金融界2025年7月5日消息，国家知识产权局信息显示，北汽福田汽车股份有限公司取得一项名为"车辆 尾排处理系统及具有其车辆"的专利，授权公告号CN223066201U，申请日期为2024年08月。 天眼查资料显示，北汽福田汽车股份有限公司，成立于1996年，位于北京市，是一家以从事汽车制造业 为主的企业。企业注册资本791740.0367万人民币。通过天眼查大数据分析，北汽福田汽车股份有限公 司共对外投资了64家企业，参与招投标项目5000次，财产线索方面有商标信息1610条，专利信息5000 条，此外企业还拥有行政许可3158个。 专利摘要显示，本实用新型涉及一种车辆尾排处理系统及具有其车辆，系统包括：除氢装置，其输入端 与燃料电池系统的尾排出口相连，用于清除尾排出口的尾排气体中的氢气，得到待排出气体；水汽分离 装置，其输入端与除氢装置的输出端相连，其第一输出端与大气相连，用于对待排出气体进行水汽分离 后将分离后气体排放；储水装置，其输入端与水汽分离装置的第二输出端相连，用于存储待排出气体进 行水汽分离后的液态水；设置于除氢装置和储水装置之间的导热装置，用于将除氢装置清除尾排气体中 的氢气时产生的热量传导至 ...

对于资本市场健康向上发展而言，任何造假的行为都应受到严厉谴责与惩罚，与此同时，对于配合造假 的协同方而言，也理应同步追责。 就在近期，监管层首次对配合造假方进行严惩。 在越博动力财务造假过程中，于某、贺某提供其控制或联络的多家公司配合越博动力开展虚假业务，与 越博动力构成共同违法，证监会拟对其分别处以200万元、30万元罚款。此外，对发现涉嫌犯罪情形 的，将依法移送公安机关追究刑事责任。 证监会强调，财务造假是侵蚀市场根基的毒瘤，一直是重点打击对象。近年来，严格落实中央决策部 署，聚焦重点领域和市场关切，通过严厉打击虚构业务、滥用会计政策等信息披露违法行为，坚决做 到"长牙带刺"、有棱有角，"惩防治"并举，努力塑造良好市场生态。在严厉打击发行人、上市公司信息 披露违法主体的同时，我会始终紧盯公司实际控制人、控股股东、董监高等"关键少数"，严防保荐、审 计、法律等中介机构"看门人"失守，通过压实上述主体责任、强化"全链条"追责等，全力为资本市场稳 定健康发展保驾护航。 第三方主体配合、串通上市公司实施造假，双方乃至多方形成利益链、"生态圈"，是近年来资本市场财 务造假的新特点，不仅扰乱市场秩序，且严重污染市场生 ...

Group 1: Company Overview - Ma'anshan Aotajia Technology Co., Ltd. was established in 2017 and is primarily engaged in the automotive manufacturing industry with a registered capital of 90 million RMB [1] - Ma'anshan Aotajia Electromechanical Co., Ltd. was established in 2014 and focuses on non-ferrous metal smelting and rolling processing with a registered capital of 30 million RMB [2] Group 2: Patent Application - Ma'anshan Aotajia Technology Co., Ltd. applied for a patent titled "Concentric Positioning Tool, Assembly Equipment, and Process for Automotive Compressor Disc and Swash Plate" with publication number CN120244552A, filed on May 2025 [1] - The patent aims to improve the assembly process of automotive compressors by utilizing an automatic assembly method that reduces axis deviation and enhances automation, thereby shortening production cycles and eliminating the need for manual torque control [1] Group 3: Business Activities - Ma'anshan Aotajia Technology Co., Ltd. has participated in 7 bidding projects and holds 55 patent records, along with 7 administrative licenses [1] - Ma'anshan Aotajia Electromechanical Co., Ltd. has participated in 16 bidding projects, holds 63 patent records, and possesses 20 administrative licenses [2]

Core Viewpoint - The company has decided not to exercise the downward adjustment of the conversion price for its convertible bonds, despite triggering conditions being met due to stock price performance [4][9]. Group 1: Convertible Bond Issuance - The company issued 35 million convertible bonds with a face value of 100 yuan each, totaling 3.5 billion yuan, approved by the China Securities Regulatory Commission [1]. - The bonds were listed on the Shanghai Stock Exchange on July 8, 2021, under the name "长汽转债" and code "113049" [1]. Group 2: Conversion Price Details - The initial conversion price was set at 38.39 yuan per share, which has undergone several adjustments since issuance [2][3]. - The current conversion price is 39.61 yuan per share, with a history of adjustments due to various corporate actions [2][3][5]. Group 3: Downward Adjustment Conditions - The downward adjustment clause was triggered as the company's A-share stock price was below 85% of the current conversion price for at least 15 trading days within a 30-day period [4][9]. - The board of directors has decided not to exercise the right to adjust the conversion price downward at this time, citing confidence in the company's long-term potential and market conditions [9]. Group 4: Future Considerations - The board will not propose a downward adjustment for the next six months, from July 5, 2025, to January 4, 2026, even if the conditions are met again [9]. - After this six-month period, if the conditions are triggered again, the board will reconvene to decide on the adjustment [9].

Group 1 - The core viewpoint is that China Life Property & Casualty Insurance Yunnan Branch is leveraging the "old-for-new" vehicle exchange program to stimulate automotive consumption, particularly in the new energy vehicle (NEV) sector [1][2] - In 2023, the company has resolved 40,200 cases related to NEVs, with total compensation amounting to 249 million yuan and a maturity payout rate of 93.62% [1] - The company has underwritten 31,400 NEVs in 2025, an increase of 11,100 units compared to the same period last year [1] Group 2 - The automotive consumption market in Yunnan Province has been active this year, becoming a significant driver of consumption growth, with NEVs being a highlight due to various subsidies and promotions [1] - The company has introduced various insurance products to support the "old-for-new" initiative, including NEV insurance, extended warranty, and insurance for smart connected devices, batteries, and charging stations [2] - The company plans to enhance its insurance capabilities to seize the "old-for-new" opportunity, integrating insurance services throughout the entire process to foster new business growth [2]

证 券 研 究 报 告 供需有待 【宏观快评】 经济或呈现低波运行——6 月经济数据前瞻 主要观点 核心观点：展望 6月及二季度，经济或呈现低波运行特征。首先，从GDP数 据来看，受益于国内的两新政策、出口的韧性，生产端保持较快增长。预计 2 季度全部工业生产增速 5.9%左右，预计 2季度 GDP增速在 5.3%左右，接近 1季度的 5.4%。其次，受益于政府债发行的前值，社融增速稳中有升，预计6 月末抬升至 8.8%左右。再次，市场较为关注的出口数据，增速或边际放缓， 但仍有韧性，预计 6 月出口同比在 3.5%左右。 后续来看，关注重心在可能带来经济走势出现变化的几个方向。包括美国与各 国的关税谈判进展、地产的库存去化、"反内卷"在供给端的约束等。 一、GDP：预计 2 季度 GDP 增速在 5.3%左右 主要原因来看：1）受益于设备更新、以旧换新、出口韧性，工业生产在 2 季 度维持偏强态势。预计 2 季度全部工业（规上+规下）增速在 5.9%左右。2） 受益于以旧换新，零售环节增速继续回升，预计批发零售业2季度增速为6.8% 左右，高于 1 季度的 5.8%。3）信息业与租赁服务业，预计维持高增长。 ...

Group 1 - Geely Auto Holdings Limited will enter the Italian market for the first time with its namesake brand, planning to launch two SUV models in the fourth quarter, marking an acceleration of Chinese automakers' expansion in Europe [1] - The two SUV models to be launched are the fully electric EX5 and a super hybrid plug-in hybrid model, in collaboration with Saudi dealer Jameel Motors [1] - Despite the growth trend in Italy's electric vehicle market, the penetration rate remains low, with pure electric vehicles accounting for only 6% of the market share as of June, indicating significant growth potential [1] Group 2 - Chinese automakers, led by BYD, have rapidly grown in the European electric vehicle market, focusing on pure electric and hybrid models, while Geely's presence has been relatively lagging [2] - Geely's entry into the Italian market is a crucial step in catching up with competitors and establishing a foothold in the European electric vehicle market [2] - According to JATO Dynamics, Chinese automakers registered 65,808 new vehicles last month, capturing 5.9% of the total sales in the region, more than doubling their market share from 2.9% in the same period of 2024 [2][3]

Group 1 - Anhui Jianghuai Automobile Group Co., Ltd. has applied for a patent titled "Control Method for Off-Road Mode of Hybrid Vehicles," with publication number CN120245943A, and the application date is April 2025 [1] - The patent describes a control method for hybrid vehicles with a specific architecture, focusing on a four-speed transmission system, enabling the vehicle to switch between different driving modes based on the state of charge (SOC) and vehicle speed [1] - The proposed control scheme aims to ensure four-wheel drive capabilities under various conditions, facilitating long-duration off-road driving [1] Group 2 - Anhui Jianghuai Automobile Group Co., Ltd. was established in 1999 and is located in Hefei City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of approximately 218.4 million RMB and has invested in 48 enterprises, participated in 5,000 bidding projects, and holds 946 trademark records and 5,000 patent records [2] - Additionally, the company possesses 705 administrative licenses, indicating a robust operational framework [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has initiated administrative penalties against Nanjing Yuebo Power System Co., Ltd. for suspected violations of information disclosure laws, targeting both the company and its actual controllers, as well as responsible executives [1] - Between 2018 and 2022, Yuebo Power inflated its revenue and profits through fictitious sales of new energy vehicle powertrains and false asset sales, leading to false records in annual reports [1] - Financial fraud is described as a "tumor" that harms the health of the capital market, undermining fairness and transparency, and misleading investors into making uninformed decisions, resulting in significant losses [1] Group 2 - Fraudulent companies attract substantial funding through manipulated financial data, diverting resources away from law-abiding and promising enterprises, which disrupts market resource allocation and efficiency, ultimately hindering economic development [2] - Regulatory authorities are intensifying accounting supervision and cracking down on financial fraud, sending a strong signal against such practices and demonstrating a commitment to maintaining a healthy market environment [2] Group 3 - A healthy capital market is essential for investors, enterprises, and economic development, and combating financial fraud requires collective efforts from all stakeholders [3] - Regulatory bodies need to enhance the legal framework and enforcement, while companies must adhere to integrity and proper financial management, and intermediaries should fulfill their supervisory roles [3] - Increased awareness and ability to identify fraud among investors are crucial for protecting the capital market ecosystem [3]

Core Insights - BYD leads the new energy vehicle market with a total sales of 2.146 million units in the first half of the year, significantly ahead of competitors [1][3] - The competition among major automotive manufacturers is intensifying, with a focus on achieving over one million units in sales to be considered among the top players [1][4] Group 1: Sales Performance - BYD achieved a remarkable sales figure of 2.146 million units, marking a year-on-year growth of 208.64% [3] - SAIC Motor reported sales of 2.053 million units, a year-on-year increase of 12.35% [3] - Geely's sales reached 1.409 million units, with a substantial year-on-year growth of 47% [4] - Changan Automobile and Chery both surpassed one million units, with sales of 1.355 million and 1.26 million units respectively [4] Group 2: Market Strategies - BYD's multi-brand strategy, including the Ocean and Dynasty series, has allowed it to capture significant market share in the 60,000 to 300,000 yuan price range [5] - Changan's Avita brand launched the Avita 06 model targeting the under 300,000 yuan market, directly competing with BYD's popular models [5][6] - Geely is expanding its lineup with new models like the Galaxy Star 8, priced at 115,800 yuan, to strengthen its presence in the competitive market [6] Group 3: Technological Advancements - The competition is not only in sales but also in technological advancements, with companies enhancing their smart driving systems [7] - BYD introduced the "Heavenly Eye" system, which has sparked a race among manufacturers to improve their intelligent driving technologies [6][7] - Geely's new intelligent driving solution, "Qianli Haohan," will be applied across its Galaxy brand, catering to various consumer needs [6] Group 4: International Expansion - BYD's overseas sales reached over 470,000 units in the first half of the year, with a significant growth of 229.8% in June alone [8] - SAIC Motor's overseas sales and exports amounted to 494,000 units, reflecting a year-on-year growth of 1.27% [9] - Chery's exports exceeded 550,000 units, contributing 44% to its total sales, highlighting the importance of international markets for growth [9]