魏牌迎来第八年第十次换帅。长城汽车董事长魏建军清楚，他和他数次更换的团队，都曾陷入一种"高 估能力的幻觉"。 "的的确确做一个品牌，这件事很难讲清楚。"他在一次交流中对《21汽车·一见Auto》坦言。自2016年 诞生以来，这个承载着长城乃至中国品牌最早高端化梦想的品牌，始终在摸索属于自己的长久路径。 构建体系的第一步，往往是找到驾驭体系的人。8天前，长城汽车内部完成了一项关键人事调整：哈弗 品牌总经理赵永坡通过微博宣布，正式兼任魏牌CEO。自2016年诞生以来，魏牌在八年内迎来了第十任 品牌负责人，其更迭频率在业内罕见，其前任包括冯复之、刘艳钊、陈思英、李瑞峰等。 "实际上每一个公司都有高端化的梦想。"魏建军说，但运营一个成功的汽车品牌需要涉及全链条的复杂 体系，而中国品牌在这条路上至今没有真正跑通的先例。 魏牌曾是长城乃至中国品牌冲击高端的先驱，其首款产品VV7在2017年月销一度破万。但随后因技术路 线、产品定义与市场节奏等问题陷入长期低迷。 魏建军说，魏牌的高端化定位没有变化。为了专注做高端，魏牌一改过往策略，将资源全力押注于 "大 六座SUV" 品类，推出全新蓝山与高山车型，并启动大规模的直营渠道建 ...

Core Viewpoint - The innovation in new energy vehicles (NEVs) should prioritize safety and practicality, avoiding "pseudo-innovation" that could lead to safety hazards [1][2] Group 1: Innovation and Safety - NEVs should not solely pursue the highest performance metrics in terms of range and charging speed; instead, they should find a "greatest common divisor" suitable for user scenarios through extended range, fast charging, and battery swapping [1] - The development of intelligent NEVs is highlighted as a significant achievement for China's automotive industry, with nearly 60% penetration of new NEVs in the market [1] Group 2: Challenges in the Industry - The Chinese automotive industry faces low profit margins due to internal competition, while leading companies from Europe, the US, and Japan leverage high profits from traditional fuel vehicles to compete in the Chinese market [1] - There is a need to address human factors in safety concerning human-machine collaboration in intelligent NEVs, emphasizing that drivers remain the primary responsible party [2] Group 3: Global Expansion of Chinese NEVs - Successful international expansion of Chinese automotive brands relies on government top-level design and collaboration among domestic enterprises [2] - It is essential to plan the industrial chain effectively, ensuring the development of core technologies and key components that can counter foreign competition [2] - Supporting measures such as maintenance and local talent training must accompany the internationalization of Chinese automotive products [2]

伯特利表示，本次投资是基于公司战略发展规划及业务协同需要，在保障主营业务稳定发展的前提下，借助专业投资机构的经验，精准把握人形机器人赛道 的发展机遇。一方面能够提升公司自有资金的使用效率，另一方面有助于拓展新业务边界，扩大公司规模，进一步增强核心竞争力。 此外，公告还披露了伯特利与私募基金合作投资的总体情况。截至目前，公司通过伯金创投已累计投资1亿元，其中2025年11月8日披露的对上海沃兰特航空 技术有限责任公司的5000万元投资已完成投资款支付，此次对睿尔曼智能的投资为第二项重点布局。两项投资分别聚焦低空经济与人形机器人领域，凸显了 伯特利在新兴产业赛道的多元化布局战略。 12月29日，伯特利发布公告，披露其与私募基金合作投资事项的最新进展。公司通过与厦门纵横金鼎私募基金管理有限公司共同设立的共青城伯金创业投资 合伙企业（有限合伙），完成对睿尔曼智能科技(北京)有限公司的投资协议签署，投资金额为5000万元，标志着伯特利在人形机器人等新兴领域的布局进一 步深化。 据公告显示，伯金创投成立的核心目的是聚焦中国境内外人形机器人、汽车智能化、出行新技术、低空经济等新兴领域，投资具有高成长性的未上市企业股 权，同 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603596 证券简称：伯特利 公告编号：2025-103 转债代码：113696 转债简称：伯25转债 芜湖伯特利汽车安全系统股份有限公司 与私募基金合作投资事项进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、合作投资基本概述情况 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）基于公司战略发展规划及业务协同需要，把 握相关产业发展机遇，与厦门纵横金鼎私募基金管理有限公司（以下简称"金鼎私募"）共同投资设立共 青城伯金创业投资合伙企业（有限合伙）（以下简称"伯金创投"）。伯金创投主要用于投资中国境内外 包括但不限于人形机器人、汽车智能化、出行新技术、低空经济等新兴领域具有高成长性的未上市企业 股权，兼顾投资新三板已挂牌、股权类基金份额等普通合伙人认为符合企业利益及法律规定允许投资的 其他投资机会。具体内容详见公司 2025年7月16日在上海证券交易所网站（www.sse.com.cn）上披露的 《伯特利对外投资公告》（公告编号 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The automotive sector is expected to face a decline in passenger car year-on-year growth by the end of 2025 due to high base effects and the temporary withdrawal of some local trade-in subsidies. However, the high-end market is anticipated to perform relatively better in 2026, particularly for domestic brands with quality offerings priced above 300,000 yuan [4][14] - The integration of Geely Auto and Zeekr has been completed, marking a new phase for Geely, which aims to enhance collaboration across technology, products, supply chains, manufacturing, marketing, and international resources [6][12][29] - The central government has confirmed the continuation of the "National Subsidy" policy for 2026, with multiple cities already beginning to deploy new trade-in platforms [6][12][30] Summary by Sections Passenger Vehicles - By the end of 2025, the year-on-year growth rate for passenger vehicles may decline due to high base effects and the temporary exit of some trade-in subsidies. The high-end market is expected to see better performance in 2026, with recommendations for companies like JAC Motors, Geely, Xpeng, Great Wall Motors, SAIC Motor, Li Auto, Seres, and BYD [4][14][15] Auto Parts - High-level intelligence is penetrating lower-priced models, benefiting related auto parts. Recommended companies include Huayang Group, Desay SV, Kobot, and Jingwei Hirain. Companies with strong operational cycles such as Fuyao Glass, Yinlun, Bojun Technology, Wuxi Zhenhua, Songyuan Safety, and Xingyu are also recommended [4][15] Commercial Vehicles - The demand for heavy trucks is expected to recover in 2025, with recommendations for companies like Weichai Power, Foton Motor, and China National Heavy Duty Truck Group. The bus sector is also expected to see growth in both domestic and export markets, with Yutong Bus as a leading recommendation [4][15] Market Performance - From December 22 to December 26, 2025, the automotive sector outperformed the Shanghai Composite Index, with the automotive index rising by 2.7% compared to the index's 1.9% increase. The passenger vehicle segment saw a 3.3% increase, while commercial vehicles remained stable [6][16]

Core Insights - The report maintains a "Recommended" rating for the automotive industry, emphasizing that there are opportunities despite potential challenges in 2026 [1][2] - The automotive sector showed a 20% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 index, which increased by 16.8% [3] Group 1: Industry Overview - The automotive industry is expected to experience a strong performance in commercial vehicles while passenger vehicles may face challenges in 2026 [4] - The report highlights that the passenger vehicle market in 2025 was supported by trade-in policies, leading to stable performance, but anticipates pressure on total volume in 2026 [4] - The heavy truck segment is projected to see positive growth in 2026, driven by domestic demand recovery and increased exports [4] Group 2: Opportunities in Passenger Vehicles - The report identifies a significant opportunity in the high-end passenger vehicle market, particularly for models priced above 300,000 yuan, which is expected to continue to grow [4][5] - Domestic brands are anticipated to make substantial advancements in the high-end market with new models launching in 2026 [5] Group 3: Heavy Truck Market Insights - The heavy truck market is expected to benefit from a recovery in domestic demand and a favorable export environment, with wholesale volumes projected to grow positively in 2026 [4][5] - The report notes that the penetration rate of electric heavy trucks may stabilize in 2026 after significant increases in 2025, which could positively impact profitability [5] Group 4: Smart Driving and Technology - The report discusses the acceleration of high-level autonomous driving technology penetrating lower-priced models, which is expected to drive volume growth in 2026 [5] - The introduction of new AI-driven cockpit technologies is anticipated to enhance the value of smart cabins, creating additional investment opportunities in related components [5] Group 5: Robotics Sector - The report indicates that the humanoid robotics sector is entering a new phase, with significant growth potential for leading manufacturers and their supply chains [5] - The collaboration between domestic and international manufacturers is expected to enhance production capabilities and technological advancements in humanoid robots [5] Group 6: Investment Recommendations - The report recommends several companies for investment, including Jianghuai Automobile, Top Group, and BYD, highlighting their potential in the evolving automotive landscape [6][9] - Specific recommendations for heavy truck manufacturers include China National Heavy Duty Truck Group and Weichai Power, which are expected to benefit from industry growth [6][9]

纳智捷的兴衰，是传统车企在汽车产业变革浪潮中折戟的典型样本。2009年，裕隆集团发布纳智捷品牌，定位高端自主汽车品牌，试图在德系、日系等外 资品牌之外开辟本土赛道。2010年，东风汽车与裕隆集团携手成立东风裕隆，纳智捷以"两岸合作汽车品牌"的独特身份叩开大陆市场大门。恰逢SUV赛道 爆发，纳智捷大7SUV凭借越级电子配置与宽敞驾乘空间迅速走红，成为当时的现象级车型，2015年品牌在大陆市场的销量达6.03万辆巅峰。 备受关注的纳智捷收购案近日正式落锤。裕隆集团以7.876亿元新台币（约合人民币1.76亿元），将纳智捷100%股权出售给鸿海科技集团（富士康）与裕 隆集团合资成立的鸿华先进科技公司。 不过，光鲜销量的背后，技术硬伤早已埋下隐患。其搭载的2.2T发动机技术陈旧，匹配低效传动系统，拥堵路况下百公里油耗逼近20L，"油老虎"的调侃 在互联网快速发酵，成为品牌难以摆脱的负面标签，叠加二手车残值率极低，加剧品牌口碑崩塌，销量自2016年起持续断崖式下滑。 在行业向高效、电动化、智能化转型的关键期，纳智捷未能跟上技术迭代节奏。当主流车企纷纷攻坚发动机热效率提升、轻量化设计与电动化技术时，纳 智捷仍执着于电子配 ...

电子铜箔与覆铜板作为现代电子工业不可或缺的核心基础材料，已深度融入5G通信、消费电子、汽车 电子、智能穿戴、医疗电子、物联网及航天军工等多个高增长领域。当前，集成电路、汽车智能化、 5G通信等主要应用领域均为我国重点扶持与推动的战略性产业，在政府工作报告、"十五五"规划建议 等重要政策文件中被反复提及并获得大力支持与鼓励，为电子铜箔和覆铜板行业的长期稳定发展提供了 坚实的政策支撑与广阔的市场空间，也为宝鼎科技业绩持续发展提供了重要机遇。 除了在高端材料领域持续深耕，宝鼎科技全资子公司河西金矿也为公司提供了重要增长动能。据《河西 矿区金矿2024年储量年度报告》，截至2024年末，河西矿区保有金储量合计矿石量160.17万吨，对应金 金属量4.54吨；保有金资源量合计矿石量386.50万吨，对应金金属量10.96吨，矿石平均品位达2.84克/ 吨，资源基础扎实。 10月16日，宝鼎科技全资子公司河西金矿的"河西矿区资源整合开发工程（一期）项目"已顺利完成竣工 验收，标志着河西金矿"30万吨/年"项目正式进入生产阶段，将显著释放公司金矿石的开采能力，为公 司带来新增成品金产量与销售收入，有效提升公司的盈利水平和综 ...

Core Viewpoint - The A-share market is experiencing a comprehensive upward trend in 2025, with significant recovery in market sentiment, as evidenced by the performance of active equity funds [1][6]. Fund Performance - As of December 25, 2025, nearly 4,700 active equity funds have been analyzed, with only 194 showing negative returns this year, while over 4,500 funds achieved positive returns [1][6]. - Among these, 83 funds have returns exceeding 100%, with the top ten funds all surpassing 144%. The fund "Yongying Technology Smart A" leads with a return of 237.66% [1][6]. - Over a three-year period, the top twenty funds have all returned over 160%, with an average return of 193%. "Dongwu New Trend Value Line" tops this list with a return of 279.67% [2][7]. Fund Types and Strategies - Flexible allocation funds have shown significant adaptability, with ten such funds in the top twenty achieving an average return of 208%, outperforming eight equity mixed funds at 183% and two ordinary stock funds at 161% [2][7]. - Notably, funds focused on the Beijing Stock Exchange have performed well, with three funds averaging a three-year return of 208%, including "Huaxia Beijing Stock Exchange Innovation Small and Medium Enterprises Selected" at 272.71% [2][7]. Fund Size and Management - "Debang Xinxing Value A" leads in size with 8.985 billion yuan, followed by "Dongwu Mobile Internet A" at 7.996 billion yuan, and "Jingshun Longcheng Stable Return A" at 6.061 billion yuan [3][8]. - Fund manager Liu Yuanhai from Dongwu Fund has notably managed three funds that made the list, achieving an average three-year return of 243% [3][8]. Investment Themes - The investment focus is shifting towards AI and technology growth, with an emphasis on sectors such as AI hardware, smart driving, and humanoid robots, as highlighted by Liu Yuanhai [4][9]. - The automotive intelligence industry is expected to reach a pivotal point in 2025, transitioning from a nurturing phase to rapid growth, with significant increases in penetration rates anticipated [10]. Future Outlook - The leading active equity funds illustrate two main investment themes: technology growth centered on AI and the "specialized and innovative" focus of the Beijing Stock Exchange [11]. - The fund assessment system is evolving towards greater precision and transparency, with a trend towards longer evaluation periods, emphasizing three-year or longer performance metrics [11].

鸿蒙智行全系43个月，累计交付突破100万辆。 大家可能会觉得这只是又一个枯燥的行业里程碑。但如果把时间轴拉长，把背景板换成过去三年的价格战，这个数字的含金量就完全不同了。 刚刚过去的11月，行业里充满了焦虑的降价声，但鸿蒙智行交出的答卷是：全系交付破8万台，同比增长89.61%。在总量几乎见顶的存量市场里，接近 90%的增长并不是凭空创造的需求，而是从传统老钱BBA那里硬生生抢下来的份额。 月均8万多台的销量，意味着市场权重的剧烈转移，是一场关于汽车定价权、供应链重构以及豪华定义权的降维打击。 2025年的狂飙只是序曲，明年，这支军团将全面开战：智界进军豪华MPV、尚界切入主流轿跑、问界巩固SUV全矩阵、享界探索越野与旅行、尊界强攻 超豪华顶层。从家用到性能，从城市到野外，鸿蒙智行的产品网络正覆盖几乎所有出行场景。 蓄力之年已过，真正的大戏即将开场。余承东直言，下一百万，"只需要十来个月就行"。随之而来的，是中国汽车产业从未有过的、对旧有豪华格局的全 面替代。 值得一提的是，与BBA、保时捷、玛莎拉蒂、捷豹等一路"丢盔卸甲"降价换量不同，鸿蒙智行反而成交均价越走越高，目前其品牌成交均价达到39万元， 而奔驰 ...