昨天下午，市委书记陈吉宁围绕抓好"十五五"和全年开局起步工作，在浦东张江专题调研科技创新 和产业发展工作，认真听取企业意见建议。陈吉宁指出，要深入学习贯彻党的二十届四中全会和习近平 总书记考察上海重要讲话精神，切实增强"为国担当、勇为尖兵"的责任感使命感紧迫感，坚持以科技创 新为引领，以改革开放为动力，把持续打造国际一流营商环境作为重要抓手，进一步激发高质量发展动 力活力，为上海"五个中心"和现代化建设作出更大贡献，确保"十五五"开好局、起好步。 作为上海国际科技创新中心建设的核心承载区，张江科学城正按照《聚焦张江再出发加快建设国际 一流科学城行动方案》，全力推进科创布局优化、战略科技力量培育、一流企业培育、科创人才引育和 科创生态提升"五大行动"。位于核心区域的张江人工智能创新小镇，目前已入驻人工智能企业近500 家。陈吉宁来到聚焦服务成长期企业加速发展的模力社区，察看光本位科技、极豆科技、岩山科技等企 业最新产品展示，同企业负责人亲切交流，了解企业在光子计算芯片、智能座舱系统、类脑智能与脑机 接口等领域的研发创新、技术突破和场景应用情况，询问企业下一步发展计划、需要哪些政策服务支 持，希望高科技企业把自身 ...

01 合资模式中的股权陷阱 2025年的智能驾驶行业，两场标志性事件划破寒冬：毫末智行突然宣布全员停工放假，近300名员工被拦 在公司门外；成立仅两年多的大卓智能，被奇瑞整合解散，业务重新收回内部体系。 "智能化的灵魂不能掌握在别人手中"的论调，戳中了传统车企的焦虑。在"自研可控"的共识下，孵化独立 的智能化公司成为车企的主流选择。 这两家智驾明星公司的兴衰沉浮，很大程度上是车企孵化智能化公司的命运缩影：一是定位模糊，既要做 好内部供应商，又幻想对外输出技术；二是资源错配，母公司既要其降本，又要求效果对标新势力；三是 文化冲突，互联网人才与传统汽车工程师思维的先天性融合难题。 " 承载着车企智能化野心的公司，为何大多难逃「出生即高光，落 幕即仓促」的宿命？ " 作者丨李雨晨 编辑丨 林觉民 回顾近十年汽车产业智能化转型之路，从"灵魂论"之争到"全栈自研"的狂热，传统车企纷纷将智能化视为 破局关键，孵化独立的智能化公司成为潮流。 然而，热潮退去，幸存者寥寥。 这些承载着车企智能化野心的公司，为何大多难逃"出生即高光，落幕即仓促"的宿命？ 以毫末智行为例，股权结构显示，长城汽车直接持有毫末智行27.52%的股权， ...

千里科技（601777）12月24日晚间宣布，公司收到通知，股东力帆控股与梅赛德斯-奔驰（上海）数字 技术有限公司（下称"奔驰数字"）之间的股份协议转让交易已取得上交所的合规性确认，并取得中登公 司出具的《证券过户登记确认书》，过户日期为12月23日，过户数量为1.36亿股。 上述交易后，力帆控股所持千里科技股份由6.19亿股降至4.83亿股，持股比例由13.68%变更为10.68%。 奔驰数字持股1.36亿股，持股比例为3%，系上市公司第五大股东。奔驰数字承诺，上述股份自过户登 记至其名下之日起12个月内不减持。 此前，千里科技在9月下旬披露，力帆控股、奔驰数字分别与华创股份和申万宏源签署《股份购买协 议》，力帆控股将其持有的千里科技股份合计1.36亿股，以9.87元/股的价格，协议转让给奔驰数字。以 此估算，奔驰数字此次投资耗资约13.42亿元。 奔驰数字系梅赛德斯-奔驰（中国）投资全资子公司。公开资料显示，奔驰数字系梅赛德斯-奔驰在全球 海外最大的数字化研发中心，于2023年6月由梅奔上海研发团队升级而来，并正式落户上海金桥。 对于奔驰数字的入股，千里科技董事长印奇曾公开表示："非常高兴奔驰成为了我们的 ...

Core Viewpoint - Weidi Co., Ltd. (603023.SH) has announced a significant asset restructuring plan to acquire control of Jiangsu Jiuxing Precision Technology Co., Ltd. through a cash transaction, aiming to enhance overall asset quality and core competitiveness [1][2]. Group 1: Acquisition Details - The acquisition will be executed in two phases: first, acquiring 51% of the shares from Jiuxing's controlling shareholder, and second, acquiring additional shares from other shareholders to achieve control [2]. - The transaction does not involve issuing new shares and is not expected to impact the company's performance in 2025 [2]. Group 2: Business Overview of Jiuxing Precision - Jiuxing Precision focuses on the R&D, production, and sales of precision metal components, with core products including embedded hinges and precision slides, primarily serving the mid-to-high-end home appliance sector [3]. - The company has established six production bases and has been recognized as a "little giant" enterprise by the national government [2][3]. Group 3: Weidi's Business Strategy - Weidi Co., Ltd. has faced performance pressures, with a net profit loss of 15.74 million yuan in 2023, although it returned to profitability in 2024 with a net profit of 5.06 million yuan [4][5]. - The company has initiated a "dual-track strategy" to optimize its asset structure by divesting loss-making assets and expanding its business boundaries through acquisitions [5][6]. - Recent acquisitions, including a 51% stake in Alpha Silicon, have diversified Weidi's product offerings and market reach, laying a foundation for long-term growth [6].

宁波的整车布局呈现出一种独特的"双核驱动"格局：一边是深度本土化、决策链条高效的吉利系，另一边是代表了全球制造最 高标准、正经历电动化转型的上汽大众。这两者并非简单竞争，而是在宁波的产业土壤中，形成了互补与共生的关系。 在宁波前湾新区，上汽大众宁波工厂的生产线正在为两款全新新能源车型的投产加速调试，这条能"无缝切换"燃油与电动车型 的柔性智造产线，正以每分钟一台车的速度，支撑起宁波新能源汽车产能的三分之一。 作为大众集团全球范围内的"明星工厂"，这座2013年建成投产的生产基地，占地面积达187万平方米，年产能达30万辆。上汽大 众宁波基地的意义远超一个生产单元，其核心能力在于"深度柔性化"。这条能在同一条线上"无缝切换"生产燃油、混动、纯电 车型的智能制造体系，是跨国巨头应对行业剧烈波动的"战略支点"。它确保了在电动化转型过渡期内，庞大的资产投入仍能保 持极高利用率与产出弹性。更重要的是，它如同一所"黄埔军校"，将国际顶级的供应链管理、品控标准和精益生产理念，持续 注入宁波本地配套体系，拉升了产业链的整体水位。 与大众的"全球化嵌入"模式不同，吉利展现了"本土根系"的深度与活力。在宁波，吉利布局了从研究院、 ...

在长三角的制造版图上，宁波正经历一场静默但深刻的产业跃迁。 2025年1-10月，宁波整车产量64.5万辆，其中新能源汽车产量28.6万辆；而在上一年，该市896家规上汽 车制造业实现产值4191.7亿元，同比增长24%，占全市工业规上产值的16%，对工业增长贡献率超 50%，新能源汽车产量占据浙江省四成以上，实现翻倍增长。 然而，数字背后更值得关注的是其独特的产业演化路径：它没有选择追逐单一明星企业的"盆景式"发 展，而是培育了一片根植于本地、枝干分明、协同进化的"热带雨林"。从上汽大众的全球柔性工厂，到 吉利-极氪的本土化垂直整合；从均胜、圣龙等传统零部件巨头的"大象转身"，到东方理工大学孙学良 院士实验室里关乎行业终局的固态电池突破——宁波正在编织一张从应用市场穿透至基础研究的产业创 新网络。 整车制造：双核驱动与"本土根系" 供应链的"冠军集群"与"适应性进化" 如果整车企业是宁波新能源汽车产业的"门面"，那么隐藏在其后的庞大供应链体系则是支撑这一产业 的"脊梁"。宁波拥有超过5000家汽车零部件企业，其中隐藏着大量细分领域的"隐形冠军"。新能源汽车 的浪潮并未冲垮这座传统优势堡垒，反而激发了其强大的 ...

Core Viewpoint - Weidi Co., Ltd. plans a significant asset restructuring by acquiring control of Jiangsu Jiuxing Precision Technology Co., Ltd. through cash payment, which is expected to constitute a major asset restructuring [1][10]. Group 1: Transaction Details - On December 8, Weidi Co., Ltd. signed a letter of intent with Hu Tao and Wan Hongjuan to acquire 51% of Jiangsu Zhiyue Tiancheng Enterprise Management Co., Ltd. through cash payment [2]. - Jiangsu Zhiyue Tiancheng is the controlling shareholder of Jiuxing Precision, holding a 46.1165% stake [4]. - The transaction will involve Weidi Co. acquiring shares from Hu Tao and other shareholders of Jiuxing Precision, with Hu Tao directly holding 9.2233% of Jiuxing Precision [6]. Group 2: Shareholding Structure - The major shareholders of Jiuxing Precision include Jiangsu Zhiyue Tiancheng (46.1165%), Taizhou Jiuxing Yuanchuang Management Consulting Partnership (32.2815%), and Hu Tao (9.2233%) [7][8]. - The total shareholding structure of Jiuxing Precision is detailed, showing various stakeholders and their respective ownership percentages [9]. Group 3: Strategic Rationale - The acquisition is aligned with Weidi Co.'s strategic development needs and long-term interests, aiming to expand business scale and enhance profitability [10]. - Jiuxing Precision specializes in the R&D, production, and sales of precision metal components, primarily serving the mid-to-high-end home appliance sector [10]. Group 4: Financial Performance - For the first three quarters of 2025, Weidi Co. reported revenue of 110.32 million, a year-on-year increase of 138.73%, while net profit attributable to shareholders decreased by 80.11% to 705,830.94 [11]. - The decline in net profit is attributed to factors such as reduced gross margin, decreased bank interest income, and increased credit impairment losses [13].

Core Insights - The future survival of automotive brands may hinge less on technology itself and more on the unique value that car manufacturers can offer as smart technology becomes standardized [12] Group 1: New Brand Launch - Huawei introduced two new high-end smart electric vehicle brands, "Yijing" and "Qijing," in collaboration with Dongfeng Motor and GAC Group, respectively [1] - These brands are the first results of a new cooperation model between Huawei and car manufacturers, alongside the existing "Five Realms" brands under the "Hongmeng Intelligent Driving" ecosystem [3] Group 2: Cooperation Models - There are three cooperation models between Huawei and car manufacturers: "Component Supply Model," "Smart Selection Car Model," and "HI Model" [3][5] - The "Component Supply Model" involves Huawei providing standardized components and technical solutions, while the "Smart Selection Car Model" allows for deeper collaboration, including product definition and marketing [5] - The "HI Model" offers a middle ground where Huawei provides comprehensive intelligent vehicle solutions without participating in product definition and marketing [5] Group 3: Brand Positioning and Challenges - The "Yijing" and "Qijing" brands will see Huawei participating more deeply in product definition and design compared to the HI Model, but car manufacturers will retain more autonomy in branding and production [6][10] - Concerns arise regarding the balance of power in collaborations, as some manufacturers fear losing brand identity when partnering with Huawei [6][8] - The "HI Model" has not achieved ideal market feedback, leading to questions about whether the new "境" brands can address these challenges [9][10] Group 4: Market Dynamics - As consumer attitudes shift towards advanced driving assistance and smart cockpit technologies, traditional manufacturers face pressure to enhance their smart capabilities [6] - The increasing complexity of collaboration models raises the challenge of maintaining brand differentiation and avoiding homogenization in the market [11] - The evolution of these partnerships reflects ongoing experimentation in the integration of automotive and technology sectors, necessitating a redefinition of boundaries as collaborations deepen [11]

Summary of Dongfang Electric Heating Conference Call Company Overview - **Company**: Dongfang Electric Heating - **Industry**: Home Appliances, New Energy Vehicles, Industrial Equipment, Materials, Robotics Key Points Business Expansion and Strategy - Dongfang Electric Heating is actively expanding into the overseas home appliance market, securing orders from clients like Samsung and LG, and plans to establish a factory in Thailand to address intense domestic competition [2][3] - The company is transitioning from traditional home appliances to smart small appliances to enhance profitability [2][3] - The New Energy Vehicle (NEV) PTC business is diversifying its product matrix, expanding from traditional air conditioning PTC heating to smart cockpit systems, with expected profits between 70 million to 80 million yuan for 2025 [2][3] Financial Performance - The company anticipates a net profit of approximately 50 million yuan for the year [3] - The industrial equipment segment is shifting focus from the photovoltaic industry to the development of semi-solid and all-solid battery equipment, with an expected profit of around 100 million yuan for 2025 [2][3] - The materials segment has received mass production orders, with further growth expected in 2026, primarily for 2170 and 4680 battery models [2][3][17] Market Trends and Product Development - The automotive thermal management integration, battery equipment and materials, and robotics are the three main focus areas for the company, aligning with national encouragement policies and leveraging core technological advantages [2][5] - The smart cockpit product integrates pressure sensing, ventilation, massage, and heating functions, with an expected price of around 1,500 yuan per seat, significantly higher than traditional PTC products [12][13] Competitive Landscape - In the NEV PTC sector, the company maintains a competitive edge by expanding its product offerings and strengthening collaborations with major manufacturers, with expectations for significant order releases in 2026 [9][10] - The company is positioned as a second player in the automotive PTC market, with a stable competitive environment and no signs of vicious competition [10] Future Outlook - The company expects a significant increase in orders for molten salt energy storage equipment, projecting 150 million yuan in orders for 2025 and over 200 million yuan for 2026, with a net profit of around 30 million yuan [19] - The silicon-carbon negative electrode equipment market is projected to expand significantly in 2026, with a potential market size of 2 billion yuan and a profit margin of 20% [20][21] Challenges and Responses - The company is addressing cost pressures from component suppliers by innovating in heating materials and optimizing production processes to maintain profit margins of 8-10% [10] - The company is also focusing on maintaining a competitive advantage through technological innovation and product reliability [9][10] Conclusion - Dongfang Electric Heating is poised for growth in 2026, with stable performance in home appliances and rapid expansion in the NEV and industrial equipment sectors, indicating a positive outlook for overall business performance [25]

Core Insights - South Sudan, the world's youngest country, has faced significant challenges since its independence in 2011, including political turmoil, economic struggles, and humanitarian crises [18][25][26]. Infrastructure and Economic Development - Despite severe difficulties, the South Sudanese government has made progress in infrastructure projects, including the modernization of Juba International Airport and the construction of a new central bank building, set to open in July 2024 [20][21]. - The African Development Bank predicts a gradual economic recovery for South Sudan, with a projected growth rate of 4% in 2025, contingent on increased oil exports and international support [21][23]. Poverty and Resource Management - Approximately 92% of South Sudan's population lives below the extreme poverty line, with many struggling to afford basic necessities despite the country's rich natural resources, including 4.7 billion barrels of proven oil reserves [23][24]. - The country's oil revenue constitutes nearly 90% of its fiscal income, yet it lacks refining capacity and relies on Sudan for pipeline access, complicating economic stability [23][24]. Political Instability and Conflict - South Sudan continues to experience political fragmentation and conflict, with a significant increase in civilian casualties reported in 2025 compared to the previous year [25][26]. - The ongoing instability is exacerbated by external factors, including the spillover effects of conflict from neighboring Sudan, which has led to increased cross-border violence and arms trafficking [25][26]. International Relations and Support - International organizations, including the United Nations and the African Union, have called for mechanisms to promote peace and reconciliation in South Sudan, but progress remains slow due to entrenched political divisions [26][27]. - Chinese peacekeeping forces and medical teams are actively involved in South Sudan, providing essential services and support to local communities, highlighting the role of international cooperation in addressing the humanitarian crisis [27].