中国数实融合50人论坛智库专家洪勇对记者表示，中试平台承担着小批量试制、工艺放大、性能测试、 可靠性验证等任务，"本质上是把'一次能做出来'变成'次次做得稳'，对企业来说可以显著缩短研发周 期、降低试错成本，提高产业化成功率。" 从目标看，《通知》一方面要求做强一批基础较好、利用率较高的中试平台，通过升级改造扩大服务能 力；另一方面提出激活一批"暂休"的平台，通过引入专业化运营、完善开放共享机制，提高设备开机率 和外部服务占比；同时聚焦关系未来发展、关乎产业安全、中试供给紧缺的关键行业领域，最后，补齐 一批中试平台空白。 袁帅表示，当前全球制造业竞争加剧，各国都在抢占技术和产业制高点。如果在原材料、高端装备、核 心零部件等关键环节缺乏中试平台，就容易出现"实验室里有技术，但迟迟做不出稳定产品"的情 况，"补齐中试环节，是提高我国产业链韧性和整体竞争力的必答题"。 工业和信息化部日前印发《关于进一步加快制造业中试平台体系化布局和高水平建设的通知》(以下简 称《通知》)。《通知》提出，以"做强一批、激活一批、补齐一批"为主要任务，围绕中试供给紧缺的 关键行业领域推进体系化布局，突出公共服务性质和功能，明确建设路径 ...

Core Viewpoint - Feilong Co., Ltd. has successfully completed the construction and trial production of its overseas smart factory, Longtai Automotive Parts (Thailand) Co., Ltd., which is set to enhance its presence in the Southeast Asian market through partnerships with major clients such as General Motors, Ford, and Cummins [1] Group 1 - The overseas smart factory in Thailand was completed and began trial production on June 26, 2025 [1] - The company has established partnerships with significant clients including General Motors, Ford, and Cummins [1] - The factory aims to expand the company's overseas business and penetrate the Southeast Asian market [1]

南财智讯11月14日电，飞龙股份在投资者关系活动中表示，公司热管理集成模块产品主要客户包括奇 瑞、南京汽车、理想、吉利、岚图、上汽等，目前多个项目正逐步上量，规模效应已开始显现。 ...

Core Viewpoint - The stock of Senqilin has experienced a decline of 13.83% year-to-date, with recent fluctuations showing a 3.44% increase over the last five trading days, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Senqilin reported a revenue of 6.438 billion yuan, reflecting a year-on-year growth of 1.54%. However, the net profit attributable to shareholders decreased by 41.17% to 1.015 billion yuan [2]. - Cumulative cash dividends since the A-share listing amount to 1.347 billion yuan, with 1.129 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Senqilin is 64,300, a decrease of 6.29% from the previous period. The average number of circulating shares per shareholder increased by 6.78% to 11,102 shares [2]. - Among the top ten circulating shareholders, China Europe Times Pioneer Stock A holds 13 million shares, an increase of 3 million shares compared to the previous period, while Southern CSI 500 ETF holds 9.0306 million shares, a decrease of 187,600 shares [3]. Market Activity - On November 14, Senqilin's stock price fell by 2.03%, trading at 20.74 yuan per share with a total market capitalization of 21.484 billion yuan. The trading volume reached 214 million yuan, with a turnover rate of 1.43% [1]. - The net outflow of main funds was 26.8083 million yuan, with large orders showing a buy of 46.1956 million yuan and a sell of 50.4356 million yuan, indicating active trading [1].

日前，领益智造向深交所提交了《关于撤回发行可转换公司债券及支付现金购买资产并募集配套资金项 目申请文件之申请》，独立财务顾问国泰海通证券股份有限公司向深交所提交了《关于撤回广东领益智 造股份有限公司发行可转换公司债券及支付现金购买资产并募集配套资金项目申请文件之申请》。根据 《深圳证券交易所上市公司重大资产重组审核规则》第五十二条的有关规定，深交所决定终止对领益智 造发行可转换公司债券购买资产并募集配套资金申请的审核。 领益智造2025年11月8日披露的关于调整购买资产方案的公告显示，公司于2025年11月7日召开第六届董 事会第二十一次会议审议通过了《关于调整购买资产方案的议案》，同意公司调整发行可转换公司债券 及支付现金购买资产并募集配套资金事项(以下简称"本次交易"或"原购买资产方案")，与交易对方签署 调整本次交易的相关协议，向深交所申请撤回本次交易的申请文件，并调整原购买资产方案为以现金方 式收购江苏科达斯特恩汽车科技股份有限公司(以下简称"江苏科达"或"标的公司")控制权，如后续交易 完成后，江苏科达成为公司控股子公司，纳入公司合并报表范围。公司独立董事专门会议审议通过相关 议案，并发表了同意的审 ...

• PHINIA将在2025年国际内燃机与动力装备博览会上展示其新型柴油甲醇双燃料喷射新技术创新成果，以支持满足国六B及未来排放法规。 在全球内燃机技术迈向低碳化、高效化的浪潮中，费尼亚（PHINIA）作为领先的燃料喷射系统供应商，在11月12日至14日举办的2025 年国际内燃机与 动力装备博览会（2025 ICE&PE）上展示了多项燃油系统创新技术，这些产品覆盖了从柴油到氢能、甲醇等替代燃料的全方位解决方案，体现出费尼亚在重 型商用车、船电发动机、轻型车辆及非道路应用领域的深厚技术积累。 超高压喷射系统在中国市场受青睐 费尼亚是全球汽车市场首家推出500bar超高压汽油直喷系统的供应商。目前，该系统已配装长安新蓝鲸动力平台，用于xEV车型，现以在长安汽车的十 余款车型上应用。通过精细雾化、新型喷油器和锻造油轨等先进技术，可实现更充分燃烧，降低后处理成本。此外，费尼亚的智能控制软件支持多种喷油模 式，优化全时域、全速域、全温域、全场域等全场景性能，并兼容各类燃油与汽油发动机平台。 双燃料喷射系统兼顾高效与低碳 费尼亚展示了多款应用于柴油及双燃料喷射系统的新产品。在双燃料喷射器方面，费尼亚推出柴油甲醇双喷油器 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported Q3 2025 results that met expectations, with revenue of 3.89 billion yuan, a year-on-year increase of 27.4%, and a net profit attributable to shareholders of 230 million yuan, up 14.5% year-on-year. The company is a leader in automotive thermal management in China and is expanding into data energy and robotics, which opens up future growth opportunities. The projected net profits for 2025-2027 are 960 million yuan, 1.48 billion yuan, and 1.86 billion yuan, with corresponding P/E ratios of 29.2x, 19.0x, and 15.2x [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of approximately 3.89 billion yuan, a year-on-year increase of 27.4% and a quarter-on-quarter increase of 3.7%. The growth in revenue is attributed to the recovery in the commercial vehicle sector and increased sales from certain passenger vehicle clients. The net profit for Q3 2025 was 230 million yuan, a year-on-year increase of 14.5% and a quarter-on-quarter increase of 0.7%. The net profit margin was 5.9%, down 0.7 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The gross margin for Q3 2025 was 19.4%, down 0.9 percentage points year-on-year but up 0.6 percentage points quarter-on-quarter [2][10]. Business Segments - The digital energy business is rapidly expanding, with revenue of 690 million yuan in the first half of 2025, a year-on-year increase of 58.9%. The company has developed a range of liquid cooling products for data centers and is also expanding into energy storage and ultra-fast charging for new energy heavy trucks. In the robotics sector, the company is actively developing humanoid robots and has established a joint venture to focus on dexterous hands [10]. Future Outlook - The company is positioned as a leader in automotive thermal management and is venturing into new areas such as data energy and robotics. The projected net profits for 2025-2027 are 960 million yuan, 1.48 billion yuan, and 1.86 billion yuan, with corresponding P/E ratios of 29.2x, 19.0x, and 15.2x, indicating strong growth potential [2][10].

天眼查App显示，近日，枣庄猛顺汽车销售服务有限公司成立，法定代表人为徐梨，注册资本5万人民 币，经营范围为一般项目：汽车零配件零售；汽车销售；二手车经纪；机动车鉴定评估；二手车交易市 场经营；汽车零部件及配件制造；汽车零配件批发；汽车装饰用品销售；汽车零部件研发；电车销售； 社会经济咨询服务；新能源汽车整车销售；进出口代理；机动车修理和维护；小微型客车租赁经营服 务；货物进出口；接受金融机构委托从事信息技术和流程外包服务（不含金融信息服务）；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广；广告设计、代理；信息咨询服务（不含许可类 信息咨询服务）；互联网销售（ 除销售需要许可的商品）。（ 除依法须经批准的项目外，凭营业执照 依法自主开展经营活动）。 ...

Macro Insights - The effectiveness of policy tools on social financing is yet to be fully realized, with October's new RMB loans and social financing both showing a year-on-year decrease, reflecting a weak real estate cycle and the impact of local and corporate debt replacement loans [2][3] - M1 and M2 growth rates have slightly declined but remain relatively fast, with M2 at 8.2% year-on-year and M1 at 6.2% [2][3] Banking Sector - In October, social financing increased by 815 billion RMB, significantly below the expected 1.53 trillion RMB, with a year-on-year decrease of 597 billion RMB, indicating a slowdown in credit demand [3] - The banking sector's configuration value has improved, with recommendations for quality regional banks such as Ningbo Bank, Nanjing Bank, and Chengdu Bank, as well as stable dividend payers like Shanghai Bank and Industrial and Commercial Bank of China [3] Machinery Industry - The FPSO (Floating Production Storage and Offloading) sector is expected to see accelerated order releases due to the transition to deep-sea oil and gas development, supported by a favorable financing environment from the Fed's interest rate cuts [4] - Key companies to watch include CIMC, China Shipbuilding, and Bohai Chemical, which are positioned to benefit from this investment cycle [4] A-Share Market - The A-share earnings cycle is showing signs of improvement, with structural differentiation narrowing, particularly in advanced manufacturing and TMT sectors [5] - Recommendations include focusing on industries with dual supply-demand improvements, such as railways, textiles, and photovoltaic equipment [5] Communication Sector - Gaode Infrared has entered a new phase of mass production for complete equipment systems, with a target price of 18.90 RMB based on a 70x PE valuation for 2026 [6] - The company is expected to benefit from expanding product categories and customer bases in both domestic and international markets [6] AI and Technology - Industrial Fulian is experiencing rapid growth in its AI server business, with Q3 GPU AI server revenue increasing over five times year-on-year, and a positive outlook for Q4 [7] - The company maintains a target price of 100.0 RMB, reflecting strong demand in AI infrastructure [7] Gaming and Entertainment - Aubo Holdings reported a decline in market share to 11.8% in Q3 2025, attributed to the gradual phasing out of satellite entertainment venues and increased competition [8] - The company’s net income decreased by 6% year-on-year, indicating challenges in attracting customers [8] Retail Sector - Gao Xin Retail's revenue for the first half of FY26 was 30.5 billion RMB, down 12.1% year-on-year, with a net loss of 1.2 billion RMB [13] - The new management has outlined a three-year reform plan aimed at improving supply chain and organizational structure, with a projected dividend yield of around 9% [13]

Core Viewpoint - Zhongyuan Neipei focuses on the core business of automotive components, with industrial robot layout and overseas expansion driving steady growth in performance [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders reached 92 million, a year-on-year increase of 64.72% [1] - For the first three quarters, the company's operating revenue, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses were 2.867 billion, 326 million, and 318 million respectively, representing year-on-year growth of 16.35%, 39.89%, and 55.76% [1] - Overall performance is stable, with strong profit growth momentum [1] Product and Market Strategy - The company has a complete product line in the field of electronic control actuators, covering gasoline engine exhaust valve electronic control actuators, intelligent electronic control actuators for diesel engines, variable cross-section electronic control actuators, and control systems [1] - The company has proactively laid out the core components of hydrogen energy and fuel cell systems, establishing a five-part hydrogen energy industry structure including hydrogen fuel cell engines, bipolar plates, air compressors, humidifiers, and hydrogen circulation pumps [1] - The diversified business model of small-batch and multi-variety enables the company to withstand industry cyclical fluctuations, maintaining a stable upward trend in revenue [1] Investment Rating - The company is covered for the first time with a "Buy" investment rating [1]