金十图示：2025年05月12日（周一）富时中国A50指数成分股午盘收盘行情一览：银行、保险股走势分化，半导体板块走软 长江电力 中国核电 东方财富 8 7213.23亿市值 1929.28亿市值 3362.32亿市值 9.81亿成交额 4.59亿成交额 49.78亿成交额 29.48 9.38 21.30 -0.07(-0.24%) +0.01(+0.11%) +0.47(+2.26%) 证券 食品饮料 中信证券 国泰海通 海天味业 胸更 3877.06亿市值 3088.72亿市值 2374.93亿市值 19.62亿成交额 5.89亿成交额 2.23亿成交额 17.52 42.71 26.16 +0.61(+2.39%) +0.17(+0.98%) +0.31(+0.73%) 消费电子 化学制药 恒瑞医药 工业富联 立讯精密 3765.24亿市值 3217.57亿市值 2391.64亿市值 9.84亿成交额 51.69亿成交额 27.27亿成交额 18.96 33.00 50.44 +0.27(+1.44%) +0.92(+2.87%) -2.37(-4.49%) 家电行业 农牧饲渔 海尔智家 牧原股份 格 ...

Group 1 - The Hong Kong stock market opened higher on May 12, with major indices rising, particularly the Hong Kong Stock Connect Automotive ETF (159323) and the Hang Seng Technology Index ETF (513180) [1] - The Hong Kong Stock Connect Automotive ETF (159323) saw a peak increase of nearly 3.5%, with significant gains in holdings such as Sunny Optical Technology, Xpeng Motors, Tuhu, Minth Group, Jingcheng Machinery Electric, Denso, and Li Auto, with Sunny Optical Technology rising over 10% [1] - According to the China Passenger Car Association, retail sales of passenger cars in April reached 1.755 million units, a year-on-year increase of 14.5%, but a month-on-month decrease of 9.4%. Cumulatively, retail sales for the year reached 6.872 million units, up 7.9% year-on-year [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) focuses heavily on the Hong Kong automotive sector, with a leading proportion of passenger vehicles among similar indices, and includes emerging car manufacturers such as Xpeng Motors, BYD, Li Auto, Geely, Leap Motor, and Great Wall Motors, which together account for nearly 70% of the total weight [2] - The ETF also covers the automotive parts sector, which is expected to benefit significantly from the robotics technology wave [2] Group 3 - Everbright Securities expressed optimism about the domestic automotive sales outlook for 2025, driven by vehicle trade-in programs, and emphasized the importance of monitoring order volumes and end-user discounts [1] - The report highlighted the synergy between intelligent driving and robotics, suggesting that the theme of smart technology may continue to gain traction, particularly for automakers with strong self-developed intelligent driving algorithms and those involved in the robotics supply chain [1]

Important News - The high-level economic and trade talks between China and the United States have made substantial progress, reaching important consensus [2] Company News - Ningde Times (810699.HK) will begin its IPO on May 12, with a maximum offer price of 263.00 HKD [3] - Li Auto (02015.HK) has achieved cumulative deliveries of over 300,000 units for the Li L7 [3] - Longfor Group (00960.HK) reported a contract sales amount of 5.13 billion RMB in April, with a cumulative contract sales amount of 22.08 billion RMB from January to April [3] - Rongchang Biopharmaceutical (09995.HK) received approval from the National Medical Products Administration for the injection of Vedicimab for treating HER2-positive late-stage breast cancer with liver metastasis in China [4] - GAC Group (02238.HK) reported April vehicle sales of 116,400 units, a year-on-year decrease of 12.66% [5] - China Overseas Development (00688.HK) achieved a cumulative contract property sales amount of 66.583 billion RMB from January to April [5] - China Jinmao (00817.HK) reported a signed sales amount of 7.001 billion RMB in April [5] - Shimao Group (00813.HK) had a cumulative contract sales total of 9.07 billion RMB in the first four months [5] - China Overseas Hongyang Group (00081.HK) realized a contract sales amount of 2.624 billion RMB in April, a year-on-year decline of 18.1% [5] - Q Technology (01478.HK) sold 31.783 million mobile camera modules in April, a month-on-month increase of 7.9% [5] - Stone Pharmaceutical Group (01093.HK) received approval for clinical trials in the U.S. for SYH2046 tablets [5]

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 2025 年 05 月 11 日 新能源重卡持续高增带动供应链， Robotaxi 继续催化科技行情 看好 ——2025/5/5-2025/5/9 汽车周报 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 汽车 ⚫ 观点：4 月新能源重卡预计销量在 1.25 万-1.3 万辆左右，同比增长超过 1.7 倍，行业渗 透率在 20%左右，创历史新高。而小马智行车展带来全新 7 代 Robotaxi 后，整车降本 显著优化盈利模型，再次为我们看好科技成长提供了支撑。吉利整合极氪，欲将其私有 化，帮助吉利更好地进行内部整合，提高经营效率以释放利润，让我们提高了吉利在这 轮新能源竞争中的持续盈利的信心。继续看好小米，吉 ...

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes two main investment lines: leading companies in niche segments and those well-positioned in the robotics sector [2] - The automotive industry is experiencing a shift towards new energy vehicles (NEVs), with significant growth in sales and technological advancements [8][10] - The report highlights the importance of strategic partnerships and technological innovation in enhancing market competitiveness [22][24] Summary by Relevant Sections Overview of the Automotive Industry - In Q1 2025, the Chinese automotive market is characterized by a dominance of new energy vehicles, with NEV sales reaching 3.07 million units [8] - The penetration rate of new energy vehicles is projected to reach 53% in H1 2024 [10] Leading Companies in Niche Segments - **BAIC Blue Valley**: Achieved 130.6 billion yuan in NEV revenue in 2024, with a 26.4% year-on-year growth [13] - **Jianghuai Automobile**: NEV sales increased by 25.08% in 2024, with a total of 51,809 units sold [16] - **Changan Automobile**: Sold 735,000 NEVs in 2024, marking a 52.8% increase [18] - **Geely Automobile**: NEV sales reached 888,000 units in 2024, a 92% increase, with NEV revenue accounting for 41% of total revenue [20] - **BYD**: NEV sales grew over 40% in 2024, maintaining its position as the top seller in China and globally [22] Key Component Manufacturers - **Top Group**: Reported a revenue of 26.6 billion yuan in 2024, with a 35% year-on-year increase [24] - **Fuyao Glass**: Achieved 39.25 billion yuan in revenue in 2024, a growth of 18.4% [26] - **Haoneng Co.**: Revenue reached 2.36 billion yuan in 2024, with a 21.3% increase [28] - **Longsheng Technology**: Revenue of 2.4 billion yuan in 2024, a 31.2% increase [30] - **Zhejiang Rongtai**: Reported a revenue of 1.135 billion yuan in 2024, with a 42% increase [32] Robotics Sector Developments - **Songyan Power**: Launched the humanoid robot N2, which won second place in a marathon event [6] - **Beijing Humanoid Robot Innovation Center**: Developed the "Tiangong Ultra" robot, which won a marathon [6] - **Kepler**: Introduced the K2 "Bumblebee" robot, showcasing its industrial application capabilities [6] - **Yushu**: Collaborated with Great Wall Motors to enhance robot technology and smart manufacturing [6]

中国汽车产业连续14年蝉联全球产销第一，更凭借新能源汽车 实现弯道超车，成为全球汽车产业转型的领跑者。然而，在这 条万亿级产业链的底层，像李峰、王海所在的企业一样，数以 万计的中小零部件企业正深陷一场无声的"账期战"。 作者：王帅国 封图：图虫创意 在汽车行业深耕二十余年的李峰，如今是一家南方企业的汽车事业部主管。他亲历了中国汽车产业 的腾飞，却也深陷行业长账期问题编织的资金困局。他所在的企业在国内主要作为二级供应商服务 整车厂，在行业内规模并不算小，但其货款回收周期如同一场漫长的马拉松。 中国汽车产业连续14年蝉联全球产销第一，更凭借新能源汽车实现弯道超车，成为全球汽车产业 转型的领跑者。然而， 在这条万亿级产业链的底层，像李峰、王海所在的企业一样，数以万计的 中小零部件企业正深陷一场无声的"账期战"。 主机厂不断延长的账期，让许多企业游走在资金链断裂的边缘。国务院2020年出台《保障中小企 业款项支付条例》（下称《条例》），今年3月发布修订后的《条例》，修订内容主要包括：1. 强化支付责任：明确大型企业需在交付后60日内付款，禁止以第三方付款为前提的条款；2. 完 善监管机制：新增"监督管理"专章，细化投 ...

截至收盘，汽车整车、工程咨询服务、能源金属等净流入排名靠前，其中汽车整车净流入2.32亿元。 5月9日，A股出现调整，科技股普遍低迷，银行、电力股再度走强。截至收盘，上证指数收跌0.3%报3342点，深证成指跌 0.69%，创业板指跌0.87%。A股成交1.22万亿元，上一交易日为1.32万亿元。 具体来看，银行股表现活跃，建设银行、成都银行、浦发银行、江苏银行等多只银行股密集创历史新高。 半导体产业链震荡下挫，华虹公司跌近10%，乐鑫科技、中芯国际、伟测科技、芯原股份、国民技术、翱捷科技等跟跌。 （文章来源：广州日报） Wind数据显示，本周，上证指数累计涨1.92%，深证成指涨2.29%，创业板指涨3.27%。 东方证券认为，在政策呵护下，市场继续维持上行态势，沪综指已经完全回补"关税缺口"，深市主要指数也有望后来居 上，泛科技依然是市场重要投资方向。另外，今年世界格局不确定性仍在持续，随着技术不断升级，中国军用产品性价比 已经凸显，更多外贸型号有望进入海外市场，整体军贸市场增长空间较大，产业配套军贸公司未来增量可期。 招商证券指出，展望5月，业绩披露期结束后，市场会积极地在业绩改善的行业进行投资标的布局 ...

两市全天特大单净流出263.54亿元，其中10股特大单净流入超2亿元，科蓝软件特大单净流入5.56亿元， 特大单净流入资金居首。 沪指今日收盘下跌0.30%。资金面上看，沪深两市全天特大单净流出263.54亿元，共计1514股特大单净 流入，2973股特大单净流出。 从申万一级行业来看，今日有7个行业特大单资金净流入，纺织服饰特大单净流入规模居首，净流入资 金3.51亿元，该行业指数今日上涨0.72%，其次是银行，今日上涨1.36%，净流入资金为3.21亿元，净流 入资金居前的还有公用事业、煤炭等行业。 特大单资金净流出的行业共有24个，净流出资金最多的是电子，特大单净流出资金58.79亿元，其次是 计算机，特大单净流出资金34.64亿元，净流出资金居前的还有国防军工、机械设备等行业。 具体到个股来看，10股特大单净流入超2亿元，科蓝软件特大单净流入5.56亿元，净流入资金规模居 首；南方精工特大单净流入资金4.24亿元，位列第二；净流入资金居前的还有武汉凡谷、国轩高科、万 向钱潮等。特大单净流出股中，中航成飞特大单净流出资金14.27亿元，净流出资金最多；供销大集、 中芯国际特大单净流出资金分别为11.95 ...

Group 1 - Longpan Technology's subsidiaries signed a sales contract for over 5 billion yuan of lithium iron phosphate cathode materials, expecting to sell a total of 150,000 tons from 2025 to 2029 [1] Group 2 - Hengda plans to acquire high-precision CNC grinding business assets from German company SMS for 8.5 million euros, aiming to enhance R&D capabilities and product offerings in intelligent CNC equipment [2] Group 3 - China First Heavy Industries' chairman is under investigation for serious violations of discipline and law, prompting the company to appoint an acting chairman [3] Group 4 - In April, various companies reported their sales performance, with notable figures including: - China Merchants Shekou's sales amounting to 14.764 billion yuan - Shoukai's sales down by 23.77% to 1.46 billion yuan - Tiankang Biological's pig sales revenue at 380 million yuan, up 1.06% month-on-month - Longyuan's pig sales revenue at 125 million yuan, up 14.59% month-on-month and 12.72% year-on-year - New Wufeng's pig sales reaching 408,100 heads, up 36.31% year-on-year - GAC Group's car sales at 116,400 units, down 12.66% year-on-year [6] Group 5 - Red Tower Securities proposed a share buyback of 100 million to 200 million yuan, while Mengbaihe plans to buy back shares worth 85 million to 170 million yuan [6]

2025.05. 09 作者 | 一财资讯 5月9日，A股三大指数全天弱势震荡。截至收盘，沪指跌0.30%，深证成指跌0.69%，创业板指跌 0.87%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | prima | 3342.00 | -10.00 | -0.30% | | 399001 | 深证成指 | prim | 10126.83 | -70.83 | -0.69% | | 399006 | 创业板指 | N | 2011.77 | -17.68 | -0.87% | 盘面上，半导体板块低迷，影视、AI应用、脑机接口、机器人、零售板块跌幅居前；ST板块持续活 跃，纺织制造、美容护理、银行、电力板块涨幅居前，多只银行股股价创新高。全市场超4000只个 股下跌。 具体来看，银行股逆势走强，建设银行、浦发银行、江苏银行齐创历史新高。 ST板块反复活跃，ST雪发、ST尔雅、*ST和科等超20股涨停。 资金流向 主力资金全天净流入汽车整车、能源金属、煤炭等板块，净流出半导体、航天 ...