资料显示，福耀玻璃工业集团股份有限公司位于福建省福清市福耀工业村II区,香港中环干诺道200号信 德中心西座1907室，成立日期1992年6月21日，上市日期1993年6月10日，公司主营业务涉及汽车级浮法 玻璃、汽车玻璃的设计、生产、销售及服务。主营业务收入构成为：汽车玻璃91.10%，浮法玻璃 14.43%，其他10.51%，其他(补充)1.53%。 福耀玻璃所属申万行业为：汽车-汽车零部件-车身附件及饰件。所属概念板块包括：特种玻璃、价值成 长、高派息、蔚来汽车概念、小米汽车概念等。 9月9日，福耀玻璃盘中上涨2.01%，截至09:53，报70.65元/股，成交2.78亿元，换手率0.20%，总市值 1843.78亿元。 资金流向方面，主力资金净流入454.90万元，特大单买入1752.88万元，占比6.30%，卖出2882.15万元， 占比10.36%；大单买入7820.89万元，占比28.10%，卖出6236.72万元，占比22.41%。 福耀玻璃今年以来股价涨16.58%，近5个交易日涨6.30%，近20日涨27.27%，近60日涨23.51%。 截至6月30日，福耀玻璃股东户数9.33万，较上期 ...

9月8日，福耀玻璃盘中上涨2.21%，截至13:47，报69.95元/股，成交8.24亿元，换手率0.60%，总市值 1825.52亿元。 资金流向方面，主力资金净流入1369.45万元，特大单买入2884.40万元，占比3.50%，卖出3936.73万 元，占比4.78%；大单买入1.91亿元，占比23.23%，卖出1.67亿元，占比20.29%。 福耀玻璃今年以来股价涨15.43%，近5个交易日涨6.29%，近20日涨26.13%，近60日涨20.71%。 资料显示，福耀玻璃工业集团股份有限公司位于福建省福清市福耀工业村II区,香港中环干诺道200号信 德中心西座1907室，成立日期1992年6月21日，上市日期1993年6月10日，公司主营业务涉及汽车级浮法 玻璃、汽车玻璃的设计、生产、销售及服务。主营业务收入构成为：汽车玻璃91.10%，浮法玻璃 14.43%，其他10.51%，其他(补充)1.53%。 福耀玻璃所属申万行业为：汽车-汽车零部件-车身附件及饰件。所属概念板块包括：特种玻璃、价值成 长、高派息、蔚来汽车概念、MSCI中国等。 截至6月30日，福耀玻璃股东户数9.33万，较上期减少7.65 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [46]. Core Insights - The automotive sector experienced a slight decline in profits in Q2 2025, attributed to intense market competition and price wars. However, with the gradual implementation of "anti-involution" strategies and continuous optimization of product structures, industry profits are expected to improve. The recent launch of new models is anticipated to catalyze growth [3][42][43]. Summary by Sections Automotive Industry Trends and Valuation Review - As of September 4, 2025, the Shenwan Automotive Index has decreased by 1.95% over the past two weeks, underperforming the CSI 300 Index by 3.74 percentage points. Year-to-date, the index has increased by 17.72%, outperforming the CSI 300 Index by 6.79 percentage points [10][15]. Industry Data Tracking - Raw material prices as of September 4, 2025, show steel prices stable, aluminum down by 0.05%, copper up by 0.36%, lithium carbonate down by 4.28%, synthetic rubber up by 0.16%, and glass up by 0.12% [19][20]. Industry News - Key developments include: 1. Chongqing City allocated an additional 135 million yuan for vehicle and electric bicycle trade-in subsidies [25]. 2. In July, China's automobile exports reached 11.84 billion USD, with a year-on-year increase of 25.6% [26]. 3. The China Passenger Car Association estimates that wholesale sales of new energy passenger vehicles in August reached 1.3 million units, a 24% year-on-year increase [27]. 4. Jinan initiated a new round of automotive consumption subsidies totaling 12 million yuan [28]. Corporate News - Significant corporate updates include: 1. Leap Motor completed a 2.6 billion yuan domestic stock issuance [34]. 2. Changan Automobile reported an August sales increase of 25% year-on-year [35]. 3. NIO's Q2 2025 revenue was 19.01 billion yuan, with a quarter-on-quarter growth of 57.9% [37]. Investment Recommendations - As of September 4, 2025, the automotive sector's total revenue for the first half of 2025 was 1.955 trillion yuan, a year-on-year increase of 7.33%, with a net profit of 82.205 billion yuan, up 0.62% [42][43]. - The report suggests focusing on companies enhancing brand competitiveness through smart technology, such as BYD and Seres, and those benefiting from increased penetration of smart driving configurations, like Fuyao Glass and Joyson Electronics [44].

Core Viewpoint - Fuyao Glass conducted a block trade on September 4, with a transaction volume of 1.6 million shares and a transaction value of 108 million yuan, indicating active trading interest in the stock [1] Group 1: Block Trade Details - The block trade involved a transaction price of 67.34 yuan per share, which was the same as the closing price for the day, reflecting no premium or discount [1] - The buyer was Guotai Junan Securities Co., Ltd. headquarters, while the seller was UBS Securities Co., Ltd. Shanghai Huayuan Shiqiao Road Securities Branch [1] Group 2: Market Performance - On the same day, Fuyao Glass's stock closed at 67.34 yuan, down 2.02%, with a trading volume of 1.35% and a total transaction value of 1.824 billion yuan [1] - The stock experienced a net outflow of 98.91 million yuan in main funds, and over the past five days, it has cumulatively increased by 4.45% with a total net outflow of 91.10 million yuan [1] Group 3: Margin Trading Data - The latest margin financing balance for Fuyao Glass is 2.057 billion yuan, which has decreased by 76.65 million yuan over the past five days, representing a decline of 3.59% [1]

Group 1 - Fuyao Glass conducted a block trade of 1.6 million shares on September 4, with a transaction value of 108 million yuan, accounting for 5.58% of the total trading volume for that day [1] - The transaction price was 67.34 yuan, which was consistent with the market closing price of 67.34 yuan [1] - The buying brokerage was Guotai Junan Securities, while the selling brokerage was UBS Securities [2]

智通财经APP获悉，摩根士丹利发布研报称，将福耀玻璃(03606)2025至27年收入预测分别上调0.4%、 2%及3%，以反映集团在海外的市场份额提升，以及国内市场平均售价上升。考虑到集团过去两年已完 成大部分产能扩张投资，该行将2025至27年的资本开支预测由60亿元人民币下调至35亿元人民币。综合 以上调整，目标价由51.5港元升至59港元，评级"与大市同步"。 同时，将2025及26年毛利率预测分别上调1.4及0.2个百分点，因集团次季毛利率表现稳健，以及规模效 益持续显现，并将2025年净利润及每股盈利预测上调8%，2026及2027年则上调2%。 ...

同时，将2025及26年毛利率预测分别上调1.4及0.2个百分点，因集团次季毛利率表现稳健，以及规模效 益持续显现，并将2025年净利润及每股盈利预测上调8%，2026及2027年则上调2%。 摩根士丹利发布研报称，将福耀玻璃（600660）(03606)2025至27年收入预测分别上调0.4%、2%及3%， 以反映集团在海外的市场份额提升，以及国内市场平均售价上升。考虑到集团过去两年已完成大部分产 能扩张投资，该行将2025至27年的资本开支预测由60亿元人民币下调至35亿元人民币。综合以上调整， 目标价由51.5港元升至59港元，评级"与大市同步"。 ...

业 及 产 业 邵翼 (8621)23297818× shaoyi@swsresearch.com 2025 年 09 月 04 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 重点公司中报总结 看好 ——一周一刻钟，大事快评（W122） 本期投资提示： 投资分析意见：基于科技+国央企改革两条主线，1）推荐国内强α主机厂如比亚迪、吉 利、小鹏；2）智能化趋势：华为鸿蒙高端智能的典型代表：关注江淮汽车、赛力斯 等，推荐理想汽车、科博达、德赛西威、经纬恒润；3）国央企整合推荐关注上汽集 团、东风集团股份、长安汽车；4）具备强业绩增长、机器人布局，或海外拓展能力的 零部件企业：推荐福耀玻璃、新泉股份、福达股份、双环传动、银轮股份、无锡振华 等，关注敏实集团、拓普集团。 ⚫ 核心风险：原材料价格波动风险，地缘政治风险，行业复苏不及预期 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚 ...

摩根士丹利发表研究报告，将福耀玻璃2025至27年收入预测分别上调0.4%、2%及3%，以反映集团在海 外的市场份额提升，以及国内市场平均售价上升；同时将2025及26年毛利率预测分别上调1.4及0.2个百 分点，因集团次季毛利率表现稳健，以及规模效益持续显现，并将2025年净利润及每股盈利预测上调 8%，2026及2027年则上调2%。考虑到集团过去两年已完成大部分产能扩张投资，该行将2025至27年的 资本开支预测由60亿元下调至35亿元。该行对其目标价由51.5港元上调至59港元，评级"与大市同步"。 ...

Summary of Conference Call Records Industry Overview: Automotive Sector Key Points - The automotive sector is experiencing a divergence in profitability, with strong performers like BYD and Geely expected to recover in Q3, while companies like Changan and BYD face challenges due to increased sales and R&D expenses [1][2] - The overall performance of the automotive sector in Q2 showed improvement in retail and wholesale data compared to Q1, with a notable increase in new energy vehicle penetration, surpassing 50% [1][8] - Concerns regarding the reduction of new energy vehicle purchase tax and subsidy cuts are present, but stable pricing and new model launches may drive demand [1][5] Company-Specific Insights - **BYD**: Expected to see better profitability recovery in Q3, with a focus on sales alpha without significant price wars [2] - **Geely**: Q2 operating profit was 31.8 billion yuan, with new models expected to launch in Q3 and Q4, aiming for a profit target of 20 billion yuan for the year [13] - **Li Auto**: Q2 performance was under pressure with sales of approximately 110,000 vehicles, but Q3 delivery is expected to be between 90,000 and 95,000 vehicles [9] - **Great Wall Motors**: Q2 net profit was approximately 4.6 billion yuan, with new product cycles expected to provide opportunities [12] - **Xpeng Motors**: Q2 performance slightly exceeded expectations, with a gross margin over 14%, and profitability expected in Q4 2025 [16] Automotive Parts Sector Key Points - The automotive parts sector showed moderate growth in Q2, with a self-owned market share reaching 68.5% [19] - Companies like Fuyao Glass and Huguang Electronics exceeded expectations due to customer structure optimization and scale effects [3][19] - The overall revenue growth of the parts sector was 7.6% year-on-year, lagging behind the 13% growth in passenger vehicle wholesale sales [19] Company-Specific Insights - **Fuyao Glass**: Expected to see improved profitability in H2 2025 due to enhanced production efficiency and increased industry demand [20] - **Huguang Electronics**: Q2 performance exceeded market expectations, with significant contributions from new models [21] - **Yuanpu**: Anticipated to see sustained growth in H2 2025, with new business developments in the seating assembly and robotics sectors [22] Robotics Industry Key Points - The robotics industry has a positive outlook, driven by new technology iterations and upgrades in customer relationships among several companies [6][7] - Companies like Haoneng Fuda and Wuxi Zhenhua are highlighted for their strong performance and advantageous customer structures [6] Heavy Truck Sector Key Points - The heavy truck sector's performance in Q2 was in line with expectations, but profitability did not show significant surprises due to intense competition [31] - The sector is viewed as defensive, with steady but slow growth anticipated, supported by high dividend rates [31][32] Financial Automotive Sector Key Points - Financial Automotive reported a positive performance in Q2, marking a significant turnaround in profitability [33] - The company aims to improve its profitability to match competitors, indicating substantial growth potential if successful [33]