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]

Core Insights - The company has successfully constructed and is currently testing the automated assembly welding production line at its intelligent hydraulic support factory, which is set to enhance production efficiency and stability [1][2] - The intelligent hydraulic support factory has been recognized as the first "lighthouse factory" in the coal machinery industry by the World Economic Forum, highlighting its commitment to digital and intelligent transformation [1] - The project, covering an area of 73,800 square meters, includes two core production lines: an intelligent welding production line and an intelligent assembly production line, marking a significant industry benchmark [1][4] Group 1 - The automated assembly welding production line is a key component of the intelligent welding production line, integrating 5G and IoT technologies for real-time data transmission and remote control [2] - The welding process is critical for product quality, and its digitization and automation are expected to enhance production efficiency and market competitiveness [2] - The intelligent hydraulic support assembly line is designed to achieve high levels of automation and intelligence, improving the assembly process from component handling to quality inspection [2][4] Group 2 - The intelligent hydraulic support assembly line is the first of its kind in the industry, with all equipment installed and currently undergoing testing to ensure compliance with design specifications [4] - Once operational, the assembly line is projected to have an annual capacity of over 20,000 hydraulic supports, significantly transforming traditional assembly methods and boosting efficiency [4] - The project is considered a phase two initiative of the "lighthouse factory," reinforcing the company's leading position in the coal machinery sector and promoting the transition of the manufacturing industry in Henan towards intelligence and high-end development [4]

（编辑 丛可心） 证券日报网讯 1月23日，中创智领在互动平台回答投资者提问时表示，公司在欧盟地区存在业务布局， 在欧盟地区的收入占公司整体营业收入的比重约为15%。在业务模式上，公司下属汽车零部件板块的索 恩格（SEG）是国际化的汽车零部件供应商和服务商，其在欧洲西班牙、匈牙利建立了制造基地，主要 面向欧盟地区开展业务。公司汽车零部件板块的亚新科是一家拥有丰富产品线的平台型汽车零部件集 团，其制造基地主要位于中国，并在欧洲设立了销售子公司，对外出口开拓欧洲市场。 ...

Group 1 - The core viewpoint of the article highlights that Zhengzhou Coal Mining Machinery Group Co., Ltd. (Zheng Coal Machine) has been recognized as one of the first companies in the mining machinery manufacturing industry in Henan Province to be included in the 2025 "Zero Carbon Factory" list due to its outstanding achievements in green manufacturing and sustainable development [1][2] - The "Zero Carbon Factory" selection is an important initiative by the Henan Provincial Department of Industry and Information Technology to promote energy conservation and carbon reduction, involving self-declaration by enterprises, city recommendations, expert reviews, and public announcements [1] - Zheng Coal Machine has implemented a series of measures for energy structure optimization, including the installation of a 7MW distributed photovoltaic power generation system, which has increased the proportion of renewable energy used directly to 29.18% [1] Group 2 - The company has effectively reduced natural gas consumption and carbon emissions during production through technological transformations such as heat recovery and water recycling [1] - Zheng Coal Machine has established a comprehensive carbon management system, utilizing a digital energy and carbon management center for real-time monitoring of energy consumption and emissions [1] - The company's main product, the "hydraulic support for coal mine comprehensive mining face," has obtained a product carbon footprint certificate, with a 9.49% reduction in carbon footprint in 2024 compared to the previous year [1] Group 3 - Zheng Coal Machine achieved a 100% offset of its carbon emissions for the year 2024 through the cancellation of green power certificates, ultimately reaching a "zero carbon" status [1] - As a national-level green factory and the first "lighthouse factory" in the global coal machinery industry, Zheng Coal Machine's inclusion in the "Zero Carbon Factory" list signifies its leadership in green low-carbon operations within the industry [2] - The Zhengzhou Economic Development Zone will continue to summarize and promote advanced experiences and typical practices, enhancing dynamic management and support for enterprises in implementing energy-saving and carbon reduction transformations [2]

Core Viewpoint - The company has announced a change in its website and investor contact email to better align with its development needs, effective immediately upon the announcement [1]. Group 1: Company Information - The new company website and investor contact email will be activated, while the old website will continue to be used by the company's wholly-owned subsidiary, Zhengzhou Coal Mining Machinery Group Co., Ltd [1]. - Emails sent to the old investor contact email will be forwarded to the new investor contact email [1]. - Other contact information such as investor phone, fax, and address will remain unchanged [1].

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 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 變更公司網址及投資者聯繫郵箱 中創智領（鄭 州）工業技術集團股份有限公司（「本公司」或「公 司」）根據公司發展 實 際 需 要，對 公 司 網 址 及 投 資 者 聯 繫 郵 箱 進 行 了 變 更，自 本 公 告 發 佈 之 日 起 生 效。現 將 具 體 變 更 信 息 公 告 如 下： | 變更事項 | 變更前 | 變更後 | | --- | --- | --- | | 公司網址 | www.zmj.com | www.zczl.cn | | 投資者聯繫郵箱 | ir@zmj.com | ir@ ...

中创智领（郑州）工业技术集团股份有限公司（以下简称"公司"）根据公 司发展实际需要，对公司网址及投资者联系邮箱进行了变更，自本公告发布之 日起生效。现将具体变更信息公告如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 公司网址 | www.zmj.com | www.zczl.cn | | 投资者联系邮箱 | ir@zmj.com | ir@zczl.cn | 新的公司网址及投资者联系邮箱启用后，原网址未来将由公司全资子公司 郑州煤矿机械集团有限责任公司继续使用，原投资者联系邮箱收到的邮件也将 同步到新投资者联系邮箱。 证券代码：601717 证券简称：中创智领 公告编号：2026-007 中创智领（郑州）工业技术集团股份有限公司 关于变更公司网址及投资者联系邮箱的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 除上述变更事项外，公司投资者电话、传真和地址等联系方式保持不变， 敬请广大投资者注意。由此带来的不便，敬请谅解。 特此公告。 中创智领（郑州）工业技术集团股份有限公司董 ...

Core Viewpoint - Zhongchuang Zhiling (601717.SH, 00564.HK) plans to raise funds through convertible bonds to enter the smart robotics sector, with a total fundraising amount not exceeding 4.35 billion yuan [1][2]. Group 1: Fundraising and Project Allocation - The company intends to raise 4.35 billion yuan, with 1.2 billion yuan allocated for working capital and 3.15 billion yuan for four major projects [2][3]. - The largest project involves constructing a high-end auto parts industrial base, with an investment of 1.865 billion yuan, aimed at producing key components for electric vehicles [2][3]. - Other projects include an intelligent upgrade of high-end hydraulic components production systems (5.35 billion yuan), a full-scenario R&D center for smart manufacturing (2.8 billion yuan), and a smart mobile robot manufacturing base (4.7 billion yuan) [3][4]. Group 2: Business Strategy and Market Position - Zhongchuang Zhiling aims to transform from a solution provider to a dual focus on solutions and intelligent equipment manufacturing, aligning with technological integration trends [4]. - The company has established itself as the world's largest supplier of coal mining technology and equipment and a leading manufacturer of auto parts, supported by a "three-horsepower" strategy involving coal machinery, auto parts, and investment [6][7]. - Since 2016, the company has consistently increased its net profit, with projections of over 3 billion yuan in annual profit for 2023 and 2024, and a 20% year-on-year growth expected for the first three quarters of 2025 [1][7]. Group 3: Financial Performance and R&D Investment - Zhongchuang Zhiling has shown strong financial performance, with net profit growing from 62 million yuan in 2016 to 3.934 billion yuan in 2024, and a revenue increase of over 9 times during the same period [6][7]. - The company has maintained a high dividend payout, with cumulative cash dividends of 7.549 billion yuan, exceeding its total fundraising amount by 1.62 times [5][7]. - R&D investment has consistently exceeded 1 billion yuan annually since 2018, with 1.232 billion yuan spent in the first three quarters of 2025, indicating a commitment to innovation [1][7].

Group 1 - The establishment of Zhongchuangzhiling (Zhengzhou) Industrial Investment Partnership (Limited Partnership) has been officially registered, with a capital contribution of 300 million RMB [1] - The executive partner is Zhengzhou Zhongchuangzhiling Future Investment Management Co., Ltd., which is co-funded by Zhongchuangzhiling (601717) and its subsidiary [1] - The business scope includes investment activities and venture capital, specifically limited to investing in unlisted companies [2]

Group 1 - The establishment of Zhongchuangzhiling (Zhengzhou) Industrial Investment Partnership (Limited Partnership) has been officially registered, with a capital contribution of 300 million RMB [1] - The executive partner is Zhengzhou Zhongchuangzhiling Future Investment Management Co., Ltd., indicating a structured management approach [1] - The business scope includes investment activities and venture capital using its own funds, highlighting a focus on investment opportunities [1]