Group 1 - JD.com announced its 2025 year-end bonus plan, with average bonuses reaching 25 times the monthly salary, with no upper limit [2] - Employees with an A+ performance rating will receive a year-end bonus equivalent to 10 times their monthly salary, totaling 22 times their salary [2] - The sales of duty-free shops in Sanya surged to 535 million yuan from December 18 to 22, marking a 50.3% year-on-year increase [3] Group 2 - ByteDance reported internal violations, resulting in the dismissal of 120 employees, with 28 being publicly named for serious offenses [7] - BYD won a court case against several accounts that spread false information, resulting in a compensation of 2 million yuan [7] - The Chinese government expressed strong opposition to the US imposing additional tariffs on semiconductor products, emphasizing the negative impact on global supply chains [5] Group 3 - The Chinese Ministry of Commerce stated that it hopes for a balanced solution regarding TikTok's establishment of a joint venture in the US, aligning with Chinese laws [6] - Reports indicate that Brazil is considering implementing visa exemptions for Chinese tourists, aiming to strengthen trade relations [6] - The housing market in major cities like Shenzhen and Shanghai may see relaxed purchase restrictions, following similar policies in Beijing [5] Group 4 - Toyota's global sales and production both declined in November, with sales down 1.9% to 965,919 vehicles and production down 3.4% to 934,001 vehicles [13] - Major silicon wafer manufacturers have raised prices significantly, with average increases of 12% due to rising raw material costs [14] - Silver futures prices reached a new high, closing at $71.685 per ounce, driven by increased industrial and investment demand [14] Group 5 - OpenAI is reportedly considering integrating advertisements into ChatGPT responses, aiming to prioritize promotional content in user queries [14] - The Chinese government plans to integrate artificial intelligence deeply into various sectors by 2035, enhancing economic development [20] - Major pharmaceutical e-commerce platforms are expected to benefit from the growing demand for AI medical applications [21] Group 6 - Xiaomi announced the pricing for its new Xiaomi 17 Ultra model, starting at 6,999 yuan, with pre-sales already underway [24] - "FenYinTa Technology" secured nearly 100 million yuan in Series A funding, focusing on AI applications in elder care [25] - "YunShenChu Technology" completed a Pre-IPO round of financing amounting to several hundred million yuan, led by the National AI Industry Fund [26]

每经编辑｜张喜威 王晓波 ↓ 今日有3000亿元1年期MLF到期 2 2025粤港澳大湾区低空经济高质量发 于12月25日在广州举办 (3)第十六届物联网产业与智慧城市发展ʻ 12月25日举办 2 金融支持加快西部陆海新通道建设 八部门联合发布21条举措 近日，中国人民银行、国家发展改革委、财政部、交通运输部、商务部、金融监管总局、中国证监会、国家外汇局联合印发《关于金融支持加快西部陆海新 通道建设的意见》（以下简称《意见》）。《意见》从完善金融组织协作体系，构建高质量资金融通体系，推进制度性改革创新，建设数字金融服务平台， 完善金融开放合作体系，深化跨省跨境金融监管协作等方面提出21条重点举措，推动发挥好"融资"和"结算"两项金融核心功能，支持西部陆海新通道高质量 发展。（央视新闻） 1 隔夜市场 美股三大指数集体收涨，均录得日线5连涨，道指涨0.6%，标普500指数涨0.32%，纳指涨0.22%，其中，标普500指数、道指均创收盘历史新高；大型科技 股涨跌不一，苹果、微软、奈飞、亚马逊、Meta等小幅上涨；谷歌、英伟达、特斯拉、英特尔小幅下跌。纳斯达克中国金龙指数微跌0.07%，中概股涨跌不 一，知乎涨近 ...

12月22日，鸿合科技（002955.SZ）第三次临时股东大会顺利召开，审议通过了董事会改选议案，新一 届董事会成员正式亮相。此次换届标志着公司控制权从原实控人平稳移交至奇瑞系CVC手中，新老董 事会的结合，既构建了平衡的治理结构，更有利于公司未来的治理与发展。 新一届董事会名单显示，公司股东结构发生实质性变化。控股股东瑞丞鸿图在董事席位安排上采取 了"GP+LP"共同派驻模式。 其中，新任董事长姚瑞波来自瑞丞基金，先后于建设银行、兴业银行、民生银行、长城国瑞证券等金融 机构担任重要管理职务，并深耕产业投资领域，曾任安徽新安金融集团常务副总裁、瑞丞基金投资与并 购业务负责人，拥有丰富的金融行业背景与产业投资经验。王陈琛现任安徽交控资本基金董事长，其背 后的安徽交控是瑞丞鸿图的重要LP，出资比例达20%，代表了安徽省国资。彭骥现任芜湖远大创投投资 管理三部部长，代表芜湖国资。芜湖产业投资基金有限公司是瑞丞鸿图的重要LP，出资比例达 31.25%，与彭骥的关联使其成为芜湖国资代表。 业内专家指出，这种由GP与关键LP共同派员直接进入上市公司董事会的安排，不仅强化了新股东对上 市公司战略方向的把控，更直接打通了鸿合 ...

2025 年 12 月 23 日 晨会速递 分析师点评 市场数据 行业研究 【建材】推动投资止跌回稳，着力扩大有效投资——建材、建筑及基建公募 REITs 半 月报（11 月 29 日-12 月 19 日）(买入) 基建投资下滑，个别细分领域保持较快增长。中央经济工作会议中提出推动投资止跌 回稳；"十五五"期间我国投资仍将保持一定增量，但将更加注重投资效益，重视项 目质量及项目落地，重大工程仍将是传统基建领域的重点。当前我们建议关注：新材 料方向：中国巨石，国恩股份，濮耐股份，科达制造，宏润建设（布局机器人业务）， 洁美科技。基建地产链方向：中国建筑、东方雨虹、海螺水泥。 【房地产】1-11 月百城宅地成交建面同比-15%，成交楼面均价同比+9%——土地市 场月度跟踪报告（2025 年 11 月）(增持) | | A 股市场 | | | --- | --- | --- | | | 收盘 | 涨跌% | | 上证综指 | 3917.36 | 0.69 | | 沪深 300 | 4611.62 | 0.95 | | 深证成指 | 13332.73 | 1.47 | | 中小板指 | 8083.6 | 1.60 | ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 博泰车联是中国智能座舱解决方案的领先供应商 公司成立于2009年，前身为上海博泰悦臻电子设备制造有限公司，于2025年9月在香港联交所主板上市 （股票代码：2889）。2024年按出货量计，公司居中国乘用车智能座舱域控供应商第三（市占7.3%）； 2025年1-5月按出货量计，居中国新能源乘用车座舱域控市场第二（市占13.11%）。公司是国内少数可规 模化交付高通8155/8295、提供麒麟9610A+鸿蒙方案的资深全栈方案商，业务覆盖全国29家主流OEM客 户，包括一汽、东风、上汽等国内头部车企及保时捷等国际品牌，核心产品域控制器已服务长安阿维塔、 东风岚图等头部客户。公司2024年营收25.57亿元，其中智能座舱解决方案、网联服务收入占比分别为 95 ...

智通财经APP获悉，光大证券发布研报称，博泰车联(02889)是中国智能座舱解决方案的领先供应商。公 司有望通过保时捷等国际客户切入海外OEM供应链，海外收入有望成为第二增长曲线，并且相比成熟 汽车供应链企业，具有"软硬一体"优势且营收增速高。有望凭借技术&生态优势扩大市场份额。首次覆 盖，给予"买入"评级。 光大证券主要观点如下： 风险提示：智能座舱需求不及预期，技术迭代不及预期，供应链风险，新股股价波动风险。 公司介绍 博泰车联成立于2009年，前身为上海博泰悦臻电子设备制造有限公司，于2025年9月在香港联交所主板 上市。2024年按出货量计，公司居中国乘用车智能座舱域控供应商第三（市占7.3%）；2025年1-5月按 出货量计，居中国新能源乘用车座舱域控市场第二（市占13.11%）。公司是国内少数可规模化交付高 通8155/8295、提供麒麟9610A+鸿蒙方案的资深全栈方案商，业务覆盖全国29家主流OEM客户，包括一 汽、东风、上汽等国内头部车企及保时捷等国际品牌，核心产品域控制器已服务长安阿维塔、东风岚图 等头部客户。公司2024年营收25.57亿元，其中智能座舱解决方案、网联服务收入占比分别为 ...

2025年港股IPO市场迎来爆发式增长，募资规模登顶全球主要交易所的同时，上市排队企业数量也持续攀升，形成一定程度的"堰塞湖"现象。 最新数据统计显示，截至12月17日，处于港股IPO聆讯处理中阶段的企业多达298家，其中12月半个多月内新增28家，远超11月同期的 18家，排队企业增速明显，后续节奏变化备受市场关注。此外，从市场格局来看，年内港股IPO已完成102家上市，募资额达2724.76亿 港元，同比激增226.62%，创下四年以来新高。 港股IPO"堰塞湖"现象背后，是市场对热度与潜在风险的担忧，港股监管层已针对申报质量下滑发出联合关切，投行人手短缺、文件粗糙等问题引 发关注；而二级市场"抽血"担忧虽持续发酵，但卖方研究显示一二级市场弱正相关，短期压力难改长期产业赋能逻辑，港股在规模扩张与风险防控 的平衡中持续前行。 近300家企业排队港股IPO Wind数据统计显示，科技与创新驱动的行业主导上述拟上市项目中，软件服务与硬件设备占比最高，合计约35%；医药生物行业多达6 家企业，聚焦创新药、肿瘤治疗、自身免疫疾病等高壁垒赛道，政策支持与市场需求双重驱动。 消费者服务与日常消费零售占比约25%，传统消 ...

智能座舱领域的"二哥"车联天下，要赴港上市了。 日前，车联天下正式递交招股书，计划在港交所主板上市。招股书显示，车联天下近年来业绩呈现爆发 式增长，三年间增幅超过六倍。根据弗若斯特沙利文的资料，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。 但高速增长和排名靠前的背后，这家公司被质疑面临连续多年高额亏损的困境，业务、客户和供应商的 过度单一更增添了外界的担忧。 图片来源：车联天下招股书 01 高增长高亏损，"以价换量"到何时？ 成立于2014年，车联天下股东包括蔚来资本、博世创投、闻泰科技（600745）、四维图新（002405）以 及无锡、芜湖两地国资委旗下的基金等，股东名单可谓"星光熠熠"。 车联天下的故事，源自创始人杨泓泽对汽车市场变革的思考。早年，杨泓泽在车企做过品牌、销售、客 户关系负责人，曾担任奇瑞汽车股份有限公司的副总经理，还曾做过几年经销商。 长年直面车企和市场用户的经历，让杨泓泽意识到汽车市场变革将带来的机会。在他看来，未来车企要 进行差异化竞争，需要通过车端的智能网联系统，建立起汽车厂和用户之间的纽带。成立数年后，车联 天下业务整体升级转型，投入智能网联赛道技术含量 ...

Core Viewpoint - The company, 博泰车联, has secured multiple significant orders from leading electric vehicle manufacturers, indicating strong market demand for its advanced smart cockpit solutions and solidifying its competitive position in the industry [2][6][19]. Group 1: Company Developments - 博泰车联 has received three major orders from top-tier electric vehicle manufacturers, enhancing its reputation and market competitiveness [2][3]. - The company recently completed its IPO in September, raising approximately 900 million HKD, which will support its growth and development initiatives [29]. - 应臻恺, the founder, emphasizes the importance of transforming new orders into revenue to ensure the company's survival in a competitive market [30]. Group 2: Product and Technology - 博泰车联's latest order involves providing cockpit products based on Qualcomm's 8397 platform, which offers advanced AI capabilities and superior computing performance [4][5]. - The company has shifted from basic central control screens to user experience-focused "emotional spaces," positioning smart cockpits as the command center of vehicles [7]. - The average price of high-end domain controllers is 2,951 RMB per unit, three times that of lower-end products, contributing significantly to revenue growth [16]. Group 3: Market Position and Financial Performance - 博泰车联 is the third-largest supplier of smart cockpit domain controller solutions in China, holding a 7.3% market share as of 2024 [19]. - The company's revenue for the first half of 2023 reached 1.086 billion RMB, reflecting a 26.2% year-on-year increase, although it reported a loss of 227.371 million RMB [18][21]. - The revenue from domain controllers is projected to grow from 674 million RMB in 2022 to 1.959 billion RMB in 2024, with a compound annual growth rate of 70.5% [18]. Group 4: Challenges and Strategic Focus - Despite recent successes, 博泰车联 faces challenges, including an expanded loss of 230 million RMB in the first half of 2023 and a slowdown in the growth rate of its core domain controller business [21][28]. - 应臻恺 highlights the necessity of maintaining strong relationships with both major manufacturers and chip suppliers to navigate the complexities of the global market [12]. - The company is increasing its investment in AI and technology development, with 1.1 billion RMB allocated for R&D in the first half of 2023, representing 10% of its revenue [27].

Core Insights - The article emphasizes that by 2025, smart cockpits will transition from "function stacking" to "experience reconstruction," as user demands evolve from basic interactions to emotional companionship and multi-modal integration [3][11] - Industry data indicates that 85% of global vehicles equipped with L2+ and above smart driving will feature multi-screen interactions and voice assistants, with Gen Z users making up 42% of the market, driving the shift towards personalized and immersive experiences [3][11] Current Challenges in Smart Cockpits - The smart cockpit industry faces multiple challenges, including ecosystem fragmentation, data security issues, and impractical user experiences [5][11] - Over 30% of vehicles excessively collect user data, with only a few companies meeting high security standards, while 60% of users find features like in-car karaoke useless [5][11] - The integration of smart cockpits and smart driving is costly, with high maintenance costs for flexible screens and inconsistent software updates posing significant challenges [5][11] Industry Insights from Experts - Experts at the WNAT-CES 2025 conference discussed the fragmentation of hardware and software in smart cockpits, leading to high adaptation costs for content providers and a lack of differentiation in user experience [7][8] - The need for a unified standard and ecosystem expansion was highlighted as a significant challenge, with traditional mobile internet paths not necessarily applicable to the automotive sector [7][8] - The automotive industry is undergoing significant changes due to the influx of innovators from the consumer electronics sector, necessitating multiple transformations [9][23] User Experience and Demand - Current smart cockpits have achieved basic functionalities like multi-screen interaction and voice control, but there are still gaps in user experience, particularly in adapting to different user needs [31][32] - The balance between universal and targeted user needs remains a challenge, with different age groups requiring different interaction designs [31][32] Future Directions and Innovations - The integration of AI and multi-modal perception in smart cockpits is expected to significantly enhance user interaction, but it will also require substantial data processing capabilities [38][39] - The future of smart cockpits will likely involve a shift towards a platform-based approach, allowing for more efficient cost management and user experience improvements [47][63] - The industry is encouraged to focus on safety and compliance while innovating, ensuring that user data privacy and security are prioritized [49][50] Competitive Advantages in the Chinese Market - China's largest market and user base provide a significant advantage for innovation and iteration in the smart cockpit sector [56][58] - The collaborative environment in China allows for rapid testing and growth of various applications, fostering a culture of innovation [56][58]