证券代码：002970 证券简称：锐明技术 深圳市锐明技术股份有限公司 投资者关系活动记录表 编号：2026-001 在以"场景落地"为导向的商用车自动驾驶领域，公司拥有客户、技术、产 品等多方面的综合竞争优势。 4、人民币汇率升值对汇兑损益有什么影响？公司是否有措施管控或对冲汇 率风险？ 公司的海外业务在主营业务上销售占比较高，且主要以美元计价。公司长 期以来对外汇采取主动管理的策略，会基于公司的实际业务情况以及对外汇走 势的基本判断，择时、择机采取简单有效的外汇套保工具，积极对冲部分汇率 波动风险，以降低汇率变动对经营业绩的潜在影响。 5、当前存储芯片市场价格呈现上涨趋势，请问这一变化是否会对公司毛利 率产生显著影响？ 公司产品中存储芯片或模组占整体物料成本的比例较低。同时，由于公司 主要产品属于技术附加值较高的智能硬件品类，可以将存储类物料成本上升较 顺利地传导到产业链下游。因此，即使存储芯片价格持续上涨，也不会对公司 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 □反路演 □其他 参与单位名 称 摩根士丹利基金、诺安基金、宝盈基金 ...

（文章来源：证券日报） 证券日报网讯 12月26日，保隆科技在互动平台回答投资者提问时表示，随着国内智能悬架、传感器、 ADAS等增量业务的出货量上升，规模效应将推动成本持续优化和摊薄研发投入，也有利于公司获得更 多海外业务。公司将持续提升核心竞争力和盈利能力，为投资者创造长期投资价值。 ...

他的治下， 文远知行 现在是美股港股双料上市的"Robotaxi第一股"。 但与 量子位总编辑李根 的对话中，韩旭对创业8年的评价却出人意料： 我没空看成绩单。 他在忙什么？在 忙300～500万年薪广招英才 、在 忙Robotaxi海外跑马圈地 、在 忙一段式端到端量产的"搏二兔" ： 编辑部 整理自 凹非寺 量子位 | 公众号 QbitAI 时隔六年再次登上 量子位MEET智能未来大会 ， 韩旭 已不再是那个需要向投资人证明"自动驾驶不是骗局"的创业者。 时过境迁，今天确实可以搏二兔了。 但对同样"搏二兔"大搞Robotaxi的特斯拉，他给出了近乎"打脸"的预言； 最近Robotaxi先行者Waymo的估值，已经达到1000亿美元。这也带动行业内"L4公司"遍地开花，对此，韩旭又毫不迟疑划出了不容模糊的技 术壁垒，并直言： "国内真正能纯无人运营的只有三家"。 从L4到L2++，这位亲历行业从"骗局论"走到规模化落地的自动驾驶一线"老兵"，在独家对话中给出了当下自动驾驶的一线洞察，以及未来竞争 的生死线。 从"骗子公司"到无人化规模落地 李根：太高兴了，韩旭又再一次回到MEET智能未来大会，现在成为全球R ...

Core Insights - The article highlights a significant global order in the intelligent driving industry, where Toyota has partnered with Bosch for a billion-level ADAS project, marking a shift from regional competition to a global collaborative framework [5][6][10] - This partnership is seen as a strategic move for Toyota to establish a benchmark for suppliers in the global intelligent driving era, emphasizing the importance of compliance and localization capabilities [6][7][10] Group 1: Partnership Significance - The collaboration between Toyota and Bosch is the largest single project in the global intelligent driving sector, covering key markets such as North America, the EU, the UK, and Japan, and enabling L2 level intelligent driving features [5][6] - This partnership signifies a transition in the automotive industry, where competition is evolving from regional technical showcases to global engineering implementation and ecosystem adaptation [6][9] Group 2: Challenges and Opportunities for Chinese Automakers - Chinese automakers face the challenge of adapting to global markets, where intelligent driving capabilities are no longer just an added advantage but a necessity for market entry [6][10] - The article suggests that understanding local markets and building a robust compliance network are critical for success in the global intelligent driving competition [10] Group 3: Bosch's Competitive Edge - Bosch's extensive global service capabilities and deep penetration in various markets make it an ideal partner for Toyota, as it can provide a comprehensive compliance system for intelligent driving [7][9] - Bosch's experience in both traditional and hybrid vehicle systems positions it uniquely to support Toyota's ambitions in the intelligent driving space, particularly in the context of hybrid vehicles [8][9]

Core Insights - Company Wenyan Zhixing is a leading player in the global L4 autonomous driving sector, established in 2017 and set to go public on NASDAQ in October 2024 as the "first global general autonomous driving stock" [4] - The company operates in 11 countries and 30 cities, holding autonomous driving licenses in seven countries, making it the only company globally with such a distinction [4] - For FY25H1, the company reported revenue of 200 million yuan, a year-on-year increase of 32.8%, with product revenue soaring by 230% to 70 million yuan, while service revenue remained flat at 130 million yuan [4] Group 1: Robotaxi Cost Reduction and Policy Support - Continuous optimization of Robotaxi operating costs is driven by several factors: decreasing core hardware costs like LiDAR, improved human-vehicle ratios through remote safety personnel, and energy-efficient specialized chips [5] - The revised Chinese "Autonomous Driving Management Measures (2025)" allows for full-scale L4-level paid operations in cities like Shanghai, with similar policies in key areas of Beijing and support from international locations such as Abu Dhabi and San Francisco [5] - The global Robotaxi market is projected to reach $66.6 billion by 2030, with a concentrated competitive landscape led by top companies in China and the U.S., and emerging markets in the Middle East expected to be key growth areas [5] Group 2: Commercialization and Technology Development - The company is the only entity with autonomous driving licenses in seven countries, covering 11 countries and 30 cities, with five core product lines tailored for smart mobility, freight, and sanitation [6] - The Robotaxi business is focusing on the Middle East, where high customer spending enhances profitability, with a partnership with Uber accelerating fleet expansion [6] - In FY25Q2, the Robotaxi business generated 50 million yuan in revenue, a staggering year-on-year increase of 836.7%, with the Abu Dhabi Robotaxi fleet tripling since December 2024, indicating strong revenue growth potential in the near term [6]

Core Viewpoint - The Zacks Automotive - Original Equipment industry is expected to benefit from a combination of new tax incentives for car buyers, rising demand for advanced electronic systems, and strategic partnerships among key players in the sector [1][3][4]. Industry Overview - The Zacks Automotive - Original Equipment Industry includes companies that design and produce passive safety systems, driveline technologies, and metal forming technologies for various types of vehicles, including electric and hybrid models [2]. - The industry also provides equipment financing and leasing solutions, primarily through third-party funding arrangements [2]. Factors Influencing Outlook - The Trump administration's tax incentive allows qualifying car buyers to deduct up to $10,000 on interest paid for new U.S.-assembled vehicles, potentially increasing vehicle demand and the need for related equipment [3]. - Demand for advanced electrical and electronic systems, such as ADAS and infotainment features, is increasing, allowing OEMs to supply more high-value components and improve profitability [4]. - Protectionist tariffs, including a 25% tariff on imported engines and transmissions starting May 2025, are raising costs for auto equipment manufacturers [5]. Industry Performance - The Zacks Automotive - Original Equipment Industry holds a Zacks Industry Rank of 89, placing it in the top 37% of over 250 Zacks industries, indicating positive near-term prospects [6][7]. - Despite this ranking, the industry has underperformed the S&P 500 and its sector over the past year, returning 2.9% compared to the S&P 500's 19.1% and the broader sector's 24.5% [9]. Valuation Metrics - The industry is currently trading at an EV/EBITDA ratio of 17.33X, which is lower than the S&P 500's 18.59X and the sector's 23.51X [13]. - Over the past five years, the industry's EV/EBITDA ratio has ranged from a high of 22.17X to a low of 8.07X, with a median of 13.51X [14]. Notable Companies - **Magna International Inc. (MGA)**: A global automotive supplier focusing on innovation and technology development, with a Zacks Rank of 2 (Buy) and an average earnings surprise of 7.67% [16][17]. - **QuantumScape Corporation (QS)**: A battery developer for electric vehicles, known for its solid-state battery technology, with a Zacks Rank of 2 and a projected EPS growth of 21.3% for 2025 [21][22]. - **Luminar Technologies, Inc. (LAZR)**: A company specializing in autonomous vehicle sensors, with partnerships with major automakers and a Zacks Rank of 2, projecting a 52.2% EPS growth for 2025 [25][26].

Core Insights - Everbright Securities initiates coverage on WeRide with a "Buy" rating, forecasting revenue growth from 587 million RMB in 2025 to 2.017 billion RMB in 2027, highlighting the company's scarcity and premium potential [1] - The company achieved a revenue of 200 million RMB in FY25H1, a year-on-year increase of 32.8%, with product revenue soaring by 230% to 70 million RMB, while service revenue remained stable at 130 million RMB [1] Group 1: Robotaxi Market Dynamics - Continuous optimization of Robotaxi operating costs driven by multiple factors: declining core hardware costs, optimized remote safety personnel ratios, and energy-efficient specialized chips [1] - Policy support in China, including the revised "Autonomous Driving Management Measures (2025 Edition)," facilitates the commercial rollout of L4-level Robotaxi services in major cities, with global market size projected to reach 66.6 billion USD by 2030 [1] Group 2: International Expansion and Technology - WeRide operates in 11 countries and 30 cities, being the only company globally with autonomous driving licenses in seven countries, focusing on high-value markets like the Middle East [2] - The company’s Robotaxi business is expected to thrive in the Middle East, with a projected fleet size exceeding 30,000 vehicles by 2030, supported by a partnership with Uber for fleet expansion [2] - The HPC 3.0 hardware enhances AI computing power to 2000 TOPS and reduces total lifecycle costs by 84%, ensuring robust hardware support for large-scale operations [2]

Investment Rating - The report maintains a positive outlook on various sectors, with specific "Buy" ratings for companies such as AIA Group, ASMPT, Atour, Hengrui, Sunny Optical, Tencent, and others [13][14][28][33]. Core Insights - The 15th Five-Year Plan (FYP) emphasizes technological innovation, consumption rebalancing, and building a strong domestic market, which are expected to drive growth in sectors like technology, healthcare, and renewables [14][29]. - The report anticipates a stable external environment for China, with net exports remaining a key growth driver despite potential challenges from high bases and external demand uncertainties [7]. - The healthcare sector is highlighted as a key beneficiary of government policies, with a focus on innovation and globalization, particularly in medical devices and pharmaceuticals [29]. - The consumer sector is shifting towards experience and service consumption, with a growing emphasis on well-being and the silver economy, indicating potential growth areas for companies in these segments [27]. Economics - The report projects a growth target of around 5.0% YoY for 2026, with a focus on policy continuity and structural support for consumption [7]. - The RMB exchange rate is expected to become a focal point, with potential for significant movements as trade tensions ease and internationalization efforts continue [7]. Commodities - The report notes a shift in China's commodity fundamentals due to economic transitions, with a focus on domestic demand and energy self-sufficiency [9][10]. - The Action Plan for the Nonferrous Metals Industry indicates a shift towards high-quality growth, with supply growth expected to remain constrained [9]. Sector Views - **Autos and Parts**: The sector is poised for growth driven by advancements in Robotaxi and ADAS technologies, with key players expected to benefit from commercialization efforts [19]. - **Banks**: The banking sector is expected to outperform due to positive earnings growth and attractive dividend yields, particularly among large H-share banks [22]. - **Brokers**: The report highlights a trend of households reallocating wealth into equities, benefiting brokers as market proxies [26]. - **Consumer**: Key investment themes include a shift towards experiential consumption and a focus on well-being, with specific companies identified as top buys [27][28]. - **Healthcare**: Innovation and globalization are seen as critical drivers, with a focus on companies with strong pipelines and global expansion capabilities [29]. - **Insurance**: The sector is viewed positively, with opportunities arising from comprehensive enhancements across various business lines [33]. Top Buys - The report lists several top buy recommendations across sectors, including AIA Group, Hengrui, Tencent, and Anta, among others, indicating strong growth potential and favorable market conditions [13][14][28][33].

Core Viewpoint - WeRide has officially listed on the Hong Kong Stock Exchange, becoming the first Robotaxi company to be publicly traded in both Hong Kong and the United States, marking a significant milestone in the autonomous driving industry [2][3]. Group 1: Listing Details - WeRide issued a total of 88.25 million shares at a price of HKD 27.1 per share, raising approximately HKD 2.39 billion before the greenshoe option [2]. - The CEO, Tony Han, has signed a three-year lock-up agreement, demonstrating confidence in the company's fundamentals and growth prospects [2]. Group 2: Company Achievements - WeRide is the only company globally to have its products licensed for autonomous driving in seven countries, including China, UAE, Singapore, Saudi Arabia, France, Belgium, and the USA [5]. - The company operates over 1,500 L4 autonomous vehicles, with more than 700 being Robotaxis, and has partnered with Uber to operate the largest commercial Robotaxi fleet outside of China and the USA [5]. Group 3: Technological Advancements - WeRide's autonomous driving technology spans L2 to L4 levels, providing services such as Robotaxi, Robobus, Robosweeper, and Robovan, supported by the self-developed WeRide GENESIS simulation engine [4]. - The company has achieved significant milestones in commercializing L4 autonomous vehicles, with operations in major cities like Guangzhou and Beijing, and maintaining a lead of at least 1.5 years over competitors in key markets [6]. Group 4: Future Plans - WeRide aims to deploy tens of thousands of Robotaxis by 2030, continuing to expand its global commercial operations and technological development [5][6]. - The company is committed to creating a safer, more efficient, and sustainable smart mobility ecosystem through partnerships with global leaders like NVIDIA, Bosch, and Renault-Nissan [5][7].

Core Viewpoint - WeRide Inc. has successfully completed a dual listing in Hong Kong, raising approximately HKD 30.89 billion, with net proceeds of about HKD 29.32 billion aimed at advancing autonomous driving technology and commercializing L4-level fleets [2] Group 1: IPO Details - WeRide Inc. officially listed on the Hong Kong Stock Exchange on November 6, with an opening price of HKD 24.98, a decrease of 7.82% from the issue price of HKD 27.10 [2] - The total market capitalization of WeRide Inc. is approximately HKD 256.45 billion, with a Hong Kong market value of about HKD 242.76 billion [2] Group 2: Financial Performance - WeRide's revenue for the years 2020 to 2024 and the first half of this year were approximately CNY 0.18 billion, CNY 1.38 billion, CNY 5.28 billion, CNY 4.02 billion, CNY 3.61 billion, and CNY 2.00 billion respectively [7] - The net profit attributable to shareholders for the same periods were approximately CNY -6.95 billion, CNY -10.07 billion, CNY -12.98 billion, CNY -19.82 billion, CNY -25.17 billion, and CNY -7.91 billion [7] - In Q2 of this year, WeRide reported revenue of CNY 1.27 billion, a year-on-year increase of 60.8%, with a net loss of CNY 4.06 billion, slightly reduced from a loss of CNY 4.14 billion in the same period last year [9] Group 3: Business Operations - WeRide has developed a comprehensive product matrix including Robotaxi, Robobus, Robosweeper, Robovan, and ADAS solutions, focusing on smart mobility, smart logistics, and smart sanitation [5] - The company operates over 1,500 L4-level autonomous vehicles, including more than 700 Robotaxis, and has established the largest commercial Robotaxi fleet outside of China and the U.S. in collaboration with Uber [5][6] - WeRide has achieved commercial operation of its Robotaxi service in Guangzhou and Beijing, expanding to 24/7 service at major transport hubs [6] Group 4: Strategic Partnerships and Investments - WeRide has attracted significant investments from top-tier industry players, including a recent multi-million dollar equity investment from Grab, expected to close by mid-2026 [4] - The company has formed strategic partnerships with leading firms such as Uber, NVIDIA, Bosch, and Renault-Nissan, creating a robust ecosystem for autonomous driving technology [5]