据了解，中证智能汽车主题指数选取为智能汽车提供终端感知、平台应用的公司，以及其他受益于智能 汽车的代表性公司作为样本，以反映智能汽车产业公司的整体表现。该指数以2012年06月29日为基日， 以1000.0点为基点。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在 下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将 其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证智能汽车主题指数十大权重分别为：科大讯飞（5.11%）、韦尔股份（5.1%）、 拓普集团（4.72%）、欧菲光（4.67%）、立讯精密（4.56%）、闻泰科技（4.3%）、芯原股份 （4.24%）、德赛西威（4.22%）、长城汽车（4.19%）、华域汽车（4.15%）。 跟踪CS智汽车的公募基金包括：天弘中证智能汽车A、天弘中证智能汽车C、富国中证智能汽车C、汇 添富中证智能汽车主题ETF、华夏中证智能汽车ETF、 ...

从"搞好技术"到"学会讲话" 要说家底，智己确实有让不少让同行眼红的资本。背靠上汽这棵参天大树，也承担着上汽"品牌向上+技术突围"的双重任务，上汽集团总裁贾建旭更是 明确表示，所有前瞻技术都会在智己率先量产落地，智己作为上汽的技术先锋，承载着品牌突破的历史性重任。 但在传统的刻板印象中，智己更像一个不会开发布会，不懂营销的"技术控"。 自从去年智己火线增设CMO，李微萌统管营销传播之后，智己在产品和营销端全面听劝，此次用户向的发布会只是冰山一角。 当智己在发布会现场用"神仙颜值"、"斩男又斩女"来讲全新智己L6时，智己已经彻底告别了传统的那个"理工男"角色，不再向用户灌输技术，不再长 篇大论的讲产品，而是站在用户立场，谈感受，讲共鸣。 据说，营销焕新之后，智己的CMO和CEO会逐字逐句的核对台本，每一句话甚至是每一个语气符号，均要求从用户角度出发实打实的分享用车体验， 而不是讲技术参数，罗列功能列表。 5月13日，上海前滩31号演艺中心，超级剧场沉浸在红色的氛围中。全新智己L6推出"马蒂斯红车身配色"，在一片炽热的艺术场域中焕新上市。 发布会现场，大量的红色主题装饰，让智己的视觉锤格外惊艳，引发时尚博主们专门 ...

Core Viewpoint - Xiaomi's recent challenges highlight the complexities of user rights in the smart automotive era, particularly regarding performance limitations and marketing practices [1][3][21] Group 1: User Rights and Performance Limitations - Xiaomi's SU7 Ultra features a performance limitation where users must complete a timed lap on a designated track to unlock its full 1548 horsepower, otherwise, it is capped at approximately 900 horsepower [1][3] - This decision has sparked user backlash, with many feeling their rights are infringed upon, and it raises questions about the need for user consultation before implementing such restrictions [3][5] - The incident serves as a warning for the automotive industry on how to protect user rights in the context of software-defined vehicles [5][9] Group 2: Marketing and Product Integrity - The SU7 Ultra's carbon fiber hood has come under scrutiny for not meeting the advertised aerodynamic benefits, leading to accusations of misleading marketing [10][12] - Users who paid an additional 42,000 yuan for the carbon fiber hood found that its design did not provide the promised performance enhancements, resulting in public dissatisfaction [10][12] - Xiaomi's response included an apology and options for users to switch to an aluminum hood or receive compensation, indicating a recognition of the need for clearer communication regarding product capabilities [14][20] Group 3: Industry Implications - The controversies surrounding Xiaomi's automotive offerings reflect broader issues in the Chinese automotive industry, where software updates can alter vehicle performance without consumer consent [5][9] - Legal experts point out that current regulations do not adequately address the responsibilities of manufacturers in the context of software-defined vehicles, raising concerns about consumer rights [7][9] - The incidents serve as a reminder for all automotive companies to balance innovation with transparency and consumer trust, as the market matures [20][21]

Group 1 - Xiaopeng Motors officially enters the Italian market, viewing it as a key part of its global strategy, especially in the growing European electric vehicle sector [1] - Italy aims to achieve an annual production capacity of 1.3 million new energy vehicles by the end of 2025, supported by tax incentives and investment in charging infrastructure [1] Group 2 - Jianghuai Automobile and partners have established a new company focused on integrated circuit design and artificial intelligence, showcasing their strategic foresight in the smart vehicle sector [2] - The new company aims to enhance competitiveness in the electric and smart vehicle markets, potentially accelerating technological innovation in related industries [2] Group 3 - China CNR Corporation has signed multiple significant contracts totaling approximately 54.74 billion RMB, representing about 22.2% of its projected revenue for 2024 [3] - The contracts cover a diverse range of sectors, including urban rail vehicles, equipment sales, maintenance, and energy equipment, indicating strong market demand and a robust competitive position [3] Group 4 - Geely and partners have formed a new company focused on hydrogen and electric commercial vehicles, indicating a strategic expansion in the new energy vehicle niche [4] - This initiative is expected to enhance Geely's competitiveness in the green transportation sector and stimulate technological innovation in the commercial vehicle market [4] Group 5 - Toyota has denied rumors regarding the acquisition of Neta Auto, emphasizing transparency in market information [5] - Despite the denial, concerns remain regarding Neta Auto's financial difficulties and stalled financing plans [5]

据悉，恒生汽车ETF（159239）紧密跟踪恒生港股通汽车主题指数（指数代码：HSSCAM），汇聚了众 多优质电动车与智能车企业，能更贴切地反映中国汽车产业电动化、智能化的趋势，不失为分享国内汽 车产业发展红利的有利工具。 恒生官网资料显示，恒生港股通汽车主题指数的权重股多数为智驾部署的先行者，不仅前十大成分股中 汇聚了比亚迪（002594）、小鹏、吉利、理想、零跑等众多新势力车企，新势力车企浓度超过50%；而 且成分股中还纳入了跨界造车黑马小米，随着未来指数权重调整，也有望成为权重股。这些车企都是智 能驾驶技术迭代的积极践行者，具备较高的成长性，有望为指数贡献强劲的上涨动能。而且其中的小 鹏、理想、零跑、小米等企业都未在A股上市，标的具备稀缺性，有助于补全投资者对中国汽车产业的 投资版图。 从历史表现来看，恒生港股通汽车主题指数弹性突出，适合作为反弹市的布局工具。以9.24反弹行情为 例，自9月24日以来的6个月反弹区间中，恒生港股通汽车主题指数累计上涨61.86%，远超同期港股通 汽车指数（53.51%）、恒生科技指数（55.12%）、恒生指数（31.01%），展现出更强的进攻性。 从企业质地上看，恒生港 ...

[Table_IndustryInfo] 2025 年 05 月 11 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（5.6-5.9） 4 月乘用车批发创当月历史新高， 2025 中国智能汽车技术展举行 智能汽车：5月 8日，由中国汽车工业协会、重庆市电源学会联合主办的"2025 中国智能汽车技术展"开幕，展会以"启新潮、驭未来"为主题，围绕汽车产业前 瞻研究、趋势战略、产业瓶颈、技术突破等焦点问题展开深入探讨，推动汽车 产业链技术共享、资源互通，将高质量科技创新成果转换成新质生产力。建议 关注在智能驾驶算法、传感器、智能座舱等核心领域有技术积累和创新的企业， 以及与科技企业深度合作、积极布局智能汽车领域的传统车企。主要标的：1） 整车：比亚迪（002594）、吉利汽车（0175.HK）、上汽集团（600104）；2） 零部件：德赛西威（002920）、华阳集团（002906）、科博达（603786）、 投资要点 西南证券研究院 [Table_QuotePic] 行业相对指数表现 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 268 ...

Group 1 - The core index, the China Securities Hong Kong and US Listed Global Smart Car Theme Index, reported a value of 5461.69 points, with a recent one-month increase of 8.39%, a three-month decrease of 10.04%, and a year-to-date decline of 9.83% [1] - The index comprises 50 listed companies involved in smart automotive sectors such as perception positioning, decision planning, control execution, smart cockpit, and vehicle networking, reflecting the overall performance of these companies in the Hong Kong and US markets [1] - The index is based on a starting point of 1000.0 points as of December 30, 2016 [1] Group 2 - The top ten holdings of the index include Li Auto-W (9.52%), NVIDIA Corp (9.44%), Xpeng Motors-W (8.84%), Tesla Motors Inc (8.59%), Marvell Technology Group Ltd (6.26%), Rivian Automotive Inc. (5.6%), Lucid Group Inc (3.64%), Aurora Innovation Inc. (3.61%), Baidu Group-SW (3.27%), and Analog Devices Inc (3.19%) [2] - The index's holdings are primarily listed on the Nasdaq Global Select Market (60.44%), followed by the Hong Kong Stock Exchange (29.66%), Nasdaq Capital Market (5.02%), and New York Stock Exchange (4.88%) [2] - In terms of industry distribution, passenger vehicles account for 23.02%, digital media for 3.27%, optical optoelectronics for 3.05%, and automotive parts and tires for 0.32% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with the sample changes, and generally remain fixed until the next scheduled adjustment [3] - Special circumstances may lead to temporary adjustments, including the removal of samples that are delisted or undergo mergers, acquisitions, or splits [3]

投资评级：买入（维持） | 日期 | 2025/5/9 | 证书编号：S0790523090002 | | --- | --- | --- | | 当前股价(元) | 48.17 | | | 一年最高最低(元) | 73.00/17.76 | | | 总市值(亿元) | 126.11 | | | 流通市值(亿元) | 87.22 | | | 总股本(亿股) | 2.62 | | | 流通股本(亿股) | 1.81 | | | 近 3 个月换手率(%) | 690.32 | | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 320% 2024-05 2024-09 2025-01 美格智能 沪深300 相关研究报告 《海外业务快速增长，盈利能力逐季 增强—中小盘信息更新》-2024.10.29 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn 通信/通信设备 美格智能（002881.SZ） 公司业绩高速增长，高算力 AI 模组加速落地 2025 年 05 月 12 日 wangzhentao@kysec.cn 证书编号：S0790124070021 公司发布 ...

通信/通信设备 美格智能（002881.SZ） 公司业绩高速增长，高算力 AI 模组加速落地 2025 年 05 月 12 日 投资评级：买入（维持） | 日期 | 2025/5/9 | 证书编号：S0790523090002 | | --- | --- | --- | | 当前股价(元) | 48.17 | | | 一年最高最低(元) | 73.00/17.76 | | | 总市值(亿元) | 126.11 | | | 流通市值(亿元) | 87.22 | | | 总股本(亿股) | 2.62 | | | 流通股本(亿股) | 1.81 | | | 近 3 个月换手率(%) | 690.32 | | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 320% 2024-05 2024-09 2025-01 美格智能 沪深300 相关研究报告 《海外业务快速增长，盈利能力逐季 增强—中小盘信息更新》-2024.10.29 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E ...

瑞立科密的经营表现与商用车行业周期深度绑定，业绩波动风险显著。2022年，受商用车销量同比下跌 31%影响，公司归母净利润从上一年的1.97亿元腰斩至9696万元，核心产品气压电控制动系统收入缩水 30%。尽管2023年行业回暖推动净利润反弹至2.69亿元，但2024年上半年扣非净利润再度同比下滑 4.52%。此外，公司应收账款占营收比例长期超过70%，2023年末余额达5.66亿元，前五大客户集中度 近30%，若一汽解放、中国重汽等头部客户订单波动，资金链压力将进一步加剧。新能源转型的滞后更 令市场担忧——液压电控系统（适配新能源车）收入占比不足20%，毛利率仅10.85%，显著低于行业均 值（19.43%）。 关联交易的复杂网络成为瑞立科密IPO进程中的另一大争议点。控股股东瑞立集团既是公司第一大客户 （2021年关联销售占比27.8%），也是关键供应商（采购占比12.75%），且同类产品向瑞立集团销售单 价普遍低于第三方客户5%-10%，引发虚增营收的质疑。IPO前夕，公司以9.38亿元收购瑞立集团旗下四 家企业，其中温州汽科评估增值率高达152%，但标的公司2023年净利润亏损213万元，资产质量与估 ...