6月25日下午，惠州市证券期货业协会会长黄珂亲自带队，携手部分会员单位，开启了上市公司参观交 流之旅的首站——华阳集团（002906）。此次活动吸引了兴业证券惠州分公司、国信证券惠州分公司、 中信建投（601066）惠州营业部、瑞达期货（002961）惠州营业部等17家会员单位的积极参与。同时， 惠州市政府办公室金融一科蔡锋博士也亲临现场，带领两位清华大学实习生一同出席，为活动增添了浓 厚的学术与专业氛围。华阳集团高度重视此次交流，董事会秘书李翠翠女士与财务负责人彭子彬先生热 情接待了到访嘉宾，并全程参与了交流活动。 在正式参观华阳集团展厅前，双方进行了简短而富有成效的交流。华阳集团董事会秘书李翠翠对协会及 会员的到来表示热烈欢迎，并对公司概况及本次参观活动流程进行了简要介绍。她指出，近年来公司重 点围绕汽车智能化，轻量化进行产品布局，汽车电子业务涵盖智能座舱、智能驾驶、智能网联三大领 域，并已成为国内智能座舱领域产品线最丰富的企业之一。精密压铸业务拥有汽车关键零部件、精密 3C电子部件及工业控制部件等产品线，已成为国内压铸行业最具竞争力的企业之一。 随后，惠州市证券期货业协会会长黄珂发言。他首先对华阳集团的 ...

一、事件：小米YU7正式上市 6月16日，雷军发文表示，小米YU7将于6月底上市。 由于REDMI K80至尊版将于6月26日发布，业内媒体推测小米YU7也将于6月26日正式上市。 据爱建证券总结，小米YU7的亮点配置包括： 1）标配800V碳化硅平台，充电10min续航增加200km； 2）标准版配置96.3kWh磷酸铁锂电池，CLTC续航835km； 3）标配激光雷达、4D毫米波雷达及11 颗高清摄像头，搭载英伟达Thor计算平台（700TOPS），支持端 到端城市领航辅助驾驶； 4）取消传统仪表盘，采用悬浮式"天际屏"及P-HUD投影。 其预计，YU7将强化小米"人车家全生态"战略，与手机、IoT设备深度互联，或凭借高规格配置和激进 定价策略在中高端纯电SUV市场形成差异化竞争力，复制SU7的"爆品逻辑"。以P-HUD投影为代表的智 能增量配置获随车型上市快速放量。 根据投资者互动平台等公开信息整理： 华阳集团：公司PHUD产品配套小米YU7，将成为首家量产的供应商。 隆利科技：车载显示产品已成功应用在小米汽车上。 另外招商证券指出，截至YU7技术发布后三天，YU7留资用户数（线索量）是SU7技术发布同 ...

Core Viewpoint - The collaboration between XPeng Motors and Huawei marks a significant advancement in the AR-HUD (Augmented Reality Head-Up Display) technology, aiming to enhance the driving experience by integrating AI capabilities into the HUD system [1][2]. Group 1: Collaboration Details - XPeng Motors and Huawei jointly launched the "Chasing Light Panorama" AR-HUD product, which is the world's first HUD solution that integrates AI smart driving [1][2]. - In this partnership, XPeng provides software capabilities while Huawei offers hardware support, with the goal of creating "China's best AR-HUD" [2][4]. - The AR-HUD will first be featured in the XPeng G7 model, which is set to be unveiled on June 11 and delivered in the third quarter [7]. Group 2: Market Context and Technology - The HUD technology, initially used in military aircraft, has evolved and is now a key selling point for high-end electric vehicles, with a projected penetration rate of over 14% in the domestic passenger car market by Q1 2025 [2][3]. - Traditional AR-HUDs have faced criticism for visibility issues under bright light and other performance problems, highlighting the need for a robust integration of hardware and software [3][4]. Group 3: Technical Innovations - The "Chasing Light Panorama" AR-HUD features innovative lane-level navigation that projects the navigation route directly onto the windshield, allowing drivers to follow directions without looking down at a screen [5][6]. - The system includes advanced safety features, such as real-time visualizations of potential hazards and driving conditions, enhancing user trust in the smart driving system [6][7]. - Huawei's investment of over 10 billion yuan in 2024 for the development of smart automotive solutions supports the hardware platform necessary for high-quality AR-HUD performance [4].

Market Performance - US stock indices experienced slight increases, with the Dow Jones up 0.28% to 42,215.73 points, the Nasdaq up 0.39% to 19,175.87 points, and the S&P 500 up 0.4% to 5,912.17 points [1][2] Technology Sector - Technology stocks saw broad gains, with Nvidia rising 3.25%, Microsoft up 0.29%, Meta increasing by 0.23%, Amazon up 0.48%, Tesla rising 0.43%, while Apple fell by 0.23% [2] Chinese Stocks - Popular Chinese stocks mostly rose, with JD.com increasing by 4.31%, Xpeng Motors up 3.93%, Li Auto rising 2.11%, and Baidu increasing by 1.44% [2] Automotive Industry - Li Auto reported a net profit of RMB 6.47 billion for Q1 2025, a year-on-year increase of 9.4%, with revenue of RMB 25.93 billion, reflecting a 1.1% year-on-year growth but a 41.4% quarter-on-quarter decline [8] Corporate Actions - Guangyang Co. announced the termination of its plan to acquire 100% of Yinqu Technology, leading to the resumption of its stock trading [9] - Tongda Electric clarified that it currently has no revenue from "unmanned logistics vehicles" or "autonomous driving" products, amid market speculation [10] - Hexing Co. stated it is not involved in any business related to unmanned logistics vehicles, indicating that recent market trends will not impact its performance [11] Investment Outlook - CITIC Securities anticipates that the investment focus in the technology sector for the second half of 2025 will continue to revolve around AI, as advancements in large models and applications in various industries create new value [13] - Tianfeng Securities suggests focusing on the design sector within the electronics industry, particularly in SoC/ASIC/storage/CIS, as AI hardware penetration is expected to drive growth [13] - CICC highlights the rapid technological iteration and application of in-car display technology, particularly HUD products, as a significant investment opportunity in the automotive sector [13]

凤凰网财经讯 5月29日，A股三大指数集体高开，沪指涨0.01%，深成指涨0.03%，创业板指涨0.15%。 消费电子、纺织制造等板块涨幅居前。 机构观点 银河证券：关注成本边际变化显著、资金面良好的优质猪企 中信建投表示，2024年电解铝需求实现5%增长，以较强的爆发力自证能克服房地产板块消费的下滑， 以扎实的基本面扭转了市场的预期差，板块投资回报优异。当前，市场由于担忧抢出口、光伏抢装的用 铝消费前置，变得谨慎。全年的维度上即便考虑光伏负增、出口走弱，全球电解铝仍是平衡状态。得益 于供应弱弹性、低库存水平，铝价有抗衡弱消费周期的能力，并在强消费周期中极具弹性，攻防兼备。 由此，积极推荐拥抱电解铝板块弱供给、高利润的好时光。 银河证券认为，基于能繁母猪作用值及养殖效率的考虑，25年猪价同比或呈下行走势，年内相对平稳运 行，叠加成本下行带来的利润超预期，重点关注成本边际变化显著、资金面良好的优质猪企。 中信建投：铝业公司迎来弱供给、高利润的好时光 中金公司：看好头部车载显示屏及HUD厂商投资机遇 中金公司表示，在汽车智能化逐步下沉的当下，车载显示技术作为智能座舱人机交互的核心组成部分， 迎来快速技术迭代与规模 ...

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨关雎 图源丨Midjourney 江苏扬州仪征市（扬州市代管县级市），正冲出一家IPO。 2024年，以销售量计，这家公司是中国第二大车载HUD（抬头显示）解决方案供应商，客户涵盖了蔚 来、小米、理想、吉利、北汽、奇瑞、一汽、长安、比亚迪、丰田等几乎市面上的主流品牌，不仅如 此，上汽、一汽、北汽、吉利等还是其投资方，可谓是汽车厂商们联手捧出了一个IPO。 其创始人是两兄弟，联手创业了10年，如今终于走到了IPO的大门前。 兄弟俩创业押中风口 干出全国第二 张波此前曾对创业邦讲述过他的创业经历。其背后，是一对兄弟联手创业的故事。 弟弟张波毕业于西安邮电学院计算机软件专业，2007年辞去微软的技术支持工程师职位，踏上创业之 路。期间，做过软件，也涉足过专用电子产品，效果不尽如人意。不过，凭借技术背景的优势，张波毅 然决定深耕研发，通过打磨差异化产品，逐步构建起技术护城河。 哥哥张涛毕业于西安交通大学工业自动化专业，职业履历十分亮眼。他曾在上汽 ...

Growth Drivers - The company has established three growth curves: consumer electronics as the first, automotive optics as the second, and AR/VR as the third, creating a diversified and sustainable development pattern [2][3] - The smartphone segment remains a stable growth curve, with significant potential for optical innovation and new product launches [3][4] - The automotive electronics segment has accumulated a stable customer base, with increasing shipments of products like HUD and Lidar window pieces [4] Financial Performance - In Q1 2025, the company achieved a revenue of CNY 1.482 billion, a year-on-year increase of 10.20% [3] - The net profit attributable to shareholders was CNY 221 million, reflecting a year-on-year growth of 23.67% [3] - The gross profit margin reached 27.95%, an increase of 3.95% compared to the same period last year, indicating high-quality growth [3] Internationalization Strategy - The company has initiated internationalization strategies for several years, establishing market windows around core customers in Japan, South Korea, Singapore, Taiwan, the USA, and Germany [3][4] - A second office has been set up in Seattle to better serve overseas clients, and a manufacturing base in Vietnam is expected to enter mass production this year [3][4] - Future plans include expanding into emerging markets in North America, Europe, and Southeast Asia, enhancing international influence [4][6] Industry Outlook - The optical industry is expected to experience significant growth due to increasing demand for optical hardware in smart terminals such as smartphones, smart homes, automotive optics, and AR glasses [5][6] - The company is well-positioned with a solid strategic layout, technical accumulation, and stable customer relationships, fostering confidence in future growth [3][4]

撰文 / 郑 浩 钧 设计 / 师 超 当大语言模型带来了更优秀的语音交互后，车载显示系统也走到了变革的时间点。 在刚刚结束的CES 2025上，京东方、TCL华星、天马等显示技术厂商都展出了其在汽车显示领域的最新成果，最大的亮点是各类HUD产品。 其中，京东方展出的智能座舱中采用44.8英寸PHUD（全景抬头显示）贯穿式大屏，可实现9k分辨率、7000nits峰值亮度。 TCL华星展出的11.98英寸P-HUD抬头显示屏用3块LCD投影显示取代传统仪表盘，出屏亮度达11,000nits，单屏功耗仅15W；其3D AR-HUD PGU采用5.5 英寸LCD显示屏，能够实现裸眼3D效果，产品总成体积仅不到12L。 天马微电子自主研发的IRIS HUD，可将成像投影至车辆风挡底部边缘，拥有从A柱到A柱的超宽画幅显示能力；现代摩比斯也首次公开展示与蔡司合作 的全息宽幅挡风玻璃显示器。 在HUD之外，上述厂商还在CES 2025上拿出了新一代车载折叠屏、滑卷屏、超宽屏等产品。 在柔性OLED领域，京东方展出了当前最大的拼接滑卷车载显示屏，能够灵活地在31.6英寸至17.6英寸之间切换。同时，京东方还全球首发了集电动折 ...