Core Insights - The global automotive display panel shipment is projected to reach approximately 120 million units in the first half of 2025, reflecting a year-on-year growth of 5.6%, with the front-mounted market contributing significantly at 88.5% [1] - The automotive industry is experiencing a slowdown in overall sales growth, which is limiting the substantial increase in demand for automotive display panels, yet the demand for diversified and high-end displays in smart cockpits continues to drive market stability [1][6] - The competitive landscape in the automotive display panel market remains intense, characterized by a concentration of leading players and clear tier distinctions, with BOE and Tianma leading the first tier [1][2] Company Summaries - **BOE**: As a leading player in the display industry, BOE's shipments reached approximately 21.6 million units in the first half of 2025, marking an 8.2% increase year-on-year, capturing 18.1% of the global market share. The company is actively expanding its product matrix across various display technologies [1][4] - **Tianma**: With a focus on automotive display business, Tianma's shipments totaled around 21 million units, reflecting a significant year-on-year growth of 24.7%. The company has established a strong foothold in the mid-sized display market and is expanding into new applications [2][4] - **AUO**: After acquiring BHTC, AUO is transitioning from a single panel supplier to a comprehensive cockpit display solution provider. In the first half of 2025, AUO's shipments reached 12.4 million units, with a year-on-year growth of 6.5% [3][4] - **LG Display**: LG Display shipped approximately 9.7 million units in the first half of 2025, leveraging its expertise in LTPS LCD and OLED technologies to maintain a presence in the high-end automotive display market [3][4] - **Japan Display (JDI)**: JDI faced significant challenges, with shipments declining to 8.9 million units in the first half of 2025, impacted by financial difficulties and intense market competition [3][4] Market Outlook - The automotive display panel market is expected to experience a "short-term demand pulse growth" alongside "long-term development uncertainties." The overall shipment for 2025 is projected to grow by 4.0%, reaching 240 million units [6] - In 2026, the automotive market is likely to face constraints from policies, consumer behavior, and supply chain issues, leading to a slowdown in growth and structural optimization [6] - Manufacturers are advised to be cautious of "passive capacity expansion" risks, as blind expansion to meet short-term demands could lead to inventory buildup and price wars [6]

通信终端及配件 广和通（300638.SZ） 买入-B(维持) 2025 年 9 月 23 日 公司研究/公司快报 公司近一年市场表现 | 市场数据：2025 年 | 9 月 | 22 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 31.91 | | 总股本（亿股）： | | | 7.65 | | 流通股本（亿股）： | | | 5.33 | | 流通市值（亿元）： | | | 170.06 | | 基础数据：2025 6 | 年 | 月 | 日 30 | | | --- | --- | --- | --- | --- | | 每股净资产（元）： | | | | 4.68 | | 每股资本公积（元）： | | | | 0.92 | | 每股未分配利润（元）： | | | | 2.36 | 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com AI stack 深化布局，具身智能和智能座舱是增长主力 事件描述： 公司发布 20 ...

近期，蔚来全新ES8正式上市。这款全场景科技旗舰SUV不仅在动力系统和座舱配置上进行了 系统性升级，其在智能座舱核心体验上的创新也引发关注。尤为引人注目的是，该车型在后排侧 窗部分搭载了由光羿科技提供的EC电致变色智能调光隐私车窗，这一新材料技术的规模化落地， 正成为新能源汽车产业链上"材料创新驱动体验革新"的典型案例。 电致变色进入侧窗应用，开启智能材料进阶之路 据光羿科技介绍，蔚来ES8所搭载的调光车窗透光率低至0.35%，可在保证高隐私性的同时实现动 态调节，适配商务、休憩、亲子、旅行等多种出行场景。车内成员可独立控制每一片侧窗的光线状态， 实现真正意义上的"定制化光线管理"。 光羿科技汽车事业部副总裁何嘉智表示："这不仅是一次材料创新的落地，更是用户需求驱动产业 演化的体现。用户对于隐私性、隔热性、视觉舒适度的需求，正在重新定义智能座舱的标准。" 看得见的隐私，也是一种技术兑现的能力 在智能汽车时代，整车体验正从"硬件性能"转向"场景满足"。光线调节作为其中极具感知价值的维 度，正在成为用户体验的新战场。在蔚来ES8中，光羿科技的调光侧窗技术实现了对出行场景的深度融 合。 在过往的应用路径中，电致变色 ...

又一家智能座舱公司即将登陆港股市场。 值得注意的是，智能座舱本身是技术迭代快、研发周期长、投资高的行业，持续外部资金支持将是企业 前期保持发展的关键。 "博泰车联网通过上市聆讯，将在香港上市，这有助于其获取更充足的资金，用于技术研发、市场拓展 及产品升级，从而巩固高端市场优势。香港作为国际金融中心，拥有成熟的资本市场和良好的投资环 境，能为企业提供国际化视野，增强市场影响力。"福建华策品牌定位咨询创始人詹军豪在接受《每日 经济新闻》记者采访时表示。 近日，记者向博泰车联网发邮件求证IPO（首次公开募股）相关事项，截至发稿，尚未获得回复。 目前已经完成多轮融资 从招股书披露数据来看，2022~2024年，博泰车联网的营收从12.18亿元增至25.57亿元，3年实现翻倍。 2025年前5个月，博泰车联网实现营收约7.54亿元，同比增长34.4%。 从数据来看，2022~2024年，博泰车联网分别产生研发开支2.77亿元、2.35亿元和2.07亿元；销售开支分 别为1.1亿元、1.17亿元和1.49亿元；行政开支分别为2.5亿元、2.6亿元和3.7亿元。 日前，据港交所披露，博泰车联网科技（上海）股份有限公司（以下 ...

Group 1 - NIO launched the new ES8 on September 20, featuring systematic upgrades in its power system and cabin configuration, along with innovative smart cockpit experiences [1] - The ES8 incorporates EC electrochromic smart dimming privacy windows provided by Guangyi Technology, marking a significant advancement in material innovation and user experience [1] - Guangyi Technology is the only company to achieve mass production of EC dimming applications for both sunroofs and side windows, overcoming challenges in material performance, manufacturing processes, vehicle regulations, and supply chain collaboration [1][2] Group 2 - The introduction of dimming side windows in the ES8 signifies a shift in automotive experience from hardware performance to fulfilling user scenarios, with light adjustment becoming a new battleground for user experience [2] - The dimming technology allows for deep integration with various travel scenarios, such as creating a mobile meeting space during business receptions and providing a comfortable light environment for families [2] - The demand for smart dimming technology is driven by consumer needs rather than solely by manufacturers, with privacy protection and quality sunshade experiences becoming essential for electric vehicle users [2] Group 3 - Guangyi Technology has established a complete closed loop from material research and development to vehicle adaptation, with over 20 mass-produced models utilizing their dimming products, totaling more than 100,000 units installed [2][3] - The company aims to push smart materials from the laboratory to the main battlefield, with plans for large-scale delivery of side windows by 2025 [3] - The electrochromic technology is expected to enter a popularization phase alongside electric vehicles, becoming a new competitive advantage in the smart automotive sector [3]

Core Insights - The new Deep Blue S07 was officially launched on September 19, with a price range of 156,900 to 173,900 CNY, and a cash discount bringing the effective price down to 153,900 to 170,900 CNY [1][3] Group 1: Product Overview - The Deep Blue S07 is positioned as a mid-size SUV, offering both pure electric and range-extended versions, with the range-extended model having a maximum CLTC electric range of 300 km and the pure electric version achieving 550 km [3][8] - The vehicle has been sold in over 70 countries and regions globally, with more than 250,000 users since its launch [3] Group 2: Design and Features - The dimensions of the Deep Blue S07 are 4750 mm in length, 1930 mm in width, and 1625 mm in height, with a wheelbase of 2900 mm [3] - The interior features a floating central control design, ultra-suede upholstery, leather seats, ambient lighting, panoramic sunroof, electric sunshade, and privacy glass in the rear [5] - The smart cockpit includes a 15.6-inch 2.5K ultra-high-definition screen and a 55-inch AR-HUD system, integrating Qualcomm's Snapdragon 8295P chip and Deepal OS 4.0 [5] Group 3: Intelligent Driving and Safety - The vehicle is equipped with Huawei's QianKun ADS SE, featuring a sensor fusion system with 25 sensors, including 3 millimeter-wave radars, 10 high-definition cameras, and 12 ultrasonic radars [7] - It supports various advanced driving assistance features such as highway navigation assistance, urban cruising assistance, and intelligent parking assistance [7] Group 4: Powertrain and Performance - The range-extended version is powered by a 72 kW 1.5L range extender, with motor power options of 190 kW and 200 kW, achieving a CLTC electric range of 230 km and 300 km, with fuel consumption of 3.8 L/100 km [8] - The pure electric version has a maximum motor power of 200 kW and a CLTC range of 550 km [8] - The vehicle features a front MacPherson and rear multi-link suspension system, equipped with FSD variable damping shock absorbers and HRS hydraulic rebound dampers for improved comfort and handling [8]

Company Overview - Huqin Technology's stock price increased by 2.00% on September 22, reaching 99.89 CNY per share, with a trading volume of 6.62 billion CNY and a turnover rate of 1.18%, resulting in a total market capitalization of 1014.64 billion CNY [1] - The company specializes in the research, design, production, and operation services of smart hardware products, with its main revenue sources being high-performance computing (60.32%), smart terminals (31.93%), AIOT and others (3.95%), and automotive and industrial products (1.24%) [1] Financial Performance - For the first half of 2025, Huqin Technology achieved operating revenue of 839.39 billion CNY, representing a year-on-year growth of 113.06%, and a net profit attributable to shareholders of 18.89 billion CNY, up 46.30% year-on-year [2] - Since its A-share listing, the company has distributed a total of 17.81 billion CNY in dividends [3] Shareholder Information - As of June 30, 2025, the number of Huqin Technology's shareholders reached 43,100, an increase of 3.71% from the previous period, with an average of 13,257 circulating shares per person, a decrease of 3.41% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 12.429 million shares, an increase of 1.595 million shares compared to the previous period [3] Market Activity - The stock has seen a year-to-date increase of 42.59%, with a 5-day increase of 11.17%, a 20-day increase of 5.55%, and a 60-day increase of 23.81% [1] - The company has appeared on the trading leaderboard once this year, with the most recent appearance on April 16, where it recorded a net buy of -1.22 billion CNY [1]

Group 1 - The company, Botai Che Lian (02889.HK), plans to globally offer 10.4369 million H-shares, with 1.0437 million shares available in Hong Kong and 9.3932 million shares for international offering, with a proposed price of HKD 102.23 per share [1] - The company is a leading provider of intelligent cockpit solutions in China, ranking as the third largest supplier of passenger car intelligent cockpit domain controllers with a market share of 7.3% as of 2024 [1] - The company differentiates itself by offering integrated solutions that combine software, hardware, and cloud services, unlike competitors who primarily focus on hardware [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately HKD 465.9 million, equating to 4.55752 million shares at the offering price [2] - Estimated net proceeds from the global offering are approximately HKD 919.1 million, assuming no exercise of the over-allotment option [3] - The intended use of the net proceeds includes approximately 30% for expanding product offerings and enhancing technology, 30% for improving production and testing capabilities, 20% for expanding sales and service networks, 10% for strategic investments, and 10% for working capital and general corporate purposes [3]

在"真豪华"的设计表达上，阿维塔07 2026款以原创设计打破同质化，塑造出独有的未来美学格调，展现出华系SUV的 颜值顶流气质。其车身采用黄金比例打造，拥有顶级车身体态以及蝶翼式前脸，星轨式流光尾灯，造就独树一帜的超 高辨识度。同时，阿维塔07 2026款更有6种自然灵感车漆，3种先锋主义内饰，搭配探索套装，让用户既可探秘都市， 亦可踏遍山河。 齐鲁晚报·齐鲁壹点 吴海云 9月20日，阿维塔07 2026款正式上市，官方指导价21.99万-27.99万元。携智美都市豪华SUV进阶之姿，新车以原创设 计美学与华为全栈智能技术深度赋能，形成"真华系真豪华"硬核实力，重构细分市场的豪华价值标准。 "真华系"的核心竞争力，源于华为全栈智能技术的"满血落地"。在智能驾驶层面，阿维塔07 2026款是业内首批完整搭 载华为乾崑智驾ADS 4的量产车型，从软件到硬件都实现了"无保留"的技术投入。软件上，其植入了华为面向未来自 动驾驶的世界引擎+世界行为模型架构（WEWA架构），该架构通过AI生成难例扩散模型，能提供密度达真实世界 1000倍的难例场景，实现"用AI训练AI"的突破；同时，华为团队为阿维塔07带来的世界行为 ...

首批搭载华为乾崑智驾ADS 4 传祺向往S9为安全出行护航，用户全维用车无忧更安心。得益于搭载了华为乾崑智驾ADS 4，带来满满安心感。华为乾崑智驾ADS 4采用的面向未来自 动驾驶时代的世界引擎+世界行为模型架构（WEWA架构），传祺向往S9辅助驾驶系统端到端时延可降低50%，通行效率提升20%，重刹率降低30%。 目前，缺乏难例下的驾驶数据，已成为行业瓶颈。位于云端的乾崑智驾世界引擎，可利用AI生成难例扩散模型，所提供的高质量、高密度的难例场景 密度是真实世界的1000倍，实现用AI训练AI。 传祺向往S9搭载192线激光雷达+3个4D毫米波雷达，看更远更清更广，更安全，轻松应对各种复杂路况，城区通勤，它如同本地老司机，可实现车位到 车位无断点辅助驾驶，丝滑通过收费闸机、岔路环岛、精准识别异形红绿灯、临时障碍物；全场景泊车辅助系统支持160多种车位类型，覆盖率达95%以 上，省去停车的精力，减轻驾驶负担。 CAS4.0多维安全能力再提升 驾驶体验再升级 除了城区通勤好用，主动安全防护同样顶级，在极限工况和遇到危险时，传祺向往S9依托全维防碰撞系统CAS 4.0，以全时速、全方向、全目标、全天 候、全场景五 ...