Group 1 - The automotive parts industry in A-shares is experiencing a boom with multiple companies receiving significant orders, driven by the rapid growth of the electric vehicle sector [1][4] - Domestic automotive parts manufacturers are increasingly chosen as designated suppliers by automakers to ensure supply chain stability, reflecting advancements in technology and product quality [1][2] - Zhejiang Tiancheng and Zhejiang Jingu have received designated orders for projects with significant production volumes and long lifecycles, indicating strong demand in the market [1][2] Group 2 - Ningbo Jifeng has secured a new project in the seat system sector, with a total project value of 2.52 billion yuan and a five-year lifecycle, enhancing the company's order reserve and capacity utilization [2] - The majority of designated projects disclosed by automotive parts companies are related to new energy vehicles, highlighting the sector's growth potential [3] - The retail sales of passenger vehicles in China reached 1.93 million units in May, with new energy vehicles accounting for over 1.05 million units, reflecting a strong recovery and increasing market penetration [4]

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2][5]. Core Insights - The establishment of a new central automotive enterprise is expected to accelerate the consolidation of the passenger car industry, enhancing operational efficiency and decision-making autonomy for companies like Changan Automobile [5][15]. - The passenger car market is entering a phase of accelerated elimination, and the new central enterprise is anticipated to strengthen the competitiveness of state-owned enterprises in the new energy market [5][15]. Industry Dynamics - Notable industry news includes NIO's plans to enter seven European markets between 2025 and 2026, and BYD's collaboration with Xiaojuchongdian and Xindian to build megawatt fast-charging stations [5][16]. - The automotive sector's performance from June 3 to June 6, 2025, shows that the automotive index underperformed the CSI 300 index by 0.71 percentage points, with a slight increase of 0.17% in the automotive sector [5][38]. Data Tracking - In April 2025, retail sales of passenger vehicles reached 1.75 million units, a year-on-year increase of 14.46%, while new energy vehicle retail sales reached 905,000 units, up 33.67% year-on-year [5][67]. - The penetration rate of new energy vehicles in retail sales reached 51.6%, an increase of 7.35 percentage points year-on-year [5][67]. - The report highlights that the sales of L2.5 and above intelligent driving vehicles reached 365,400 units in March 2025, with a penetration rate of 18.86% [5][79].

证券研究报告 禾赛科技 (HSAI US) Q1 收入符合预期，维持全年指引 禾赛科技 1Q25 激光雷达出货量达 19.6 万颗，其中 ADAS 交付量 14.6 万颗， 机器人交付 5.0 万颗；1Q25 实 现营业收入 5.3 亿元，同比 /环比 +46.3%/-27.1%，符合此前指引 5.2-5.4 亿元；实现净利润-0.18 亿元。公司 指引 2Q25 实现激光雷达出货量 30 万颗，营业收入 6.8-7.2 亿元，同比增 长 48-57%，GAAP 净利润转正。我们看好：（1）智驾和机器人共振带来激 光雷达出货量规模后续逐季增长；（2）公司扎实的半导体设计工艺能力带来 稳定的毛利率水平（40%左右）。维持"买入"评级，目标价 24.96 美元。 ADAS：25 年公司销量 禾赛 1Q25 的 ADAS 激光雷达总出货量为 14.6 万颗（去年同期：5.2 万颗）， 销量同比高增。从公司 Q1 的业绩中我们看到：（1）公司储备订单丰富，截 至 Q1 已取得 23 家主机厂超过 120 款车型的定点，本季度新增合作包括奇 瑞 iCar、长城欧拉、极氪多款热销车型、吉利一款车型。（2）新获得了全 球 ...

Investment Rating - The report does not explicitly provide an investment rating for the high-end equipment industry Core Insights - Huawei's humanoid robot strategy focuses on the collaboration between cloud-based and edge computing, emphasizing algorithm development as the core component, with significant advancements expected by the second half of 2025 [1][3][5] - The logistics sector is increasingly adopting humanoid robots, which are projected to reduce logistics costs by 3-5% for manufacturing businesses and over 30% for express delivery companies [1][10] - The unmanned logistics vehicle industry is benefiting from policy support and technological advancements, with a projected significant increase in orders and production expected to commence in 2025 [1][19][21] Summary by Sections Huawei's Humanoid Robot Strategy - Huawei has been deeply involved in AI and robotics since 2017, accelerating development in 2023 through partnerships and innovation centers, aiming for breakthroughs in algorithms and simulation by 2025 [1][5] - The company emphasizes three foundational capabilities: cloud-based brain and edge computing collaboration, cloud simulation, and data synthesis, with Huawei Cloud playing a critical role [3][4] Logistics Applications - The application of humanoid robots in logistics is on the rise, with companies like Demar Technology and Yongchun Intelligent showcasing their systems, indicating a trend towards automation in packaging and sorting [1][9] - The introduction of humanoid robots is expected to significantly lower logistics costs, which are a major concern for manufacturing and express delivery sectors [10] Unmanned Logistics Vehicles - The unmanned logistics vehicle sector is experiencing rapid growth, with major companies like SF Express and JD.com beginning large-scale applications, indicating a robust market potential [19][21] - The industry is projected to see a tenfold increase in the number of unmanned vehicles operated by companies like SF Express, reflecting a strong upward trend in demand [22] Chemical and Military Applications - The nitrocellulose industry is facing supply shortages due to safety incidents, with prices expected to rise, benefiting leading companies like Beihua Co., which holds over 30% of domestic production capacity [31][32] - The demand for special nitrocellulose in military applications is surging, particularly due to increased military spending in Europe amid ongoing conflicts, presenting investment opportunities in related sectors [32][33]

汽车和汽车零部件行业周报 20250608 乘用车需求向好 智驾下沉与高端跃迁共振 2025 年 06 月 08 日 ➢ 本周数据：2025 年 5 月第 5 周（5.26-6.1）乘用车销量 46.6 万辆，同比 +18.3%，环比+16.7%；新能源乘用车销量 24.7 万辆，同比+30.1%，环比 +11.6%；新能源渗透率 53.1%，环比-2.4pct。 ➢ 本周行情：汽车板块本周表现弱于市场。本周（6 月 3 日-6 月 6 日）A 股汽 车板块下跌 0.01%，在申万子行业中排名第 25 位，表现弱于沪深 300（0.96%）。 细分板块中，摩托车及其他、汽车服务、汽车零部件分别上涨 2.66%、0.92%、 0.48%，乘用车、商用载客车、商用载货车分别下跌 0.12%、2.67%、5.93%。 ➢ 本周观点：本月建议关注核心组合【吉利汽车、比亚迪、小鹏汽车、小米集 团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 智驾下沉与高端跃迁共振，看好智驾加速落地。2025 年 5 月 28 日小鹏 M03 加推 Max 版（含 502km/600km 续航）及 Plus 版，上市 1 小时 ...

Core Viewpoint - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming to enhance the efficiency and service level of public computing resources, promoting high-quality development in computing power through 16 key tasks across six areas [1][2]. Group 1: Key Tasks and Areas - The action plan outlines six main areas: strengthening the foundation of computing power interconnection, optimizing computing facilities interconnection, promoting resource sharing, innovating business interconnection, creating application scenarios, and ensuring network and data security [2]. - Specific tasks include tackling core technology challenges, establishing standards and norms, and developing interconnection rules [2]. Group 2: Application Scenarios - The plan promotes the application of computing power interconnection in enterprise-level scenarios such as artificial intelligence, scientific computing, intelligent manufacturing, remote medical care, and consumer-level scenarios like intelligent driving, cloud rendering, cloud computing, and cloud gaming [2]. - It encourages the integration of computing power interconnection with energy internet, industrial internet, and mobile internet for innovative applications [2]. Group 3: Implementation Support - To ensure the successful implementation of the action plan, the Ministry will enhance resource investment and create a supportive environment through policies, funding, talent, and resource allocation [2]. - The plan emphasizes the cultivation of enterprises and optimization of the industry ecosystem, supporting backbone computing power enterprises, high-tech companies, and specialized small and medium-sized enterprises [2].

Core Insights - The stock performance of major new energy vehicle manufacturers has shown significant divergence, with Li Auto being the only company to experience a decline in stock price year-to-date [1][2] Group 1: Stock Performance - Leap Motor leads the sector with a year-to-date stock increase of 68.36% [1] - Xpeng Motors follows closely with a cumulative stock rise of 64.97% [1] - Ideal Auto has seen a year-to-date stock increase of 23.05% [1] - Xiaomi Group's overall stock has risen by 53.91% due to its automotive business [1] - Seres has experienced a stock increase of 76.80% year-to-date and has initiated a secondary listing process [1] - NIO is the only company with a negative stock performance, showing a year-to-date decline of 16.74% [1] Group 2: Financial Performance - NIO reported a net profit loss of 6.891 billion yuan for Q1 of fiscal year 2025, with a year-on-year increase in losses of 31.06% [1] - NIO's liquidity ratio has decreased to 0.84, and its debt-to-asset ratio has reached 92.55% [1] - As of the end of Q1, NIO's cash and cash equivalents stood at 26 billion yuan, down from 41.9 billion yuan at the end of the previous year [1] Group 3: Market Trends - Analysts believe that the stock performance of new energy vehicle manufacturers is closely related to sales growth and technological advancements [2] - The upcoming launch of new vehicles by Xiaomi and Seres' IPO in Hong Kong are expected to create new market volatility in the sector [2]

汽车和汽车零部件行业周报 20250608 乘用车需求向好 智驾下沉与高端跃迁共振 2025 年 06 月 08 日 ➢ 本周数据：2025 年 5 月第 5 周（5.26-6.1）乘用车销量 46.6 万辆，同比 +18.3%，环比+16.7%；新能源乘用车销量 24.7 万辆，同比+30.1%，环比 +11.6%；新能源渗透率 53.1%，环比-2.4pct。 ➢ 本周行情：汽车板块本周表现弱于市场。本周（6 月 3 日-6 月 6 日）A 股汽 车板块下跌 0.01%，在申万子行业中排名第 25 位，表现弱于沪深 300（0.96%）。 细分板块中，摩托车及其他、汽车服务、汽车零部件分别上涨 2.66%、0.92%、 0.48%，乘用车、商用载客车、商用载货车分别下跌 0.12%、2.67%、5.93%。 ➢ 本周观点：本月建议关注核心组合【吉利汽车、比亚迪、小鹏汽车、小米集 团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 智驾下沉与高端跃迁共振，看好智驾加速落地。2025 年 5 月 28 日小鹏 M03 加推 Max 版（含 502km/600km 续航）及 Plus 版，上市 1 小时 ...

行 业 研 究 2025 年 06 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-06 2024-10 2025-02 汽车 沪深300 相关研究报告 《限定场景 L4 热潮起，自动驾驶逻辑 持续演绎—行业点评报告》-2025.5.29 《关注智驾商业落地及优质主机厂和 零部件公司 — 汽 车 行 业 周 报 》 -2025.5.25 《上海车展回顾——智能化普及，机 器人崛起—汽车行业周报》-2025.4.27 整车竞争加剧，智驾有望构筑差异化竞争力 ——行业周报 | 赵旭杨（分析师） | 徐剑峰（联系人） | 王镇涛（联系人） | | --- | --- | --- | | zhaoxuyang@kysec.cn | xujianfeng@kysec.cn | wangzhentao@kysec.cn | | 证书编号：S0790523090002 | 证书编号：S0790123070014 | 证书编号：S0790124070021 | 本周观点：关注智驾商业落地及优质主机厂和零部件公司 （1）车企开启新一轮价格调整 ...

Core Viewpoint - The newly drafted mandatory national standard for Automatic Emergency Braking (AEB) systems will replace the existing recommended standard, expanding its applicability to M1 (passenger cars, SUVs, MPVs) and N1 (light commercial vehicles) categories, benefiting companies with AEB development capabilities and safety technology experience [1][2]. Group 1: Industry Impact - The new standard addresses the issue of "pseudo AEB" in the industry, raising the bar for suppliers regarding technical development, product reliability, cost control, and mass production capabilities [2]. - Performance standards require AEB systems in passenger vehicles to prevent collisions with stationary vehicles at speeds up to 60 km/h and with crossing pedestrians at speeds up to 40 km/h [2]. - The standard introduces new recognition requirements for vulnerable road users, mandating AEB systems to identify and respond to pedestrians, bicycles, and two-wheeled vehicles within a speed range of 20-60 km/h [2]. Group 2: Technological Advancement - AEB is evolving from a standalone safety feature to a core component of the intelligent driving ecosystem, with companies like Huawei and XPeng integrating AEB with other driving assistance technologies [3]. - The implementation of the AEB standard is expected to create significant opportunities for core component suppliers, with the global AEB market projected to reach 3.3 trillion yuan by 2024 [3]. - The introduction of the AEB standard will accelerate the internationalization of automotive safety technology in China, shifting the industry focus from "passive safety" to "active safety" and transforming vehicles from mere transportation tools to intelligent terminals [3].