2026年1月15日，"中国心"2026年度动力日在江苏省无锡惠山区召开。本次盛典由汽车与运动杂志社主 办，天津大学无锡研究院、上海交通大学汽车工程研究院协办。来自五十余家的车企、部件嘉宾，无锡 惠山区的主管领导与汽车行业科研高校的专家们一起见证"中国心"2025年度十佳发动机及混动系统、十 佳新能源汽车动力系统的发布盛典。中国能源汽车传播集团董事、副总编辑兼中国汽车报社总编辑桂俊 松，江苏省无锡市惠山区副书记、惠山经开区党工委书记、管委会主任何国清，中国内燃机工业协会常 务副会长邢敏，中国电动汽车百人会副秘书长师建华，汽车与运动杂志社总编辑杨建军，"中国心"年度 十佳发动机及混动系统专家评审委员会主任许敏，"中国心"年度十佳新能源汽车动力系统专家评审委员 会主任殷承良、天津大学内燃机研究所所长、天津大学无锡研究院院长祖炳锋等行业专家评委出席了此 次颁奖盛典。 20年见证汽车动力历史变革 来源：环球网 汽车与运动 从传统引擎的轰鸣到新能源动力系统的静谧，"中国心"年度活动 —— 这一萌生于中国汽车动力产业初 创时期、成长为闻名世界的汽车动力盛典，用二十年时光，镌刻出中国汽车产业的动力变革史诗，"中 国心"活动 ...

Core Viewpoint - The most effective way to invest in stocks is not to find the best stocks but to first eliminate high-risk companies from consideration [1] Group 1: High Customer Concentration - Companies with excessively high customer concentration are at risk; if a major client relationship falters, the company may face immediate crisis [4] - For instance, the automotive parts company Jie Feng Power relies on Chery Automobile for over 70% of its revenue, with the top five clients accounting for more than 93% [4] - A warning signal is if a single client's revenue exceeds 50% or if the top five clients account for over 80% of total revenue [4] Group 2: Financial Integrity - Companies involved in financial fraud or under regulatory investigation are likely to experience significant performance declines and stock price drops [5] - Financial fraud is increasingly sophisticated, making it hard for ordinary investors to detect; however, regulatory warnings are clear indicators of internal control issues [5] - A company that has received a regulatory warning or has significant accounting corrections should be avoided [5] Group 3: Long-term Losses - Companies that report continuous losses are essentially "money-burning machines," often masking their poor performance with one-time gains [6] - A typical sign of such companies is two consecutive years of negative net profit or reliance on non-recurring gains for profitability [6] - The risk of delisting is increasing for companies with long-term losses, with 45 and 52 companies expected to be delisted in 2023 and 2024, respectively [6] Group 4: High Debt Levels - Companies with high debt and high shareholder pledge ratios indicate a strained financial situation, making them vulnerable to market fluctuations [7] - Jie Feng Power exemplifies high debt, with an asset-liability ratio of 78.72%, significantly above the industry average of 38.71% [7] - Warning signals include an asset-liability ratio far exceeding the industry average and shareholder pledges over 60% [8] Group 5: Industry Trends - Companies in declining industries face shrinking market demand and lack competitive advantages, leading to inevitable obsolescence [9] - Indicators of such companies include a market size decline over two consecutive years and a gross margin below the industry average [9] - Companies with low R&D investment and no core patents or technologies should also be avoided, as they are likely to be value traps [9] Conclusion - The core of investing is not about how much can be earned but ensuring that losses are minimized; establishing a negative list serves as a safety measure for investments [10] - By filtering out high-risk companies, the remaining options will be safer and more reliable [10]

Core Insights - Chery Automobile's AI Night event on January 17, 2026, highlighted the company's commitment to advancing its AI strategy, emphasizing a human-centered approach and three main directions for development [1] Group 1: AI Strategy - Chery's AI strategy is built on "one bottom line and three major directions," with the bottom line being a focus on human-centric design [1] - The three directions include focusing on the core business of smart vehicles to achieve product equality, centering on users to achieve emotional equality, and laying out a full value chain to achieve industrial equality [1] Group 2: Product Development - Chery plans to launch the Lingxi Smart Cabin in Q1 2026, and the Falcon 700 driving assistance system will be widely adopted across its models [1] - All hybrid models will have a pure electric range exceeding 200 kilometers [1] - Multiple AI-enabled models are set to be introduced, including the Fengyun T9L, Fengyun A9, iCAR V27, and the new QQ3, catering to various user needs from family cars to performance vehicles [1]

Overall Situation of Automobile Exports - In 2025, China's automobile manufacturers are expected to export a total of 7.1 million vehicles, representing a year-on-year growth of 21%, maintaining the position as the world's largest automobile exporter [1] - The export growth is characterized by an increase in both volume and value, with a significant enhancement in product added value [1] Export Growth Drivers - Passenger vehicles have become the core engine of export growth, significantly outpacing the growth of bus exports [2] - The main export destinations remain Europe, ASEAN, and South America, with a notable performance in countries along the "Belt and Road" initiative [2] Structure of Exporting Enterprises - The structure of automobile export enterprises has undergone significant changes, with a trend of increased concentration among leading companies, the rise of private enterprises, and a reduction in the market share of foreign-funded enterprises [4] - Domestic brands have shown remarkable performance, with their export share increasing from 22% in 2024 to 24% in 2025 [4] Performance of Major Automobile Groups - BYD leads the industry with an export volume of 1.05 million new energy vehicles, particularly excelling in high-end markets such as Europe and Japan [5] - SAIC Group exported 950,000 vehicles, leveraging its joint ventures and domestic brands to maintain a leading position in ASEAN and South American markets [5] Export Performance of Different Types of Enterprises - Different types of automobile enterprises show varied export performance, with leading companies demonstrating strong results [7] - New energy vehicle companies like BYD, Leap Motor, and Xpeng have seen significant year-on-year growth in export volumes [8] Challenges and Recommendations - The industry faces challenges such as overseas trade barriers, supply chain risks, and intensified global market competition [1] - Companies are advised to increase investment in core technology research and development, optimize export products, and strengthen localized production and services to enhance global supply chain influence [1]

Core Viewpoint - Tianhai Electronics has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant milestone for the company in the automotive parts industry [1][2]. Group 1: Company Overview - Tianhai Electronics specializes in automotive transmission systems, connection systems, and intelligent control solutions, focusing on the research, production, and sales of automotive wiring harnesses, connectors, and electronic components [1]. - The company has established a strong brand image and customer reputation in the domestic automotive parts sector, becoming a primary supplier for major automakers such as Chery, SAIC Group, Geely, and Changan [2]. Group 2: Market Position - In 2024, the Chinese automotive wiring harness market is projected to reach 119.6 billion yuan, with Tianhai Electronics holding a leading market share of 8.45% [1]. - The company ranks among the top three in the automotive connector market, which is valued at 47.8 billion yuan, with a market share of 3.52% [1]. Group 3: Financial Performance - Tianhai Electronics reported revenues of 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan for the first three quarters of 2023 to 2025, with net profits of 652 million yuan, 614 million yuan, and 537 million yuan respectively [2]. Group 4: IPO Fund Utilization - The company aims to raise 2.46 billion yuan through its IPO, which will be allocated to projects including connector technology upgrades, wiring harness production base construction, automotive electronics production base, smart transformation and information technology projects, and the Tianhai Intelligent Connected Vehicle Industry Research Institute and supporting industrial park [2].

Core Viewpoint - Tianhai Automotive Electronics Group Co., Ltd. (Tianhai Electronics) has received approval for its IPO on the Shenzhen Stock Exchange, aiming to raise approximately 2.46042 billion yuan [1]. Group 1: Company Overview - Tianhai Electronics specializes in providing automotive transmission systems, connection systems, and intelligent control solutions, focusing on the R&D, production, and sales of automotive components such as wiring harnesses, connectors, and electronic products [1]. - The company’s products are primarily used in both new energy vehicles and traditional fuel vehicles [1]. - Key raw materials for the company's products include wires, cables, connectors, chips, and electronic components [1]. Group 2: Sales and Market Position - The company employs a direct sales model for its wiring harnesses and electronic products, while its connectors are primarily sold through direct sales with some distribution [2]. - Tianhai Electronics has established long-term partnerships with major automotive manufacturers, including Chery Automobile, SAIC Motor, and General Motors, positioning itself as a first-tier supplier [2]. - The company has also formed multi-dimensional collaborations with leading new energy vehicle manufacturers such as Li Auto, NIO, and Xpeng Motors, capitalizing on the growth opportunities in the new energy vehicle sector [2]. Group 3: Fundraising and Investment Projects - The funds raised from the IPO will be allocated to several key projects, including: - Connector technology upgrade and expansion project with a total investment of approximately 836.16 million yuan [3]. - Wiring harness production base project with an investment of about 525.79 million yuan [3]. - Automotive electronics production base project with an investment of around 338.99 million yuan [3]. - Smart transformation and information technology project with an investment of approximately 251.58 million yuan [3]. - Industry research institute and industrial park supporting project with an investment of about 507.89 million yuan [3]. Group 4: Financial Performance - The company’s projected revenues for the years 2022 to 2025 are approximately 8.215 billion yuan, 11.549 billion yuan, 12.523 billion yuan, and 6.557 billion yuan respectively [3]. - Net profits for the same periods are estimated to be around 410 million yuan, 684 million yuan, 616 million yuan, and 324 million yuan respectively [3]. - As of June 30, 2025, total assets are projected to reach approximately 12.753 billion yuan, with a debt-to-asset ratio of 61.55% [4].

Group 1 - The Shenzhen Stock Exchange's listing review committee approved Tianhai Automotive Electronics Group Co., Ltd.'s IPO, confirming it meets issuance, listing, and information disclosure requirements [1] - Tianhai Electronics is located in Hebi Economic and Technological Development Zone, primarily engaged in the R&D, production, and sales of automotive wiring harnesses, connectors, and electronic components, holding a market share of 8.45% in the automotive wiring harness industry and 3.52% in the automotive connector industry [2] - The company has established long-term stable partnerships with major automakers such as Chery, SAIC, Geely, Changan, and General Motors, as well as collaborations with leading new energy vehicle manufacturers like Li Auto, NIO, Leap Motor, and Xpeng [2] Group 2 - In 2024, Tianhai Electronics achieved a revenue of 12.523 billion yuan and a net profit attributable to shareholders of 614 million yuan; in the first half of 2025, the revenue was 6.557 billion yuan with a net profit of 315 million yuan [2] - The company completed its A-share listing guidance in June 2025 and plans to raise 2.46 billion yuan through its IPO on the Shenzhen Stock Exchange, which will be used for various projects including connector technology upgrades, production base construction, and the establishment of an intelligent connected vehicle research institute [2]

Group 1 - The core viewpoint of the article is that Tianhai Electronics has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant milestone for the company [1] - Tianhai Electronics, established in the 1970s, initially focused on traditional fuel vehicle wiring harnesses and has since expanded into core areas such as connectors and intelligent control systems, laying a solid foundation for future growth [3] - The company provides automotive transmission systems, connection systems, and intelligent control solutions, with its main products including automotive wiring harnesses, connectors, and electronics, primarily used in both new energy and traditional fuel vehicles [3] Group 2 - The brand "THB" is recognized in the market, reflecting the company's technical strength, with the per vehicle value of its products increasing significantly from 2500 yuan to over 5000 yuan, demonstrating a clear technology premium effect [3] - In 2024, the Chinese automotive wiring harness market is projected to reach 119.6 billion yuan, with Tianhai Electronics holding a leading market share of 8.45%, while it ranks among the top three in the 47.8 billion yuan automotive connector market with a 3.52% share [3] - Tianhai Electronics has established long-term stable partnerships with major automotive manufacturers such as Chery, SAIC Group, Geely, and General Motors, and has also collaborated with leading new energy vehicle companies like Li Auto and NIO [4] Group 3 - For the first three quarters of 2023 to 2025, Tianhai Electronics reported revenues of 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan, with net profits of 0.652 billion yuan, 0.614 billion yuan, and 0.537 billion yuan respectively [4] - The company plans to raise 2.46 billion yuan through its IPO to invest in projects including connector technology upgrades, wiring harness production bases, automotive electronics production bases, and the Tianhai Intelligent Connected Vehicle Industry Research Institute [4] - The construction of these projects is expected to enhance the company's R&D capabilities, improve the intelligence and informatization of production processes, and expand existing production capacity, thereby strengthening its core competitiveness and profitability [4]

Group 1 - The Shenzhen Stock Exchange's Listing Review Committee has approved Tianhai Automotive Electronics Group Co., Ltd.'s IPO application, confirming it meets the issuance and listing conditions as well as information disclosure requirements [1] - Tianhai Electronics, located in Hebi Economic and Technological Development Zone, specializes in the R&D, production, and sales of automotive wiring harnesses, connectors, and electronic components, holding a market share of 8.45% in the automotive wiring harness industry and 3.52% in the automotive connector industry in China [2] - The company has established long-term stable partnerships with major automakers such as Chery Automobile, SAIC Group, Geely Automobile, Changan Automobile, and General Motors, as well as collaborations with leading new energy vehicle manufacturers like Li Auto, NIO, Leap Motor, and Xpeng Motors [2] Group 2 - In 2024, Tianhai Electronics achieved a revenue of 12.523 billion yuan and a net profit attributable to shareholders of 614 million yuan. In the first half of 2025, the company reported a revenue of 6.557 billion yuan and a net profit of 315 million yuan [2] - The company completed its A-share listing guidance in June 2025 and plans to raise 2.46 billion yuan through its IPO on the Shenzhen Stock Exchange, which will be used for various projects including connector technology upgrades, production base construction, and the establishment of an intelligent connected vehicle research institute [2]

值得注意的是，就在此次竞拍开拍的前一天（1月14日），宝能集团董事长姚振华在该公司的微信 公众号上发布了一则视频，称宝能集团是观致汽车的大股东，已经投入260多亿元，但是在观致汽 车2.7亿元的执行案件中，常熟相关部门成立清算工作组，强制封控观致汽车工厂、设备，超额查 封资产。经过第三方估值80亿元的资产，常熟当地以15亿元的低价进行拍卖。关键是第一次拍卖 没有成功，准备推动第二轮拍卖，起拍价低至8.5亿元，只有第三方评估价的1/10左右，且相关部 门违法快速推进一拍、二拍。 观致汽车成立于2007年，由奇瑞汽车与以色列量子集团合资设立。2017年，宝能集团以66.3亿 元收购观致汽车51%股权。宝能集团入局后，观致汽车的销量一度有所起色。但随着宝能集团自 身陷入流动性危机，观致汽车的销量从2020年开始断崖式下跌，目前已被列为失信被执行人。 就在此次竞拍开拍的前一天（1月14日），宝能集团董事长姚 振华在该公司的微信公众号上发布了一则视频，称宝能集团是 观致汽车的大股东，已经投入260多亿元，但是在观致汽车 2.7亿元的执行案件中，常熟相关部门成立清算工作组，强制 封控观致汽车工厂、设备，超额查封资产。 作 ...