具体而言，我们将重点关注以下方向：受益于国内产业升级与标准提升的专业技术服务领域；行业集中度持续提升、龙头具备强大现金流生成能力的现代服 务业；虽与地产链相关但已逆势增长、具备品牌和渠道优势的消费品行业；经历行业出清、估值极端低位且基本面出现拐点的周期性子行业。这些企业普遍 盈利质量高、股东回报意识强，其价值有望随经济周期见底回升、市场情绪修复及自身盈利能力改善而重估。 截至1月21日，中欧养老混合A近三个月复权单位净值增长率为9.28%，位于同类可比基金82/185；近半年复权单位净值增长率为8.43%，位于同类可比基金 159/185；近一年复权单位净值增长率为19.55%，位于同类可比基金164/183；近三年复权单位净值增长率为-2.46%，位于同类可比基金143/176。 AI基金中欧养老混合A（001955）披露2025年四季报，第四季度基金利润2516.53万元，加权平均基金份额本期利润0.0497元。报告期内，基金净值增长率为 1.61%，截至四季度末，基金规模为13.64亿元。 该基金属于偏股混合型基金。截至1月21日，单位净值为3.163元。基金经理是许文星，目前管理的5只基金近一年均为正 ...

证券日报网讯1月8日，中国汽研（601965）在互动平台回答投资者提问时表示，公司将依据年结工作进 展情况，确定2025年度业绩快报披露时间，具体披露情况请以公司公告为准。 ...

Core Insights - The article reflects on the evolution and growth of the Dongwu Automotive team over the past decade, emphasizing the journey of self-discovery and the establishment of a cohesive team [2][4][6]. Group 1: First Decade (2013-2022) - The first decade was characterized by a process of self-exploration and trial-and-error, navigating through the SUV boom and the rise of electric vehicles, ultimately leading to a clearer direction for the team [2]. - The team achieved recognition as the second-best automotive analyst in the New Fortune awards in 2022, marking a significant milestone in their growth [2]. Group 2: Transition Period (2023-2025) - The years 2024-2025 are anticipated to bring further accolades, with expectations of being recognized as the top automotive analyst, although the team acknowledges that this success is not built on a solid competitive advantage but rather on luck [4]. - The team aims to embrace a new goal of "seeking common ground while allowing for differences," recognizing the balance between personal growth and team development [4]. Group 3: Second Decade (2026-2035) - Starting in 2026, the team will focus on each member's journey of self-discovery and contribution, with a vision to witness the global rise of the Chinese automotive industry and serve the capital market [6]. - The team's philosophy emphasizes independent thinking, objectivity, and foresight, with a flexible framework that encourages innovation and iteration [6]. - The team plans to release an updated division of labor annually to better serve the capital market and the automotive industry, inviting collaboration and internships [6]. Group 4: Team Structure and Expertise - The team is structured into three main segments: smart automotive full industry chain, large vehicles (electrification & globalization), and automotive parts & robotics, each led by experienced analysts [7][9][13][18][20]. - Analysts within the team focus on various aspects of the automotive industry, including technology iteration, market demand, and investment opportunities, ensuring a comprehensive approach to research and analysis [9][11][18][20].

Core Viewpoint - The automotive safety industry is transitioning towards digitalization and precision, with a focus on developing a series of human digital models that cover multiple physical characteristics and scenarios. The China Automotive Engineering Research Institute (CAERI) has led the development of the first series of Chinese anthropometric digital models (AC-HUMs), which now includes the release of a 5th percentile female digital model available for free trial across the industry, marking a significant advancement in safety protection for all genders in vehicles [1][12]. Group 1: Model Development - The AC-HUMs 05F model is based on multimodal medical imaging data (CT/MRI/X-Ray) from Chinese female volunteers and has undergone dual calibration to ensure geometric standardization and anatomical accuracy, providing more precise safety protection for female road users [6][12]. - The AC-HUMs model family was developed using entirely Chinese anthropometric data, ensuring that the model parameters are representative of the Chinese population, thus achieving the goal of "Chinese data defining Chinese models" [12]. Group 2: Technical and Validation Framework - The development process involved collaboration with experts from eight top universities in China, focusing on segment-specific modeling and technical challenges, with CAERI overseeing the project and validation of the full-body model [12]. - A comprehensive validation system was implemented, including 42 segment-level and 23 full-body biological realism validation tests, alongside real-world accident data for accident reconstruction verification, ensuring the model's biological realism and practical engineering value [12]. Group 3: Industry Collaboration and Innovation - CAERI established a collaborative platform called the Human Model Joint Application and Innovation Center, aimed at promoting model development and establishing evaluation application standards, which has hosted 13 industry seminars and made 15 presentations at international conferences [14]. - The center plans to form a virtual evaluation research group with international human modeling experts by 2025 to foster continuous innovation and collaboration within the industry [14]. Group 4: Model Trial Application Process - Interested parties can apply for a trial of the model by downloading and completing the application form, which must be stamped by the organization and sent via email to CAERI for review [18][19]. - Initial applicants are required to sign a confidentiality agreement before receiving the model and user manual, with the trial period available from now until February 6, 2026, for a maximum duration of three months [21].

证券日报网讯 12月17日晚间，中国汽研发布公告称，公司于2025年12月17日召开公司职工代表大会， 审议通过了《关于选举中国汽研第六届董事会职工代表董事》的议案，同意选举温倩女士为公司第六届 董事会职工代表董事。 （文章来源：证券日报） ...

证券日报网讯 12月12日，中国汽研在互动平台回答投资者提问时表示，二级市场股价波动受多重因素 影响，敬请注意投资风险。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the news is the application of a patent for a multilingual navigation function verification method by China Automotive Engineering Research Institute Co., Ltd. and Jiangsu Automotive Engineering Research Institute Co., Ltd. This patent aims to enhance the testing of voice interaction in navigation systems under domestic conditions, ensuring accuracy and reducing costs and time [1][2]. Group 2 - China Automotive Engineering Research Institute Co., Ltd. was established in 2001 in Chongqing, with a registered capital of 1,004.18 million RMB. The company has invested in 38 enterprises and participated in 5,000 bidding projects, holding 378 trademark records and 1,990 patent records [2]. - Jiangsu Automotive Engineering Research Institute Co., Ltd. was founded in 2006 in Suzhou, with a registered capital of 543.93 million RMB. The company has participated in 1,209 bidding projects and holds 117 patent records [2].

Core Insights - The National Bureau of Statistics of China is implementing a data efficiency enhancement initiative for state-owned enterprises, with 12 central enterprises as pilot leaders, aiming to improve data governance and resource utilization by 2027, benefiting over 100,000 SMEs [1][2] Group 1: Data Utilization and Management - State-owned enterprises are identified as key players in the development and utilization of data resources, with a focus on enhancing core competitiveness and promoting collaborative innovation in the industrial chain [1][2] - The initiative includes 10 key tasks centered around innovating data management mechanisms, fostering the data industry, enabling industrial transformation, and optimizing the innovation environment [2] Group 2: Collaboration and Innovation - The initiative encourages collaboration among state-owned enterprises and their partners across various sectors, including energy, transportation, and agriculture, to create a trusted data space and promote data sharing and innovation [2] - The National Oil and Gas Pipeline Group has created a comprehensive data network, aggregating over 10 billion core data entries, significantly improving data quality and operational efficiency in the natural gas supply chain [3] Group 3: Technological Integration - China Southern Power Grid has established a trusted data space that integrates advanced technologies like blockchain and privacy computing, enhancing data flow and collaboration among over 370 ecosystem partners [4] - China Machinery Industry Group has developed an "Agricultural Machinery Cloud" that connects the entire lifecycle of agricultural machinery, processing over 10 billion data entries daily [5] Group 4: Data-Driven Applications - China Mobile has created a big data platform that processes over 2000PB of core data, improving customer service and operational efficiency across various scenarios [6] - The China Automotive Technology and Research Center is focusing on carbon footprint accounting and data interoperability across the automotive supply chain, enhancing international rule recognition [6] Group 5: Future Directions - The initiative emphasizes the importance of enterprises taking the lead in data utilization, fostering multi-party collaboration, and integrating diverse data sources to drive industrial transformation and improve public welfare [6]

Core Points - The board of directors of China Automotive Engineering Research Institute Co., Ltd. held its 23rd meeting on August 25, 2025, in Chongqing, where all 8 attending directors approved the agenda items presented [1][2][3] Group 1: Financial Reporting - The board approved the "2025 Half-Year Report" and its summary with a unanimous vote of 8 in favor, 0 abstentions, and 0 against [1] - The full report is available on the Shanghai Stock Exchange website [1] Group 2: Personnel Changes - The board approved the appointment of Huang Yanjun as the new board secretary, following the resignation of the previous secretary, Liu Anmin, due to work arrangements [2] - Huang Yanjun's qualifications were confirmed to meet the requirements set by relevant laws and regulations [2] Group 3: Audit and Compensation - The board agreed to reappoint Lixin Certified Public Accountants as the auditing firm for the 2025 financial statements and internal controls, pending approval from the shareholders' meeting [2] - The board decided to submit the 2024 compensation plan for directors directly to the shareholders' meeting, with all directors abstaining from the vote due to conflicts of interest [3] Group 4: Upcoming Meetings - The company will hold its second extraordinary shareholders' meeting of 2025 on September 12, 2025 [3]

Core Viewpoint - The announcement details the unlocking and listing of restricted stock under the third phase of the stock incentive plan for China Automotive Engineering Research Institute Co., Ltd, with a total of 314,600 shares set to be unlocked on June 25, 2025 [1][4][17] Summary by Sections Stock Incentive Plan Overview - The stock incentive plan (Phase III) was approved and implemented, with the first unlocking conditions met for 5 eligible participants [1][2] - A total of 15,892,200 shares were granted under this incentive plan, increasing the company's total share capital to 1,004,847,787 shares [5] Unlocking Conditions - The first unlocking period lasts from September 21, 2024, to September 20, 2025, allowing for a 40% release of the granted restricted shares [9][17] - The company achieved a net asset return rate of 12.43% and an economic value added (EVA) of 676.54 million, both exceeding the set targets [10] Performance Assessment - All 5 participants achieved excellent performance evaluations, meeting the criteria for unlocking their shares [12][17] - The performance assessment included a compound annual growth rate of net profit of 14.98%, surpassing the required 10% [10] Stock Listing and Capital Structure Changes - The unlocked shares will be listed for trading on June 25, 2025, with the total number of shares available for trading increasing by 314,600 [14] - The company's share structure will reflect this change, with the number of unrestricted shares rising to 993,996,567 [16] Legal and Compliance Review - The board and supervisory committee confirmed that the unlocking process complies with relevant laws and regulations, ensuring no infringement on company or shareholder interests [17]