证券研究报告 汽车周观点： 9月第3周乘用车环比+12.9%，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年9月29日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.9.22-2025.9.28 2 （ ◼ 本周复盘总结：九月第三周交强险50.8万辆，环比上周/上月周度+12.9%/+8.2% 。 ➢ 本周细分板块涨跌幅排序:SＷ摩托车及其他(+5.0%) > SW汽车零部件(+0.4%) >SW 乘用车(-0.9%) >SW商用载货车（-2.5%）>SW商用载客车(-3.0%) 。本周已覆盖标 的立讯精密、松原股份、旭升集团、常熟汽饰、恒帅股份涨幅前五。 ◼ 本周团队研究成果：外发深度报告《AI智能车时代是【产品为王】》《Robotaxi正 重塑汽车出行市场》《2025年主流城市NOA试驾报告——9月上海篇》。 ◼ 本周行业核心变化：1）特斯拉FSD的V14版本预计下周提前广泛发布，大约2周后发 布14.1版本，最后发布14.2版本；2）小鹏和阿里云宣布正式签署"后量子加 ...

Group 1: Business Overview - The company's main business segments include printing, laminating, and technical services [3][4] - Printing business includes commercial票证 printing, data processing printing, personalized color printing, and commercial label printing [3][4] - Laminating business focuses on smart card manufacturing and RFID smart labels, serving various industries [4] Group 2: Financial Performance - For the first half of the year, the company achieved revenue of CNY 581 million, remaining stable compared to the previous year, with a net profit of CNY 78.5 million, an increase of 10.87% [4] - Revenue from printing products decreased by 21.28% year-on-year due to the impact of digitalization, but gross margin improved by 3.37% [4] - Revenue from laminating products increased by 133.81%, with stable gross margins [4] Group 3: Technical Services - Technical services include document storage and digitization, electronic票证 services, and AI robot products [4][5] - Document storage and digitization services have shown stable growth in revenue and profit [5][7] - The company has developed capabilities for digital currency wallet production and is working on product certification [5][6] Group 4: Market Trends and Future Outlook - The company anticipates that the decline in票证 product revenue will stabilize as the electronic replacement trend has largely completed [6] - The electronic票证 business is supported by a blockchain platform, providing data services to various industries [6] - The market for robot products is expected to grow significantly, with a focus on education and government applications [7]

Group 1 - The core viewpoint expressed by Zhou Hongyi is that the idea of robots serving as security personnel may be a false proposition, referencing Isaac Asimov's three laws of robotics as a caution against empowering AI with too much capability [1] - Zhou highlights the physical advantages of robots over humans, noting that if a robot's battery life exceeds one hour, it could easily overpower a human in a physical confrontation [1] - Concerns are raised about the potential for robots to malfunction or "lose control," which could lead to dangerous situations if they were given excessive abilities [1]

Core Viewpoint - The discussion between Luo Yonghao and Zhou Hongyi highlights concerns regarding the potential risks of AI robots, particularly in security roles, emphasizing the need for limitations on their capabilities to prevent possible dangers [1] Group 1: AI and Robotics Concerns - Zhou Hongyi argues that the idea of using robots as security guards may be a flawed concept, referencing Isaac Asimov's three laws of robotics which were designed to prevent AI robots from becoming a threat [1] - The conversation points out that if technology advances significantly, robots could surpass human capabilities, making them potentially dangerous if not properly controlled [1] - There is a specific concern about the physical advantages of robots, such as endurance, which could lead to scenarios where humans are unable to compete physically against them [1]

格隆汇9月23日丨新开普(300248.SZ)在互动平台表示，公司暂未涉足AI机器人业务，但对与机器人硬件 厂商合作，基于自研大模型推动AI机器人落地应用持开放态度。 ...

人民财讯9月23日电，新开普（300248）9月23日在互动平台表示，公司暂未涉足AI机器人业务，但对 与机器人硬件厂商合作，基于自研大模型推动AI机器人落地应用持开放态度。 ...

Core Insights - The core conclusion of the report indicates that in the second week of September, the compulsory insurance for vehicles reached 450,000 units, representing a week-on-week increase of 24.9% and a month-on-month increase of 4.9% [2][3] - The performance of various automotive sub-sectors showed that SＷ automotive parts increased by 4.3%, followed by SW automotive at 3.0%, SW passenger vehicles at 1.9%, while SW commercial passenger vehicles and SW commercial freight vehicles decreased by 0.5% and 1.2% respectively [2][3] Industry Developments - Key industry changes include the official launch dates for several new models: the Ideal i6 on September 26, the Xiangjie S9T with 10,000 pre-orders in 72 hours, and the Geely Galaxy M9 with over 23,000 pre-orders [3] - Xiaoma Zhixing announced its entry into the Singapore market, partnering with ComfortDelGro Corporation to deploy autonomous vehicles and related services [3] - The company also received Belgium's first federal-level L4 autonomous driving test license for its Robobus [3] Investment Opportunities - The automotive sector is currently witnessing three main lines of investment opportunities, with a focus on the performance of A-H shares in the automotive market, particularly in the parts sector, which has shown the best growth [4] - The report highlights the importance of new vehicle orders and internal demand, with significant pre-order numbers for the new models indicating potential growth drivers [4] Strategic Recommendations - The report outlines key investment targets within the Robotaxi and Robovan supply chains, including integrated models and technology providers [6] - It also identifies core beneficiaries among consumer vehicle manufacturers, emphasizing companies like Xpeng Motors, Li Auto, and NIO as key players in the smart vehicle market [6] - The report suggests a focus on automotive parts suppliers, particularly those involved in AI and robotics, as promising investment opportunities [5][6]

本周行业核心变化： 未经许可，不得转载或者引用。 投资要点 本周复盘总结：九月第二周交强险45.0万辆，环比上周/上月周度+24.9%/+4.9%。 本周细分板块涨跌幅排序:SＷ汽车零部件(+4.3%) > SW汽车(+3.0%) >SW乘用车(+1.9%) >SW商 用载客车（-0.5%）>SW商用载货车(-1.2%) 。本周已覆盖标的 均胜电子、恒帅股份、蔚来- SW、耐世特、双环传动 涨幅前五。 本周团队研究成果： 外发亚普股份深度报告。 1） 理想i6定档9/26正式上市； 2） 享界S9T正式上市，72小时大定1万辆。 3） 吉利银河M9正 式上市，大定突破2.3万辆； 4） 小马智行宣布正式进入新加坡市场，与新加坡最大交通运营服 务商康福德高（ComfortDelGro Corporation）合作在当地部署自动驾驶车辆和相关服务； 5） 旗下自动驾驶小巴Robobus正式获得比利时首个联邦级别的L4级自动驾驶测试牌照。 三类主线投资机会并存！ 本周市场对汽车核心关注？ 本周汽车A-H股汽车涨幅均属于行业前列，其中子板块零部件尤其是机器人品种涨幅最佳，以 均胜电子+新泉股份为代表。乘用车9月第二周 ...

Group 1 - Dongguan City completed an investment of 97.51 billion yuan in major projects from January to August 2025, representing a year-on-year growth of 3.63% and a progress increase of 2.6 percentage points compared to the same period last year [1] - A total of 137 new major projects were initiated, and 81 major projects were completed and put into operation during the same period [1] Group 2 - The Zhongqiang Elite Electronics expansion project covers an area of approximately 69.90 acres with a planned investment of 600 million yuan, focusing on the research and production of display products, and is expected to be completed in 2026 [2] - The Huajin Masukiri new materials project occupies about 45.78 acres with a total investment of 300 million yuan, primarily producing acetate fiber materials, and is expected to be operational by 2028 [4] Group 3 - The Changping Lianji Group headquarters project spans approximately 68.21 acres with a total investment of 750 million yuan, focusing on the research and production of heat dissipation modules and precision SMT components, which was completed in August 2023 [6] - The Liangang Optoelectronics headquarters R&D manufacturing center covers about 53.44 acres with a total investment of 620 million yuan, focusing on the research and production of optoelectronic and acoustic products, and is expected to generate an annual output value of 1.5 billion yuan [8]

Core Viewpoint - The company Mengguli plans to raise up to 980 million yuan through a private placement to expand its production capacity for lithium-ion battery cathode materials, supported by its controlling shareholder, Hengtong New Energy [1][2]. Group 1: Fundraising and Investment Plans - Mengguli intends to issue shares to no more than 35 specific investors, including Hengtong New Energy, with a total fundraising amount not exceeding 980 million yuan [1]. - The funds will be allocated to a project with an annual production capacity of 30,000 tons of lithium-ion battery cathode materials and to supplement working capital [1][2]. - Hengtong New Energy will participate with a cash subscription of 200 million yuan, accounting for approximately 20.4% of the total fundraising, with an 18-month lock-up period [1]. Group 2: Production Capacity Expansion - The investment in the cathode materials project totals 886 million yuan, with 860 million yuan expected to come from the raised funds [2]. - The project will establish four new production lines, including one for NCA materials (10,000 tons/year), one for high-voltage cobalt lithium (5,000 tons/year), and two for ultra-high nickel ternary materials (15,000 tons/year) [2]. - This expansion aims to enhance Mengguli's production capacity and market share as a stable supplier to major domestic battery manufacturers [2]. Group 3: Financial Performance - In 2022 to 2024, Mengguli reported revenues of 3.234 billion yuan, 2.36 billion yuan, and 1.794 billion yuan, with net profits of 82.33 million yuan, 60.01 million yuan, and a loss of 71.67 million yuan, respectively [2]. - For the first half of 2025, Mengguli achieved revenues of 1.018 billion yuan, a year-on-year increase of 23.19%, but net profit decreased by 60.87% [3]. - The company reported a production capacity utilization rate of nearly 80% in the first half of 2025, with a total output of 10,499.30 tons [3].