长城汽车董事长魏建军今年 6 月在行业论坛上的一句"三四千家二手车平台都在卖零公里车，这 是行业毒瘤"将"零公里二手车"推向舆论风口。 中国汽车流通协会数据显示，2024 年全国二手车市场中"登记日期≤3 个月、里程数≤50 公里"的 车辆占比已达 12.7%，其中新能源车型占比超 60%。 报道还提到，一些汽车制造商面临了产能过剩的问题，甚至出现了工厂闲置的现象。为了保持产 能的使用率，制造商可能会通过自行注册的方式， 将未售出的新车转变为零公里二手车，以此美 化销售数据、快速回笼资金 。 报道还称，对于消费者而言，价格低廉、车况崭新的"零公里二手车"看似是"捡漏"的捷径，实则 暗藏巨大风险。 多数"零公里二手车"无法享受厂商提供的完整三电系统（IT之家注：电池、电机、电控）质保 ，一旦核心部件出现故障，消费者将面临高额维修费用。 据中国汽车工业协会官方媒体" 汽车纵横AutoReview "公众号 7 月 19 日报道，在本次引发广泛 关注之前，"零公里二手车"在汽车出口领域已暗流涌动，成为部分车商钻政策空子、谋取不当利 益的"灰色地带"—— 由于不同国家的政策导向存在差异，新车与二手车之间的规定十分明确 ...

Group 1 - Ordos City is focusing on industries such as new energy equipment manufacturing, coal machinery manufacturing, intelligent connected vehicles, smart equipment, and low-altitude economy, actively promoting modern equipment manufacturing industry development [1][2] - In the new energy equipment manufacturing sector, Ordos aims to develop a complete industrial chain by introducing key components like separators, membranes, inverters, and advanced technologies such as perovskite stacked technology and solid-state batteries [1][2] - The coal machinery manufacturing industry is leveraging Ordos's annual coal production capacity of 1 billion tons, aiming to create a comprehensive ecosystem that includes research, production, and technical services [1][2] Group 2 - The intelligent connected vehicle industry is being developed through initiatives like the national intelligent transportation pilot city, attracting industries related to autonomous heavy-duty trucks and supporting systems [1][2] - In the intelligent equipment sector, Ordos is utilizing its digital industry foundation and location advantages to attract projects in electronic information, mining intelligent equipment, and robotics [2][3] - The low-altitude economy is being expanded by integrating low-altitude applications with energy and tourism, focusing on the manufacturing of new energy aircraft and electric vertical take-off and landing vehicles [2][3] Group 3 - Ordos is constructing the world's first zero-carbon industrial park and has released the first global zero-carbon industrial standards, promoting green electricity initiatives [3] - The city has a significant number of heavy-duty and mining trucks, which supports the development of intelligent transportation and connected vehicle applications [3] - Ordos has been recognized for its favorable business environment, ranking first in Inner Mongolia's business environment assessments for five consecutive years [3][4]

根据市场公开信息及6月16日披露的机构调研信息，知名私募聚鸣投资近期对2家上市公司进行了调研， 相关名单如下： 1）纽泰格 （聚鸣投资参与公司特定对象调研&现场参观） 调研纪要：本次投资者关系活动中，纽泰格公司董事会秘书杨军先生、证券事务代表汤传建先生介绍了 公司的发展战略、主营业务、在研新项目及投资并购策略等内容。公司现有业务聚焦汽车悬架系统、转 向系统、三电系统的轻量化应用，自2022年上市以来，业务收入保持持续增长。公司将继续加大研发投 入，增强核心技术水平，加大重点优质客户的开发力度，加快新产线的产能爬坡时间，以推动现有业务 保持增长。公司目前有多个新业务在同步开发中，其中汽车底盘用高性能材料进展较快，预计今年下半 年可完成样品开发并向客户送样。毅达投资的三支基金基于自身业务需要实施减持计划。公司并购主要 聚焦产业链上下游和相关新兴业务，并从多个维度考察并购交易，以提高并购成功率。 调研纪要：藏格锂业生产副总马存彪先生向投资者讲解了碳酸锂生产流程，包括吸附剂、生产工艺等问 题。吸附车间三代技术老卤收率可达80%以上，膜车间收率可达98%，产品车间收率理论上可达到99% 以上。吸附剂前期投入较大，按固定 ...

编号：2025-002 证券代码： 301229 证券简称： 纽泰格 债券代码： 123201 债券简称： 纽泰转债 江苏纽泰格科技集团股份有限公司 投资者关系活动记录表 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 业绩说明会 | | 类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参与单位名称及 | 华创证券：夏凉、李昊岚，国信证券：孙树林，财通证券：韩家宝， 健顺投资：罗庆，华商基金：刘静远，中银国际证券：叶志成， | | 人员姓名 | 华安基金：倪文凡，华泰柏瑞基金：刘子豪，国泰基金：谢泓材， | | | 翊安投资：张益锋，和穹投资：舒亮，聚鸣投资：郭宣宏 | | | （以上排名不分先后） | | 时间 | 2025年6月13日13:30-17:00 | | 地点 | 江苏省淮安市长江东路555号（纽泰格集团5工厂） | | 上市公司接待人 | 董事长戈浩勇，副总裁俞凌涯、张庆、袁斌，财务总监沈杰， | | 员姓名 | 董事会秘书杨军，证券事务代表汤传建等。 | | 投资者关系活动 | 本次投资者关系 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report tracks the changes in operating income, net profit margin, and capital expenditure for the automotive parts sector in 2024A and Q1 2025, indicating that precision parts, chassis components, and electronic components show relatively good growth and capital expenditure intensity [4][10] - The report emphasizes the importance of capital expenditure for manufacturing enterprises to maintain operational capabilities, suggesting that capital expenditure is a precursor to future output and can help identify investment opportunities in sectors with high growth potential [4][10] Summary by Sections 1. Growth Potential - In 2024A, the operating income growth rates are as follows: electronic components (-), chassis components (+), body components (-), exterior components (-), overall industry (+), precision parts (+), powertrain components (+), interior components (+), and molds (-) [10][13] - The net profit margin for 2024 is 5.2%, a decrease of 0.6 percentage points compared to the previous year, while Q1 2025 shows a net profit margin of 5.8%, an increase of 0.6 percentage points [15][19] - The report categorizes the growth potential into four tiers based on operating income growth and net profit margin changes, with precision parts and chassis components performing well [10][11][15] 2. Capital Expenditure Intensity - The capital expenditure as a percentage of operating income for the automotive parts sector in 2024 is 6.9%, which is an increase compared to the previous year, while Q1 2025 shows a decrease to 6.4% [22] - The report identifies different tiers of capital expenditure intensity across various segments, with electronic components and molds showing high capital expenditure intensity [22] 3. Investment Recommendations - The report suggests focusing on sectors with high capital expenditure and growth potential, particularly precision parts (gears, bearings), chassis components (steering systems, suspension), electronic components, and thermal management systems [4][10] - Recommended companies include Shuanglin Co., Guansheng Co., Jifeng Co., and Huayang Group, with additional mentions of Zhejiang Shibao, Zhongding Co., Meili Technology, and others [4][10]

Core Insights - The rapid growth of the independent aftermarket for electric vehicles (EVs) is anticipated as over 3.5 million EVs will exit their warranty period by 2025, leading to a surge in demand for components related to the three electric systems (battery, motor, and control system) [1][2] - The current after-sales market for EVs is estimated to reach 300 billion yuan by 2025, but faces challenges such as high repair costs, insufficient authorized service points, and limited capabilities in the maintenance and testing of the three electric systems [1][2][3] Market Dynamics - The number of EVs in China is projected to exceed 50 million by 2025, with the number of vehicles out of warranty increasing from 1.36 million in 2024 to 3.5 million in 2025 [2] - The current workforce in the EV repair sector is less than 100,000, highlighting a significant shortage of skilled technicians, with a gap of over 80% expected in 2025 [2][3] Repair Challenges - Third-party repair shops face significant difficulties in servicing EVs due to the proprietary nature of the technology and lack of standardized parts in the secondary market [2][3] - The absence of a unified assessment standard for the three electric systems results in repair costs being dictated by the manufacturers, complicating the pricing landscape for consumers [4] Regulatory Environment - Recent policy measures aim to enhance the supply channels for EV repair parts and encourage manufacturers to open up technology for better economic viability in battery repairs [5] - The emergence of third-party testing services and platforms is expected to benefit the independent repair market for out-of-warranty EVs [5] Data Sharing and Collaboration - Breaking down "information silos" and achieving data sharing among manufacturers is crucial for the sustainable development of the EV aftermarket [6] - Utilizing big data to assess the remaining lifespan of the three electric systems and the residual value of used vehicles can enhance service offerings and consumer trust [6]

Core Viewpoint - The rise of fake car insurance has become a significant concern, particularly for electric vehicle owners, who may confuse service products with legitimate insurance policies [1][3][4] Group 1: Identification of Fake Insurance - Fake car insurance often uses terms like "guarantee" or "service" instead of "insurance," and the premiums are significantly lower than standard car insurance [3][4] - Many consumers have mistakenly believed that service products, such as "motor vehicle loss guarantee," are legitimate insurance, leading to denied claims when seeking compensation [3][4] - The contracts associated with these fake products are not legally recognized as insurance contracts and lack the protections afforded by insurance law, increasing the risk of claim denial [3][4][5] Group 2: Consumer Awareness and Identification - Consumers should be vigilant and recognize that legitimate insurance policies are issued by licensed insurance companies, while fake policies often come from service or logistics companies [4][5] - Payment for legitimate insurance is made to the insurance company's official account, whereas fake insurance may involve payments to non-insurance entities or individuals [4][5] - Verification of insurance policies can be done through official channels or apps, which is not possible with fake policies [4][5] Group 3: Regulatory and Industry Response - Regulatory bodies need to enhance qualification reviews and legal frameworks to combat illegal operations in the insurance sector [6] - The insurance industry should promote self-regulation and improve consumer education to enhance risk identification capabilities [6] - The introduction of the "Car Insurance Easy to Insure" platform aims to facilitate the insurance process for electric vehicle owners, ensuring they can access legitimate insurance options [8] Group 4: Innovations in Insurance Products - Electric vehicle manufacturers are increasingly integrating insurance services into their business models, offering unique products that combine insurance with additional services [9][10] - Companies like BYD and NIO are developing innovative insurance products that leverage their technological advantages and provide comprehensive coverage [9][10] - Despite the advancements, challenges remain in defining responsibilities, data availability, and consumer understanding, necessitating collaboration and talent development within the industry [10]

证券代码：301000 证券简称：肇民科技 上海肇民新材料科技股份有限公司 投资者关系活动记录表 编号：2025-044 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 电话交流会议、券商策略会、反路演活动 | | | 一、4月10日 电话交流会议 | | | 民生证券、银河基金、筌笠资产、北大方正人寿、英大保 | | | 险资产、山西证券、德邦证券资产、招商证券、上海盘京投 | | | 资、华泰证券、华创证券、华福证券、Vision Finance、南方 | | | 基金、信达证券、中泰证券、东兴基金、中信证券、泓德基 | | 参与单位名 | 金、运舟私募基金、中信建投证券、鸿道投资、富安达基金、 | | 称及人员姓 | 光大保德信基金、国富人寿保险、浙商基金、青骊投资管理、 | | 名 | 上海呈瑞投资、天弘基金、深圳正圆投资、红土创新基金、长 | | | 江证券、爱建证券、中欧基金、长江证券（上海）资产、浙商 | | | 控股集团上海资产、中信证 ...

小米汽车的交付量预期如何？ 2025 年全年，小米汽车的交付量预期为 12 万辆，其中 YU7 车型约占 30 万辆， 加上其他型号如 Ultra 等，总计 45 万辆。到 2026 年，交付量预计将达到 75 至 80 万辆。从 2024 年的 3.7 万辆增长至 2025 年的 45 万辆，再到 2026 年 的 75 至 80 万辆，小米汽车的增长显著，为供应链带来新的增长机会。 • 华阳的汽车配套产品从速 7 仪表盘升级到 VPD 产品，单车价值从 1,000 元提升至 3,000 元以上，预计 2025 年配套比例约为 4-5%，2026 年可 能提升至近 10%。 • 德赛有望成为小米汽车类似理想汽车的大客户，座舱域控和支架域控价值 量可能达到 15,000 元，预计 2025 年小米收入贡献占比 20%，或迅速成 为德赛第二大客户。 无锡振华在小米供应链中的地位如何？其业绩表现及未来预期是什么？ 小米 YU7 上市在即，核心产业链梳理 20250519 摘要 • 小米汽车预计 2025 年交付 45 万辆，2026 年达 75-80 万辆，供应链企 业迎来增长机遇。其中，YU7 车型预计占 30 ...

Group 1: Financial Performance - R&D investment focuses on new energy ships, film capacitors, and intelligent equipment, contributing to a 41.49% revenue growth in 2024, reaching CNY 278 million [2][3] - The gross margin for the ship power distribution system increased by 2.03%, while the gross margin for the engine room automation system decreased by 10.75% due to product structure and cost changes [3][4] Group 2: Market Strategy and Development - The company is actively pursuing the new energy ship industry, enhancing power system technology, and expanding application scenarios to provide comprehensive solutions [3][4] - Plans to expand production capacity by targeting traditional business growth and penetrating mid-market segments in oil, gas, and bulk carriers [4] Group 3: Corporate Governance and Investor Relations - The company is working on a plan to lift risk warnings by addressing prior accounting errors and will apply for removal after 12 months from the administrative penalty decision [3][4] - Emphasis on market value maintenance and enhancing investor confidence through effective management and increased returns [4] Group 4: Future Outlook - The company anticipates revenue contributions from nuclear power and wind power converter businesses in 2025, contingent on customer demand and competition [3] - The company is committed to leveraging its technological advantages in DC circuit breakers and intelligent engine room systems to capture market share [4]