Group 1 - Company announced that two subsidiaries received project confirmation letters from global leading OEMs to provide Central Computing Units (CCU), intelligent networking, and smart cockpit products starting in 2027, with a total project lifecycle order value of approximately 15 billion yuan [2] - The project marks a significant milestone for the company, showcasing its recognition by top international clients in the "soft and hard integration" automotive intelligence platform solution [2] - The CCU products utilize a high-performance automotive-grade computing platform, enabling deep integration of intelligent driving, vehicle networking, and cockpit entertainment, supporting the evolution of automated driving functions from L2++ to L4 [2] Group 2 - In the first half of the year, the company secured new project lifecycle orders amounting to approximately 31.2 billion yuan, with automotive safety business contributing about 17.4 billion yuan and automotive electronics business about 13.8 billion yuan [3] - New orders related to new energy vehicles exceeded 20.6 billion yuan, accounting for over 66% of the total new orders [3] - Although the current project will not significantly impact the company's financial performance in 2025, it is expected to substantially enhance revenue and profitability after mass production in 2027, with a project lifecycle of approximately 8-10 years [2]

Group 1 - The company, Junsheng Electronics, announced on September 15 that it has secured automotive intelligence project designations from two leading OEM clients, with an expected total order value of approximately 15 billion yuan over the product lifecycle, set to begin mass production in 2027 [1] - The designated projects primarily include the integration of intelligent driving, intelligent connectivity, and intelligent cockpit central computing units (CCU), along with other smart connectivity products [1] - The CCU is referred to as the "super brain" of the vehicle, representing a core product for future intelligent vehicles [1]

Core Viewpoint - Junsheng Electronics (600699.SH) has recently announced that its subsidiary has secured project designation notifications from two leading automotive OEM clients, which will involve the development and provision of a range of automotive intelligent products globally, with a total lifecycle order value estimated at approximately RMB 15 billion, set to begin mass production in 2027 [1] Group 1 - The company has received project notifications from two major automotive OEM clients, details of which are confidential [1] - The projects will focus on developing products such as Central Computing Units (CCU) that integrate intelligent driving, connected vehicles, and smart cockpit technologies [1] - The total estimated order value for the projects over their lifecycle is around RMB 15 billion [1]

Core Insights - Junsheng Electronics (600699) announced on September 15 that it has recently secured global designations for automotive intelligence projects from two leading OEM clients, which will involve providing integrated smart driving, connected intelligence, and smart cockpit central computing units (CCU) [1] - The total expected order value over the full lifecycle is approximately 15 billion yuan, with mass production planned for 2027 [1] - The company is actively advancing localization adaptation solutions for its smart business in major global automotive markets, indicating recognition of its development capabilities and product quality by top global clients [1] Product Development - Junsheng Electronics is currently developing new products, including a next-generation integrated high-performance automotive brain, central integrated smart cockpit domain controllers, 5G smart connected products, and regional controllers [1] - The company is also exploring the application of optical modules in automotive technology [1] Market Position - In 2023, Junsheng Electronics has experienced a rapid growth phase in its smart auxiliary driving and cockpit integration businesses, securing multiple orders for smart driving products from first-tier automotive brands [1] - The company is becoming an important player in the global smart driving sector [1]

Group 1 - The smart electric vehicle ETF (516380) saw a significant price increase, with a rise of over 4% during trading, indicating strong buying interest [1] - Key components of the ETF include Tianqi Lithium, which hit the daily limit, Hunan Youneng rising over 14%, and CATL increasing by over 7% [1] - The Ministry of Industry and Information Technology and eight other departments released a plan to promote the industrial application of smart connected technology and approved L3 level vehicle production [3] Group 2 - Tesla's stock surged nearly 14% over two days, with expectations that the company will accelerate development in humanoid robots, autonomous driving, and electric vehicles under a 10-year compensation plan [3] - The automotive parts sector is expected to benefit from the new cycle of smart connected vehicles, leading to a comprehensive valuation increase across the automotive sector [3] - The smart electric vehicle ETF tracks an index that focuses on both electrification and smart vehicle leaders, covering key sectors such as smart cockpit, autonomous driving, cameras, and automotive electronics [4]

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting an increase in allocation towards automotive dividend style configurations in the second half of 2025 [4]. Core Insights - The automotive industry is at a crossroads, with the end of the electric vehicle (EV) dividend phase and the dawn of automotive intelligence. The report suggests that structural opportunities may arise similar to previous transitions in 2011 and 2018 [4]. - The report emphasizes the importance of domestic consumption expansion and quality improvement in the automotive sector, as outlined in the "Automotive Industry Stabilization and Growth Work Plan (2025-2026)" issued by eight government departments [51]. - The report forecasts a total vehicle sales target of approximately 32.3 million units for 2025, with a year-on-year growth of about 3%, and expects new energy vehicle sales to reach around 15.5 million units, growing by approximately 20% [51][52]. Summary by Sections Weekly Review - In the first week of September, the total number of compulsory insurance for passenger vehicles was 360,000 units, reflecting a week-on-week decrease of 30.0% [50]. - The report highlights the performance of various segments, with commercial trucks showing the best performance at +4.2%, while passenger vehicles declined by -1.8% [3]. Market Performance - The automotive sector ranked 15th in A-shares and 21st in Hong Kong stocks for the week, indicating a relatively average performance compared to other sectors [8][10]. - The report notes that the overall price-to-earnings (P/E) ratio for the automotive sector has decreased, with specific segments like passenger vehicles trading at 0.94 times the P/E of parts [36][43]. Industry Trends - The report identifies key changes in the industry, including new model announcements and strategic partnerships aimed at accelerating the commercialization of autonomous vehicles [3]. - The report anticipates a significant increase in the penetration of L3 and L2+ intelligent driving technologies by 2025, driven by major players like Tesla and Huawei [55][56]. Investment Recommendations - The report recommends focusing on dividend and quality configurations in segments such as buses, heavy trucks, and two-wheelers, as well as selecting stocks in the AI and robotics sectors [4]. - Specific stocks highlighted for potential investment include Yutong Bus, China National Heavy Duty Truck, and various parts manufacturers [4].

9月14日，在山东港口烟台港，一艘汽车运输船准备装载出口汽车。唐 克摄（人民视觉） 工业和信息化部等八部门近日联合印发《汽车行业稳增长工作方案（2025—2026年）》（以下简称 《工作方案》），提出"2025年力争实现全年汽车销量3230万辆左右，同比增长约3%"等发展目标。工 业和信息化部有关负责人表示，当前，我国汽车产业发展面临的内外部环境日趋严峻复杂。出台《工作 方案》，是为了在良好工作基础上，坚持问题导向、目标导向，远近结合、综合施策，努力实现汽车行 业经济发展主要预期目标。 提出60余项细化措施 车行业网络乱象专项整治等。 记者梳理发现，近期，已有中国一汽、上汽集团、广汽集团、小米、蔚来多家车企宣布将供应商账 期统一至60天内，并明确付款周期上限。多家车企表示，落实好支付账期承诺，目的就在于推动产业更 好发展。比如，小鹏汽车宣布将支付账期统一至60天内，积极践行企业社会责任与担当，努力通过AI 科技创新赋能产业链及上下游伙伴，共同推进中国汽车产业高质量发展。 工业和信息化部有关负责人表示，支持整车企业切实践行有关承诺，继续引导整车企业与供应链企 业建立长期稳定的合作关系，促进大中小企业融通创新、协 ...

长江商报消息 ●长江商报记者 张璐 在汽车智能化浪潮的推动下，豪恩汽电（301488.SZ）凭借持续加码的研发投入与不断落地的大额订 单，展现出强劲的发展动能。 9月11日，豪恩汽电公告称，收到某头部新能源汽车品牌全景摄像等多系统产品定点信。项目周期5—7 年，预估生命周期内总营业额约9.72亿元，预计2025年12月开始量产。 豪恩汽电是汽车智能驾驶感知系统领域的重要供应商。据长江商报记者统计，在技术积累支撑下，豪恩 汽电2025年以来新增定点项目金额已达24.29亿元，在手订单更是高达200亿元—300亿元，为长期增长 奠定坚实基础。 在手订单超200亿 近日，豪恩汽电公告，公司收到某头部新能源汽车品牌的全景摄像系统、AK2雷达系统、 DMS&OMS、行驶记录系统产品的定点信。项目生命周期为5—7年，预估生命周期内总营业额约9.72亿 元，预计2025年12月开始陆续量产。该定点信总营业额占公司2024年总营收的69%。 长江商报记者注意到，2025年以来，豪恩汽电在定点方面成果丰硕。 2月26日，公司收到某合资汽车品牌的智能驾驶摄像系统产品定点信，项目生命周期5年，预估生命周期 内总营业额约4.08亿元 ...

工业和信息化部等八部门近日联合印发《汽车行业稳增长工作方案（2025—2026年）》（以下简称《工 作方案》），提出"2025年力争实现全年汽车销量3230万辆左右，同比增长约3%"等发展目标。工业和 信息化部有关负责人表示，当前，我国汽车产业发展面临的内外部环境日趋严峻复杂。出台《工作方 案》，是为了在良好工作基础上，坚持问题导向、目标导向，远近结合、综合施策，努力实现汽车行业 经济发展主要预期目标。 提出60余项细化措施 "汽车产业是国民经济的支柱产业，产业链长、涉及面广、带动性强，发挥着工业经济稳增长的'压舱 石'作用。"工业和信息化部有关负责人说，我国汽车产业连续3年实现稳定增长，新能源汽车快速增 长，转型升级发展取得显著成效。2024年，我国汽车销售完成3143.6万辆、同比增长4.5%，其中新能源 汽车销售完成1286.6万辆、同比增长35.5%，为宏观经济增长贡献了重要力量。 《工作方案》提出，2025年，力争实现全年汽车销量3230万辆左右，同比增长约3%，其中新能源汽车 销量1550万辆左右，同比增长约20%；汽车出口保持稳定增长；汽车制造业增加值同比增长6%左右。 工业和信息化部上述负责人 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue of 80.606 billion RMB, a year-on-year increase of 2.58%, and a net profit of 1.730 billion RMB, up 13.97% compared to the previous year [1] Group 1: Financial Performance - The company achieved a total revenue of 80.606 billion RMB in the first half of 2025, with a year-on-year growth of 2.58% [1] - The net profit attributable to the parent company was 1.730 billion RMB, reflecting a year-on-year increase of 13.97% [1] Group 2: Business Segments - The company maintained its leadership position in the high-end product supply chain while expanding cooperation with overseas major clients, contributing to steady growth in the consumer electronics segment [1] - The AI server shipments saw rapid growth, opening new growth opportunities for the new intelligent products business [2] - The new energy vehicle (NEV) segment continued to show strong growth momentum, achieving a revenue of 12.450 billion RMB, a year-on-year increase of approximately 60.50% [3] - The consumer electronics segment generated revenue of 60.947 billion RMB, with assembly business accounting for 47.195 billion RMB and components business for 13.752 billion RMB [3] Group 3: Product Development and Market Trends - The liquid cooling server market is accelerating due to global computing power upgrades and surging AI demand, with the company actively investing in new product development and customer expansion [2] - The company has developed intelligent logistics robots that are widely used in internal manufacturing scenarios, enhancing warehousing and distribution efficiency [2] - The company has a clear technological advantage in smart cockpit systems, intelligent driving assistance systems, and other areas, with significant growth in product shipments [3]