长城证券股份有限公司 关于上海保隆汽车科技股份有限公司 可转换公司债券部分募投项目延期的核查意见 长城证券股份有限公司（以下简称"长城证券""保荐机构"）作为上海保 隆汽车科技股份有限公司（以下简称"保隆科技""公司"）向不特定对象发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所股票上市规则》《上市公司募集资金监管规则》《上海证券交易所上市 公司自律监管规则指引第 1 号——规范运作》等相关法规规章的要求，就保隆科 技可转换公司债券部分募投项目延期的事项进行了审慎核查，核查情况和意见如 下： 一、募集资金基本情况 （一）募集资金基本情况 经中国证券监督管理委员会《关于同意上海保隆汽车科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可[2024]1184号）同意注册， 并经上海证券交易所同意，公司由主承销商长城证券股份有限公司及联席主承销 商信达证券股份有限公司采用包销方式，向不特定对象发行可转换公司债券 1,390万张，每张面值为人民币100元，共计募集资金人民币1,390,000,000.00元， 扣除主承销商保荐承销费用（不含增值税）人民币6,00 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-125 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于可转换公司债券部分募投项目延期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海保隆汽车科技股份有限公司（以下简称"公司"）于 2025 年 12 月 17 日召开第八届董事会第二次会议，审议通过《关于可转换公司债券部分募投项目 延期的议案》。公司 2024 年向不特定对象发行可转换公司债券募投项目"年产 482 万支空气悬架系统部件智能制造项目"、"空气弹簧智能制造项目"原本预计 于 2025 年 12 月达到预定可使用状态，现结合实际情况，在募集资金投资用途、 募投项目投资总额、实施主体、实施方式不发生变更的情况下，对项目达到预定 可使用状态的时间进行调整，将"年产 482 万支空气悬架系统部件智能制造项目"、 "空气弹簧智能制造项目"达到预定可使用状态的日期延至 2026 年 12 月。本次 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-126 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 上海保隆汽车科技股份有限公司 关于以协定存款方式存放募集资金余额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海保隆汽车科技股份有限公司(以下简称"公司")于 2025 年 12 月 17 日 召开公司第八届董事会审计委员会第二次会议、第八届董事会第二次会议，分别 审议通过了《关于以协定存款方式存放募集资金余额的议案》，同意公司在不影 响募集资金正常使用及募集资金投资项目正常建设的情况下，将公司向不特定对 象发行可转换公司债券募集资金的存款余额以协定存款方式存放，期限自董事会 审议通过之日起不超过 12 个月。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海保隆汽车科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可[2024]1184 号）同意注 册，并经上海证券交易所同意，本公司 ...

Core Viewpoint - The recent approval of L3-level conditional autonomous driving vehicles by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of advanced autonomous driving technology in China [2][5]. Group 1: L3 Autonomous Driving Approval - Changan Automobile and BAIC BluePark Magna Automotive have submitted applications for L3-level conditional autonomous driving vehicles, which have been approved by MIIT in the 401st batch of announcements [2][3]. - L3 autonomous driving allows for conditional self-driving within a limited operational range, differing fundamentally from L2 assistance systems [2][3]. Group 2: Impact on Intelligent Chassis - The approved vehicles include Changan's Deep Blue product and BAIC's Arcfox Alpha S (L3 version), which features a high-performance redundant sensor system with 34 sensors, including three LiDARs [3][4]. - The commercialization of L3 is expected to accelerate the application of intelligent chassis technologies, such as active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [3][4]. Group 3: Investment Strategy - The approval of L3 vehicles provides policy support for the popularization of high-level autonomous driving, benefiting companies actively engaged in this sector [5]. - Key investment areas include vehicle application, where leading companies are establishing advantages in training data and smart driving ecosystems, and the intelligent chassis sector, which is expected to see rapid mass application by 2026 [5].

Core Viewpoint - The approval of L3-level autonomous driving vehicles by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of L3 autonomous driving in China, which is expected to accelerate the adoption of smart chassis technologies [1][2][3]. Group 1: Event Summary - The MIIT has granted conditional approval for Changan Automobile and BAIC BluePark Magna Automotive to produce L3-level autonomous vehicles, following the submission of their applications [2]. - The approval is part of the 401st batch of announcements by the MIIT, indicating a regulatory framework supporting the introduction of L3 autonomous driving products in the market [2][3]. Group 2: L3 Commercialization Impact - L3 autonomous driving allows for conditional self-driving capabilities, where the system controls vehicle movement and responds to environmental stimuli within a limited operational range, requiring driver intervention outside this range [3]. - The vehicles approved include Changan's Deep Blue model and BAIC's Arcfox Alpha S (L3 version), which features a high-performance sensor system with 34 sensors, including three LiDARs, ensuring comprehensive safety and redundancy [4]. Group 3: Smart Chassis Development - The commercialization of L3 driving is expected to drive the mass application of smart chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [4][5]. - Active suspension systems will integrate air springs and variable damping to enhance vehicle handling and comfort, while EMB represents the future direction of braking systems, supported by mandatory national standards set to take effect in 2026 [4][5]. Group 4: Investment Strategy - The approval of L3 vehicles provides policy support for the widespread adoption of advanced autonomous driving technologies, benefiting companies that are actively investing in this sector [6]. - Key investment opportunities include automakers collaborating with Huawei, such as Seres, JAC Motors, BAIC BluePark, SAIC Group, and Changan, as well as companies in the smart chassis supply chain like Baolong Technology and Top Group [6].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [3][19]. Core Insights - The commercial application of L3 level conditional autonomous driving is expected to accelerate, with more vehicles equipped with L3 features likely to receive regulatory approval in the future [1][2]. - The introduction of L3 systems is anticipated to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems, which are crucial for higher levels of autonomous driving [2][9]. - The report highlights the significant advancements in hardware and software for automotive intelligence, suggesting a robust growth trajectory for companies involved in these technologies [2][9]. Summary by Sections Industry Overview - The automotive industry consists of 232 listed companies, with a total market capitalization of approximately 46,540.79 billion and a circulating market value of about 36,782.9 billion [4]. - The average price-to-earnings ratio for the industry stands at 31.78 [4]. Key Developments - The report notes that the recent approval of L3 autonomous vehicles by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of advanced driving technologies in China [1][2]. - The intelligent chassis is seen as the final piece in the puzzle for L3 and higher-level autonomous driving, with a focus on the upcoming mass production of active suspension, EMB, and SBW systems [2][9]. Investment Strategy - The report suggests focusing on two main areas for investment: the complete vehicle application sector, where leading companies are establishing advantages in training data and ecosystems, and the intelligent chassis sector, which is poised for rapid growth due to regulatory support and technological advancements [2][9].

Core Insights - The report from Guosen Securities indicates that the L4 autonomous driving market is expected to reach a significant milestone in 2026, driven by policy support, technological advancements, and decreasing costs of related components [1][2]. Market Space - By 2030, the global L4 market is projected to exceed one trillion, with the domestic ride-hailing and taxi market estimated at 236 billion annually. By 2025, Robotaxi is expected to account for 0.6% of the shared mobility sector [1][2]. - The potential market for Robovan in China is estimated at 164.5 billion, with a 2% share in logistics delivery vehicles by 2025. The Robotruck market is projected to reach 1.5 billion in 2024 and 90 billion by 2030, assuming sales of 0.1 and 6 million units respectively [2]. - The annual market for Robobus in China is estimated between 15 to 35 billion, with a share of less than 2% in public transport. The Robosweeper market is projected to be between 11.3 to 22.5 billion, with a 4.7% share in sanitation vehicles by 2025 [2]. Competitive Landscape - In the Robotaxi sector, companies like WeRide, Pony.ai, and Loongson are accelerating commercialization. For Robovan, key players include Jiusi Intelligent, New Stone Technology, and others. The Robotruck segment features companies like Xidi Zhijia and Yikong Zhijia, while Robobus includes WeRide and Qingsong Intelligent. Robosweeper is represented by companies like Xiantu Intelligent and DeepBlue Technology [3]. Recommended Companies - For Robo-X vehicle sales and operations, recommended companies include Pony.ai (02026), WeRide (00800), and XPeng Motors (09868), with a suggestion to pay attention to Youjia Innovation (02431) [4]. - In the components sector, recommendations based on data flow include Hesai Technology (02525) and Sutech (02498), with attention to Tudatong (02665). For data transmission, Hu Guang Co. (605333) is recommended, while data processing recommendations include Kobot (603786), Huayang Group (002906), and others. For data application, recommended companies include Baolong Technology (603197) and Bertley (603596) [4].

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant advancement in the domestic RF chip sector [1][2] Company Overview - Founded in 2012, Angrui Micro is a national-level "little giant" enterprise focused on the design of RF and analog integrated circuits, specializing in RF front-end chips, RF SoC chips, and other analog chip development, design, and sales [1] - The company has developed high-integration 5G L-PAMiD products that meet international advanced and domestic leading standards, breaking the long-standing monopoly of international manufacturers [1] Market Position and Growth - Angrui Micro's RF front-end chips are now part of the supply chains for major terminal brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO, while its RF SoC chips have entered the supply chains of Alibaba, Pinduoduo, BYD, and others [2] - The company anticipates a revenue of approximately 2.1 billion yuan in 2024, with a compound annual growth rate of over 50% in revenue over the past three years [2] IPO and Fund Utilization - The IPO is expected to raise a total of 2.067 billion yuan, which will primarily be used for the R&D and industrialization of 5G RF front-end chips and modules, RF SoC chips, and the construction of headquarters and R&D centers [2] - Notable investors participating in the strategic placement include Lenovo, BAIC, and several well-known financial institutions [2]

智能驾驶：法规逐步完善，L3与高阶智驾逐步落地 当前国内关于智能网联汽车的法规持续完善，行业发展环境逐步规范化。同时自主品牌加快智驾技术研 发，行业智驾渗透率持续提升，2025年1-9月L2++及以上车型销量达364.3万辆，占比为38.65%，其中自 主品牌在L2级及以上辅助驾驶渗透率提升最快。在高阶自动驾驶层面，Robo-X持续落地：Robotaxi2030 年市场规模有望达到2700亿元，且无人物流车逐步落地，2030年中国无人驾驶物流车产业产值增量有望 升至5948亿元。 机器人：产业快速迭代，行业空间广阔 信达证券（601059）发布研报称，汽车行业向高端化、智能化、全球化高质量发展。2025年汽车销量有 望突破3400万辆，自主品牌与新能源占比显著提升。智能驾驶领域法规完善，L3与高阶智驾加速落 地，相关市场规模潜力巨大。机器人产业快速迭代，特斯拉加速量产，国内政策扶持力度大，人形机器 人市场前景广阔，并有望带动汽车零部件产业发展。 信达证券主要观点如下： 高端化、智能化、全球化，行业迎来高质量发展 政策扶持+新能源、出口发力，2025年全年汽车销量有望突破3400万辆，同时自主品牌、新能源车型占 ...

Core Insights - The Chinese automotive industry is experiencing a significant transformation, with high-end models like the Huawei's Zun Jie S800 driving advancements in domestic technology and supply chains [1] - The global automotive parts industry is facing a stark contrast in performance, with European and American giants struggling while Chinese suppliers thrive [3][4] Group 1: Performance of Global Automotive Parts Industry - European and American automotive parts companies are facing ongoing challenges, including significant profit declines and restructuring efforts [5][9] - Major companies like Schaeffler and Continental are reporting substantial losses, with Schaeffler's net profit down 45.9% and Continental's net loss exceeding 700 million euros [6][9] - In contrast, Japanese and Korean companies are benefiting from favorable exchange rates and government subsidies, leading to stable revenue growth [12][13] Group 2: Rise of Chinese Automotive Parts Suppliers - Chinese automotive parts suppliers are rapidly rising, with 15 companies making it to the top 100 global suppliers list, showcasing their growth potential [14][15] - The Chinese automotive market is booming, with production and sales figures showing double-digit growth, particularly in the electric vehicle sector [16] - Leading companies like CATL and Yanfeng are reporting impressive revenue growth, with CATL's revenue reaching 1041.86 billion yuan, a 41.21% increase year-on-year [18] Group 3: Challenges and Opportunities - Despite the growth, over 60 automotive parts companies in China are facing the "increased revenue without increased profit" dilemma, indicating a growing industry divide [20] - International companies are increasingly focusing on the Chinese market, with Magna and Denso expanding their investments and partnerships in the region [21][23] - The ongoing transition to electric and smart vehicles is reshaping the global automotive supply chain, with Chinese companies positioned to play a central role in this transformation [23]