众泰汽车所属申万行业为：汽车-汽车零部件-汽车电子电气系统。所属概念板块包括：整车、低价、中 俄贸易概念、无人驾驶、百度概念等。 截至9月30日，众泰汽车股东户数12.12万，较上期减少30.19%；人均流通股41505股，较上期增加 43.24%。2025年1月-9月，众泰汽车实现营业收入4.19亿元，同比增长8.98%；归母净利润-2.23亿元，同 比增长33.13%。 分红方面，众泰汽车A股上市后累计派现8682.09万元。近三年，累计派现0.00元。 1月13日，众泰汽车盘中下跌2.25%，截至13:32，报3.47元/股，成交2.72亿元，换手率1.55%，总市值 174.98亿元。 资金流向方面，主力资金净流出5680.85万元，特大单买入1778.03万元，占比6.54%，卖出5520.21万 元，占比20.30%；大单买入6366.48万元，占比23.41%，卖出8305.16万元，占比30.54%。 众泰汽车今年以来股价跌1.70%，近5个交易日跌5.45%，近20日跌9.87%，近60日涨2.66%。 资料显示，众泰汽车股份有限公司位于浙江省金华市永康市经济开发区北湖路1号，成立日期199 ...

Core Viewpoint - The A-share market saw a significant rise in autonomous driving concept stocks, driven by a partnership between autonomous driving company Pony.ai and BAIC New Energy to expand cooperation in L4-level Robotaxi production and operation [1] Group 1: Stock Performance - Tianyin Electromechanical (300342) increased by 14.48%, with a total market value of 22.9 billion and a year-to-date increase of 62.96% [2] - Zhejiang Shibao (002703) rose by 9.98%, with a market capitalization of 23.7 billion and a year-to-date increase of 39.56% [2] - Meihu Co., Ltd. (603319) saw a rise of 9.71%, with a market value of 13 billion and a year-to-date increase of 4.40% [2] - Wanjitech (300552) increased by 8.42%, with a market capitalization of 8.781 billion and a year-to-date increase of 35.70% [2] - Asia-Pacific Shares (002284) rose by 7.28%, with a market value of 12.3 billion and a year-to-date increase of 11.59% [2] - Yanshan Technology (002195) increased by 7.02%, with a market capitalization of 69.1 billion and a year-to-date increase of 71.93% [2] - Hanxin Technology (920092) rose by 6.71%, with a market value of 3.179 billion and a year-to-date increase of 36.78% [2] - Saiwei Electronics (300456) increased by 6.08%, with a market capitalization of 43.4 billion and a year-to-date increase of 6.02% [2]

Group 1 - The core viewpoint of the news is the strong performance of autonomous driving concept stocks in the A-share market, driven by a partnership between Pony.ai and BAIC New Energy to expand cooperation in L4-level Robotaxi production and operation [1][2] Group 2 - Tianyin Electromechanical (300342) saw a rise of 14.48%, with a total market value of 22.9 billion and a year-to-date increase of 62.96% [2] - Zhejiang Shibao (002703) increased by 9.98%, with a market capitalization of 23.7 billion and a year-to-date rise of 39.56% [2] - Meihu Co., Ltd. (603319) rose by 9.71%, with a market value of 13 billion and a year-to-date increase of 4.40% [2] - Wanjitech (300552) experienced an 8.42% increase, with a market capitalization of 8.781 billion and a year-to-date rise of 35.70% [2] - Asia-Pacific Shares (002284) increased by 7.28%, with a market value of 12.3 billion and a year-to-date increase of 11.59% [2] - Yanshan Technology (002195) rose by 7.02%, with a market capitalization of 69.1 billion and a year-to-date increase of 71.93% [2] - Hanxin Technology (920092) increased by 6.71%, with a market value of 3.179 billion and a year-to-date rise of 36.78% [2] - Saiwei Electronics (300456) saw a 6.08% increase, with a market capitalization of 43.4 billion and a year-to-date rise of 6.02% [2]

Core Viewpoint - Boreton has successfully launched its new autonomous vehicles and technology solutions, rapidly gaining recognition from multiple mining clients and delivering over 100 autonomous mining trucks in a short period, which will accelerate the intelligentization of mining production [1][6]. Group 1: Autonomous Driving Strategy - Boreton believes that autonomous driving is not optional but a necessary direction for mining equipment after electrification, emphasizing that true industrial value is achieved only when overall operational efficiency meets or exceeds that of human labor [2][7]. - The company is advancing its autonomous driving strategy from the vehicle source, focusing on integrated hardware and software, independent research and development, and proactive design, embedding autonomous capabilities into the vehicle architecture [4][5]. Group 2: Core Technology Development - Since 2018, Boreton has been investing in autonomous driving technology research and pilot projects, establishing a self-developed technology system around key areas such as drive-by-wire chassis, environmental perception, vehicle control, and mine scheduling [5][6]. - The company has developed a perception and decision-making solution centered on dual-vision and end-to-end autonomous driving technology, enabling precise distance measurement and scene modeling under various lighting and terrain conditions [5][6]. Group 3: Business Model Innovation - Boreton's breakthroughs extend beyond technology to a deep understanding of mining operational logic, focusing on overall efficiency and long-term economic viability as prerequisites for the implementation of autonomous driving [7]. - The company has adopted a service-oriented model for autonomous driving, integrating it into daily mining operations, allowing clients to benefit from cost reductions and safety improvements without bearing the risks of technology selection and system depreciation [7][8]. Group 4: Future Outlook - As autonomous mining trucks enter regular operation in various mining sites, Boreton's practical, stable, and replicable intelligent mining solutions are becoming increasingly valuable, with expectations for expanding application scenarios and value in response to rising demands for safety, efficiency, and low-carbon production [8].

Core Viewpoint - Tongli Co., Ltd. aims to not only sell equipment but also to promote high-end intelligent equipment from China to the world, simplifying global mining operations [5] Group 1: Market Position and Product Development - Tongli Co., Ltd. has maintained a domestic market share of approximately 40% in the non-road wide-body dump truck sector since it developed China's first model in 2004, establishing itself as an industry leader [5] - The company has significantly increased the production ratio of new energy products in recent years, with new energy vehicles surpassing fuel vehicles in market penetration [6] - The company has a comprehensive technology route in the new energy sector, offering a full range of products from 30 tons to 180 tons, including pure electric, hybrid, hydrogen fuel, and methanol-powered vehicles [6] Group 2: Financial Performance - Tongli Co., Ltd.'s revenue grew from 5.202 billion yuan in 2022 to 6.145 billion yuan in 2024, while net profit increased from 466 million yuan to 793 million yuan during the same period [7] - In the first three quarters of 2025, the company achieved a revenue of 4.796 billion yuan and a net profit of 535 million yuan, continuing its positive growth trend [7] Group 3: Customization and Service - The company emphasizes a high-value pricing strategy, focusing on product quality and after-sales service to maintain competitiveness [8] - Tongli Co., Ltd. offers deep customization of products based on extensive mining operation data, providing optimized transportation solutions tailored to various geological conditions [8][9] - The company ensures high customer loyalty through "zero-distance" service, with technical personnel stationed at mining sites to provide support and guarantee a vehicle uptime of no less than 80% [9] Group 4: International Expansion - The overseas market is identified as a key growth area, with plans to invest more resources in developing international sales and service systems [10] - The company has already expanded its products to several countries, including Pakistan, Indonesia, and Russia, and plans to gradually promote new energy and autonomous vehicles in international markets [10] - Tongli Co., Ltd. is accelerating its layout in three major business areas: new energy vehicles, autonomous vehicles, and international markets, to provide new momentum for its development [10]

（文章来源：证券日报） 证券日报网讯 1月12日，科翔股份在互动平台回答投资者提问时表示，公司800G光模块PCB产品、毫米 波雷达PCB产品均已实现小批量交付，且公司的PCB产品可以应用到无人驾驶领域。 ...

Group 1: Autonomous Driving and Real Estate Development - The autonomous driving platform "萝卜快跑" has received the first full autonomous driving test permit in Dubai, laying the groundwork for its planned commercial operation in Q1 2026 with a fleet expansion to over 1,000 vehicles [1] - BNW Developments has entered a strategic construction partnership with China Railway Fourth Group, with a project scale of approximately 1 billion dirhams, aimed at enhancing project execution efficiency and quality [1] Group 2: Industrial and Logistics Development - Hong Kong-based KGI Capital and GFH Partners have established a joint venture focused on industrial and logistics project development in the UAE, benefiting from the Dubai Industrial Strategy 2030 and favorable tax and foreign investment policies [2] - The joint venture marks KGI Capital's first entry into the UAE logistics sector, with a global logistics asset management scale exceeding 3.4 billion USD by Q3 2025 [2] Group 3: Business Environment and Economic Growth - The UAE is expected to add approximately 250,000 new businesses by 2025, increasing the total number of active businesses to 1.4 million, with a 63% growth in small enterprises over the past five years [2] - The revised Commercial Companies Law is anticipated to enhance financing and expansion flexibility, with a projected 10% to 15% increase in business registrations and licenses in the first year of implementation [3] Group 4: Aviation and Tourism Sector - The UAE aviation sector continues to solidify its role as a strategic pillar of the national economy, contributing approximately 18% to GDP, with major airports receiving around 108.59 million passengers in the first three quarters of 2025 [3] - The introduction of a national unified drone digital platform and the approval of Abu Dhabi's first hybrid vertical airport are part of the efforts to advance the Air Taxi project [3] Group 5: Digital Transformation in Real Estate - Digital real estate platforms are significantly transforming the operational model of the UAE real estate market, enhancing market transparency and decision-making efficiency while reducing reliance on traditional intermediaries [4]

1月12日，中国通号盘中上涨2.16%，截至14:28，报5.68元/股，成交2.11亿元，换手率0.43%，总市值 601.50亿元。 资金流向方面，主力资金净流出120.56万元，大单买入5264.96万元，占比24.98%，卖出5385.52万元， 占比25.56%。 中国通号所属申万行业为：机械设备-轨交设备Ⅱ-轨交设备Ⅲ。所属概念板块包括：中字头、轨道交 通、无人驾驶、高铁、H股等。 截至9月30日，中国通号股东户数6.46万，较上期减少0.68%；人均流通股133927股，较上期增加 0.71%。2025年1月-9月，中国通号实现营业收入217.48亿元，同比增长4.48%；归母净利润22.84亿元， 同比减少3.16%。 分红方面，中国通号A股上市后累计派现114.37亿元。近三年，累计派现54.01亿元。 机构持仓方面，截止2025年9月30日，中国通号十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.00亿股，相比上期减少870.29万股。易方达上证科创板50ETF（588080）位居第四大流 通股东，持股9338.79万股，相比上期减少1366.72万股。华夏上证科创板50 ...

多伦科技今年以来股价涨18.72%，近5个交易日涨11.89%，近20日涨19.46%，近60日涨32.56%。 机构持仓方面，截止2025年9月30日，多伦科技十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股336.30万股，相比上期减少8.75万股。 资料显示，多伦科技股份有限公司位于江苏省南京市江宁区天印大道1555号，成立日期1995年12月25 日，上市日期2016年5月3日，公司主营业务涉及车管业务、交通业务、驾培业务和车检业务。主营业务 收入构成为：智慧车管36.63%，智慧车检30.64%，智慧驾培13.80%，智慧交通9.17%，充电桩及储能 5.31%，配件销售及其他3.77%，其他0.69%。 责任编辑：小浪快报 1月12日，多伦科技盘中上涨2.50%，截至14:08，报11.48元/股，成交4.27亿元，换手率5.37%，总市值 81.04亿元。 分红方面，多伦科技A股上市后累计派现3.30亿元。近三年，累计派现7873.70万元。 资金流向方面，主力资金净流出998.79万元，特大单买入604.60万元，占比1.42%，卖出1835.08万元， 占比4.30%；大单买入 ...

转债量价齐升，估值压力再起 可转债市场周观察 研究结论 固定收益 | 动态跟踪 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 报告发布日期 2026 年 01 月 12 日 ⚫ 上周转债市场在正股带动下同样放量上行，尽管转债估值已然偏高，但高价高估转 债依然强势，百元溢价率突破前期 30%-34%的震荡区间，或将缓慢回调。在性价比 转债稀缺的环境下，增量资金只能流向存续期确定性强的转债。 ⚫ 从当前绝对价格和估值水平看，转债未来上行空间有限，但增量需求预计还能为转 债提供一定支撑，在个券估值已经全面高估的情况下，我们建议关注次新券及放弃 赎回的转债，交易性机会大于趋势性机会。 ⚫ 上周沪指实现 16 连阳并站上 4100 点，在外资流入、国内中长期资金加大权益资产 配置占比的情况下，成交额突破三万亿，商业航天、ai 算力、应用、小金属等板块 继续强势。前期市场猜测的回踩没有出现，元旦后市场延续强势向上突破，观察 A 股历史上几次成交突破三万亿的情况，天量并不意味着见顶，但追高题材或应谨 慎。我们认为市场上行不会一蹴 ...