公司"全栈技术+产品高端化+生态协同"三重协同实现业内竞争领先 智能座舱解决方案营收占比稳固，盈利方面，2024年毛利润3.01亿元(同比+30.3%)。盈利持续改善，核 心源于三大支柱：1)全栈技术筑壁垒：自研"软件+硬件+云端"一体化方案，支持"一车一方案"；截至 2024年累计专利超6000件(发明专利占比80%)，2022-2024年研发投入超7亿元，截至2025年5月末研发团 队规模达709人。2)产品高端化：国内搭载高通8295芯片的高端智能座舱解决方案定点数量居国内首 位，新一代骁龙8397平台方案已获中国头部车企量产定点；同时为少数提供麒麟9610A+鸿蒙方案的供 应商，若华为"鸿蒙智行"车型26-27年放量出货，公司有望深度受益。3)生态协同强赋能：股东涵盖天 津金米(背后控股方为小米，持股5.17%)、广州平安(持股3.89%)等，形成"车企订单+生态资源+金融支 持"协同网络。 盈利预测与估值 该行预测公司2025-2027年营收分别为35.84亿元、56.64亿元、87.61亿元人民币，同比增长40%、58%、 55%，对应2025-2027年PS分别为7.5x、4.7x、3.1x，公 ...

2025年11月4日，在上海证券交易所的指导下，华福证券国家级投资者教育基地联合重庆邹容路证券营业部，共同组织投资者走进上市公司 千里科技 ，开展 了一场聚焦企业发展动态与上市公司运营的深度交流活动。此次活动为投资者搭建了近距离考察平台，助力其全面了解该公司从传统制造向智能化转型的最 新进展。 上市公司简介： 重庆千里科技股份有限公司聚焦"AI+车"核心战略，创 新产业 发展模式，致力于打造面向全球市场的智能出行科技品牌。公司核心业务包括终端业务与科 技业务两大板块，其中终端业务覆盖摩托车、汽车领域，旗下摩托车品牌"力帆、派方"和 新能源 汽车品牌"睿蓝"形成多元化产品矩阵；科技业务聚焦研发 行业领先的智能驾驶和智能座舱解决方案，打造AI智行开放平台。 在参观环节中，千里科技高管向投资者展示了最新的技术成果，投资者现场见证了公司智能辅助驾驶解决方案及联合生态伙伴推出的 智能座舱 Agent OS 系 统。这套系统基于AI Agent原生打造，能够为AI Agent的运行、调用与协作提供底层基础设施与服务。体验后，有投资者表示："从传统的 汽车制造 到如今 的AI驱动，AI故事不仅写在资料里，更烙在生产线上的每 ...

Core Insights - The article discusses the monthly OTA (Over-The-Air) monitoring report released by the China Automobile Dealers Association and Guangzhou Weirui Information Technology Co., Ltd, focusing on the trends and updates in the automotive industry regarding OTA upgrades [1]. Industry Overview - In November 2025, the industry recorded a total of 936 OTA updates, showing a significant decrease compared to the previous month. The focus of these updates has shifted towards cabin domain optimizations, including enhancements in voice functionality, central control ecosystem, and map ecology [4]. New Forces - New force brands collectively updated 177 features in November 2025, marking a notable decline. Key players like Leap Motor and Tesla concentrated on refining the user experience of conventional vehicle settings and controls. NIO and Xiaomi were the main contributors to this month's updates, with NIO enhancing AI capabilities in NOMI and cabin experience, while Xiaomi made significant upgrades in driving assistance and smart cabin features [6]. Domestic Brands - Domestic brands accounted for 710 updates in November 2025, with a strong emphasis on map ecology. Brands like BYD, Haval, and Geely introduced features such as traffic light countdowns and proactive recommendations for destinations and parking information. Additionally, BYD optimized its automatic parking feature, while Geely and Xpeng introduced popular fingertip parking functionalities, enhancing the parking experience for domestic new energy vehicles [11]. Joint Venture & Luxury Brands - Joint venture and luxury brands collectively updated 49 features in November 2025, primarily focusing on experience optimization. Brands like Cadillac and Buick concentrated on enhancing vehicle settings and system configurations. Toyota launched a large-scale OTA for the Platinum 3X, which included two major feature upgrades and 26 new or optimized features, significantly improving the cabin's intelligence and parking experience [10]. NIO's OTA Operations - NIO launched the "User Navigation Team" 3.0 rules, encouraging users to participate in OTA testing through a structured task system. The tasks are categorized into basic, advanced, and direct access levels, aimed at engaging users in sharing experiences and preheating OTA updates [21]. User Engagement Activities - Following the OTA push, NIO initiated a reward activity on the owner app to encourage users to share their experiences with the Cedar S 1.3.0 upgrade. This included discussions around the unique features of the upgrade, maintaining the OTA's visibility and user engagement [29][30]. Upcoming Upgrades - Various brands have scheduled significant OTA updates for 2025 and 2026, including features like urban navigation assistance, intelligent parking, and advanced AI functionalities. For instance, BYD's models are set to receive updates that enhance their energy management and driving assistance capabilities [32][34].

Group 1 - The company has recently received a project from a European luxury brand for the development and production of passenger car seat assemblies, marking a significant step in its global expansion strategy [1] - The project is expected to have a total lifecycle value of 9.8 billion yuan and will last for 8.5 years, starting from September 2028, indicating strong recognition of the company's capabilities in product development and production [1] - This new contract follows a previous project with BMW, showcasing the company's transition from a domestic supplier to a global player in the passenger car seat market [1] Group 2 - As of December 20, 2025, the company has secured 25 projects in the passenger car seat sector, with revenue from the first half of 2025 reaching 1.984 billion yuan, although it reported a net loss of 63 million yuan [2] - The total lifecycle value of current orders is estimated between 105.7 billion to 110.4 billion yuan, which could translate to annual revenues of 17.6 billion to 18.4 billion yuan if all orders are produced in the same year [2] - The company has set ambitious revenue targets for its seat division, aiming for 5 billion yuan in net profit by 2026, reflecting confidence in rapid growth and profitability [2] Group 3 - Following the acquisition of Grammer, the company has been integrating operations to enhance profitability and reduce costs, with a focus on expanding its product offerings in the smart cabin sector [3] - The company is diversifying its product line to include smart products such as audio headrests and mobile control systems, which are expected to drive future growth [3] - The revenue from the car refrigerator segment reached 80 million yuan in the first half of 2025, showing significant year-on-year growth [3] Group 4 - The company is projected to achieve revenues of 22.95 billion yuan in 2025, with net profits expected to reach 457 million yuan, indicating a strong recovery and growth trajectory [4] - The earnings per share (EPS) are forecasted to increase from -0.45 yuan in 2024 to 0.36 yuan in 2025, reflecting a turnaround in financial performance [5] - The price-to-earnings (PE) ratio is expected to improve significantly, dropping from 30 in 2025 to 15 by 2027, suggesting increasing investor confidence [5]

Core Insights - The launch event for the Hongqi HS6PHEV in Nanjing successfully integrated product release with family-oriented experiences, achieving both brand visibility and sales conversion [1][20] - The event utilized innovative marketing strategies, including a themed parade and interactive activities, to enhance brand engagement and reach a wider audience [3][5] Marketing Strategy - The event capitalized on Nanjing's cultural background and family consumption needs, establishing a strong brand presence at a popular city landmark [3] - A unique sales approach was adopted by transforming a restaurant into a secondary sales showroom, effectively promoting limited-time offers in a family-friendly environment [5][7] Product Features - The Hongqi HS6PHEV is positioned as a "better large five-seater," featuring a spacious interior with high-end amenities such as a refrigerator and cinema-like experience [16] - The vehicle is equipped with the "Honghu Hybrid" system, achieving a maximum range of over 2300 kilometers and a fuel consumption of 5.1L/100km under WLTC conditions [18] Safety and Technology - Safety is a core focus, with the HS6PHEV utilizing a high-strength body structure and advanced battery systems to ensure robust protection for occupants [18] - The vehicle features a "Lingxi Cabin" with dual 15.6-inch displays and a 30-inch AR-HUD, enhancing the user experience through advanced technology [20] Customer Engagement - The event fostered a sense of community among Hongqi owners, who shared their personal stories and connections with the brand, reinforcing brand loyalty [15] - The launch aimed to achieve a target of 300 orders in the region, positioning the HS6PHEV as a new choice for environmentally friendly and comfortable family travel [20]

继峰股份（603997.SH）系列点评二十二 再获欧洲豪华主机厂定点 座椅全球化加速 glmszqdatemark 风险提示：乘用车销量不及预期；整合不及预期；客户拓展不及预期等。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,255 | 22,950 | 26,450 | 30,950 | | 增长率（%） | 3.2 | 3.1 | 15.3 | 17.0 | | 归属母公司股东净利润（百万元） | -567 | 471 | 869 | 1,179 | | 增长率（%） | -378.0 | 183.1 | 84.6 | 35.6 | | 每股收益（元） | -0.45 | 0.37 | 0.68 | 0.93 | | PE | / | 38 | 20 | 15 | | PB | 3.8 | 3.3 | 2.9 | 2.4 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2025 年 12 月 19 日收盘 ...

Group 1 - The Hong Kong stock market saw a rise in automotive concept stocks, with Horizon Robotics-W increasing by over 8%, XPeng Motors-W by over 7%, and Li Auto-W by over 3% [1] - The automotive-related ETFs in Hong Kong experienced an approximate increase of 3% [1] Group 2 - Specific automotive ETFs showed notable performance, with the Hong Kong Stock Connect Automotive ETF (code: 159323) at 1.273, up by 3.08%, and other ETFs also reflecting similar upward trends [2] - Analysts indicate that the acceleration of intelligent technology implementation is benefiting certain automakers, which are in a phase of resonance between new product cycles and technology cycles, likely leading to sustained sales growth [2] - Continuous policy support for automotive consumption and the increasing penetration rate of new energy vehicles are providing a broad market space for automotive manufacturers [2]

Group 1 - The core viewpoint of the news is that Yutai Micro has shown a mixed performance in its stock price, with a recent increase but a decline over the past two months [1][2] - As of December 19, Yutai Micro's stock price rose by 2.01% to 102.03 CNY per share, with a total market capitalization of 8.162 billion CNY [1] - The company has experienced a year-to-date stock price increase of 3.06%, with a 20-day increase of 8.06% but a 60-day decline of 11.87% [2] Group 2 - Yutai Micro's main business involves the research, design, and sales of high-speed wired communication chips, with 99.44% of its revenue coming from chip sales [2] - As of September 30, 2025, Yutai Micro reported a revenue of 388 million CNY, representing a year-on-year growth of 45.70%, while the net profit attributable to shareholders was -128 million CNY, a growth of 8.89% [2] - The company is categorized under the semiconductor industry, specifically in analog chip design, and is associated with concepts such as smart cockpits and vehicle networking [2] Group 3 - As of September 30, 2025, the number of shareholders in Yutai Micro increased by 15.83% to 8,684, while the average circulating shares per person decreased by 13.67% to 5,736 shares [2] - Among the top ten circulating shareholders, Taixin Small and Medium Cap Selected Mixed Fund holds 1.4 million shares, a decrease of 600,000 shares from the previous period [3] - Hong Kong Central Clearing Limited is a new shareholder, holding 901,400 shares, while Taixin Xinxuan Mixed A Fund has reduced its holdings by 720,000 shares to 600,000 shares [3]

Core Viewpoint - The stock of Kobot has shown a mixed performance in recent trading sessions, with a year-to-date increase of 17.74% but a recent decline in the last five days [2]. Group 1: Stock Performance - As of December 19, Kobot's stock price increased by 2.01% to 72.00 CNY per share, with a trading volume of 15.71 million CNY and a turnover rate of 0.05% [1]. - Year-to-date, Kobot's stock has risen by 17.74%, but it has experienced a decline of 1.79% over the last five trading days and a drop of 13.57% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Kobot achieved a revenue of 4.997 billion CNY, representing a year-on-year growth of 16.96%, and a net profit attributable to shareholders of 646 million CNY, up by 6.55% [2]. - Kobot has distributed a total of 1.251 billion CNY in dividends since its A-share listing, with 707 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Kobot had 13,300 shareholders, an increase of 17.18% from the previous period, with an average of 30,431 circulating shares per shareholder, a decrease of 14.35% [2]. - The top ten circulating shareholders include Xinchuan Huitai Mixed A, which holds 2.7177 million shares, down by 2.0917 million shares from the previous period [3].

均胜电子今年以来股价涨83.02%，近5个交易日涨4.68%，近20日涨9.72%，近60日跌23.51%。 今年以来均胜电子已经2次登上龙虎榜，最近一次登上龙虎榜为9月17日。 12月19日，均胜电子盘中上涨2.03%，截至09:38，报28.21元/股，成交1.76亿元，换手率0.46%，总市值 437.47亿元。 资金流向方面，主力资金净流出538.71万元，特大单买入108.81万元，占比0.62%，卖出986.57万元，占 比5.60%；大单买入2732.91万元，占比15.52%，卖出2393.86万元，占比13.60%。 分红方面，均胜电子A股上市后累计派现15.32亿元。近三年，累计派现8.62亿元。 机构持仓方面，截止2025年9月30日，均胜电子十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股9302.12万股，相比上期增加2629.34万股。南方中证500ETF（510500）位居第五大流通股 东，持股1435.06万股，相比上期减少30.74万股。易方达中证人工智能主题ETF（159819）位居第六大 流通股东，持股805.33万股，相比上期减少41.30万股。永赢先进制 ...