Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In Q3 2025, the total holdings of public - offering funds in the Beijing Stock Exchange (BSE) increased steadily, with expanding market breadth and deepening participation. The allocation style shifted from high concentration to diversification, focusing on high - end manufacturing and emerging industries. Theme funds saw growth in both scale and returns, and passive products contributed stable increments [3]. Group 3: Summary According to the Table of Contents 1. Fund Third - Quarter Report Summary - In Q3 2025, 71 BSE companies entered the top ten heavy - holding lists of various funds, and the market value of public - offering heavy - holdings in the BSE reached 1.031 billion yuan. Over 30 funds heavily held shares of 10 companies, with the number of funds holding Nacanoor and Jinbo Biology ranking first at 54 each. 49 companies were increased in holdings, 19 were reduced, and 18 exited the heavy - holding list. 30 new companies entered the list compared to Q2 2025 [6]. - A total of 142 funds included BSE companies in their top ten holdings, with 103 non - BSE theme funds accounting for 72.5%, indicating growing market attention [8]. - From Q3 2023 to Q3 2025, the total market value of BSE public - offering heavy - holding stocks showed an upward trend, breaking through 1 billion yuan in Q3 2025 (qoq + 4%). The proportion of public - offering heavy - holdings in the BSE in the total public - offering heavy - holding market value reached 0.26% in Q3 2025, a slight decline [11][14]. - The number of funds heavy - holding the BSE increased rapidly from 49 in Q3 2023 to 142 in Q3 2025. The increase was mainly contributed by non - BSE active equity funds and index funds. The heavy - holding market value of non - BSE active equity funds decreased slightly to 263 million yuan, while that of index funds exceeded 500 million yuan [18]. 2. Active Equity 2.1 Active Equity Overall - In Q3 2025, active equity funds showed a more diversified allocation trend, with the CR5 ratio dropping from 61% to 54%. Jinbo Biology's allocation ratio decreased by nearly 10 percentage points, while Nacanoor's increased to 14.9% and ranked second, and Kait Co., Ltd. was also significantly increased in holdings [3][20]. - The proportion of active equity funds' holdings in the outstanding shares of individual stocks changed. Kait Co., Ltd. ranked first with a 9.8% ratio, and Nacanoor ranked second with 9.2%. Newly listed companies such as Guangxin Technology and Haidaer entered the list with a ratio exceeding 5%, indicating a shift of funds towards small - and medium - cap stocks with growth potential [25]. - Active equity institutions showed a differentiated adjustment in positions. Guangxin Technology led the increase in holdings, while Tongli Co., Ltd. was significantly reduced. In terms of industry allocation, the proportion of the power equipment industry increased by 12 percentage points to 27.0%, becoming the largest heavy - holding industry, while beauty care and machinery industries were reduced [27][28]. 2.2 North - Exchange Active Theme Funds - As of October 29, 2025, the total scale of 11 BSE active theme funds reached 579.4 million yuan, and the average quarterly return was 9.7%, outperforming the BSE 50 Index [30]. 2.2.1 Structural Changes - In Q3 2025, Nacanoor rose to the top of the heavy - holding list of BSE theme funds, Kait Co., Ltd. rose to the second place, and Minshida remained third. Ten new companies entered the top ten heavy - holding list, such as Gobica, Guangxin Technology, etc. [33][34]. 2.2.2 Changes in Each Fund - In Q3 2025, most funds maintained high positions or moderately increased positions, focusing on sub - leading companies with stable performance and reasonable valuations. Some funds increased the layout of emerging fields such as innovative drugs, AI computing power, and energy storage. The 11 BSE active theme funds generally increased their holdings in companies like Gobica, Nacanoor, and Kait Co., Ltd. [37][38]. 3. North - Exchange Passive Theme Funds - The scale of BSE passive theme funds continued to grow steadily to 1.208 billion yuan in Q3 2025, with an increase of 96 million yuan compared to the previous period. The BSE Specialized and Sophisticated New Index products are expected to be launched soon, which may bring considerable incremental funds to the market [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported strong performance in Q3 2025, with revenue reaching 2.93 billion yuan, a year-over-year increase of 42.13% and a quarter-over-quarter increase of 11.55% [6][9] - The automotive market remains robust, with the company's products covering nearly all automotive brands in China, contributing to a significant increase in sales [9] - The company is actively investing in R&D, with a 49.60% year-over-year increase in R&D expenses, focusing on robotics and liquid cooling technologies [9] Financial Data and Profit Forecast - For the first three quarters of 2025, the company achieved revenue of 796 million yuan, a year-over-year increase of 43.84%, and a net profit of 130 million yuan, up 37.24% year-over-year [6][8] - The projected total revenue for 2025 is 1,108 million yuan, with a year-over-year growth rate of 34.0% [8] - The estimated net profit for 2025 is 194 million yuan, reflecting a growth rate of 40.4% [8] Investment Analysis - The company has a solid order book with key clients like BYD, which reported a sales increase of 18.64% year-to-date [9] - The company is expected to release additional production capacity in 2026, which will likely enhance its earnings potential [9] - The report has revised profit forecasts upward, estimating net profits of 1.94 billion yuan for 2025, 2.52 billion yuan for 2026, and 3.05 billion yuan for 2027 [9]

| | | 原规定 | 修订后 | | | --- | --- | --- | --- | --- | | 第六条 | | 公 司 注 册 资 本 为 人 民 币 | 第六条 | 公 司 注 册 资 本 为 人 民 币 | | 179,261,468 | 元。 | | 180,028,468 元。 | | | 第二十条 | | 公司 已 发行 的 股份数为 | 第二十条 | 公 司 已 发行 的 股 份 数 为 | | 179,261,468 | | 股，全部为普通股，每股面 | 180,028,468 | 股，全部为普通股，每股面 | | 值 1 | 元人民币。 | | 值 元人民币。 1 | | 是否涉及到公司注册地址的变更：否 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、修订原因 公司已完成 2024 年股权激励计划预留限制性股票授予登记及股票期权第一 期行权登记，涉及公司股本总数和注册资本的变更，按照《公司法》《上市公司 章程指引》《北京证券交易所股票上市规则》等相关法律法规、规范性文件 ...

证券代码：920978 证券简称：开特股份 公告编号：2025-137 关于召开 2025 年第二次临时股东会通知公告（提供网络投票） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开基本情况 （一）股东会届次 本次会议为 2025 年第二次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 （三）会议召开的合法合规性 湖北开特汽车电子电器系统股份有限公司 本次股东会会议召开符合《公司法》等有关法律、行政法规、部门规章、规 范性文件和《公司章程》的相关规定。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司同一股东应选择现场投票或网络投票表决方式的其中一种方式，如果 同一表决权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2025 年 11 月 17 日 15:00。 2、网络投票起止时间：2025 年 11 月 16 日 15:00—2025 年 11 月 17 日 15:00。 登记在册的股东可通过中国证券登 ...

湖北开特汽车电子电器系统股份有限公司 第五届董事会第十六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 28 日 证券代码：920978 证券简称：开特股份 公告编号：2025-133 2.会议召开地点：武汉市经济技术开发区（汉南区）开特工业园二楼会议室 3.会议召开方式：现场与通讯相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 24 日以电子邮件方式发 出 5.会议主持人：董事长郑海法先生 6.会议列席人员：部分高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序和议事内容均符合《公司法》和《公 司章程》的规定，所作决议合法有效。 （二）会议出席情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 二、议案审议情况 （一）审议通过《关于<2025 年第三季度报告>的议案》 1.议案内容： 3.回避表决情况： 本议案不涉及关联交易，无需回避表决。 4. ...

为回报公司股东，与股东共享经营成果，公司拟实施 2025 年第三季度权益 分派。 一、权益分派预案情况 证券代码：920978 证券简称：开特股份 公告编号：2025-135 湖北开特汽车电子电器系统股份有限公司 2025 年第三季度权益分派预案公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 根据公司 2025 年 10 月 30 日披露的 2025 年第三季度报告（财务报告未经审 计），截至 2025 年 9 月 30 日，上市公司合并报表未分配利润为 366,931,810.95 元，母公司未分配利润为 159,887,623.90 元。 公司本次权益分派预案如下：公司目前总股本为 180,028,468 股，以未分配 利润向全体股东每 10 股派发现金红利 1.70 元（含税）。本次权益分派共预计派 发现金红利 30,604,839.56 元。 公司将以权益分派实施时股权登记日应分配股数为基数，如股权登记日应分 配股数与目前预计不一致的，公司将维持分派比例不变，并相应调整分派总额。 实际分派 ...

Group 1 - The report highlights the promising future of humanoid robots, which are seen as a convergence of advanced technologies such as artificial intelligence, high-end manufacturing, and new materials, potentially transforming human production and lifestyle [4][13][22] - The global humanoid robot market is projected to experience explosive growth, with an estimated market size of approximately 6.34 billion in 2025, increasing to 64.22 billion by 2030, representing a compound annual growth rate (CAGR) of 58.90% [22][24] - The Chinese humanoid robot market is also expected to grow significantly, with a projected market size of about 2.40 billion in 2025, increasing to 25.40 billion by 2030, with a CAGR of 60.33% [25][28] Group 2 - The report identifies two key companies in the humanoid robot industry: Kaiter Electronics and Huitong New Materials, detailing their business operations and market positions [2][36] - Kaiter Electronics specializes in the research, production, and sales of sensors, controllers, and actuators, with revenue contributions from actuators, sensors, and controllers being 44.91%, 30.67%, and 23.23% respectively in the first half of 2025 [36][38] - Huitong New Materials focuses on the research, production, and sales of metal fibers and related products, with revenue contributions from metal fiber products and metal fiber business being 52.59% and 44.87% respectively in the first half of 2025 [48][49] Group 3 - The humanoid robot industry is witnessing a significant increase in investment activity, with 127 financing events reported in the first eight months of 2025, amounting to 36.4 billion, which is 1.8 times the total financing amount for 2024 [29][30] - The cost structure of humanoid robots shows that the cost of components is highly concentrated in the actuation and perception systems, with gear reducers accounting for 36%, servo systems for 24%, and the robot body for 22% [26][27] - The humanoid robot industry value chain consists of upstream core components, midstream complete machine manufacturing, and downstream applications, covering various sectors including military, industrial manufacturing, and services [19][20]

Core Viewpoint - The company, Kaiter Co., Ltd., has signed a strategic cooperation agreement with Haote Energy to expand into the data center thermal management sector, supported by local government resources [2]. Group 1: Strategic Cooperation - Kaiter Co., Ltd. is a well-known provider of automotive thermal system products, focusing on the R&D, production, and sales of sensors, controllers, and actuators [2]. - The partnership with Haote Energy aims to build a supply chain for energy storage and data centers, sharing resources in manufacturing, customer information, and R&D [2]. - The collaboration is expected to accelerate the implementation of green thermal management solutions in the industry [2]. Group 2: Business Expansion - Kaiter Co., Ltd. is also accelerating its entry into the robotics sector, focusing on core component R&D to create a vertical integration model [3]. - The company has established a joint venture with Xi'an Xutong Electronics to develop key robotic components, with successful sample development reported [3]. - In the first half of the year, Kaiter Co., Ltd. achieved a revenue of 503 million yuan, a year-on-year increase of 44.86%, and a net profit of 85.25 million yuan, up 39.96% [3]. Group 3: Market Position and Outlook - According to research from Shenwan Hongyuan, the company has a solid business foundation with high order certainty in the automotive sector, and steady progress in its energy storage CSS business [4]. - Robotics is identified as a key development direction for the company, with active layouts in core components such as six-dimensional force sensors and encoders [4].

Investment Rating - The report maintains a "Buy" rating for the sensor industry, particularly focusing on the opportunities in domestic replacements for sensors in humanoid robots [2]. Core Insights - The sensor industry is crucial for the development of AI and robotics, serving as the bridge between the physical and virtual worlds. The global sensor market is projected to reach approximately $226.9 billion in 2023, with a growth rate of about 8% annually. In China, the sensor market is expected to grow at a rate of 15%, reaching approximately 554.7 billion yuan by 2026 [3][17]. - The report emphasizes the importance of environmental perception sensors in robotics, highlighting their higher profit margins compared to other hardware components. The gross profit margin for sensor manufacturers typically ranges from 30% to 50%, significantly higher than the 20% to 30% margins for standard components [3][4]. - The report identifies a significant opportunity for domestic manufacturers to capture market share from foreign competitors, particularly in the emerging robotics sector, where there is potential for rapid advancement and "leapfrog" opportunities [4][5]. Summary by Sections Section 1: Sensor Market Overview - Sensors are essential for humanoid robots, acting as their sensory organs and enabling interaction with the physical world. The sensor market is expected to grow significantly, driven by increasing demand in various sectors, including automotive, industrial automation, and healthcare [9][17]. - The Chinese sensor market is projected to grow from 364.5 billion yuan in 2023 to 554.7 billion yuan by 2026, with a compound annual growth rate (CAGR) of 15% [17][22]. Section 2: Focus on Key Companies and Profit Forecasts - The report lists several companies in the sensor industry, including: - **Kaiter Co. (920978.BJ)**: Rated "Buy" with a projected EPS of 1.09 in 2025 and a PE ratio of 35.23 [6]. - Other companies mentioned, such as Amperelong and Obsidian, are not rated but have provided EPS forecasts for 2024-2026 [6][7]. Section 3: 3D Vision and Sensor Technology - The report highlights the growing importance of 3D vision technology in robotics, with the global 3D vision market expected to grow from $5 billion in 2019 to $15 billion by 2025, reflecting a CAGR of approximately 20% [36]. - Various companies are developing advanced 3D vision solutions, with a focus on depth accuracy, measurement range, and frame rate, which are critical for humanoid robots [44][46]. Section 4: Pressure Sensors and Domestic Replacement Opportunities - The report notes that the pressure sensor market is predominantly controlled by foreign brands, presenting a substantial opportunity for domestic manufacturers to capture market share. The global MEMS pressure sensor market is currently led by Bosch, with a market share of 33% [62][63]. - The report emphasizes the potential for domestic companies to fill the gap in the market, particularly in automotive applications where pressure sensors are essential [62][66].

证券代码：920978 证券简称：开特股份 公告编号：2025-132 湖北开特汽车电子电器系统股份有限公司 2024 年股权激励计划第一个行权期股票期权行权结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法 律责任。 一、股票期权行权结果 （一）实际行权基本情况 8、股票来源：向激励对象定向发行的公司人民币普通股股票 二、行权前后相关情况对比 （二）实际行权明细表 | 姓名 | 职务 | 可行权数 | 实际行权 | 实际行权对应 | 实际行权对应股票数量 | | --- | --- | --- | --- | --- | --- | | | | 量（份） | 数量（份） | 股票数量（股） | 占行权后总股本的比例 | | 郑海法 | 董事长兼总经理 | 45,000 | 45,000 | 45,000 | 0.0250% | | 李勇 | 副总经理 | 45,000 | 45,000 | 45,000 | 0.0250% | | 郑丹 | 副总经理 | 30,000 | 30,000 | 30,000 ...