1. 部分黄金股继续走高。截至收盘，潼关黄金(00340)涨6.38%，报2.5港元；集海资源(02489)涨4.14%， 报1.51港元；山东黄金（600547）(01787)涨1.46%，报38.82港元；招金矿业(01818)涨1.41%，报30.22港 元。 9月23日，国际金价再度大涨并刷新历史新高，截至发稿，伦敦金现最高触及3759.16美元/盎司， COMEX黄金最高报3795.1美元/盎司。今年以来，国际金价涨幅已超40%。东方金诚认为，美联储如期 降息后，市场关注点转向年内后续降息路径。本周将公布美国8月PCE通胀数据。基于美国8月PPI和CPI 数据基本符合预期，8月PCE通胀或有所降温，这将强化年内连续降息预期，对金价形成支撑。 此外，澳大利亚、加拿大、英国9月22日宣布承认巴勒斯坦国，引发以色列强烈反应，市场担忧冲突可 能升级至能源产区。与此同时，欧盟拟对俄油实施次级制裁，加剧全球能源供应链风险，地缘风险溢价 的上升也可能促使投资者增持黄金，从而支撑金价。 港股三大指数今日小幅高开后下挫，此后全天弱势震荡。其中，恒科指表现最弱，盘中一度跌超2%。 截止收盘，恒生指数跌0.7%或185. ...

智通财经APP获悉，港股三大指数今日小幅高开后下挫，此后全天弱势震荡。其中，恒科指表现最弱， 盘中一度跌超2%。截止收盘，恒生指数跌0.7%或185.02点，报26159.12点，全日成交额为2945.61亿港 元；恒生国企指数跌0.86%，报9290.34点；恒生科技指数跌1.45%，报6167.06点。 华泰证券认为，港股资金面和情绪面仍有修复空间。该行表示，展望来看，在美联储新一轮宽松周期开 启、中美关系缓和、互联网及科技新一轮进展启动下，港股情绪或仍有进一步改善空间，科技板块或依 然处在布局区。 蓝筹股表现 汇丰控股(00005)逆市上扬。截至收盘，涨1.31%，报108.6港元，成交额14.75亿港元，贡献恒指28.6点。 花旗发布研报称，过去三个月，受惠于HIBOR走高及关税忧虑缓解，高度国际化的英国银行表现更为 强劲，相比之下，英国本土银行则落后，主要因为市场对11月26日财政预算案中的宏观经济担忧升温。 该行在行业首选汇丰控股等。 其他蓝筹股方面，新东方-S(09901)涨1.85%，报40.64港元，贡献恒指0.88点；中信股份(00267)涨1.5%， 报11.5港元，贡献恒指1.54点； ...

人民财讯9月22日电，浙江世宝（002703）9月22日在分析师会议中表示，公司在线控转向和后轮转向领 域技术储备深厚，已获多家主流车企定点，线控转向首个量产项目预计于2026年下半年开始量产，后轮 转向首个量产项目预计于今年四季度开始量产。这两类产品分别主要面向L3+智能驾驶车型及高性能豪 华车型，技术壁垒高，市场前景广阔。 ...

| 判，仅个别客户的谈判仍在进行中。公司预计下半年产 | | --- | | 品价格将逐步趋稳，有助于毛利率保持稳定。从产品结 | | 构来看，C-EPS 产品受价格下行影响较大，其毛利率下 | | 降尤为明显。由于 C-EPS 贡献了约 50%的收入，因此对 | | 公司上半年毛利影响较大。随着高端 EPS 产品销量的逐 | | 步提升，以及电调管柱、电动循环球等产品收入贡献的 | | 扩大，公司毛利率有望得到进一步改善。 | | 2、问：公司在线控转向和后轮转向方面的量产时间表 | | 能否介绍一下？ | | 答：公司在线控转向和后轮转向领域技术储备深厚，已 | | 获多家主流车企定点，线控转向首个量产项目预计于 | | 2026 年下半年开始量产，后轮转向首个量产项目预计于 | | 今年四季度开始量产。这两类产品分别主要面向 L3+智 | | 能驾驶车型及高性能豪华车型，技术壁垒高，市场前景 | | 广阔。 | | 3、问：公司目前产能利用率如何？未来扩产重点是哪 | | 类产品？ | | 答：目前整体产能利用率保持在 80%-90%的健康水平。 | | 未来扩产重点围绕电动化、智能化转向产品，以匹配市 ...

Group 1 - The company anticipates that the domestic steer-by-wire market will begin large-scale development in 2026, marking a significant milestone for the industry [2] - As a leading local steer-by-wire supplier, the company has secured project allocations from several major OEMs, with mass production expected to commence in the second half of 2026 [2] - The steer-by-wire technology enhances vehicle autonomous driving capabilities by reducing mechanical components and relying on signal transmission, providing greater flexibility in chassis and cabin layout, making it the preferred steering system for high-end intelligent driving models at L3 and above [2] Group 2 - The company has completed annual price negotiations with most clients as of the end of the first half of the year, with only a few negotiations still ongoing, leading to expectations of stable product prices in the second half [3] - The C-EPS product has been significantly impacted by price declines, resulting in a noticeable decrease in its gross margin, which has affected the company's overall gross margin due to its contribution of approximately 50% to revenue [3] - With the gradual increase in sales of high-end EPS products and the expanded revenue contribution from electric steering columns and electric steer-by-wire systems, the company's gross margin is expected to improve further [3]

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 1.524 billion CNY, representing a year-on-year growth of 35.32% [2] - The overall gross margin for the same period was 18.01%, a decrease of 1.77% compared to the previous year, primarily due to a decline in product prices [2] - The net profit margin for the first half of 2025 was 6.10%, with a continuous decrease in the proportion of sales, management, and R&D expenses relative to revenue [3] Group 2: Product Insights - The C-EPS product significantly impacted the gross margin, contributing approximately 50% of the company's revenue [2] - The company is a major supplier of electric steering systems for new energy light trucks, holding over 50% of the market share in this segment [3] - The company anticipates that the domestic steer-by-wire market will begin large-scale development in 2026, with products expected to enter mass production in the second half of that year [3] Group 3: Cost Management and Future Outlook - The company is implementing multi-dimensional cost reduction strategies, including optimizing product design and enhancing operational efficiency through digitalization [3] - The company expects product prices to stabilize in the second half of the year, which will help maintain gross margin stability [2] - There are currently no specific plans for overseas factory investments, but the company is actively pursuing supplier qualifications with several international automotive manufacturers [4]

Core Viewpoint - The company reported significant growth in revenue and a notable reduction in net loss for the first half of 2025, driven by effective cost management and successful product development in the automotive electronics sector [2][8]. Financial Performance - The company achieved a revenue of 2.908 billion yuan in the first half of 2025, representing a year-on-year increase of 43.48% [2][8]. - The net profit attributable to shareholders was -87.44 million yuan, an improvement of 246 million yuan compared to the same period last year [2][8]. - The second quarter alone saw a revenue of 1.58 billion yuan, up 38.9% year-on-year, with a net profit of 33 million yuan, marking a 123.29% increase [8]. Cost Management - The company successfully reduced its R&D expenses to 440 million yuan, a decrease of 18.17% year-on-year, with the R&D expense ratio dropping by approximately 11.4 percentage points [2][8]. - All three expense ratios showed a decline, indicating effective cost control measures [2]. Cash Flow - The net cash flow from operating activities was -299 million yuan, which is an improvement of 427 million yuan compared to the previous year [2]. Product Development - The company is advancing in the field of steer-by-wire and brake-by-wire technologies, with plans for mass production of steer-by-wire products expected in the first half of next year [3]. - The Robotruck, based on previous autonomous vehicle technology, is being developed for public road transport, expanding operational scenarios beyond closed environments [4]. Business Segments - The company’s major assembly business is integrated with its special vehicle development, focusing on key components like battery packs and electric drive bridges [5][6]. - The R&D services and solutions segment has shifted towards high-value, light-asset operations, showing improved performance compared to the previous year [7]. Market Position - The company maintains a competitive edge in the steer-by-wire and brake-by-wire markets, having secured orders from both domestic and international Tier 1 suppliers [3]. - The company has received positive feedback on its silicon carbide power modules, which are being integrated into various projects [6].

Summary of the Conference Call for NEXTEER Company Overview - NEXTEER is a product-driven cyclical stock focusing on steering and braking systems for the automotive industry [4] Key Industry Insights - The company has successfully developed a new generation of steer-by-wire (SBW) products, which have been adopted by leading industry clients, indicating the onset of a new product cycle [2][4] - The North American business is largely insulated from tariffs, with 60% of revenue coming from the U.S. and 40% from Mexico, most of which complies with the USMCA [5][6] Financial Performance - The EBITDA margin for the first half of the year is expected to remain in double digits, a significant increase from less than 5% last year [2][4] - Revenue projections are optimistic, with expected revenues of $4.6 billion in 2025, $5.1 billion in 2026, and $5.6 billion in 2027, maintaining double-digit growth annually [3][9] - Profit forecasts indicate an increase from $150 million this year to $240 million by 2027, reflecting substantial growth compared to the previous year [3][9] Product Development and Market Position - The launch of the EMB braking product, which overlaps with existing electric power steering and steer-by-wire capabilities, could further expand the product line and create long-term growth opportunities [2][4] - The SBW project has gained traction, with models like NIO ET9 and Cybertruck adopting this technology, which is expected to penetrate both high-end and mid-range markets [2][8] - The company has secured new orders in the Asia-Pacific region, achieving $800 million in order volume in Q1, an 80% year-over-year increase [7] Competitive Landscape - NEXTEER is currently in a mature phase for hydraulic steering products, facing increased domestic competition, but the new product cycle and technological advancements are expected to enhance profitability [4] - The company is leveraging design optimization and supply chain management to maintain stable profitability despite intense price competition among domestic automakers [7] Conclusion - NEXTEER is positioned for significant growth driven by new product developments, improved operational performance, and a favorable market environment, particularly in North America and the Asia-Pacific region [2][3][4][9]