Core Insights - Junsheng Electronics' H-shares will officially enter the Hong Kong Stock Connect on December 4, which is expected to attract more mainland investors and enhance trading activity and liquidity, leading to a potential revaluation of the company's stock in the Hong Kong market [1] - There is currently a nearly 40% premium of Junsheng Electronics' Hong Kong shares over its A-shares, indicating a disparity in market valuation, particularly regarding its robotics components business [1] - The company's dual positioning as a Tier 1 supplier in both the automotive and robotics sectors is expected to drive future growth, with a strong operational resilience demonstrated in its core automotive components business [1][2] Automotive Components Business - Junsheng Electronics' automotive components business serves as a solid foundation for its growth, benefiting from deep industry experience, a unique global layout, and improving profitability [2] - The company is the second-largest global supplier of automotive safety systems and ranks among the top suppliers of intelligent cockpit domain controllers [2] - With over 25 R&D centers and 60 production bases globally, the company has established a robust local operation model, with more than 70% of its revenue coming from overseas markets, which helps mitigate geopolitical risks [2] - The gross margin for the automotive components business reached 18.6% in Q3 2025, marking a three-year high, supported by supply chain optimization and production efficiency improvements [2] Robotics Business Development - Junsheng Electronics is strategically expanding into the robotics sector, aiming to leverage its automotive technology advantages to capture a potential market worth over $100 billion [3] - Since 2025, the company has made significant moves in the robotics field, including the establishment of a wholly-owned subsidiary and partnerships with leading robotics firms [3] - The company has developed a comprehensive solution for robotic components and has begun delivering products to notable clients, indicating strong market traction [3] Order Backlog and Revenue Visibility - The company has a robust order backlog, with over 71 billion yuan in new global orders secured in the first three quarters of 2025, including a record 40.2 billion yuan in Q3 alone [4] - The increasing proportion of orders from leading domestic brands and new energy vehicle manufacturers is a key driver of this growth [4][5] - The automotive electronics business has shown a gross margin increase of 2.2 percentage points year-on-year to 21.5% in the first half of 2025, contributing to overall margin improvement [5] Valuation and Market Position - Junsheng Electronics' current valuation presents a significant safety margin compared to industry averages, with potential for earnings elasticity from automotive safety business recovery and revenue growth from intelligent vehicle orders [5] - The transition to the Hong Kong Stock Connect is expected to shift the company's valuation logic from a traditional automotive parts supplier to an intelligent hardware platform, enhancing liquidity and addressing valuation discrepancies [5]

Group 1 - The core focus of Q Technology is on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to evolve from a consumer electronics imaging solution provider to a core component supplier for smart hardware [1] - Q Technology is committed to becoming a technology enterprise that provides integrated machine vision and human vision solutions, benefiting from optical innovation and the wave of automotive intelligence [1] - The company is expected to see steady improvement in profitability and market share due to its leading position in product manufacturing and smart manufacturing [1] Group 2 - The global smartphone camera module market is expanding, with Q Technology targeting the enhancement of camera modules with 32 million pixels and above, achieving a sales proportion of 53.4% for these high-end modules by the first half of 2025 [2] - Continuous breakthroughs in optical stabilization, periscope modules, and large chip technologies are expected to further enhance the profitability of Q Technology's smartphone camera module business [2] Group 3 - The IoT and automotive camera module markets are experiencing rapid growth, with the Chinese IoT market projected to reach $198.25 billion in 2024 and exceed $326.47 billion by 2028 [3] - Q Technology is diversifying its product offerings in the IoT sector, including camera modules, optical engines, and lidar, while also investing in emerging markets such as XR and embodied robotics [3] - In the automotive camera market, the global market size is expected to reach $27.3 billion by 2025, with Q Technology aiming to replicate its smartphone camera market position in this sector [3] Group 4 - The ultrasonic fingerprint recognition module market in China is gradually expanding, with Q Technology experiencing significant sales growth and structural improvements in 2024 [4] - The sales volume of Q Technology's ultrasonic fingerprint recognition modules in the first half of 2025 has already surpassed the total sales for the entire year of 2024, indicating a positive trend in profitability [4]

Core Viewpoint - Dazhu Laser (301200.SZ) is a leading provider of PCB specialized production equipment solutions, primarily serving various downstream industries such as servers, automotive electronics, and consumer electronics, with a significant market share in China [2][10]. Company Overview - Dazhu Laser operates in the PCB specialized equipment industry, focusing on the research, production, and sales of equipment that provides end-to-end solutions for PCB manufacturers [2]. - The company is the largest PCB specialized production equipment manufacturer in China, holding a market share of 10.1% as of 2024 [2]. Product Categories Drilling Equipment - Drilling is a critical process in PCB production, with the company selling 2,514, 1,129, 3,119, 1,601, and 2,637 units of drilling equipment in 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The sales-to-production ratios for these years were 121.1%, 81.6%, 108.9%, 113.6%, and 94.5% [3]. Exposure Equipment - The company provides exposure equipment essential for transferring circuit designs onto PCB substrates, with sales figures of 132, 79, 141, 73, and 59 units for the same periods [4]. - The sales-to-production ratios were 109.1%, 97.5%, 110.2%, 130.4%, and 103.5% [4]. Testing Equipment - Testing is vital for ensuring the reliability and integrity of the final PCB products, with the company selling 519, 400, 446, 215, and 295 units of testing equipment during the specified periods [5]. - The sales-to-production ratios were 101.8%, 93.2%, 80.9%, 93.5%, and 89.7% [5]. Financial Performance - The company recorded revenues of 2.786 billion, 1.634 billion, 3.343 billion, and 2.382 billion RMB for the fiscal years ending in 2022, 2023, 2024, and the first half of 2025, respectively [6]. - Profit figures for the same periods were 432 million, 136 million, 300 million, and 261 million RMB [6]. Industry Overview - The global PCB specialized equipment market is projected to grow from approximately 5.84 billion USD in 2020 to about 7.085 billion USD by 2024, with a compound annual growth rate (CAGR) of 4.9% [12]. - The PCB industry is expected to see a market value increase from 65.2 billion USD in 2020 to 73.6 billion USD in 2024, with a CAGR of 3.1% [10]. - The demand for PCB specialized equipment is driven by the rapid growth in end-user applications and the expansion of production capacities by leading PCB manufacturers [10]. Market Dynamics - The drilling and exposure equipment segments are critical in the PCB production process, accounting for over 30% of the total capital expenditure on PCB specialized production equipment [17]. - The global drilling equipment market is expected to grow from approximately 1.174 billion USD in 2020 to about 1.470 billion USD by 2024, with a CAGR of 5.8% [18]. - The exposure equipment market is projected to increase from around 964 million USD in 2020 to approximately 1.204 billion USD by 2024, with a CAGR of 5.7% [20].

随着华为在汽车行业的朋友圈不断扩大，和华为深度合作的品牌接下来都不得不面临一个共性问题—— 在华为拥挤的朋友圈里，如何拉开差异化？ 面对这个问题，在2025广州车展的群访现场，阿维塔科技董事长王辉开玩笑称，当华为合作的品牌越 多，阿维塔的机会越大。他解释称，阿维塔既是华为最紧密的合作伙伴，也是华为引望的股东。"我与 岚图、广汽等领导交流说，我除了和他们一样是合作伙伴，他们为引望贡献利润，也间接为阿维塔贡献 利润。"公开数据显示，引望 2024 年上半年曾盈利超过 20 亿元。 在华为的车企朋友圈里，阿维塔是独一份的存在。作为长安汽车、宁德时代、华为共同扶持的品牌，华 为虽未入股，但却是阿维塔重要的合作伙伴，阿维塔当前四款量产车均采用华为 HI （Huawei Inside） 模式，由华为提供智能汽车解决方案及关键零配件。 今年广州车展上，阿维塔与华为联合举办战略合作全面深化发布会，宣布双方合作从 HI 模式升级为 HI PLUS 模式，合作范围扩展至用户洞察、产品定义、产品开发、整合营销、团队共建等全领域。 "我们和其他车企不一样，我们和华为是一起扛过枪打过仗的。"王辉称，2018、2019 年华为做车时， ...

随着华为在汽车行业的朋友圈不断扩大，和华为深度合作的品牌接下来都不得不面临一个共性问题—— 在华为拥挤的朋友圈里，如何拉开差异化？ 面对这个问题，在2025广州车展的群访现场，阿维塔科技董事长王辉开玩笑称，当华为合作的品牌越 多，阿维塔的机会越大。他解释称，阿维塔既是华为最紧密的合作伙伴，也是华为引望的股东。"我与 岚图、广汽等领导交流说，我除了和他们一样是合作伙伴，他们为引望贡献利润，也间接为阿维塔贡献 利润。"公开数据显示，引望 2024 年上半年曾盈利超过 20 亿元。 在华为的车企朋友圈里，阿维塔是独一份的存在。作为长安汽车、宁德时代、华为共同扶持的品牌，华 为虽未入股，但却是阿维塔重要的合作伙伴，阿维塔当前四款量产车均采用华为 HI （Huawei Inside） 模式，由华为提供智能汽车解决方案及关键零配件。 21世纪经济报道记者 易思琳 第一，在产品和技术上，未来必须在阿维塔的产品上首发搭载。 第二，阿维塔会与引望一起共创技术，共创的成果会考虑在一段时间后向其他品牌开放。 第三，在未来的半年到一年里，未来会在公司运作、运营，包括机制设计、流程设计方面进行深度华系 改造。 第四，未来会重新调整明确 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on the development of optical imaging, fingerprint recognition modules, and automotive electronic components, aiming to enhance its product matrix and transition from a consumer electronics imaging solution provider to a core component supplier for smart hardware [6][15]. - The company is expected to benefit from optical innovation and the wave of automotive intelligence, leading to steady improvements in profitability and market share [15]. Summary by Sections Company Overview - The company is committed to the synergistic development of imaging and fingerprint recognition, focusing on high-end manufacturing upgrades [6][15]. - It aims to grow into a technology enterprise providing integrated machine vision and human vision solutions [15]. Mobile Camera Module Business - The company holds a leading global market share in mobile camera modules, with a focus on enhancing the structure of its products [7][27]. - The market for mobile camera modules is expected to continue its stable growth, driven by increasing smartphone penetration and consumption upgrades [30][32]. - The sales proportion of high-end mobile camera modules (32M pixels and above) reached 53.4% in the first half of 2025 [7][27]. Other Camera Module Business - The IoT and automotive camera markets are expanding rapidly, with the company seeing a 47.9% year-on-year growth in sales for these modules [8][36]. - The global automotive camera module market is projected to reach USD 27.3 billion by 2025, with the company aiming to replicate its mobile camera market position in this sector [8][36]. Fingerprint Recognition Module Business - The market for ultrasonic fingerprint recognition modules is gradually expanding, with significant improvements in sales and product structure leading to increased gross margins [9][46]. - The company reported that its sales of ultrasonic fingerprint recognition modules in the first half of 2025 exceeded the total sales for 2024 [9][48]. Financial Forecast and Investment Recommendation - Revenue projections for the company are estimated at RMB 20.447 billion, RMB 22.854 billion, and RMB 26.331 billion for 2025, 2026, and 2027, respectively, with corresponding net profits of RMB 714 million, RMB 909 million, and RMB 1.138 billion [10][12]. - The company's P/E ratios for the same years are expected to be 14.5x, 11.3x, and 9.1x, which are lower than the industry averages [10][12].

Investment Rating - The report maintains a "Recommended" rating for the automotive sector [2] Core Insights - The automotive sector outperformed the Shanghai Composite Index during the week of November 24 to November 28, 2025, with a sector index increase of 3.2% compared to the index's 1.4% rise [5][16] - The report highlights the submission of an IPO application by Avita Technology to the Hong Kong Stock Exchange, marking a significant step in its global strategy [12][30] - The report notes that the new energy vehicle sales reached 177.2 million units in October 2025, accounting for 51.6% of total new vehicle sales [34] Summary by Sections Recent Trends - The automotive sector index increased by 3.2% from November 24 to November 28, 2025, with passenger vehicles, commercial vehicles, parts, and services showing respective increases of 2.6%, 2.0%, 3.7%, and 3.9% [5][16] - The report indicates that major players like Li Auto, Xpeng, NIO, and Geely saw stock price increases of 4.8%, 6.9%, 1.3%, 12.2%, and 1.4% respectively during the same period [5][16] Company Performance - NIO reported a revenue of 21.79 billion yuan for Q3 2025, a year-on-year increase of 16.7%, while its net loss narrowed to 3.48 billion yuan [13][31] - Xpeng's Q3 revenue reached 20.38 billion yuan, showing a significant year-on-year growth of 101.8% [13][31] - Li Auto experienced a decline in deliveries by 39.0% year-on-year, with a revenue drop of 36.2% to 27.365 billion yuan, resulting in a net loss of 624 million yuan [13][31] Market Outlook - The report anticipates a potential decline in passenger vehicle year-on-year growth by the end of 2025 due to high base effects and the temporary withdrawal of certain subsidies [15] - It suggests that the high-end passenger vehicle market may perform better in 2026, particularly for domestic brands with offerings above 300,000 yuan [15] - Recommendations include companies like JAC Motors, Geely, Xpeng, Great Wall Motors, SAIC Motor, Li Auto, Seres, and BYD for passenger vehicles [15] Key Recommendations - For automotive parts, the report recommends companies benefiting from the penetration of high-level intelligence into lower-priced models, including Huayang Group, Desay SV, and Kobot [15][6] - In the commercial vehicle sector, it suggests companies like Weichai Power, Foton Motor, and China National Heavy Duty Truck Group as beneficiaries of the recovering demand for heavy trucks [15][6]

一、现在投资汽车需要关注什么 复盘历史，渗透率是汽车产业投资的关键。渗透率的快速提升代表着新需求的爆发，往往创造新的投资 周期，历史上，汽车行业已经历了商用车、轿车渗透率提升，SUV渗透率提升，新能源车渗透率提升等 三大产业投资阶段。当前新能源车渗透率增速开始趋缓，市场正要迎来新的产业投资周期。 图：渗透率提升贯穿汽车产业投资的各周期 数据来源：Wind，数据截至2025/11/25，由于恒生港股通汽车产业指数无2021年以前数据，以Wind香港 汽车与零配件指数反映香港汽车产业股票的历史走势 1、汽车智能化开启渗透率新周期 继SUV和新能源汽车渗透率已走过高速提升的阶段，高阶智能化正接棒开启新一轮的渗透率提升周期， 我们当前正处于高阶智能化渗透率快速提升的起点。 图：渗透率提升贯穿汽车产业投资的各周期 2025年比亚迪"天神之眼"系列智驾解决方案三大系列全面覆盖高、中、低款车型，其中C型方案覆盖7- 20万元车型，且加入智驾功能后并未提高产品价格，开启汽车"智能平权"新时代。同时，以Deepseek为 代表的新人工智能模型对算力的用量明显降低，相应的带动人工智能的应用成本大幅下降，为智驾的进 一步下放和快速 ...

（原标题：上市公司起诉前员工团队！EMB量产前夜，一场专利竞夺悄然展开！） 近日，A股上市公司伯特利(603596)披露，公司作为原告，以侵犯知识产权为由，向苏州坐标系智能科 技有限公司（下称"坐标系"）、苏州时睿千驷科技有限公司（下称"时睿千驷"）、颜士富、杨昆、章贞 等5名被告提起诉讼。 三名自然人被告均是伯特利前员工，颜士富还曾短暂出任过公司总经理。 证券时报·e公司记者注意到，这是一场围绕EMB（电子机械制动系统）专利的诉讼。当前，EMB正处 于从技术研发到量产的前夜，国内外厂商均在争抢产业化先机。伯特利、坐标系均是这场产业竞赛的参 与方。 上市公司起诉前员工团队 伯特利成立于2004年，于2018年4月在A股上市。公司主要从事汽车底盘系统及智能驾驶系统的研发、 制造与销售。 伯特利认为，坐标系所取得的"一种线控底盘系统及控制方法""一种路面激励的手感模拟系统及控制方 法"等5项专利属于非法取得，颜士富、杨昆通过所获知的公司（即伯特利）EMB等产品的相关核心技 术秘密，并在中国境内以申请专利的方式披露了该技术秘密，坐标系将该专利申请权/专利权据为己 有，构成侵犯公司知识产权的违法行为。 企查查显示，坐 ...

Investment Ratings - The report maintains a positive outlook on copper, aluminum, and precious metals, indicating high levels of market activity and potential for price increases [12][14][36]. Core Insights - Copper prices increased by 3.69% to $11,175.50 per ton on LME, with a notable decrease in copper inventory across major regions, indicating a tightening supply [12][21]. - Aluminum prices rose by 2.03% to $2,865.00 per ton on LME, with a decrease in domestic inventory and an increase in production rates, suggesting a recovering demand [13][18]. - Gold prices surged by 4.77% to $4,256.4 per ounce, driven by geopolitical risks and increased holdings in gold ETFs, reflecting strong market sentiment [14][30]. - The rare earth sector shows a bullish trend, with prices for praseodymium and neodymium oxide rising by 3.43%, supported by tightening supply and favorable export conditions [37][36]. - Antimony prices increased by 2.90%, bolstered by the suspension of export controls by the Ministry of Commerce, enhancing market confidence [38]. - Tin prices rose by 3.04%, influenced by geopolitical tensions in the Democratic Republic of Congo and effective measures against smuggling in Indonesia [39]. Summary by Sections Copper - LME copper price increased by 3.69% to $11,175.50 per ton, with a decrease in national copper inventory to 173,500 tons, reflecting a supply contraction [12][21]. - The copper processing fee index dropped to -$42.75 per ton, indicating pressure on the supply side [12]. - The copper wire and cable industry shows a mixed performance, with operating rates at 66.89%, reflecting a decline in year-on-year demand [12][21]. Aluminum - LME aluminum price rose by 2.03% to $2,865.00 per ton, with domestic inventory decreasing to 596,000 tons [13][18]. - The operating rate for aluminum processing increased by 0.3% to 62.3%, indicating a recovery in demand [13][18]. - The cost of prebaked anodes is expected to rise by over 400 yuan per ton, reflecting improved supply-demand dynamics [13]. Precious Metals - Gold prices increased by 4.77% to $4,256.4 per ounce, influenced by geopolitical tensions and increased ETF holdings [14][30]. - The market remains strong, with expectations for continued price support unless a liquidity crisis occurs [14]. Rare Earths - Prices for praseodymium and neodymium oxide rose by 3.43%, with expectations of supply tightening due to policy changes and raw material shortages [37]. - The export volume of magnetic materials increased by 16% year-on-year, indicating strong demand [37]. Antimony - Antimony prices increased by 2.90%, supported by the suspension of export controls, which boosted market confidence [38]. - Global supply is expected to decline due to reduced production from overseas mines, maintaining upward price pressure [38]. Tin - Tin prices rose by 3.04%, driven by supply constraints from geopolitical tensions in Africa and effective anti-smuggling measures in Indonesia [39]. - The market outlook remains positive, with expectations for sustained demand growth [39]. Lithium - Lithium carbonate prices increased by 4.04% to 92,800 yuan per ton, with production levels showing a slight increase [63]. - The demand for lithium remains strong, driven by growth in the battery and energy storage markets [63]. Cobalt - Cobalt prices increased by 1.6% to 403,000 yuan per ton, with supply constraints expected to support future price increases [64]. - The market is characterized by a "price without market" scenario, indicating a need for demand recovery [64].