8月25日晚间，金溢科技（002869）(002869.SZ)发布2025年半年度报告，上半年公司实现营业收入 20292.04万元，同比下滑11.01%。受公司部分产品价格下降明显及公司理财产品收益减少等因素影响， 上半年公司未能实现盈利，业绩承压。但值得注意的是，2025年上半年，公司研发投入3158.42万元， 逆势增长13%。公司在业绩承压的情况下，持续加大研发投入，彰显了其对未来发展的长期信心。 公司也明确表示，国家交通强国战略、新基建政策、"十四五"规划等政策文件不断助推交通行业数字化 转型，从顶层设计到配套实施，智慧交通行业政策红利持续释放，政策需求双轮驱动助推智慧交通行业 迎来持续高景气发展，AI、大数据、通信等新一代信息技术与交通基础设施不断融合发展，带动行业 效率持续提升。 金溢科技已发展成为一站式"数字交通"及"交能融合"领域解决方案与核心设备提供商，打造了智慧高 速、车路云一体化、汽车电子、低空网联、数字能源、智慧物联、数字监测七大业务集群。在车路云一 体化领域，公司已与传统车厂、新能源车厂、互联网造车企业、高速公路业主、城市智能网联先导区等 客户群体展开合作。2025年上半年公司实践 ...

8月22日，A股市场迎来历史性时刻：沪指突破3800点，创十年新高。在一片欢呼声中，市场却呈现"指数牛市、个股熊市"的奇特景象，3200只个股下跌 与指数大涨形成鲜明对比。 8月22日，上证指数收于3825.76点，创十年新高，单日成交额达1.095万亿元，较前一交易日增长9.8%。深证成指涨2.07%，创业板指涨3.36%，科创50指 数更是大涨8.59%。 然而在这表面繁荣之下，全市场却出现3200只个股下跌的奇特景象。这种分化格局令人不禁回想起历史上几次大牛市后的调整，投资者在欣喜之余，更需 要多一份理性与冷静。 指数与个股的分化趋势 从板块表现看，科技成长股成为市场领头羊。算力股全线爆发，云天励飞等多股涨停；芯片股集体大涨，寒武纪续创历史新高。CPO等AI硬件股展开反 弹，新易盛等多股再创历史新高。 与此形成鲜明对比的是，银行、油气、中药等板块跌幅居前。市场资金明显从传统行业向科技成长行业转移，板块分化极为明显。 这种分化同样体现在指数表现上。上证50（+0.53%）与沪深300（+0.39%）领涨，而创业板指（-0.47%）与中证1000（-0.71%）则出现回调。高股息板块 护盘的同时，科技成长股 ...

汽车行业 超配（维持） 汽车行业双周报（2025/08/08-2025/08/21） 行 业 7 月汽车销量"淡季不淡"，"金九银十"旺季即将来临 投资要点： 2025 年 8 月 22 日 S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn S0340124020014 电话：0769-22117626 邮箱： wuzhenjie@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘梦麟 SAC 执业证书编号： 申万汽车行业指数涨跌幅：截至2025年8月21日，申万汽车板块近两周 上涨6.06%，跑赢沪深300指数1.85个百分点，在申万31个行业中排名第 6名；申万汽车板块从8月初至今上涨9.78%，跑输沪深300指数4.56个百 分点，在申万31个行业中排名第7名；申万汽车板块从2025年初至今上 涨20.06%，跑赢沪深300指数11.08个百分点，在申万31个行业中排名 ...

早 报 精 选 | 4、超20家钛白粉生产企业宣布涨价。 | | --- | | 5、DeepSeek-V3.1正式发布。 | 宏 观 新 闻 1、 外交部发言人毛宁昨日主持例行记者会，有记者称，美国军舰在加勒比海岸巡逻，并且可能以打击毒品为借口动用武力。毛宁表 示，中方反对在国际关系中使用或威胁使用武力，反对外部势力以任何借口干涉委内瑞拉内政，希望美方多做有利于拉美和加勒比地 区和平与安全的事情。 2、美国白宫发表与欧盟的联合声明称，美国与欧盟已就一项贸易协定的框架达成一致。欧盟方面随后也发表了联合声明。声明明 确，欧盟采购美国能源产品，包括液化天然气、石油与核能产品，预计2028年承购额将达到7500亿美元。此外，欧盟承诺采购至少 价值400亿美元的美国人工智能芯片用于欧洲数据中心的建设。声明预计，在2028年前，欧洲企业将在美国战略性领域额外投资 6000亿美元。此外，欧盟还计划大幅增加从美国采购军事和国防装备。 3、从地方透露信息来看，新型政策性金融工具的资金规模为5000亿元，重点投向新兴产业、基础设施等领域，具体包括数字经济、 人工智能、低空经济、消费领域、绿色低碳、农业农村、交通物流、城市基础设 ...

8月20日，"2025年中德智能网联汽车产业协同发展论坛"在南京国际青年会议中心举办。记者从现 场获悉，作为国家级"车路云一体化"试点城市与"双智"试点城市，南京目前已完成15个智能网联应用场 景建设，在智慧公交、智慧环卫、智慧出行等多领域实现多点覆盖。接下来，将以南京南站片区为试 点，打造空地一体化智慧枢纽，重塑南站片区城市出行体验。 智能网联场景已悄然融入南京市民的日常生活。出行领域，建邺科技生态岛、秦淮白下高新区的自 动驾驶接驳车每日平稳运行；南京南站的智慧停车服务通过"宁畅行"小程序实现余位查询、导航、无感 支付、反向寻车一键操作，小程序日活用户量达2万多人次；生活服务中，南京南站、牛首山的无人清 扫车自主规划路线完成保洁，卫岗无人车配送低温牛奶实现"新鲜速达"；城市治理方面，应天大街隧 道、江心洲大桥等区域的智慧环卫车累计行驶超五千公里，智能化治理效能持续提升。 坚实的产业基础为南京智能网联发展提供有力支撑。今年上半年，全市智能网联新能源汽车产业链 实现营收1367亿元，同比增长7.4%；在智能化领域，已集聚自动驾驶、智能感知、智能控制、智能网 联通信设备等高成长性企业近100家。据悉，围绕车路云一 ...

Group 1 - The company, Century Hengtong, stated on August 20 that it has not yet engaged in integrated vehicle-road-cloud business [1] - The company will continue to monitor technological developments and market opportunities in this field [1] - If the company decides to enter this business area in the future, it will strictly adhere to information disclosure requirements and announce accordingly [1]

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 5.73 RMB [7][5]. Core Insights - The company reported a revenue of 8.97 million RMB and a net profit of 0.26 million RMB for 1H25, marking a year-on-year increase of 36% and a return to profitability, primarily driven by the successful expansion of its vehicle terminal business and an increase in the proportion of high-quality B-end business, leading to a significant improvement in gross margin [1][2]. - The vehicle terminal business achieved a record revenue of 5.19 million RMB in 1H25, up 47.3% year-on-year, with automotive terminal and rail transit terminal products generating revenues of 3.23 million RMB and 1.96 million RMB, respectively [2][3]. - The company has a comprehensive C-V2X product matrix and is well-positioned to benefit from the integration of vehicle-road-cloud construction, with significant growth potential in the vehicle-road-cloud market projected to reach 417.4 billion RMB by 2030 [4][5]. Summary by Sections Financial Performance - In 1H25, the company achieved a gross margin of 37.25%, an increase of 3.69 percentage points year-on-year, attributed to an improved product mix and a higher proportion of quality B-end business [3]. - The company’s sales expense ratio, management expense ratio, and R&D expense ratio decreased significantly, reflecting a substantial dilution of expense ratios due to revenue growth [3]. Business Segments - The vehicle terminal business revenue reached 5.19 million RMB, with automotive terminals growing by 79.1% year-on-year and rail transit terminals by 14.0% [2]. - The electronic license plate and vehicle-road-cloud business generated 0.23 million RMB, up 14.3% year-on-year, while the smart justice and video cloud business achieved 2.43 million RMB, a 19.2% increase [2]. Market Outlook - The company has been actively involved in smart connected vehicle demonstration zones and pilot projects since 2019, positioning itself favorably for future local tenders related to vehicle-road-cloud integration [4]. - The report forecasts a compound annual growth rate (CAGR) of 80% for the vehicle-road-cloud market from 2025 to 2030, indicating substantial growth opportunities for the company [4]. Profitability Forecast - The company’s net profit forecasts for 2025-2027 are 0.63 million RMB, 1.38 million RMB, and 1.74 million RMB, respectively, with a projected price-to-earnings (PE) ratio of 72x for 2026 [5][11].

Core Viewpoint - The transformation of Ordos City, particularly the Kangbashi District, from a desert to a green city has made it a notable tourist destination, showcasing successful environmental and urban development efforts [1][3][6]. Group 1: Urban Transformation - Kangbashi District was once a barren land, described as "wind blowing, sand everywhere," but has now evolved into a "garden city" and a national 4A-level tourist attraction [3][6]. - The district has achieved a green coverage rate of 42.65% over its total area of 372.55 square kilometers, highlighting significant advancements in urban greening [6]. Group 2: Tourism and Lifestyle - The district is praised by both locals and foreigners for its beautiful environment and comfortable summer air, attracting tourists and creating a positive image [6][7]. - Local resident David from Jamaica emphasizes the city's transformation as a "typical case" of desert to oasis, sharing its beauty with friends and family back home [6][7]. Group 3: Sustainable Development Initiatives - Kangbashi District is implementing low-carbon transportation solutions, including the introduction of autonomous buses, delivery vehicles, and vending machines, enhancing urban mobility [8]. - As of 2023, the district has deployed 9 autonomous buses serving 45,000 passengers, 3 autonomous taxis for 18,000 passengers, and 15 delivery vehicles completing 450,000 orders, showcasing a robust smart transportation system [8]. - Ordos City is recognized as the only city in Northwest China approved for both national intelligent transportation and "vehicle-road-cloud integration" pilot projects, aiming to establish a comprehensive smart transportation ecosystem [8].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, expecting the industry index to outperform the market index by more than 10% in the next six months [43]. Core Insights - The third batch of the "old-for-new" national subsidies has been gradually issued, and the peak season of September and October is approaching, which is expected to boost market performance [3][38]. - The automotive sector has shown resilience, with the Shenyuan Automotive Index rising 0.57% over the past two weeks, outperforming the CSI 300 Index by 1.40 percentage points [10][11]. - The report highlights a significant increase in the wholesale sales of new energy vehicles, with July figures showing a 25% year-on-year growth [24]. Industry Data Tracking - As of August 7, 2025, the prices of raw materials have shown mixed trends: steel prices decreased by 0.38%, while aluminum, copper, and lithium carbonate prices increased by 0.78%, 0.22%, and decreased by 0.35% respectively [16][21]. - The retail sales of passenger vehicles in July reached 1.834 million units, a 7% increase year-on-year, while wholesale sales were 2.192 million units, also up 12% year-on-year [22][39]. Industry News - The China Passenger Car Association slightly raised its annual forecast for passenger vehicle retail growth to 6% for 2025, with total retail expected to reach 24.35 million units [23]. - The establishment of the China Changan Automobile Group in Chongqing aims to enhance competitiveness in the automotive sector [27]. - The report notes that the market is expected to recover in late August due to the issuance of subsidies and the upcoming peak sales season [38]. Company News - Li Auto, China Automotive Research, and Dongfeng Liuzhou Automobile released a joint statement regarding the Li Auto i8 crash test, emphasizing the importance of maintaining market order and fair competition [30]. - Xpeng Motors completed the debut of its new P7 model in China, featuring advanced battery technology and AI capabilities [32]. - Changan Automobile reported a 74.05% year-on-year increase in new energy vehicle sales in July, totaling 80,006 units [35].

Group 1 - Chongqing's "Yuchain Zhqing" action plan aims to establish a comprehensive "vehicle-road-cloud integration" system by 2027, including the construction of 600 perception intersections and covering 2500 kilometers of urban and highway roads [2][3] - The plan emphasizes the development of a cloud control platform and various application scenarios such as collaborative warning and autonomous driving [3] - The initiative coincides with the one-year anniversary of the announcement of the first batch of 20 pilot cities for "vehicle-road-cloud integration" applications [2] Group 2 - The establishment of the Western Science City Intelligent Connected Vehicle Innovation Center in Chongqing has led to the incubation of 14 related enterprises and the creation of a leading cloud control platform [4] - Chongqing has built over 500 smart intersections and covered more than 700 kilometers of urban roads, connecting thousands of vehicles [4] Group 3 - Changchun is developing a "vehicle-road-cloud integration" pilot project with plans to construct approximately 400 smart intersections and connect over 12,500 networked vehicles [5][6] - The city has partnered with major companies like China FAW to explore the development of intelligent connected vehicles [5] Group 4 - Beijing has implemented a series of policies to support intelligent connected vehicles, achieving significant infrastructure coverage and testing mileage [8][11] - The city has established a high-level autonomous driving demonstration area, attracting numerous domestic and international companies [8] Group 5 - Chengdu has released a white paper on the integration of autonomous driving buses, detailing a comprehensive mechanism for system coordination [9] - The city has developed a testing road network covering 596 kilometers and has monitored millions of vehicle-road collaborative events [9] Group 6 - Shanghai has launched an action plan for the intelligent connected vehicle industry, aiming to create a collaborative industrial cluster by 2030 [10][11] - The city has opened extensive testing roads and achieved significant testing mileage, focusing on V2X communication technology [11] Group 7 - Nanjing has introduced a three-year plan for "vehicle-road-cloud integration," focusing on building a city-level cloud control platform and intelligent infrastructure [12][13] - The plan includes tasks such as large-scale demonstration applications and safety mechanisms for traffic information transmission [13] Group 8 - Guangzhou is developing a three-year action plan to promote the intelligent connected vehicle industry, including the establishment of a national quality safety testing center [14] - The city aims to achieve full coverage of 5G and C-V2X technologies, supporting the deployment of thousands of connected vehicles [14] Group 9 - Shenzhen has showcased significant achievements in "vehicle-road-cloud integration," including a comprehensive traffic information platform and a regulatory framework for intelligent connected vehicles [15][16] - The city is focusing on building a two-level three-layer cloud control platform to enhance connectivity and testing capabilities [16] Group 10 - Wuhan has approved a major demonstration project for intelligent connected vehicles with a budget of approximately 17 billion yuan, aiming to develop key technologies in the field [17] - The city is establishing a unified platform for intelligent connected vehicles, supporting the integration of numerous vehicles and infrastructure [17]