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].

Core Viewpoint - Minth Group is a leading global supplier of automotive exterior and structural components, focusing on electric vehicle battery boxes and expanding into humanoid robots and AI liquid cooling technologies to drive growth [2][3][4]. Group 1: Company Overview - Minth Group has established a comprehensive product system for automotive exterior and structural components, integrating four major product lines: metal trims, plastic parts, aluminum parts, and battery boxes [2][13]. - The company has a global workforce of 22,331 employees, with operations in 14 countries across three continents, and has built strong partnerships with numerous well-known automotive brands [13][21]. Group 2: Battery Box Business Development - The battery box is a critical component for electric vehicles, with the market size expected to grow significantly, reaching 31.8 billion yuan in 2024 and 78.2 billion yuan by 2030 in China [3][42]. - Minth's battery box revenue has surged from 0.96 billion yuan in 2020 to 5.34 billion yuan in 2024, with a corresponding revenue share increase from 0.77% to 23.06% [28][49]. - The company has established over 100 battery box projects with major global automakers, including partnerships with leading European brands [50]. Group 3: New Growth Areas - Minth is leveraging its automotive manufacturing expertise to enter the humanoid robot sector, focusing on integrated joint modules and smart components, and has formed strategic partnerships with key players in the field [4][63]. - The AI liquid cooling market is also being targeted, with Minth's existing technology and global production capacity positioning it well to meet the growing demand from AI server manufacturers [4][65]. Group 4: Financial Performance and Forecast - The company's net profit is projected to grow from 2.75 billion yuan in 2025 to 3.88 billion yuan in 2027, with earnings per share (EPS) expected to rise from 2.34 yuan to 3.29 yuan during the same period [5]. - Minth's profitability has improved, with battery box gross profit rising from 0.06 billion yuan in 2020 to 1.14 billion yuan in 2024, reflecting a gross margin increase from 4.29% to 21.43% [52].

继峰股份(603997)12月19日公告，公司的控股子公司Grammer Jifeng Automotive Seating GmbH（简称"格 拉默继峰（德国）"）于近期收到了客户的《定点信》，格拉默继峰（德国）获得了某欧洲豪华品牌主 机厂的乘用车座椅总成项目定点，将为客户开发、生产前中后三排座椅总成产品。 据了解，继峰股份是一家专业从事汽车内饰件及其系统，乘用车座椅以及道路车辆、非道路车辆悬挂驾 驶座椅和乘客座椅的开发、生产和销售的全球性汽车零部件供应商。公司建立了覆盖全球的生产和营销 网络，在全球20个国家拥有超过80家控股子公司。公司持续在座舱内饰件领域做深做强，不断加强自身 的专业能力，构建有竞争力的技术储备和国际运营能力，并结合汽车行业电动化、智能化的快速发展及 驾驶者和乘客对于座舱舒适度需求的提升，积极升级和扩展车内功能，拓展业务中远期发展空间，为提 升座舱内部的舒适性体验提供核心价值。 根据客户规划，该项目为全球销售车型，预计从2028年9月开始，项目生命周期8.5年，生命周期总金额 预计为98亿元。 继峰股份表示，获取 BMW AG（简称"德国宝马"）乘用车座椅总成项目定点的基础上， 公司在 ...

Investment Rating - The report gives a "Buy" rating for the company, Minth Group [1]. Core Views - The company is positioned as a global leader in automotive exterior and structural components, focusing on electric vehicle (EV) battery boxes and expanding into humanoid robotics and liquid cooling technologies, which are expected to drive future growth [8][13]. Summary by Sections Company Overview - Minth Group is a globally recognized supplier of automotive exterior and structural components, with a product system based on various new materials and surface treatment technologies. The company has established four major product lines and is heavily investing in the electric vehicle sector, becoming the largest supplier of battery boxes and structural components [8][13]. Battery Box Business Development - The battery box is a critical component for electric vehicle battery modules, and its market is expected to grow significantly as EV penetration increases. The report estimates that the Chinese battery box market will reach 31.8 billion yuan in 2024 and 78.2 billion yuan by 2030, while the European market is projected to grow from 9.4 billion yuan in 2024 to 29.9 billion yuan by 2030 [8][45][47]. Robotics and Liquid Cooling - Minth is leveraging its automotive manufacturing expertise to enter the humanoid robotics sector, focusing on integrated joint modules and other robotic components. Additionally, the company is making strides in the AI liquid cooling market, driven by increasing energy efficiency requirements and partnerships with leading server manufacturers [8][18]. Financial Forecast and Valuation - The company is projected to achieve net profits of 2.75 billion yuan, 3.26 billion yuan, and 3.88 billion yuan for the years 2025 to 2027, respectively. The earnings per share (EPS) are expected to be 2.34 yuan, 2.76 yuan, and 3.29 yuan for the same period, with corresponding price-to-earnings (P/E) ratios of 11.91, 10.07, and 8.46 [1][8].

知名车企玛莎拉蒂销量低迷之下再受挫，其APP遭下架。 12月17日，上海市通信管理局发布通报，宣布对玛莎拉蒂互联等38款存在侵害用户权益行为的APP(SDK)作下架处理。 此前，11月，上海市通信管理局向社会公示了一批存在侵害用户权益行为的APP(SDK)。在规定的整改期限内，经核查复检，尚有38款APP(SDK)未按照要 求落实整改，现对上述APP(SDK)采取下架处理。 上海市通信管理局表示，将对上述APP(SDK)持续跟踪，视情况进一步采取停止接入、行政处罚、纳入电信业务经营不良名单等处理措施。 据玛莎拉蒂网站，该互联应用程序融合驾驶数据、车辆警报和远程控制功能，可充分保障车辆和人员安全。用户在道路上遇到紧急情况或事故时，可通过 该系统获取所需支持。对于中国市场用户而言，APP下架可能导致车辆远程管理、紧急救援等核心功能无法正常使用，对用车体验产生直接影响。 | 吊 5 | 应用名称 | ICP备案主体 | ICb贵茎号 | | --- | --- | --- | --- | | 1 | 观察者网 | 上海观察者信息技术有限公司 | 沪ICP备10213822号-4A | | 2 | kds竞带山 | ...

2025年12月10日，公司在上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露了《继峰股 份关于召开2025年第三年度业绩说明会的公告》(公告编号：2025-086)。 2025年12月17日，公司董事长王义平先生，董事、董事会秘书、副总经理刘杰先生，董事、财务总监张 思俊先生，独立董事谢华君女士、王民权先生、赵香球女士出席了2025年第三季度业绩说明会并与投资 者进行互动交流和沟通，在信息披露允许的范围内就投资者关注的问题进行了回复。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603997 证券简称：继峰股份 公告编号：2025-088 宁波继峰汽车零部件股份有限公司关于2025年第三季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 宁波继峰汽车零部件股份有限公司（以下简称"公司"）于2025年12月17日（星期三）下午15:00-16:00在 上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/）以网络互动的形式召 ...

【文/观察者网 潘昱辰 编辑/高莘】汽车工业的发源地——欧洲，正处在前所未有的十字路口。 据西班牙《理性报》报道，就在不久前的12月11日，西班牙首相桑切斯致信欧盟委员会主席冯德莱恩，要求维持欧盟自2035年起禁止销售燃油车的规定，这 几乎与大部分欧盟汽车生产国国家和所有欧洲汽车制造商的意见相悖。 《理性报》报道称，桑切斯此举正值欧盟行政机构计划于16日提交放宽先前碳排放政策的提案前夕；与提案主张相反的是，此举有利于中国汽车在欧洲市场 的销售，因为中国在汽车电动化进程上已领先于欧洲产业。 有业内人士认为，作为欧洲新兴的工业国家，西班牙通过与行业领先者展开更长期的产业合作，甚至谋求挑战德国、法国等欧洲传统工业强国的优势地位， 实现"弯道超车"。在此背景下，过去数十年间欧洲车企彼此间保持的"友谊赛"默契或将逐渐瓦解：进入2026年后，属于欧洲汽车行业的"淘汰赛"或将加速到 来。 弯道超车：新玩家的机遇？ 就在桑切斯致信欧盟前不久，西班牙政府发布了《西班牙汽车2030计划》，计划在2026年投资4亿欧元（约合人民币33亿元）提供电动汽车购买直接补贴， 并投资3亿欧元（约合人民币25亿元）建设更多充电站。 此外，西班 ...

近日，麦格纳、舍弗勒、佛瑞亚、法雷奥等多家跨国汽车零部件厂商公布了今年三季度财报。由于 欧洲传统车企需求下降，不少零部件供应商的传统业务出现萎缩，凸显从传统业务向汽车电动化、智能 化转型的紧迫性。与此同时，地缘政治与贸易政策扰动汽车供应链，风险应对成为供应商一段时间以来 的重中之重。业绩承压下，降本增效是主旋律，战略收购与业务优化并行。此外，中国市场成为多家汽 车零部件巨头的调整重点，通过加码中国市场，不少企业获得了丰厚回报。 多家巨头企业出现亏损 采埃孚尚未发布今年三季度具体财报，但公布了前三个季度简报。数据显示，采埃孚今年前三个季度营 收达289亿欧元，同比下滑8.1％；调整后息税前利润率为3.7％，高于去年同期的2.8％。另外，截至 2025年9月底，采埃孚净负债进一步攀升至106.19亿欧元的高位，这与行业其他零部件巨头纷纷降负 债、去杠杆的大趋势截然相反。 在整体业绩分化的行业格局下，多家跨国零部件巨头面临显著的盈利压力，部分企业陷入亏损泥潭，另 有企业虽保持营收增长但利润承压，转型阵痛与市场波动的双重影响正在集中显现。 作为德国著名的内燃机及电驱动、轴承制造商，由于汽车电动化业务亏损严重、高昂的裁 ...

Core Viewpoint - Fuyao Glass is a leading global automotive glass solution provider with a market share of over 34% as of the end of 2022, benefiting from both domestic and international market expansion and a robust global production capacity [1] Group 1: Market Position and Growth - Fuyao Glass has a global market share of approximately 34% and a market share of about 68% in China, making it the largest automotive glass supplier worldwide [1] - The company is deeply integrated with new energy vehicle manufacturers, capitalizing on the growth in domestic new energy vehicle production and sales, which supports its leading position in the domestic automotive glass market [1] - Fuyao is accelerating its global production capacity layout, employing a dual-track supply model in the U.S. market and a dual-end linkage model in Europe to enhance its market presence [1] Group 2: Product Value Enhancement - The development of electric and intelligent vehicles facilitates the integration of more technologies into automotive glass, leading to an increase in high-value-added products [2] - The proportion of high-value-added products increased by 4.92 percentage points year-on-year in the first nine months of 2025, with the square meter price rising by 6.90% compared to the same period last year [2] Group 3: Business Synergy - Since the establishment of Fujian Fuyao Automotive Trim Co., Ltd. in 2015, the company has been extending its industrial chain by developing exterior trim products, which not only meet the needs for integrated automotive glass but also enhance collaboration with automotive manufacturers [3] Group 4: Financial Forecast - Revenue is expected to reach 47 billion, 55 billion, and 62.8 billion yuan from 2025 to 2027, with corresponding net profits projected at 9.6 billion, 10.9 billion, and 12.4 billion yuan [4] - Fuyao Glass is anticipated to benefit from the simultaneous increase in volume and price driven by intelligent upgrades and global expansion, leading to a "buy" rating [4]