Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - NVIDIA has launched an open-source autonomous driving model, Alpamayo, which is expected to enhance the penetration rates of high-level autonomous driving and Robo-X. This development is anticipated to benefit related vehicle manufacturers, component suppliers, and mobility service providers [3][9] - The Robo-X scale is expected to accelerate, with leading companies like LoBot and Pony.ai achieving or nearing single-vehicle breakeven points for their Robotaxi services. The deployment of Robovans is also increasing, with significant cost reductions in unmanned logistics vehicles [8] - NVIDIA is building a comprehensive autonomous driving ecosystem, which is likely to create growth opportunities for suppliers of autonomous driving hardware and software as demand for advanced components rises [8] Summary by Sections Investment Recommendations and Targets - Recommended stocks in the component sector include: - Jingwei Hirain (688326, Buy) - Bertel (603596, Buy) - Desay SV (002920, Buy) - Huayang Group (002906, Buy) - Coboda (603786, Buy) - Horizon Robotics (09660, Not Rated) - Hesai (02525, Not Rated) - Nexperia (01316, Not Rated) - Recommended stocks in the vehicle and mobility service sector include: - Xpeng Motors (09868, Not Rated) - Seres (601127, Not Rated) - Pony.ai (02026, Not Rated) [3][9]

▲国泰海通证券首席策略分析师方奕 2025年，中国资产领涨世界，沪指于2025年10月28日一举突破4000点大关，创下近十年新高，全年收涨18.41%；深证成指全年收涨29.87%；创业板指 全年大涨49.57%。 方奕： 我对春季行情是比较乐观的，国泰海通2025年在数个关键位置不仅是少数派，也是看多中国的乐观派。 我们如何理解A股这一轮牛市？券商中国记者专访了国泰海通证券首席策略分析师方奕。 我相信中国股市也会出现春季"开门红"，一年之计在于春，开年往往是政策预期、流动性与基本面共振上修的窗口期，中国股市的行情其实在2025年12 月就已经开始了。 在2024年12月，方奕提出了"转型牛"，用以表达这一轮中国经济结构转型与资本市场改革交相辉映的牛市。 方奕认为，当前中国有三个重要的边际变化：一是以房地产为代表的传统产业对经济的拖累在减少；二是以人工智能、集成电路、商业航天、生物医药 为代表的新技术新产业扩张速度还会进一步加快，并推动产业链增长；三是以电力设备、机械设备、电子等为代表的具有全球竞争优势的制造业出海扩 张，并能够获得更高的毛利。 方奕认为，当中国社会对外更自信、对内更稳定、资产价格企稳时，资 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 91.35 CNY, based on a comparable company PE average of 45 times for 2025 [3][6]. Core Insights - The company plans to list in Hong Kong and increase investment in its Mexican factory, expecting overseas business and seating operations to be key profit growth drivers [2][9]. - The projected net profits for 2025-2027 are 1.037 billion CNY, 1.366 billion CNY, and 1.746 billion CNY respectively, with significant revenue growth anticipated [3][5]. - The company aims to enhance its global business presence and increase seating capacity, with a focus on R&D investment [9]. Financial Summary - Revenue is expected to grow from 10.572 billion CNY in 2023 to 26.006 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of 19.4% [5][11]. - Operating profit is projected to increase from 928 million CNY in 2023 to 1.983 billion CNY in 2027, with a notable growth rate of 27.8% in 2027 [5][11]. - The net profit margin is expected to stabilize around 6.7% by 2027, with a return on equity (ROE) projected at 18.3% [5][11].

谷歌 TPU 需求大增，自动驾驶产业迎来催 化，关注液冷及智驾产业链公司 核心观点 投资建议与投资标的 从投资策略上看，预计谷歌 TPU 将为国内液冷产业链公司提供增量机会，能确定进入特 斯拉、Figure 等机器人配套产业链的汽零将受益，具备竞争力的自主品牌及在智驾技术 方面领先的企业将继续扩大市场份额。建议持续关注人形机器人链、液冷产业链、T 链、 华为产业链、智驾产业链公司。 液冷相关标的：英维克、银轮股份、拓普集团、三花智控、飞龙股份、川环科技等；其 他相关标的：上汽集团、江淮汽车、比亚迪、赛力斯、中国重汽、宇通客车；新泉股 份、博俊科技、爱柯迪、嵘泰股份、经纬恒润、岱美股份、沪光股份、保隆科技、精锻 科技、斯菱股份、华阳集团、华域汽车、伯特利、德赛西威、科博达、星宇股份、福耀 玻璃、浙江荣泰等。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 12 月 21 日 中性（维持） | 姜雪晴 | 执业证书编号：S0860512060001 | | --- | --- | | | jiangxueqing@ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 152.49 CNY, based on a comparable company PE average valuation of 69 times for 2026 [3][6]. Core Insights - The company is expanding its automotive electronics business and accelerating its layout in smart ports and intelligent public transport [2]. - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 0.30 CNY, 2.21 CNY, and 3.50 CNY respectively, reflecting slight adjustments in revenue, gross margin, and expense ratios [3]. - The company has reported a significant reduction in losses, with a net profit forecast of 36 million CNY in 2025, transitioning from losses of 217 million CNY in 2023 and 550 million CNY in 2024 [5][10]. Financial Performance Summary - Revenue is projected to grow from 4,678 million CNY in 2023 to 10,115 million CNY in 2027, with year-on-year growth rates of 16.3%, 18.5%, 24.4%, 22.8%, and 19.5% respectively [5][10]. - The company expects to achieve a gross margin of approximately 24.2% to 24.4% from 2025 to 2027, with a net profit margin improving from -4.6% in 2023 to 4.2% in 2027 [5][10]. - The net asset return (ROE) is anticipated to rise from -4.2% in 2023 to 8.2% in 2027, indicating a recovery in profitability [5][10]. Business Development and Strategy - The company is actively developing its smart driving business, with plans to mass-produce new products based on advanced chip technologies by the end of the year [9]. - Strategic partnerships are being formed to enhance domestic chip development, which is crucial for the company's platform development strategy [9]. - The company is also focusing on L4 autonomous driving technology, with products aimed at various sectors including logistics and public transport, indicating a broad market potential [9].

《世界品牌500强》的评判依据是品牌的世界影响力，主要指品牌开拓市场、占领市场并获得利润的能 力。按照品牌影响力的三项关键指标，即市场占有率、品牌忠诚度和全球领导力，世界品牌实验室对全 球8000多个知名品牌进行了综合评分，最终推出了世界最具影响力的500个品牌。 新华财经上海12月17日电（记者杨有宗）由世界品牌实验室编制的2025年度（第二十二届）《世界品牌 500强》排行榜17日发布，共有50个中国品牌上榜。 今年新上榜的品牌总计23个。中国有3个新品牌入选，分别是宁德时代、中国联通和通鼎，体现了中国 在新能源、基础设施以及信息通信领域的综合实力有了显著提高。 今年《世界品牌500强》共覆盖了50个行业。其中，汽车与零部件共有33个品牌上榜，排名第一；能 源、食品与饮料各有30个品牌上榜，并列第二；有29个银行品牌上榜，排名第四；零售、计算机与通讯 各有27个品牌上榜，并列第五。随着人工智能时代的到来，和AI相关的科技品牌上榜数量出现爆发式 增长。全球范围内普遍出现消费增长乏力，食品与饮料、奢侈品品牌的排名出现整体下滑。 （文章来源：新华财经） ...

12月16日，受外围市场影响，A股市场早盘开市三大指数集体走低；零售、教育、汽配等板块逆市走强。 具体来看，资讯数据显示，汽车与零部件板块多股大涨，截至记者发稿时，成分股中浙江世宝（002703）、威帝股份（603023）、索菱股份（002766）3 股涨停，舜宇精工涨超16%，豪恩汽电（301488）、北汽蓝谷（600733）、天普股份（605255）等多股跟涨，北汽蓝谷逼近涨停。 | A股市场 + | | | | | | | 查看市场估值 | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | 现价 | | 涨跌幅 ▼ | 成交额 | 年初至今 | | 1 | 920906 | 舜宇精工 | 30.95 | 4.37 | 16.44% | 1.62亿 | 83.05% | | 2 | 002703 | 浙江世宝 | 13.15 | 1.20 | 10.04% | 1.88亿 | 16.19% | | 3 | 603023 | 威帝股份 | 5.17 | 0.47 | 10.00% | 3.61亿 | 88.69% | | 4 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The automotive sector has shown a slight increase in performance, with a weekly change of +0.16%, ranking 9th among 31 primary industries [3] - November saw a total automotive production and sales of 3.532 million and 3.429 million units respectively, with year-on-year increases of 2.8% and 3.4% [4] - The penetration rate of new energy vehicles reached 53.2% in November, with sales of 1.823 million units, reflecting a year-on-year growth of 20.6% [4] Summary by Sections Market Review - The automotive sector's performance was +0.16%, with motorcycles and others performing the best at +1.7% [3] - The top five performing companies in the sector saw significant increases, with Superjet Co. at +39.03% [3] Sales Data - In November, automotive exports reached 728,000 units, marking a year-on-year increase of 48.5% [4] - Passenger vehicle sales were 3.037 million units, with a year-on-year increase of 1.2% [4] Regulatory Developments - The State Administration for Market Regulation has proposed guidelines to standardize pricing behavior in the automotive industry, aiming to prevent price collusion among manufacturers and parts suppliers [5] - The guidelines emphasize the need for comprehensive price management and fair pricing practices [5] Investment Recommendations - Focus on companies involved in smart technology related to vehicles, those with potential overseas sales, and parts manufacturers benefiting from domestic substitution [7] - Recommended companies include BAIC Blue Valley, Great Wall Motors, and GAC Group for vehicle manufacturers, and several parts manufacturers such as Songyuan Safety and Zhejiang Xiantong [9]

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].

Core Viewpoint - The automotive market in China is experiencing a mixed performance, with a decline in overall retail sales but a significant increase in the new energy vehicle (NEV) segment [1][2][3] Market Overview - The automotive sector saw a weekly increase of +1.38%, with the best-performing sub-sector being automotive parts [2] - The cumulative retail sales of passenger vehicles from January to November reached 21.52 million units, a year-on-year increase of +6% [1][2] - In November, the retail sales of passenger vehicles were 2.263 million units, down -7% year-on-year but up +1% month-on-month [1][2] New Energy Vehicle Performance - In November, NEV retail sales reached 1.354 million units, marking a year-on-year increase of +7% and a month-on-month increase of +6% [1][2] - The penetration rate of NEVs in the passenger vehicle market reached 59.8% in November [1][2] Company-Specific Developments - BYD's sales in November were 480,200 units, continuing to show a year-on-year decline [3] - Li Auto launched its first AI smart glasses, marking its entry into the wearable AI device market [3] - Deep Blue Automotive initiated a new round of financing aimed at R&D and brand enhancement [4] Investment Recommendations - Companies involved in intelligent vehicle technology and those with potential overseas sales are recommended for investment [5] - Specific vehicle manufacturers to watch include BAIC Blue Valley, Great Wall Motors, and GAC Group [6] - Recommended automotive parts companies include Songyuan Safety, Zhejiang Xiantong, and Lingyun Co., Ltd. [7]