证券代码：301186 证券简称：超达装备 债券代码：123187 债券简称：超达转债 南通超达装备股份有限公司 投资者关系活动记录表 编号：2025-008 | 答：尊敬的投资者，您好。公司向不特定对象发行可转换公司 | | --- | | 债券募集资金计划用于"新能源电池结构件智能化生产项目"。 | | 截至2025年6月30日，公司向不特定对象发行可转换公司债券募 | | 集资金投资项目已累计投入8,870.19万元，募集资金余额为 | | 38,938.49万元，其中，募集资金专户余额为8,938.49万元，购买 | | 的尚未赎回理财及存款类产品余额为30,000.00万元，公司尚未 | | 使用的向不特定对象发行可转换公司债券募集资金将继续用于 | | 承诺投资的募集资金项目。具体内容详见公司于2025年8月29 | | 日在巨潮资讯网(http://www.cninfo.com.cn)披露的《2025年半年 | | 度募集资金存放与使用情况的专项报告》(公告编号：2025-071)。 | | 有关公司的经营情况和业务分析，请您届时查阅公司在巨潮资 | | 讯网(http://www.cninfo ...

传统向：满血途灵平台（CDC+空悬啥的），5米2以上的超大空间，全智能大灯，华为三电套装 独家配备二排旋转零重力座椅，全新形态的安全气囊，100米外都有辨识度的晶钻尾灯。 智能化：副驾屏、二排屏全面扩大，恒冷冰箱，制氧机上车，全新激光雷达 凤凰网科技讯 12月23日，博主@Blood旌旗发布博文，总结鸿蒙智行智界V9旗舰MPV 的竞争力，内容 如下： 鸿蒙智行智界V9旗舰MPV将搭载满血途灵平台，拥有5米2以上空间。配置上升级扩大新车的副驾屏、 娱乐屏，同时将配备恒冷冰箱、制氧机，并搭载全新激光雷达。 独家性：二排旋转零重力座椅（注意是结合在一起），全新形态的安全气囊，100米外都有辨识度的晶 钻尾灯 ...

（来源：智通财经） 中信建投研报称，当前市场对汽车明年刺激政策及产销总量预期较弱，汽车顺周期属性弱化，目前来看 预期或已见底，科技属性下机器人及无人驾驶等成长方向仍是核心主线。工信部许可重庆、北京两家主 机厂各一款L3级自动驾驶车型产品，标志着我国L3自动驾驶迈入商业化应用关键一步，我们看好自主 乘用车智能化、高端化、强势新车周期和新能源出海头部车企。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

中信建投研报称，当前市场对汽车明年刺激政策及产销总量预期较弱，汽车顺周期属性弱化，目前来看 预期或已见底，科技属性下机器人及无人驾驶等成长方向仍是核心主线。工信部许可重庆、北京两家主 机厂各一款L3级自动驾驶车型产品，标志着我国L3自动驾驶迈入商业化应用关键一步，看好自主乘用 车智能化、高端化、强势新车周期和新能源出海头部车企。 （文章来源：第一财经） ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 博泰车联是中国智能座舱解决方案的领先供应商 公司成立于2009年，前身为上海博泰悦臻电子设备制造有限公司，于2025年9月在香港联交所主板上市 （股票代码：2889）。2024年按出货量计，公司居中国乘用车智能座舱域控供应商第三（市占7.3%）； 2025年1-5月按出货量计，居中国新能源乘用车座舱域控市场第二（市占13.11%）。公司是国内少数可规 模化交付高通8155/8295、提供麒麟9610A+鸿蒙方案的资深全栈方案商，业务覆盖全国29家主流OEM客 户，包括一汽、东风、上汽等国内头部车企及保时捷等国际品牌，核心产品域控制器已服务长安阿维塔、 东风岚图等头部客户。公司2024年营收25.57亿元，其中智能座舱解决方案、网联服务收入占比分别为 95 ...

Core Insights - The announcement of the first batch of L3-level conditional autonomous driving vehicle permits by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of L3 autonomous driving in China [1][5] - The intelligent driving sector is experiencing a surge in interest, with companies like Zhejiang Shibao, Hongmeng Zhixing, Xiaopeng, and BYD announcing advancements in L3 autonomous driving technology [1][6] - The year 2025 is characterized as the "Year of High-Level Intelligent Driving," with a shift from marketing hype to stringent regulations in the industry [2][3] Industry Developments - The penetration rate of L2-level assisted driving vehicles reached 64% in the first three quarters of 2025, up from 48% in 2024, indicating a rapid adoption of advanced driving assistance systems [2] - Following incidents like the Xiaomi SU7 accident, the industry is facing increased scrutiny and regulatory measures to ensure safety and prevent misleading marketing practices [2][3] - The MIIT has mandated that companies must not exaggerate their autonomous driving capabilities and must not use consumers as test subjects [3] Regulatory Changes - A new stringent standard for L2 autonomous driving, expected to be implemented by 2027, will raise the bar for safety and operational requirements, potentially leading to a consolidation in the industry [4] - The L3 commercial pilot program is seen as a transition from technology validation to mass application, with significant implications for the future of intelligent driving [5][6] Market Outlook - The intelligent driving market is projected to see a further increase in L2 penetration to 70% by 2026, with L3 and above expected to reach a 10% penetration rate by 2030 [6] - The transition to L3 autonomous driving is complex, requiring a multi-sensor approach for safety, including the use of LiDAR and radar systems [7] - Challenges remain in the implementation of L3 systems, including liability issues, regulatory pressures, and the need for comprehensive insurance solutions [7]

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly highlighting the approval of L3 autonomous driving products by Changan Automobile and BAIC's Arcfox Alpha S [1][2]. Core Insights - The automotive industry is entering a new phase where the benefits of electrification are tapering off, while the focus shifts towards intelligent vehicles and robotics innovation [3]. - Key investment opportunities are identified in AI smart vehicles, with a focus on Robotaxi and Robovan applications, as well as C-end vehicle sales [3]. - The report anticipates a significant increase in L3 and L2+ intelligent driving penetration rates by 2025, driven by major players like Tesla, Huawei, and XPeng [51][52]. Industry Performance - The automotive sector showed mixed performance this week, with the motorcycle and other segments performing best, while passenger vehicles saw a decline of 1.4% [2][15]. - The report notes that the automotive sector ranked 21st in A-shares and 20th in Hong Kong stocks this week [7][9]. Key Changes in the Industry - Recent approvals for L3 autonomous driving capabilities for Changan's Deep Blue and BAIC's Arcfox Alpha S mark significant advancements in the industry [2][3]. - The report highlights the procurement of nearly 200 Yutong electric buses by Saudi Arabia's Red Sea Global Group and SIXT, with the first batch already in operation [2][3]. Investment Recommendations - The report suggests focusing on AI smart vehicle investments, particularly in Robotaxi and Robovan sectors, as well as C-end vehicle sales [3]. - Key companies to watch include Tesla, XPeng, and various suppliers in the automotive supply chain, such as Desay SV and Geely [3][62]. Market Valuation - The report indicates that the overall price-to-earnings (PE) ratio for the automotive sector remains stable, with commercial passenger vehicles and auto parts seeing an increase in PE [33]. - The report also notes that the global vehicle valuation price-to-sales (PS) ratio is holding steady, with A-share vehicles maintaining stability [41].

随着2025年接近尾声，申万宏源、中信建投（601066）、东吴证券等多家券商近期密集发布2026年汽车 行业投资策略报告，对明年车市发展趋势进行了全面研判。 多家券商认为，2026年中国车市将呈现"总量企稳、结构优化、外需补位"的特征，出口与智能化将成为 双轮驱动的核心动力。尽管受到新能源汽车购置税调整等因素影响，行业增速可能放缓，但新能源汽车 市场渗透率有望突破60%，智能化发展进入关键期，出口市场持续高增，为行业带来新的增长空间。 总量企稳与结构优化并行 2026年中国车市将面临政策环境的重要变化。多家券商一致认为，随着以旧换新补贴可能下降，新能源 车购置税调整后，市场竞争将更加激烈。然而，在经历了2025年的政策刺激后，车市已形成较强的内生 增长动力，总量有望保持相对稳定。 据东吴证券所长助理、汽车行业首席分析师黄细里对《证券日报》记者表示，2026年乘用车总内需销量 将达到2200万辆，同比微降3.5%，但新能源内需销量将达到1320万辆，同比增长6.4%。西部证券 （002673）则更为乐观，认为尽管政策调整会带来一定压力，但新能源优质供给继续增加，新能源车渗 透率将继续提升。中信建投则指出，当前 ...

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating a sustained high level of market activity and potential for price increases [11][30][55]. Core Insights - Copper prices have increased by 2.75% to $11,870.5 per ton on the LME, while domestic prices have slightly decreased. Supply constraints and weak demand are expected to lead to a slight reduction in inventory levels [12]. - Aluminum prices rose by 2.80% to $2,955.50 per ton on the LME, with domestic production remaining stable despite high inventory levels. The market is experiencing a seasonal downturn, but there are signs of recovery [13]. - Gold prices increased by 0.79% to $4,368.7 per ounce, driven by geopolitical risks and market volatility. The SPDR gold holdings have also increased, indicating a positive sentiment towards gold as a safe-haven asset [14]. - The rare earth sector is expected to see upward price movements due to supply constraints and favorable export conditions. Companies like China Rare Earth and Northern Rare Earth are highlighted as potential investment opportunities [31]. - Antimony prices have decreased by 2.37%, but the long-term outlook remains positive due to expected recovery in exports and stable demand [32]. - Tin prices have increased by 1.86%, supported by low inventory levels and strong demand from sectors like semiconductors and photovoltaics [33]. - Lithium prices have risen by 3.66% to 96,700 CNY per ton, with production levels stable and demand from the energy sector remaining strong [56]. - Cobalt prices have shown mixed trends, with a slight increase in some products, but overall market activity is subdued due to seasonal factors [59]. Summary by Sections Copper - LME copper price increased by 2.75% to $11,870.5 per ton, while domestic prices decreased slightly. Supply constraints and weak demand are expected to lead to a slight reduction in inventory levels [12]. - The smelting sector is experiencing a decrease in operational rates, with a forecasted decline in production due to year-end inventory control [12]. Aluminum - LME aluminum price rose by 2.80% to $2,955.50 per ton, with domestic production remaining stable despite high inventory levels. The market is experiencing a seasonal downturn, but there are signs of recovery [13]. - The operating rate of downstream processing enterprises has decreased, indicating a continuation of weak demand [13]. Precious Metals - Gold prices increased by 0.79% to $4,368.7 per ounce, driven by geopolitical risks and market volatility. The SPDR gold holdings have also increased, indicating a positive sentiment towards gold as a safe-haven asset [14]. Rare Earths - The rare earth sector is expected to see upward price movements due to supply constraints and favorable export conditions. Companies like China Rare Earth and Northern Rare Earth are highlighted as potential investment opportunities [31]. Antimony - Antimony prices have decreased by 2.37%, but the long-term outlook remains positive due to expected recovery in exports and stable demand [32]. Tin - Tin prices have increased by 1.86%, supported by low inventory levels and strong demand from sectors like semiconductors and photovoltaics [33]. Lithium - Lithium prices have risen by 3.66% to 96,700 CNY per ton, with production levels stable and demand from the energy sector remaining strong [56]. Cobalt - Cobalt prices have shown mixed trends, with a slight increase in some products, but overall market activity is subdued due to seasonal factors [59].

Investment Rating - The report suggests a focus on themes of intelligentization and overseas expansion, indicating a positive outlook for companies like BYD and Geely Auto in the export sector, and Li Auto, Xpeng Motors, and others in the intelligentization and robotics sectors [1][18]. Core Insights - Short-term domestic demand is low, with retail sales of passenger vehicles declining year-on-year in November, while exports are expected to be a long-term theme with significant growth potential [1][12]. - The intelligentization and robotics sectors are accelerating, with advancements in autonomous driving and smart cockpit technologies becoming mainstream [15][16]. - The report highlights the importance of focusing on companies with strong export growth and those benefiting from intelligentization trends [1][18]. Summary by Sections Weekly Perspective - Domestic demand is currently weak, with November retail sales of passenger vehicles down 15.8% year-on-year. However, exports have shown strong growth, with a 50% increase in November compared to the previous year [1][11][12]. Industry Data Tracking - The Shanghai Composite Index decreased by 0.28%, while the automotive index increased by 0.10%. Notable stock performances included Zhejiang Shibao (+44.1%) and Haon Automotive (+28.4%) [2][19]. - In November, wholesale passenger vehicle sales reached 2.991 million units, a year-on-year increase of 1.7%, while new energy vehicle (NEV) sales rose by 17.6% [4][34]. Industry Dynamics - The report notes significant developments in the intelligentization of vehicles, with over 60% penetration of L2 and above autonomous driving systems in the market. The trend towards smart cockpits is also highlighted [15][16]. - Robotics technology is advancing rapidly, with new products being launched by domestic manufacturers and increased governmental focus on robotics technology in the U.S. [16][18].