"十五五"产业链将进入深度转型期 11月24日-26日，由中国汽车工业协会主办的"2025中国汽车供应链大会"在安徽芜湖举办。本届大会以"链动产业生态，新质驱动未来"为主 题，共设置1场政企对接会、1场闭门会议、1场大会、4场主题会议以及1场"中国汽车供应链协同创新全国行-奇瑞站"活动等一系列发布或配套活 动。 "十五五"时期是我国实现碳达峰的冲刺阶段，也是汽车大国向汽车强国迈进的关键阶段，巩固和扩大智能网联新能源汽车产业领先优势是行业发展的 主要目标。汽车供应链伴随着电动化、智能化、网联化、低碳化的变革，在"十五五"时期也将进入深度转型期。 中国汽车工业协会常务副会长兼秘书长付炳锋表示，中国汽车产业拥有全球最大规模市场，为汽车产业链供应链的发展提供了稳定的基础。由于开放 合作地不断深入，中国已经形成了庞大且极具韧性的本土汽车供应链体系。随着电动化、智能化的技术迭代，底盘系统、动力系统、三电产品、混动技 术、智能驾驶和智能座舱等领域保持全球领先水平，多项供应链创新成果已转化成关键核心的零部件资源，支撑车企开发出丰富的产品。未来，如何进一 步深化中外整零协同合作，打造智慧韧性的全球供应链体系，让中国的创新成果更 ...

证券之星消息，根据市场公开信息及11月26日披露的机构调研信息，长城基金近期对4家上市公司进行了调研，相关名单如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 3）德赛西威 （景顺长城基金参与公司特定对象调研&电话会议） 调研纪要：公司在智能化领域具备全球领先的能力，已赢得众多海外客户认可，未来将系统稳步导入各区域市场。公司秉持"开放、全栈、快速实 现"价值主张，通过创新与合作打造首发案例，积累全栈式体系能力，构筑生态持续扩大、竞争壁垒不断加固的成长飞轮。在智能座舱与智能驾驶 跨域融合趋势下，公司凭借双领域领先优势，进一步提升综合竞争力，推动业务持续增长。 4）世纪华通 （长城基金参与公司投资者交流会） 调研纪要：23年上线的游戏仍在创新高，尚未观测到生命周期顶峰，Kingshot正在打破WhiteoutSurvival海外纪录，海外市场更大，用户更多。公 司通过高速低成本测试多个产品，23年以来发布不少于20款产品，爆款由数据驱动。点点利润约占公司总利润的2/3，激励机制结合现金与股权。 海外市场用户重合度约为20%。研发费用 ...

摘要 A 股市场波动性大，小额账户亏损较多，大额账户盈利情况较好，反映 散户在结构性行情中难以获利。当前慢牛格局下，科技成长板块是主要 进攻方向，银行、金融或底部股票可作为防守策略。 中国优势制造业正在替代传统产业，是值得关注的重要方向。出海企业 通过跟随大客户实现本地化生产，受贸易战影响较小，业绩表现突出， 尤其是在汽车产业链、智能化和机器人产业链方面。 AI 应用领域正处于爆发前期，智能驾驶、机器人、智能穿戴和智能手机 等应用端将迎来快速发展。锂电储能龙头企业明年预计仍有增长，具有 配置价值，但需谨慎操作上游材料价格波动。 汽车行业正经历从电动化转向智能化的重大变革，智能化方面表现突出 的整车企业和上游零部件值得关注。整车板块受购置税减免减少、锂电 材料价格上涨以及 FSD 技术影响，下游需求承压。 白酒行业正经历去库存过程，价格持续下行，基本面明显下滑，更多具 有博弈价值而非基本面驱动价值。长护险将成为医药行业的重要增量因 素，可能带来新的机会。 Q&A 今年（2025 年）A 股市场整体表现如何，散户投资者的收益情况怎样？ 今年（2025 年）A 股市场整体表现尚可，从基金的中位数来看，收益率超过 2 ...

Core Insights - The report emphasizes the ongoing recovery in various industries, particularly in technology and consumption sectors, with a focus on the resilience of growth in the face of macroeconomic challenges [5][9][17] - The investment strategy for 2026 highlights a shift from extreme growth to balanced allocation, with specific attention to sectors like artificial intelligence, traditional industries benefiting from AI integration, and consumer sectors poised for recovery [9][28] Domestic Market Performance - The A-share market has shown volatility, with the Shanghai Composite Index closing at 3,834.89, down 2.45%, and the Shenzhen Component Index at 12,538.07, down 3.41% [3][10] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext are 16.14 and 47.93, respectively, indicating a suitable environment for medium to long-term investments [10][11] International Market Performance - Major international indices such as the Dow Jones and S&P 500 have experienced slight declines, with the Dow down 0.67% and the S&P 500 down 0.45% [4] Industry Strategies - The report outlines a new recovery cycle in the machinery sector, with a notable 30.12% increase in the CITIC Machinery Index, outperforming the CSI 300 Index by 14.11 percentage points [14][15] - The semiconductor industry is expected to continue its upward trend, driven by domestic demand and technological advancements, with a focus on AI and autonomous driving technologies [17][20] Key Data Updates - The lithium battery sector has shown significant growth, with a 12.81% increase in revenue and a 28.38% increase in net profit in the first three quarters of 2025, indicating strong demand in both power and energy storage batteries [28][29] - The agricultural sector has faced challenges, with pig prices declining by 11.46% month-on-month in October 2025, reflecting supply and demand dynamics [30] Investment Recommendations - The report suggests focusing on sectors with strong recovery potential, such as food and beverage, pharmaceuticals, and consumer goods, while also considering the impact of government policies aimed at stabilizing growth [25][27] - Specific investment opportunities are highlighted in the AI sector, particularly in companies involved in AI hardware and software, as well as those in the semiconductor supply chain [21][22]

以下文章来源于蚀刻AiTech ，作者蚀刻团队 智能驾驶十年老兵，走过四家公司，搞过芯片做过量产，写写行业新鲜事。 期待刻录AI发展的重点时刻。 作者 | 蚀刻团队 来源 | 蚀刻AiTech 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近30个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 所有联合都只为在下一轮竞争中抢占更有力的身位。 据悉，某国内头部Tier1公司近期与某高阶智驾公司D达成投资意向，拟对后者进行战略投资，据知情人士透露，"投资金额不低"。 蚀刻AiTech . 更多自动驾驶的前沿技术进展、行业方案分析、求职招聘，欢迎加入自动驾驶之心知识星球，一个超过4000的人自驾社区...... 该Tier1源自中欧电子，现已成为国内领先的汽车电子系统供应商，业务涵盖智能座舱、智能驾驶和网联服务三大领域，客户覆盖理想、小鹏、蔚来、小米 汽车、比亚迪、吉利、长城、长安等自主品牌，以及大众、奥迪、丰田、奔驰等外资品牌。公司早期以车载音响、仪表盘为主营业务，后凭借在智能座舱 大屏与英伟达Xavier芯片领域的先发布局 ...

国务院国资委此前公布的数据显示，"十四五"期间，国资央企大力推进布局优化结构调整，聚焦战略安 全、产业引领、国计民生、公共服务等，以市场化方式重组了6组10家企业，新组建、设立了9家中央企 业。 专业化整合是深化国资国企改革的重要战略部署。国务院国资委主任张玉卓此前发表署名文章提出，要 加强战略性、专业化重组，围绕强化功能使命、提升规模效益，加大力度合并"同类项"，避免重复建设 和无序竞争；围绕推进科技创新、产业创新，推动科技领军企业加强创新资源整合和一体化配置；围绕 增强我国产业链韧性和竞争力，加强产业链上下游纵向资源整合和合作，共同向价值链高端迈进。 会议要求，中央企业要坚持主动谋划、加强集团战略引领，坚持防范内卷、优化行业资源配置，坚持提 升本领、增强战新整合能力，坚持融合为本、打造一体化竞争优势，坚持协同推进、形成整体工作合 力。 此次签约项目主要包括中国石化与东方电气集团、内蒙古乌审旗碳纤维"产业合作+资本运作"项目，中 国一汽与卓驭科技智能驾驶领域专业化整合项目，中国一汽与中国五矿电池关键材料领域产业链共链项 目，中铝集团与鞍钢产业互联网与数智供应链领域专业化整合项目，南航集团与招商局集团航空物流 ...

Core Insights - Li Auto's first pure electric SUV, the Li Auto i8, was awarded the "Annual AI Car" title at the 2025 New Automotive Annual Ceremony, highlighting its innovative features and advancements in AI technology [1] - The company emphasizes its identity as an ecosystem company, similar to Apple and Huawei, focusing on smart driving and smart cockpit as key AI products [3] Group 1: AI Technology and User Experience - The VLA driver model, launched on September 10, has seen a doubling in mileage penetration and user activity since its full rollout, with over 510,000 trial users and a satisfaction rate exceeding 98% [3] - The VLA driver model integrates reinforcement learning and a closed-loop training system, enhancing user experience across six dimensions: route selection, speed, comfort, safety, communication, and efficiency [3] - The interactive mode of the VLA model allows users to understand decision-making processes through visual and communicative means, significantly increasing user trust in assisted driving [4] Group 2: Safety and Innovation - Li Auto has reported that its AEB system has helped avoid approximately 2.418 million potential collisions and nearly 2 million nighttime incidents, emphasizing the company's commitment to safety [4][5] - The company prioritizes safety in its technology development, ensuring that all features are reliable and high-quality before enhancing capabilities, which includes standardizing laser radar across all products [5]

每经记者｜裴健如 每经编辑｜余婷婷 进入四季度以来，车企抢抓年底政策切换窗口期，生产供给保持较快节奏。企业新品继续密集上市、行业综合治理工作稳步推进，汽车市场延续良好发展态 势。 根据中汽协最新数据，2025年10月，我国汽车产销分别完成335.9万辆和332.2万辆，环比分别增长2.5%和3%，同比分别增长12.1%和8.8%，月度产销规模再 创新高。其中，新能源汽车和出口市场表现亮眼，成为驱动车市增长的重要引擎。 乘联分会秘书长崔东树预判，今年四季度，车市在政策引导和高增长基础上有望延续平稳增长势头。自明年起，新能源车购置税将由"免征"调整为"减半征 收"，政策变化刺激消费者在年底前集中购车，叠加年末车企冲量，新能源与出口双轮驱动的格局进一步强化，智能网联技术升级和"反内卷"带来的市场秩 序改善也将支撑消费信心，预计四季度车市销量仍能实现小幅正增长。 随着智能汽车时代的到来，中国凭借庞大的消费市场、技术创新能力和政策支持，已经培育出一片蓬勃发展的智能汽车市场。从"技术引进"到"技术输出"， 中国高阶智驾方案也在驱动全球出行变革，各企业都在探寻"中国答案"。 新的市场格局正在重塑，汽车行业风云激荡。国内车市 ...

Core Viewpoint - BYD Electronics reported stable performance expectations for 2025, with a revenue of 123.3 billion RMB for the first nine months of 2023, a year-on-year increase of 0.95%, and a net profit of 3.14 billion RMB, up 2.4% year-on-year [1][2] Group 1: Financial Performance - The overall revenue from consumer electronics remained flat compared to the same period last year, with assembly business growth offset by a decline in components [1] - The automotive business showed year-on-year growth, while new intelligent products experienced a decline [1] - Profitability weakened in the third quarter, with expectations for fourth-quarter revenue to be comparable to the same period last year [1] Group 2: Automotive Electronics - The automotive electronics segment is expected to contribute significant growth, with products like smart cockpits, smart driving, and smart suspension systems already delivered [1] - The revenue forecast for automotive electronics in 2025 has been adjusted to 25 billion RMB, with a growth rate of approximately 25%, lower than initial expectations [1] - Anticipated improvements in vehicle value and increased penetration of high-end smart driving and suspension products are expected to drive growth in 2026 [1] Group 3: New Business Developments - The company has made progress in AI data centers and robotics, expanding into enterprise-level general servers, storage servers, and AI servers [2] - Liquid cooling products are ready, with orders expected to start materializing in the first quarter of next year [2] - The robotics business focuses on internal applications, with the first generation of humanoid robot prototypes launched and ongoing hardware and algorithm optimizations [2] Group 4: Future Projections and Ratings - Revenue projections for BYD Electronics from 2025 to 2027 are 185.2 billion RMB, 197.4 billion RMB, and 208.7 billion RMB, with growth rates of 4.4%, 6.6%, and 5.8% respectively [2] - Net profit forecasts for the same period are 4.27 billion RMB, 5.13 billion RMB, and 6.13 billion RMB, with growth rates of 0.1%, 20.2%, and 19.3% respectively [2] - A target price of 50.1 HKD is set, reflecting a 51.2% upside potential from the current price, maintaining a buy rating [2]

记者丨 庞华玮 编辑丨姜诗蔷 临近年底，A股在4000点关口反复震荡，市场风格骤然生变。 前期领涨的科技"小登"板块 （如电子、计算机、通信等）出现显著回调，而煤炭、银行、钢铁等周期"中登"板块则涨幅 领先。 鲜明的风格切换，让市场热议一个话题：面临年底业绩考核与排名压力，公募基金经理们是 否正在大规模调仓换股？ 21世纪经济报道记者采访调查发现，年底基金经理的调仓行为并非铁板一块，而是在长期考 核与短期压力、坚守风格与顺势而为之间展开一场复杂博弈。 总体来看，年底基金经理的调 仓行为是分化的：有的在"高切低"锁定收益，有的在坚守甚至加仓看好的成长股，还有险资 可能在逆向操作。 "高切低"现象引调仓猜测 进入四季度，A股市场的画风突变，"高切低"（即从高位板块向低位板块切换）成为盘面最显 著的特征。 此前一路高歌猛进的科技成长板块（被市场戏称为"小登"，如电子、计算机、通信、传媒 等）集体陷入深度回调。 截至11月18日，申万一级行业指数中，电子板块四季度以来跌幅近8%，传媒、计算机跌幅均 超5%。与之形成鲜明对比的是，一度被市场遗忘的周期板块（如煤炭、石油石化、钢铁、银 行等）则强势逆袭，煤炭、石油石化板块 ...