（文章来源：每日经济新闻） 1月9日，香港汽车ETF（520720）涨超0.6%，政策与转型前景引市场关注。 香港汽车ETF（520720）跟踪的是港股通汽车指数（931239），该指数从港股通范围内选取主营业务涉 及整车制造及汽车相关产业的上市公司证券作为指数样本，覆盖电动乘用车、智能驾驶等前沿领域。该 指数高度聚焦汽车板块，重点反映行业电动化与智能化的发展趋势，以体现汽车产业相关上市公司的整 体表现。 国海证券指出，2026年"两新"政策继续实施汽车报废更新和置换更新补贴，将定额补贴调整为按车价比 例进行补贴，新能源乘用车报废补贴达车价的12%（最高2万元），置换补贴8%（最高1.5万元）。工信 部等四部门联合印发《汽车行业数字化转型实施方案》，提出到2027年数智技术深度应用，2030年行业 整体数智化达到较高水平。2025年底乘用车同比增速或下行，2026年在政策退坡预期下高端市场相对更 好，看好自主品牌高端化突破。 ...

长江商报消息 ●长江商报记者 江楚雅 苏州豪米波展现出科技企业的核心特质。2024年，公司研发费用达3406.38万元；2025年1—9月，研发 费用达2204.72万元。高额研发投入虽导致阶段性亏损，但技术转化成效显著，其产品已成功切入奇 瑞、广汽丰田、江淮等主机厂供应链。 汽车精密制造龙头天龙股份（603266.SH）抛出重磅跨界并购方案。 近日，天龙股份正式宣告切入智能驾驶核心赛道。公司公告称，拟通过"股权受让+增资"的方式，合计 出资2.32亿元取得苏州豪米波技术有限公司（简称"苏州豪米波"）54.8666%股权。此举标志着其从传统 汽车零部件供应商向智能感知集成商的战略转型迈出关键一步。 作为精密制造领域领先的精密模具、注塑、冲压、装配一站式集成化方案提供商，天龙股份的业绩基本 面持续稳健。2025年前三季度，公司实现营业收入9.47亿元、归母净利润8270.36万元。其中第三季度表 现亮眼，实现营业收入3.33亿元，同比增长2.03%；归母净利润2618.14万元，同比增长6.31%。 拟2.32亿控股苏州豪米波 天龙股份近日公告称，拟通过股权受让与增资相结合的方式，以2.32亿元总价拿下苏州豪米 ...

当然，对于这款昔日"神车"，广汽本田并未放弃希望。有消息称，新款飞度将于2026年第一季度正式上市。新车将采用全新的设计语言，依旧搭载1.5L自然 吸气发动机与CVT变速箱的动力组合。尺寸方面，新款飞度长宽高分别为4169mm1694mm1537mm，轴距为2530mm，相比现款车型长度有所增加。内饰部 分主要变化在于换装10.1英寸中控屏，支持CarPlay、Carlife以及HUAWEI Hicar等多种手机互联。 近日，飞度11月销量归零的消息在网上闹得沸沸扬扬。 总结而言，飞度的兴衰就是汽车行业变革的一个缩影。在电动化与智能化浪潮下，汽车行业竞争格局被重塑，消费者偏好也发生巨大变化。曾经靠性价比、 燃油经济性等优势称霸市场的燃油小车，如今在新能源车型面前逐渐失去竞争力。但即便如此，新款飞度依然选择聚焦燃油领域，那么新款车型究竟在智能 配置上有怎样的提升？要如何在新能源时代以油车的姿态力挽狂澜？对此GPLP犀牛财经也将继续关注。 遥想2001年诞生之初，飞度凭借"MM设计理念"，打破常规，实现内部空间更大化、机械空间更小化，再加上魔术座椅等独特设计，在日本市场迅速走红， 不到1年就售出20万辆，斩获"2 ...

Group 1 - The core viewpoint of the article highlights the acceleration of electric and intelligent vehicle development, predicting that the global automotive semiconductor market will grow from approximately $67.7 billion in 2024 to nearly $96.9 billion by 2029, with a compound annual growth rate (CAGR) of 7.4% from 2024 to 2029 [2] Group 2 - The article discusses the recent surge in demand for conventional DRAM, leading to a rapid increase in prices, while also noting that the average selling price (ASP) gap between HBM3e and DDR5 is expected to narrow in the coming year [5] - It mentions that PlayNitride will acquire 100% of Lumiode Inc. for $2 million, which will enhance its technology and patent portfolio, as well as expand its customer base and sales channels in North America, thereby increasing its international competitiveness in near-eye displays and medical applications [6]

此外，各家车厂在车身控制、远端处理、智能驾驶与智能座舱等功能域进行不同程度的整合，芯片业者在过程中扮演重要角色。随着芯片厂商推出舱驾一 体/舱驾融合(Cockpit/ADAS Integrated)SoC，该方案于2025年迈入商业化元年。控制器整合有助减少控制器用量、共享电子元件，以及简化线束布局等成 本效益，有望进一步推动汽车智能化普及。TrendForce集邦咨询预估，车用逻辑处理器(Logic Processor)2024-2029年的CAGR为8.6%，高于全产业平均的 7.4%。 根据TrendForce集邦咨询最新调查，随着汽车产业加速电动化、智能化进程，预计将推升全球车用半导体市场规模从2024年的677亿美元左右，稳健增长 至2029年的近969亿美元，2024-2029复合年增长率(CAGR)达7.4%。 然而，各车用芯片市场的成长极不平均，以逻辑处理器和高阶存储器为代表的高性能计算(HPC)芯片，增速显著超越微控制器(MCU)等传统零部件，反映 市场价值快速向支持智能化、电动化的核心技术领域集中。 TrendForce集邦咨询研究显示，2025年全球电动汽车(含BEV、PHEV、FCV、 ...

Core Viewpoint - Ningbo Tianlong Electronics Co., Ltd. reported stable performance in the first three quarters of 2025, with a revenue of 947 million yuan and a net profit of 82.7036 million yuan, indicating a positive growth trajectory in the automotive electronics sector [1][2] Financial Performance - The company achieved a revenue of 333 million yuan in the third quarter, representing a year-on-year growth of 2.03% [1] - The net profit attributable to shareholders in the third quarter was 26.1814 million yuan, showing a year-on-year increase of 6.31% [1] - The net profit excluding non-recurring gains and losses was 27.3671 million yuan, reflecting a year-on-year growth of 21.56% [1] Business Focus and Development - Tianlong focuses on precision manufacturing, providing integrated solutions in precision molds, injection molding, stamping, and assembly [1] - The company is actively enhancing its market development and R&D investment, aiming to improve management practices [1] - The strategic focus is on automotive electronics and lightweight business, driven by the rapid development of electric and intelligent vehicles [1] Product Development and Market Expansion - The company has successfully developed multiple specifications of fisheye terminal connectors and is expanding into precision automotive electronics and other emerging markets [2] - Tianlong has secured important project designations from leading international clients for next-generation IGBT modules, headlight assemblies, front-end modules, and integrated liquid cooling plates [2] - New products such as fisheye terminal connectors, battery distribution units (BDUs), front-end modules, and integrated liquid cooling plates have achieved significant business breakthroughs [2]

Core Viewpoint - Guangzhou Xinlaifu New Materials Co., Ltd. is strategically expanding from the consumer functional materials sector into the broader industrial magnetic materials and precision components market through the acquisition of 100% equity in Guangzhou Jinnan Magnetic Materials Co., Ltd. for a total consideration of 1.054 billion yuan, marking its first major asset restructuring since going public [1] Group 1: Strategic Value and Synergy - The acquisition is expected to create significant synergies between Xinlaifu and Jinnan Magnetic, enhancing Xinlaifu's core competitiveness through deep collaboration in technology and research platforms [2] - Xinlaifu's research focuses on micro-nano functional powders, while Jinnan Magnetic specializes in industrial component production processes, allowing for a complete research chain from basic research to product application post-merger [2] Group 2: Product and Market Complementarity - The merger will enable Xinlaifu to transition from consumer markets to industrial markets, creating a dual-engine drive model that enhances resilience against market fluctuations and smooths performance volatility [3] - Both companies will share customer resources and sales channels, with Xinlaifu leveraging Jinnan Magnetic's industrial technology to enter high-end markets, while Jinnan Magnetic benefits from Xinlaifu's established global distribution network [3] Group 3: Industry Outlook and Market Expansion - The global magnetic materials industry is rapidly evolving towards high performance, lightweight, miniaturization, and low loss, driven by increasing demands from sectors like renewable energy and AI [4] - The demand for high-performance products, such as those produced by Jinnan Magnetic, is surging, particularly in the electric vehicle sector, where performance and reliability are critical [4][5] Group 4: Policy Support and Strategic Alignment - Current national policies are creating a favorable environment for the development of new materials and high-end manufacturing, aligning with Xinlaifu's strategic acquisition [7] - The acquisition is seen as a well-considered move that goes beyond mere scale, aiming for value reconstruction based on deep industry logic, thereby establishing a comprehensive competitive advantage [7]

Group 1 - The core viewpoint of the article highlights the successful listing of Ruikemai (001285.SZ) on the Shenzhen Stock Exchange, marking a significant milestone in the company's development and a crucial step towards breaking the overseas monopoly in the domestic automotive electronic control system sector [1] - Ruikemai has established itself as a leader in the active safety systems for commercial vehicles after over 20 years of focused development, contributing to the ongoing electrification and intelligent transformation of the automotive industry [1] - The company specializes in the research and production of active safety systems and aluminum alloy precision die-casting components, with key products such as ABS, ESC, and EBS widely used in commercial vehicles, passenger cars, and motorcycles [1] Group 2 - According to the prospectus, Ruikemai's operating revenue is projected to grow from 1.326 billion yuan in 2022 to 1.777 billion yuan in 2023, and further to 1.977 billion yuan in 2024, indicating a continuous expansion of scale [1] - The net profit attributable to the parent company is expected to increase from approximately 96.96 million yuan in 2022 to 269 million yuan in 2024, demonstrating a significant enhancement in profitability [1]

Core Viewpoint - The company's performance in the first half of 2025 fell short of expectations, with revenue growth but a decline in net profit, indicating potential challenges ahead in maintaining profitability amidst competitive pressures in the automotive industry [2][3][4]. Financial Performance - In H1 2025, the company achieved revenue of 3.95 billion yuan, a year-on-year increase of 24.1%, while net profit attributable to shareholders was 135 million yuan, a decrease of 9.2%. The second quarter saw revenue of 2.05 billion yuan, up 20.23% year-on-year, but net profit dropped significantly by 50.8% [2]. - The gross margin for H1 2025 was 21.8%, down 5.37 percentage points year-on-year, primarily due to external pressures such as cost increases and competitive pricing in the automotive sector [4][5]. Business Segments - The company's core business showed stable growth, with new business segments like sensors and air suspension experiencing strong growth rates of 18.7% and 50.2% respectively in H1 2025. The TPMS business also maintained a growth rate of 22.69%, reflecting the company's leading position in this niche [3]. - The new business segments, while growing rapidly, are currently in a capacity ramp-up phase, which may temporarily pressure overall profit margins [4]. Cost and Expenses - Total operating expenses for H1 2025 were 640 million yuan, a decrease of 2.3% year-on-year. Management expenses were reduced due to improved efficiency, while financial expenses benefited from increased foreign exchange gains [5]. Capacity Expansion - The company is expanding its production capacity both domestically and internationally, with new facilities in Hefei, Shanghai, and Hungary coming online to support the growth of air suspension systems and sensors [6]. Profit Forecast and Investment Rating - Due to slowing growth in traditional businesses and the impact of new product launches on overall gross margins, revenue forecasts for 2025-2027 have been revised down to 8.7 billion, 10.3 billion, and 12.5 billion yuan respectively. Net profit forecasts have also been adjusted to 410 million, 570 million, and 750 million yuan for the same period [7].

Core Insights - The company reported a net cash flow from operating activities of 0.96 billion yuan, an increase of 22.09% year-on-year [1] - The company focuses on the precision manufacturing sector, providing integrated solutions in precision molds, injection molding, stamping, and assembly [1] - The company’s R&D investment reached 31.89 million yuan, accounting for 5.19% of revenue, with a year-on-year growth of 3.75% [2] Business Performance - In the first half of 2025, the automotive parts business achieved sales of 4.91 billion yuan, with approximately 1.59 billion yuan (25.83% of revenue) coming from components directly used in new energy vehicles [2] - Sales from products shared between new energy and fuel vehicles amounted to approximately 1.03 billion yuan, representing 16.71% of revenue [2] - The company is actively expanding its overseas market presence, with the construction of its Thailand production base completed and entering the production phase [2] Competitive Advantages - The company’s core competencies include technological and R&D advantages, mold development and manufacturing capabilities, regional layout advantages, management experience, and a rich product line [1] - The company is enhancing its core competitiveness in the automotive electronics sector by investing in the design, development, and production of precision components for new energy vehicles [2]