随着4月股市交易收官，各券商新一期的月度金股也陆续出炉。 回顾4月，券商金股展现出较强的超额收益能力，最牛金股4月大涨83%，由3家券商共同推荐。近四成券商的金股组合4月收益率为正，东北证券、华西证券收益率 超10%。 4月，A股三大指数月线集体收跌，其中创业板指跌逾7%。券商金股却整体表现出较强的超额收益能力，牛股频现。 每市APP显示，券商推荐的4月金股中表现最牛的是万辰集团，主营量贩零食业务，由信达证券、华西证券、东北证券三家券商共同推荐，在4月份大涨83%。涨幅 第二的是农药创新药龙头先达股份，4月大涨61%，由东北证券独家推荐。 涨幅第三的是长城证券推荐的科兴制药，4月上涨55%；排名第四的是华源证券推荐的民士达，4月上涨近55%。此外，4月涨幅较高的金股还包括锦波生物、盐津铺 子、上美股份，单月 均 涨超40%。 从各券商推荐的金股当月表现来看，每市APP收录的46家券商金股数据中，有17家在4月实现正收益，占比约37%。 每市APP显示，东北证券金股组合以13.28%的月收益率拔得头筹，东北证券在4月推中数只大牛股，例如推荐的万辰集团、先达股份4月分别大涨83%、61%。 华西证券则以10.57 ...

Core Viewpoint - The local supply chain is reshaping the global automotive industry landscape through technological breakthroughs, rapid response, and cost advantages, with future competition in the smart automotive industry focusing on ecosystem collaboration and supply chain integration efficiency [3][4]. Group 1: Industry Trends - The competition among automotive companies is shifting from electrification to intelligence, with in-vehicle chips becoming strategic resources for automakers [4]. - The 2025 Shanghai Auto Show featured a dedicated "China Chip Exhibition Area," showcasing over 1,200 domestic automotive chips from more than 150 member units of the China Automotive Chip Industry Innovation Strategic Alliance, marking the largest participation in history [4][5]. - Major chip companies like Horizon Robotics and Black Sesame Intelligence unveiled new products and strategic partnerships at the auto show, indicating a race among domestic chip manufacturers to seize market opportunities [4][5]. Group 2: Technological Developments - Intel participated in the Shanghai Auto Show for the first time, launching its second-generation SDV (AI-enhanced Software Defined) SoC and announcing a collaboration with Black Sesame Intelligence to develop a cockpit-driving integration platform [5]. - The new platform aims to achieve deep integration of cockpit interaction and assisted driving functions, supporting scenarios from L2+ to L4, with a reference design planned for release in Q2 2025 [5]. - Black Sesame Intelligence also announced the mass production of a domestic single-chip central computing platform based on the Wudang C1296 chip, marking a significant step in integrated cockpit solutions [6]. Group 3: Market Dynamics - The global smart driving auxiliary chip market, traditionally dominated by NVIDIA and Tesla, is experiencing shifts as domestic chip companies gain traction [7]. - According to a report, in 2024, the global installation volume of smart driving domain control chips is projected to reach 5.28 million units, with NVIDIA's Drive Orin-X series holding nearly 40% market share and Tesla's FSD at 25.1% [7]. - Domestic chip companies like Horizon Robotics and Black Sesame Intelligence are forming partnerships with multiple OEMs, emphasizing the importance of large-scale production for their survival [7]. Group 4: Competitive Landscape - Domestic chip companies possess advantages such as supply chain security, cost-effectiveness, and rapid service response, which are increasingly valued by automakers amid geopolitical tensions [7]. - However, many domestic chip products are primarily suited for entry-level smart driving assistance systems, typically found in vehicles priced below 200,000 yuan, while high-end products from brands like NIO, Xpeng, and Li Auto still rely heavily on NVIDIA [7]. - The competition with NVIDIA in high-end smart driving chips is expected to intensify in the coming years, as domestic companies work to close the performance and functionality gap [8].

发布会结束后，就辅助驾驶、用户服务等话题，21世纪经济报道等媒体采访了卢放和岚图汽车CBO、 销售公司总经理邵明峰。 "我们一直讲安全是最大的用户力。"卢放介绍道，岚图内部一直在讨论岚图未来最核心的能力是什么， 大多数人都认为是保障用户安全出行的能力。"这是我们团队的共识。" 围绕用户，岚图从今年开始打造服务百万用户的服务体系。据邵明峰介绍，岚图一方面会持续提供超越 用户期待的产品，另一方面会加速建设渠道网络、持续推进"千站万桩"计划。"到2026年二季度末，我 们会投入接近30亿用于'千站万桩'计划、20亿用于渠道建设。" "我们的车和其他车的区别在于，既有聪明的大脑又有强健的体魄，两者兼有。"上海车展期间，岚图汽 车CEO卢放在接受21世纪经济报道等媒体采访时这样说道。 本届车展，岚图最大的看点是亮相了运动型SUV岚图 FREE+。相较于2021年上市的岚图首款车 FREE， 岚图FREE+与华为牵手，是首搭华为乾崑智驾HUAWEI ADS 4和鸿蒙座舱HarmonySpace 5的车型。 从"新能源驾控标杆"的运动型SUV，岚图FREE+ 进化为"智慧全能战士"，"志在冲击中大型新能源SUV 市场TOP ...

Group 1: Industry Trends and Developments - The 2025 Shanghai Auto Show features 23 supply chain companies in the vehicle exhibition hall, showcasing advancements in intelligent driving solutions, smart cockpits, automotive-grade chips, power batteries, and charging stations [1] - The exhibition area for automotive technology and supply chain reached approximately 100,000 square meters, highlighting the growing importance of these sectors in the automotive industry [1] - Domestic players like Momenta and Horizon are increasingly penetrating the automotive supply chain, leading to a rise in self-research proportions among car manufacturers [2] Group 2: Key Product Launches - Black Sesame Intelligence launched the Huashan A2000 family of chips aimed at enhancing high-level intelligent driving capabilities [2] - CATL showcased its second-generation sodium-ion battery, which aims to achieve breakthroughs in both range and safety [2] - Bosch introduced its AI smart cockpit platform and an end-to-end model-based urban intelligent driving solution at the auto show [3] Group 3: Competitive Strategies - Valeo emphasized three strategies to tackle fierce competition in the Chinese market: Go newer, Go deeper, and Go together, focusing on innovation, system integration, and collaboration with local manufacturers [5][6] - Visteon is leveraging AI, ecosystem integration, and localized innovation to address competitive pressures, collaborating with tech giants like ByteDance and Qualcomm to enhance its product offerings [7][8] - Continental Group announced the spin-off of its automotive division into a separate entity, Aumovio, to enhance decision-making agility and market responsiveness, with a focus on software-defined vehicles and smart mobility solutions [9][10]

Group 1 - The core concept of the articles revolves around the rapid advancement and widespread adoption of intelligent driving technology in the Chinese automotive industry, with a significant focus on the transition from luxury to mainstream vehicles [1][10][15] - By 2025, the penetration rate of Level 2 and above intelligent driving is expected to reach 21.4%, indicating a shift towards more accessible technology for entry-level models [1][10] - Chinese intelligent driving companies are predicted to capture 33% of the global market by 2030, with technology exports potentially exceeding $100 billion, showcasing their competitive edge in sensor technology, algorithms, and cost control [2][10] Group 2 - The market for automotive electronics and intelligent systems is expected to grow rapidly, with the domain controller market seeing significant increases due to the dual drivers of hardware affordability and software evolution [4][6] - The global market for L2+ systems is projected to reach $4 billion by 2042, with advanced driver-assistance systems (ADAS) becoming standard in new vehicles [6][10] - The integration of robotics and intelligent driving technology is emerging as a new frontier, with companies like Zhixing Technology exploring applications in various sectors, including low-altitude logistics and industrial automation [8][12][15] Group 3 - The trend of "technology democratization" is evident as intelligent driving technology transitions from being a luxury feature to a standard offering in vehicles, driven by cost reductions in hardware and advancements in software [10][12] - Companies are increasingly diversifying their business models by incorporating robotics into their portfolios, positioning themselves as "smart mobility solution providers" [15][17] - The competition in the intelligent driving sector is intensifying, with leading companies focusing on building ecosystems that integrate both automotive and robotic technologies, indicating a shift towards a more collaborative and innovative industry landscape [17]

为智驾担责兜底，要魄力更要实力。 虽然常年盘旋在万米高空，但飞机可能是目前最安全的交通工具。 国际航空运输协会的数据显示，飞机每百万次飞行总事故率是1.01，每100万次飞行才会发生1起事故。也就是说，每天搭乘两次航班，也要1369年才会遇到 一次事故。 这种极致安全源自飞机的冗余设计哲学，比如配备双引擎，在单引擎失效时也能维持正常飞行，再比如机翼前缘缝翼的"双通道驱动"设计，单个系统失效时 仍可操作。得益于出色的安全冗余设计，飞机的事故率极低。 如今，这种安全冗余设计在汽车上得到复制，甚至超越。 近日，第二十一届上海国际车展正式开幕，广汽埃安在车展上首次展出了与滴滴自动驾驶合作的前装量产L4级高度自动驾驶车。 据介绍，这辆车的整体安 全目标是超出普通航空水平1000倍。 这辆车并不是遥不可及的期货，广汽埃安表示，前装量产L4级高度自动驾驶车预计在今年底就可以量产交付，明年会逐步在广州和北京的部分区域进行示 范运营。到了2027年广汽埃安还将面向个人用户推出。 更重要的是，在车型亮相的同时，广汽埃安宣布：将为未来L4车型的自动驾驶安全担责兜底。当L4级高度自动驾驶车量产在即，智驾责任划分也有了新的 进展，这不 ...

21世纪经济报道记者 易思琳 北京报道 上海车展上，零跑亮相了旗下主攻10-15万元级B系列的第二款车型——零跑B01。 数据显示，2024年，零跑汽车出口了1.37万辆汽车。今年一季度，在海外市场上不仅在批发、零售的层 面增长非常迅速。朱江明说，预计全年实现5万到8万台的海外销量是可以期待的——这一目标比年初公 布的5万辆有所提升，增幅超过50%。其中，欧洲市场是特别重点的市场。 除了欧洲市场，零跑今年在东南亚市场也将进入全阶段。4月中旬，零跑启动马来西亚本地化组装项 目，并计划于2025年年底前启动首款零跑车型C10的本地化生产。本地化生产可以有效的应对目前的关 税问题，避免销量出现过大的波动。 与此同时，零跑也在扩充在欧洲的渠道。根据零跑汽车副总裁曹力介绍，现在零跑网点加起来有1500家 左右，其中海外占500家。 另外，关于本地化的进展问题上，据悉，零跑已经走访了欧洲、东南亚等市场，考察本地化的进展以及 销售情况。目前来说欧洲还在做最终的选址决策阶段，其中，西班牙是零跑重点考虑的一个地方。 曹力透露，"从时间进展来说，我们还是希望速度加快，希望能够在2026年年中做本地化的落地。" 新车延续了零跑今年 ...

2025 年 04 月 30 日 车展见闻 看好 ——一周一刻钟，大事快评（W104） 本期投资提示： 业 及 产 业 汽车 ⚫ 核心风险：原材料价格波动风险，地缘政治风险，行业复苏不及预期 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 行 业 研 究 / 行 业 点 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 评 ⚫ 在本次车展展现了新能源汽车行业的重要变化。首先，在科技与智能化方面，中国供应 链在国际舞台上竞争力显著提升，展现出引领技术发展的潜力。合资品牌也在新能源转 型中积极突破，展现出高"含华量"。随着本地供应链渗透，预计合资新能源车将在价格 与竞争力上取得突破，合资品牌触底反弹的可能性值得关注。此外，理想、坦克等品牌 在不同价格带的强势表现，进一步体现了中国制造与供应链优势。细分市场竞争加剧， 今年将是新能 ...

在确保系统安全的前提下，还要平衡成本，如何在激烈的竞争中找到生存法则，在4月23日开幕的上海车展上，各家车企正在通过实际行动给出答案。 01 智驾下沉，自主品牌拓宽价格带 今年开年，"价格战"硝烟散去，车企意识到，一味降价对消费者的刺激有限，还会引发观望情绪，甚至透支品牌价值。于是，竞争的焦点开始转向智能 化。2月初，比亚迪宣布全系车型标配智驾功能，众多车企纷纷跟进，一夜间，整个行业进入"智驾平权"时代。 随着智驾功能的逐步渗透，多款15万级以内的新车开始搭载L2级辅助驾驶，显示出车企推动辅助驾驶技术下沉的决心。 虽然上述车型并不具备更复杂的功能，但已经实现了成本控制与技术下放的平衡，对技术普及起到了一定作用。当然，在更高价格段，车企也将智能辅助 驾驶功能"便宜"卖给用户。 理想汽车发布了L6焕新版，将智驾能力下沉，起售价进入25万元区间。新车全系标配激光雷达，Pro版主动安全性能对齐Max车型。此外，根据车型版本 搭载地平线J6M与英伟达Thor-U芯片，支持城市与高速辅助驾驶功能。 不难发现，在智能化竞争中，自主品牌正在以前所未有的速度渗透整个价格带。从微型车到中高端车型，智能辅助驾驶技术的成本下探与功能 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company experienced revenue growth of 19.12% year-on-year in 2024, reaching 7.025 billion yuan, but faced a decline in net profit by 20.14% to 303 million yuan [1][5]. - In Q1 2025, the company reported a revenue of 1.905 billion yuan, a year-on-year increase of 28.46%, and a net profit of 95 million yuan, up 39.99% year-on-year [2][3]. - The company is seeing strong growth in its emerging businesses, particularly in sensor and ADAS (Advanced Driver Assistance Systems) sectors, with significant order backlogs [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 70.25 billion yuan, with a net profit of 3.03 billion yuan, reflecting a 20.14% decrease [1]. - For Q1 2025, the revenue was 19.05 billion yuan, with a net profit of 0.95 billion yuan, marking a 39.99% increase year-on-year [2]. Business Segments - The sensor business generated 6.65 billion yuan in revenue in 2024, growing by 25.37% year-on-year, while the ADAS business had an order backlog exceeding 66.70 billion yuan as of Q1 2025 [3]. - The air suspension business also showed strong growth, with 2024 revenue of 9.93 billion yuan, up 41.80% year-on-year, and an order backlog of over 234.80 billion yuan [3]. Future Projections - The report forecasts revenues of 86.8 billion yuan, 108.4 billion yuan, and 130.6 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 5.0 billion yuan, 6.5 billion yuan, and 8.4 billion yuan [4][5]. - The expected EPS for 2025, 2026, and 2027 is 2.34 yuan, 3.05 yuan, and 3.90 yuan respectively, with corresponding PE ratios of 16, 12, and 10 [4][5].