浙商证券研报指出，均胜电子H股发行在即，人形机器人业务获智元过亿订单。10月16日，智元正式发 布新一代工业级交互式具身作业机器人精灵G2，当天下午开启与均胜电子过亿元采购合同的首批交付 商用，正式落地汽车零部件制造场景。公司业务布局持续完善：①海外客户方面：已为某头部公司批量 交付机器人后脑勺、颈部、肩部、膝盖及手指等部件，正在探讨下一代头部显示方案和头部总成供货； ②国内客户方面：与智元机器人、银河通用等头部客户合作，定制化主控板已实现批量供货，多种精度 IMU、定制化鱼眼相机等传感器陆续送样。近期公司的子公司新获两家头部品牌主机厂项目定点，将开 发并提供一系列汽车智能化产品，包括CCU（中央计算单元）、智能网联等产品。上述项目全生命周 期订单总额预计约为150亿人民币，计划2027年量产。维持"买入"评级。 ...

证券研究报告 | 公司点评 | 汽车零部件 均胜电子(600699) 报告日期：2025 年 10 月 20 日 H 股发行在即，人形机器人业务获智元过亿订单 ——均胜电子点评报告 投资要点 ❑ 事件：香港联交所审阅公司上市申请、公司董事会审议通过 H 股发行事宜 1）2025 年 10 月 17 日，公司收到香港联交所信函，联交所上市委员会已审阅公 司的上市申请。 2）2025 年 10 月 17 日，公司董事会审议并通过《关于确定公司 H 股全球发售 （包括香港公开发售及国际配售）及在香港联交所上市相关事宜的议案》。 ❑ 人形机器人业务：获智元过亿订单，业务布局持续完善 1）2025 年 10 月 16 日，智元正式发布新一代工业级交互式具身作业机器人精灵 G2，当天下午开启与均胜电子过亿元采购合同的首批交付商用，正式落地汽车 零部件制造场景。 此前根据公司公告，目前机器人相关零部件业务营收占比不到 0.1%（上半年收 入的 0.1%约为 3000 万元）。 2）公司业务布局持续完善：①海外客户方面：已为某头部公司批量交付机器人 后脑勺、颈部、肩部、膝盖及手指等部件，正在探讨下一代头部显示方案和头部 总成 ...

根据市场研究机构弗若斯特沙利文的数据，以2024年收入计算，均胜电子是中国第二大、全球第四大智 能座舱域控制系统供应商；在汽车被动安全产品领域，均胜电子亦排名全球第二，约占全球30%市场份 额。此外，均胜电子还是全球首批量产5G-V2X、800V高压快充、BMS产品的供应商。 凭借强大成长基因和不断兑现增长预期而在A股大放异彩的硬科技公司均胜电子（600699.SH），即将 开启一段全新的资本之旅。 10月17日，均胜电子发布公告称，香港联交所上市委员会已审阅公司的上市申请。这意味着均胜电子已 通过港交所主板上市聆讯，这家"汽车+机器人Tier1"双龙头企业将很快跨过香江登陆港股市场。智通财 经注意到，公司此前已通过证监会香港上市备案，拟发行不超过 2.83 亿股境外上市普通股。后续登陆 港交所后，完成"A+H"两地上市的均胜电子究竟会对全球智驾及机器人格局产生怎样的影响，这想必也 会成为全球投资者关切的重要议题。 全球头部"汽车+机器人Tier1"的含金量 均胜电子定位"汽车+机器人Tier1 "，是全球智能汽车科技解决方案提供商。公司深耕汽车电子与汽车安 全20余年，已经成为中国第二大独立汽车零部件供应商 ...

0:00 第四届全球数字贸易博览会25日至29日在杭州举行。 会上七大特色产业展区中，数智出行展区，从自动驾驶到智能网联，从新能源汽车到低空飞行器，参展 企业带来了一场未来出行的全景盛会。 记者：阮帅 余嘉明 魏一骏 新华社音视频部制作 ...

广东21个地级以上市分赴全国超100所重点高校开展现场招聘，活动将贯穿整个高等院校秋季学期。 21世纪经济报道记者王峰 北京报道 9月23日上午，"百万英才汇南粤"2025年N城联动秋季招聘活动（以 下简称"N城联动秋招活动"）在清华大学盛大启幕，正式打响秋招季跨省揽才的"头炮"。 京津冀地区高校专场是本次N城联动秋招活动首发站之一，由广东省委、省政府联合教育部主办，广州 市会同梅州市、清远市共同承办。9月23日至28日，将走进京津冀地区33所重点高校（校区），举办27 场专场招聘活动，累计超3100家次企业参聘，提供超11万个优质岗位。 精准引才：聚焦多方需求，实现靶向对接 本次N城联动秋招活动主打"精准"，全方位、多维度打造精准发力的人才招引平台。活动相关负责人表 示，"精准匹配，是本次秋招活动的最大亮点。" 活动精准锚定现代化产业体系建设需求，将招才引智的焦点精准投向人工智能、新一代信息技术、智能 机器人、集成电路、前沿新材料等代表技术变革方向、决定未来竞争力的新兴产业与未来产业赛道。 大部分岗位深度嵌入战略性产业集群、未来产业、现代服务业，通过相关岗位精准引才，为广东现代化 产业体系发展注入智力支撑。 ...

Group 1 - The core business of the company is focused on the research, production, and sales of automotive parts, with a strong competitive advantage in scale, product range, R&D capabilities, customer coverage, and resource layout [1] - The company has adjusted its market, product, and corporate structures to establish a core product lineup that includes chassis systems, thermal systems, new energy, intelligent networking, engine accessories, steering and safety systems, braking and transmission systems, and fasteners [1] - The company emphasizes its commitment to the automotive parts sector and plans to focus on application aspects in the humanoid robot field, given the significant differences in application scenarios, technical standards, and performance requirements between the two sectors [1] Group 2 - Fusay Company, a subsidiary of the company, is a strategic resource in the fields of intelligent cockpits, autonomous driving, and connected technologies, having established R&D teams in Changchun and Dalian [2] - The subsidiary has successfully integrated into the supply chains of major automotive manufacturers such as Hongqi, Volkswagen, and Toyota, achieving rapid revenue growth through its core products like screens, instruments, radars, antennas, and intelligent domain controllers [2] - The company is pursuing international development by acquiring a German fastener company to deepen its integration into the local automotive supply chain, aiming to absorb advanced technologies and expand its business coverage [2] Group 3 - The company announced its participation in the Qizhi Automotive Industry Chain Venture Capital Fund, with a total fund size of 1 billion yuan, contributing 100 million yuan to the investment [3] - The fund aims to invest in emerging business sectors, including the flying car project of Qiyu Technology, positioning the company to tap into the trillion-level flying car market [3] - This investment is seen as a foundation for cultivating new growth drivers and establishing substantial industrial linkages [3]

Group 1: Junsheng Electronics - Junsheng Electronics received project designation notifications from two leading automotive manufacturers to develop and provide a range of automotive intelligent products globally, including CCU and intelligent networking products [1] - The total order value for these projects is expected to be approximately RMB 15 billion, with mass production planned to start in 2027 [1] - Following the gradual realization of these orders, Junsheng Electronics' intelligent driving business is anticipated to enter a rapid growth phase according to Guosen Securities [1] Group 2: Optical Lithography Sector - Stocks such as Boliang Optoelectronics, Yongxin Optics, and Kaimete Gas experienced price increases [2] - Boliang Optoelectronics specializes in optical components like mirrors and lenses used in lithography applications [2] - Kaimete Gas's subsidiary received certification from Japan's GIGAPHOTON, indicating recognition of its lithography gas products by laser equipment manufacturers [2] Group 3: Flexible Screens (Foldable Screens) - Stocks including Lihesheng, Dongmu Co., and Kosen Technology saw price increases [3] - Lihesheng's OLED flexible screen coating equipment is designed for applying protective and heat dissipation films on 3D curved OLED panels [3] - Dongmu Co. is involved in liquid metal products that are used in foldable smartphone hinges and automotive decorative parts [3] Group 4: Industrial Mother Machines - Stocks such as Zhongyuan Neipei, Aopu Optoelectronics, and Baoxin Technology experienced price increases [4][5] - Zhongyuan Neipei's subsidiary focuses on the research and production of CNC machine tools and non-standard specialized machine tools [4] - Baoxin Technology's CNC sheet metal technology falls under the industrial mother machine category, applicable in this sector [5] Group 5: Top Stocks by Net Buying Amount - Eight stocks on the龙虎榜 had net buying amounts exceeding RMB 100 million, with Huijin Co., Hengbao Co., and Kaimete Gas surpassing RMB 200 million [6][7] - The net buying amounts for these stocks were RMB 317 million, RMB 246 million, and RMB 208 million respectively [7] - Other stocks with significant institutional net buying included Haoen Automotive and Weilan Lithium, with amounts over RMB 50 million [7]

Core Viewpoint - The digital economy theme index and related stocks are experiencing significant growth, indicating a positive trend in the digital economy sector [1][2]. Group 1: Digital Economy Index Performance - As of September 17, 2025, the CSI Digital Economy Theme Index (931582) rose by 1.51%, with notable increases in constituent stocks such as SanHuan Group (300408) up by 10.89% and Junsheng Electronics (600699) up by 10.01% [1]. - The Digital Economy ETF (560800) increased by 1.59%, with a latest price of 1.03 yuan, and a turnover rate of 1.44% during the trading session, totaling 10.39 million yuan in transactions [1]. - Over the past week, the average daily transaction volume for the Digital Economy ETF was 37.40 million yuan [1]. Group 2: Company Developments - On September 15, Junsheng Electronics announced new contracts with two major automotive manufacturers for smart vehicle projects, with a total lifecycle order value estimated at 15 billion yuan, set to begin mass production in 2027 [2]. - The rise of the "smart driving equality" concept is creating more opportunities for domestic smart driving chips, leading Junsheng Electronics to collaborate with several domestic chip companies and invest strategically in smart driving chip firms [2]. - The automotive industry is undergoing a transformation into "smart mobile terminals," with a valuation restructuring expected by 2025, driven by advancements in smart connectivity and component integration [2]. Group 3: Index Composition - As of August 29, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 53.36% of the index, with companies like Dongfang Fortune (300059) and Cambricon (688256) being the most significant contributors [3]. - The top ten stocks include Dongfang Fortune (10.51% weight), Zhongxin International (6.34% weight), and Beifang Huachuang (5.12% weight), among others [4].

Core Viewpoint - Junsheng Electronics (600699.SH) has reached a new high of 30.48 yuan, marking a 97.74% increase year-to-date, with a market capitalization exceeding 42 billion yuan [1] Company Developments - The company announced that its subsidiary has recently received project notifications from two leading automotive manufacturers, indicating a significant business opportunity [1] - Junsheng Electronics will develop and provide a range of automotive intelligent products, including CCU and intelligent networking, for these clients globally [1] - The total order value for the lifecycle of these projects is expected to be approximately 15 billion yuan, with mass production planned to start in 2027 [1] - Although these projects are not expected to have a major impact on the company's current year operating performance, they are anticipated to enhance future revenue [1]

Core Viewpoint - Junsheng Electronics has recently secured two major automotive smart projects with leading OEMs, with a total order value of approximately 15 billion RMB, expected to start mass production in 2027 [1] Group 1: New Orders and Financial Impact - The new order of 15 billion RMB is close to half of the company's projected revenue for the first half of 2025 and accounts for about 26.85% of the total revenue for 2024, which is estimated at 55.86 billion RMB [1] - The company stated that this project is not expected to have a significant impact on its current year's operating performance but will contribute positively to future revenue [1] Group 2: Technological Capabilities and Market Position - Junsheng Electronics has a long-term technological accumulation in the automotive intelligence sector, covering software and hardware design, system integration, and engineering implementation [1] - The company has established partnerships with well-known automotive manufacturers and new energy vehicle companies, and has collaborated with firms like Momenta, Qualcomm, Horizon, and Huawei [2] - The company launched the immersive smart cockpit JoySpace+ at the Shanghai Auto Show in April and has developed smart auxiliary driving chips that have undergone vehicle testing [2] Group 3: Performance and Growth - In the first half of this year, Junsheng Electronics secured new projects with a total lifecycle value of approximately 31.2 billion RMB, with over 66% of new orders related to new energy vehicles [2] - The company reported a revenue of approximately 30.35 billion RMB for the first half of 2025, representing a year-on-year growth of 12.07%, with net profit increasing by 11.13% [2] - The automotive safety and automotive electronics segments generated revenues of 18.98 billion RMB and 8.36 billion RMB, respectively [2]