Market Overview - The A-share market experienced a general decline today, with the Shanghai Composite Index falling by 1.11% to close at 3824.81 points, the Shenzhen Component Index down by 1.51% at 12914.67 points, and the ChiNext Index decreasing by 2.10% to 3071.76 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 172.42 billion yuan, a decrease of 49.3 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the retail, beauty care, and social services sectors saw gains, with increases of 1.32%, 0.66%, and 0.13% respectively [1] - The telecommunications, non-ferrous metals, comprehensive, power equipment, media, and machinery equipment sectors experienced significant declines, with losses of 2.95%, 2.81%, 2.81%, 2.66%, 2.41%, and 2.24% respectively [1] Concept Sector Performance - The leading concept sectors in terms of gains today included stablecoins, cryptocurrencies, duty-free shops, vehicle-road cloud, intelligent driving, intelligent transportation, cross-border payments, selected food processing, vehicle networking, selected air transport, selected animal health, initial economy, financial technology, tax digitalization, and outbound tax refunds [2] - Conversely, sectors such as cross-strait integration, cultivated diamonds, photovoltaic glass, photolithography factories, solar thermal power, and Moore threads experienced pullbacks [2]

《征求意见稿》发布后，得到了众多车企的积极响应。长城、长安、小鹏、北汽、比亚迪等车企纷纷表态支 持，承诺优化价格管理体系，共同维护公平竞争环境，促进行业健康发展。 自2018年后，中国汽车销量连续三年呈现负增长，汽车市场步入"存量时代"。尽管近年来新车销售整体呈 现"短期波动、中长期向上"的现象，年均增长率约为2%-3%，但车企很难再通过提高汽车销量获得高额收益 和利润，竞争的激烈程度可想而知。 （图片来源：摄图网） 车圈价格战真的要停了。 12月12日，国家市场监督管理总局发布了 《汽车行业价格行为合规指南(征求意见稿)》 ，公开向社会征求 意见。其中，在促销与定价层面，《指南》要求返利政策清晰明确且以合同等形式约定，尊重经销商自主定 价权。《指南》还明确将依法打击不正当价格行为，细化了多种表现形式，主要包括了一些以排挤竞争对手 或者独占市场为目的实施的价格行为，总体而言，汽车生产企业需保证出厂价格不低于生产成本。 | | | 然而过去三年，市场在"以价换量"逻辑下狂奔：特斯拉率先降价，比亚迪跟进，新势力被迫应战，传统车 企仓促入局。结果是销量创新高，利润却集体塌方。 "内卷式"竞争引发的无序价格战已成为行 ...

公司主要提供算力场景PCB、工业场景PCB及消费场景PCB。于2022年、2023年、2024年及截至2024年 及2025年9月30日止九个月，公司来自算力场景PCB的收入分别占总收入的67.8%、69.4%、72.5%、 73.2%及73.9%。根据弗若斯特沙利文的资料，随着AI的普及、数据中心、车联网、机器人及物联网应 用的扩展，全球对全面电子设备的需求持续增长，PCB作为电子产品的关键组件，正迎来重大增长机 遇。 广合科技递表港交所主板，中信证券、汇丰为其联席保荐人。公司致力于制造算力服务器关键部件 PCB，主要从事研发、生产及销售应用于算力服务器及其他算力场景的定制化PCB。 根据弗若斯特沙利文的资料，以2022年至2024年的算力服务器PCB累计收入计，公司在全球算力服务器 PCB制造商中排名第三，在总部位于中国大陆的算力服务器PCB制造商中排名第一。 ...

Core Viewpoint - The company, Wanma Technology, is a leading third-party provider in the vehicle networking sector, offering comprehensive solutions to automotive manufacturers through its subsidiary, Youka Technology [1] Group 1: Business Overview - Wanma Technology's vehicle networking business includes a global vehicle connection solution called ONESIM, which utilizes proprietary eSIM and 5G dual-card technologies [1] - The company provides services such as connection management, vehicle operation maintenance, traffic operation, global insights, and compliance management to help automotive companies streamline supply chain management and reduce operational costs [1] Group 2: Market Presence - The total number of connections in the company's vehicle networking business has exceeded 17 million, with over 1.1 million connections overseas [1] - Wanma Technology has established close partnerships with more than 10 well-known automotive manufacturers, including Geely, Zeekr, Li Auto, SAIC, Dongfeng, Lantu, and Zhiji [1] - The company provides overseas connection services for several prominent automotive brands, including Geely, Li Auto, Dongfeng Liuzhou Automobile, Dongfeng Motor, and SAIC [1]

Core Viewpoint - Wanma Technology (300698.SZ) is positioned as a leading enterprise in the vehicle networking sector, providing comprehensive high-level intelligent networking solutions for autonomous vehicles such as Robotaxi and Robovan [1] Group 1: Product Offerings - The company offers a comprehensive solution that includes "end, management, and cloud" aspects for vehicle networking [1] - The "end" aspect includes advanced networking hardware, mature eSIM solutions, and DSDA dual-active link solutions [1] - The "management" aspect provides dedicated vehicle networking and global networking services [1] - The "cloud" aspect features technological innovations in AI networking, AI operations, and data closed-loop cloud services [1] Group 2: Client Partnerships - In the Robotaxi sector, the company has established partnerships with Baidu Apollo, Hello, and Cao Cao Mobility [1] - In the Robovan sector, the company collaborates with Jiushi and Zhixingzhe [1]

截至目前，公司车联网业务连接总数超过1700万辆，其中海外超过110万辆。公司已与吉利、极氪、理 想、上汽、东风、岚图、智己等10多个知名汽车厂商建立紧密的合作关系，并为吉利、理想、东风柳 汽、东风汽车、上汽等多家知名汽车厂商提供出海连接服务。 格隆汇12月12日丨万马科技(300698.SZ)在投资者关系中表示，有被问到:能否介绍一下公司车联网领域 的业务情况？有哪些客户？ 答:在车联网领域，公司全资子公司优咔科技是国内领先的第三方车联网服务商，公司的全球车联 ONESIM一站式解决方案，通过车联网专网及连接管理平台，凭借自主的eSIM及5G双卡等技术赋能汽 车网联，在全球范围内提供包括连接管理、车联运维、流量运营、全球洞察及合规管理服务，帮助车企 简化供应链管理、降低管理运维成本、丰富业务运营能力并提升海外联网服务质量。 ...

Group 1: Company Overview - Wanma Technology Co., Ltd. was established in 1997 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 31, 2017 [3] - In the first three quarters of 2025, the company achieved a revenue of CNY 557 million, representing a year-on-year growth of 44.51% [3] - The company has two main business segments: communication and industrial control, and vehicle networking, both of which have seen rapid growth [3] Group 2: Business Development - The company is actively expanding its product offerings in the distribution sector, becoming a candidate for three projects with the State Grid, with a total bid amount of CNY 81.2742 million in 2025 [4] - In the vehicle networking sector, the company has connected over 17 million vehicles globally, with significant partnerships with major automotive manufacturers such as Geely and Li Auto [5] Group 3: Competitive Advantages - Wanma Technology leverages partnerships with major telecom operators (China Mobile, China Telecom, China Unicom) to provide robust communication infrastructure [4] - The company has developed advanced networking solutions, including dual SIM and AI network technologies, to meet the high bandwidth and low latency requirements of smart connected vehicles [5] Group 4: Future Market Potential - The Robotaxi market is projected to reach USD 116 billion by 2030, while the domestic logistics market for Robovan is expected to see significant growth, with potential increases of CNY 977 billion and CNY 1,416 billion respectively [6] - The company is focusing on the commercial viability of autonomous driving applications, positioning itself to capitalize on the expected growth in these sectors [6] Group 5: Product Offerings - Wanma Technology provides comprehensive solutions for the vehicle networking sector, including hardware, eSIM solutions, and AI-driven cloud services [7] - The company has established partnerships with various firms in the Robotaxi and Robovan sectors, including Baidu Apollo and Hello Chuxing [7] Group 6: Global Expansion - The company has deployed six major data platforms globally and has established branches in regions such as Europe and the Middle East to enhance service efficiency and compliance [8] - Wanma Technology's platform supports multiple eSIM standards, enabling it to handle large-scale operations for multinational automotive brands [8]

Core Insights - Chuangyuan Xinke has invested a total of 491 million yuan in R&D over the past three years, accounting for nearly 60% of its cumulative revenue, and has received significant awards such as the National Science and Technology Progress Award [1][2] - The company focuses on communication testing technology, which spans various applications including satellite navigation, intelligent driving, and aerial communication, emphasizing the importance of precise testing in technology applications [1][2] - Chuangyuan Xinke is actively participating in the global 6G technology development organization IMT-2030, aiming to expand its testing capabilities from ground to low-altitude and aerial domains [3] R&D Investment and Technology Development - The company has made substantial investments in R&D to break foreign technology monopolies, exemplified by the T8600 vector signal analyzer, which is priced at half of its foreign counterparts [2] - Continuous technological challenges drive the need for high R&D investment to keep pace with evolving communication standards, which is seen as essential for capturing future market opportunities [2] Expansion into New Markets - Chuangyuan Xinke is expanding its testing services to include low-altitude and satellite communication, with projects like the "Eagle Sat" testing solution and the "Rainbow" monitoring system for low-altitude communication safety [3] - The company has signed agreements to advance the construction of a new generation 6G communication and satellite internet testing verification center [3][4] Focus on Automotive and Robotics Testing - The company is positioning itself as a quality inspector for the automotive industry, focusing on core testing areas such as vehicle network performance and communication devices [5] - Chuangyuan Xinke views robotics testing as a long-term growth opportunity, emphasizing the complexity and reliability requirements of robotic systems [7] - Strategic partnerships with companies in the robotics sector aim to provide essential testing solutions, leveraging the company's expertise in communication testing [7] Alignment with National Strategy - The company's strategic choices are aligned with national development goals, ensuring sustainable resources and vitality for its innovations [8]

12月11日，中国汽车工业协会（以下简称"中汽协"）发布11月汽车产销数据。11月，汽车市 场延续良好表现，产销量双超3100万辆，环比、同比均实现增长。其中，商用车市场持续向好， 各细分市场增速明显。 01 卡客车市场均表现良好 根据中汽协发布的数据显示，11月，商用车产销分别完成38.8万辆和39.2万辆，环比分别增长6.6% 和8.6%，同比分别增长18.6%和24.4%。 其中，货车11月产销分别完成33.3万辆和33.8万辆，环比分别增长6%和8.8%，同比分别增长19.2% 和25.9%。从四大类货车细分品类来看，11月，重型货车销量11.3万辆，环比增长6.6%，同比增长 65.4%；中型货车销量1万辆，环比下降23.9%，同比增长15%；轻型货车销量18万辆，环比增长11%， 同比增长7.1%；微型货车销量3.6万辆，环比增长18.1%，同比增长47.7%。 客车市场11月产销分别完成5.5万辆和5.3万辆，环比分别增长10.5%和7.3%，同比分别增长14.9%和 15.8%。从细分市场来看，11月，大中型客车销量1.3万辆，环比增长16.3%，同比增长22.9%；轻型客车 销量4.1万辆， ...

Core Points - The company, Xidi Intelligent Driving (03881), plans to conduct an initial public offering (IPO) from December 11 to December 16, 2025, with a global offering of 5.408 million H-shares [1][2] - The offering will allocate approximately 5% for public sale in Hong Kong and 95% for international sale, with an additional 15% over-allotment option [1][2] - The expected price per share is HKD 263, with a minimum purchase of 10 shares, and trading is anticipated to commence on December 19, 2025 [1][2] Company Overview - Xidi Intelligent Driving is an innovative supplier in the field of intelligent driving products and solutions for commercial vehicles in China, driven by product development [1][2] - The company focuses on the research and development of autonomous trucks for closed environments, V2X (Vehicle-to-Everything) technology, and intelligent perception solutions [1][2] - The company has primarily concentrated on intelligent driving within closed environments during its historical performance period [1][2]