开源证券发布研报称，制动系统龙头伯特利（603596）(603596.SH)拟收购豫北转向50.97%股权实现控 股。豫北转向为转向系统领先企业，2025年收入31.8亿元，客户覆盖主流车企。此次收购将完善伯特利 底盘横纵垂布局，形成客户、产品及供应链协同。随着自动驾驶普及，线控转向迎来历史机遇，有望持 续受益。持续看好自动驾驶推动下底盘领域玩家。 开源证券主要观点如下： 伯特利公告拟收购豫北转向50.97%股权实现控股 公司2月25日公告拟以自有资金，从豫北转向股东峻鸿实业、合肥华芯、合肥产投收购豫北转向50.97% 股权，收购完成后伯特利将成为豫北转向的控股股东，此外新航机电、东峻工贸、新乡聚贤、杭州华 芯、卫保川将分别持有豫北转向22.7%、13.6%、7.2%、3.6%、1.8%股份。交易完成后，豫北转向的7人 董事会中将有4名由伯特利提名。本次交易标的估值不超过22亿元，交易价款不超过11.2亿元，具体价 格尚需确定，且交易仍需取得反垄断等相关部门审核。 本次收购有望完善伯特利大底盘领域布局，形成客户、产品、供应链协同 伯特利是制动系统本土领军，产品广泛覆盖制动卡钳、电子驻车制动系统、线控制动系统等 ...

| 2026年2月26日星期四 | NO.1 华为乾崑、小鹏汽车发布春节出行报告 2月24日，华为乾崑智能汽车解决方案发布2026年春节出行报告。2月15日至23日春节期间，华为乾崑智 驾辅助驾驶里程超4.7亿公里，相比去年春节增长235%。人均辅助驾驶里程382公里，人均使用时长5.1 小时。其中，单用户单日最长辅助驾驶2266公里。 2月24日，小鹏汽车发布了2026新春出行报告，统计了2月9日至2月23日的出行情况。其中，单个纯电用 户的辅助驾驶里程达到1.176万公里；单个纯电用户最长辅助驾驶时长高达141.7小时，平均每天辅助驾 驶时长10.12小时；单个增程用户最长辅助驾驶里程高达7050公里。 点评：1月乘用车行业库存达357万辆，处于历史同期高位。高库存直接挤压车企资金周转空间、压缩盈 利水平，后续或引发车企加大价格优惠力度以消化库存。行业正面临供需调整压力，投资者需重点关注 车企库存管控与终端促销策略的落地效果。 NO.3 河南发布2026年汽车以旧换新实施细则 2月25日，据"郑州发布"消息，河南省发布2026年汽车以旧换新实施细则。其中，汽车置换更新方面， 对换购符合条件新能源乘用车的， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：电动知士微博 有人说：纯视觉在晚上就是瞎子；也有人说：激光雷达纯属花冤枉钱。 这场关于"视觉"与"激光"的路线之争，吵了这么多年，似乎还没有答案。 那么：当光线变暗，辅助驾驶的性能到底会不会下降？ 视频详情>> 责任编辑：杨赐 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：电动知士微博 有人说：纯视觉在晚上就是瞎子；也有人说：激光雷达纯属花冤枉钱。 这场关于"视觉"与"激光"的路线之争，吵了这么多年，似乎还没有答案。 那么：当光线变暗，辅助驾驶的性能到底会不会下降？ 为了验证这个问题，我们耗时两个月，找来了市面上最具代表性的12台车，做了一场'白天'与'黑夜'的 终极对决。 为了验证这个问题，我们耗时两个月，找来了市面上最具代表性的12台车，做了一场'白天'与'黑夜'的 终极对决。 这不是横评，而是一场'自己vs自己'的实验：同一款车、同样的路线、同样的测试维度，在白天与晚 上，表现会有什么不同？如果把12台车的表现归纳整理，是否存在特定的'规律'？ 在这个视频里，你能看到辅助驾驶们最真实的"夜间 ...

Core Insights - Bosch is facing unprecedented transformation challenges in the Chinese market, including layoffs and restructuring efforts to adapt to the declining demand for traditional fuel vehicles and the rise of new energy vehicles [1][2][7] Group 1: Layoffs and Restructuring - Bosch has initiated layoffs affecting nearly 200 employees, particularly in its Wuxi base, which focuses on fuel vehicle and hydrogen fuel cell projects [1][8] - The company has announced a global layoff plan of 22,000 employees, with 9,000 in Germany in 2024 and an additional 13,000 in 2025, indicating a significant workforce reduction [2][8] - Bosch's employee count in China is projected to decrease from approximately 58,000 at the end of 2023 to 56,000 by the end of 2024, reflecting a steady decline [8] Group 2: Financial Performance - Bosch's sales are expected to slightly increase to €91 billion in 2025, but the EBIT margin is projected to drop to about 2%, down from 3.5% in 2024, indicating a significant decline in profitability [2][9] - The company has set aside €3.1 billion for restructuring costs, which is about 3.5% of the projected sales for 2025, highlighting the financial strain from ongoing adjustments [9] Group 3: Market Position and Competition - Bosch's competitive position in the Chinese market is deteriorating due to the rapid rise of local companies like Huawei and BYD, which are gaining market share through faster technology iterations and better cost performance [4][11] - In the ADAS sector, Bosch's market share dropped from 22.5% in the first half of 2024 to 15.2% in the same period of 2025, while Huawei's share increased from 3.5% to 4.3% [11] - Bosch's position in the cockpit domain is particularly weak, ranking ninth with only 3.6% market share, while local competitors like BYD Electronics lead the market [11][12] Group 4: Strategic Responses - In response to declining profits and local competition, Bosch is increasing its R&D investment in China, targeting 11.9 billion yuan in 2024, which is about 8% of its sales, focusing on local development projects [12][13] - Bosch is also leveraging its global presence to assist Chinese automakers in expanding internationally, having supported over 200 models in their overseas ventures [13]

慕天辉看好"十五五规划"带来的机遇，并提到先进制造业技术行业会受益，并注意到市场已开始反映到 股价中；同时，仍然非常看好中国AI主题及各种应用，特别是机器人、物联网人工智能和辅助驾驶， 还有很大的发展空间。其他看好主题包括中国企业拓展利润率更高的海外市场，从而提升公司利润。他 透露，该分析师近期会见了内地监管机构，政策制定者持续关注股东回报，鼓励企业提高股息和回购股 票，也是该行看好的关键主题。 1月27日，高盛亚太首席股票策略分析师慕天辉(Timothy Moe)表示，外国投资者对中国的态度逐渐变得 更加积极，对中国的态度更加开放。他相信，有大量资金仍在观望，如果前景依然乐观，目前市场蕴藏 着巨大的资金流入潜力。该行对中国股市为超配(overweight)，尤其看好"十五五规划"带来的机遇，四 大关键主题分别是十五五规划、人工智能、拓展全球市场的"出海"机会，以及提升股东回报。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 57.70 CNY per share [2]. Core Insights - The company is positioned as a leader in the line-controlled chassis sector and is expected to play a significant role in the future of humanoid robotics. It has established a comprehensive product layout in braking systems, steering, suspension, control, and structural components, transitioning from traditional mechanical systems to intelligent electric control systems [8][9]. - The company is benefiting from the ongoing trends of electrification and automation in the automotive industry, with a strong focus on global expansion and technological innovation [12][16]. Summary by Sections 1. Line-Controlled Chassis Leadership - The company has developed a robust capability in intelligent chassis systems, with a complete product layout in braking, steering, suspension, and control systems. It has established partnerships with major automotive brands, including both domestic and international clients [21][29]. - The company has made significant advancements in electric control systems, becoming a leader in the domestic market for electronic parking brakes (EPB) and expanding into active suspension systems [24][35]. 2. Technical Capability Building - The company has a strong focus on R&D, with continuous investment leading to a significant increase in its technical capabilities. It has established multiple R&D centers globally, enhancing its innovation capacity [61][66]. - The company has developed a comprehensive product matrix, including lightweight components, electric control systems, and line-controlled chassis, which positions it well for future growth [70]. 3. Transition from Automotive to Robotics - The company is leveraging its extensive experience in the automotive sector to expand into the humanoid robotics market. It has already established subsidiaries focused on key components such as motors and actuators, which are essential for robotics [13][18]. - The global market for humanoid robots is expected to grow significantly, with the company poised to become a key player in this emerging field due to its technological expertise and established supply chain [12][18]. 4. Financial Performance and Forecast - The company is projected to achieve revenues of 12.88 billion CNY in 2025, with a compound annual growth rate (CAGR) of 29.6% from 2024 to 2027. Net profit is expected to reach 1.51 billion CNY in 2025, reflecting a strong growth trajectory [2][52]. - The financial metrics indicate a healthy growth outlook, with improvements in gross margins expected as new products scale up and operational efficiencies are realized [55][58].

综合能源、人才和制度三条线索，中国均具备比较优势。 回顾人类发展历史可以看到，每一次生产方式和社会结构的跃迁，都离不开能源获取方式及其组织形态 的变化。无论是工业革命、电气化进程，还是信息化浪潮，能源始终是支撑经济扩张和技术扩散的基础 条件。当前，人工智能的快速发展不仅改变了技术的应用方式，也正在重塑生产效率、产业结构和经济 增长模式。对中国而言，人工智能既是推动高质量发展的重要抓手，也是应对人口结构变化、资源约束 条件和外部环境不确定性的现实选择。 将能源、人才和制度三条线索综合来看，可以发现中国在这三方面均具备较为突出的比较优势。能源体 系兼具成本优势、稳定优势和扩张优势，人口结构形成了工程师规模、用户基础和数字素养的综合优 势，制度体系则具备较强的组织动员能力、工程推进能力与政策执行能力。三者之间的协同作用，使中 国具备将技术突破持续转化为产业升级，并进一步转化为经济增长动能的条件。中国在人工智能时代的 比较优势并非偶然，而是长期发展积累与持续改革创新共同作用的结果。人工智能的加速发展将是一次 广度更大、深度更深、速度更快的历史转折，我们期待中国在这场未来文明的竞逐中走得更稳、更快、 更远。 人类社会的 ...

Core Insights - The automotive industry in 2025 is characterized by intense competition and price wars, leading to a vicious cycle of stagnant sales, declining prices, and reduced profits [2][4] - Despite overall growth in automotive sales, particularly in the new energy vehicle (NEV) sector, this growth is supported by government policies, which may weaken in 2026, resulting in a more competitive landscape [2][5] Group 1: Market Dynamics - The price wars in the automotive market have not only affected manufacturers but also impacted the entire supply chain, including suppliers and dealers, leading to discussions about payment terms for small and medium enterprises [3] - Policies have been introduced to limit payment terms to 60 days for large enterprises, aiming to protect the interests of smaller companies and curb the escalation of price wars [3] Group 2: Technological Innovations - New technologies are continuously transforming the automotive landscape, with innovations such as integrated die-casting, solid-state batteries, and advanced driving assistance systems gaining consumer attention [3] - However, the rise of these technologies has also led to safety concerns, prompting regulatory bodies to establish mandatory national standards to ensure safety in automotive innovations [3] Group 3: Branding and Marketing - The focus on brand building has intensified, with companies exploring new marketing channels like live streaming and short videos, although some have prioritized exposure over quality and service, damaging the competitive ecosystem [4] - There is a noticeable decline in exaggerated marketing practices, indicating a shift towards more sustainable brand strategies [4] Group 4: International Expansion - The domestic market is highly competitive, while international markets present significant growth opportunities for Chinese automotive companies [4] - Challenges such as increasing trade barriers and the need for companies to adapt and establish global brand trust are critical for successful international expansion [4] Group 5: Future Outlook - The automotive industry's current state of competition is seen as a necessary phase in transitioning from quantity-based to quality-based competition [5] - As 2026 approaches, companies that focus on value, user experience, technology, quality, safety, and service are expected to thrive in the evolving market landscape [5]

Core Viewpoint - The company emphasizes the long-term strategic opportunities presented by the wave of intelligent transformation, which is reshaping production and lifestyle through advanced technologies [1] Group 1: Technological Advancements - Intelligent terminals, assisted driving, unmanned excavators, and unmanned heavy-duty mining trucks are changing the way individuals live and work [1] - The integration of 5G/5G-A and high-speed fiber networks enhances enterprise perception and operational management [1] - Artificial intelligence technology is accelerating its integration with industry knowledge, shifting from isolated efficiency improvements to a systematic value reconstruction of core business operations [1] Group 2: Organizational Transformation - The ongoing transformation is not just a technological iteration but also a profound change in organizational structure, business processes, and corporate culture [1]

Core Viewpoint - Chery is undergoing a personnel adjustment in its Intelligent Center, with Hu Weilong, a key figure from Geely, joining to lead the development of advanced driver assistance systems (ADAS) [1][4]. Group 1: Personnel Changes - Hu Weilong, previously the Deputy Director of Geely's Intelligent Driving Center, will take charge of Chery's ADAS development [4]. - Xie Baojun, who was responsible for the operational management of Chery's Intelligent Center, will now focus on the development of the vehicle's electronic and electrical architecture [2][4]. Group 2: Organizational Structure - Chery established the Intelligent Center earlier this year, integrating its subsidiaries Lion Technology and Dazhuo Intelligent into this new entity, which includes modules for smart cockpits, ADAS, and digital architecture [3][5]. - The Intelligent Center is led by Wu Xuebin, with Xie Baojun overseeing operations [3]. Group 3: Previous Challenges - Prior to the establishment of the Intelligent Center, Chery faced issues of redundant investments and slow progress in its smart technology development [5]. - The development of Chery's smart cockpit was led by Lion Technology, while Dazhuo Intelligent was responsible for self-developed ADAS, creating a fragmented approach [5]. Group 4: Financial Investments and Goals - Chery invested approximately 500 million yuan in Dazhuo Intelligent, setting operational goals for breakeven between 2023 and 2024 [5]. - Dazhuo Intelligent was tasked with several key projects, including the production of a front-view integrated machine and L4 capabilities, but was integrated into the Intelligent Center before completing these tasks [5]. Group 5: Partnerships and Collaborations - Chery collaborates with various suppliers for its ADAS, including Lightyear, Jianzhih Technology, Huawei, and Momenta, among others [5][6][7]. - The partnership with Lightyear focuses on developing urban NOA, utilizing NVIDIA's Orin-Y platform and algorithms from Lightyear [6]. - Collaborations with Huawei and Momenta involve leveraging their software and hardware for various vehicle models, enhancing Chery's ADAS capabilities [7].