【文/观察者网 潘昱辰 编辑/高莘】12月23日，欧洲汽车制造商协会（ACEA）发布今年前11月欧盟汽车 注册量数据。具体来看，纯电动车型占欧盟市场份额的16.9%，高于去年同期3.5个百分点；油电混动车 型占据了三分之一以上的市场份额，仍然是欧盟消费者的首选；与此同时，燃油车的总市场份额为 36.1%，比去年同期下降9.7个百分点。 今年前11月欧盟油电混动车市场份额超三分之一，纯电动车超六分之一 ACEA 这一数据表现，与不久前欧盟宣布放弃2035年禁售内燃机汽车规定的做法，形成了鲜明对比。 纯电动车份额超六分之一 今年前11个月，欧盟共注册了986万辆新车，同比增长1.4%。其中包括166.24万辆纯电动汽车，同比增 长27.6%，占据欧盟16.9%的市场份额。其中，欧盟最大的四个市场共占电动汽车注册量的62%：德国的 纯电动车注册量增幅达41.3%，比利时达10.2%，荷兰达8.8%，法国为9.1%。 此外，1—11月柴油车注册量为89万辆，同比下降24.4%，市场份额仅为9%。 中国品牌在欧需求旺盛 而就企业而言，今年1—11月大众汽车集团在欧盟累计注册273.11万辆新车，同比增长5%，市场份额为 ...

虽然这类人群还是少数，但极氪东南亚区域总经理保壮飞还是看好在这片土地做中高端的潜力。这几年，泰国汽车销量一路下探，去年更是创 下近15年来最低纪录，但是，保壮飞坦言，"宏观环境对高收入人群的冲击还是比较小的，他们的购买力依然旺盛，而且泰国大部分人是用贷 款买车的，近年泰国收紧银行贷款，金融通过率估计只有40%～50%，给车市形成持续压力。但高收入人群大部分是用全款买车的，即使贷 款，他们的通过率也会更高。" 泰国的豪车市场大约每年3万～5万辆。极氪自去年9月进入泰国到现在，交付量达到5000台左右，也算分下一块"蛋糕"。 问及为什么能打破传统豪车品牌的围墙，保壮飞有一套自己的心得。他相信，在做强产品的基础上，做高端是一整套的服务体系，小至展厅的 装潢陈设，大至超充服务、用户运营、售后维修网络都要精细维护，他形容"高端是要给人全方位感知"，其次，找到第一批的先锋用户之后， 他们会在泰国的核心圈层带来涟漪效应。 所以，在保壮飞看来，做豪车品牌也有护城河，但它不再完全由技术、产品来定义，而有着更立体的维度。 保壮飞。资料图豪车电动化的"新大陆" 《21世纪》：我们看到泰国汽车市场整体有所下滑，但极氪在去年选择了逆势 ...

南方财经21世纪经济报道记者赖镇桃、和佳泰国曼谷报道 "我们日常在泰国会做很多社区活动，虽然都需要额外的投入，但和回报相比这都算小钱。"极氪一位工 作人员在聊天中提起，有一次他们举办制作手工艺品的活动，一位潜在买家来参加，觉得体验感很好， 当场决定下单购买之前看中的车型，"对一些高端人群来说，买车就和买包一样简单。" 当然，这类人群还是少数，但极氪东南亚区域总经理保壮飞还是看好在这片土地做中高端的潜力。这几 年，泰国汽车销量一路下探，去年更是创下近15年来最低纪录，但是，保壮飞坦言，"宏观环境对高收 入人群的冲击还是比较小的，他们的购买力依然旺盛，而且泰国大部分人是用贷款买车的，近年泰国收 紧银行贷款，金融通过率估计只有40%～50%，给车市形成持续压力。但高收入人群大部分是用全款买 车的，即使贷款，他们的通过率也会更高。" 在年底举行的泰国国际汽车博览会上，宝马的展位总是挤满了来看车和围观的人，"泰国人对BBA，尤 其是宝马有着很深的情结。"上述工作人员告诉记者。 但在泰国每年3万～5万的豪车市场里，极氪自去年9月进入泰国到现在，交付量达到5000台左右，也算 分下一块"蛋糕"。 问及为什么能打破传统豪车品 ...

众捷汽车（301560）12月23日晚公告，公司近日收到了某全球领先的汽车热管理系统客户(限于保密要 求，以下简称"客户")的电动空调压缩机涡旋盘新项目定点函。公司预计将于2026年初开始为其北美地 区的电动空调压缩机组装厂批量供货。根据客户需求与预测，生命周期内预计销售额约为2986万美元。 日前，众捷汽车在业绩说明会上表示，公司紧密跟随汽车行业电动化、智能化趋势，拥有较强的技术工 艺研发能力，关键核心技术具有先进性。并已掌握智能制造技术、柔性生产技术、精密加工技术、设计 类创新技术、数字化管理技术等一系列先进核心技术，并广泛应用于公司产品的研发生产中。公司聚焦 汽车热管理核心业务领域，目前暂无直接面向军工领域的专属产品，未直接为军工企业提供供货服务。 "公司依托汽车热管理领域的精密加工生产制造经验已成功拓展与全球热管理解决方案领导者Boyd宝德 集团的合作，成为其精密加工零部件供应公司现给Boyd北美和欧洲正在供应数据中心液冷的相关产 品。"众捷汽车介绍，未来业绩增长关键取决于新能源汽车及新兴业务释放、成本控制成效等。公司将 通过技术升级、降本增效、拓展新兴业务等举措稳固竞争力。 众捷汽车同时提醒，受国际 ...

资料显示，袁小林在沃尔沃体系内工作多年，曾是吉利收购沃尔沃项目团队的核心成员之一。袁小林 2009年加入吉利控股，深度参与了吉利对沃尔沃汽车的并购项目。在沃尔沃被收购后，他曾担任沃尔沃 汽车集团董事长办公室主任、沃尔沃汽车集团中国区总裁等职务。2017年，他出任沃尔沃汽车集团全球 高级副总裁、亚太区总裁兼CEO。 此次接替袁小林成为沃尔沃中国法定代表人的胡彦杭，于2016年8月加入沃尔沃汽车集团，最初担任亚 太区法务副总裁。2023年初起常驻欧洲地区，担任沃尔沃汽车瑞士公司的董事总经理；2024年2月1日正 式出任沃尔沃汽车集团全球总法律顾问、首席法务官，并成为集团执行管理团队成员。 2024年，沃尔沃全球销量达76.3万辆，同比增长8%。其中中国市场销量为15.6万辆，在传统豪华品牌中 排名第五。 12月22日，天眼查工商信息显示，沃尔沃汽车中国投资有限公司完成工商变更，袁小林不再担任法定代 表人及董事长，新任负责人为HU YANHANG（胡彦杭），同时公司多位高管同步调整。 该公司成立于2011年8月，注册资本3200万美元，由瑞典VOLVO PERSONVAGNAR AKTIEBOLAG全资 控股，业务 ...

Group 1 - The core point of the article is that Lingyi Zhizao announced the acquisition of a 35% stake in Dongguan Liminda Electronic Technology Co., Ltd. for 875 million yuan, gaining control over 52.78% of the voting rights [1] - Liminda specializes in thermal management solutions and electronic components, with products including liquid cooling connectors and modules, and has become a certified supplier for NVIDIA [1] - The acquisition was valued at 34 times, with an assessed equity value of 2.51 billion yuan, reflecting a significant increase in value compared to the audited financial statements [1] Group 2 - Lingyi Zhizao, established in 2006, is a key supplier in the AI terminal hardware sector, with a diverse product range including AI smartphones, tablets, and thermal management solutions [2] - This acquisition marks Lingyi Zhizao's entry into the AI server liquid cooling market, aiming to enhance technical reserves and customer certifications while reducing development costs [3] - The company has also made a recent acquisition in the automotive sector, purchasing a 60% stake in Jiangsu Keda for 240 million yuan, furthering its strategy to penetrate the automotive market [3] - Lingyi Zhizao aims to diversify its business to sustain revenue growth, with projected revenues of 34.49 billion yuan in 2022, 34.12 billion yuan in 2023, and 44.21 billion yuan in 2024 [3] - For the first three quarters of 2025, the company reported revenues of 37.59 billion yuan, a year-on-year increase of 19.39%, and a net profit of 1.94 billion yuan, up 38.17% from the previous year [3]

Core Viewpoint - Minth Group is a leading global supplier of automotive exterior and structural components, focusing on electric vehicle (EV) battery boxes and expanding into humanoid robotics and liquid cooling technologies, presenting new growth opportunities [1][3]. Group 1: Battery Box Business - The battery box is a critical component for the safety and protection of battery modules in electric vehicles, with the market size in China projected to reach 31.8 billion yuan in 2024 and 78.2 billion yuan by 2030 [2]. - In Europe, the battery box market for new energy passenger vehicles is expected to grow from 9.4 billion yuan in 2024 to 29.9 billion yuan by 2030 [2]. - Minth has established deep partnerships with various automotive manufacturers globally, leveraging its expertise in aluminum alloy materials and processes to penetrate the battery box market [2]. Group 2: Humanoid Robotics and Liquid Cooling - Minth is applying its manufacturing advantages from the automotive sector to the humanoid robotics field, focusing on integrated joint modules, robotic skin, smart masks, and structural components [3]. - The demand for server liquid cooling is driven by energy efficiency requirements and increased cabinet power density, with Minth leveraging its technology and global production capacity to enter this market [3]. - The company has secured orders from AI server manufacturers, with deliveries expected to start by the end of 2025 [3]. Group 3: Financial Projections - The projected net profits for Minth from 2025 to 2027 are 2.753 billion yuan, 3.257 billion yuan, and 3.878 billion yuan, with corresponding EPS of 2.34 yuan, 2.76 yuan, and 3.29 yuan [3]. - The expected price-to-earnings ratios for the same period are 11.91, 10.07, and 8.46, indicating a favorable investment outlook [3].

Summary of the Conference Call Transcript Company Overview - **Company**: Joyson Electronics (均胜电子) - **Industry**: Automotive Safety and Electronics Solutions - **Rating**: Buy with a target price of Rmb 34.20, up from Rmb 21.10 [1][4] Key Points and Arguments Industry Trends - The global automotive industry is undergoing significant electrification and intelligence trends, expected to drive the automotive electronics market with a CAGR of 9.0% from 2025 to 2028 [2][9] - Key growth segments include smart cockpit solutions, intelligent driving solutions, new energy management systems, and intelligent connectivity systems [2][9] Financial Projections - Joyson's net profit is projected to grow at a CAGR of 17% from 2025 to 2028, driven by deepening collaborations with domestic automakers and benefiting from overseas automakers' transitions to electrification and intelligence [3][10] - Revenue is expected to grow at a CAGR of 6.5%, with gross and net profit margins improving from 18.3% and 2.4% in 2025 to 18.4% and 3.2% in 2028, respectively [3][10] Valuation - The valuation is based on a segmented approach: - Automotive safety and other parts: 21.0x 2026E PE - Automotive electronics: 27.5x 2026E PE - Robotics parts: 9.5x 2026E P/S [4][31] - The new target price reflects a 27.5x 2026E PE, indicating a 16% discount compared to peers [4][31] Market Position - Joyson is positioned as a global leader in automotive passive safety and electronics, with a comprehensive product portfolio and a global customer base [1][13] - The company has established over 25 R&D centers and more than 60 production bases worldwide, covering major automakers [13] Growth Opportunities - Joyson has secured projects with leading overseas automakers and a major humanoid robot manufacturer, indicating potential growth in the robotics sector [1][19] - The company is expected to benefit from the increasing demand for automotive electronics due to stricter safety standards and the transition to centralized electronic architectures [9][10] Additional Important Insights - The current stock price of Rmb 26.95 reflects a potential upside, with a risk-reward ratio of 3.1:1 [36] - The company has faced challenges in the past due to significant acquisitions and restructuring, but these impacts are expected to diminish by 2025 [14] - Joyson's revenue growth is primarily driven by the automotive electronics sector, which is anticipated to outperform the traditional automotive safety market [9][10] Conclusion - Joyson Electronics is well-positioned to capitalize on the ongoing transformation in the automotive industry, with strong growth prospects in both automotive electronics and robotics. The current valuation does not fully reflect the company's growth potential, making it an attractive investment opportunity.

天津滨海新区鹏翎股份展厅。 记者 王渊 摄 ◎记者 韩宋辉 "中国的电动汽车是全世界发展最快的，我们的工艺、生态都是全世界最先进的。"调研完系列新能源汽 车产业链项目后，鹏翎股份副总裁张鸿志对此更笃定了。他告诉上海证券报记者，公司近年研发的基于 尼龙材料的产品是新能源汽车的重要零配件，未来要卖到全世界去。 在中国汽车产业从传统燃油向新能源智能化转型的浪潮中，零部件供应商也正经历挑战与转型。从内部 孵化新能源热管理项目，到对外投资布局新能源汽车产业链，作为国内汽车流体管路领域的传统强者， 鹏翎股份正推动战略转型：试图从单一的"零件供应商"向"系统总成提供商"乃至"技术解决方案供应 商"转变。 从"卖管子"到"组系统" 总成转型闯出新路子 在天津滨海新区鹏翎股份展厅，摆放着形状各异的管子、接头。涡轮增压、天窗排水、真空制动……鹏 翎股份市场部负责人马景春用一个个小零件，向记者阐释一辆汽车如何组装制造。 "汽车管路越来越复杂，比如一个冷却系统要带动整个电池冷却、发动机冷却，还增加了很多传感器。 这种趋势下，整车商希望我们零配件供应商不只是卖单个部件，而要做总成。"马景春道出了公司向"系 统总成提供商"转型的根本原因 ...

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].