Core Insights - Foreign-funded enterprises' R&D institutions are crucial to China's technological innovation system and multinational companies' global R&D networks, with R&D investment in China increasing significantly over the past decade [1] - Suzhou has become a hub for foreign R&D, with nearly 4000 foreign enterprises, 70% of which have established R&D institutions, supported by new policies to attract more R&D resources [1][2] - The transformation of foreign enterprises in China from production bases to innovation centers is exemplified by companies like Nexteer Automotive Systems, which has developed comprehensive innovation capabilities and contributed to industry transformation [2][5] R&D Investment and Growth - Since 2013, R&D funding for foreign-funded industrial enterprises in China has grown by over 86%, and the number of effective invention patents has increased by 336% [1] - In Suzhou, nearly 90% of foreign-funded industrial enterprises have established R&D institutions, indicating a strong commitment to innovation [1][2] Case Study: Nexteer Automotive Systems - Nexteer Automotive Systems (Suzhou) has evolved from a production facility to a global innovation center, establishing a full-cycle innovation capability from concept design to intelligent manufacturing [2][5] - The company has applied for and authorized 20 invention patents and has participated in the formulation and revision of national standards, showcasing its role in driving technological advancements [2][5] Strategic Developments - The establishment of the Asia-Pacific Intelligent Manufacturing Headquarters in Suzhou, with an investment of 1 billion yuan, aims to enhance production capacity and drive technological innovation [3][6] - Nexteer has maintained a consistent R&D investment ratio of over 6%, focusing on electric power steering and next-generation steering systems [5][6] Innovation Ecosystem - The establishment of the "Nexteer Motion Control Technology Research Institute" in Suzhou is a significant milestone, receiving 10 million yuan in special funding to foster innovation and collaboration [11][12] - The company is building an innovation ecosystem by collaborating with automotive manufacturers, universities, and research institutions to accelerate the development of new technologies [12] Market Dynamics - The shift in foreign enterprises' investment logic in China is moving from market-driven and cost-driven to innovation-driven, with local talent becoming the main force in R&D [7][8] - The rapid evolution of the Chinese automotive market, characterized by diverse demands and fast iteration, is driving Nexteer's R&D focus towards electric and intelligent vehicle technologies [11][12] Future Outlook - By 2026, Nexteer aims to leverage its strong industrial foundation and innovation resources in Suzhou to enhance global collaboration and accelerate the transformation of R&D achievements [14]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

Group 1 - The core viewpoint of the article highlights the rise in stock prices of several intelligent driving concept stocks, indicating positive market sentiment towards this sector [1] Group 2 - Minth Group (00425.HK) saw a significant increase of 12.95%, reaching HKD 38.56 [1] - Botai Car Networking (02889.HK) experienced a rise of 7.26%, with its stock priced at HKD 245.4 [1] - Nexperia (01316.HK) increased by 4.39%, trading at HKD 7.37 [1] - Delta Electronics (00179.HK) rose by 3.88%, with shares priced at HKD 30.54 [1]

Group 1 - Several intelligent driving concept stocks have seen significant gains, indicating positive market sentiment in this sector [1] - Minth Group (00425.HK) experienced a notable increase of 12.95%, reaching a price of 38.56 HKD [1] - Botai Car Networking (02889.HK) rose by 7.26%, with its stock priced at 245.4 HKD [1] Group 2 - Nexperia (01316.HK) saw an increase of 4.39%, trading at 7.37 HKD [1] - Delta Electronics (00179.HK) gained 3.88%, with shares priced at 30.54 HKD [1]

Group 1 - Several intelligent driving concept stocks have risen, with Minth Group (00425) up 12.95% to HKD 38.56, Baidu Carlink (02889) up 7.26% to HKD 245.4, Nexperia (01316) up 4.39% to HKD 7.37, and Delta Electronics (00179) up 3.88% to HKD 30.54 [1] - On January 7, three departments jointly issued the "Shanghai High-Level Autonomous Driving Leading Area 'Mosu Zhixing' Action Plan," aiming to accelerate the transformation of intelligent connected technology innovation into industrial competitiveness, which is expected to promote the commercialization of high-level autonomous driving in Shanghai from demonstration to scale [1] - The Guangdong Provincial Government has issued several policy measures to empower high-quality development of transportation through artificial intelligence [1] Group 2 - Ping An Securities believes that the application of autonomous driving technology is moving towards mass production, although the current operating conditions for approved L3 models still have many restrictions [1] - The approval of L3 model access indicates progress in technology and policy for intelligent driving, laying the foundation for the subsequent commercialization process of intelligent driving [1] - The commercial closed loop of intelligent driving is expected to accelerate further by 2026 [1]

（根 據 開 曼 群 島 法 例 註 冊 成 立 的 有 限 公 司） Nexteer Automotive Group Limited （股 份 代 號：1316） 董事名單與其角色與職能 耐世特汽車系統集團有限公司董事會（「董事會」）成 員 載 列 如 下： 執行董事 丁峰濤 （首 席 執 行 官 兼 主 席） MILAVEC, Robin Zane 耐世特汽車系統集團有限公司 獨立非執行董事 劉健君 王 斌 岳 雲 董 事 會 設 有 兩 個 委 員 會。下 表 載 列 每 名 董 事 會 成 員 在 該 等 委 員 會 擔 任 成 員 的 資 料： | 董事委員會 | 審核及合規委員會 | 薪酬及提名委員會 | | --- | --- | --- | | 董 事 | | | | 執行董事 | | | | 丁峰濤 | – | – | | MILAVEC, Robin Zane | – | – | | 非執行董事 | | | | 雷自力 | – | – | | 張文冬 | – | M | | 喬 堃 | M | – | | 獨立非執行董事 | | | | 劉健君 | – | C | | 王 斌 | C | ...

Core Viewpoint - NEXTEER (01316) announced the resignation of Mr. Hervé Paul Gino BOYER from his positions as Executive Director, Senior Vice President, and Global Chief Operating Officer, effective January 19, 2026 [1] Group 1 - Mr. Hervé Paul Gino BOYER is leaving the company to seek new opportunities [1]

智通财经APP讯，耐世特(01316)发布公告，BOYER, Hervé Paul Gino先生为寻求新机遇，已辞任公司执 行董事、高级副总裁及全球首席运营官，自2026年1月19日起生效。 ...

格隆汇1月15日丨耐世特(01316.HK)宣布，BOYER,Hervé Paul Gino为寻求新机遇，已辞任公司执行董 事、高级副总裁及全球首席运营官，自2026年1月19日起生效。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 表 明 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Nexteer Automotive Group Limited 耐世特汽車系統集團有限公司 （根 據 開 曼 群 島 法 例 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1316） 香 港，2026年1月15日 於本公告日期，本公司的執行董事為丁峰濤先生（主席及首席執行官）、MILAVEC, Robin Zane先生及BOYER, Hervé Paul Gino先 生；非 執 行 董 事 為 雷 自 力 先 生、張 文 冬 女 士 及 喬 堃 先 生；及 獨 立 非 執 行 董 事 為 劉 健 君 先 生、王 斌 博 士 及 岳 雲 先 生。 BOYER先 生 已 確 認，彼 與 董 事 會 之 間 並 無 意 見 分 歧。唯 一 需 要 關 注 的 事 項 是， BOYER先生 ...