证券研究报告 | 2025年12月31日 汽车智能化月报系列（三十一） 优于大市 工信部许可两款 L3 级自动驾驶车型产品，希迪智驾、图达通港交所上市 行业新闻：1）工信部许可两款 L3 级自动驾驶车型产品；2）特斯拉 FSD 国内有望明年初全面获批；3）小鹏汽车已在广州市获得 L3 级自动驾驶 道路测试牌照；4）文远知行 Robotaxi 全球 10+城市点亮，文远知行 Robotaxi；5）希迪智驾、图达通港交所上市；6）华阳集团 HUD 累计出 货 350 万套稳坐全球头部；7）速腾聚创获东风日产多款车型定点；8） 禾赛获美团无人机定点；9）地平线首批单征程 6M 方案进入量产期。 高频核心数据更新：1）800 万像素摄像头占比持续提升。2025 年 10 月， 乘用车前视摄像头渗透率 66.1%，同比+7pct，环比+2pct，其中 800 万 像素摄像头占比 49.7%，同比+31pct，环比+3pct；2）英伟达芯片占比 提升。2025 年 10 月，乘用车驾驶域控渗透率 32.6%，同比+17pct，环 比-2pct，其中 mobileye、TI、地平线、英伟达、特斯拉 FSD、华为芯 片占比 ...

共研网发布的《2026-2032年中国HUD行业深度调查与市场年度调研报告》共十四章。首先介绍了HUD行业市场发展环境、HUD整体运行态势等，接着分析 了HUD行业市场运行的现状，然后介绍了HUD市场竞争格局。随后，报告对HUD做了重点企业经营状况分析，最后分析了HUD行业发展趋势与投资预测。 您若想对HUD产业有个系统的了解或者想投资HUD行业，本报告是您不可或缺的重要工具。 本研究报告数据主要采用国家统计数据，海关总署，问卷调查数据，商务部采集数据等数据库。其中宏观经济数据主要来自国家统计局，部分行业统计数据 主要来自国家统计局及市场调研数据，企业数据主要来自于国统计局规模企业统计数据库及证券交易所等，价格数据主要来自于各类市场监测数据库。 报告目录 第三章中国 HUD 行业发展环境分析 五、买方侃价能力分析 第四节 2026-2032年HUD行业风险及对策 第四节 HUD行业重点客户战略实施 第四章HUD行业技术发展现状及趋势 第一章HUD行业界定义 第一节 HUD行业定义 第二节 HUD行业特点分析 第三节 HUD行业发展历程 第四节 HUD产业链分析 一、产业链模型介绍 二、HUD产业链模型分析 第 ...

联创电子易主事项有了新进展，江西国资将入主。 12月24日，停牌五个交易日的联创电子（002036.SZ）正式复牌，公司控制权变更事宜同步落地。根据 公告，通过股份转让与定向增发组合交易，公司实际控制人将由韩盛龙变更为江西省国资委。 控制权变更落定的背后，公司业绩持续改善，在2025年上半年同比成功扭亏后，前三季度延续向好态 势，归母净利润增至5092.02万元。 其中，公司核心光学业务增长强劲，在2025年前三季度营收达33.04亿元，占总营收的50.91%，成为第 一大营收支柱。 16.3亿定增巩固国资控股 长江商报消息 ●长江商报记者 江楚雅 在光学主业的其他细分领域，联创电子同样多点开花。手机光学业务向高端化转型，玻塑混合镜头、潜 望式镜头等高附加值产品占比提升，成功拓展中兴、联想、传音等品牌客户；智能感知光学业务在运动 相机、无人机、警用监控等领域扩大优势，客户覆盖多家国内外知名品牌。 回溯交易进程，联创电子自12月18日起停牌，因交易方案协商需要两次延长停牌时间，最终在五个交易 日后完成各项筹备工作，确保了控制权变更的平稳推进。 车载光学成核心增长引擎 在控制权变更落地的同时，联创电子交出了一份亮 ...

升级智能语音全新语音音色，新增6种个性化音色风格选择；新增车生活Agent智能点单功能，让用户在通勤路上即可通过语音轻松点选咖啡奶茶饮品， 系统将自动完成下单、支付并规划取餐路线，实现到店即取。 此次升级还有更多焕新功能，包括融合音乐APP新增网易云音乐，新增比亚迪"智慧物联"APP等。 此次OTA升级针对用户在狭窄车位、复杂路况中的行车安全痛点，新增全向行车记录仪功能，支持五视角预览、录制与回放，可实现360度全景覆盖。 此外，增加地图车道级导航功能，通过3D车道级渲染，提供精准的导航指引，变道提醒及时到位；新增的全景浮窗影像功能可在倒车、变道、转弯时 自动触发，实时补全盲区；HUD新增红绿灯、转向灯和推荐车道显示功能，驾驶者无需低头便能洞悉全局，让通行效率最大化。 近日，腾势汽车宣布2025款D9开启OTA升级，新增全向行车记录仪、地图车道级导航、全景浮窗影像等功能。 ...

本报记者 曹琦 12月21日晚间，联创电子科技股份有限公司（以下简称"联创电子"）披露了一则关于公司筹划控制权变更事项进展暨继续 停牌的公告。 （编辑 乔川川） 资料显示，联创电子深耕智能手机、平板电脑、智能驾驶、智能座舱、运动相机、机器视觉等领域和场景配套的光学镜 头、影像及触控显示一体化模组等关键光学、光电子产品及智能终端产品的研发、生产与销售。 近年来，公司秉持"集中资源发展光学产业"的发展战略，不断坚持以利润为中心，不断提升竞争力，深度调整和优化产品 结构。在车载光学领域，公司作为国内外ADAS镜头主力供应商，持续深化与Mobileye、Nvidia等国际方案商，以及地平线等 国内头部平台战略合作，应用于蔚来、吉利等主流车企的车载光学产品稳定量产。在车载镜头和摄像头快速上量的同时公司也 大力拓展车载显示屏和HUD业务。 在手机光学领域，公司业务聚焦高端化转型，通过优化玻塑混合镜头、潜望式镜头及OIS防抖模组等高附加值产品占比， 持续巩固与华勤、龙旗等ODM厂商合作，并拓展中兴、联想、传音等品牌客户。 此外，公司高清广角镜头及模组在运动相机、无人机、警用监控等专业领域持续扩大优势，客户覆盖多家国内外知名 ...

Core Viewpoint - Fuyao Glass is a leading global automotive glass solution provider with a market share of over 34% as of the end of 2022, benefiting from both domestic and international market expansion and a robust global production capacity [1] Group 1: Market Position and Growth - Fuyao Glass has a global market share of approximately 34% and a market share of about 68% in China, making it the largest automotive glass supplier worldwide [1] - The company is deeply integrated with new energy vehicle manufacturers, capitalizing on the growth in domestic new energy vehicle production and sales, which supports its leading position in the domestic automotive glass market [1] - Fuyao is accelerating its global production capacity layout, employing a dual-track supply model in the U.S. market and a dual-end linkage model in Europe to enhance its market presence [1] Group 2: Product Value Enhancement - The development of electric and intelligent vehicles facilitates the integration of more technologies into automotive glass, leading to an increase in high-value-added products [2] - The proportion of high-value-added products increased by 4.92 percentage points year-on-year in the first nine months of 2025, with the square meter price rising by 6.90% compared to the same period last year [2] Group 3: Business Synergy - Since the establishment of Fujian Fuyao Automotive Trim Co., Ltd. in 2015, the company has been extending its industrial chain by developing exterior trim products, which not only meet the needs for integrated automotive glass but also enhance collaboration with automotive manufacturers [3] Group 4: Financial Forecast - Revenue is expected to reach 47 billion, 55 billion, and 62.8 billion yuan from 2025 to 2027, with corresponding net profits projected at 9.6 billion, 10.9 billion, and 12.4 billion yuan [4] - Fuyao Glass is anticipated to benefit from the simultaneous increase in volume and price driven by intelligent upgrades and global expansion, leading to a "buy" rating [4]

Summary of Yutong Optical Conference Call Company Overview - Yutong Optical has maintained the leading position in the global security lens market for 10 consecutive years, with a market share of 38.1% in 2024, and together with Sunny Optical, they hold over 65% of the domestic market share [2][3][4] - The company is expected to achieve revenue of 1.85 billion RMB in 2025, with a stable gross margin of around 25% [2][4] Industry Insights - The overseas market is experiencing significant growth, driven by increasing demand for high-definition and intelligent security solutions [2][4] - The global market for aspheric optical glass molded lenses is projected to reach approximately $4.4 billion in 2024, with an expected compound annual growth rate (CAGR) of over 6% until 2030-2031 [9] Key Business Segments Security Lens Business - Security lenses are the core business of Yutong Optical, with a diverse product matrix including ultra-low light series, all-in-one series, 4K series, and zoom series [3] - The company has established long-term strategic partnerships with leading domestic security firms such as Hikvision and Dahua [2][3] Automotive Optical Sector - Yutong Optical is actively expanding into the automotive optical field, developing a product matrix that includes vehicle lenses, HUDs, and LiDAR systems [2][5] - The demand for vehicle cameras is significantly increasing due to advancements in autonomous driving technology, with the number of cameras required per vehicle rising from 3-5 for L1 to 15-18 for L5 levels [5] - The automotive business is expected to generate revenue of 334 million RMB in 2024, representing a year-on-year growth of 51.8% [5] New Consumption Optical Business - The new consumption optical business achieved revenue exceeding 300 million RMB in the first three quarters, with approximately 300 million RMB in the third quarter alone [3][11] - Yutong has a close partnership with DJI, providing molded glass for various camera and drone models, with an average selling price (ASP) of around 20 RMB [11] Technological Advancements - Yutong Optical has made significant advancements in molded glass technology, achieving mass production capabilities that enhance competitiveness and provide substantial growth potential [6][8] - The company has reduced production costs by over 30% compared to traditional grinding methods, while maintaining industry-leading yield rates [8] Strategic Partnerships and Future Growth - Yutong has established collaborations with major automotive manufacturers such as BYD, Geely, Toyota, and Volkswagen, integrating into their supply chains [5] - The company is also involved in projects with Apple, focusing on AI glasses camera components, which are expected to begin small-scale production in the second half of 2026 [12] Growth Drivers - Short-term growth will be driven by the rapid expansion of the automotive business and the realization of new consumption orders [13] - Long-term growth is anticipated across various business segments, including security, with a clear path for future expansion supported by robust R&D investments and a strong customer base [13]

Core Viewpoint - The company has demonstrated significant growth in its automotive electronics and precision die-casting businesses, with a focus on smart cockpit solutions and lightweight components, positioning itself as a leading supplier in the automotive electronics sector [2][10]. Financial Performance - In Q3 2025, the company achieved revenue of 3.48 billion yuan, a year-on-year increase of 31.43% and a quarter-on-quarter increase of 23.34%. The net profit attributable to shareholders was 220 million yuan, up 23.74% year-on-year and 18.32% quarter-on-quarter [3][10]. - For the first three quarters of 2025, total revenue reached 8.791 billion yuan, reflecting a year-on-year increase of 28.50%, with a net profit of 561 million yuan, up 20.80% year-on-year [10]. Business Segments Automotive Electronics - The automotive electronics segment saw substantial growth in products such as HUD, wireless charging, cockpit domain controllers, and digital acoustics. The company has launched integrated cockpit domain control products and is developing central computing units [7][32]. - The customer base has been optimized, with significant revenue increases from major clients including Changan, BAIC, Xiaomi, Stellantis, Xiaopeng, and NIO. The company has made strides in expanding its international client base, securing projects with major global automotive brands [7][32]. Precision Die-Casting - The precision die-casting business has also experienced rapid growth, particularly in components related to automotive intelligence, new energy vehicle systems, and optical communication modules. The company has seen a significant increase in orders from clients such as TE Connectivity, Molex, and Amphenol [58][59]. - The company focuses on lightweight automotive components, including aluminum, magnesium, and zinc alloy die-casting parts, and aims to enhance its competitive edge through technological advancements in mold design and manufacturing [55][58]. Strategic Collaborations - The company has established deep collaborations with major tech firms like Huawei and Xiaomi, providing various cockpit products for multiple vehicle models, enhancing its market presence and product offerings [4][44]. - Recent partnerships include the provision of advanced HUD systems and wireless charging solutions for new models from Xiaomi and NIO, showcasing the company's commitment to innovation in smart automotive technologies [44][45]. Research and Development - The company emphasizes R&D as a key driver of competitiveness, with a research expense ratio of 7.5% in the first half of 2025. It has established multiple research centers and holds 993 valid patents, including 433 invention patents [23][24]. - Continuous investment in technology upgrades and product iterations is evident, with the launch of new products like VPD and advancements in display technologies, ensuring a leading position in the market [33][32].

Group 1 - The core viewpoint of the article indicates that by 2025, the standardization rates of HUD and AR-HUD in China's passenger car market will increase to 17% and 6% respectively [2][4] - The article provides an overview of the HUD industry structure and the distribution of major manufacturers in China [3][4] - It outlines the classification and comparison of in-vehicle HUDs and the technical parameters of AR-HUDs [3][4] Group 2 - The analysis includes the assembly volume of HUDs in the first half of 2025, detailing the number of models equipped with HUDs [3][4] - It presents statistics on the number of models with optional and standard HUDs in the Chinese passenger car market for the first half of 2025 [3][4] - The article discusses the trend of standard HUD and AR-HUD ratios in the Chinese passenger car market for the first half of 2025 [3][4] Group 3 - The report highlights the top 10 brands for standard HUD and AR-HUD in the Chinese passenger car market for the first half of 2025 [3][4] - It analyzes the proportion of standard HUDs in SUVs versus sedans in the Chinese passenger car market [3][4] - The article examines the price range distribution of standard HUDs in the Chinese passenger car market [3][4] Group 4 - The report discusses the standardization rates and assembly volumes of HUDs and AR-HUDs in China's new energy passenger vehicles [3][4] - It provides actual performance and forecasts for the standardization rates of HUDs and AR-HUDs in the Chinese passenger car market [3][4]

Macro Strategy - The October PMI has decreased to 49% from 49.80% in September, influenced by the "Eleventh" holiday and fluctuations in Sino-US trade affecting manufacturing activities [2][3] - A-share indices experienced fluctuations with the Shanghai Composite Index slightly rising by 0.11% and the ChiNext Index rising by 0.50%, while the CSI 300 fell by 0.43% [3] Industry Overview - In the automotive sector, the penetration rate of new energy vehicles (NEVs) has reached 60%, marking a significant structural change in China's passenger car market [14] - In October, approximately 1.32 million NEVs are expected to be sold, with the penetration rate hitting a historical peak, reflecting a rapid increase from 1.42% in January 2018 to over 60% in just six years [15][16] - The growth in NEV sales is driven by government policies promoting the replacement of old fuel vehicles and consumer preferences for newer, cost-effective technologies [15] - The automotive industry is expected to see continued investment opportunities in the NEV supply chain, including vehicle manufacturing, battery production, charging infrastructure, and smart technologies [16] Investment Recommendations - The automotive sector is positioned for growth due to the acceleration of smart technologies and supportive policies, with a focus on companies leading in intelligent driving and cockpit technologies [17] - Investors are advised to pay attention to high-quality companies in the NEV sector, particularly those with strong market shares and technological advantages [17]