中新网长春7月12日电 (郭佳高龙安)第22届长春国际汽车博览会(以下简称"长春汽博会")12日开幕，全球 118家车企携最新车型及技术亮相，极具前瞻性的"未来出行展区"更是看点十足。 本届长春汽博会期间，还将举行2025新能源智能汽车新质发展论坛、"一带一路"共建国家商协会长春商 洽路演、2025年长春市场地汽车越野赛等活动。(完) （文章来源：中国新闻网） 7月12日，长春汽博会吸引大量观众参观。张瑶摄 此番中国一汽携旗下6大乘用车品牌展出85款产品，参展阵容历史最强。中国一汽董事长邱现东介绍， 这些产品中既有雍容华贵的大国经典，也有新智闪耀的潮酷新品，将给观众带来现代汽车工业的极致体 验。 广汽、东风、比亚迪、奇瑞等众多车企亦高规格参展，小米、阿维塔等7个品牌首次登陆长春汽博会。 此外，将有多款新车型进行全球首发或完成长春首秀。 智能机器人、氢动力自行车、低空雷达、车路云平台、智慧充电桩……在"未来出行展区"，一众尖端科 技从抽象概念变为触手可及的真实产品，充分展现出跨界融合、共生共荣的产业大趋势。 "今年上半年，中国汽车市场呈现出了与宏观经济走势相一致的企稳复苏基本特征。"中国汽车流通协会 名誉会长沈 ...

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee has approved the initial public offering of Super Electronics Circuit Co., Ltd, confirming that it meets the issuance, listing, and information disclosure requirements [1] Group 1: Company Overview - Super Electronics specializes in a wide range of products used in automotive electronics, displays, storage, consumer electronics, and communications, including double-sided boards, 26-layer boards, HDI boards, thick copper boards, metal substrates, and high-frequency high-speed boards [1] - The company primarily focuses on automotive electronic PCBs and is one of the few domestic companies capable of mass-producing multi-layer HDI and any-layer interconnected HDI automotive electronic boards [1] Group 2: Partnerships and Applications - Super Electronics has established stable partnerships with global Tier 1 automotive suppliers such as Continental, Valeo, Bosch, and Aptiv, as well as well-known new energy vehicle manufacturers like Tesla [1] - In traditional fuel vehicle applications, Super Electronics' products cover various PCB needs across the vehicle, including power control systems, central control systems, electronic dashboards, lighting systems, seat control systems, radar systems, and navigation systems, with applications in luxury car brands like Bentley, Porsche, Ferrari, Mercedes-Benz, BMW, Audi, Volkswagen, and Toyota [1] Group 3: New Energy Vehicles and Technology - In the new energy vehicle sector, Super Electronics focuses on cutting-edge product technology development, with applications in battery management systems, motor controllers, intelligent driving systems, intelligent cockpit domain controllers, and charging piles [2] - The company employs advanced technologies such as plasma degluing, pulse plating, selective plating, ultra-low loss materials, and asymmetric pressing to produce "high-frequency millimeter-wave radar boards," which are currently used in numerous well-known automotive production models [2] Group 4: Display and Storage Applications - In the display sector, Super Electronics collaborates with major PCB manufacturers like Zhi Chao and JandK Technology, and has established long-term stable partnerships with leading display panel manufacturers such as BOE and LG Group, with products used in LCD, OLED, and Mini LED displays [2] - In the storage domain, Super Electronics' products are primarily used in mechanical hard drives, solid-state drives, and memory modules, maintaining stable partnerships with leading global mechanical hard drive manufacturers like Seagate and Western Digital, as well as renowned solid-state drive manufacturers like SK Hynix [2]

Investment Rating - The industry investment rating is optimistic, indicating a potential recovery in profitability and valuation levels for the steel industry due to the "anti-involution" policy [1][4]. Core Insights - The "anti-involution" policy aims to shift the steel industry from low-cost homogeneous competition to high-end differentiated competition, which is expected to lead to a reversal in industry profitability and valuation levels [1][4]. - The steel industry is currently facing weak demand, with prices and profit levels declining. The Producer Price Index (PPI) for black metal smelting and rolling industries has dropped to 89.8, the lowest among five sub-industries [2][4]. - The current state of the steel industry shows a divergence in profitability between upstream and midstream sectors, with upstream mining absorbing most of the industry's profits [2][4]. Summary by Sections Current Industry Status - The steel industry is experiencing weak demand, with PPI for black metal smelting and rolling industries at 89.8, indicating a decline in prices and profits [2]. - The gross profit margin for black metal smelting and rolling industries is only 5.48%, significantly lower than the 19.57% margin for black metal mining [2]. Comparison with 2015 Supply-Side Reform - The supply-demand situation in the steel industry has improved compared to 2015, with a reduction in the degree of supply surplus [3][4]. - The current "anti-involution" policy is less administratively forceful than the 2015 supply-side reforms, which were primarily focused on eliminating outdated production capacity [3]. Policy Impact and Guidance - The "anti-involution" policy aims to prevent homogeneous competition and emphasizes the need for market mechanisms and industry self-regulation to optimize and upgrade production capacity [4]. - The policy includes stricter standards for capacity elimination and encourages the adoption of green and intelligent production methods [5]. Inventory and Profitability Outlook - The steel inventory is expected to rise from the bottom, with significant reductions in social inventory levels for rebar and wire rod [6]. - The industry's return on equity (ROE) and return on assets (ROA) have declined due to the real estate market downturn, but the "anti-involution" policy may help restore market sentiment and improve profitability [6]. Valuation Observations - The current median price-to-earnings (P/E) ratio for the steel industry is 35.51X, indicating potential for valuation recovery as supply-demand structures improve [6].

中国发展网讯记者高杨报道7月11日，记者从山东省政府新闻办举行的新闻发布会上获悉，为充分挖掘 和展现低空领域的创新产品应用，培育打造低空产业新标杆，山东省工业和信息化厅联合省交通运输厅 面向全省征集了一批低空领域产品和应用场景。经企业自愿申报、有关部门推荐、专家评审、网上公示 等程序，遴选出技术水平先进、应用效果突出、推广价值较大的50个重点产品和30个典型应用场景。这 一批产品和场景的主要特色，可以概括为"体系完整、产品突出、场景多元、协同发展"四个特点。 产品场景协同，示范效应显著。重点产品研发为典型场景应用提供了坚实支撑，比如：海岛低空物流场 景，依托复合翼无人机等产品实现高效运输；无人机海上作业场景，借助垂直起降固定翼无人机提升海 上执法监管与巡查服务效能。总体上看，形成了"产品创新-场景落地-产业升级"的良性循环，为低空经 济发展树立了标杆。 产品体系完整，覆盖全产业链。入选的50个重点产品涵盖整机、平台系统、零部件及配套产品三大类 别。其中，整机类包括大型无人运输机、复合翼无人机等15种产品，平台系统类有智慧低空飞行管控平 台、低空智联网运营服务平台等11种，零部件及配套产品类包含轻型航空发动机、 ...

优质赛道穿越周期，机器人转型星辰大海——零部件行业 2025 年度中期投资策略 20250710 摘要 智能化赛道迎来快速增长，激光雷达市场预计从 2024 年的 40 亿增长 到 2028 年的 120 亿，芯片市场可能从 200 亿以上增长到 500 亿以上， 线控制动系统有望从 150 亿增长到 260 亿以上，受益于消费者购车重 点转向智能化因素，智能化渗透率正处于快速爆发期。 科技化领域如座椅、车灯和玻璃等赛道，虽然没有爆发性增长，但由于 配置力度提升，ASP 持续上升。座椅功能增加，车灯升级为 ADB 和 DLP 大灯，玻璃产品如镀膜天幕和调光天幕的应用，使得单车价显著增 加，例如小米调光天幕价格可达到 3,000 元。 中国零部件厂商在欧美日韩国家的出海更加顺利，在墨西哥建厂后接订 单情况良好，利润率表现优异。海外市场空间约为国内的三倍，受贸易 战影响，中国企业更多地选择从墨西哥或其他地区出口，整体出海业务 持续增长。 人形机器人产业蓬勃发展，未来三到五年迎来量级释放，中国汽车零部 件企业开始向机器人领域转移，有望打开第二增长曲线。机器人成本下 降，技术迭代显著，但 ToB 端应用发展较慢，未来 ...

市场的加速器——信用债 ETF 的影响 今日概览 ◼ 重磅研报 【固定收益】市场的加速器——信用债 ETF 的影响——20250710 【海外】禾赛（HSAI.O）-赋能机器，感知世界——20250710 ◼ 研究视点 【电力设备】大金重工（002487.SZ）-业绩超预期，海风盈利提升—— 20250710 证券研究报告 | 朝闻国盛 gszqdatemark 2025 07 11 年 月 日 朝闻国盛 作者 | 分析师 张斌梅 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680523070007 | | | | | 邮箱：zhangbinmei@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 综合 | 9.8% | 19.7% | 72.9% | | 通信 | 9.0% | 22.7% | 33.3% | | 电力设备 | 8.7% | 15.5% | 31.8% | | 银行 | 8.4% | 20.4% | 36.5% | | 非银金融 | 7.9% | 14.0% | 47.2% ...

硬件方面，激光雷达上除小鹏P7+使用纯视觉方案无激光雷达外，其余都配备了激光雷达。腾势Z9GT 配备了2颗，且一反常规布置在车头下方两侧传统的雾灯位置。25款的问界M9把数量提高到了4颗，实 现前后左右四个方向的激光雷达覆盖，其余小米SU7和理想L9均配备1颗激光雷达。 辅助驾驶芯片算力上，理想L9、小米SU7、小鹏P7+均达到了508TOPS，都配备2颗英伟达Orin-X芯片。 腾势Z9GT依靠1颗英伟达Drive Orin芯片，算力为254TOPS，问界M9芯片信息官方并未公布。 凤凰网科技讯 7月10日，2025年5月，凤凰车研所测试团队对问界M9、理想L9、腾势Z9GT、小米SU7和 小鹏P7+进行了辅助驾驶测试，并发布首期辅助驾驶实测评分榜，最终理想L9以90分总评分位列榜首， 问界M9和小鹏P7+分别以87分和76分的评分暂列第二、第三位，小米SU7和腾势Z9GT则以70分的成绩 并列首期榜单第四位。 测试车型的年款配置方面，问界M9为指导价53.98万元的2025款增程版266km Ultra6座，理想L9为指导 价43.98万元的2024款Ultra，腾势Z9GT为指导价33.48万元的202 ...

Core Insights - The Shenzhen Innovation Product Exhibition showcases numerous "world's first" innovative products developed by local companies, highlighting Shenzhen's role as a hub for technological advancement [2][3] - The exhibition features 174 exhibits from 69 Shenzhen enterprises, emphasizing their strong innovation capabilities and successful market presence [2][3] Group 1: Product Innovation - The exhibition includes groundbreaking products such as the world's first automatically deformable Transformer, all-solid-state digital lidar, and a 33,000mAh rugged smartphone projector [2] - Products on display are not conceptual but are ready for mass production and have already achieved significant sales in domestic and international markets [3] Group 2: Economic Impact - Shenzhen has maintained its position as the "Industrial First City" in China, achieving the highest industrial output and added value for three consecutive years since 2022 [3] - The city is home to major global industrial players like Huawei, BYD, and ZTE, as well as nearly 100 national-level manufacturing champions and over 25,000 national high-tech enterprises [3]

我们预计，长期，车载激光雷达 2030 年全球市场规模有望达 500 亿 人民币，机器人激光雷达 2030 年则亦有望达 100 亿人民币。 证券研究报告 | 首次覆盖报告 gszqdatemark 2025 07 10 年 月 日 禾赛（HSAI.O） 赋能机器，感知世界 禾赛：激光雷达领军者。禾赛成立于 2014 年，十年来专注激光雷达的 研发与制造，专利成果遍布全球。禾赛以高清三维感知技术，赋能更安 全更智能的智能驾驶和机器人应用，历经市场验证，出货量全球领先。 禾赛 2022 年-2024 年各出货约 8 万/22 万/50 万颗激光雷达产品，总 收入约 12.0/18.8/20.8 亿人民币，归母净利约-7.5/-4.8/-1.0 亿元，non- GAAP 归母净利约-2.0/-2.4/+0.14 亿元人民币，已经达到盈利拐点。 从智驾到具身智能，激光雷达需求快速增长。我们认为，需求角度：智 驾平权推动了车载激光雷达的需求快速增长、具身智能的发展也推动 各场景机器人激光雷达的需求增加。供给角度：有效的降本创新，使得 激光雷达成为传感器越来越具性价比的选择。 持续降本创新，巩固龙头地位。禾赛在性能突破 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is expected to benefit from three main factors: the military radar business may gain from the acceleration of new combat capabilities; the Chinese military trade market is on the rise, which the company may continue to benefit from; and there is a focus on the company's low-altitude layout [7][10]. Financial Summary - Total revenue projections for the company are as follows: 2024A: 218 million, 2025E: 1,077 million, 2026E: 1,345 million, 2027E: 1,616 million, with significant growth rates expected [2]. - The net profit attributable to shareholders is projected to be: 2024A: -78 million, 2025E: 126 million, 2026E: 175 million, 2027E: 243 million, indicating a recovery from losses in 2024 [2]. - Earnings per share are expected to improve from -0.23 in 2024 to 0.72 in 2027 [2]. Company Overview - The company is a leading entity in China's air defense early warning radar sector, with its main products including air defense early warning radars, radar supporting equipment, and radar components [6][20]. - The company has a low debt ratio, with an asset-liability ratio of 17.9% as of Q1 2025, indicating a strong financial position [34]. Market Position - The company is positioned as one of the main manufacturers of air defense early warning radars in China, with a significant market share in military radar production [20][23]. - The company has seen a notable increase in military trade revenue, which rose from approximately 3% in 2022 to 15% in 2023 [10][11]. Product and Technology - The company has developed a range of low-altitude detection products, including low-altitude safety control systems and various low-altitude detection radars, which have already received bulk orders from users [10][26]. - The company’s radar products are crucial for modern military operations, providing essential information for air defense and combat systems [40][42].