极飞科技股份有限公司创立于2007年，是一家全球领先的智慧农业科技公司，推动了无人机在农业场景 的应用落地，是国内低空经济领域商业化落地较早的企业之一。该企业分销网络遍布全球五大洲，产品 与解决方案目前应用于全球70个国家和地区，覆盖了全球主要的农业国家。代表团一行对该企业的产品 印象深刻，与企业负责人互动交流热烈，纷纷表示愿推动本国企业与极飞科技合作，助力本国农业发 展。 在南沙区，代表团先后参观了南沙规划展览馆、雨洪无人公交车站及南沙四期全自动化码头，深入了解 南沙区的战略定位、区位优势、发展规划、营商环境、科技发展等，纷纷为雨洪无人公交车站及南沙四 期全自动化码头创造的多项"全球之最"点赞，希望重点推进本国企业与南沙在产业对接、港口物流上的 合作。 （文章来源：广州日报） 广州日报讯 （全媒体记者张姝泓通讯员穗外事）东盟目前是中国最大的贸易伙伴，2024年和2025年 是"中国—东盟人文交流年"。为进一步推进东盟国家与粤港澳大湾区的交流合作，5月20日至21日，外 交部驻香港公署、广州市人民政府外事办公室共同组织东盟国家驻港领团和商会代表来穗参访。来自新 加坡、缅甸、马来西亚、泰国、老挝、越南、柬埔寨、 ...

证 券 研 究 报 告 行业周报 电动车产销两旺，聚焦核心β 新能源汽车行业周报 投资评级： （ ） 报告日期： 推荐 维持 2025年05月18日 ◼ 分析师：黎江涛 ◼ SAC编号：S1050521120002 投 资 要 点 继续看好板块机会。根据中汽协数据，2025年4月新能源汽车产销分别完成125.1万辆和122.6万辆，同比分别增长43.8%和 44.2%。2025年1-4月，新能源汽车产销分别完成442.9万辆和430万辆，同比分别增长48.3%和46.2%，表现强劲。供给端， 电池及主机厂新品不断推出，需求端反馈积极，政策也不断发力。价格层面，产业链历经价格大幅下行，资本开支不断收缩， 供需格局不断优化，行业协会、产业链公司均在积极优化产能与供给，力争价格保障企业盈利。整体而言，产业链价格处于底 部，价格易涨难跌，需求端韧性强劲，调整带来布局良机，产业链核心公司估值处于历史低水平，看好产业链优质公司。 行业评级及投资策略： 政策持续呵护，供给端部分企业开始收缩资本开支，供需结构在边际优化，2025年产业链价格触底修复。继续优选有望贡献 超额收益方向，看好机器人、固态电池、电池材料α品种、液冷等 ...

Core Insights - The report maintains a positive outlook on the electric vehicle (EV) sector, highlighting strong production and sales growth in April 2025, with year-on-year increases of 43.8% and 44.2% respectively for EVs [3][47] - The supply chain is experiencing a recovery in pricing, with a focus on optimizing capacity and supply to ensure profitability for companies within the industry [3][72] - The report emphasizes the importance of strategic investments in high-potential areas such as robotics, solid-state batteries, and battery materials, while maintaining a "recommended" rating for the EV sector [4][73] Market Tracking - The report notes that the new energy vehicle index and lithium battery index have shown positive performance, with weekly increases of 1.59% and 0.66% respectively [5][22] - Key companies such as Xingyun Co., BYD, and Zhonghua International have shown significant stock price increases, with gains of 22.1%, 7.1%, and 11.7% respectively [5][23] Price Tracking in Lithium Battery Supply Chain - The report provides a detailed overview of lithium prices, noting that lithium carbonate is priced at 64,500 CNY/ton, down 1.1% from the previous week, while cobalt prices have increased by 0.4% to 244,000 CNY/ton [31][29] - The report indicates that the overall price structure in the supply chain is at a low point, suggesting potential for price recovery [3][72] Production and Sales Data - In April 2025, the total production and sales of new energy vehicles reached 1.251 million and 1.226 million units respectively, with a significant market penetration of 47.3% for new energy vehicles [47][48] - Cumulative production and sales from January to April 2025 reached 4.429 million and 4.3 million units, reflecting a robust growth trend [47] Industry Dynamics - The report highlights advancements in solid-state battery technology, with Guoxuan High-Tech announcing the commencement of pilot production lines for solid-state batteries [63] - The report also notes the increasing global presence of Chinese automotive brands, exemplified by Changan Automobile's new production facility in Thailand [64] Key Company Announcements - The report mentions significant corporate developments, including Xin Hongye's successful bid for a nuclear power project worth approximately 101.88 million CNY [68] - Notable stock option plans and share buybacks from various companies are also highlighted, indicating active corporate governance and shareholder engagement [70]

Core Viewpoint - The company reported a significant increase in revenue but faced a net loss due to rising costs and business adjustments, particularly in the international shipping sector [2][6]. Financial Performance - The company achieved an operating revenue of 6.616 billion, a year-on-year increase of 31.69% [2]. - The net profit attributable to shareholders was a loss of 11.7412 million, a year-on-year decline of 153.85% [2]. - The international freight forwarding business generated revenue of 4.123 billion, up 50.06%, while the gross margin decreased by 1.2 percentage points to 5.53% [6]. - The comprehensive logistics service revenue was 2.494 billion, a 9.52% increase, with a gross margin decline of 2.12 percentage points to 7.65% [6]. Business Impact and Strategy - Recent changes in tariff policies have had a limited impact on the company due to its diversified business model [3]. - The company is focusing on opportunities in Southeast Asia, where it expects increased demand for products [3][8]. - The company has been restructuring its operations, closing unprofitable projects, which is expected to benefit long-term sustainability [8]. Market Opportunities - The rise of the electric vehicle market is reshaping the industry supply chain, providing new opportunities for the company [8]. - The company is actively integrating its operations in key Southeast Asian countries to enhance efficiency and service delivery [8].

偿债能力：龙头降杠杆，其余加杠杆 据同花顺数据，龙头企业24年、25Q1资产负债率同比下滑，24年：宁德时代(YOY-4.10pct);25Q1：宁德 时代(YOY-3.74pct)，其他公司加杠杆以缓解资金压力。新能源汽车产业链经营性现金持续流向电池龙 头，2024/2025Q1全产业链合计2874/420亿元，动力电池龙头宁德时代、比亚迪合计2304/414亿元，分 别占比80%/99%。 经营效率：全产业链承压 据同花顺数据，延续23年产业链趋势特征，24年全产业链96%企业固定资产周转率均下降，25Q1行业 资产周转率降速明显减弱，但仍有57%企业固定资产周转率同比下降。24年、25Q1全产业链存货周转 率整体平稳。24年产业链中约79%企业应收账款周转率下降，延续23年产业链整体账期拉长的趋势， 25Q1行业整体仍处于出清阶段，没有明显变化。 智通财经APP获悉，广发证券发布研报称，24年锂电产业链样本70%企业ROE同比下降，行业仍在出清 阶段;锂电产业链整体ROE有所修复，其中铜箔环节ROE改善明显。新能源汽车产业链利润结构持续分 化，电池环节仍为主导，龙头企业凭借稳定盈利能力在下行周期中占据优 ...

Core Viewpoint - Suoao Sensor (300507.SZ) has resumed trading after nearly half a month of suspension, following the announcement of a share transfer agreement with Zhongchuang Innovation航 (03931.HK), which will result in Zhongchuang becoming the controlling shareholder of Suoao Sensor [1][4] Group 1: Share Transfer Details - The controlling shareholder Li Hongqing will transfer 87.62 million shares (11% of total shares) to Zhongchuang Innovation and will relinquish voting rights for 156 million shares (19.55% of total shares) [1] - The share transfer price is set at 5.83 yuan per share, totaling 511 million yuan, which represents a discount of approximately 20% compared to the pre-suspension price of 7.28 yuan per share [2] Group 2: Future Plans and Strategic Intent - Zhongchuang Innovation aims to gain control of Suoao Sensor to enhance its development strategy and leverage its resources in the new energy and automotive supply chain to boost the value of both companies [4] - Suoao Sensor reported a significant performance in its new energy sector, achieving a revenue of 1.67 billion yuan in 2024, a year-on-year increase of 48.87%, with new energy component revenue growing by 102.84% [4][5] Group 3: Market Position and Product Development - Suoao Sensor's new energy products have seen substantial growth, with sales to major new energy manufacturers and tier-one suppliers, achieving market share with innovative products like Busbar copper busbars and high/low voltage filter components [5]

过去，丰田汽车在电动化方面的发展出现了一些问题，但其利用高端品牌雷克萨斯，结合中国在新能源 汽车产业链上的优势，切入中国新能源汽车市场是一个不错的选择。王青认为，当前，中国高端新能源 汽车市场处于重构的过程，雷克萨斯在高端市场的品牌优势，再加上中国本土化生产，其在中国高端新 能源汽车市场仍有一定竞争力。 在中国汽车工程学会名誉理事长、华汽汽车文化基金会理事长付于武看来，中国是全球最大的单一汽车 市场，3000万辆的容量，没有哪一个国家可以比拟。丰田汽车在中国深耕多年，建立了一定的消费基础 和品牌影响力，切换到智能电动汽车领域，雷克萨斯的国产化值得期待。 4月22日，上海市政府与丰田汽车公司正式签订战略合作协议，金山区政府与丰田中国签署合作备 忘录，金山区新金山发展公司与雷克萨斯（上海）新能源有限公司签署投资服务协议，丰田汽车独资设 立的雷克萨斯纯电动汽车及电池的研发生产公司在上海市金山区正式落地。随着雷克萨斯电动化工厂项 目的落地，丰田汽车在华电动化也将开启全新征程。 抓住中国市场才能站稳全球市场 "雷克萨斯当下还是留有一定品牌红利的。中国作为全球最大的新能源汽车市场，抓不住中国市场，更 谈不上全球新能源汽车 ...

Group 1 - Zhongxin Innovation plans to acquire a controlling stake in Suao Sensor by purchasing 87.62 million shares, representing 11% of the total shares, at a price of 5.83 CNY per share, totaling 511 million CNY, which is approximately a 20% discount from the last trading price of 7.28 CNY per share [1] - Following the share transfer, the actual controller of Suao Sensor, Li Hongqing, will relinquish voting rights for 156 million shares, accounting for 19.55% of the total shares, for a period of 60 months [1] - After the share transfer and voting rights relinquishment, Zhongxin Innovation will become the controlling shareholder and actual controller of Suao Sensor, with voting rights held by Li Hongqing and Zhongxin Innovation at 6% and 11% respectively [1] Group 2 - Zhongxin Innovation and Suao Sensor have signed a conditional share subscription agreement, where Suao Sensor will issue up to 119 million shares to Zhongxin Innovation, raising 673 million CNY for the AMB copper-clad laminate construction project, which will increase Zhongxin Innovation's stake to 22.61% [2] - Zhongxin Innovation is primarily focused on the power battery sector and has become one of the leading companies in the industry, with a projected 16.6% year-on-year growth in power battery installation volume for 2024, ranking fourth globally and third domestically [2] - Suao Sensor specializes in automotive components, including sensors and accessories, and is recognized as one of the largest manufacturers of automotive fuel level sensors in China, leveraging over 30 years of industry experience [2] Group 3 - Suao Sensor's newly acquired subsidiary, Bonair, produces automotive thermal management system components, which are essential for managing the temperature of electric motors, batteries, and electronic control systems, thereby enhancing system efficiency and lifespan [3] - Zhongxin Innovation expresses confidence in the intrinsic value and future development prospects of Suao Sensor's main business, aiming to leverage its resources and advantages in the new energy and automotive industry chain to empower Suao Sensor's business development [3]

Group 1 - The company, Zhongchuang Xinhang, has entered into a share transfer and voting rights waiver agreement with Mr. Li Hongqing to acquire 87,620,380 A-shares of Suao Sensor, representing 11.00% of the total issued share capital as of the announcement date, at a price of RMB 5.83 per share, totaling approximately RMB 5.11 billion [1] - The seller has agreed to waive voting rights for 155,725,311 A-shares, which corresponds to 19.55% of the total issued share capital as of the announcement date, during the waiver period [1] - The company plans to subscribe for up to 119,482,337 A-shares of Suao Sensor at a price of RMB 5.63 per share, with a total subscription amount not exceeding RMB 6.73 billion, contingent upon the completion of the acquisition and voting rights waiver [1] Group 2 - Mr. Li Hongqing is the actual controller of Suao Sensor, holding approximately 36.55% of the issued shares as of the announcement date [2] - Suao Sensor operates in the automotive parts and accessories manufacturing industry, specifically in the core automotive electronics sector, focusing on high-quality components and services for automotive manufacturers [2] - The acquisition aims to secure control over Suao Sensor, enhancing the company's strategic development in the new energy and automotive supply chain, thereby increasing the value of both the company and Suao Sensor [2]

长安基金旗下的长安裕盛A自2017年成立以来，持续跑输业绩基准的表现引发市场关注。 截至2025年一季度末，该基金净值累计下跌47.65%，跑输业绩比较基准50.58个百分点。2017年成立以来，该基金累计亏损超3亿元，但基金管理人却旱涝保 收收取超过1900万元的管理费。 根据不完全统计，截至4月29日，长安基金旗下还有多只产品成立以来净值下跌幅度较大，亏损超30%，包括长安成长优选A、长安鑫禧A等。 一季度跑输业绩基准6.46个百分点 长安裕盛A成立于2017年11月。基金的业绩比较基准为：沪深300指数收益率*50%+中债综合全价指数收益率*30%+恒生综合指数收益率*20%。 最新披露的2025年一季报显示，长安裕盛A一季度净值下跌4.54%，跑输业绩比较基准6.46个百分点。 截至一季度末，该基金过去六个月、过去一年、过去三年、过去五年、成立以来的回报均明显跑输业绩基准。 基金经理在一季报中表示："锂矿供给端将在本轮期货和现货价格低位震荡的过程中进一步倒逼产能去化，原有部分高成本旧产能和在扩在建新产能都可能 在压力下面临重新再考量的境地。低价倒逼供给去产能或已进入尾声阶段，新一轮的供需变化周期或已不 ...