▲车联天下上市申请书 博世、蔚来资本投资的智能座舱公司冲刺港交所。 日前，无锡车联天下智能科技股份有限公司（以下简称车联天下）向港交所递交上市申请，联席保荐人为中金公司、国泰海通。 车联天下成立于2014年，是智能座舱领域科技公司，聚焦整车域控制器产品、智能网联软件产品和运营服务产品，产品组合包括车载计算解决 方案及区域控制器解决方案。 ▲车联天下在2025年上海车展的展台 根据招股书中提供的数据，按收入计，车联天下2024年在中国智能座舱域控制器领域位居全国第二。目前，车联天下已为14家客户提供解决方 案，获得超100款车型定点。 财务指标方面，车联天下在2025年上半年收入为人民币10.39亿元，同比基本持平，但2025年上半年仍亏损2.62亿元。 车联天下在上市申请书中提到，此次募资所得款项预计将用于车载计算解决方案及区域控制器的研发、加强AI能力、开发下一代区域控制器 和加强国际化能力与生产能力等方面。 ▲车联天下募资部分用途 01. 三年营收增6倍 上半年亏损扩大约334% 在业绩方面，根据车联天下上市申请文件显示，车联天下于2022年、2023年及2024年，营收分别为人民币3.69亿元、22.9 ...

科博达今年以来股价涨17.78%，近5个交易日跌1.83%，近20日跌2.94%，近60日涨22.48%。 今年以来科博达已经3次登上龙虎榜，最近一次登上龙虎榜为10月22日，当日龙虎榜净买入-8941.99万 元；买入总计2.07亿元 ，占总成交额比25.55%；卖出总计2.97亿元 ，占总成交额比36.58%。 12月2日，科博达盘中下跌2.07%，截至13:14，报72.02元/股，成交9344.54万元，换手率0.32%，总市值 290.86亿元。 资金流向方面，主力资金净流出168.71万元，特大单买入0.00元，占比0.00%，卖出226.74万元，占比 2.43%；大单买入1320.21万元，占比14.13%，卖出1262.18万元，占比13.51%。 资料显示，科博达技术股份有限公司位于中国(上海)自由贸易试验区祖冲之路2388号1-2幢，成立日期 2003年9月12日，上市日期2019年10月15日，公司主营业务涉及汽车电子相关产品的研发、生产和销 售。主营业务收入构成为：汽车零部件96.77%，其他3.23%。 科博达所属申万行业为：汽车-汽车零部件-汽车电子电气系统。所属概念板块包括：小 ...

校检：张萌、李晨 转自：北京日报客户端 审核：张扬 不久前，上汽荣威正式首发了豆包深度思考大模型及场景，并率先搭载在旗下长续航中大型豪华轿车荣 威M7 DMH，让车机具备了"活人感"的交互能力。未来，依托豆包AI车机"能推理、会思考、懂情绪"的 全新人机交互体验，上汽荣威的智能座舱将从"指令响应"迈向"意图驱动"的发展新方向。 随着豆包深度思考大模型于11月17日通过OTA全量推送，荣威M7 DMH语音功能的单日使用率已从60% 大幅提升至90%。从实际使用数据来看，具备"活人感"交互魅力的"高段位哄娃神车"与"暖心出行守护 官"两项功能，已成为最受用户青睐的两大场景。 作为荣威年度重磅车型，定位为中大型豪华混动轿车荣威M7 DMH搭载了DMH 6.0混动系统，拥有160 公里CLTC纯电续航和2050公里CLTC综合续航能力。此外，新车还配备有慕斯舒压座椅、mCDC智能动 态悬挂等配置，旨在提高移动舒适性。此外根据官方消息，2025年上汽荣威已新增服务网点238家，预 计年底总量将突破600家，将为用户带来更便捷、更周全的服务体验。 据了解，豆包深度思考大模型在2025年第三季度达到了1.59亿的月活用户及 ...

10万内配备激光雷达纯电SUV，长安造车41年全球诚意之作 全新Q05率先将激光雷达配置破级下放至10万元级市场，让此前20万级才具备的智能驾驶辅助能力实现"全民可享"。全新Q05激光版搭载1颗激光雷达+3 颗毫米波雷达+12颗超声波雷达+11个摄像头，全车一共27个传感器，共同组成同级最高配置水平的感知系统，再加上地平线征程6M芯片，拥有高达128Tops 的超强算力，让智能驾驶辅助更安全更便捷，在高速场景下，它能实现自动变道、超车、上下匝道和转换，大幅减轻长时间驾驶的疲劳。智能泊车辅助，平 均用时26秒，比老司机还快，并首发"车头泊入"功能，方便购物后直接放进后备厢。 年终岁末,车企促销忙。11月29日，长安启源全新Q05开启"超级购车季"，发起年底促销大战，此次启源全新Q05推出全系无门槛超级置换、增购 一口价，立省5000元，低至7.49万元起，并承诺对11月29日24点前"已下大订、已锁单，已交付"的用户，按照超级购车季新权益就高补返差额。同 时，全新Q05还宣布，全面刷新用户购车权益，涵盖整车及三电系统的"三大安心保障"、购置税兜底政策延续至12月31日。本次购车季，长安启源 还为全新Q05首批用 ...

Core Insights - The article highlights the transformation of the Chinese automotive market towards electrification and intelligence, with SAIC Motor Corporation leading the way through innovation and a user-centric approach [1] Group 1: Market and Financial Performance - SAIC Motor achieved a remarkable "sales + profit" growth during the industry adjustment period, with total vehicle sales reaching 3.647 million units from January to October 2025, a year-on-year increase of 19.5% [2] - The company's self-owned brands have become the main growth engine, with sales of 2.35 million units, up 28.3%, accounting for 64.4% of total sales, an increase of 4.4 percentage points year-on-year [2] - The new energy vehicle (NEV) segment saw sales of 1.29 million units, a 42.5% increase, significantly outpacing the industry average [3] - SAIC's overseas sales reached 862,000 units, a 2.2% increase, demonstrating the competitiveness of Chinese automotive brands globally [3] - In Q3 2025, SAIC reported total revenue of 169.4 billion yuan, a 16.2% increase, and a net profit of 2.08 billion yuan, up 644.9% [5][6] Group 2: Technological Innovation - SAIC has invested over 150 billion yuan in electrification and intelligence, resulting in nearly 26,000 effective patents and the establishment of seven major technology platforms [7] - The company has achieved significant advancements in smart driving and intelligent cockpit technologies, becoming the only enterprise with dual licenses for L4-level commercial operation in both passenger and commercial vehicles [8] - Innovations in safety and control systems include the industry's first integrated smart safety system and a second-generation digital chassis [8] - The DMH hybrid engine has achieved a thermal efficiency of 46.3%, and the latest "Star Super Range Extender" technology offers a pure electric range of 450 km [9] Group 3: User-Centric Approach - SAIC's reform is driven by user needs, with a focus on diverse products and services tailored to different customer segments [10] - The company has successfully launched models like the Zhiji LS9 and Wuling Rongguang EV, which cater to family and entrepreneurial users, respectively [10][11] - The user-centric philosophy has resulted in strong market feedback, with significant pre-order numbers for new models, indicating trust in SAIC's products and services [11]

在设计与空间上，零跑Lafa5采用"科技自然美学"设计语言，车身宽度达1880mm，配备无边框车门和19英寸运动轮毂，风阻系数为0.256。外观提供电 掣黄、风驰灰等6种配色。座舱得房率达86%，软包覆盖超过80%，配备256色氛围灯与12扬声器音响系统，提供速域紫、驰影灰等3款内饰选择。后备箱容 积为435L，全景天幕配备电动遮阳帘。 l pp 11月27日，零跑汽车在杭州正式推出全新纯电运动轿跑——零跑Lafa5。新车定位"高颜值运动轿跑"，携605km超长续航、高通8295P智能座舱、激光雷 达端到端辅助驾驶、轿跑颜值、86%得房率越享座舱、全维安全5大硬核产品性能，此次推出515km及605km两种续航版本共计5款车型，限时售价9.28-11.68 万元。 智能与驾控上，新车搭载高通8295P芯片，配合14.6英寸2.5K中控屏与Leapmotor OS 4.0 Plus系统，集成DeepSeek与通义千问双AI大模型，支持多意图语 音控制及方言识别。 在安全方面，零跑Lafa5采用高强钢占比77.5%的笼式车身，应用2000MPa热成型钢，电池系统通过新国标认证，承诺热失控后48小时不起火、不爆炸， ...

Core Viewpoint - Huayang Group's stock has shown fluctuations with a recent increase of 2.07%, while the company has experienced a year-to-date decline of 3.67% [1] Financial Performance - For the period from January to September 2025, Huayang Group achieved a revenue of 8.791 billion yuan, representing a year-on-year growth of 28.50%, and a net profit attributable to shareholders of 561 million yuan, reflecting a year-on-year increase of 20.80% [2] Shareholder Information - As of November 20, 2025, the number of Huayang Group's shareholders increased to 40,400, up by 1.37%, while the average circulating shares per person decreased by 1.36% to 12,983 shares [2] - The company has distributed a total of 909 million yuan in dividends since its A-share listing, with 555 million yuan distributed over the past three years [3] Stock Market Activity - As of November 28, 2025, Huayang Group's stock price was 29.16 yuan per share, with a market capitalization of 15.307 billion yuan. The stock has seen a trading volume of 63.29 million yuan and a turnover rate of 0.41% [1] - The net inflow of main funds was 6.8074 million yuan, with significant buying and selling activities recorded [1] Business Overview - Huayang Group, established on January 16, 1993, and listed on October 13, 2017, operates primarily in automotive electronics (71.33% of revenue), precision die-casting (24.33%), and other businesses (4.34%) [1] - The company is categorized under the automotive industry, specifically in automotive parts and electronic systems, and is associated with various automotive concepts [1]

Group 1: Luxshare Precision (立讯精密) - The company has developed core capabilities across the entire industrial chain in the humanoid robot sector, capable of independently completing precision processing of key components such as harmonic gears, except for batteries and some joint modules [1] - Luxshare has a well-established automotive business with a diverse product matrix, including high and low voltage harnesses, high-speed harnesses, special harnesses, and fast-charging guns, all of which have shown strong development momentum globally [1] Group 2: Desay SV (德赛西威) - The company possesses global leading capabilities in the intelligent sector and has gained recognition from numerous overseas clients, with plans to systematically and steadily enter various regional markets [2] - Desay SV adheres to a value proposition of "open, full-stack, and rapid realization," focusing on innovation and collaboration to build initial cases and accumulate full-stack system capabilities, thereby expanding its ecosystem and reinforcing competitive barriers [2] Group 3: Jinyinhai (金银河) - The company has developed a two-stage low-temperature sulfuric acid lithium extraction technology that outperforms traditional high-temperature sulfate methods in terms of environmental and economic benefits, producing battery-grade lithium carbonate and other high-value by-products [3] - This technology addresses solid waste pollution issues associated with traditional processes and has multiple barriers in technology, processes, and equipment, taking nearly ten years from R&D to mass production [3] - The company has secured long-term orders for rubidium and cesium salts, which are used in fields such as atomic clocks, quantum physics, aerospace, and perovskite batteries, indicating a promising future [3] Group 4: Century Huatong (世纪华通) - The games launched in 2023 continue to set new records, with no observed peak in their lifecycle, and the game "Kingshot" is breaking overseas records for "Whiteout Survival," indicating a larger overseas market with more users [4] - The company has tested multiple products at a low cost and has released no fewer than 20 products since 2023, with hit games driven by data [4] - The casual gaming segment has a long and stable lifecycle, which, while less profitable than SLG, is still significant for the company [4]

1）立讯精密 （鹏扬基金参与公司特定对象调研&现场参观） 个股亮点：公司在人形机器人领域已具备全产业链核心能力，除电池与部分关节模组外，可自主完成谐波齿轮等关键部件的精加工。；公司的汽 车业务已布局多年，产品矩阵非常丰富。无论是高低压线束、高速线束、特种线束，还是闪充充电枪等，均在全球范围内都取得了良好的发展势 头。；公司办公地址为广东省东莞市清溪镇北环路313号。 2）德赛西威 （鹏扬基金参与公司特定对象调研&电话会议） 证券之星消息，根据市场公开信息及11月26日披露的机构调研信息，鹏扬基金近期对3家上市公司进行了调研，相关名单如下： 3）世纪华通 （鹏扬基金参与公司投资者交流会） 调研纪要：23年上线的游戏仍在创新高，尚未观测到生命周期顶峰，Kingshot正在打破WhiteoutSurvival海外纪录，海外市场更大，用户更多。公 司通过高速低成本测试多个产品，23年以来发布不少于20款产品，爆款由数据驱动。点点利润约占公司总利润的2/3，激励机制结合现金与股权。 海外市场用户重合度约为20%。研发费用增长因点点团队扩充，美元折算影响不大。第三方数据仅为参考，公司流水基于真实财务数据。休闲赛 道生命周 ...

Group 1: Company Strategy and Market Position - The company emphasizes the need for deep localization in operations to navigate the trend of de-globalization, aiming to explore diversified innovation models and proactively position itself for opportunities in overseas markets [3] - The company maintains a value proposition of "open, full-stack, rapid realization," leveraging innovation and partnerships to create successful cross-industry cases, thereby enhancing its competitive barriers [3] - The intelligent cockpit business continues to grow, driven by a diverse product portfolio, market extension strategies, and strong demand for new customer orders [4] Group 2: Technological Advancements and Industry Trends - Rapid advancements in AI and smart driving technologies are expected to enhance the application scenarios for intelligent cockpits, leading to increased product penetration and market expansion [4] - The integration of smart driving and intelligent cockpit technologies will improve vehicle efficiency, optimize costs, and enhance user experience, presenting higher challenges for the industry [4] - The company has established a leading position in both intelligent cockpit and smart driving sectors, with the potential for compounded competitive advantages through cross-domain integration [4]