Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of September 22, with Northeast Electric (00042) leading at 831.03% and CATL (03750) at -13.26% [1][2]. AH Premium Rate Rankings - The top three stocks with the highest AH premium rates are: - Northeast Electric (00042): H-share at 0.290 HKD, A-share at 2.25 CNY, premium rate of 831.03%, deviation value of 43.11% [1]. - Andeli Juice (02218): H-share at 16.540 HKD, A-share at 45.25 CNY, premium rate of 227.69%, deviation value of -1.28% [1]. - Hongye Futures (03678): H-share at 4.200 HKD, A-share at 11.38 CNY, premium rate of 224.52%, deviation value of -11.54% [1]. - The bottom three stocks with the lowest AH premium rates are: - CATL (03750): H-share at 511.000 HKD, A-share at 370.05 CNY, premium rate of -13.26%, deviation value of 1.89% [1]. - Heng Rui Medicine (01276): H-share at 90.000 HKD, A-share at 71.05 CNY, premium rate of -5.44%, deviation value of -4.32% [1]. - Zijin Mining (02899): H-share at 29.540 HKD, A-share at 25.37 CNY, premium rate of 2.88%, deviation value of -3.50% [1]. Deviation Value Rankings - The top three stocks with the highest deviation values are: - Northeast Electric (00042): premium rate of 831.03%, deviation value of 43.11% [2]. - Changfei Optical Fiber (06869): premium rate of 130.35%, deviation value of 26.09% [2]. - China Foreign Transportation (00598): premium rate of 67.13%, deviation value of 18.35% [2]. - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): premium rate of 61.72%, deviation value of -25.04% [3]. - Qin Port Co. (03369): premium rate of 53.16%, deviation value of -21.72% [3]. - Longyuan Power (00916): premium rate of 163.85%, deviation value of -19.33% [3].

Core Viewpoint - Zhejiang Shibao (002703) has a strong technological reserve in steer-by-wire and rear-wheel steering, with multiple mainstream automakers already designated for collaboration. The first mass production project for steer-by-wire is expected to begin in the second half of 2026, while the rear-wheel steering project is set to start mass production in the fourth quarter of this year [1] Group 1 - The company has deep technological reserves in steer-by-wire and rear-wheel steering [1] - Multiple mainstream automakers have designated the company for collaboration [1] - The first mass production project for steer-by-wire is expected to start in the second half of 2026 [1] Group 2 - The first mass production project for rear-wheel steering is expected to begin in the fourth quarter of this year [1] - These products are primarily aimed at L3+ intelligent driving vehicles and high-performance luxury models [1] - The technology has high barriers to entry and a broad market outlook [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.524 billion yuan, a year-on-year increase of 35.32% [2] - The overall gross margin for the same period was 18.01%, a decrease of 1.77% year-on-year, primarily due to a decline in product prices amid intensified competition in the automotive industry [2][3] - The C-EPS product, which contributes approximately 50% of revenue, significantly impacted the gross margin due to price declines [3] Group 2: Production and Capacity - The current overall capacity utilization rate is maintained at a healthy level of 80%-90% [3] - The first mass production project for steer-by-wire is expected to start in the second half of 2026, while the rear-wheel steering project is anticipated to begin mass production in Q4 of this year [3] Group 3: Market Position and Strategy - The company has over 40 years of experience in the commercial vehicle market and holds a market share exceeding 50% in the electric steering gear for new energy light trucks [4] - The company is actively pursuing supplier qualification certifications with several international automotive manufacturers, with no immediate plans for overseas factory investments [3][4] - The company is focused on expanding its product offerings in electric and intelligent steering systems to match market demand growth [3] Group 4: Cost Management and Efficiency - The proportion of selling, administrative, and research expenses relative to revenue continues to decline, indicating potential for further optimization [4] - The company aims to enhance net profit margins through digital management and process optimization [4]

Group 1 - The core viewpoint of the news is that Zhejiang Shibao's stock performance has shown significant fluctuations, with a year-to-date increase of 21.04% and a recent decline of 2.00% on September 18 [1][2] - As of June 30, 2025, Zhejiang Shibao achieved a revenue of 1.524 billion yuan, representing a year-on-year growth of 35.32%, and a net profit attributable to shareholders of 93.03 million yuan, up 39.09% year-on-year [2] - The company specializes in the research, design, manufacturing, and sales of automotive steering systems and key components, with 95.55% of its revenue coming from steering systems and components [1][2] Group 2 - Zhejiang Shibao is classified under the automotive industry, specifically in the automotive parts sector, focusing on chassis and engine systems [2] - The company has a total market capitalization of 11.262 billion yuan, with a trading volume of 559 million yuan and a turnover rate of 6.88% as of September 18 [1] - The company has distributed a total of 209 million yuan in dividends since its A-share listing, with 69.36 million yuan distributed in the last three years [3]

Company Overview - Zhejiang Shibao is located in Hangzhou Economic and Technological Development Zone, established on June 2, 1993, and listed on November 2, 2012. The company specializes in the research, design, manufacturing, and sales of automotive steering gears and other key components of steering systems [1][2] - The main business revenue composition includes steering systems and components at 95.55%, others at 2.28%, and accessories and others at 2.17% [1] Financial Performance - For the first half of 2025, Zhejiang Shibao achieved operating revenue of 1.524 billion yuan, representing a year-on-year growth of 35.32%. The net profit attributable to the parent company was 93.0344 million yuan, with a year-on-year increase of 39.09% [2] - Cumulative cash dividends since the A-share listing amount to 209 million yuan, with 69.3579 million yuan distributed over the past three years [3] Stock Market Activity - As of September 17, the stock price of Zhejiang Shibao increased by 2.06%, reaching 13.86 yuan per share, with a trading volume of 560 million yuan and a turnover rate of 7.06%. The total market capitalization is 11.402 billion yuan [1] - Year-to-date, the stock price has risen by 22.55%, with a 12.77% increase over the last five trading days and a 6.94% increase over the last 20 days, while it has decreased by 1.07% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on June 25, where it recorded a net buy of -53.1552 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Zhejiang Shibao was 78,500, an increase of 16.94% from the previous period. The average circulating shares per person remained at 0 shares [2] - Among the top ten circulating shareholders, Invesco Great Wall Research Selected Stock A (000688) is the fourth largest shareholder, holding 1.974 million shares as a new shareholder. Hong Kong Central Clearing Limited has exited the top ten circulating shareholders list [3]

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]

Market Performance - A-shares showed mixed performance on September 15, with the Shanghai Composite Index down 0.26% to 3860.50 points, while the Shenzhen Component Index rose 0.63% to 13005.77 points, and the ChiNext Index increased by 1.52% to 3066.18 points [1] - The total trading volume for the Shanghai market was 986.2 billion, while the Shenzhen market recorded 1,291.2 billion, and the ChiNext market had 620.8 billion [1] Sector Performance - Strong performance was noted in sectors such as gaming, automotive, and pork, with notable stocks like Ningde Times rising over 9% to reach a historical high, and several automotive stocks hitting the daily limit [1][2] - Conversely, sectors like satellite internet and cultural media saw significant declines, with stocks like Sanwei Communication dropping over 5% and Guomai Culture falling over 10% [1][2] Institutional Insights - According to Jifeng Investment Advisory, the market is expected to benefit from the gradual onset of the Federal Reserve's interest rate cut cycle, with A-shares and certain sectors likely to see upward trends [3] - CITIC Securities highlighted the ongoing transformation in the retail sector, with private enterprises undergoing management changes to enhance operational efficiency [3] - Huatai Securities noted the release of a new action plan for the storage industry, which is expected to promote long-term healthy development in the sector, with strong demand and reduced price competition [3] Policy Developments - The People's Bank of China in Shanghai reported a total cross-border RMB payment amount of 18.83 trillion yuan in the first seven months of the year, indicating a robust financial environment [4] - Guangzhou's plan for V2G (Vehicle-to-Grid) applications aims to establish a comprehensive network of smart charging stations and vehicles, with specific targets set for 2025 and beyond [5] Automotive Industry Initiatives - The China Association of Automobile Manufacturers released a payment standard initiative for automotive suppliers, with major companies like Dongfeng and BYD expressing commitment to this initiative to foster a collaborative ecosystem [6][7]

Market Overview - The market showed a mixed performance with the Shanghai Composite Index experiencing a slight decline of 0.26%, while the Shenzhen Component Index rose by 0.63% and the ChiNext Index increased by 1.52% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, which is a decrease of 245.8 billion yuan compared to the previous trading day [1] Index Performance - Shanghai Composite Index closed at 3860.50, down by 0.26% with 772 stocks rising and 1480 falling [2] - Shenzhen Component Index closed at 13005.77, up by 0.63% with 1033 stocks rising and 1799 falling [2] - ChiNext Index closed at 3066.18, up by 1.52% with 494 stocks rising and 872 falling [2] Sector Performance - The gaming sector saw significant gains, with stocks like Xinghui Entertainment hitting the daily limit [2] - The automotive supply chain also performed well, with multiple stocks such as Zhejiang Shibao reaching the daily limit [2] - The computing power sector showed strength, with Qingshan Paper achieving a remarkable performance of 7 consecutive daily limits [2] - Energy storage concept stocks were active, with companies like CATL and Sungrow reaching historical highs [2] - In contrast, the cultural media sector faced a sharp decline, with Guomai Culture dropping over 10% [2][3]

另外，近日工业和信息化部等八部门印发《汽车行业稳增长工作方案(2025—2026年)》，强调推进智能 网联汽车准入和上路通行试点，有条件批准L3级车型生产准入，推动道路交通安全、保险等法律法规 完善。方正证券发布研报称，政策端对L3车型的松绑，叠加后续权责划分、智能网联汽车参数等细则 的出台，有望重塑汽车行业竞争逻辑，从单纯的价格战转向价值维度的竞争，智能化将成为车企重要的 差异化竞争优势。 消息面上，浙江世宝近日在投资者互动平台表示，公司的线控转向SBW已获得数个主流整车厂客户定 点，项目开发正在进行中，将根据客户时间表投产。公司官网显示，SBW可支持L3及以上自动驾驶， 可支持底盘集成协调控制。此外，公司表示目前仍聚焦于汽车转向系统一级配套业务，同时也密切关注 产业链延伸机会。 浙江世宝（002703）(01057)涨超10%，截至发稿，涨11.25%，报5.34港元，成交额2.31亿港元。 ...

智通财经APP获悉，浙江世宝(01057)涨超10%，截至发稿，涨11.25%，报5.34港元，成交额2.31亿港 元。 另外，近日工业和信息化部等八部门印发《汽车行业稳增长工作方案(2025—2026年)》，强调推进智能 网联汽车准入和上路通行试点，有条件批准L3级车型生产准入，推动道路交通安全、保险等法律法规 完善。方正证券发布研报称，政策端对L3车型的松绑，叠加后续权责划分、智能网联汽车参数等细则 的出台，有望重塑汽车行业竞争逻辑，从单纯的价格战转向价值维度的竞争，智能化将成为车企重要的 差异化竞争优势。 消息面上，浙江世宝近日在投资者互动平台表示，公司的线控转向SBW已获得数个主流整车厂客户定 点，项目开发正在进行中，将根据客户时间表投产。公司官网显示，SBW可支持L3及以上自动驾驶， 可支持底盘集成协调控制。此外，公司表示目前仍聚焦于汽车转向系统一级配套业务，同时也密切关注 产业链延伸机会。 ...