Group 1 - The core viewpoint of the articles highlights the trend of private equity firms, particularly Hangzhou Longqi Technology, actively closing their funds to new investments to protect existing investors' interests and maintain product performance [1][2]. - Hangzhou Longqi Technology's quantitative timing strategy products have seen significant growth in subscription volumes this year compared to last year, prompting the decision to phase out new subscriptions [2][3]. - The private equity market is experiencing a recovery, with March seeing a substantial increase in new fund registrations, with 1,423 new private equity funds totaling 631.3 billion yuan, a significant rise from February's figures [3]. Group 2 - The technology sector is gaining attention from private equity firms, with a notable influx of capital and the positive impact of policy measures enhancing the investment value of Chinese equity assets [4]. - Analysts believe that the external uncertainties are diminishing, making AI a favorable investment direction, especially given China's rich application scenarios and internet ecosystems [4]. - Data indicates that private equity firms are particularly focused on the technology sector, with the electronics industry being the most researched, receiving 655 inquiries from 650 private equity institutions [4].

Summary of Bertley Conference Call Company Overview - Bertley reported a revenue of 11.13 billion in 2024, representing a year-on-year growth of 33% [2][3] - Net profit attributable to shareholders increased by 36%, with a non-recurring net profit growth of 30% [2][3] - R&D investment reached 5.76 billion, up 28% year-on-year, accounting for 5.79% of revenue [2][3] Financial Performance - Basic earnings per share (EPS) was 1.99, a 30% increase year-on-year; non-recurring EPS was 1.84, up 25% [2][4] - The net asset return rate was 19.76% [3] - Gross margin remained stable at around 21%, with a net profit margin exceeding 12% [3] Project Development and Product Launches - In 2024, Bertley added 416 new designated projects, a 30.4% increase, and 309 new mass production projects, up 28% [2][6] - Total projects under research reached 430 [6] - New designated projects are expected to generate an annualized revenue of 65.4 billion over their lifecycle, focusing on disc brakes, lightweight products, electronic parking brakes, and steer-by-wire systems [2][6] Product and Market Dynamics - Significant growth in product lines: intelligent electric control products sales exceeded 5.2 million units (+40%), disc brakes sales reached nearly 3.4 million units (+19%), and lightweight products totaled 13.8 million units (+35%) [5] - Major clients include well-known North American electric vehicle manufacturers, Ford North America, and various Volkswagen brands [5] Future Growth Projections - Revenue is expected to grow by 28% in 2025, with specific targets for various segments: disc brakes (+15%), electronic parking brakes (+30%), lightweight products (+30%), steer-by-wire (+40%), steering systems (+30%), and ADAS (+70%) [3][21] Strategic Initiatives - Bertley is actively entering the robotics industry in two phases: the first focuses on key components and assemblies, while the second will expand into complete robotic systems [3][12][26] - The company plans to enhance production capacity in response to market demand, particularly for EPB products, fixed calipers, lightweight products, and EPS [3][13] Technological Innovations - Bertley has made advancements in air suspension technology, integrating open and closed system advantages to improve performance while controlling costs [8] - The company aims to achieve mass production of air suspension by the end of 2025 [7][8] International Expansion and Market Strategy - The Mexican factory generated 2.75 billion in revenue in 2024, with 90% from lightweight products, despite reporting a loss of 1.1 billion [3][29] - The company is focusing on expanding its international market presence, particularly in Europe and North America, with plans to target clients like Renault and BMW [23][24] Conclusion - Bertley is positioned for robust growth with a strong focus on R&D, product innovation, and strategic market expansion, aiming for a compound annual growth rate of around 20% over the next five years [16]

联创电子 20250126 摘要 • 联创电子 2025 年一季度光学业务营收突破 7 亿元，其中镜头销量 4.4 亿 元，模组 2.7 亿元，车载光学营收预计全年达 35-40 亿元，光学业务已占 总营收 50%以上，成为公司主业，触控显示业务同比下降，但应用终端代 工规模增长 20%。 • 公司 2025 年经营目标为营收 110 亿元，光学业务收入预计 55 亿元，力 争扭亏为盈。合肥工厂至 3 月份产能约 300 万颗，年底预计达四五百万颗， 全年规划产能 5,000 万颗，南昌和合肥车载镜头满负荷运转。 • 北美市场整车销量虽未大幅增加，但公司订单增长，可能受中美贸易及客 户缺口影响。消费类电子产品，特别是机器人和 AI 相关产品，被视为车载 后市场光学领域的第二大市场，预计三年后迎来爆发周期。 • 比亚迪车载镜头需求稳定，公司可满足其需求。去年四季度信用减值同比 减少，资产减值与 2023 年持平，存货减值周期较长但规模较大，已累计 减值七八个亿，大规模减值可能性降低。 • 一季度存货增加主要由于车载业务规模扩大，打通了从玻璃到镜头模组的 供应链，国内供应周期较长也导致存货同比增加。一季度海外客户 ...

摘要 ► 本 周数据： 2025年4月第3周（4.14-4.20）乘用车销量38.7万辆，同比+9.3%，环比+10.3%；新能源乘用车销量20.4万辆，同比+28.8%，环比+10.3%；新能源渗透率52.8%， 环比持平。 ► 本周行情 ： 汽车板块本周表现强于市场 本周（ 4月21-4月25日）A股汽车板块上涨4.66%，在申万子行业中排名第1位，表现强于沪深300（+0.56%）。细分板块中，商用载客车、汽车零部件、摩托车及其 他、汽车服务、商用载货车、乘用车分别上涨8.04%、6.32%、6.25%、4.44%、2.16%、2.07%。 ► 本周观点： 本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 机器人产业化进程加速 看好T链机器人+强智能化主机厂 近期机器人运动会、马拉松后，天工 Ultra 、松延动力 N2 等国产人形机器人表现亮眼，国产人形机器人技术端不断突破，市场开始重新认识到软硬件全闭环能力的稀缺性， 我们全年维度看好 T 链产业化进程 + 强智能化能力的汽车主机厂在机器人领域布局： 1 ） T 链： 市场对于关税问题 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 8.04 CNY per share, corresponding to a PB of 0.7 for the years 2025-2027 [6][3]. Core Views - The company reported a total revenue of 19.88 billion CNY in Q1 2025, reflecting a year-on-year decrease of 7.8% and a quarter-on-quarter decrease of 39.8%. The net profit attributable to shareholders was -730 million CNY, indicating a significant decline compared to the previous year [1][2]. - The company is facing short-term revenue pressure, but the average selling price (ASP) per vehicle has increased. The decline in profits is attributed to decreased vehicle sales, intensified market competition, increased promotional spending, and reduced government subsidies [1][2]. - The company is focusing on smart driving technology as a core strategy and is expanding its battery swap station network in collaboration with CATL. This dual approach aims to drive the company out of its current operational downturn [3][2]. Summary by Sections Revenue and Profitability - In Q1 2025, the total revenue was 19.88 billion CNY, down 7.8% year-on-year and 39.8% quarter-on-quarter. The net profit attributable to shareholders was -730 million CNY, with a non-recurring net profit of -890 million CNY, marking a year-on-year decline of 229.9% [1][2]. - The sales, management, R&D, and financial expense ratios were 6.3%, 5.6%, -1.4%, and 1.9%, respectively, showing year-on-year changes of 0.4pts, 0.9pts, -1.1pts, and 0.2pts [1]. Sales Performance - The total wholesale volume in Q1 2025 was 371,000 vehicles, a decrease of 9.4% year-on-year. The breakdown shows that GAC Honda sold 93,000 vehicles (-20.7%), GAC Toyota sold 162,000 vehicles (+3.6%), GAC Trumpchi sold 69,000 vehicles (-19.0%), and GAC Aion sold 47,000 vehicles (-3.6%) [2][3]. Strategic Initiatives - The company has launched several new electric vehicle models and is enhancing its product matrix to better position itself in the new energy and intelligent vehicle sectors. This includes the introduction of various electric SUVs and sedans [2]. - The strategic partnership with CATL aims to implement battery swap standards across more models and expand the battery swap station network, which is expected to support the company's recovery [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 124.69 billion CNY, 144.15 billion CNY, and 167.35 billion CNY, respectively. The net profit attributable to shareholders is expected to be 875 million CNY, 1.15 billion CNY, and 2.37 billion CNY for the same years [5][9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - A-share market valuation has rebounded but remains at a relatively low level in the long term, with a good risk premium ratio for allocation. The domestic economic fundamentals still have room for recovery, and the export growth rate may decline due to the base effect. Attention should be paid to the implementation of fiscal policies and market gaming under incremental policies. [18] - Considering the impact of refinancing policies, there is certain support on the demand side under the background of shrinking convertible bond supply. The current valuation of convertible bonds is in a reasonable range, and it is expected that the subsequent valuation center of convertible bonds will fluctuate moderately within a range. [18] - In terms of industries, attention should be paid to popular themes, the domestic demand direction, and high-dividend sectors under the Chinese characteristic valuation system, as well as the military industry. [19] 3. Summary by Relevant Catalogs 3.1 1.1 2025Q1 Performance Outlook of Convertible Bond Entities - As of April 25, 2025, 217 out of 474 convertible bonds (45.8%) have disclosed their Q1 reports, and 9 have disclosed performance forecasts. Most convertible bond entities' revenues in 2025Q1 increased compared to the same period last year. [1][9] - In terms of industries, convertible bond entities in the agriculture, forestry, animal husbandry, and fishery, and non-ferrous metals industries had relatively high year-on-year growth rates in Q1 revenues and net profits attributable to the parent. Entities in the light manufacturing, national defense and military industry, food and beverage, and automobile industries had significant year-on-year profit declines. Loss-making entities were mainly concentrated in the computer, power equipment, and pharmaceutical and biological industries. [1][10] - Among the 217 convertible bond entities, 93 achieved year-on-year growth in both revenues and net profits attributable to the parent, and attention should be paid to their convertible bond conversion tendencies. 58 entities had year-on-year declines in both revenues and net profits, and attention should be paid to their subsequent convertible bond ratings and performance recovery. [2][10] 3.2 1.2 Weekly Review and Market Outlook - This week, the A-share market rose collectively. As of Friday's close, the Shanghai Composite Index rose 0.56%, the Shenzhen Component Index rose 1.38%, and the ChiNext Index rose 1.74%. [17][18] - The current A-share market valuation has rebounded but remains at a relatively low level in the long term. The domestic economic fundamentals still have room for recovery, and the export growth rate may decline due to the base effect. [18] - On the convertible bond level, considering the impact of refinancing policies, there is certain support on the demand side under the background of shrinking convertible bond supply. The current valuation of convertible bonds is in a reasonable range, and it is expected that the subsequent valuation center of convertible bonds will fluctuate moderately within a range. [18] 3.3 2.1 Equity Market Rise - This week, the equity market rose. The Wind All A Index rose 1.15%, the Shanghai Composite Index rose 0.56%, the Shenzhen Component Index rose 1.38%, and the ChiNext Index rose 1.74%. The market style was more inclined to small-cap value. [22] - Most industries rose this week. The automobile, beauty care, and basic chemical industries led the market, while the food and beverage, real estate, and coal industries were among the top decliners. [24] 3.4 2.2 Convertible Bond Market Rise, Decline in Overall Market Premium Rate - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 0.90%, the Shanghai Convertible Bond Index rose 0.85%, and the Shenzhen Convertible Bond Index rose 0.95%. The average daily trading volume of convertible bonds increased. [3][28] - At the industry level of convertible bonds, 28 industries rose and 1 fell. The media, automobile, and computer industries led the market in terms of gains. At the corresponding underlying stock level, 22 industries rose and 7 fell. [31] - Most individual convertible bonds rose this week. The top five convertible bonds in terms of weekly gains were Fuxin Convertible Bond, Zhenhua Convertible Bond, Zhongchong Convertible Bond 2, Limin Convertible Bond, and Zhongqi Convertible Bond; the top five in terms of weekly losses were Huicheng Convertible Bond, Xuerong Convertible Bond, Huafeng Convertible Bond, Daoen Convertible Bond, and Liugong Convertible Bond 2. [32][34] - The number of absolute low-price convertible bonds decreased this week. The median price of convertible bonds in the entire market rose. The weighted conversion value of the entire market increased, and the premium rate decreased. [36][41] 3.5 2.3 High-Frequency Tracking of Different Types of Convertible Bonds 3.5.1 Market Index Performance - This week, convertible bonds of all parities rose. Historically, high-parity convertible bonds are more elastic. [45] - This week, equity-biased, balanced, and debt-biased convertible bonds all rose. Historically, equity-biased convertible bonds are more elastic, and balanced convertible bonds are more resistant to declines. [46][47] - This week, convertible bonds of all ratings rose. Historically, high-rated AAA convertible bonds have shown stable performance, while AA- rated convertible bonds have performed poorly, and low-rated convertible bonds have shown weaker resistance to declines and greater rebound strength. [49] - This week, convertible bonds of all sizes rose. Since 2023, small-cap convertible bonds have recorded a 9.91% return, small and medium-cap convertible bonds 11.27%, medium-cap convertible bonds 8.02%, and large-cap convertible bonds 7.43%. [51] 3.5.2 Classification Valuation Changes - This week, the valuations of all types of convertible bonds rose. The valuations of balanced and equity-biased convertible bonds increased; the valuations of convertible bonds of all parities increased, with a significant increase in the valuation of (80, 90] parity convertible bonds; the valuation of AAA-rated convertible bonds increased, while the valuations of other rated convertible bonds decreased; the valuation of large-cap convertible bonds increased, while the valuations of other classified convertible bonds decreased. [53] - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have bottomed out and rebounded. The conversion premium rates of equity-biased and balanced convertible bonds are currently below the 35% and around the 50% quantiles since 2017, respectively. [55] - The conversion premium rates of convertible bonds of all ratings have fluctuated slightly. Currently, the premium rates of high-rated convertible bonds are relatively low. [56] 3.6 3.1 This Week's Primary Plan Issuance - This week, 3 new convertible bonds were listed, 0 were pending issuance, and 1 was pending listing. There were 8 primary approvals this week. [62] - Since the beginning of 2023 to April 25, 2025, there have been a total of 90 planned convertible bonds, with a total scale of 148.527 billion yuan. [66] 3.7 3.2 Downward Revision & Redemption Clauses - As of April 25, 2025, 21 convertible bonds announced that they were expected to trigger downward revisions, 31 announced no downward revisions, 4 proposed downward revisions, and 3 actually had downward revisions. [5][69] - This week, 0 convertible bonds were expected to trigger redemptions, 1 announced no early redemption, and 2 announced early redemptions. [5][72][73] - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 30 still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's downward revision tendency. [5][75]

Core Points - The launch of the bZ5 electric sedan by FAW Toyota at the "GIVE ME 5" technology conference in Shanghai, with a pre-sale price range of 130,000 to 160,000 yuan [1] - The bZ5 integrates Momenta's Flywheel Model 5.0 with Toyota's QDR (Quality, Durability, Reliability) genes, enhancing the electric driving experience for users [1] - The bZ5 features extensive safety measures, including 115 rigorous crash tests, standard 9 SRS airbags, and a "five-fold armor" battery protection technology [1] - The vehicle is equipped with four redundant systems for braking, parking, steering, and motor control, along with driver and passenger monitoring systems to prevent safety hazards [1] Intelligent Driving - The bZ5 is equipped with the Toyota Pilot system, featuring a 544 Tops high-performance chip and 33 intelligent sensing hardware, supporting over 30 functions including urban and highway navigation assistance and automatic parking [3] - The Momenta model utilizes 2 billion kilometers of driving data from production vehicles, optimized by Toyota's safety standards, to provide a reliable and intelligent driving experience [3] Design and Features - The bZ5 is built on the e-TNGA platform, featuring a high-rigidity body, low center of gravity, and precise tuning for a balance of handling and comfort [5] - The exterior design includes a "hammerhead shark" front face, a fastback body, and 21-inch blackened wheels, complemented by a 1.44 square meter panoramic sunroof [5] - Interior features include a 15.6-inch full HD touchscreen, support for over 200 third-party apps, 10 JBL speakers, gesture control system, and an aroma system to enhance user comfort and personalization [5] - The bZ5 is set to officially launch in June, offering a long-range version with 550 kilometers and an L2-level assisted driving model with LiDAR technology [5]

■ Transformer架构为高阶智驾商业化落地注入革命性动力。 目前，中国在汽车电动化发展中获得领先，而被 公认为汽车革命下半场的智能化成为全球各大车企竞争的焦点。近两年，以Transformer为代表的大模型较 CNN在数据训练的优势更为突出，在自然语言处理领域几乎取代了RNN，并被引入计算机视觉领域，成为高 阶智驾发展的核心引擎。 我们认为AI驱动的智能化正为中国汽车产业塑造新的竞争优势，或将促使我国汽车 产业从市场追随者向行业规则制定者转变。 ■ 驱动高阶智驾加速渗透的因素是什么？ 从政策端看， 工信部联合其他三部门敲定了首批九家获得智能网联 汽车准入及L3级别上路通行试点资格的企业名单，这标志着高阶智驾的商业化落地正渐行渐近。 从需求端 看， 智能驾驶凭借显著降低人为因素引发事故、提升道路交通安全水平的优势，已成为影响用户购车决策的 关键因素。 从供给端看， 特斯拉FSD的迅猛发展以及硬件成本的持续降低，正促使中国车企与科技企业加速 高阶智驾领域的产业布局。 ■ AI如何赋能高阶智驾持续升级？ 从算法端看， AI大模型的发展与智能驾驶技术的演进之间已形成深度共生 关系，从技术底层、系统能力到生态体 ...

" 更低成本的真实数据需求，更快迭代智驾系统。 " 作者丨田哲 编辑丨林觉民 4月23日，第二十一届上海国际车展上，商汤绝影发布了包括生成式智驾R-UniAD、4D世界模型"绝影开 悟2.0"、AI内核"绝影千机"在内的多个核心技术。 统观绝影发布的技术，一句话概括为：不是做"功能模型"，而是做"系统AI"。 过去几年，端到端技术被认为是智能驾驶实现路径中的"终极形态"，但大多数方案都卡在数据、性能、安 全三道门槛前。R-UniAD的思路，是在这三道门槛外，再造一层AI基础设施。 据介绍，R-UniAD结合世界模型和强化学习，以VLAR（视觉、语言、行动、强化学习）技术架构为核 心，支持仿真环境中进行闭环训练，让模型能在虚拟世界里"试错—强化—泛化"，最终形成系统策略能 力。 以车展现场展示的"施工占道场景"为例，R-UniAD先通过"绝影开悟"世界模型构建4D动态环境，再让模 型反复在这个世界里强化训练不同策略。最终结果是，模型不仅能精准避让，还能泛化到其它类似场景 中。 这种能力的意义在于，它不仅降低了数据成本，更提高了模型上限——在少数据场景里跑出更强泛化能 力，是当前行业少见的尝试。 如果说R-Uni ...

Core Insights - China is the largest automotive market globally and the most significant single market for BMW Group, emphasizing that success in China translates to global success [1] - The new generation of BMW vehicles represents a culmination of technological breakthroughs and innovations, with significant contributions from China tailored for Chinese consumers [1][2] Group 1: New Generation Vehicles - The "New Generation" initiative is BMW Group's largest investment to date, featuring a new architecture, design language, and sixth-generation electric drive technology [2] - BMW plans to launch over 10 new models in China this year and more than 20 models, including new generation vehicles, by 2026-2027 [2] Group 2: Safety and Innovation - BMW emphasizes a "safety first" principle, ensuring that technological advancements do not compromise customer safety [2] - The company believes in optimizing and integrating advanced technologies rather than merely accumulating parameters, focusing on delivering reliable and user-friendly innovations [2][3] Group 3: AI and Smart Driving - BMW has deployed over 600 AI applications globally, with more than 200 in China, covering areas such as voice recognition and production optimization [3] - The company is collaborating with major tech firms like Alibaba and ByteDance to implement a comprehensive AI strategy in China [3] Group 4: Localized Development - BMW is focusing on localized R&D in China, with a new operating system tailored for Chinese users, enhancing user experience in key scenarios [4] - The integration of driving assistance information with lane-level navigation aims to improve clarity and decision-making for drivers [4] Group 5: Global Integration of Chinese Innovations - Innovations developed in China are being integrated into BMW's global solutions, with the largest R&D team outside Germany based in China [5] - Successful designs tailored for the Chinese market, such as the long-wheelbase BMW X1, are being introduced in other markets like India, Japan, Thailand, and Indonesia [5]