Market Overview - On September 3, the automotive parts sector declined by 1.62%, with Sunny Optical Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the automotive parts sector included: - Spring High Precision (002547) with a closing price of 5.56, up 10.10% [1] - Huawai Technology (001380) at 27.15, up 10.01% [1] - Tianpu Co., Ltd. (605255) at 62.81, up 10.00% [1] - Other significant performers included: - Huayu Automotive (600741) at 20.80, up 4.58% [1] - Zhejiang Rongtai (603119) at 89.78, up 4.07% [1] Capital Flow - The automotive parts sector experienced a net outflow of 5.204 billion yuan from institutional investors, while retail investors saw a net inflow of 4.135 billion yuan [2] - Key stocks with significant capital flow included: - New Spring Co., Ltd. (603179) with a net inflow of 2.36 million yuan from institutional investors [2] - Fuyao Glass (600660) with a net inflow of 1.63 million yuan [2] - Spring High Precision (002547) had a net inflow of 92.148 million yuan from institutional investors [2]

Core Viewpoint - The company has demonstrated strong financial performance in the first half of the year, with significant year-on-year growth in both revenue and net profit, indicating a robust market position and potential for future expansion in the automotive glass sector [3]. Financial Performance - In the first half of the year, the company achieved revenue of approximately 21.447 billion yuan, representing a year-on-year increase of 16.94% [3]. - The net profit attributable to shareholders was around 4.805 billion yuan, reflecting a year-on-year growth of 37.33% [3]. - In the second quarter, revenue reached 11.54 billion yuan, up 21.39% year-on-year, while net profit was 2.775 billion yuan, increasing by 31.47% [3]. - The company declared a cash dividend of 0.90 yuan per share [3]. Market Position and Growth Drivers - Southwest Securities highlighted the company's competitive advantage in the global automotive glass sector, with expectations for continued market share growth due to new production facilities in Hefei, Fuzhou, and the U.S. [3]. - The increase in the area of glass per vehicle and the rising proportion of high-value-added products are expected to support the growth of average selling price (ASP) and ensure profitability [3]. Future Outlook - Galaxy Securities noted that the company's performance in the second half of the year will benefit from several factors, including: 1. The implementation of policies to stimulate automotive consumption, such as trade-in programs and tax exemptions for new energy vehicles, which will boost automotive glass sales [3]. 2. Accelerated release of domestic and international production capacity, enhancing regional support capabilities and global delivery capacity [3]. 3. An increase in the proportion of high-value-added products like smart panoramic sunroofs, adjustable light glass, head-up display glass, and ultra-insulating glass, driving ASP growth [3].

消息面上，今年上半年，福耀玻璃实现营业收入约214.47亿元，同比增长16.94%；归属于上市公司股东 的净利润约48.05亿元，同比增长37.33%。其中，二季度实现营收115.4亿元，同比增长21.39%；归母净 利润27.75亿元，同比增长31.47%。每股分配现金股利0.90 元。西南证券指出，公司在全球汽玻领域的 竞争优势明显，未来随着国内合肥、福清基地以及美国扩产项目陆续投产，对应的全球汽玻市场份额有 望延续上升走势；同时，单车玻璃面积与高附加值产品占比提升助力ASP持续增长，盈利能力有保障。 福耀玻璃（600660）(03606)涨超5%，高见73.65港元创历史新高。截至发稿，涨5.15%，报73.5港元， 成交额2.74亿港元。 银河证券指出，公司下半年业绩主要受益于：1)国内出台和落地以旧换新、新能源汽车车辆购置税减 免、新能源汽车下乡等一系列刺激汽车消费政策，带动公司汽车玻璃销量向上；2）国内外产能加速释 放，区域配套能力和全球化交付能力增强；3）智能全景天幕玻璃、可调光玻璃、抬头显示玻璃、超隔 绝玻璃等高附加值产品占比提升，带动公司ASP增速上行。 ...

Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong solar stocks, with significant increases in companies such as Xinyi Solar, Fuyao Glass, and others, indicating a positive market sentiment in the solar energy sector [1][2] - As of August 20, 2023, there are 32 new proposed expansion projects in the domestic photovoltaic sector, currently in various stages such as signing, environmental assessment, and fundraising [1] - In the first seven months of 2025, domestic newly installed photovoltaic capacity reached 223.25 GW, representing a year-on-year increase of 81% [1] Group 2 - The CPIA forecasts that newly installed photovoltaic capacity in China could reach 270-300 GW in 2025, reflecting a year-on-year growth of approximately 3% [1] - In overseas markets, traditional markets in Europe and the US are maturing, while emerging markets like India, the Middle East, and Latin America are experiencing rapid demand growth [1] - The CPIA predicts that overseas newly installed photovoltaic capacity could exceed 300 GW in 2025, marking a year-on-year increase of about 25% [1]

9月3日，福耀玻璃盘中上涨2.02%，截至09:53，报67.80元/股，成交2.51亿元，换手率0.19%，总市值 1769.41亿元。 资金流向方面，主力资金净流入1787.89万元，特大单买入1504.97万元，占比6.00%，卖出1406.85万 元，占比5.61%；大单买入7026.98万元，占比28.03%，卖出5337.21万元，占比21.29%。 福耀玻璃今年以来股价涨11.88%，近5个交易日涨5.57%，近20日涨22.03%，近60日涨16.08%。 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、大盘、MSCI中国、蔚来汽车概念等。 截至6月30日，福耀玻璃股东户数9.33万，较上期减 ...

Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong solar stocks, with significant gains for companies like Xinyi Solar and Fuyao Glass, driven by positive developments in the photovoltaic sector [1][2] - As of August 20, 2023, there are 32 new proposed expansion projects in China's photovoltaic sector, with 14 manufacturing projects already underway [1] - According to the National Energy Administration, from January to July 2025, China's newly installed photovoltaic capacity reached 223.25 GW, representing an 81% year-on-year increase [1] Group 2 - CPIA forecasts that China's newly installed photovoltaic capacity could reach 270-300 GW in 2025, reflecting a year-on-year growth of approximately 3% [1] - Emerging markets such as India, the Middle East, and Latin America are experiencing rapid growth in demand for photovoltaic products, while traditional markets in Europe and the US are maturing [1] - Global newly installed photovoltaic capacity is expected to reach 570-630 GW in 2025, with a year-on-year increase of about 13% [1]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly on intelligent autonomous vehicles, robot components, and leading heavy-duty truck manufacturers [4][6]. Core Insights - The automotive industry is experiencing a recovery in demand, with wholesale sales of passenger vehicles reaching 7.11 million units in Q2 2025, a year-on-year increase of 13% and a quarter-on-quarter increase of 10.8% [4][8]. - The penetration rate of new energy vehicles (NEVs) reached a record high of 51.1% in Q2 2025, with wholesale sales of NEVs hitting 3.63 million units, up 33.6% year-on-year and 25.2% quarter-on-quarter [4][8]. - The performance of major automakers such as Xiaopeng and Leap Motor exceeded expectations, while most others met forecasts [4][15][19]. Summary by Sections 1. Passenger Vehicles - Q2 2025 saw a steady recovery in passenger vehicle sales, with wholesale and retail volumes increasing significantly compared to Q1 [4][8]. - The demand for NEVs continues to grow, with a notable increase in sales and market penetration [4][8]. 2. Auto Parts - The auto parts sector is experiencing a divergence in profitability, with some companies outperforming while others struggle due to increased competition and supply chain pressures [4][6]. - Companies like Fuyao Glass and Shanghai Yalong reported better-than-expected performance in Q2 2025 [4][6]. 3. Heavy-Duty Trucks - The domestic market for heavy-duty trucks remains robust, with Q2 2025 sales of heavy trucks reaching 201,000 units, a year-on-year increase of 21% [4][6]. - Exports are recovering, particularly in non-Russian regions, despite a decline in sales to Russia [4][6]. 4. Investment Recommendations - The report recommends focusing on intelligent autonomous vehicles, robot components, and leading heavy-duty truck manufacturers, highlighting specific companies such as Xiaopeng, Geely, and Leap Motor for passenger vehicles, and China National Heavy Duty Truck and Weichai Power for heavy-duty trucks [4][6].

2025 年 09 月 01 日 证券分析师 樊夏沛 A0230523080004 fanxp@swsresearch.com 載文杰 A0230522100006 daiwj@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 申万宏源研究微信服务号 珍惜牛市行情下滞涨板块,以及 秀自马标的的底部区间 -- 2025/8/25-2025/8/29 汽车周报 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 观点：牛市行情下，我们认为在 TMT 领涨之后，以科技为驱动的板块都有望跟涨，包 ● 含机器人、低空经济等。1）对于机器人板块,我们的观点是跟随特斯拉相关的产业标 的,上半年业绩承压,下半年都有望迎来反弹,建议关注拓普、爱柯迪、三花、新泉 等;其次国内机器人产业链相关标的以"新" +"产业积累"的优秀公司为主,建议关 注敏实、宁波华翔等。2) 对于低空经济板块,今年上半年缺少催化,但 7 月 4 号民航 局成立通用航空和低空经济工作领导小组，我们认为随着资金轮动亦有望迎来板块行 情，建议关注万丰奥威、宗申动力等前期白马标的。3 ...

致：香港交易及結算所有限公司 公司名稱: 福耀玻璃工業集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 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) | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 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) | 03606 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 606,757,200 | RMB | | 1 RMB | | 606,757,200 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | - ...