华鑫证券研报指出，自动化行业迎结构性机遇，智能化与国产替代驱动增长。尽管2024年OEM行业规 模同比下滑5%，但"新质生产力"政策与智能制造转型仍为行业开辟广阔空间，公司通过技术突破与渠 道优化，有望在结构性机遇中实现持续增长。作为运动控制领域的领军企业，公司依托国家级高新技术 企业和专精特新"小巨人"企业的双重资质，构建了强大的技术护城河。公司独创的"三轮驱动"战略 和"六化"产品体系，不仅优化了现有产品结构，更为未来发展提供了清晰路径，展现出技术领先与商业 落地的双重优势。此外，公司稳步推进海外布局，以科技创新驱动高端化，成熟产品线通过CE、UL等 国际认证，远销欧美、东南亚等地区，关键技术达国际领先水平，助力业务持续增长。考虑雷赛智能运 动控制领域核心技术优势明显，多元化布局拉动海外收入增长，首次覆盖，给予"买入"投资评级。 ...

Core Insights - Mercedes-Benz is advancing its strategy in China by launching a new intelligent driving assistance system in collaboration with local company Momenta, which will debut in the new all-electric CLA model [1][3] - The company is also enhancing its capital structure by acquiring a 3% stake in Qianli Technology for approximately 1.339 billion yuan, aiming to strengthen its smart technology ecosystem [1][6] Group 1: Intelligent Driving System - The new intelligent driving assistance system is based on a flywheel large model and features an end-to-end technology architecture, integrating perception, decision-making, and control, with a response time of just 100 milliseconds [3] - The system has been trained using 100% local data to adapt to China's complex traffic conditions, including scenarios like mixed traffic with non-motor vehicles and construction zones [3] - Extensive testing has been conducted across high-traffic routes and through simulation platforms, covering extreme weather conditions and unexpected road situations [3] Group 2: New Electric Vehicle Launch - The all-new all-electric CLA, built on the Mercedes-Benz MMA platform, is priced between 259,000 and 299,000 yuan, targeting the high-end electric sedan market [3][4] - The vehicle features an 800V high-voltage architecture, supporting 320kW fast charging, which can add 370 km of range in just 10 minutes, and has a CLTC range of 866 km with a consumption of only 10.9 kWh per 100 km [4] - The CLA includes advanced smart features, such as the jointly developed intelligent driving system and the proprietary MB.OS operating system, which enhances the vehicle's interactive capabilities [4] Group 3: Capital Investment and Strategic Partnerships - Mercedes-Benz's digital technology subsidiary acquired 1.36 million shares of Qianli Technology at a price of 9.87 yuan per share, with the total transaction amounting to approximately 1.339 billion yuan [6] - Qianli Technology, a subsidiary of Geely, focuses on intelligent driving solutions and plans to launch L3-level solutions within six months and L4-level Robotaxi technology by 2026 [7] - The investment is part of Mercedes-Benz's broader strategy to establish a significant digital research and development center in China, covering AI applications, autonomous driving, and automotive component development [6] Group 4: Market Positioning - The new electric CLA has commenced production at the Beijing Yizhuang factory and is set to launch later this year, enhancing Mercedes-Benz's competitive edge in the smart electric vehicle market in China [8]

Summary of BorgWarner Conference Call Company Overview - **Company**: BorgWarner - **Industry**: Global automotive parts industry, focusing on traditional and electric vehicle components Key Points and Arguments 1. **Business Expansion Strategy**: BorgWarner has expanded its business through acquisitions, starting from mechanical transmission and gradually moving into the electric vehicle sector, particularly in powertrain and battery charging systems [2][3][4] 2. **Market Transformation**: The global automotive parts industry is undergoing a transformation towards intelligence and electrification, with Chinese parts manufacturers like Topu, Xinquan, and Bertley accelerating their international expansion [2][4] 3. **Revenue Contribution**: BorgWarner's four main business segments include Turbocharging and Thermal Management (41.7%), Transmission and Drivetrain Systems (39.5%), Powertrain Systems (13.7%), and Battery and Charging Systems (5.2%). Traditional businesses contribute the majority of revenue, while R&D is heavily focused on electric vehicles [2][6] 4. **R&D Investment**: The company’s R&D expenses are projected to exceed $740 million in 2024, maintaining a rate of about 5% of revenue, with 53.1% of R&D focused on powertrain systems [3][19] 5. **Future Development Focus**: BorgWarner aims to enhance investment and innovation in the electric vehicle sector, optimize global operations, strengthen local market collaborations, and pursue strategic acquisitions for diversification, particularly in the Chinese market [2][7][19] 6. **Sustainability Goals**: The company has set ambitious sustainability targets, aiming to reduce carbon emissions by 85% by 2030 compared to 2021 levels and achieve carbon neutrality by 2035 [4][21] 7. **Global Presence**: BorgWarner operates in 24 countries with 96 manufacturing and technology centers, allowing for rapid response to regional feedback and customer needs, with Asia accounting for 33.5% of its global business [4][24][25] Additional Important Content 1. **Acquisition Strategy**: The company’s successful acquisition strategy has allowed it to enhance its capabilities and enter new markets, particularly in electric vehicle technology [3][20] 2. **Financial Performance**: BorgWarner's revenue has shown an upward trend, with a revenue of 51.5 billion yuan in the first half of 2025, remaining stable compared to the previous year [12] 3. **Market Position**: BorgWarner is a leader in the turbocharging market, holding a 30% share in China, and is well-positioned to benefit from the projected growth in the global turbocharger market, expected to reach over 280 billion yuan by 2033 [15] 4. **Collaborative Efforts**: The company emphasizes collaboration with major automotive manufacturers to enhance its product offerings and market reach [9][10] 5. **Investment Recommendations**: Investors are advised to focus on high-value segments with strong competitive dynamics and companies that are well-positioned in their respective markets, such as BorgWarner [26]

春风动力 20250924 摘要 春风动力营收复合增速接近 35%，实现从十亿到百亿规模的跨越。自 2016 年以来，经营利润率持续提升，2022-2024 年受益于产品升级和 海运费回落，净利率增速恢复增长。 2024 年，全地形车业务营收占比超 45%，摩托车业务占比 43%。产品 结构持续升级，全地形车毛利较高，2023 年约为 40%，摩托车业务盈 利能力也在逐步提升。 2024 年海外市场收入占比达 56%，北美占比约 30%，欧洲约 26%。 中国市场营收占比下滑，海外市场成为重要增长点，欧美区域开拓效果 显著，全球化战略成效显著。 全地形车行业消费升级趋势明显，UTV 和 SSV 市场份额提升至 65%， 未来有望进一步提高，为市场带来结构性增长机会。春风动力在国内外 全地形车出口领域均处于领先地位。 春风动力注重技术研发，发动机一次下线率超 90%，台架耐久性实验达 200 小时以上，发动机单声功率达 84 千瓦，大幅领先国内平均水平， 在 500CC、800CC 及 1,000CC 排量段具备竞争力。 Q&A 春风动力自 2016 年以来的营收和利润表现如何？ 自 2016 年以来，春风动力 ...

德昌电机控股作为全球汽车小电机的龙头企业之一，具备多种特有优势，使其 在进军人形机器人领域中具有竞争力。首先，公司在人形机器人的运动零部件 设计能力上具有显著优势。以手部和腿部的传动系统为例，其运动链包括电机、 减速机、丝杠或其他传动装置以及执行器和结构件。这些核心零部件与智能电 动车中的传动链条有许多共性，而德昌电机在汽车小电机领域几乎覆盖了所有 应用，除了动力电机之外的大部分车用小型电机都由该公司配套。 其次，德昌 电机拥有丰富的海外工厂资源，尤其是在美国，这使其能够更好地服务于全球 优质甚至头部的人形机器人企业。此外，公司具备强大的二级零部件自制能力， 包括粉末冶金技术，这使得其能够从基础原材料开始进行生产，提高效率并降 低成本。粉末冶金技术在齿轮、齿轮箱等传动相关领域应用广泛，相较于传统 机械加工方式，其成型速度快且成本低。 最后，与上海机电的合作进一步增强 了德昌电机在人形机器人二级零部件方面的能力。双方早在 1998 年就合资成 立了上海日用友捷公司，主要生产汽车风扇。在人形机器人领域，两家公司通 过合资公司分别负责设计制造和销售渠道，有望进一步加强对核心零部件如关 节总成和灵巧手执行器及传感器等 ...

本次纳入家居新范式统计的14家装饰装修上市公司，营收规模出现显著的分化，反映出行业明显的"马太效应"。 01 营收下滑面超64%，马太效应向3家头部企业集聚 | 证券名称 | 营业收入 (单位:亿元) | 同比增长 | | --- | --- | --- | | 金螳螂 | 95.28 | 2.49% | | 江河集团 | 93.39 | -5.86% | | 亚厦股份 | 48.86 | -15.21% | | 郑中设计 | 6.32 | 22.56% | | 广田集团 | 5.38 | 223.89% | | 华立股份 | 5.33 | 40.05% | | 全筑股份 | 4.50 | 3.39% | | 齐屹科技 | 4.23 | 家居27:15％ | | *ST东易 | 3.61 | -59.11% | | *ST宝鹰 | 3.12 | -74.35% | | 名雕股份 = | 2.67 | -8.93% | | | --- | --- | --- | --- | | 杰恩设计 | 2.34 | -8.65% | | | ST瑞和 | 2.31 | -44.01% | | | 中天精装 | 1.28 ...

售价2万元、冷暖空调、倒车影像……几乎令人难以置信，曾经在国内引发不少争议的小型低速四轮电动车，如今在东南 亚、非洲、中东、欧洲等一些地区却开启了顺风局。 杨浩谈到，欧美地区不仅年轻人喜欢低速电动车"潮酷"的感觉，老年群体对低速电动车也青睐有加。很多老年人退休后喜欢去 公园散步、购物或者和朋友聚会，低速电动车可以让他们轻松到达目的地，而且不用担心驾驶难度。而在亚洲的一些国家，如 日本，由于老龄化程度持续上升，低速电动车也成为老年人出行的重要选择。一些厂商还专门针对老年人的需求，对低速电动 车进行了优化设计，比如增加座椅的舒适度，配备更清晰的仪表盘等，收获了消费者的好感和市场销量。 不仅个人消费者青睐低速电动车，在景区、度假村、工业园区等特定区域内，也随处可见低速电动车的身影。从事低速电动车 出口贸易的企业人士顾华告诉记者，在一些公共区域，游客有观光通行需求，一些工作人员也需要频繁地进行短距离的巡逻、 物流配送等工作，低速电动车环保、低成本的优势，契合了这些场景的需求，而且不会对景区造成污染。此外，在印度等发展 中国家，共享出行运营商也投放了大量的中国低速电动车，因其成本优势，为运营商带来了可观的收益。 全联车 ...

长安汽车正在加快对旗下燃油车产品线的智能化升级改造。9月25日，长安汽车推出了第四代CS55PLUS，叠加现金优惠后售价7.89万元起。该车的重要卖点 是搭载了高快领航、APA泊车辅助等高级配置，一举将智能化行泊一体功能带入10万元以下。此前，这样的配置都只出现在豪华车型上。 第四代CS55PLUS搭载的NCA智能领航辅助驾驶，其核心是高快领航，天枢驾驶辅助视觉版的高快领航集成换道辅助ALC、驾驶员拨杆换道辅助UDLC、随 车流主动调速等多项同级独有功能，可同时处理纵向距离和横向路况识别。在泊车场景下，第四代CS55PLUS的APA泊车辅助，支持车内泊车、遥控泊车、 遥控进出等多项操作，让狭窄路段倒车会车、复杂泊车位泊入泊出都不再是难题。 上市八年时间完成四次换代，长安CS55的更新迭代速度不可谓不快，而全球化的定位使得这款车在长安汽车产品线中拥有重要的位置。长安汽车近些年在 智能座舱、驾驶辅助、智能安全、智能动力等方面日渐成熟的新技术，都得以应用在这款车上，使其成为当前市场上智能化燃油车的一个样板。 CS55PLUS，是长安汽车打造的一款全球化车型，自2017年CS55系列问世以来，已经过四代车型变迁，累计 ...

Core Insights - The article highlights the transformation of industries in Weihai towards high-end, intelligent, and green development, driven by technological innovation and new business models [1][5]. Group 1: Technological Advancements - Shandong Haomai Heavy Equipment Co., Ltd. is constructing a large module for offshore oil and gas facilities, valued over 100 million yuan, weighing 2,500 tons and standing 20 meters tall [2]. - The company has shifted from a decentralized assembly process to a centralized construction method, significantly improving efficiency and reducing space occupation [2]. - Haomai has invested in technological upgrades, enhancing precision in production through new equipment and developing digital management systems for the entire production process [2]. Group 2: Industrial Growth - Weihai has implemented 698 industrial transformation projects with investments over 5 million yuan from January to July, showing a year-on-year increase of 12.7% [3]. - The advanced manufacturing sector in Weihai is rapidly evolving, with high-tech industries accounting for 73% of the industrial output value last year, the highest in the province [5]. - From January to August this year, the industrial added value in Weihai grew by 7.7%, and the profit margin for industrial enterprises ranked first in the province for the first seven months [5]. Group 3: New Business Models - The Pinzun Intelligent Manufacturing Industrial Park in Wengdong District is customizing production spaces based on client needs, with a focus on green and low-carbon enterprises [4]. - The industrial park follows a "first attract investment, then build" model, ensuring that facilities meet specific requirements for power and water usage [4]. - Over 90% of the enterprises in the industrial park utilize automated and intelligent production methods, with full delivery expected by October [4].

江淮大地，一场盛会再次汇聚全球目光。9月20日至23日，2025世界制造业大会在安徽合肥举办。 智造世界，创造美好。世界制造业大会是汇聚智慧的高地、共享机遇的平台、连接世界的桥梁。安徽实 现从传统农业大省到新兴工业大省、制造业大省的历史性跨越，大会见证了这一发展进程的"高光时 刻"。 作为安徽规模最大、层次最高的开放平台，本届世界制造业大会外宾人数占比超过50%。开放合作的世 界制造业大会，让世界看到中国开放的大门越开越大。 "在数字化浪潮中，两国企业不再是简单的买卖双方，而是创新的合作伙伴。"德国联邦中小企业联合会 主席克里斯托夫·阿尔豪斯在主旨演讲中表示，数字化让我们"被世界看见""与世界协同"，位于德国乡 村的精密零件制造商可以直接触达合肥的新能源汽车客户，AR技术能让德国专家"亲临"千里之外的工 厂进行设备调试。 在开幕式暨主旨演讲环节，40多个国家的政府官员、企业家代表、专家学者齐聚一堂，分享科技和产业 变革的最新成果，探寻全球制造业高质量发展的新趋势、新路径、新机遇。 奇瑞集团董事长尹同跃在开幕式上分享了奇瑞出海的经验。"本地化是高质量出海的密码。可承受的价 格，可持续的发展，与当地企业的高度协同 ...