2025 年 11 月 26 日 机构关注度环比回升：电子、电力设备、建筑装饰 策略研究团队 ——机构调研周跟踪 韦冀星（分析师） 简宇涵（分析师） weijixing@kysec.cn 机构调研信息是对基本面信息的重要补充，但信息量大且杂乱。为了清晰梳理 出调研中有效、增量信息，我们推出机构调研周跟踪系列，汇总最近一周、一 个月公开的机构调研信息，涵盖行业、个股两维度，包含调研热度（环比、同 比数据）、调研获得的行业及个股信息增量。 行业视角看机构调研情况: 电子、电力设备、建筑装饰的调研热度有所上升 周度：上周，全 A 的被调研总次数环比微微提升，且高于 2024 年同期，调研热 度有所回暖。一级行业中，按机构被调研总次数从高到低排序，电子、机械设备、 电力设备、医药生物和基础化工的关注度较高。 边际变化上，相较前一周，电子、电力设备、建筑装饰、农林牧渔、环保、纺织 服饰、建筑材料、商贸零售、国防军工、家用电器等的调研总次数有所上升。 月度：10 月，或因财报披露期，全 A 的被调研总次数环比大幅下跌，低于 2024 年同期。最新一个月，一级行业中，按机构被调研总次数从高到低排序，机械设 备、电子、医药生 ...

Company Overview - The company focuses on ICT core technologies, initially specializing in Bluetooth, WiFi, and GPS for automotive communication modules, establishing a strong position in a niche market despite limited market size [2] - In 2012, the company entered the automotive communication sector, launching the first generation of connected vehicle terminal products, TBOX 1.0, and became a primary supplier for SAIC Group [2][3] - The company has developed a diverse business matrix centered around TBOX, eCall systems, digital energy management solutions, and IoT smart modules [4] Product Development and Market Position - The company has achieved significant milestones in eCall technology, obtaining the first domestic EU eCall certification in 2019 and the next-generation NG eCall certification in January 2025, making it one of the first globally to achieve these certifications [3] - The TBOX market is expected to grow due to increasing consumer demand for smart driving and connectivity features, with the introduction of 5G-V2X technology enhancing the value per vehicle [5] - The company has established long-term partnerships with leading domestic and international automotive manufacturers, including SAIC, BYD, and Toyota, and is expanding its global footprint [4][5] Market Penetration and Future Growth - The penetration rate of TBOX products is anticipated to rise as automotive manufacturers increase investments in smart connectivity [5] - The eCall product's technical barriers include reliability and compliance with stringent safety standards, which the company has successfully navigated to gain a competitive edge [6] - The implementation of national standards (AECS) is expected to drive eCall system adoption to 100% in the domestic market [6] International Strategy and Revenue - The company is transitioning from "on-vehicle export" to "export on-vehicle" to enhance its international strategy, aiming to increase overseas revenue [7] - Current overseas revenue is low due to eCall products being classified as domestic income when installed in vehicles exported by domestic manufacturers [7] - The company has received the German VDA6.3 certification, enhancing its capabilities in quality management and compliance, which supports future international collaborations [7]

Group 1: eCall Product Development and Certification - The company began its eCall product development in 2013, accumulating extensive experience in project management and overseas certifications [2] - In 2019, the company obtained the first EU eCall certification in China and was among the first globally to receive the UN-R144 standard certification [2] - On June 1, 2025, the company received the next-generation NG eCall certification, becoming one of the first globally to achieve this [2] - The company has expanded its certification scope to include regions such as the UK, UAE, and Saudi Arabia, making it one of the few domestic companies with comprehensive certifications [2] Group 2: Technical Challenges and System Functionality - The technical barriers for eCall products include reliability and safety, requiring various tests such as collision, emergency call trigger, and data protocol standards [3] - The eCall system is designed for emergency rescue, automatically triggered by sensors detecting severe collisions, and transmits critical data to emergency services [4] - The system's importance is recognized globally, serving as a third safety barrier alongside seat belts and airbags [5] Group 3: Market Penetration and Regulatory Impact - Currently, there are no certified eCall products in China, resulting in a penetration rate of 0% [6] - With the implementation of the national standard AECS, the penetration rate for eCall products in China is expected to reach 100% [6] - The AECS standard has been released, but detailed implementation guidelines are still pending [7] Group 4: Competitive Advantage and Future Strategy - The company holds a first-mover advantage in the eCall sector, having been a key supplier for domestic brands and involved in drafting the national standard [7] - The company plans to leverage its extensive overseas certification experience to support the domestic rollout of AECS and provide competitive products to automakers [7] - The company collaborates with major automotive manufacturers, enhancing its market position [7] Group 5: Additional Products and Business Areas - The company’s core technology integrates automotive and ICT technologies, applied in smart vehicles, new energy batteries, and industrial IoT [9] - Its product offerings include various forms of IoT smart terminals and modules, designed to meet diverse customer needs through modular development [9] - The company also provides digital battery management solutions for the new energy sector, collaborating with clients like CATL [9]

Group 1: Company Overview and Product Offerings - The company focuses on vehicle networking smart terminals, including TBOX, eCall, battery monitoring devices, and battery swapping systems, with potential for more products in the future [2] - eCall is a critical vehicle emergency call system that enhances rescue efficiency and reduces accident fatalities, triggered either automatically or manually [4] - The company provides digital battery management solutions for clients in the new energy sector, enabling comprehensive lifecycle management of batteries [6] Group 2: Research and Development - The company emphasizes forward-looking R&D, aligning with industry trends and customer needs, resulting in a steady increase in R&D expenditure [2] - The R&D system is built on a "platform and modular" approach, allowing for rapid product development and customization based on client requirements [2][3] Group 3: Market Position and Standards - The national standard for eCall (AECS) was released on April 25, 2025, with various countries promoting eCall systems as a vital safety feature [5] - The company holds a leading position in the eCall market, having received the first EU eCall certification in China and the first NG eCall certification globally [7] Group 4: Production Capacity and Flexibility - The company operates a flexible production line capable of meeting automotive-grade product demands, with both in-house and outsourced manufacturing for non-core components [8] - Future production capacity will be adjusted based on market conditions to ensure responsiveness to demand [8] Group 5: TBOX Functionality - TBOX serves as a core controller for vehicle information interaction, enabling communication with various vehicle systems and providing essential connectivity for smart vehicle functions [10]

Core Viewpoint - The article emphasizes the importance of strategically investing in leading companies within key sectors during market adjustments, particularly focusing on the safety of combined advanced driving assistance systems (ADAS) [2]. Group 1: Policy and Industry Trends - In the second quarter, policies are increasingly being implemented, with the National Bureau of Statistics releasing the "Digital China Construction 2025 Action Plan," which includes initiatives for "Artificial Intelligence +" and other key projects [2]. - Major companies like Tencent and Alibaba have highlighted the empowerment of AI in their recent financial reports, indicating a strong industry trend towards AI integration [2]. - The upcoming Microsoft Build conference is expected to keep AI as a central theme, further driving interest in the sector [2]. Group 2: Advanced Driving Assistance Systems (ADAS) - The regulatory focus on the safety of combined ADAS is intensifying, with new policies being introduced to enhance vehicle safety features [2]. - Following the official release of the eCall strong installation national standard, the Ministry of Industry and Information Technology published a draft for the technical requirements of the Automatic Emergency Braking System (AEBS) on May 16, extending its applicability from M1 to N1 categories [2]. - The installation of AEBS is anticipated to significantly improve vehicle safety performance and stimulate demand across the related industry chain [2].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.022 billion CNY, representing a year-on-year growth of 25.68% [2] - The net profit attributable to shareholders was 175 million CNY, an increase of 37.54% year-on-year [2] - In Q1 2025, total revenue reached 216 million CNY, with a year-on-year growth of 16.85% [2] - The net profit attributable to shareholders for Q1 2025 was 43.298 million CNY, reflecting a year-on-year increase of 30.67% [2] Group 2: National Standard AECS Implementation - The national standard AECS was officially released on April 25, 2025, and will be mandatory for all M1/N1 class vehicles sold in China starting July 1, 2027 [2] - Prior to the implementation of the national standard, existing systems were defined by individual car manufacturers, lacking a unified standard [2] - The release of the national standard AECS is expected to significantly transform the automotive market, pushing existing systems to align with the new standard [2][3] Group 3: Market Impact and Product Pricing - The implementation of AECS is projected to create a market increment worth billions, significantly reducing rescue times and traffic accident mortality rates [4] - While market competition may drive down prices for AECS terminals, the importance of life safety ensures that there will be a price floor for these products [4] - The focus on life safety will lead to stringent requirements for technology solutions, hardware design, and quality assurance in the industry [4] Group 4: Technical Requirements and Standards - The technical barriers for AECS products include reliability and compliance with various testing standards, such as collision tests and emergency call trigger tests [5] - The company is among the first to obtain EU NG eCall certification, which enhances data transmission capabilities compared to traditional eCall systems [6] - The national standard AECS will utilize 4G/5G networks and integrate China's BeiDou satellite navigation system, differing from the EU's approach [6] Group 5: Product Composition and Market Strategy - The company's intelligent terminal products are developed using a modular approach, allowing customization across various vehicle types [7] - The specific market share of eCall and TBOX within the intelligent terminal sales is not disclosed due to the complexity of product forms [7] - The company believes that suppliers are unlikely to venture into eCall products due to the high safety standards required [7]

Investment Rating - The industry investment rating is "Positive" and maintained [6]. Core Viewpoints - The official release of the "On-board Accident Emergency Call System" (AECS) standard is slightly ahead of market expectations, which may accelerate its implementation under vehicle safety considerations, benefiting the entire industry chain including components like T-Box. It is recommended to focus on the eCall industry chain, particularly companies with a high market share in eCall [2][8]. Summary by Sections Event Description - The AECS standard has been officially released, which is expected to enhance vehicle safety and may lead to mandatory installation of eCall systems in all passenger cars sold in China [4][8]. Market Impact - The implementation of the AECS standard is anticipated to significantly boost domestic eCall demand, with projections indicating an annual increase of over 30 million units based on the current automotive production and sales figures [8].

Core Viewpoint - The report emphasizes the upcoming earnings season, suggesting to accumulate quality leading stocks at the bottom as earnings reports are set to be disclosed soon [2] Group 1: Earnings Reports and Market Trends - As of April 19, 2024, 133 companies have disclosed their 2024 annual reports and 12 companies have released their Q1 2025 reports, accounting for 40% and 4% respectively, with 8 working days remaining in the earnings season [2] - The computer sector has experienced continuous adjustments due to earnings disclosures and international developments, but the overall performance trend and industrial changes remain positive [2] - Historical data shows that since 2010, the probability of the computer index rising in April, May, and June is 20%, 53%, and 60% respectively, indicating a potential upward trend [2] Group 2: Industry Developments - The Model Context Protocol (MCP) is accelerating the application of AI, facilitating seamless interaction between AI models and external tools/data, which aids in the rapid development of Agent applications [3] - Major cloud service providers like Alibaba Cloud, Tencent Cloud, and Baidu Map have launched MCP-related services, enhancing the AI ecosystem [3] - The eCall industry is poised for growth, driven by increased importance of intelligent driving safety and rising domestic market demand, alongside potential opportunities in overseas markets due to geopolitical changes [3] Group 3: Industry Research - A retrospective study on the Xinchuang industry highlights its growth certainty, suggesting that the sector is expected to achieve excess growth in the future [4]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 1、本周 观 点： 财报披露冲刺期将至，底部加仓质优龙头 2、深度跟 踪 ： 信创复盘研究：观往知来，超额成长可期 周观点 财报披露冲刺期将至，底部加仓质优龙头 财报披露冲刺窗口将至，建议底部加仓。 截至到 04/19 ，已正式披露 2024 年年报、 2025 年一季报的计算机公司数量分别为 133 家、 12 家，占比为 40% 、 4% ， 距离财报季结束还有 8 个工作日，财报将密集披露。伴随着财报的披露，以及国际形势的变化，板块近期持续调整，但业绩趋势及产业变化偏正向的格局并未变化。同 时，对于市场关心的月历效应，根据统计，自 2010 年以来，计算机指数在 4/5/6 月上涨概率分别为 20% 、 53% 、 60% 。综上，继续建议底部加仓。 MCP 加速 AI 应用落地，积极关注其进展。 MCP （ Model Context Protocol ）通过标准化接口实现 AI 模型与外部工具 / 数据的无缝交互，有助于 Agent 应用快速搭 建。近期，阿里云百炼、腾讯云、百度地图等均 ...

Group 1 - The core viewpoint of the news is that the commercial vehicle market, particularly in construction machinery and heavy trucks, is experiencing a year-on-year sales increase, which is expected to benefit the traditional commercial vehicle business of the company [1] - The recent policy issued by the Ministry of Transport, National Development and Reform Commission, and Ministry of Finance regarding the scrapping and updating of old operating trucks is anticipated to boost the sales of new heavy trucks, given the significant remaining stock of National IV heavy trucks [1] - The company is expanding into the passenger vehicle and two-wheeler markets, which have a larger capacity than the commercial vehicle market, providing better growth potential [1] Group 2 - The company has made significant investments in research and development, particularly in new national standard recorders, eCall systems, cockpit products, and controllers, which are now entering mass production [1] - The intelligent cockpit and controller segments are expected to see rapid growth in 2024, with an increasing number of product types and mass production projects [1] - The company has completed the development of the eCall product and has obtained the eCall certification from the UAE, as well as meeting all testing requirements for the EU E-MRK certification, with certificates expected to be issued soon [1]