格隆汇1月16日丨均胜电子(00699.HK)公告，基于对宁波均胜电子股份有限公司汽车安全业务未来持续 稳定发展的信心和长期价值的认可，农银金融资产投资有限公司拟向公司控股子公司安徽均胜汽车安全 系统控股有限公司(以下简称"安徽均胜安全"、"标的公司"或"增资标的")增资人民币10亿元，增资完成 后，农银投资将持有安徽均胜安全约4.81%股权，安徽均胜安全仍为公司控股子公司。 ...

本次交易公司控股子公司安徽均胜安全引入战略投资者农银投资，增资款项主要用于偿还公司向其提供 的股东借款，再由公司偿还自身存量银行贷款，降低总体负债规模，减少利息费用，有助于公司稳步推 进债务结构的持续优化工作，有利于进一步提高公司的整体经营韧性与持续盈利能力。 智通财经APP讯，均胜电子(00699)公布，基于对公司汽车安全业务未来持续稳定发展的信心和长期价值 的认可，近期农银投资与公司及公司控股子公司安徽均胜安全签署了《关于安徽均胜汽车安全系统控股 有限公司之增资协议》，农银投资拟向安徽均胜安全增资人民币 10 亿元。本次交易完成后，农银投资 将持有安徽均胜安全约 4.81%股权，安徽均胜安全仍为公司控股子公司。 ...

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。 本公告乃由根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列本公司於上海證券交易所網站刊登的公告如下，僅供參閱。 承董事會命 寧波均勝電子股份有限公司 董事長兼執行董事 王劍峰先生 中國寧波，2026年1月16日 NINGBO JOYSON ELECTRONIC CORP. 寧波均勝電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：0699） 海外監管公告 证券代码：600699 证券简称：均胜电子 公告编号：临 2026-001 宁波均胜电子股份有限公司 於本公告日期，本公司董事會成員包括：(i)執行董事王劍峰先生、陳偉先生、 李俊彧女士及蔡正欣先生；(ii)非執行董事朱雪松先生及周興宥先生；及(iii)獨立 非執行董事魏學哲教授、魯桂華教授、余方教授及席絢樺女士。 关于汽车安全事业部引入战略投资者的公告 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 ...

Core Viewpoint - Morgan Stanley identifies Techtronic Industries (00699) as a top pick for 2026, citing a resurgence in the electric tools industry driven by normalized supply chains, favorable interest rate cycles, and company-specific catalysts [1] Group 1: Industry Outlook - The electric tools sector is expected to outperform the market for the remainder of the year as attention shifts back to growth potential [1] - The channel destocking cycle in the industry is nearing completion, with strong pricing power maintained [1] - Industry consolidation is accelerating, benefiting large brand suppliers [1] Group 2: Company-Specific Insights - Revenue growth for the Milwaukee brand is anticipated to accelerate due to rapid expansion of the total addressable market (TAM) [1] - Following the exit from Walmart's HART brand, the company will refocus on consumer business, particularly the Ryobi brand at Home Depot [1] - The impact of supply chain migration on the industry is largely over, with a noticeable recovery in both professional and DIY demand [1]

Core Viewpoint - Morgan Stanley identifies Techtronic Industries (00699) as a top pick for 2026, citing a return to growth in the power tools industry driven by supply chain normalization, favorable interest rate cycles, and company-specific catalysts [1] Group 1: Industry Outlook - The power tools industry is expected to outperform the market for the remainder of the year as attention shifts back to growth potential [1] - The channel destocking cycle in the industry is nearing completion, with strong pricing power maintained [1] - The impact of supply chain migration on the industry is largely over, and both professional and DIY demand are showing clear signs of recovery [1] Group 2: Company-Specific Insights - Revenue growth for the Milwaukee brand is anticipated to accelerate due to the rapid expansion of the total addressable market (TAM) [1] - Following the exit from Walmart's HART brand, the company will refocus on consumer business, particularly the Ryobi brand at Home Depot [1] - The industry consolidation is accelerating, benefiting large brand suppliers [1]

Core Viewpoint - Northeast Securities has given a "Buy" rating to Joyson Electronics (00699), highlighting steady revenue growth and continuous improvement in profitability, with a significant increase in gross margin before Q3 2025 [1] Revenue and Profitability - For the first three quarters, the company achieved revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, with Q3 2025 revenue at 15.497 billion yuan, up 10.25% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 1.12 billion yuan, reflecting a year-on-year growth of 18.98%, with Q3 2025 net profit at 413 million yuan, up 35.40% year-on-year [1] - The significant profit growth is attributed to a notable increase in gross margin, which reached 18.3% for the first three quarters, up 2.7 percentage points year-on-year, and 18.6% for Q3 2025, up 2.9 percentage points year-on-year [1] - The gross margin for the automotive safety business was approximately 16.4%, up 2.4 percentage points year-on-year, while the automotive electronics business gross margin was about 20.8%, up 1.6 percentage points year-on-year [1] New Orders and Intelligent Driving Business - The company has significantly increased its new order acquisition, with a total order value of approximately 71.4 billion yuan for the first three quarters, including 39.6 billion yuan for automotive safety and 31.8 billion yuan for automotive electronics [2] - The intelligent driving business has been a major highlight, with two significant automotive intelligence project orders received since Q3 2025, expected to generate total order values of 15 billion yuan and 5 billion yuan, with production planned to start in 2027 and by the end of 2026, respectively [2] Robotics Product Line and Commercialization - The company is positioning itself as a "Tier 1" supplier in the automotive and robotics sectors, actively developing a second growth curve since the establishment of its wholly-owned subsidiary, Joyson Embodied Intelligent Robotics, in April 2025 [3] - A comprehensive product matrix has been formed, including AI head assemblies, thoracic and chassis assemblies, energy management solutions, and sensor suites, with core clients including leading overseas robotics companies [3] Strategic Cooperation - The company has reached a strategic cooperation agreement with Sien Intelligent Driving to jointly explore L4 commercial applications and embodied intelligent technology [4] - A previously developed smart port digital management platform based on "V2X + L4 Intelligent Driving + Intelligent Cloud Scheduling" has been successfully implemented and is operating stably at Ningbo Port [4]

Core Viewpoint - Northeast Securities has given a "Buy" rating to Joyson Electronics (00699), highlighting steady revenue growth and continuous improvement in profitability, with a significant increase in gross margin before Q3 2025 [1] Group 1: Revenue and Profitability - For the first three quarters, the company achieved a revenue of 45.844 billion yuan, a year-on-year increase of 11.45%, with Q3 2025 revenue reaching 15.497 billion yuan, up 10.25% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 1.12 billion yuan, reflecting an 18.98% year-on-year increase, with Q3 2025 net profit at 413 million yuan, a 35.40% increase year-on-year [1] - The gross margin for the first three quarters was 18.3%, up 2.7 percentage points year-on-year, with Q3 2025 gross margin at 18.6%, an increase of 2.9 percentage points year-on-year [1] Group 2: New Orders and Smart Driving Business - The company has significantly increased its new order acquisition, with a total order value of approximately 71.4 billion yuan for the first three quarters, including 39.6 billion yuan for automotive safety and 31.8 billion yuan for automotive electronics [2] - The smart driving business has been a major highlight, with two significant automotive intelligence project orders received since Q3 2025, expected to generate total order values of 15 billion yuan and 5 billion yuan, with production planned to start in 2027 and by the end of 2026, respectively [2] Group 3: Robotics Product Development - The company is positioning itself as a "Tier 1 in Automotive and Robotics," actively developing a second growth curve since the establishment of its wholly-owned subsidiary, Joyson Embodied Intelligent Robotics, in April 2025 [3] - A comprehensive product matrix has been formed, including AI head assemblies, thoracic and chassis assemblies, energy management solutions, and sensor suites, with core clients including leading overseas robotics companies [3] Group 4: Strategic Cooperation - The company has reached a strategic cooperation agreement with Sien Intelligent Driving to jointly explore L4 commercial applications and embodied intelligent technology [4] - A previously developed smart port digital management platform based on "V2X + L4 Intelligent Driving + Intelligent Cloud Scheduling" has been successfully implemented and is operating stably at Ningbo Port [4]

Core Viewpoint - The report highlights the current AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2][3]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 743.75%, followed by Zhejiang Shibao (01057) at 409.54% and Hongye Futures (03678) at 276.37% [1][2]. - The top three stocks with the highest premium rates also include Sinopec Oilfield Service (01033) at 269.01% and Beijing Mechanical & Electrical (00187) at 250.35% [2]. Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -12.17%, followed by Hengrui Medicine (01276) at -1.63% and China Merchants Bank (03968) at -1.13% [1][3]. - Other notable mentions in the bottom tier include Wu Chai Power (02338) with a premium of 7.61% and Midea Group (00300) at 7.91% [3]. Group 3: Top Deviation Values - Zhejiang Shibao (01057) has the highest deviation value at 85.42%, followed by Goldwind Technology (02208) at 45.12% and Shandong Molong (00568) at 19.23% [1][4]. - Other significant stocks with high deviation values include Chalco International (02068) at 18.61% and Sanhua Intelligent Control (02050) at 17.05% [4]. Group 4: Bottom Deviation Values - Northeast Electric (00042) has the lowest deviation value at -140.26%, followed by Nanhua Futures (02691) at -29.12% and CICC (03908) at -25.34% [1][6]. - Additional stocks with low deviation values include Chenming Paper (01812) at -19.00% and Guolian Minsheng (01456) at -13.32% [6].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00699 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 155,100,000 | RMB | | | 1 RMB | | 155,100,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 155,100,000 | RMB | | | 1 RMB | | 155,100,000 | | 2. 股份分類 | 普通股 | | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | ...

Core Insights - The integrated domain control solution is a core technology for the development of intelligent and connected vehicles, widely implemented in both passenger and commercial vehicles [1][5] - The global market for integrated domain control solutions is expected to grow rapidly, with projections of approximately 85.16 billion yuan in 2025 and 132.46 billion yuan in 2026 [5] - In China, the market size for integrated domain control solutions is projected to reach about 44.14 billion yuan in 2025 and 66.78 billion yuan in 2026, driven by rising consumer demand for smart experiences and supportive national policies [5] Industry Definition - The term "domain" refers to a collection of electronic and electrical architectures that control major functional modules of a vehicle, typically divided into five domains: intelligent driving, entertainment (cockpit), chassis, power, and body [2] - The trend towards integration in the vehicle's electronic and electrical architecture is driven by the increasing number of electronic control units and the shift towards centralized E/E architectures [2][4] Market Overview - The integrated domain control solution market is experiencing rapid growth due to the shift towards centralized E/E architectures and the increasing demand for integrated computing capabilities in smart vehicles [5] - The market is supported by rising consumer spending and the importance of smart experiences in vehicle purchasing decisions, particularly among younger consumers [5] Industry Chain - The upstream of the integrated domain control solution industry includes core components such as domain control SoCs, vehicle networking, and other embedded computing modules, as well as related software like operating systems and application software [5] - The midstream involves system integration and services for integrated domain control solutions, while the downstream includes traditional domestic manufacturers, foreign manufacturers, joint ventures, and new forces in the automotive industry [5] Competitive Landscape - The competition in the Chinese integrated domain control market is characterized by a transition from separate intelligent driving and cockpit domain controls to integrated solutions, with key players including Desay SV, Jingwei Hirain, and Joyson Electronics [7] - Companies are focusing on developing higher computing power solutions and integrated cockpit and driving domain control solutions [7] Company Highlights - Megvii Technology is a leading automotive technology company focusing on AI-driven integrated domain control solutions, aiming to reshape the next generation of smart vehicles [8] - Desay SV is a global leader in mobile travel technology, focusing on the integration of intelligent cockpit, intelligent driving, and connected services, with significant revenue from its smart cockpit segment [9] Industry Trends - The integrated domain control solution industry is entering a high-growth phase, driven by the electrification, intelligence, and connectivity of the automotive industry [10] - The industry is evolving towards functional integration, AI fusion, and higher safety standards, with an emphasis on cost reduction and domestic substitution [10]