汽车座椅控制器是一种集成于车辆座椅系统中的电子控制装置，通过硬件电路与软件算法的协同工作，实现对座椅位置、角度、支撑度及 附加功能（如加热、通风、按摩、记忆等）的精准调节。其核心由微控制器（ MCU ）、传感器网络（如压力、位移、温度传感器）、执 行机构（电机、加热元件）及人机交互界面（物理按键、触摸屏或车载系统联动）构成，能够根据驾驶员或乘客的个性化需求，通过预设 程序或实时反馈自动优化座椅姿态，同时支持与车辆 CAN/LIN 总线通信，实现与安全带、安全气囊等安全系统的联动，兼顾驾乘舒适 性、人体工程学适配和主动安全防护。 当前，全球汽车座椅控制器市场正处于快速发展阶段，市场规模持续扩大。根据 QYR （恒州博智）的数据， 2024 年全球市场销售额达到 了 36.85 亿美元，预计到 2031 年将达到 70.31 亿美元， 2025 至 2031 年的年复合增长率（ CAGR ）为 8.86% 。这种增长趋势的背后，是座 椅控制技术在汽车舒适性、智能化及个性化需求方面的重要支撑。随着电动化与智能座舱的发展，座椅控制器逐渐从基础调节向多功能集 成演进，成为提升整车品质与用户体验的关键模块。这种市场态势不 ...

Investment Rating - The report recommends a "Buy" rating for Fuyao Glass, a leading player in the global automotive glass industry [2]. Core Insights - The automotive glass industry is experiencing continuous upgrades driven by electrification and intelligentization, with products evolving from basic functions to include features like heat insulation, soundproofing, heating, hydrophobic properties, dimming, antennas, lightweight designs, HUD windshields, and panoramic roofs [2][8]. - Fuyao's revenue structure is increasingly shifting towards high-value-added products, leading to a sustained increase in the price per square meter of automotive glass, projected to rise from 131.06 RMB/sqm in 2012 to 229.11 RMB/sqm by 2024, with a compound annual growth rate (CAGR) of 5% [2][17]. - The report highlights the significant growth potential in the market for panoramic roofs, HUD windshields, and dual-layer side windows, which are key areas of upgrade during the electrification phase [2][18]. Summary by Sections Automotive Glass Upgrade Potential - Automotive glass is identified as a high-quality component with continuous upgrade capabilities, driven by the trends of electrification and intelligentization [5][6]. - The report outlines four main drivers of revenue growth for Fuyao's automotive glass business: global automotive sales and ownership, Fuyao's global market share, the area of glass per vehicle, and the price per square meter of glass [6][7]. Electrification Cycle - The focus is on panoramic roofs, HUD windshields, and side windows, with panoramic roofs gradually replacing traditional sunroofs due to their larger area and additional functionalities [18][19]. - The value of automotive glass is significantly enhanced through the integration of features such as sound insulation, heat insulation, and hydrophobic properties [9][12]. Intelligentization Cycle - The report emphasizes the potential for smart dimming glass, integrated glass antennas, and glass displays as key areas for development in the automotive glass sector [40][50]. - Smart dimming glass is expected to improve passenger comfort by adjusting transparency based on light conditions, with anticipated increases in adoption rates as technology and costs improve [46][49]. Investment Recommendations - Fuyao Glass is positioned to expand its boundaries by enhancing research on smart glass and integration trends, while also increasing its market share globally through high-quality and cost-effective products [2][58].

Core Insights - The 2025 Shanghai Auto Show showcased over a hundred new vehicles and nearly a thousand domestic and foreign companies, highlighting the fierce competition in the Chinese automotive market, where domestic brands are rapidly gaining ground while foreign brands are losing their competitive edge [2][3] Group 1: Market Trends - In March, domestic retail sales of independent brands reached 1.22 million units, a year-on-year increase of 31% and a month-on-month increase of 33%, capturing a retail market share of 62.7%, up 7.7% year-on-year [3] - In contrast, mainstream joint venture brands sold 480,000 units in March, a decline of 4% year-on-year, with German brands holding a 17% share (down 3.6 percentage points), Japanese brands at 12.2% (down 1.5 percentage points), and American brands at 6.8% (down 1.4 percentage points) [3][4] - The market share of joint venture brands has decreased from a peak of 70% in 2014 to 34.8% in 2024, with sales dropping below 10 million units [3][4] Group 2: Challenges for Foreign Brands - Foreign automakers are facing challenges due to their cautious approach to electrification, with many brands potentially exiting the Chinese market, which could hinder the integration of the automotive industry ecosystem [2][4] - The penetration rate of new energy vehicles in March reached 51.5%, indicating a significant shift away from traditional fuel vehicles, which has adversely affected foreign brands that previously dominated the market [4] - Despite some foreign companies like Volkswagen and Nissan beginning to invest in electrification, their efforts have yielded limited results, with independent brands capturing 72% of the new energy vehicle market compared to just 6% for mainstream joint venture brands [4][6] Group 3: Strategic Responses - Many foreign automakers are committed to deepening their presence in the Chinese market, focusing on increasing R&D investments, launching models tailored for China, and collaborating with local suppliers [5][6] - At the Shanghai Auto Show, Porsche announced the establishment of a R&D center in China, while Toyota plans to build a dedicated electric vehicle and battery manufacturing facility in Shanghai, set to begin production in 2027 [6][7] - To adapt to the rapidly evolving market, foreign brands are leveraging China's supply chain advantages to enhance their competitiveness in electrification and intelligence [7][8] Group 4: Future Outlook - Experts emphasize the importance of foreign investment in the Chinese automotive sector for fostering innovation and integrating the industry ecosystem, suggesting that foreign companies must undergo strategic, operational, market, and mechanism transformations to thrive [8][9] - The ongoing "tariff war" poses risks to the automotive industry, with new tariffs potentially threatening the stability of the U.S. automotive manufacturing sector [9]

Core Viewpoint - The Chinese automotive industry is undergoing a comprehensive transformation towards low-carbon, electrification, and intelligent development, driven by high-level technological innovation and regulatory changes [1][2]. Low-Carbon Integration - Under the "dual carbon" goals, China is accelerating the low-carbon transformation of the automotive industry, with the Ministry of Industry and Information Technology planning to revise fuel consumption standards, aiming for an average fuel consumption of 3.3L/100km by 2030 [2]. - The average fuel consumption of new passenger cars in China has steadily decreased, with NEDC standards showing a reduction to 5.61L/100km in 2020 and WLTC standards dropping to 3.78L/100km in 2023 [2]. - The carbon emission intensity of China's automotive manufacturing industry has continuously declined, recorded at 0.4-0.6 tons per 10,000 yuan in 2022 [2]. - Key technological breakthroughs in low-carbon internal combustion engines and energy management systems are essential for the industry's low-carbon development [2]. Acceleration of Electrification - Global sales of new energy vehicles are projected to exceed 16 million units in 2024, with China alone expected to reach 12.866 million units, leading the global market [4]. - Significant advancements in electric vehicle technology have been made, including battery energy density reaching 300Wh/kg and fast charging capabilities exceeding 4C [5]. - Solid-state batteries, with energy densities of 400-500Wh/kg, are anticipated to enter small-scale production by 2030, enhancing the safety and efficiency of electric vehicles [5]. Intelligent Evolution - The automotive industry in China is experiencing a profound transformation, with a consensus that electrification represents the first phase and intelligent development the second [6]. - New generation artificial intelligence technologies, such as large models, are crucial for enhancing intelligent driving capabilities and ecosystem interactions [7]. - Companies are investing heavily in intelligent technologies, with Chang'an Automobile planning to invest 250 billion yuan in advancing intelligent driving solutions and robotics [8].

通过设计创新吸引消费者无可厚非，但保证安全应是底线和前提。部分车企已经关注到了这方面的安全 隐患。例如吉利汽车公开了一项隐藏式车门把手紧急解锁专利，通过机械传动+双电路备份+低温自加 热技术，让车门把手在碰撞、断电、极寒等极端情况下仍可手动解锁。 当前汽车车门把手缺乏统一的行业规范和标准。针对这一现象，工业和信息化部公开征集对《汽车车门 把手安全技术要求》强制性国家标准制修订计划项目的意见。该技术要求规定了汽车应急式车门内把手 的安装要求、隐藏式车门内把手和应急式车门内把手的标志要求、电动式车门外把手的防夹要求与试验 方法、车门外把手和车门内把手的强度要求与试验方法、电动式车门把手的动态试验要求与试验方法 等。 专家表示，技术要求的制定对于提升汽车车门把手安全具有重要意义：从救援逃生角度，强化汽车车门 外把手在碰撞以及车辆起火等事故场景的安全逻辑，增加机械或者断电保护等安全冗余设计要求，保证 断电、碰撞等事故中车门系统能够开启，从而进行救援及逃生活动；保证翻滚、坠落事故中，能够防止 车门把手的误作用，从而降低乘员跌落风险；规范隐藏式车门内把手、应急式车门内把手易于识别的安 全标志，保证标志可见性，从而降低乘员 ...

Core Viewpoint - The article discusses the transformation of joint venture car manufacturers in China, highlighting their shift from dominance to a reactive stance against the rise of domestic brands, and their recent efforts to reclaim market leadership through new energy vehicles and local partnerships [1][12][22]. Group 1: Historical Context - Joint venture brands held a 66% market share in China's passenger car market in 2014, while new entrants like NIO and Xpeng were just emerging [1]. - By 2024, the market share of joint venture brands is projected to drop below 35%, contrasting with the rise of domestic brands like BYD and Xpeng, which have capitalized on electric and intelligent vehicle technologies [12][14]. Group 2: Recent Developments - In 2025, joint venture brands are actively seeking to regain influence by launching new energy sub-brands, such as SAIC-GM's high-end brand "Zhijing" and Dongfeng Honda's independent brand "Lingxi" [1]. - Collaborations with local companies are also emphasized, with models like Audi A5L and Dongfeng Nissan N7 integrating advanced driving systems developed with Huawei and Momenta [2][23]. Group 3: Market Dynamics - The Shanghai Auto Show has seen increased foot traffic for joint venture brands, indicating a renewed interest as they adapt to local market demands [2]. - Buick's appeal in the Middle East is noted, as the brand meets local consumer expectations for quality and comfort, leading to potential partnerships for new model introductions [5]. Group 4: Strategic Shifts - Joint venture manufacturers are shifting their development focus to be more localized, with decision-making authority being transferred to Chinese teams to better align with consumer needs [22][25]. - The article highlights the importance of safety and technology integration, with companies like SAIC-GM and Dongfeng Nissan emphasizing local development and collaboration with leading suppliers [24][26]. Group 5: Challenges Ahead - Despite the positive momentum, joint venture companies face challenges in sustaining R&D investments while balancing profitability, as seen with Volkswagen's projected 33.5% revenue decline in China for 2024 [25]. - The need for a cohesive strategy that integrates local market demands with global standards remains a critical challenge for these manufacturers [27].

长城汽车（601633）股份有限公司董事长魏建军曾表示，隐藏式门把手所谓的"降低风阻"优势被严重夸 大。实测数据显示，传统门把手在120km/h时速下仅增加0.001Cd至0.003Cd的风阻系数，相当于百公里 电耗差异不足0.1度。 更值得警惕的是，部分车企将"隐藏式设计"异化为营销噱头。比如，某新势力品牌曾推出触控感应式门 把手，用户必须用特定手势滑动才能开启；另有品牌为追求"无把手"效果，将应急开关藏在车标背后。 新能源车企在追求创新的同时，如何保留最基本的人性化操作逻辑？笔者认为，应从以下三方面进行优 化：一是强化安全冗余设计，确保断电或碰撞时车门仍可开启；二是增设防误触机制，避免翻滚事故中 门把手意外开启；三是规范易识别安全标识，并提升门把手结构强度，防止事故后功能失效，从而降低 救援难度。 ■刘钊 在乘坐新能源网约车时，笔者时常出现找不到隐藏式门把手的尴尬局面，而网约车司机对此早已见怪不 怪，下车帮助乘客开门"被迫"成为其职业习惯。有司机对笔者吐槽，因为找不到门把手，很多乘客难以 正确开启车门，车门把手的隐藏式设计沦为鸡肋。 针对隐藏式车门把手在实际应用过程中暴露出来的一些问题，近日，工业和信息化 ...

Group 1 - The automotive industry is undergoing a transformation driven by electrification and intelligence, which is reshaping product definitions and competition rules, but these innovations also expose safety vulnerabilities [1][4][5] - The Ministry of Industry and Information Technology (MIIT) is taking action to regulate the new car manufacturing chaos, including soliciting opinions on mandatory national standards for car door handle safety [3][4][11] - The new standards address various safety requirements for car door handles, including installation, strength, and emergency operation, as current standards do not adequately cover electric and hidden door handles [4][5][8] Group 2 - Hidden door handles are increasingly popular due to their aesthetic appeal and technological features, but they also present risks such as insufficient strength and operational difficulties in emergencies [5][8][9] - The MIIT has emphasized the need for safety measures in hidden door handles, including mechanical or power failure protection to ensure functionality during accidents [8][9][10] - The MIIT has also halted misleading advertising related to intelligent driving, requiring companies to clarify the levels of driving automation and adhere to safety standards [10][11][12] Group 3 - The new battery safety requirements for electric vehicles will be implemented next year, focusing on impact resistance and safety during fast charging [12] - The industry is urged to prioritize safety in the development of new technologies to ensure healthy and orderly growth [12]

Core Points - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on the mandatory national standard for "Automotive Door Handle Safety Technical Requirements," aiming to regulate multiple safety indicators for electric and hidden door handles [1][3] - The rise of electric and hidden door handles, which offer advantages like low wind resistance and enhanced technology, has led to emerging safety issues, including difficulties in usage and rescue during emergencies [3] - The proposed new national standard will comprehensively address safety requirements for automotive door handles, including emergency handle installation, visibility of emergency markings, and dynamic testing of electric handles [3][4] Industry Insights - The establishment of the new national standard is seen as a timely correction to industry development issues, ensuring that innovation is balanced with safety considerations [4] - The rapid growth of China's new energy vehicle industry highlights the urgent need for improved safety assessments and standards, as evidenced by recent policies aimed at enhancing safety across various components [3][4]

Group 1 - The core viewpoint is that the automotive sector is experiencing stable growth, while AI products are expected to open a second growth curve for the company [1][4] - The company has deepened its presence in the PCB industry with three major product lines: rigid boards, flexible boards, and metal substrates, covering various fields including automotive, consumer electronics, data centers, and communications [1] - The company is actively expanding its high-end capabilities, with significant progress in ramping up production at its Zhuhai Jinwan HLC and HDI factories, aiming to create high-tech, high-value-added products [1][3] Group 2 - The automotive industry is transitioning towards electrification and intelligence, with electric vehicle penetration still low but expected to rise, and AI technology driving the maturity of intelligent driving solutions [2] - The company has accumulated deep expertise in the automotive board sector and is well-positioned to benefit from the trends of electrification and intelligence in the automotive industry [2] - The demand for AI servers and high-speed network systems is expanding, leading to increased requirements for high-layer PCBs and high-end HDI products [3] Group 3 - The company has begun mass shipments of certain products in the AI server field and holds a leading advantage in emerging applications such as high-speed FPC and ultra-high-layer PTFE [3] - The company has achieved mass production capabilities for 800G optical modules and is preparing for 1.6T optical module production, continuously supplying major optical module clients [3] - The company is expected to maintain high growth in automotive and AI-related businesses over the next few years, with projected net profits of 1.545 billion, 1.984 billion, and 2.507 billion yuan for 2025-2027 [4]