[Table_Title] 证券研究报告 / 公司动态报告 AI+汽车筑基，端侧智能广泛布局 [Table_Summary] ➢ AI 原生整车操作系统构建技术壁垒，深化生态协同 [Table_Summary] 1）端侧 AI 算力筑基，整车系统智能飞跃。公司以智能操作系统技术为 核心，聚焦端侧人工智能产品和应用领域，为智能产业赋能。2025 年 4 月 24 日，公司发布面向中央计算的 AI 原生整车操作系统滴水 OS 1.0 Evo。公司以此操作系统为核心技术，构建"IP+服务+解决方案"三位一 体的业务模式，深度融合 AI 大模型技术，实现舱驾融合与 ZCU 虚拟化 平台的多域算力调度。同时，与高通、AMD、火山引擎等头部企业建立 战略合作，我们认为公司已经形成"芯片+OS+终端生态"协同体系，在 智能汽车产业的全栈式解决方案能力与市场竞争力明显增强。2）端云一 体混合 AI 正重塑汽车计算架构，AIBox 成为关键桥梁。AIBox 能够在 车辆本地进行数据处理和 AI 计算，减少对云端的依赖。在 AIBOX 领域, 公司推出的 AIBOX，搭载 NVIDIADriveAGX 芯片，可提供高达 200T ...

智能汽车业务：抓住AI 定义汽车&整车操作系统行业趋势，滴水AI OS战略布局等待放量。智能汽车仍 是高增长赛道，Global Market Insights 预计2025-2034 年全球汽车生成式AI 市场规模CAGR 达23.8%。 电子电气架构向"中央计算+区域控制"演进，整车操作系统需求迫切。2025 年公司发布AI 原生整车操 作系统滴水OS，支持全芯片平台及端云大模型接入。2025 年9 月联合吉利、英伟达推出AI Box 方案， 软硬一体方案已落地量产车型。滴水OS 已覆盖现有车企客户，并逐步向海外市场延伸，全球化战略加 速推进。 投资建议：预计公司2025-2027 年分别实现营业收入73.14/94.15/114.36 亿元，同比增速 35.8%/28.7%/21.5%；实现归母净利润5.78/7.46/9.64 亿元，同比增长41.9%/29.0%/29.3%；对应PE 分别 为52/40/31。综合考虑绝对估值与相对估值，公司合理每股价值区间为117.93 元-154.26 元，对应市值区 间为543 亿元-710 亿元，首次覆盖，给予"推荐"评级。 2025H1 智能汽车板块实现营收 ...

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

2025年，智能座舱已从 "功能叠加" 迈入 "体验重构" 的关键阶段 —— 随着汽车从 "交通工具" 向 "第三空间" 的属性深化，用户对座舱的需求不再 局限于基础交互，而是延伸至情感陪伴、场景适配、多模态融合等更高维度。 行业数据显示， 2025年全球搭载L2+及以上智能驾驶的车型中，85%将配备多屏交互、语音助手、场景化服务集成的智能座舱；同时，Z世代用户 占比提升至42%，其对 "个性化定制""跨设备联动""沉浸式体验" 的需求，进一步推动智能座舱从 "标准化配置" 向 "千人千面的空间生态" 转型。 加入轩辕同学 ， 成就新汽车人! 但当下智能座舱依旧面临多重挑战。一是生态乱，车企、互联网公司、硬件厂商各搞一套，跨品牌服务难联动；二是数据不安全，座舱每天产生 大量用户数据，但超三成车型过度收集，只有少数企业能达到高安全标准；三是体验不实用，六成用户觉得车载 K歌等功能没用，高速上语音识 别还容易出错，离 "第三空间" 的需求差得远。 作者 | 吴 静 编辑 | 黄 大 路 设计 | 甄 尤 美 技术与产业层面同样存在瓶颈。智能座舱和智能驾驶融合成本猛增，柔性屏等硬件适用场景与维护成本高， AI能力尚 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | | 2025-12-11 | 300496 | 中科创达 | 59.23 | 4.80 | | 284.30 中信证券股份有限 | 中银国际证券股份 | | | | | | | | 公司北京呼家楼证 | 有限公司丹东三经 | | | | | | | | 券营业部 | 街证券营业部 | 12月11日，中科创达大宗交易成交4.8万股，成交额284.3万元，占当日总成交额的0.5%，成交价59.23 元，较市场收盘价62.35元折价5%。 ...

专题：2025新汽车合作生态交流会 专题：2025新汽车合作生态交流会 2025新汽车合作生态交流会于12月5日-6日在苏州举行。中科创达执行总裁、智能汽车事业群总裁常衡 生表示，汽车未来一定会往具身智能方向发展。 2025新汽车合作生态交流会于12月5日-6日在苏州举行。中科创达执行总裁、智能汽车事业群总裁常衡 生表示，汽车未来一定会往具身智能方向发展。 他认为，AI 上车有两个特别大的场景，一个是自动驾驶，车在自动驾驶领域会逐步变成一个自主行走 的机器人；另外在座舱里面，它会越来越从一个功能提供者、命令响应者变成一个超级助理。也就是 说，车会变成一个机器人加一个超级助理的组合。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 责任编辑：王翔 他认为，AI 上车有两个特别大的场景，一个是自动驾驶，车在自动驾驶领域会逐步变成一个自主行走 的机器人；另外在座舱里面，它会越来越从一个功能提供者、命令响应者变成一个超级助理。也就是 说，车会变成一个机器人加一个超级助理的组合。 新浪声明：所有会议实录均为现场速记整理， ...

Core Viewpoint - The article discusses the performance of the ChiNext Artificial Intelligence ETF managed by Huaxia Fund Management, highlighting its recent market activity and returns since inception [1]. Group 1: ETF Performance - The ChiNext Artificial Intelligence ETF (159381) opened with a gain of 0.53%, priced at 1.695 yuan [1]. - Since its inception on March 14, 2025, the fund has achieved a return of 68.77%, with a monthly return of 3.20% [1]. Group 2: Top Holdings - Key stocks in the ETF include: - Zhongji Xuchuang, which opened up by 0.75% - Xinyi Sheng, which increased by 1.98% - Tianfu Communication, which rose by 3.14% - Xiechuang Data, which gained 0.55% - Ruantong Power, which went up by 0.87% - Allwinner Technology remained unchanged at 0.00% - Shenxinfu increased by 0.10% - Beijing Junzheng rose by 0.61% - Zhongke Chuangda increased by 0.31% - Jingjiawei decreased by 0.39% [1].

Group 1 - A total of 433 companies were investigated by institutions in the past 10 days, with 381 being securities firms and 302 being fund companies [1] - 88 listed companies were researched by overseas institutions, with 8 companies receiving attention from more than 20 overseas institutions, including Huichuan Technology, which was investigated by 68 overseas institutions [1] - Lixun Precision was the second most researched company, with 48 overseas institutions participating in the investigation, indicating significant growth potential in the non-overseas consumer electronics market over the next decade [1] Group 2 - Stocks that were investigated by overseas institutions saw an average increase of 0.36% in the past 10 days, with Shenghui Integration experiencing the highest increase of 32.47% [3] - 13 stocks received ratings from at least 15 institutions, with a consensus forecast of over 20% profit growth in 2025, including Kaiying Network, Lixun Precision, and Huichuan Technology [3] - Jinli Permanent Magnet is predicted to have the highest profit growth, with 18 institutions forecasting a net profit increase of 152.52% in 2025 [3][4]

Core Viewpoint - The article discusses the performance of the ChiNext Artificial Intelligence ETF managed by Huaxia Fund, highlighting its recent market movements and returns since inception [1]. Group 1: ETF Performance - The ChiNext Artificial Intelligence ETF (159381) opened at a price of 1.659 yuan, experiencing a decline of 0.66% [1]. - The ETF's performance benchmark is the ChiNext Artificial Intelligence Index return [1]. - Since its inception on March 14, 2025, the ETF has achieved a return of 67.07%, with a recent one-month return of 1.26% [1]. Group 2: Top Holdings Performance - Key holdings in the ETF include: - Zhongji Xuchuang, which fell by 1.21% - Xinyi Sheng, which decreased by 1.61% - Tianfu Communication, which dropped by 1.89% - Xiechuang Data, which declined by 0.69% - Softcom Power, which increased by 0.09% - Quanzhi Technology, which fell by 0.02% - Shenxinfu, which rose by 0.43% - Beijing Junzheng, which decreased by 2.66% - Zhongke Chuangda, which dropped by 0.24% - Jingjiawei, which increased by 0.45% [1].

新京报贝壳财经讯 12月3日，中科创达在互动平台上表示，目前公司的关键布局是将AI和公司在整个产 业布局的结合，包括智能手机、智能汽车和智能硬件，以及公司新拓展的业务(包括智能行业和机器人 等领域)。公司持续布局AI相关领域的研发投入，将推动整个操作系统从原来的OS(Operating System， 即操作系统)向AIOS的变革，并在此领域保持领先优势和核心竞争力。 ...