每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 王晓波） 2024年1至12月份，华安鑫创的营业收入构成为：汽车电子行业占比97.42%，其他占比2.58%。 截至发稿，华安鑫创市值为25亿元。 每经AI快讯，华安鑫创（SZ 300928，收盘价：31.38元）12月26日晚间发布公告称，公司第三届第十五 次董事会会议于2025年12月26日在公司会议室召开。会议审议了《关于公司2026年度日常关联交易预计 的议案》等文件。 ...

Core Viewpoint - The establishment of a new company, Ziguang Tongxin Microelectronics Technology (Beijing) Co., Ltd., aims to independently operate and develop automotive domain control chips, with significant backing from industry giants like CATL [1][4]. Group 1: Company Structure and Investment - The new company has a registered capital of 300 million yuan, with Ziguang Tongxin holding a 51% stake, ensuring control over the new entity [4]. - The investment structure includes contributions from related parties and a strategic investment from CATL's subsidiary, which holds a 5% stake [4]. - The management team is closely tied to the new company through a high employee shareholding structure, which is expected to enhance motivation and drive development in the automotive chip sector [4]. Group 2: Business Focus and Strategic Goals - Ziguang Tongxin Technology will focus on the research, production, and sales of automotive domain control chips, with an initial task of acquiring assessed assets valued at 193 million yuan [4]. - The acquisition reflects a significant increase in asset value, with an appraisal showing a 3723.15% increase from the book value [4]. - The strategic goal is to enhance financing capabilities and operational strength in the automotive electronics sector, leveraging external investments to mitigate R&D costs and losses [5]. Group 3: Industry Context and Opportunities - The domestic automotive chip localization rate has increased from less than 5% in 2020 to an expected 20% by the end of 2024, indicating a rapid shift towards domestic production [5]. - The demand for automotive domain control chips is rising as the industry transitions to centralized electronic architectures, positioning these chips as critical components in the semiconductor landscape [5]. - Ziguang Guowei's investment in automotive domain control chips is seen as a strategic move to capitalize on the localization trend and enhance collaboration within the industry [5].

（记者 曾健辉） 截至发稿，德赛西威市值为732亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 每经AI快讯，德赛西威（SZ 002920，收盘价：122.7元）发布公告称，2025年12月25日，德赛西威接受 中银基金管理有限公司等投资者调研，公司证券事务部钱雨纯、黄伊靖参与接待，并回答了投资者提出 的问题。 2025年1至6月份，德赛西威的营业收入构成为：汽车电子占比100.0%。 ...

股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 投资者关系活动记录表 惠州市德赛西威汽车电子股份有限公司 | 商柔芷 | 信达澳亚基金 | 林峰 | 中信证券资产管理有限公司 | | | | --- | --- | --- | --- | --- | --- | | 王可丹 | 共青城鼎睿资产管理有限公司 | 刘宇尘 | 银华基金管理股份有限公司 | | | | 李峰 | 平安证券股份有限公司 | 郭子琪 | 博时基金管理有限公司 | | | | 史世祺 | 兴华基金管理有限公司 | 金炜 | 中信保诚资产管理有限责任公司 | | | | 林仁兴 | 上海金恩投资有限公司 | 成佩剑 | 上海五地私募基金管理有限公司 | | | | 张端锋 | 华泰自营 | 阎安琪 | 中银基金管理有限公司 | | | | 黄向前 | 深圳市尚诚资产管理有限责任公司 | 周宗舟 | 汇丰晋信基金管理有限公司 | | | | 郑常斌 | 中航基金管理有限公司 | 王梁 | 长江养老保险股份有限公司 | | | | 李其东 | 上海嘉世私募基金管理有限公司 | 劳杰男 | 汇添富基金管理股份有限公 ...

Core Viewpoint - The transformation of Jinxi from a traditional water town to an industrial stronghold exemplifies a successful integration of industry and urban development, showcasing a model for high-quality economic transformation in rural areas [5]. Group 1: Industrial Development - Jinxi has emerged as a competitive industrial ecosystem focusing on three main industries: consumer electronics, communication equipment, and automotive electronics, with a total planned area of 15.1 square kilometers [2]. - The first batch of 41 projects with a total investment exceeding 30 billion was launched, marking the establishment of a significant industrial cluster projected to reach a scale of 100 billion [2]. - The establishment of the Bailian Lake low-altitude test flight base, the first of its kind in East China, highlights Jinxi's commitment to innovative industries, particularly in the low-altitude economy [2]. Group 2: Urban Development - Jinxi's urban development strategy emphasizes the integration of industry and city, with 14 residential projects totaling 12 billion under construction to meet the housing needs of 94,000 residents [3]. - A comprehensive transportation network is being developed, including the "four horizontal and five vertical" system, to enhance connectivity and accessibility [3]. - The introduction of well-known hotel brands and diverse commercial offerings aims to enrich the living experience in Jinxi, balancing industrial strength with livability [3]. Group 3: Talent and Community Services - Jinxi is focused on enhancing the quality of life for its workforce through a comprehensive service system that connects industry, talent, and community needs [4]. - The establishment of a service center for industrial workers aims to provide a one-stop solution for various needs, enhancing workers' sense of belonging and satisfaction [4]. - The collaboration between educational institutions and industries through the establishment of the Lixun Precision Intelligent Manufacturing Industry Academy ensures a continuous supply of skilled talent to meet industrial demands [4]. Group 4: Overall Transformation - Jinxi's transformation reflects a deep dialogue between tradition and modernity, industry and urbanization, and development and livelihood, achieving a harmonious coexistence of historical charm and industrial vitality [5]. - The ongoing development of the Lixun Science Park and the rise of new industries like low-altitude economy indicate Jinxi's potential as a growth pole in southern Kunshan [6]. - Jinxi's experience demonstrates that high-quality rural economic development does not require a choice between tradition and modernity, but rather a precise focus on positioning and execution [6].

Group 1 - The core business of Huayang Group (002906.SZ) includes automotive electronics and precision die-casting [1] - The technological accumulation from the company's main business can be extended to the robotics field, indicating potential diversification [1] - The company is currently advancing its related business in the robotics sector [1]

Core Viewpoint - The company is focused on expanding its market presence, particularly in overseas markets, while enhancing its product and technology innovation capabilities to drive growth and improve operational efficiency [1][2][3] Group 1: Company Overview - The company, Tianyouwei, specializes in the research, design, production, sales, and service of automotive instruments, and is gradually expanding into the smart cockpit sector [1] - Key products include electronic combination instruments, full LCD combination instruments, dual-screen instruments, and other electronic products and services [1] - The company has established three R&D institutions in Suifenhe, Harbin, and Dalian, along with an EMC professional laboratory [1] Group 2: Market Expansion and Strategy - The company is actively expanding its overseas market presence, with current clients including Hyundai Kia Group, Stellantis Group, SsangYong, and Proton [2] - The two-wheeler market is seen as having significant growth potential, driven by the wave of smart and diversified industrial upgrades [2] - Strategic partnerships have been established with leading domestic and international two-wheeler companies, including Yadea, Aima, Qianjiang, Dayun, Benda, and Wuyang Honda [2] Group 3: Acquisition and Integration - The company plans to use €1 million of its own funds to acquire 100% of the shares of Kr mer Automotive Systems GmbH (Kramer), which specializes in in-car infotainment systems, digital cockpits, and connected vehicle solutions [3] - Following the acquisition, Kramer will be included in the company's consolidated financial statements, enhancing its capabilities in providing competitive products and services to high-end passenger car clients in Europe [3] - Kramer has supplier qualifications for well-known automotive brands such as Bentley, Jaguar, Land Rover, Porsche, Mercedes-Benz, and Volkswagen, aligning well with the company's existing technology and business expansion needs [3]

出品I下海fallsea 胡不知 2025年12月23日，一则跨国收购消息震动全球汽车产业：三星电子通过子公司哈曼国际宣布，以15亿欧元（约合124亿元人民币）收购德国采埃孚集团的高 级驾驶辅助系统（ADAS）业务。这是三星自2017年以80亿美元收购哈曼以来，八年间在汽车电子领域最大规模的战略动作，也是全球汽车产业向"软件定 义汽车"转型背景下，科技巨头与传统零部件商博弈的标志性事件。 在德国汽车供应商板块集体陷入财务困境、全球ADAS市场年增速超12%的矛盾图景中，这场收购绝非简单的资产交割。对三星而言，这是其"不造车"战略 的终极升级，试图通过整合"芯片+座舱+ADAS"能力，掌控智能汽车的核心话语权；对采埃孚来说，这是重压之下的战略收缩，以剥离非核心业务换取生存 空间；而对整个行业而言，这标志着科技巨头与传统Tier1的边界彻底模糊，全球汽车电子产业的竞争规则正在被重写。 当三星的消费电子生态与采埃孚的工业级汽车技术完成嫁接，当韩国企业的高效整合能力遭遇德国工程文化的严谨传承，这场价值15亿欧元的豪赌，究竟会 开启汽车智能化的新篇章，还是沦为巨头跨界的又一败笔？背后折射出的，正是全球汽车产业变革期的集 ...

Core Viewpoint - Daotong Technology has initiated its listing process on the Hong Kong Stock Exchange, raising numerous questions regarding its frequent fundraising since its listing on the Sci-Tech Innovation Board, the frequent changes in its CFO, and the implications of its high gross margin coupled with low turnover rates, which may indicate potential internal trading issues and risks related to transfer pricing or tax audits [1][2][3]. Fundraising Activities - Since its listing on the Sci-Tech Innovation Board in 2020, Daotong Technology has continuously raised funds, with a significant portion used for liquidity support. The company has shown a solid growth trajectory, with revenue growth exceeding 20% in most fiscal years, peaking at over 40% [2][4]. - The company raised over 1.2 billion CNY in its IPO, with approximately half of the funds allocated for liquidity support [4][5]. - In July 2022, Daotong Technology issued 1.28 billion CNY in convertible bonds, with nearly 30% of the funds also directed towards liquidity support [6][7]. - In March 2023, the company proposed a private placement plan to raise up to 806 million CNY, with nearly 30% of the funds intended for liquidity support, although this plan was ultimately withdrawn [8][10]. Business Model and Financial Performance - Daotong Technology operates primarily in the automotive electronics sector, focusing on comprehensive diagnostic and testing services, with a significant portion of its revenue generated from overseas markets [10][12]. - The company relies heavily on a distributor model, with over 80% of its revenue coming from distributors, leading to high levels of inventory and accounts receivable [12][13]. - As of the latest quarterly report, the combined total of inventory and accounts receivable reached 2.87 billion CNY, accounting for 42% of total assets [13]. Gross Margin and Turnover Rates - Daotong Technology's gross margin significantly exceeds that of its peers, with a gross margin of 55.31% compared to industry averages around 35.72% [15][16]. - Despite high gross margins, the company exhibits low inventory turnover rates, consistently maintaining levels between 1 and 1.5, while competitors often exceed 2 [15][18]. - The company attributes its low turnover rates to its export-oriented business model, which involves longer shipping times and the need to maintain higher inventory levels to meet customer demand [18]. Internal Trading Concerns - There are concerns regarding potential internal trading practices, as Daotong Technology utilizes overseas sales platforms that may lead to non-standard pricing and potential tax risks [19][20]. - The company has seen a significant increase in deferred tax assets, rising from 133 million CNY in 2020 to 364 million CNY by the third quarter of 2025, raising questions about the legitimacy of its financial practices [21][24]. Management and Governance Issues - Daotong Technology has experienced frequent changes in its CFO over the past four years, which may raise concerns about governance and operational stability [28]. - The company has faced regulatory scrutiny for failing to disclose related party transactions and other compliance issues, resulting in warnings issued to key personnel [28]. Employee Compensation Trends - The company has shown a continuous increase in revenue per employee, while cash payments to employees have fluctuated, indicating potential inconsistencies in compensation practices [29].

| 今 开 | … 高 -- | | --- | --- | | 昨 收 | 22.68 i | | 成交额 | -- 总市值 38.81亿 | | 换手率 | -- 亏损 | 奥联电子2016年12月29日登陆创业板，主营业务为汽车电子电器零部件的研发、生产和销售。公司主要产品已经覆盖传统汽车电子、新能源汽车电子、节 能减排关键总成、智能驾驶控制器、车联网零部件等汽车电子行业前沿领域。 近年来行业竞争加剧，奥联电子业绩也大幅下滑，2022年和2023年，公司归母净利润同比分别下降42.58%、73.58%。2024年则亏损850.60万元，这是奥联 电子上市后首次出现年度亏损，当年营收也下滑近10%。 今年前三季度，公司实现营业收入3.24亿元，同比增长1.08%；归母净利润332.87万元，同比扭亏；扣非净利润亏损256.54万元，上年同期亏损583.45万 元。 12月22日临时停牌的奥联电子（300585）当日晚间公告，公司于2025年12月19日收到控股股东瑞盈资产的通知，获悉瑞盈资产正在筹划有关协议转让所持 有的公司部分股权等事宜，该事项可能导致公司控股股东、实际控制人发生变更。 目前，各方主体正 ...