Core Viewpoint - Goldman Sachs economists predict that the RMB/USD exchange rate will reach 7.20, 7.10, and 7.00 in three, six, and twelve months respectively, indicating a potential appreciation of 3% over the next twelve months [1] Group 1: Companies Likely to Benefit from RMB Appreciation - The list of Hong Kong-listed companies that may benefit from RMB appreciation includes: GDS Holdings Limited (09698), Zijin Mining Group (02899), China Jinmao Holdings Group (00817), Dongyue Group (00189), China Southern Airlines (01055), Baidu Group (09888), China Feihe (06186), and Tencent Holdings (00700) [1] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume (ADVT) exceeding $5 million 2) Industries reliant on USD imports, such as aviation, petrochemicals, construction, staple foods, and tourism, or having over 20% of debt in USD 3) Overseas revenue exposure below 30% 4) No foreign exchange gains during the RMB depreciation period in 2024 5) Low correlation of returns with exchange rate fluctuations [1] Group 2: Companies Likely to Underperform in RMB Appreciation - The list of Hong Kong-listed companies that may underperform during RMB appreciation includes: Haier Smart Home (06690), PetroChina Company Limited (00857), WuXi AppTec (03933), ASMPT Limited (00522), Yue Yuen Industrial Holdings (00551), Sinotruk (Hong Kong) Limited (03808), Shenzhou International Group Holdings Limited (02313), and Minth Group Limited (00425) [2] - Criteria for selection include: 1) Market capitalization over $2 billion and average daily trading volume exceeding $5 million 2) Overseas revenue exposure exceeding 30% 3) USD debt level below 5% 4) No foreign exchange losses during the RMB depreciation period in 2024 5) High correlation of returns with exchange rate fluctuations [2]

上市企业：桐昆股份（601233.SH）、卫星化学（002648.SZ）、嘉化能源（600273.SH）、福莱特 （601865.SH）、昱能科技（688348.SH）、恒锋工具（300488.SZ）、麒盛科技（603610.SH）、敏惠 汽车（00425.HK）、斯达半导（603290.SH）、博创科技（300548.SZ）、国鸿氢能（09663.HK） 相关企业：浙江三江化工新材料有限公司、浙江晶科能源有限公司、法罗电力（浙江）有限公司、双环 传动（嘉兴）精密制造有限公司、天通智能装备有限公司、爱德曼氢能源装备有限公司、科比特创新科 技股份有限公司、浙江锋源氢能科技有限公司 关键词：浙江省嘉兴市、新质生产力、化工新材料、智能光伏、智能网联汽车、工业互联网、氢能、低 空经济、"135N"先进制造业集群 一、新质生产力行业概述 新质生产力（New Quality Productive Forces），是2023年9月习近平总书记在黑龙江考察调研期间首次 提到的新的词汇。习近平总书记指出：概括地说，新质生产力是创新起主导作用，摆脱传统经济增长方 式、生产力发展路径，具有高科技、高效能、高质量特征，符合新发展理念 ...

内容概况：高压清洗机作为一种高效且可靠的清洗设备，随着工业化进程的推进，其在各个行业中的应 用越来越广泛。特别是在汽车制造、机械制造、石油化工、建筑等领域，高压清洗机发挥着不可或缺的 作用。近年来，中国高压清洗机市场规模呈现稳步增长的趋势。数据显示，2024年中国高压清洗机市场 规模从2018年的19.37亿元增长至30.2亿元，年复合增长率为7.68%。未来，随着生活水平的提高和消费 观念的转变，消费者对清洗机产品的需求也越来越多样化，这进一步推动了高压清洗机市场规模的扩 大。同时，随着高压清洗技术的不断开发和应用领域的逐渐拓宽，高压清洗机市场也将迎来更广阔的发 展空间。 相关上市企业：绿田机械（605259）、浙江大农（831855）、苏美达（600710）、万华化学 （600309）、恒力石化（600346）、敏实集团（00425）、华菱钢铁（000932）、山东钢铁 （600022）、八一钢铁（600581）、中国铝业（601600）、云铝股份（000807）、天山铝业（002532） 等。 相关企业：德国卡赫（kärcher）集团、博世集团、上海亿力电器有限公司、浙江安露清洗机有限公司、 宝时得科技 ...

敏实集团 20250521 摘要 敏实集团通过持续的产品创新和市场拓展，从传统外饰件向新能源和智 能化领域转型，包括锂电池盒、智能外饰等，并前瞻性布局机器人和低 空经济。 公司营收稳健增长，2023 年盈利恢复高增长，利润率持续提升。电池 盒业务占比增加，铝件、塑料件占比稳定，不锈钢件占比下降，反映产 品结构调整。 自 2020 年以来，资本支出显著提升，研发费用率维持在 6%-7%的高 位，表明公司重视研发投入，但收入增速需匹配资本支出增速以提升毛 利率。 欧洲新能源车市场受碳排放政策影响，销量提升，推动敏实集团电池盒 业务增长，公司接获大量欧洲和中国订单，促进电池业务放量。 敏实集团在电动车技术路线上采取多元化布局，覆盖 MHP、CTP、CTB、CEC 四大技术路线，受益于技术路线分化，降低了 技术变革带来的风险。 公司传统外饰业务在全球市场占据领先地位，市占率在 10%至 40%之 间，同时积极开拓低空经济和机器人产品市场，实现业务多元化。 敏实集团通过就近建厂、中心卫星工厂模式、数字化工厂和事业部制度 等策略，提升海外生产效率，降低成本，增强全球竞争力，尤其在墨西 哥市场优势显著。 Q&A 敏实集团的 ...

Investment Rating - The report maintains a positive outlook for the automotive industry, with an optimistic sales forecast for the year, expecting a retail growth rate of 5.2% and a wholesale growth rate of 8.4% [2]. Core Insights - The automotive industry experienced a recovery in sales in May, with expectations for continued strong performance driven by economic stability, policy support, and new vehicle launches. Notably, demand for high-end brands priced above 200,000 yuan is anticipated to rebound, with a forecasted wholesale growth rate of 31% for new energy passenger vehicles, providing a solid foundation for the performance of both vehicle manufacturers and parts suppliers [2][6]. Data Tracking - In April, wholesale sales of passenger vehicles reached 2.22 million units, showing a year-on-year increase of 11.0% but a month-on-month decrease of 10.0%. The export volume for passenger vehicles was 430,000 units, reflecting a year-on-year growth of 0.4% and a month-on-month increase of 5.0% [4]. - New energy vehicle sales in April were particularly strong, with BYD delivering 380,000 units (up 21% year-on-year), and other new players like Leap Motor and Xpeng showing significant growth [4][21]. - The average discount rate in early May was 7.2%, slightly down from the previous month, with an average discount amount of 10,613 yuan [4]. Market Performance - The automotive sector saw a weekly increase of 2.71%, ranking first among 29 sectors. The performance of the automotive index outpaced other indices, with the passenger vehicle segment rising by 3.90% [9][31].

Investment Rating - The report maintains a "Buy" recommendation for the automotive industry, with an optimistic outlook for annual sales growth [2][3]. Core Insights - The automotive industry experienced a recovery in sales in May, with an expected retail growth rate of 5.2% and a wholesale growth rate of 8.4% for the year. The demand for high-end brands priced above 200,000 yuan is anticipated to recover, with a forecasted wholesale growth rate of 31% for new energy passenger vehicles, providing a solid foundation for the performance of both complete vehicles and parts manufacturers [2][3]. Data Tracking - In April, the wholesale sales of passenger vehicles reached 2.22 million units, showing a year-on-year increase of 11.0% but a month-on-month decrease of 10.0%. The export sales of passenger vehicles were 430,000 units, with a year-on-year increase of 0.4% and a month-on-month increase of 5.0% [4][27]. - New energy vehicle sales in April were particularly strong, with BYD delivering 380,000 units (up 21% year-on-year), and other new players like Leap Motor and Xpeng showing significant growth [4][27]. - Traditional automakers also saw notable sales increases, with Geely's sales up 53% year-on-year in April [4][27]. - The average discount rate in early May was 7.2%, slightly down from the previous month but up 2.3 percentage points year-on-year [4][27]. Industry News - In April, the automotive production and sales reached 2.406 million and 2.359 million units, respectively, with year-on-year growth of 12.8% and 9.3%. New energy vehicles accounted for 36% of the market share in April [27]. - The report highlights significant developments such as the establishment of a special committee by Zeekr to evaluate a privatization proposal from Geely, and the launch of new models by major manufacturers like BYD [27][28]. - The automotive sector saw a weekly increase of 2.71%, ranking first among 29 sectors, with the passenger vehicle segment rising by 3.90% [9][29].

【解剖大盘】 既然关税回到正常水平，那么市场就要纠错了，反响最强烈的就是消费电子，尤其是果链，在中国有大 规模的采购和供应链布局，关税降低受益最大。高伟电子(01415)、瑞声科技(02018)、比亚迪电子 (00285)、舜宇(02382)、丘钛科技(01478)均涨超13%。再是在北美业务占比较高的汽配股敏实集团 (00425)、泉峰控股(02285)涨近10%，出口家电类的海信家电(00921)、电脑业务占比高的联想集团 (00992)也涨超9%。上次提到的航运类如德翔海运(02510)、东方海外国际(00316)继续涨超5%；今天发 酵的中远海控(01919)涨超8%。 利好有点多，都有点不习惯，尤其是中美这次会谈居然大超预期，恒指直接暴涨2.98%，量能更是大幅 放大到了3224亿。 先说一下周末的利好，首先是印度和巴基斯坦同意停火。上周五判断印巴冲突会"市场倾向于会逐步降 温。"但直接停火是没想到的。印度这么能装的国家都装不下去了，只能说明实力真不允许，或许是背 后的军火供应商扛不住了，再打就彻底要玩脱了。停火当然是好事，周一，印度和巴基斯坦股市强势上 涨。巴基斯坦基准股指KSE-30指数一度飙升 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [12] Core Insights - The automotive industry is experiencing a trend of consumption downgrade, with significant price reductions observed. During the "May Day" holiday, discounts at the terminal level increased, leading to a notable rise in sales of new energy vehicles priced below 80,000 yuan, which saw a year-on-year growth of 47.9% in Q1 2025. The penetration rate of pure electric models is also increasing rapidly [2][8][21] - The ongoing price war is expected to stimulate short-term sales growth, although the industry's beta may face pressure. Starting in June, the anticipated launch of numerous new models may weaken the impact of the price war, allowing the industry's beta to potentially recover [2][8][37] - The promotional effectiveness of the "one-price" strategy for joint ventures may diminish, while domestic brands are increasing discounts, which could further compress the market share of joint ventures. Companies with strong model cycles, such as Alpha vehicles, are expected to stabilize or increase their market share during this price war, and leading firms are likely to maintain good profitability as the price war subsides [2][8][37] Weekly Market Overview - From April 28 to May 4, total automotive sales reached 423,700 units, a decrease of 6.4% from the previous week. New energy vehicle sales were 204,100 units, down 14.2% week-on-week, with a penetration rate of 48%, a decline of 4.4 percentage points [6][41] - The A-share automotive sector increased by 1.89% this week, underperforming the CSI 300 index, which rose by 2.00%. Among 32 primary industries, the automotive sector ranked 20th [7][43] Recommendations - For smart driving, the report recommends focusing on companies with strong smart driving capabilities, such as BYD, XPeng Motors, Geely, and others. The smart driving industry chain is also highlighted, particularly segments with high barriers to entry [9] - In the robotics sector, domestic and international industries are rapidly developing, with several catalysts expected in Q2. The report recommends companies with solid fundamentals and clear progress in their robotics business, such as Top Group and others [9][10] - For automotive parts, while some components may face pressure due to Tesla's declining sales, performance is expected to rebound with the launch of new models in Q2. Globalized parts suppliers are anticipated to recover from recent tariff impacts [10]

Group 1 - Morgan Stanley's report predicts that by 2050, there will be 1 billion humanoid robots in use globally, generating annual revenue of $5 trillion [1] - Bank of America forecasts that global humanoid robot shipments could reach 18,000 units this year, with significant growth expected over the next decade due to aging populations, labor shortages, AI advancements, and product design improvements [1] - Daiwa's report indicates that 2025 is likely to be a pivotal year for the release and application expansion of humanoid robots, with key component production rates and cost reductions exceeding expectations [1] Group 2 - TrendForce estimates that the global humanoid robot market value could exceed $2 billion by 2027, with a compound annual growth rate of 154% from 2024 to 2027, driven by service robots benefiting from generative AI technology [2] - The cost structure of humanoid robots shows that planetary roller screws account for the highest component cost at 22%, followed by composite materials at 9%, 6D torque sensors at 8%, and hollow cup motors at 6%, indicating significant technological barriers in the component field [2] - According to招商证券, 2025 is expected to be the year of mass production for humanoid robots, with a positive outlook on the industry's overall trend [2] Group 3 - Related Hong Kong stocks in the humanoid robot industry include UBTECH (09880), Midea Group (00300), and Yujian (02436) [3] - Key component suppliers include Jinli Permanent Magnet (06680), Delta Electronics (00179), Innolux (02577), Minth Group (00425), and SUTENG (02498) [3]

2025 年 04 月 28 日 车展后观望需求将快速回归，出口 预期也在逐步回暖 看好 ——2025/4/18-2025/4/25 汽车周报 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 行 业 研 究 / 行 业 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 ⚫ 观点：车展前消费者有一定观望情绪，对于价格和产品力的期待延缓了订单释放。目前 众多 SUV 车型已亮相，将对中大型 SUV 的整体需求起到刺激作用。同时终端价格政策 也进一步帮助企业冲刺 5/1 行情的增长。而车展期间科技仍是主要亮点之一，高阶 L3， 机器人等产品吸引了中外消费者眼球。同时出口预期也在近期有所修复，对整体零部件 板块估值有所支撑。因此我们认为后续行情在有需求 beta 支撑的情况下将在强势品牌 和强α零部件企业中展 ...