and service [1]

Market Overview - The Shanghai Composite Index rose by 0.87% on November 25, with 29 out of the 31 sectors experiencing gains, led by the communication and media sectors, which increased by 3.54% and 2.85% respectively [2] - The computer sector also saw an increase of 1.10% [2] Capital Flow - The net inflow of capital in the two markets was 13.215 billion yuan, with 19 sectors receiving net inflows [2] - The electronics sector had the highest net inflow of 5 billion yuan, followed closely by the communication sector with a net inflow of 4.881 billion yuan [2] Computer Sector Performance - In the computer sector, 336 stocks were tracked, with 273 stocks rising and 53 stocks declining [3] - The top three stocks with the highest net inflow were Rongji Software (4.25 billion yuan), South Network Digital (4.06 billion yuan), and Dahua Intelligent (1.90 billion yuan) [3] - The sector experienced a net outflow of 3.072 billion yuan, with the largest outflows from Zhongke Shuguang (7.75 billion yuan), Sanliu Ling (4.34 billion yuan), and Nanwei Software (2.04 billion yuan) [3][5] Top Gainers in Computer Sector - The top gainers in the computer sector included: - Rongji Software: +10.03%, turnover rate 47.81%, net inflow 425.13 million yuan - South Network Digital: +19.99%, turnover rate 55.02%, net inflow 406.37 million yuan - Dahua Intelligent: +10.02%, turnover rate 12.05%, net inflow 190.23 million yuan [4] Top Losers in Computer Sector - The top losers in the computer sector included: - Zhongke Shuguang: -0.44%, turnover rate 2.69%, net outflow -775.37 million yuan - Sanliu Ling: +1.15%, turnover rate 7.60%, net outflow -433.98 million yuan - Nanwei Software: -2.29%, turnover rate 22.81%, net outflow -204.03 million yuan [5]

Group 1 - The core viewpoint of the article is that Desay SV (002920.SZ) primarily provides automotive electronic products and has introduced a low-speed unmanned delivery vehicle under its brand Chuanxing Zhiyuan [1]

格隆汇11月25日丨德赛西威(002920.SZ)在投资者互动平台表示，公司海外业务正常推进与开拓中。 ...

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Views - The narrow passenger car retail market is expected to reach 2.25 million units in November 2025, with new energy vehicle penetration likely to exceed 60% for the first time [5][13] - The automotive sector has seen a decline, with the Shanghai and Shenzhen 300 index dropping by 3.77% and the automotive sector specifically declining by 5.09% [6][30] - The report highlights significant developments in the automotive industry, including the launch of new models and strategic partnerships among key players [5][15][19] Summary by Sections Industry News - The passenger car retail market is projected to be stable at 2.25 million units in November 2025, with a year-on-year decrease of 8.7% [13] - Guangzhou state-owned assets have taken over two subsidiaries of Evergrande Auto [14] - XPeng Motors has achieved a milestone with the production of its 1 millionth vehicle, indicating rapid growth in production capacity [15] - Geely's smart driving team is being integrated into a new joint venture, enhancing its capabilities in autonomous driving [16] - GAC's new luxury intelligent electric vehicle brand, in collaboration with Huawei, is set to launch in 2026 [17] Market Performance - The automotive sector's performance has been mixed, with the passenger vehicle index down by 5.22% and commercial vehicle index down by 4.04% [6][30] - The automotive parts sector also faced declines, with the index down by 5.43% [6][30] Investment Recommendations - For passenger vehicles, the report recommends investing in high-end domestic brands like Jianghuai Automobile and Seres, with Geely as a beneficiary [7] - In the automotive parts sector, companies like Desay SV and Zhejiang Xiantong are recommended due to their growth potential amid industry consolidation [7]

Group 1 - The core investment theme for 2026 is transitioning from extreme growth to balanced allocation, focusing on sectors with strong performance potential [3][11] - In the technology sector, the report highlights that industries related to artificial intelligence and embodied intelligence are expected to experience a slowdown in profit growth after rapid valuation increases, suggesting a focus on segments with relatively low historical valuations and strong earnings support [3][11] - For traditional industries, the report recommends focusing on upstream sectors benefiting from "AI+" enhancements and profit recovery opportunities following capacity clearance driven by anti-involution policies [3][11] Group 2 - The report identifies a potential recovery in downstream consumer sectors during the 2026-2027 inventory cycle, alongside a gradual return of long-term capital to the market, suggesting a sustained allocation window for industries such as food and beverage, pharmaceuticals, and duty-free concepts [3][11] - The recommended top ten stocks for 2026 include: 300568.SZ Xingyuan Material, 601233.SH Tongkun Co., 603755.SH Richen Co., 300442.SZ Runze Technology, 688303.SH Daqian Energy, 002920.SZ Desay SV, 688041.SH Haiguang Information, 603993.SH Luoyang Molybdenum, 603583.SH Jiechang Drive, and 002027.SZ Focus Media [4][13] - The report provides a detailed earnings forecast and valuation for the recommended stocks, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and 2026 [16]

Core Insights - The automotive market in China continues to show positive trends with October 2023 sales reaching 3.322 million units, a year-on-year increase of 8.8% [2] - Cumulative sales from January to October 2023 stand at 27.687 million units, reflecting a year-on-year growth of 12.4% [2] - The inventory situation indicates a comprehensive inventory coefficient of 1.2 for October, which is a 6.4% increase year-on-year but a 13.3% decrease month-on-month [2] - The new energy vehicle (NEV) segment is performing particularly well, with October sales of 1.715 million units, a year-on-year growth of 19.9% and a penetration rate of 51.6% [2] Sales and Inventory - October 2023 automotive sales were 3.322 million units, up 8.8% year-on-year [2] - Total automotive sales for the first ten months of 2023 reached 27.687 million units, marking a 12.4% increase compared to the same period last year [2] - The comprehensive inventory coefficient for October was 1.2, which is a 6.4% increase year-on-year and a 13.3% decrease from the previous month [2] - The dealer inventory warning index stood at 52.6%, up 2.1 percentage points year-on-year but down 1.9 percentage points month-on-month [2] New Energy Vehicles - NEV sales in October 2023 were 1.715 million units, representing a year-on-year increase of 19.9% and achieving a penetration rate of 51.6% [2] - From January to October 2023, NEV sales totaled 12.943 million units, with a year-on-year growth of 32.7% and a penetration rate of 46.7% [2] Investment Strategy - The automotive sector is advised to focus on undervalued leading companies in both vehicle manufacturing and parts due to improving performance [3] - Key companies to watch include established domestic brands in the NEV sector such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable, undervalued parts manufacturers like Huayu Automotive and Fuyao Glass are also recommended [3] - The report highlights opportunities in the domestic replacement market driven by the "domestic circulation" strategy [3] Market Performance - The automotive sector experienced a weekly decline of 2.11%, ranking 26th among 31 sectors tracked by Shenwan [5] - The automotive industry underperformed compared to the CSI 300 index, which saw declines of -0.18% [5] - In the sub-sectors, automotive services increased by 0.51%, while automotive parts and other categories saw declines [5] Notable Stocks - The top five gaining stocks in the automotive sector this week were Langbo Technology, Yingli Automotive, Xinpeng Co., Huafeng Co., and Qin'an Co. [6] - The top five losing stocks included Biaobang Co., Xinquan Co., Haoen Automotive, Sanlian Forging, and Beite Technology [7]

Group 1 - The AI ETF from Huaxia experienced a decline of 0.82%, closing at 1.329 yuan, with a majority of holdings showing losses, while only a few stocks like Han's Robot showed resilience with a 0.4% increase [1] - Despite the market adjustment, there was a strong enthusiasm for capital allocation, with a turnover rate of 9.09% and a trading volume close to 2 billion yuan, indicating confidence in the AI sector's rebound [1] - The Robot ETF also saw a decline of 0.83%, closing at 0.955 yuan, but notable performers included Hongying Intelligent, which rose by 5.63%, and Dongjie Intelligent, which increased by 4.78% [1] Group 2 - The first intelligent robot 4S store in Hunan opened in Changsha, showcasing over ten types of robots in various operational roles, indicating a growing market for intelligent robotics [2] - Desay SV's announcement of new project orders from international car manufacturers and the launch of the AI Cube for robotics applications highlights the integration of AI in the automotive and robotics sectors [2] - Zhaomin Technology plans to invest up to 2.17 billion yuan in a new automotive parts production base in Thailand to meet the localization supply chain demands of clients in the electric vehicle and intelligent robotics sectors [3] Group 3 - According to招商证券, the highest cost components in humanoid robots are the leg and hand systems, which together account for over 40% of total costs, emphasizing the complexity and importance of these systems in robotic design [3] - The report indicates that the cost structure of humanoid robots is heavily focused on motion drive and operational execution systems, suggesting that lightweight materials and modular designs will be key to future cost reductions [3]