文 ｜ 尹欣驰 李景涛 4月2 8日，工信部发布2 0 2 5年汽车标准化工作要点，其中提出需要强化驾驶辅助、自动驾驶等智能网联汽车标准供给。此前， 工信部召开闭门会议，进一步规范产业链公司对于辅助驾驶的宣传、发布、测试、OTA升级等活动。我们认为，产业链公司料 将重点提升产品成熟度与安全性：1）资源投入方面，预计主机厂将进一步收敛软硬件架构，以保证产品成熟度，并加速数据收 集；2）技术演进方面，能够提升系统鲁棒性的激光雷达有望加速渗透，功能边界明确、安全责任划分清晰的L3级别有条件自 动驾驶也有望获得更多资源投入。重点推荐智驾行业的头部公司。 从行业进展来看，工信部正有序推进试点工作，于2 0 2 4年6月发布首批智能网联汽车准入和上路通行试点名单，共有9个联合 体入选。从产业链公司的进展来看，华为已发布支持高速L3的ADS Ultr a，致力于推进相关功能的落地，尊界S8 0 0将成为 ADS Ultr a的首发车型之一。 ▍ 安全性将成为驾驶辅助的重要卖点，激光雷达有望逐步成为"标配产品"。 2 0 2 3年起，主机厂加速投放L2级别组合驾驶辅助功能。与视觉方案相比，激光雷达在夜间的识别能力更强，识别精 ...

姜娅｜中信证券 消费产业首席分析师 S1010510120056 消费｜离境退税细则落地，推广提速提振内需 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完 善。近日国家税务总局发布离境退税管理办法修订细则，三方面推动前期离境退 税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容 覆盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受 益；③进一步提升退税便利度。根据我们测算，乐观假设下离境退税市场潜在空间近 千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板 块包括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营 商、出行服务提供商、景区目的地。 风险因素：关税政策调整；经济增速下行超预期；入境游客数量增长不及预期；入境 游客消费能力弱于预期；政策落地效果不及预期等。 刘春彤｜中信证券 联席首席A股策略师 S1010520080003 亮马组合｜自下而上，发掘高确定性机会（202505） 亮马组合是基于策略聚焦观点和行业研究精选推荐，遴选出的月度金股组合。本篇报 告为2025年第5期，更新中信证 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.79 CNY, based on a 27x PE for 2025 [2][4]. Core Views - The company reported Q1 2025 revenue of 4.839 billion CNY, a year-on-year increase of 20.56%, but a net profit attributable to shareholders of 640 million CNY, down 14.78% [1][8]. - The decline in profitability is attributed to a lower proportion of military products, changes in product structure, and rising raw material costs, leading to a gross margin decrease to 28.44% (down 7.12 percentage points) and a net margin decrease to 13.91% (down 5.88 percentage points) [8]. - The company plans to repurchase shares worth between 150 million and 300 million CNY, representing 0.14%-0.28% of the total shares, to enhance investor confidence and internal motivation [8]. - The defense sector is expected to recover, and new industries such as civil aviation and satellite internet present growth opportunities, indicating potential for a return to high-quality growth [8]. Financial Information Summary - Revenue projections for 2025-2027 are 23.778 billion CNY, 27.536 billion CNY, and 31.978 billion CNY, respectively, with expected growth rates of 14.9%, 15.8%, and 16.1% [3]. - The net profit attributable to shareholders is projected to grow from 3.740 billion CNY in 2025 to 5.101 billion CNY in 2027, with growth rates of 11.5% and 17.5% [3]. - The company’s gross margin is expected to stabilize around 36.2% from 2025 to 2027, while the net margin is projected to be around 15.7% to 16.0% [3].

点对多点微波技术正逐步成为现代通信网络的核心支撑，凭借其高频段、高容量以及灵活的组网能力，满足多样化场景下的高速数据传输需 求。尤其是在毫米波（ 60GHz ）与 Sub-6GHz 频段，技术集成度高，涉及射频架构、动态频谱调度、抗干扰处理等多个维度，显著提升通信系 统的整体性能。在移动回传、固定无线接入以及低空安防、卫星通信等新兴领域中， PMP 系统展现出强大的适应能力，是远程地区网络覆盖与 城市密集区数据疏导的关键方案。 微波回程系统主要通过无线频谱（如微波频段）实现数据的传输，将来自无线基站或蜂窝塔的信号传输到核心网络或数据中心。这一系统主要 用于解决偏远地区或光纤部署成本高昂区域的网络连接问题，为移动网络运营商和互联网服务提供商提供高效、经济的传输解决方案。点对多 点微波回程系统通主要用于连接一个中心站点（如基站或数据中心）与多个远程站点（如用户终端、小型基站等）。该系统能够高效地分配和 传输数据，满足多个用户或设备的通信需求。 据 QYResearch 调研团队最新报告 " 全球点对多点微波市场报告 2025-2031" 显示，预计 2031 年全球点对多点微波市场规模将达到 35.3 亿美元， ...

Group 1: Company Performance and Financials - The company plans to distribute a cash dividend of RMB 0.52 per share for the fiscal year 2024, totaling RMB 68.76 million, which represents 61.10% of the net profit attributable to shareholders [3] - The company has gradually increased its cash dividend payout over the past three years, with distributions of RMB 30.42 million, RMB 71.41 million, and RMB 100.50 million from 2021 to 2023 [5] - The net profit change is minimal due to increased fixed costs from the newly operational Yangtze River Delta (Yancheng) intelligent connected vehicle testing facility [4] Group 2: Capital Expenditure and Investment Plans - Current capital expenditures are primarily for settling the remaining costs of the Yangtze River Delta intelligent connected vehicle testing facility [3] - Future capital expenditures will be arranged based on market demand and strategic planning [3] Group 3: Market Position and Strategic Initiatives - The company has signed contracts with multiple clients for the intelligent connected vehicle testing facility, laying the groundwork for capacity release [4] - The company is developing capabilities for low-altitude economy, including a testing platform for flying vehicles and a low-altitude flight monitoring platform [4] Group 4: Shareholder Relations and Market Management - The company emphasizes high-quality information disclosure and has received an A-level evaluation from the Shenzhen Stock Exchange for two consecutive years [5] - The company is considering stock buybacks in response to market conditions, with plans to evaluate this based on future strategic developments [6]

来源：环球网 2023年4月28日，由北京经济技术开发区管委会指导、中关村京津冀新能源汽车协同发展促进会主办 的"新能源·新动力·新资本"投融资沙龙在北京亦庄举行。活动旨在推动京津冀智能网联新能源汽车产业 要素对接，吸引17家投资机构与40余家产业链企业参与。 本次投融资平台汇聚国投招商等国家级资本、北京智能网联汽车产业基金等政府基金、北汽产投等企业 资本以及首钢基金等市场化机构，形成多元化投资矩阵。参会企业覆盖自动驾驶、车规芯片、氢燃料等 8大技术领域，涉及智能网联汽车全产业链关键环节。 北京经开区汽车产业局副局长赵利锋透露，作为国家级智能网联汽车集群核心区，经开区正规划建设 270万平方米"汽车智造创新城"，构建"一港四基地"产业布局。针对企业融资难题，将通过搭建产融对 接平台，完善"技术-资本-场景"联动机制。 中关村促进会表示，后续将建立常态化产融数据库，重点推进三方面工作：深化京津冀产业链协同机 制、构建国际技术转化通道、探索"技术+资本+场景"生态合作模式。数据显示，京津冀地区已形成年产 值超3000亿元的智能网联汽车产业集群，2023年一季度产业投资规模同比增长23%。 本次活动是《京津冀产业协 ...

Core Viewpoint - The project "Key Technology Research on Intelligent Processing and Innovative Application of Autonomous Driving Map Data" aims to enhance collaboration between ministries and provinces, addressing the needs for rapid and efficient acquisition, updating, and review of geographic information data for intelligent connected vehicles [1][2] Group 1: Project Overview - The project was initiated on January 2025 and involves 14 organizations, including the Ministry of Natural Resources and Mogan Mountain State Capital Holding Group [1] - Key tasks include building rapid review and regulatory capabilities for autonomous driving maps, updating maps from multiple sources, ensuring data security, and enhancing sensor detection capabilities for intelligent connected vehicles [1] Group 2: Industry Implications - The collaboration is seen as a significant step in deepening innovative cooperation between ministries and local governments, leveraging geographic information technology to empower the vehicle networking industry [2] - A dual system of "industry empowerment + safety control" is proposed to balance the convenience of smart travel with national security [2] Group 3: Project Execution Strategy - The project will implement a dynamic assessment and elimination system, establish a shared intellectual property pool, and create a replicable "standard review process + data governance norms" model [2] - The focus will be on addressing industry challenges such as the timeliness of map updates, inconsistent review specifications, and weaknesses in the safety control system for spatiotemporal data [2]

Core Insights - Wuhan has launched a series of 20 new measures to promote the high-quality development of the private economy, focusing on talent, finance, innovation, and market support [1][4] - The concept of "root enterprises" has been introduced as a key strategy for enhancing the private economy, emphasizing their role in innovation and industry transformation [3][6] Group 1: Definition and Importance of "Root Enterprises" - "Root enterprises" are defined by three core characteristics: source innovation capability, ecological leadership, and long-term growth potential [3] - These enterprises are crucial for Wuhan's economic structure, as they represent the main force behind innovation, with over 1 million private enterprises expected in 2024, and more than 90% of high-tech firms being private [4][6] Group 2: Challenges and Opportunities - Wuhan faces pressures for industrial transformation, particularly in sectors like automotive manufacturing, while also needing to capture emerging fields such as AI and biotechnology [6] - "Root enterprises" are positioned to consolidate existing advantages through technological innovation and explore new domains, acting as a pivotal force in the city's economic transition [6] Group 3: Strategies for Cultivating "Root Enterprises" - Talent development is prioritized, with initiatives to address 2,275 specific issues related to talent settlement, healthcare, and education, alongside global talent attraction events [9] - Innovation is encouraged through the establishment of 102 project libraries in emerging sectors, with 70% of R&D funding directed towards private enterprises [10] - Financial strategies include guiding equity investments and enhancing bond financing, with government funds covering up to 50% of angel fund contributions [12] - A "seedling project" aims to support enterprise growth over ten years, with a budget of 150 million yuan allocated for phased support [13] - The regulatory environment is being optimized to facilitate innovation and support for "root enterprises," including streamlined administrative processes [14]

Group 1 - Chinese scientists have successfully developed a flexible microelectrode implantation robot named CyberSense, which has passed preliminary acceptance tests, aiding in brain-machine interface and neuroscience research [1] - CyberSense represents a breakthrough in flexible electrode implantation technology, marking a significant advancement in China's core tools for brain-machine interfaces, potentially accelerating applications in brain disease treatment and smart prosthetics [1] Group 2 - Weifu High-Tech has signed a strategic cooperation agreement with Bosch (China) to deepen collaboration in areas such as automotive intelligence, hydrogen energy, and artificial intelligence [2] - This partnership highlights the traditional automotive parts giant's commitment to transitioning towards new energy and AI technologies, which may enhance investor confidence in the smart mobility sector [2] Group 3 - The Ministry of Industry and Information Technology (MIIT) is accelerating the development of mandatory national standards for the safety requirements of autonomous driving systems [3] - The policy aims to strengthen the standard supply for intelligent connected vehicles, establishing a safety baseline for the commercialization of autonomous driving technology [3]

Core Insights - The Ministry of Industry and Information Technology (MIIT) has released key points for automotive standardization work for 2025, focusing on enhancing standards for intelligent connected vehicles [1] Group 1: Autonomous Driving Standards - The initiative aims to promote the approval and implementation of standards for autonomous driving design and operational conditions, automated parking, and simulation testing [1] - There is an emphasis on accelerating the development of mandatory national standards for the safety requirements of autonomous driving systems, establishing a safety baseline for these systems [1] Group 2: Driving Assistance Systems - The MIIT plans to expedite the revision of mandatory national standards for combined driving assistance systems and automatic emergency braking systems, as well as update lane-keeping assistance system standards [1] - The development of standards for reversing assistance and other driving assistance products is also prioritized to enhance safety levels [1] Group 3: Connectivity and Information Security - The initiative includes the promotion of standards for LTE-V2X direct communication vehicle information interaction systems, advancing the application of connected features such as platooning, digital keys, and connected information assistance [1] - There is a focus on publishing and implementing standards for information security engineering, accelerating the formulation of mandatory national standards for automotive passwords, and reviewing data security management systems [1] Group 4: Intelligent Cockpit and AI Standards - The MIIT is working on the development of standards for intelligent cockpit functionality evaluation, interaction safety, and biological retention monitoring, aiming to improve the standard system for intelligent cockpits and human-machine interaction [1] - Preliminary research on standards for automotive artificial intelligence is being conducted to lead the integration and application of new technologies [1]