智通财经APP获悉，兴业证券发布研报称，调光汽玻产业趋势加速，未来放量可期。调光天幕能够有效 解决前阶段全景天幕防晒隔热问题，侧玻隐私功能提升，看好产业趋势放量。调光汽玻价值量提升将带 动单车玻璃ASP向上，玻璃附加值增加，打开汽玻业务新成长点，重点推荐福耀玻璃。调光汽玻产品中 调光膜附加值占比较高，国产化趋势较为明显的为EC、PDLC和LC，现阶段PDLC调光膜国产化进展领 先，综合成本相对较低，PDLC黑膜是成熟技术的改良版，后续伴随大规模量产后配套车型价格带预计 下探，未来放量趋势可期，建议关注海优新材。 兴业证券主要观点如下： 比亚迪等头部车企率先推动辅助驾驶平权加速，智能化渗透率进入爆发期，中短期来看辅助驾驶仍然是 成本项，但却能够有效带动汽车座舱和外观智能化消费;另外当前整车偏同质化的背景下，寻找差异化 卖点成为主机厂卷配置的迫切需求;调光天幕打消消费者对天幕"不防晒"的顾虑，有效解决了消费者此 前对天幕玻璃的主要痛点，该行判断调光天幕渗透率预计加速。 调光汽玻逐步从高端豪华走向主流大众，调光天幕有望成为热门趋势 调光玻璃2025年成为主流新车的热门趋势，主要用于天幕，包括智己L6、问界M9、尊界 ...

Summary of Fuyao Glass Conference Call Industry Overview - The European automotive glass market is projected to reach approximately 18 billion RMB in 2024, with the OEM market accounting for about 14.5 billion RMB and the AM market space estimated at 300-400 million RMB, expected to grow at an annual rate of around 4% [2][3] - The market concentration is high, with a CR3 of 81% in 2024; Saint-Gobain holds the largest market share at around 35%, while Fuyao ranks third with a market share of approximately 21% [2][5] Key Insights and Arguments - The ongoing Russia-Ukraine conflict has exacerbated instability in local supply chains in Europe, leading to fluctuations in production costs [2] - The conflict has altered the natural gas supply landscape in Europe, significantly reducing Russian gas exports and increasing the EU's reliance on liquefied natural gas imports, which has resulted in persistent high energy prices [6] - Fuyao's export strategy aims to enhance its market share in Europe, having already surpassed a 20% OEM market share [2][4] Competitive Landscape - Fuyao is expected to increase its production capacity for European exports, with a new facility in Fuzhou projected to produce around 4 million sets by the end of 2025, potentially capturing 25% of the market [4][10] - Competitors like Saint-Gobain and Pilkington are significantly affected by the energy crisis, leading to weakened profitability [4][12] - Fuyao's unique production model involves manufacturing float glass and automotive components domestically and then transporting them to Europe for value-added processing, which mitigates energy supply issues and enhances efficiency [9] Development Phases - Fuyao's development in the European market can be categorized into three phases: 1. Initial layout phase before 2017, with limited factory capacity in Russia 2. Slow growth phase from 2017 to 2020, where market share increased from 5% to 8-9% 3. Rapid growth phase from 2021 to present, with market share exceeding 20% [8] Future Outlook - Fuyao's market share in Europe is expected to exceed 40% in the OEM segment in the coming years, with revenue projected to double from approximately 4 billion RMB to around 9.8 billion RMB due to an increase in average selling price [10][13] - Net profit is anticipated to maintain around 20%, growing from 800 million RMB to 2 billion RMB [10] Competitor Analysis - Competitors like Saint-Gobain and Pilkington have extensive local factory networks but are struggling due to high natural gas prices, leading to production halts and a shift towards exporting raw glass from Southeast Asia and Japan for further processing in Europe [11][12] Additional Insights - Fuyao's net profit margin is significantly higher at 20%, compared to its competitors who are hovering around the breakeven point [12] - The company is well-positioned to capitalize on the increasing demand for high-value products such as HUDs and dual-layer edge windows, enhancing its EPS growth potential [13]

投资要点 市场规模：欧洲汽车玻璃市场空间呈现低速稳定增长的状态。 未经许可，不得转载或者引用。 我们对欧洲汽车玻璃市场的规模进行了测算（包括OEM市场和AM市场），在欧洲汽车报废率 和前风挡每年破损率保持稳定的情况下，随着欧洲汽车产销量、保有量以及汽车玻璃单车ASP 保持低速稳定增长，欧洲汽车玻璃市场规模也呈现出稳定低速增长的状态，整体市场空间（包 括OEM+AM）将从2024年的179.36亿元持续增长至2030年的229.24亿元，复合增长率约为 4.2%。 竞争格局：欧洲汽玻市场份额集中，近年来外部因素扰动明显。 得益于汽车玻璃行业的高壁垒，汽车玻璃行业竞争格局良好。欧洲汽车玻璃行业集中度高，头 部玩家如圣戈班、板硝子、福耀玻璃等占据主要份额。近年来，一方面2020年全球疫情爆发对 欧洲宏观经济和汽车行业均造成了较大扰动；另一方面，俄乌冲突后欧洲的能源危机导致天然 气等价格大幅上涨，成本端（能源成本在汽玻总成本中占比约为17-18%）的巨幅波动对欧洲汽 车玻璃供应链也造成了较大的冲击。 看好福耀玻璃在欧洲市场的市占率持续提升。 福耀主要竞争对手（旭硝子、板硝子和圣戈班等）均不是单一汽玻主业经营，且当前汽 ...

Investment Rating - The report recommends "Fuyao Glass" as a leading player in the global automotive glass industry [64]. Core Viewpoints - The European automotive glass market is experiencing low and stable growth, with the market size projected to increase from 17.936 billion yuan in 2024 to 22.924 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of approximately 4.2% [2][9]. - Fuyao Glass is expected to continue increasing its market share in Europe due to its focus on the automotive glass sector, superior profitability compared to competitors, and a strategic production model that combines Chinese manufacturing with European value-added processing [2][30]. - The competitive landscape in the European automotive glass market is highly concentrated, with major players like Saint-Gobain, Asahi Glass, and Fuyao Glass holding significant market shares [14][19]. Market Size Summary - The European automotive glass market is projected to grow steadily, with the overall market size (OEM + AM) expected to reach 22.924 billion yuan by 2030 [2][9]. - The OEM market size is anticipated to grow from 14.494 billion yuan in 2024 to 18.372 billion yuan by 2030, while the AM market is expected to increase from 3.442 billion yuan to 4.552 billion yuan during the same period [9][62]. Competitive Landscape Summary - The European automotive glass market is characterized by high concentration, with the top three players (CR3) accounting for 81% of the market share [14][19]. - Fuyao Glass's market share in Europe is projected to rise from approximately 21% in 2024 to 40% in the OEM market by 2027, driven by new production capacity and a focus on high-value products [62][60]. - Competitors like Saint-Gobain and Asahi Glass are currently in low-profitability states and lack significant expansion intentions, focusing instead on improving profitability [45][58]. Investment Recommendations - Fuyao Glass is actively expanding its boundaries in the automotive glass sector, enhancing its research on smart glass and integrated trends, and continuously advancing its aluminum trim business to increase the value per vehicle [67]. - The company is expected to maintain a trend of increasing global market share, leveraging its competitive advantages in quality and cost-effectiveness to capture more market share from overseas competitors [67].

今年以来，随着新技术、新产业、新业态快速发展，先进制造、信息技术、服务消费等重点领域的一批 企业，在"向新""向智"进阶提速中，释放岗位新需求、拓展就业新空间。 广纳AI等领域人才，培塑竞争新优势 北京海淀区，百度大厦。近日，包含社招员工、校招员工和实习员工等在内的120名新员工在这里集中 参加了百度新一期入职培训。 "我们已开放3000多个暑期实习机会，供在校生申请。希望能够招聘到包括机器学习、自然语言处理、 大模型算法以及前后端开发、AI产品经理等领域的人才。"百度校园招聘经理刘帅表示，未来三年将向 高校毕业生开放2.1万个实习岗位。 今年以来，人工智能、量子科技等领域招聘需求旺盛，企业争相吸纳算法、机器学习等方面的人才。 不久前，腾讯宣布启动新的就业计划——三年内将新增2.8万个实习岗位，其中，2025年将引进1万名校 招实习生，并加大转化录用。 就业，一头连着经济冷暖，一头连着万家灯火。 "截至3月初，腾讯共有正式员工超55000人，其中科技类人才超40000人。公司各项业务已全面拥抱AI， 因此在招聘中持续强化对青年人才的前瞻性储备。"腾讯全球招聘负责人罗海波介绍，今年开放的校招 岗位中，人工智能、 ...

Group 1 - The core viewpoint of the articles emphasizes the transformative impact of AI on various industries, particularly in enhancing the skills of workers and creating new job opportunities [1][4][8] - AI is increasingly being utilized as a digital assistant for skilled workers, significantly improving efficiency and productivity in various sectors, such as manufacturing and service industries [2][5] - Companies like Baidu and Tencent are actively promoting AI training programs to empower workers, aiming to bridge the skills gap and facilitate career development in the digital age [7][8] Group 2 - The integration of AI into traditional industries is leading to a fundamental change in job roles, requiring workers to adapt and acquire new skills to remain relevant [3][5] - Training initiatives, such as the "AI First Lesson" in Shenzhen, are designed to equip skilled workers with AI knowledge, fostering a new ecosystem of skills [1][7] - Companies are investing significantly in employee training, with some allocating over 100 million yuan annually to enhance workforce skills, reflecting a commitment to adapting to technological advancements [3][4]

Core Viewpoint - The article highlights the evolving job market in China, emphasizing the emergence of new roles and skills driven by advancements in technology, particularly in AI and high-end manufacturing, as well as the importance of education and training in preparing the workforce for these changes [4][17]. Group 1: New Roles - The role of "Prompt Engineer" has emerged, requiring professionals to bridge human language and AI, showcasing the integration of traditional art forms with modern technology [5][6]. - Algorithm engineers are now applying AI technologies, such as AIGC, in film production, automating processes that previously required extensive manual labor [6][7]. - The demand for skilled workers in high-end manufacturing is increasing, with companies implementing comprehensive training programs to enhance employees' technical capabilities [10][11]. Group 2: New Skills - Technical workers in advanced manufacturing are now required to possess both theoretical knowledge and practical skills, with companies offering extensive training and hands-on experience [10][11]. - Continuous learning and adaptability are essential in fast-evolving fields like AI, where new algorithms and technologies emerge rapidly [8]. Group 3: New Education Models - Educational institutions are creating integrated training programs that align closely with industry needs, enhancing students' employability and practical skills [12][13]. - The collaboration between schools and companies is fostering a practical learning environment, allowing students to gain real-world experience and skills relevant to their future careers [12][14]. Group 4: New Opportunities - Entrepreneurs in the creative industry are leveraging online platforms to streamline product sourcing and reduce financial risks, enabling them to launch new products with lower upfront costs [15][16]. - The growth of e-commerce and digital platforms is providing new avenues for independent designers to reach consumers and expand their product offerings [15][16].

Group 1: Employment Opportunities - Huawei plans to recruit over 10,000 fresh graduates this year, expecting a double-digit growth compared to last year [1] - JD.com aims to provide over 18,000 positions for the 2025 graduates, building on the 50,000 positions offered to students over the past three years [1] - The platform economy is creating more digital, personalized, and specialized new jobs, providing diverse employment options for workers [4] Group 2: Talent Acquisition and Development - Alibaba is increasing its recruitment efforts in the artificial intelligence sector, with nearly 50% of over 3,000 spring internship positions for the 2026 graduates related to AI [2] - Huawei is building a diversified talent acquisition system focusing on key areas like AI models and high-performance computing [2] - Fuyao Group is exploring a model of "technological innovation driving job expansion" and is collaborating with vocational schools to enhance talent training [5][6] Group 3: New Business Models and Job Creation - New business models, such as live-streaming e-commerce, are fostering new job roles like online anchors and user growth operators [3] - JD.com has launched a recruitment plan to hire 100,000 cleaners across various counties and towns, expanding its logistics network and creating job opportunities [3] - The company has also started providing social insurance for full-time delivery riders and plans to expand their workforce to 150,000 [3]

Summary of Fuyao Glass Conference Call Company Overview - **Company**: Fuyao Glass - **Industry**: Automotive Glass Manufacturing Key Points and Arguments - **Product Upgrades**: Fuyao Glass is expanding its product offerings from traditional functions to high-value features such as heat insulation, soundproofing, and dimming, which drives the continuous increase in single-unit selling price (SP) and promotes long-term growth [2][4] - **Sales Growth**: The sales volume of automotive glass, measured in square meters, is growing at approximately 10%, with the price per square meter maintaining a compound growth rate of 7-8% [2][6] - **Value Enhancement**: Significant value enhancement is observed in various automotive glass components, particularly in front windshields and sunroofs. For instance, the price of a standard front windshield is around 200 RMB, while an AR HUD front windshield can reach 1,000 RMB [2][7] - **High-Value Product Proportion**: By 2024, the proportion of high-value products is expected to increase by 5.02 percentage points year-on-year, with the overall price per square meter rising from 131 RMB in 2012 to 229.1 RMB in 2024, indicating substantial progress in high-value product areas [2][8] - **Panoramic Sunroof Penetration**: The penetration rate of panoramic sunroofs in domestic passenger cars has rapidly increased since 2020, expected to reach nearly 15% by the end of 2024, with new energy vehicles exceeding 30% [2][10] - **HUD Market Growth**: The penetration rate of HUD (Head-Up Display) in the domestic market has surpassed 10% in 2023, with expectations to exceed 45% globally by 2027, highlighting the importance of the Chinese market [2][11] Additional Important Insights - **Role in Automotive Industry**: Fuyao Glass has played a crucial role in the development of the Chinese automotive industry, demonstrating strong growth and profitability during various automotive cycles, including the recent new energy vehicle phase [3] - **Future Product Trends**: Future upgrades will focus on smart technologies and enhanced functionalities, including heated, waterproof, and lightweight features, as well as HUD front windshields and dimming sunroofs [4][11] - **5G Antenna Glass**: Fuyao has developed 5G antenna glass that supports high-speed communication, essential for future smart driving applications [5][12] - **Investment Recommendations**: The domestic automotive glass industry is projected to maintain a single-unit ISC growth rate of 12-13%. Fuyao is recommended as a key investment target, with a global market share growth of 15-20% annually and a net profit forecast of 8.8-8.9 billion RMB for the current year [5][13]

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