Group 1 - The core viewpoint of the article highlights the growth in the automotive industry, particularly in the new energy vehicle (NEV) sector, with production and sales figures showing significant year-on-year increases [1] - In May, the automotive production reached 2.649 million units and sales reached 2.686 million units, reflecting a month-on-month growth of 1.1% and 3.7%, and a year-on-year growth of 11.6% and 11.2% respectively [1] - NEV production and sales reached 1.27 million and 1.307 million units, showing a year-on-year increase of 35% and 36.9% [1] Group 2 - NEVs accounted for 48.7% of total new car sales, indicating a strong market presence [1] - The outlook for the automotive industry remains positive, with expectations for continued growth in areas such as smart driving and intelligent cockpit technologies [1] - The New Energy Vehicle ETF (159806) tracks the CS New Energy Vehicle Index (399976), which includes companies across the NEV supply chain, providing investors with a tool to capitalize on the industry's growth opportunities [1]

Group 1 - Institutional trading saw 34 stocks listed, with 14 net purchases and 20 net sales [1] - The top three stocks with the highest institutional purchases were Zhongchao Holdings (115 million), Zhongke Magnetic (55.82 million), and Jinchengzi (37.81 million) [1] - Zhongchao Holdings announced that its subsidiaries won multiple power cable projects with a total bid amount of 1.061 billion, accounting for 19.29% of the company's audited revenue for 2024 [3] Group 2 - The PCB sector is experiencing strong performance, particularly among AI-related companies, with significant year-on-year revenue growth but slowing month-on-month momentum [3] - Key applications for products from Kexiang Co. include automotive electronics, new energy, and communication networks, with ongoing development of 800G optical module PCB products [3] - Yihua New Materials produces electronic circuit copper foil, which is a crucial material for PCB manufacturing [4] Group 3 - The first "Lithium Sulfide and Sulfide Solid-State Battery Forum" is scheduled for June 25 in Suzhou, highlighting the industry's focus on solid-state battery technology [5] - Nord Co. reported rapid mass adoption of its 4.5-micron lithium battery copper foil, with successful production of 3-micron copper foil and its application in solid-state batteries [6] - Xinyu Co. is accelerating the establishment of a solid-state battery laboratory and advancing the research of halide solid electrolyte materials [6]

智通财经APP获悉，兴业证券发布研报称，调光汽玻产业趋势加速，未来放量可期。调光天幕能够有效 解决前阶段全景天幕防晒隔热问题，侧玻隐私功能提升，看好产业趋势放量。调光汽玻价值量提升将带 动单车玻璃ASP向上，玻璃附加值增加，打开汽玻业务新成长点，重点推荐福耀玻璃。调光汽玻产品中 调光膜附加值占比较高，国产化趋势较为明显的为EC、PDLC和LC，现阶段PDLC调光膜国产化进展领 先，综合成本相对较低，PDLC黑膜是成熟技术的改良版，后续伴随大规模量产后配套车型价格带预计 下探，未来放量趋势可期，建议关注海优新材。 兴业证券主要观点如下： 比亚迪等头部车企率先推动辅助驾驶平权加速，智能化渗透率进入爆发期，中短期来看辅助驾驶仍然是 成本项，但却能够有效带动汽车座舱和外观智能化消费;另外当前整车偏同质化的背景下，寻找差异化 卖点成为主机厂卷配置的迫切需求;调光天幕打消消费者对天幕"不防晒"的顾虑，有效解决了消费者此 前对天幕玻璃的主要痛点，该行判断调光天幕渗透率预计加速。 调光汽玻逐步从高端豪华走向主流大众，调光天幕有望成为热门趋势 调光玻璃2025年成为主流新车的热门趋势，主要用于天幕，包括智己L6、问界M9、尊界 ...

Core Viewpoint - The article highlights the hidden truth within the automotive supply chain, where large parts manufacturers impose longer payment terms, creating significant pressure on small and medium-sized enterprises (SMEs) [4][7]. Group 1: Payment Terms and Their Impact - A recent lawsuit involving a mold company and a joint venture parts manufacturer illustrates the underlying issue of payment terms, where SMEs complete their work but face delayed payments from larger firms [2]. - The automotive industry has seen a positive response to commitments from automakers to a 60-day payment term, previously criticized for exploiting SMEs [3]. - However, large parts manufacturers, such as Huayu Automotive and Dongfeng Technology, have payment turnover days of 163 and 196 days respectively, indicating a trend of extended payment cycles that adversely affect SMEs [5][6]. Group 2: Industry Dynamics and Power Shifts - The payment turnover days are not equivalent to the contractual payment terms, as they reflect the actual payment cycles, which can serve as an indirect indicator of a company's payment practices and credit cycles [6]. - Some suppliers, while not directly affiliated with automakers, also exert pressure on SMEs, as seen with companies like CATL, which has a payment turnover day exceeding 258 days, indicating a trend of stringent payment practices [6]. - Large parts manufacturers leverage their negotiating power to impose even stricter payment terms on their suppliers, exacerbating the financial strain on SMEs [7]. Group 3: Need for Transparency and Fairness - To address the challenges posed by extended payment terms, there is a call for large enterprises to publicly disclose their payment policies, which is seen as a crucial first step towards restoring fairness in the industry [8]. - The article argues that while long payment terms may appear as a financial strategy, they should not undermine fair competition and the integrity of the industry credit ecosystem [9]. - The question is raised whether large parts manufacturers should also take a stance on the issue of extended payment terms, emphasizing the need for collective responsibility within the industry [10].

Core Insights - The report from Minsheng Securities indicates that the continuation of the vehicle trade-in policy will further unleash automotive consumption potential, with a projected increase in sales for both traditional and new energy vehicles in 2025 [1][3] Group 1: Market Performance - In the first four months of 2025, the cumulative wholesale sales of passenger cars reached 8.584 million units, a year-on-year increase of 11.7%, with traditional fuel vehicles declining by 6.3% and new energy vehicles increasing by 44.3% [1][2] - The overall price competition in the automotive market is intensifying, leading to increased discounts [1] - The penetration rate of new energy vehicles in wholesale sales was 46.8%, up by 10.6 percentage points year-on-year, while the insurance penetration rate reached 49.3%, an increase of 10.4 percentage points [2] Group 2: Future Projections - For the second half of 2025, the trade-in policy is expected to support demand, with projected insurance sales of 24.4 million units, a year-on-year increase of 7.0%, and wholesale sales of 29.3 million units, a 6.4% increase [3] - The penetration rate of new energy vehicles is anticipated to accelerate, with expected insurance sales of 14.7 million units, a year-on-year increase of 35.7%, and wholesale sales of 16.5 million units, a 34.6% increase [3] Group 3: Competitive Landscape - The market is becoming clearer, with domestic brands expected to exceed 70% market share, particularly in the segment below 150,000 yuan [4] - Leading brands in the 150,000 yuan segment are expected to maintain stable advantages, with companies like Geely and Xiaomi likely to gain market share through new product offerings [4] - In the high-end market, brands like Huawei and Xiaomi are expected to capture market share due to their marketing capabilities and technological advantages [4] Group 4: Technological Advancements - In the first half of 2025, companies like Xiaopeng and Leap Motor are enhancing their intelligent driving capabilities, with new products featuring advanced driving algorithms and hardware improvements [5] - The trends for the second half of 2025 include a decrease in intelligent driving prices, accelerated deployment of large models, and increased hardware computing power [5] Group 5: Export Opportunities - The export performance in the first half of 2025 was affected by a decline in the Russian market, but companies like BYD are experiencing growth in new energy exports [6] - The total export volume of passenger cars is expected to reach 5.7 million units in 2025, a year-on-year increase of 17.0%, driven by technological advantages and local production [7] Group 6: Investment Recommendations - The report recommends investing in high-quality domestic companies that are accelerating breakthroughs in intelligence and globalization, including Geely, BYD, Li Auto, Xiaopeng, Xiaomi, and Seres [8]

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The domestic automotive market is experiencing active performance, with both month-on-month and year-on-year growth. In May, domestic car sales reached 2.135 million units, a month-on-month increase of 3% and a year-on-year increase of 10.3%. Sales of Chinese brand passenger cars grew by 22.6% year-on-year [2] - The penetration rate of new energy vehicles (NEVs) continues to rise, with NEV sales accounting for 51.3% of total domestic car sales in May. The growth in NEV sales is primarily driven by state subsidy policies [2] - Exports of plug-in hybrid vehicles (PHEVs) are rapidly increasing, with May exports reaching 551,000 vehicles, a month-on-month increase of 6.6% and a year-on-year increase of 14.5%. NEV exports totaled 212,000 units, a year-on-year increase of 120% [3] - The automotive industry is shifting its competitive focus towards the field of intelligence, driven by the dual forces of policy stimulation and technological innovation. The advantages of domestic brands in intelligence are significant contributors to their sales growth [4] Summary by Sections Domestic Market Performance - In May, domestic car sales reached 2.135 million units, with a month-on-month growth of 3% and a year-on-year growth of 10.3%. Chinese brand passenger car sales were 1.622 million units, up 22.6% year-on-year. NEV sales were 1.095 million units, a year-on-year increase of 27.9%, representing 51.3% of total domestic sales [2] - From January to May, domestic car sales totaled 10.258 million units, a year-on-year increase of 11.7%, with Chinese brand passenger car sales at 7.562 million units, up 26.3% year-on-year [2] Export Performance - In May, total automotive exports were 551,000 units, with NEV exports at 212,000 units, marking a year-on-year increase of 120%. Among NEVs, pure electric vehicle exports reached 138,000 units, up 79.8% year-on-year [3] - From January to May, total automotive exports were 2.49 million units, a year-on-year increase of 7.9%, with NEV exports at 855,000 units, up 64.6% year-on-year [3] Investment Strategy - The report emphasizes the ongoing trend of hybridization and the long-term presence of internal combustion engines in hybrid forms. It highlights the potential of domestic automotive supply chain leaders in various components, such as川环科技 (Chuanhuan Technology) and 宁波高发 (Ningbo Gaofa) [10]

Core Viewpoint - The performance of Luochang Technology (002813) has continued to decline despite being under the control of Zhonglian Heavy Industry (000157) for over three years, leading the company to plan the sale of its wholly-owned subsidiary, Nanyang Changfeng New Materials Technology Co., Ltd. [1][5][12] Company Performance - Luochang Technology has reported consecutive net losses, with net profits of approximately 79.19 million, 5.24 million, 3.29 million, -27.43 million, and -55.41 million from 2020 to 2024 [12] - In the first quarter of 2025, the company achieved revenue of approximately 75.31 million, a year-on-year increase of 25.47%, but the net profit was approximately -19.96 million, a year-on-year decrease of 26.47% [12] Subsidiary Sale - The company announced on June 14 that it plans to transfer 100% of its stake in Nanyang Changfeng to Longcheng Capital for approximately 60.28 million [1][5][8] - Nanyang Changfeng has failed to meet performance commitments made during the control transfer, with net profits of approximately 25.00 million, 22.14 million, and 17.96 million from 2022 to 2024, falling short of the promised 25 million per year [7][8] Related Transactions - Luochang Technology has maintained significant related party transactions with Longcheng Group and its subsidiaries, with transaction amounts of approximately 125 million, 78.74 million, and 54.45 million from 2022 to 2024 [11] - On the same day as the subsidiary sale announcement, the company disclosed additional expected related party transactions with Longcheng Group, totaling up to 15 million [10] Industry Outlook - The automotive electronics industry is experiencing rapid growth, driven by continuous technological innovation and increasing demand for smart and electronic features in vehicles [13][14]

Core Viewpoint - The PCB/CCL industry is experiencing a positive demand trend driven by AI computing power, with high utilization rates and expectations for continued growth in the second quarter of 2025. The overall demand is expected to remain strong due to advancements in AI applications and the increasing need for high-end products in the market [2][3][4]. Group 1: Industry Trends - The industry is in an expansion phase, with downstream AI innovations driving demand upward. The overall demand for consumer electronics, automotive, and server upgrades is expected to improve [3][16]. - PCB manufacturers are operating at a capacity utilization rate of 90-95% in Q1 2025, with expectations for continued upward trends in Q2. The industry is entering a new capacity expansion phase, focusing on high-end HDI and multilayer boards [3][24][23]. - The global PCB market is projected to grow by 6.8% in 2025, with significant contributions from AI-related applications [33][35]. Group 2: Demand Drivers - AI computing power is driving rapid growth in high-end HDI and multilayer demand, with a tight supply-demand relationship expected to persist [4][43]. - The demand for CCL materials is increasing, particularly for high-frequency and high-speed applications, with leading domestic manufacturers poised to benefit significantly [5][29]. - The automotive sector is also seeing a trend towards smart technology, which is expected to drive demand for upgraded PCB specifications [6][20]. Group 3: Investment Opportunities - Investment opportunities are identified in the PCB supply chain, particularly in high-end boards, CCL, and domestic replacements. The ongoing AI-driven technological innovation cycle is expected to create broader market demand [8][9]. - Companies involved in high-end PCB production, such as those focusing on AI server applications, are recommended for investment due to the anticipated growth in this segment [8][9]. - The domestic PCB industry is expanding its high-end capacity and increasing its overseas presence, indicating a positive outlook for future performance [24][25].

Investment Rating - The report maintains a positive investment outlook for the PCB industry, suggesting active monitoring of investment opportunities in the sector [2]. Core Insights - The PCB and CCL industry is experiencing upward demand driven by AI computing needs, with high utilization rates and a favorable market outlook for 2025 [1][12]. - The report highlights that the overall demand is on an upward trend, particularly due to AI applications and the automotive industry's smart technology advancements [1][6]. - The PCB industry is entering a new expansion cycle, with significant capital expenditure expected to support high-end HDI and multilayer boards [26][27]. Summary by Sections 1. Industry Sentiment Tracking - The PCB industry is in an expansion phase, with downstream AI innovations driving demand upward. The overall demand for consumer electronics and automotive applications is expected to improve [12][13]. - The global PCB market is projected to reach $73.57 billion in 2024, with a year-on-year growth of 5.8%, driven by various applications including consumer electronics and automotive electronics [13][19]. 2. AI Computing and Innovation - AI computing is expected to significantly boost the demand for high-end HDI and multilayer boards, with the server PCB market projected to grow at a CAGR of 11.6% from 2024 to 2029, reaching $18.9 billion [1][6]. - The demand for CCL is also increasing, with domestic leading manufacturers likely to benefit from the rising need for high-frequency and high-speed materials [1][6]. 3. Investment Recommendations - The report suggests focusing on investment opportunities in the PCB supply chain, particularly in areas related to AI computing, CCL, and domestic replacements [6][12]. - Key companies to watch include Shenghong Technology, Huadian Co., and Shennan Circuit, among others, which are positioned to benefit from the ongoing demand surge [6][12].

Core Insights - Mercedes-Benz is facing significant backlash from customers due to widespread vehicle system failures, particularly affecting navigation and CarPlay functionalities, with no official response from the company [1][3][12] - The failure is attributed to a potential error during an OTA update that may have deleted essential system files, leading to a lack of communication from Mercedes-Benz regarding the issue [3][4] - The incident highlights Mercedes-Benz's struggles in digital transformation and smart technology integration compared to competitors like Volkswagen and BMW, who are actively collaborating with local tech firms [4][8] Group 1: System Failures and Customer Reactions - Numerous Mercedes-Benz owners reported issues with their vehicle systems, including navigation and voice control, with some expressing frustration over the lack of timely resolution [1][4] - Initial communications from the company suggested a temporary backend issue, but no concrete timeline for resolution was provided, leading to further dissatisfaction among customers [3][4] - The incident marks a significant failure for a traditional automaker like Mercedes-Benz, which is expected to have more reliable systems compared to newer entrants in the market [4][5] Group 2: Challenges in Digital Transformation - Despite significant investments in R&D in China, totaling over 14 billion RMB, Mercedes-Benz's progress in smart technology and electric vehicle development appears stagnant compared to its German counterparts [1][5] - The company has ambitious plans to launch 36 new models between 2025 and 2027, but delays in the development of its proprietary MB.OS operating system have hindered these efforts [7][9] - Competitors like Audi and BMW are actively engaging with local technology firms to enhance their product offerings, while Mercedes-Benz's collaborations have not yielded substantial results [8][9] Group 3: Financial Performance and Market Position - Mercedes-Benz's shift from an "electric-first" strategy to a more balanced approach, including the development of fuel vehicles, reflects challenges in maintaining profitability amid declining sales [9][11] - The company's financial outlook for 2024 indicates a decline in key metrics, with revenue and profit margins expected to drop significantly, particularly in the Chinese market [11][12] - The struggles faced by Mercedes-Benz in the electric vehicle segment are evident, with sales of pure electric models in China falling dramatically, highlighting the need for a more effective strategy [9][11]