目前，FF的汽车业务节点正处于关键期，其FX Super One车型计划于北京时间12月22日（美西时间21 日）在FF汉福德工厂下线。 若进军机器人消息属实，意味着FF试图将"汽车桥梁"的商业逻辑复制到具 身智能赛道。分析认为，该模式可能依托FF在美国的研发设计中心与品牌势能，结合国内成熟的机器 人供应链与技术产品，以打通中美市场。 此外，行业分析指出，FF作为美股上市公司，不排除通过战略投资或成立合资公司的方式，与国内机 器人企业进行资本与产业的深度绑定，从而实现技术出海与全球市场的双向拓展。在特斯拉及全球科技 巨头纷纷押注具身智能的背景下，这一潜在布局或许是FF寻求业务多元化及资本市场新故事的重要尝 试。 资深汽车媒体人周海滨援引Autocul消息称，有专注于AI机器人领域的投资人透露，FF今年以来已低调 与国内多家头部AI机器人公司展开多轮接触与合作洽谈，相关动作或将于近期正式官宣。 据悉，FF涉 足该领域的筹备期已长达一年。此次布局被外界视为贾跃亭"中美汽车产业桥梁"战略的延伸，意在打造 平行的"中美机器人桥梁"。 凤凰网科技讯 12月16日，据市场最新消息，在推进汽车业务的同时，贾跃亭掌舵的FF（ ...

Investment Highlights - The automotive sector has shown positive performance this week, with the SW motorcycle and other segments leading with a gain of 1.7% [4][13] - The top five stocks covered this week include Chunfeng Power, Xusheng Group, Great Wall Motors, Hengshuai Co., and Desay SV [4][13] Industry Core Changes - On December 12, 2025, the State Administration for Market Regulation released the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry (Draft for Comments)" [6][13] - The Central Economic Work Conference was held to optimize the implementation of the "Two New" policies [6][13] - Longxin General announced a partnership with Zhiyuan Robotics, focusing on industrial manufacturing and intelligent mobility, aiming to accelerate the development of L2 and L3 product lines [6][13] - Hezhima Intelligent and Yuanrong Qixing have reached a deep cooperation agreement to promote the mass production of advanced driver assistance technologies [6][13] - WeRide and Uber announced a partnership with the Dubai Roads and Transport Authority (RTA) to officially launch Robotaxi services through the Uber app in Dubai [6][13] Current Automotive Sector Configuration - The automotive industry is perceived to be at a new crossroads, with the electric vehicle (EV) boom nearing its end and the intelligent vehicle sector entering a phase of innovation [9][14] - Three main investment opportunities are identified: - **AI Intelligent Vehicle Main Line**: Focus on Robotaxi and Robovan, with key players including Tesla, Xiaopeng Motors, and Horizon Robotics [9][14] - **Upstream Supply Chain Key Stocks**: Include B-end vehicle OEMs like BAIC Blue Valley and GAC Group, as well as core suppliers in testing, chips, and sensors [9][14] - **AI Robotics Main Line**: Focus on selected components from companies like Top Group and Junsheng Electronics [9][14] Market Performance Overview - The automotive sector ranked 9th in A-shares and 14th in Hong Kong this week, with motorcycles and other segments performing the best [18][21] - The overall automotive sector has shown stability, with the SW motorcycle and other segments leading in performance [21][28]

证券研究报告 汽车周观点： 重申汽车行业价格行为监管，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12月15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2025.12.8-2025.12.14 2 ◼ 本周细分板块涨跌幅排序：SＷ摩托车及其他(+1.7%) >SW商用载客车（+1.4%） >SW汽车(+0.2%) =SW乘用车(+0.2%) > SW商用载货车(-0.3%) 。本周已覆盖标的 春风动力、旭升集团、长城汽车、恒帅股份、德赛西威涨幅前五。 （ ◼ 本周团队研究成果：外发零部件、智能化、商用车2026年策略报告。 ◼ 本周行业核心变化：1） 2025年12月12日国家市场监督管理总局发布《汽车行业价 格行为合规指南（征求意见稿）》 ；2）中央经济工作会议召开，优化"两新"政策 实施；3）隆鑫通用公告与智元机器人合作，双方重点聚焦工业制造、智能出行两大 核心赛道，建设L2级、L3级产品产线，加快研发更适合于摩托车和通机制造场景的 "具身智能装备"和"具身智能产品"；4 ...

投资者关系活动记录表 编号：2025-012 | 投 | 者 | 特定对象调研 □分析师会议 资 | | --- | --- | --- | | | | □媒体采访 □业绩说明会 | | 关 系 | 活 | □新闻发布会 路演活动 | | 动类别 | | □现场参观 □其他： | | 参与单 | | | | 位名称 及人员 | | 中信证券 郭柯宇 姜红宇 | | 姓名 | | | | 时间 | | 2025.12.10 15.00-16.00 | | 地点 | | 东港股份接待室 | | 上市公司 | | 董事会秘书： 齐利国 | | 接待人员 | | 证券事务代表：阮永城 | | 姓名 | | | | | | 一、相关问答及回复内容 | | | | 问：公司各产品的收入占比趋势是怎样的？ | | | | 答：公司目前各类产品发展情况良好，票证印刷业务受到电子化的冲击， | | | | 市场规模有所减少，但目前已经企稳，未来预计能够保持一定的规模。覆合 | | | | 类业务和技术服务业务，仍将保持稳步增长，因此在未来公司各类业务占比 | | | | 可能会变化，印刷业务的占比会降低，覆合和技术服务类业 ...

编号：2025-011 | 投 资 者 | | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | --- | | 关 系 活 | | □新闻发布会 路演活动 | | 动类别 | | □现场参观 □其他： | | 参与单 位名称 | | | | 及人员 | | 海南港澳资讯 卢胜军 赵斌 庄栗婷、王曾 | | 姓名 | | | | 时间 | | 2025.12.10 14.00-14.30 | | 地点 | | 东港股份接待室 | | 上市公司 | | | | 接待人员 | | 证券事务代表：阮永城 | | 姓名 | | | | | | 一、介绍主要产品运营情况 | | | | 公司的主要业务分为印刷类业务，覆合类业务和技术服务类业务。 | | | | 印刷类业务内容: | | | | 1、商业票证印刷，包括各类商业票据、热敏纸彩票、税务发票、证书、 | | | | 证件、存折、证照等。 | | | | 2、数据处理打印与邮发封装:为金融机构提供数据处理、账单预印、信 | | | | 封加工、账单打印及封装、交寄的全流程业务，也为保险机构提供各类保单 | | | | 打印 ...

Core Viewpoint - The conference highlighted the necessity of building a sustainable and healthy innovation investment ecosystem in China, especially during the transition to high-quality economic development, with technology innovation as the core driver [1][4]. Group 1: Challenges in Early-Stage Investment - State-owned investment institutions face unique constraints in early-stage investments, including long cycles, high uncertainty, and unclear exit mechanisms, which require better alignment between GPs and LPs [1][2]. - The current reliance on government funding necessitates a more inclusive mechanism to encourage early-stage investments and diversify funding sources beyond just government capital [2][3]. - A stable legal framework is essential for addressing the challenges of early-stage investments, including long cycles and high uncertainty [2][3]. Group 2: Strategies for Successful Early-Stage Investment - Investment firms should focus on narrowing their investment scope to one or two core ecosystems to increase the success rate of early-stage investments [3]. - The emphasis should be on investing in people, as the success of early-stage investments relies heavily on the capabilities of the entrepreneurs and their understanding of market dynamics [4][5]. Group 3: Building an Efficient Innovation Ecosystem - There is a significant gap between passionate entrepreneurs and long-term value-seeking capital, highlighting the need for a more efficient and integrated innovation ecosystem [4][5]. - A successful dual-innovation ecosystem requires not only financial resources but also a conducive environment for the smooth flow of various resources, including technology and talent [5][6]. - High internal rates of return (IRR) are often found in projects that integrate trial production lines, scenario implementation, and industrial capital early in their development [6].

Investment Highlights - This week, the automotive sector outperformed the market, with the commercial passenger vehicle segment showing the best performance at 4.5% increase [4][12][13] - Key stocks that performed well this week include China National Heavy Duty Truck Group H, Xinquan Co., Top Group, Xingyu Co., and Huguang Co. [4][12][27] Research Outcomes - The team released an in-depth report on Xiaopeng Motors and a sales review for Yutong Bus for November [5][12] Industry Changes - Cao Cao Mobility held a strategic upgrade conference for Robotaxi, proposing a "Ten Years, Hundred Cities, Hundred Billion" strategy and launched the first future urban transportation hub, the "Green Intelligent Passage Island" [6][12][13] - Top Group is advancing its H-share listing [6][12][13] - Desay SV plans to establish Huizhou Chuanxing Zhiyuan Technology Co., Ltd. to develop Robovan business [6][12][13] - WeRide's end-to-end ADAS solution won the China Smart Driving Competition [6][12][13] Current Automotive Sector Configuration - The automotive industry is entering a new crossroads, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence. Three main investment opportunities are emerging during this transition phase [8][14] - **AI Intelligent Vehicle Main Line**: Focus on Robotaxi/van and C-end vehicles. Key targets include: - **Robotaxi Perspective**: Integrated models like Tesla, Xiaopeng Motors, and Qianli Technology; technology providers and operational sharing models like Horizon Robotics and Baidu; transformation of ride-hailing/taxi services like Cao Cao Mobility [8][14] - **Robovan Perspective**: Desay SV and others [8][14] - **C-end Vehicle Sales Perspective**: Whole vehicles from Xiaopeng Motors, Li Auto, Huawei, Xiaomi, etc. [8][14] - **Upstream Supply Chain Key Targets**: B-end vehicle manufacturing like BAIC Blue Valley, GAC Group, SAIC Group; core suppliers in testing, chips, domain controllers, sensors, and more [8][14] AI Robotics Main Line - Focus on selected components such as Top Group, Junsheng Electronics, Xinquan Co., and others [8][14] Dividend & Good Pattern Main Line - Focus on passenger vehicles (Yutong Bus), heavy trucks (China National Heavy Duty Truck A-H, Weichai Power), and two-wheelers (Chunfeng Power, Longxin General) [9][14]

证券研究报告 汽车周观点： 曹操出行Robotaxi战略升级，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12月7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2025.12.1-2025.12.7 2 ◼ 本周细分板块涨跌幅排序：SW商用载客车(4.5%) >SW汽车零部件(1.8%) >SW汽车 （1.4%） >SＷ商用载货车(0.5%) >SW乘用车（0.2%) 。本周已覆盖标的中国重汽 H、新泉股份、拓普集团、星宇股份、沪光股份涨幅前五。 （ ◼ 本周团队研究成果：外发小鹏汽车深度报告，外发宇通客车11月销量点评。 ◼ 本周行业核心变化：1）曹操出行举行Robotaxi战略升级发布会，提出"十年百城千 亿"战略目标，并发布首个未来城市交通枢纽"绿色智能通行岛"；2）拓普集团正 推进H股上市；3）德赛西威拟成立惠州市川行致远科技有限公司开展Robovan业务； 4）文远知行一段式端到端ADAS方案问鼎中国智驾大赛。 板块最新观点 3 ◼ Q4重视AI智能车投资机会 ◼ 本 ...

证券研究报告 汽车周观点： Robotaxi落地加速，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12月1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2025.11.17-2025.11.23 2 ◼ 本周细分板块涨跌幅排序：SＷ汽车零部件(+3.7%) >SW汽车（+3.2%）>SW商用 载客车(+3.0%) >SW乘用车(+2.6%) > SW商用载货车(+1.5%) 。本周已覆盖标的广 汽集团、瑞玛精密、金龙汽车、零跑汽车、岱美股份涨幅前五。 （ ◼ 本周团队研究成果：外发客车、重卡11月月报，外发理想汽车汽车三季报点评。 ◼ 本周行业核心变化：1）小马智行发布Q3财报：城市级单车盈利转正，Robotaxi千 台目标将提前完成，明年规模扩至3000辆；2）文远知行发布Q3财报：季度营收同 比增长144.3%，Robotaxi营收同比增长761.0%；3）星途ET5首搭地平线HSD，11 月28日全球上市；4）理想汽车2025Q3交付量93211辆，总收入273.6亿，同 ...

深夜的美国工厂里，可能没有一盏灯为工人亮起，却会有上千台智能机器人在流水线上精准起舞。 它们能识别数万种不同形状的零件，自主规划运动路径，在动态环境中快速调整决策，从物料调度到成品检 测，全程无需人类插手。 这是富士康与谷歌母公司 Alphabet 旗下 AI 机器人公司 Intrinsic 联手打造的黑灯工厂雏形。 近日 ， Intrinsic 正式宣布与富士康母公司鸿海精密集团成立战略合资企业 ，计划在美国工厂全面部署新一 代智能机器人系统。 这则消息一出，立刻在制造业和科技圈引发地震。两大巨头的联手，让更多人愿意相信，当全球制造业巨头遇 上谷歌系 AI 王牌，这场酝酿近两年的战略合作，不仅是富士康希望重塑自我的新基因，更试图掀起一场席卷 全球的产业革命！ ▍ 解码合作： 富士康的 "机器人工厂战略" 很多人可能会问， Intrinsic 到底是什么来头？能让富士康如此重视？ 这家看似低调的公司，背景却相当硬核。 它是 Alphabet "登月计划"（Moonshot Factory）孵化的明星企业 ，专注于打造机器人领域的 "安卓系 统"，2021 年实现独立运营后，就一直致力于攻克工业机器人的核心痛点 ...