12月15日，杰锋汽车动力系统股份有限公司向北交所递交招股说明书，公司拟公开发行股票并在北交所 上市。此前，公司已经在新三板挂牌，公司股票已于9月25日停牌。2022年、2023年、2024年及2025年 前三季度，公司对前五大客户的销售收入占营业收入比例分别为93.70%、94.85%、96.26%和95.81%， 收入依赖大客户。 业绩表现较好 杰锋动力的主营业务为汽车排气系统、动力系统等领域核心零部件产品的研发、设计、生产和销售，主 要以一级供应商身份直接向整车厂供货，核心产品涵盖排气系统的消声器、三元催化器、发动机的相位 器、OCV电磁阀以及变速箱的蓄能器等。 依据杰锋动力公告，9月23日，在国投证券辅导下，公司已通过安徽证监局的辅导验收。9月25日，公司 向北交所报送了向不特定合格投资者公开发行股票并在北交所上市的申报材料。12月15日，公司收到了 北交所出具的《受理通知书》，公司招股说明书等文件已在北交所官网上披露。 公司拟向不特定合格投资者公开发行股票不超过742.95万股（含本数，不含超额配售选择权）。公司及 主承销商将根据具体发行情况择机采用超额配售选择权，采用超额配售选择权发行的股票数量不 ...

● 本报记者 董添 依据杰锋动力公告，9月23日，在国投证券辅导下，公司已通过安徽证监局的辅导验收。9月25日，公司 向北交所报送了向不特定合格投资者公开发行股票并在北交所上市的申报材料。12月15日，公司收到了 北交所出具的《受理通知书》，公司招股说明书等文件已在北交所官网上披露。 公司拟向不特定合格投资者公开发行股票不超过742.95万股（含本数，不含超额配售选择权）。公司及 主承销商将根据具体发行情况择机采用超额配售选择权，采用超额配售选择权发行的股票数量不超过本 次发行股票数量的15%，即不超过约111.44万股（含本数），包含采用超额配售选择权发行的股票数量 在内，本次发行的股票数量不超过约854.39万股（含本数），且以发行后公众股东持股比例不低于股本 总额的25%、发行对象不少于100人、公开发行后股东人数不少于200人为前提。本次发行不涉及公司原 股东公开发售股份，最终发行数量以北交所审核通过并经中国证监会注册的数量为准。 2022年、2023年、2024年及2025年前三季度，公司营业收入分别为10.63亿元、17.07亿元、21亿元及 16.66亿元，归属于母公司所有者的综合收益总额分别为 ...

要说柴油机和汽油车最大的区别，那就是燃烧方式，汽油机是预混合的火焰传播燃烧，阶段包括进 气→压缩（油气混合物）→点火燃烧（定容燃烧）→排气；柴油机主要是扩散燃烧，进气（纯空气）→ 压缩（纯空气）→喷油自燃（定压燃烧）→排气。 柴油机与汽油机最根本的区别在于点火方式，柴油机采用压燃式（CI Engine，Compress Ignition Engine）点火，而汽油机则依赖火花塞点燃（SI Engine，Spark Ignition Engine）。 柴油机工作时，只吸入空气并将其压缩，随后喷油器将柴油以雾状形式喷入高温高压的空气中，柴 油在压缩空气产生的高温下自行燃烧。这种点火方式决定柴油机不需要复杂的点火系统，如火花塞和高 压线圈。汽油机则不同，它吸入的是空气与燃油的混合物，在压缩冲程接近尾声时，火花塞产生电火花 点燃混合气。 由于柴油机依靠压燃式燃烧，因此燃油喷射压力极高，高的达到2500bar，而汽油机目前量产的第 五代EA888搭载的500bar喷油压力已属"天花板"，对比柴油机的供油压力是"小巫见大巫"。同时，柴油 机由于没有点火系统，省去火花塞等部件的定期更换，总体维护成本较低。但柴油机的喷油嘴和 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection sector [2] Core Viewpoints - The iteration of the National VII emission standards is expected to expand the exhaust after-treatment market, with a projected market space of 100 billion yuan [3][7] - The National VII standards are accelerating, with significant advancements in technology routes, including EHC and tightly coupled SCR systems, which are anticipated to enhance product value [6][45] - Companies with leading technology and product competitiveness in the National VII industrial chain, such as Aikelan and Aofu Technology, are expected to benefit from this market expansion [3][10] Summary by Sections Emission Standards and Market Potential - Mobile sources are a significant contributor to air pollution in China, with motor vehicle emissions accounting for 72% of total emissions [4][12] - The National VII standards are currently in the third phase of pre-research, with the aim to further reduce NOx and particulate matter emissions [5][22] - The exhaust after-treatment market is projected to reach 100 billion yuan, driven by the transition from National VI to National VII standards [7][47] Technological Advancements - The National VII standards will likely introduce new technologies to improve NOx reduction and cold start control, enhancing the efficiency of exhaust after-treatment systems [6][45] - The use of EHC technology is expected to significantly improve SCR conversion efficiency, meeting stringent emission regulations [33][45] Recommended Companies - Aikelan (300816 CH) is recommended with a "Buy" rating, targeting a price of 48.40 yuan, due to its strong position in the National VII market and technological advancements [10][52] - Aofu Technology (688021 CH) is rated "Overweight," with a target price of 21.00 yuan, focusing on its development in the ceramic technology sector for air pollution control [10][52]

Core Viewpoint - The article highlights the importance of strict regulation and accountability in the vehicle exhaust emission testing industry, emphasizing the need for a comprehensive approach to tackle fraudulent practices across all related sectors [1][2]. Group 1: Incident Overview - An environmental department discovered that a vehicle emission testing company issued a false compliance report for a heavy diesel truck lacking a catalytic converter, which is essential for exhaust purification [1]. - The investigation revealed that the truck owner had received a substandard exhaust pipe replacement from a repair shop, which did not contain a catalytic converter [1]. - The environmental authorities took action against the testing company and traced the issue back to the manufacturer of the defective exhaust pipes, leading to investigations and penalties for all involved parties [1]. Group 2: Regulatory Recommendations - The article suggests establishing a robust information-sharing and enforcement mechanism among regulatory bodies to ensure comprehensive oversight of all links in the vehicle exhaust management chain [2]. - It emphasizes the need for coordinated efforts to address multi-link fraudulent activities, ensuring that any violations are thoroughly investigated from all angles [2]. - The use of media for public exposure of fraudulent practices is recommended to deter potential offenders and promote awareness among industry participants about the consequences of engaging in deceitful activities [2].

Group 1 - Indian Minister of Commerce and Industry Piyush Goyal expressed concerns about the depletion of rare earth reserves and acknowledged that the halt of rare earth permanent magnet exports from China would impact India's manufacturing sector, particularly the automotive industry [1][3] - Goyal mentioned that some companies have submitted applications for rare earth export permits, hoping for a rational response from China to allow Indian enterprises to obtain these permits [1][3] - The recent establishment of a rare earth product information tracking system in China has had a rapid global impact, highlighting the importance of these regulatory measures for national security and global peace [3] Group 2 - The automotive industry is facing supply chain disruptions, with companies like Ford and Suzuki announcing production halts due to parts supply issues related to rare earth materials [4][6] - Major Indian automotive companies, including Tata, Maruti Suzuki, and Mahindra, have raised alarms about the depletion of industrial magnetic components and are lobbying the government for solutions [6][7] - The misconception that traditional fuel vehicles do not rely on rare earth elements has been challenged, as they still utilize rare earth materials, particularly in components like catalytic converters and electric motors [7][9] Group 3 - China's dominance in rare earth processing technology is emphasized, with the country leading in the production of high-purity rare earth elements, including 6N and 7N grades [17][21] - The global competition in rare earth processing technology is highlighted, with the U.S. and Japan lagging behind China in terms of refining capabilities and production capacity [18][20] - The importance of purity in rare earth materials is underscored, as higher purity levels are crucial for applications in military, aerospace, and high-end electronics [21][26] Group 4 - The ongoing geopolitical tensions have led to increased research into alternative materials to replace rare earth magnets, but these alternatives face significant challenges in terms of cost and performance [27][30] - The rarity of high-purity rare earth materials makes them a strategic asset, with the potential for countries to leverage their supply chains for geopolitical advantage [38]