以下文章来源于e公司 ，作者证券时报 严翠 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 "鸿蒙智行最便宜的车"——尚界H5来了，售价15.98万元起，这标志着华为鸿蒙智行正式进军20万元以下汽车市场。 9月23日晚，华为举行鸿蒙智行秋季新品发布会，正式推出鸿蒙智行旗下最便宜的车——尚界H5，这也是华为与上汽集团合作打造的"尚界"智能汽车品牌旗下 首款车型。 至此，鸿蒙智行旗下车型已辐射从十几万到上百万的全部价位，涵盖SUV、轿车、旅行车、MPV等各类车型，且鸿蒙智行已"五界齐聚"——华为分别与赛力 斯、北汽、江淮、奇瑞、上汽合作打造的问界、享界、尊界、智界、尚界智能汽车品牌。 据华为常务董事、终端BG董事长余承东介绍，尚界H5上市即搭载华为乾崑智驾ADS 4，全系标配3颗4D毫米波雷达、鸿蒙座舱，主驾迎宾+3D人脸识别+电子 萌宠+超流畅导航一应俱全，且支持手表控车和星闪车钥匙，同时，无麦K歌2.0、HUAWEI ...

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Group 1 - Dongfeng Motor Group Co., Ltd. announced the establishment of a joint venture focused on the manufacturing and sales of smart off-road vehicles, in collaboration with Dongfeng Motor Co., Xiangyang Holdings, and Xiangao Investment [1][4] - The registered capital of the new joint venture amounts to 8.47 billion yuan, with Dongfeng Group contributing 3.55 billion yuan in the form of intangible asset usage rights, including proprietary technology for vehicle preparation and trademarks [4] - The shareholding structure of the joint venture includes Dongfeng Group holding 41.9%, Dongfeng Motor Co. at 10.9%, Xiangyang Holdings at 34%, and Xiangao Investment at 13.2% [4] Group 2 - The establishment of the new joint venture represents a significant move for Dongfeng in the smart off-road sector and is part of its deepening collaboration with Huawei [4] - The new company will engage in extensive cooperation with Huawei in areas such as smart vehicle product development, marketing, and ecosystem services, leveraging Huawei's integrated product development and marketing methodologies [4][5] - This collaboration is expected to enhance Dongfeng's capabilities in automotive intelligence and create differentiated competitiveness in the high-end new energy off-road market [5]

Group 1 - Dongfeng Motor's Chairman Yang Qing met with Huawei's founder Ren Zhengfei and Vice Chairman Xu Zhijun to discuss strengthening strategic cooperation and innovation in corporate governance [1] - The discussions included topics such as industry competition, corporate mechanism innovation, and the ongoing collaboration between Dongfeng Motor and Huawei [1] - Dongfeng Motor is actively promoting the transition to new energy and intelligent vehicles, aiming to deepen strategic alignment with Huawei to face industry changes and market challenges [1] Group 2 - At the Huawei Connect 2025 summit, Dongfeng Motor and Huawei unveiled a joint innovation laboratory, marking a significant milestone following their strategic cooperation agreement signed in May 2025 [2] - The joint innovation lab will focus on four core areas: vehicle software development, advanced intelligent driving technology, AI applications, and breakthroughs in embodied intelligence [2] - Huawei has established itself as a significant player in the high-end smart vehicle market without manufacturing cars, collaborating with multiple automotive groups, including Dongfeng Motor [2]

Investment Rating - The automotive industry is rated as "Outperform" compared to the market index [3][11]. Core Insights - The automotive sector experienced a weekly increase of 2.95%, outperforming the Shanghai Composite Index, which declined by 0.44% [3][5]. - Tesla's strategic shift towards AI and robotics, particularly with the launch of the AI5 chip, is expected to significantly enhance productivity and drive future growth [3]. - The report highlights the emergence of a concentrated market structure in smart vehicles, driven by leading companies leveraging AI and computational power [3]. Summary by Sections Industry Performance - The A-share automotive sector index closed at 8,106.5 points, ranking 4th out of 31 sectors [3][5]. - The top-performing sub-sectors included automotive parts (+4.29%) and passenger vehicles (+1.89%), while commercial vehicles saw a decline of 0.98% [3][7]. Stock Performance - The top five A-share stocks in the automotive sector this week were: - Junsheng Electronics (+44.25%) - Shanzi Gaoke (+39.71%) - Kaiter Co. (+33.76%) - Kebo Da (+32.17%) - Wanxiang Qianchao (+31.93%) [3][8]. - In the Hong Kong market, the top performers included: - Dechang Motor Holdings (+40.61%) - NIO (+21.88%) - Nexperia (+18.73%) [3][9]. Strategic Developments - Tesla's "Macro Plan 4.0" focuses on AI and robotics, with expectations that 80% of its future value will come from the Optimus robot [3]. - The AI5 chip, produced using TSMC's 3nm technology, boasts a performance increase of 3-5 times over its predecessor, with significant enhancements in memory and processing capabilities [3]. - The report suggests that the shift towards smart vehicles will create increased demand for testing and inspection services, highlighting opportunities for companies like China Automotive Research [3].

Core Viewpoint - BYD's Tang DM-i Intelligent Driving Version 175KM Long Range Edition has been launched, emphasizing its comprehensive capabilities in aesthetics, luxury, intelligence, safety, and efficiency, aiming to strengthen its market position in the B-class SUV segment [1][9]. Aesthetics - The new model features a newly developed Liuguang Silver exterior color inspired by traditional Chinese porcelain, combined with a modern nano-level pearlescent coating for a multi-layered light refraction effect, showcasing a refined national style [3]. - The interior offers a new Xiahong color scheme, enhancing the vehicle's aesthetic appeal with a strong sense of Eastern poetic beauty [3]. Intelligence - The vehicle is equipped with the "Tian Shen Zhi Yan" advanced driver assistance system and the high-end DiLink 100 intelligent cockpit, which includes new parking features and enhanced entertainment options [5]. - The intelligent cockpit also features a car refrigerator with a capacity of 6.9L, capable of holding six 550ml bottles, and can be controlled via buttons or voice commands [6]. Safety - The Tang DM-i Intelligent Driving Version includes the TBC high-speed tire blowout stability system, which ensures vehicle stability during high-speed driving in the event of a tire blowout [5]. - The vehicle's intelligent chassis control system can respond in milliseconds to maintain stability, with lateral deviation kept under 0.75m [5]. Performance - The vehicle utilizes the fifth-generation DM technology, achieving a fuel consumption of only 4.7L/100km under NEDC conditions, with a pure electric range of 175km in long-range mode [8]. - The new battery pack has an energy density of 114.9wh/kg and supports fast charging with a maximum power of 53kW [8]. User Experience - The model targets three main scenarios: family use, self-driving travel, and professional commuting, providing a comprehensive and comfortable experience for users [9][11][15]. - For family scenarios, safety features like AEB and the TBC system enhance protection, while the vehicle's comfort and aesthetics cater to family needs [11]. - For self-driving travel, the vehicle's long electric range and low fuel consumption make it economical for family trips [13]. - For professionals, the advanced driver assistance system and intelligent cockpit features provide a seamless commuting experience [15]. Conclusion - The Tang model has sold over 830,000 units in ten years, and the new version aims to support daily family life while offering a reliable option for travel and commuting [17]. - BYD is expanding its services for Tang owners, including vehicle pick-up and drop-off services, enhancing customer convenience [17].

Core Viewpoint - The stock of Seres has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 229.847 billion yuan, indicating a mixed performance in the market [1]. Financial Performance - For the first half of 2025, Seres reported a revenue of 62.402 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders increased by 81.03% to 2.941 billion yuan [2]. - Cumulatively, Seres has distributed 2.696 billion yuan in dividends since its A-share listing, with 2.084 billion yuan distributed over the past three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Seres decreased by 20.44% to 177,500, while the average number of circulating shares per person increased by 25.68% to 8,505 shares [2]. - Major institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 13.9471 million shares, and several ETFs that also increased their positions [3]. Stock Performance - Year-to-date, Seres' stock price has risen by 6.27%, with a slight decline of 1.25% over the last five trading days, and an increase of 3.57% over the last 20 days [1].

Group 1 - The core viewpoint of the article emphasizes that smart cars are a revolutionary terminal in the AI era, characterized by decentralization and technological equity, which will transform social productivity and relationships [1] - The shift in the AI era is moving from "traffic is king" to "product is king," indicating that the value of smart cars will depend on their complexity in helping humans complete tasks rather than user scale [1] - The Robotaxi market is projected to reach a scale of 83.1 billion yuan by 2030 and increase to 709.6 billion yuan by 2035, highlighting significant growth potential in the industry [1] Group 2 - The smart car ETF (159889) tracks the CS Smart Car Index (930721), which selects listed companies involved in smart car terminal perception and platform applications from the Shanghai and Shenzhen markets [1] - The index components cover multiple sub-sectors closely related to the development of smart car technology, including but not limited to autonomous driving and vehicle networking [1] - Key elements in the industry chain include chips, algorithms, and data closed-loop capabilities, with technology providers and operators expected to become the core profit segments [1]

Core Points - The stock price of Liou Co., Ltd. increased by 2.10% on September 22, reaching 6.33 CNY per share, with a trading volume of 1.09 billion CNY and a turnover rate of 2.99%, resulting in a total market capitalization of 42.865 billion CNY [1] - Year-to-date, Liou Co., Ltd. has seen a stock price increase of 106.80%, with a 5-day increase of 5.68%, a 20-day increase of 31.06%, and a 60-day increase of 80.86% [1] - The company has appeared on the daily trading leaderboard 20 times this year, with the most recent appearance on September 10, where it recorded a net buy of 412 million CNY [1] Financial Performance - For the first half of 2025, Liou Co., Ltd. reported a revenue of 9.635 billion CNY, a year-on-year decrease of 9.62%, while the net profit attributable to shareholders increased by 164.28% to 478 million CNY [2] - The company has distributed a total of 765 million CNY in dividends since its A-share listing, with 395 million CNY distributed over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders of Liou Co., Ltd. was 508,800, a decrease of 10.49% from the previous period, with an average of 11,497 shares held per shareholder, an increase of 11.72% [2] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 57.556 million shares, a decrease of 15.3662 million shares from the previous period [2]

Summary of the Conference Call on Shengyi Technology Industry Overview - The copper-clad laminate (CCL) industry in mainland China has become a global manufacturing center, with a market size reaching 69.4 billion yuan in 2022 and expected to grow to 71.2 billion yuan in 2023, indicating stable growth in the market [2][4] - The cost structure of CCL includes 42% from copper foil, 26% from resin, and 19% from fiberglass cloth, making raw material price fluctuations significantly impactful on costs [6] Key Insights and Arguments - CCL manufacturers have strong bargaining power against downstream PCB manufacturers, allowing them to transfer cost pressures effectively [7] - The improvement in raw material prices and demand is expected to drive CCL prices upward, with recent data from Taiwanese companies showing stable revenue growth [8] - The development of 5G communication and smart vehicles is increasing the demand for high-frequency and high-speed CCL materials, particularly for applications like millimeter-wave radar and laser radar [9][10] - The AI industry's growth is driving an increase in server market demand for computing power, which in turn boosts the demand for PCBs and CCLs, with high-end servers requiring strict specifications [11] Shengyi Technology's Position - Shengyi Technology is one of the leading manufacturers of rigid CCL globally, holding approximately 12% market share with a total production capacity of about 100 million square meters [2][13] - The company has maintained R&D investment at around 5% of sales, which helps to close the gap with global leaders and develop products with varying coefficient parameters [3][18] - Shengyi's product applications span across multiple sectors, including 5G antennas, high-end servers, and automotive electronics, positioning the company well to benefit from the rising demand in these areas [13][19] Future Trends and Developments - The PCB industry is expected to see an increase in layer counts and transmission speeds, driven by advancements in CPU and GPU technologies [12] - Shengyi Technology is focusing on developing high-specification products to meet the growing demands of the AI industry, anticipating a supply-demand imbalance in the CCL market [20] Additional Important Points - The company has a diversified shareholding structure, with no single shareholder holding more than 30% of the shares, ensuring a balanced governance model [14] - Shengyi experienced a two-year period of stagnation post-2021 due to oversupply but is now entering a favorable turning point driven by the AI industry [15][16] - The high-frequency and high-speed CCL market is dominated by companies like Rogers and Panasonic, but Shengyi is competitive in terms of technical specifications [17]