Core Viewpoint - Toyota's overall profit is expected to decline by 30% in the 2026 fiscal year due to the impact of Trump's tariffs and the appreciation of the yen, as indicated in their financial report for the 2025 fiscal year [1][4]. Financial Performance - For the fiscal year ending March 2025, Toyota reported total revenue of 48.03 trillion yen (approximately 2.41 trillion RMB), a year-on-year increase of 6.5% [4]. - Operating profit for the same period was 4.79 trillion yen (approximately 240.5 billion RMB), reflecting a decline of 10.4% [4]. - The company anticipates a 34.9% decrease in operating profit for the 2026 fiscal year, aligning closely with industry expectations of a 30% drop [4]. Market Impact - In April and May of this year, Toyota's operating loss in the U.S. expanded from 28 billion yen (approximately 1.4 billion RMB) in the previous year to 180 billion yen (approximately 9.03 billion RMB) [5]. - A 1 yen appreciation of the yen is estimated to reduce Toyota's annual operating profit by approximately 50 billion yen (around 2.51 billion RMB) [5]. - The company plans to reconsider its global sales strategy for electric vehicles, initially targeting 1.5 million units annually by 2026 [5]. Strategic Adjustments - Toyota announced an additional investment of 88 million USD (approximately 636 million RMB) in its West Virginia plant to mitigate the impact of tariffs [5]. - The company maintains a strong commitment to domestic production, with over 60% of its profits coming from Japan, amounting to 3.1 trillion yen [9]. - In the fiscal year 2025, Toyota produced 3.23 million vehicles in Japan, exporting 1.94 million, with 540,000 units (28% of total production) sent to the U.S. [10]. R&D and Investment Focus - Toyota's group companies plan to increase R&D and capital investments by 6% in the 2025 fiscal year, totaling 1.22 trillion yen (approximately 61.4 billion RMB) [12]. - Denso, Toyota's largest parts supplier, plans to focus on smart technology with a projected R&D budget of 660 billion yen (approximately 33.2 billion RMB), a 7% increase from the previous year [13]. - Aisin Seiki aims for a 25% increase in capital expenditure, reaching 280 billion yen (approximately 14.1 billion RMB), with a focus on hybrid technology [17]. Competitive Landscape - Toyota's hydrogen energy business faces competition from China, which is advancing rapidly in hydrogen technology and infrastructure [21]. - The company has invested heavily in hydrogen technology and aims to avoid the pitfalls experienced in the electric vehicle sector [21].

Summary of Key Points Core Viewpoint - The company, China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research), is actively engaging with investors to enhance understanding of its operational strategies and future plans, particularly in the context of the evolving automotive industry towards electrification, intelligence, connectivity, and low-carbon initiatives [1][2]. Group 1: Investor Communication and Engagement - The company held an investor communication meeting on May 9, 2025, in Chongqing to discuss its operational status and strategic execution for 2024 and the first quarter of 2025 [1]. - Various securities firms and investment management companies participated in the meeting, indicating a broad interest from the investment community [1]. Group 2: Industry Trends and Company Positioning - The automotive industry is undergoing significant changes due to the "new four modernizations" (electrification, intelligence, connectivity, and low-carbon), prompting testing institutions to shift from traditional compliance testing to new technology research and testing [2]. - China Automotive Research has a long history and is one of the earliest institutions to obtain regulatory testing qualifications, accumulating extensive experience in testing services and product development [3]. Group 3: Service Capabilities and Market Strategy - The company is enhancing its service capabilities by focusing on three main technical lines: safety, green technology, and user experience, while increasing R&D investment [3]. - It has established a comprehensive service capability that includes development, testing, certification, evaluation, and after-sales services, effectively addressing pain points in product development for automotive enterprises [3]. Group 4: Environmental and Health Initiatives - The company has launched the China Automotive Health Index and services in the "dual carbon" field, focusing on carbon emission accounting and green low-carbon assessments [4]. - The company is actively involved in setting new emission standards and expanding its capabilities in environmental testing, despite a slight decline in the overall market for automotive emission testing due to the rise of electric vehicles [4]. Group 5: Infrastructure Development and Internationalization - The construction of the East China headquarters is nearing completion, with 90% of equipment procurement achieved, expected to be operational by the end of 2025 [5]. - The company is focusing on internationalization, aiming to provide comprehensive quality technical services to support Chinese automotive enterprises in their global operations [5][6]. Group 6: Hydrogen Energy Initiatives - The National Hydrogen Energy Power Quality Inspection and Testing Center commenced operations in January 2024, providing testing services across the hydrogen energy industry chain [6][7]. - The company is developing hydrogen-related detection equipment and core components, with plans to expand into various hydrogen energy applications, including hydrogen power generation and storage [7].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China is soliciting public opinions on the draft of a mandatory national standard for "Automotive Door Handle Safety Technical Requirements," aiming to enhance safety performance and ensure the standard reflects industry needs and technological trends [2] Group 1: Industry Trends - The popularity of hidden door handles in electric vehicles (EVs) is driven by design aesthetics, aerodynamic optimization, and competitive differentiation among automakers [3][4] - Among 14,341 models on the AutoHome platform, 1,578 models feature hidden door handles, with 74% being new energy vehicles, indicating a strong trend towards this design [4] - Hidden door handles can reduce vehicle drag coefficient by 0.01 to 0.03 Cd, which is significant for EVs where every kilometer of range matters [4][5] Group 2: User Experience and Safety Concerns - Despite their aesthetic and aerodynamic advantages, hidden door handles pose safety risks, including failure in extreme weather conditions and during accidents, which can delay rescue efforts [5][6] - Incidents have been reported where electric door handles failed to operate during emergencies, leading to tragic outcomes, highlighting the need for improved safety measures [6][7] - The reliance on electronic control systems for hidden door handles can lead to vulnerabilities in critical situations, contrasting with traditional mechanical handles [7] Group 3: Regulatory Response - The MIIT's new standard focuses on three core areas: mechanical redundancy for emergency access, standardized emergency device visibility, and strength testing for extreme conditions [8] - The standard emphasizes "anti-misoperation" design to prevent accidental activation of door handles during vehicle rollovers, reflecting a proactive approach to safety [8] - The evolution of hidden door handles symbolizes the automotive industry's shift from mechanical products to intelligent terminals, balancing engineering, marketing, and user experience [8]

MLCC市场下半年旺季不确定风险增加 根据Tr e n dFo r c e集邦咨询最新MLCC研究报告，因企业及终端市场的避险与观望心态与日俱增， 2 0 2 5年上半年MLCC供需节奏被打乱，下半年"旺季不旺"的风险也随之上升。 点击右边 阅读原文 了解更多详情 2025年第一季OLED显示器出货量年增175% 根据Tr endFor c e集邦咨询最新研究显示，目前OLED显示器（Monitor）出货量仍处于高速成长阶 段，随着各品牌持续推出新品，出货量同步突破新高，2025年第一季约为50.7万台，年增175%。 第二季，主要受惠于27吋UHD机种大幅放量，出货量有望达65万台。 预估2025全年出货量将达到 258万台，年成长率高达81% ，整体显示器的渗透率将成长至2%。 | Company | Market Share | | --- | --- | | Samsung | 22.4% | | ASUS | 21.6% | | MSI | 14% | | LGE | 13% | | Dell | 11% | | Others | 18% | | Total | 100% | | Source: T ...

中国经济网北京5月9日讯(记者 张懿) 昨日，工信部官网发文，公开征集对《汽车车门把手安全技 术要求》强制性国家标准制修订计划项目的意见。 《汽车车门把手安全技术要求》强制性国家标准项目建议书显示，《汽车车门把手安全技术要求》 的起草单位为中国汽车技术研究中心有限公司、吉利汽车研究院(宁波)有限公司、北京车和家汽车科技 有限公司等。项目周期为22个月。 《汽车车门把手安全技术要求》规定了汽车应急式车门内把手的安装要求、隐藏式车门内把手和应 急式车门内把手的标志要求、电动式车门外把手的防夹要求与试验方法、车门外把手和车门内把手的强 度要求与试验方法、电动式车门把手的动态试验要求与试验方法。 工信部指出，近年来，随汽车电动化、智能化的快速发展，隐藏式车门把手凭借美观、科技感强等 优势被广泛应用。市场上的车门把手产品呈现出工作原理、形式多样化趋势，在市场应用过程中暴露出 以下问题：强度不足、控制逻辑潜在安全风险、识别操作难(隐蔽无标志)、断电失效、夹手等，潜在逃 生、救援风险。 工信部强调，新标准的修订具有重要意义。从救援逃生角度，强化汽车车门外把手在碰撞以及车辆 起火等事故场景的安全逻辑，增加机械或者断电保护等安 ...

主要内容方面，项目建议书显示，《汽车车门把手安全技术要求》规定了汽车应急式车门内把手的安 装要求、隐藏式车门内把手和应急式车门内把手的标志要求、电动式车门外把手的防夹要求与试验方 法、车门外把手和车门内把手的强度要求与试验方法、电动式车门把手的动态试验要求与试验方法。 本文件适用于M1类、N1类汽车和多用途货车的车门把手，其他车辆车门把手参照执行。 工信部表示，近年来，随着汽车电动化、智能化的快速发展，隐藏式车门把手凭借美观、科技感强等 优势被广泛应用。市场上的车门把手产品呈现出工作原理、形式多样化趋势，在市场应用过程中暴露 出以下问题：强度不足、控制逻辑潜在安全风险、识别操作难(隐蔽无标志)、断电失效、夹手等，潜 在逃生、救援风险。 上述问题带来了潜在的逃生与救援风险。如：碰撞、起火等事故中，造成断电现象，使电动式外门把 手、电动式车门内把手失效，增大救援及逃生阻碍：无明显、统一标志，增加紧急情况下的操作难 度。 2025.05. 08 本文字数：993，阅读时长大约1.5分钟 5月8日，工信部官网发文，公开征集对《汽车车门把手安全技术要求》强制性国家标准制修订计划 项目的意见。工信部称，根据标准化工作的总 ...

Core Viewpoint - Toyota Motor Corporation anticipates a significant decline in consolidated net profit for the fiscal year 2025, projecting a 34.9% drop to 3.1 trillion yen, primarily due to U.S. tariffs and yen appreciation [1][3]. Financial Forecast - The company expects operating profit to decrease by 21% to 3.8 trillion yen, falling short of analysts' expectations of 4.7 trillion yen [1][3]. - For the fiscal year 2025, Toyota forecasts a revenue increase of only 1% to 48.5 trillion yen, which is significantly below market expectations [4]. Impact of Tariffs and Currency Fluctuations - The 25% tariff imposed by the U.S. government on imported vehicles and parts has already resulted in an operating profit loss of 180 billion yen (approximately $1.25 billion) for April and May 2025 [3]. - The appreciation of the yen against the dollar is expected to reduce profits by 745 billion yen, with each 1 yen increase in value leading to a 50 billion yen decrease in operating profit [3]. Sales and Electric Vehicle Transition - Despite challenges, Toyota projects a 1.2% increase in global sales for fiscal year 2025, reaching 10.4 million units, with electric vehicle sales expected to account for 49.8% of total sales [4]. - The company is accelerating its transition to electric vehicles, although sales growth is insufficient to offset profit declines [4]. Industry Context and Strategy - Toyota's situation reflects broader trade risks facing the global automotive industry, with the U.S. market representing 23% of its global sales [5]. - Unlike other Japanese automakers that have made aggressive adjustments, Toyota plans to optimize its supply chain and increase local production to mitigate tariff risks [5]. Analyst Sentiment - Following the financial forecast, Toyota's stock price fell by 2.3% on the Tokyo Stock Exchange, with analysts suggesting that profit expectations may be further downgraded if U.S. tariffs escalate or the yen continues to appreciate [6].

DeepWay深向坚持"电动化+智能化"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， DeepWay深向 日前正式 推出星辰二代与星途两大新能源重卡车型。 作为卡车新势力的 代表 ， DeepWay深向 基于 电动化第一性原则，坚持以终为始的正向设计理 念。 2024年DeepWay深向已坐稳新能源重卡行业前十 ，面对新一轮行业变革， DeepWay深向坚 持以"电动化+智能化"两把钥匙，通过自研三电系统与智能化技术，再次推动了电动重卡向安全化、 绿色化、高端化、智能化方向演进。 反映在产品端来看， 星辰二代与星途均搭载自研三电系统，全系标配 L2 级组合辅助驾驶系统天玑· 随行。具备定制化智能驾驶功能，分别满足了长途、中短途运输全场景运输需求。其中，星辰二代在 星辰一代技术基础上实现了多维升级：通过加大前进气面积，显著提升散热能力，以支持更高倍率的 充电需求；搭载混元505度电池，构建全车真900V高压平台，能耗表现更佳，20%-80%充电时间 缩短至30分钟，可广泛适配快递快运、冷链运输及普货长途干线等多样化运输场景。星途基于星辰 二 ...

证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 | 编号：2025-16 | | --- | | □特定对象调研 | □分析师会议 | □现场参观 | 投资者关系 | | | | | --- | --- | --- | --- | --- | --- | --- | | □媒体采访 | □业绩说明会 | □新闻发布会 | 活动类别 | | | | | □路演活动 | √其他 | （ | 券商策略会 | ） | 国泰君安自营、招商证券自营、淳厚基金、广发资管、浩成资产、红土创新基金、创富兆 | | | 业、源乘投资、红塔红土基金、平安证券、信达澳亚基金、Capstone | Capital、三井住友德 | 思资管、国任保险、玄甲私募、吉晟资产、东方阿尔法基金、华能贵诚信托、恒泰证券、 | | | | | | Schroders、世纪证券、恒立基金、Grand | Management、纽富斯投资、财信证 | Alliance | Asset | 券、方正证券、景顺长城基金、Hel | Ved Capital、Balyasny Asset | Management（HK）、贝 ...

证 券 研 究 报 告 吉利汽车（00175.HK）重大事项点评 强推（维持） 启动极氪私有化，打造"一个吉利" 事项： ❖ 吉利汽车发布公告，宣布向极氪提交非约束性私有化要约，拟以2.566美元/18.5 元或 1.23 股新发行的吉利汽车股份收购每股极氪股份（以上两种方案股东可 选择，后同），或以 25.66 美元/185 元或 12.3 股新发行的吉利汽车股份收购每 股极氪 ADS。该报价较极氪最后一个交易日收盘价溢价 13.6%，较过去 30 个 交易日成交量加权平均价溢价 20%。目前，吉利汽车持有极氪 65.7%股权，若 私有化建议落实及完成，极氪将成为吉利汽车全资子公司并从纽交所退市。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 240,194 | 336,392 | 441,972 | 514,187 | | 同比增速(%) | 34.03% | 40.05% | 31.39% | 16.34% | | 归母 ...