| 家信号 | 大股東/董事/最高行政人員名稱 作出披露的 冒入 / 曹出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | (請參閱上述*註解)有投票權股(日/月/年 | | | | | | | | ◎高分市 | | | CS20251222E00254 | Mitsubishi UFJ Financial | 1101(L) | 550.000(1 | HKD 65.7319 | 36.414.800(L) | 6.00(L)18/12/2025 | | | Group, Inc. | | | | 92.000(P) | 0.01(P) | | 股份代號: | 03606 | | --- | --- | | 上市法國名稱: | 福耀玻璃工業集團股份有限公司 | | 日期 (日 / 月 / 年): | 23/11/2025 - 23/12/2025 | 格隆汇12月23日丨根据联交所最新权益披露资料显示，2025年12月18日，福耀玻璃(03606.HK) ...

Group 1: Market Trends and Logic - Domestic demand is becoming the core focus, with policies emphasizing the expansion of domestic demand strategy, indicating a shift in market attention[2] - The glass industry is experiencing accelerated cold repairs, with supply clearing out, but individual stock performance will depend on differentiated deep processing capabilities[3] - The cement industry is expected to benefit from policy execution and governance improvements, with overseas expansion providing growth opportunities[24] Group 2: Investment Recommendations - Focus on companies with independent growth or valuation advantages in the consumption building materials sector, such as Rain虹, Han高, and San棵树[18] - China National Building Material is recommended due to its strong market position and potential for overseas growth, with expected profits of 2-3 billion RMB in 2025[12] - Recommendations for companies with high dividend yields include Tu宝, Wei星, and Bei新, which are expected to benefit from changing market styles[9] Group 3: Industry Performance and Forecasts - The cement sector is projected to see a recovery in profitability, with Huaxin Cement expected to contribute over 10 billion RMB in profits in 2026[12] - The glass market is facing price adjustments, with the average price of float glass at 1151.40 RMB/ton, down 13.65 RMB/ton from the previous week[35] - The construction materials industry is expected to stabilize, with a focus on companies that can deliver performance and customer validation[8]

香港联交所最新资料显示，12月18日，Mitsubishi UFJ Financial Group,Inc.增持福耀玻璃（600660） (03606)55万股，每股作价65.7319港元，总金额约为3615.25万港元。增持后最新持股数目为3641.48万 股，最新持股比例为6.00%。 ...

智通财经APP获悉，香港联交所最新资料显示，12月18日，Mitsubishi UFJ Financial Group, Inc.增持福耀 玻璃(03606)55万股，每股作价65.7319港元，总金额约为3615.25万港元。增持后最新持股数目为3641.48 万股，最新持股比例为6.00%。 ...

Core Viewpoint - The automotive industry is at a new crossroads in 2026, with the end of the electric vehicle (EV) boom and the rise of smart technology. Investment opportunities lie in commercial vehicles and two-wheeled vehicles, focusing on finding resilient alpha varieties and embracing the next industrial trends of smart technology and robotics/AIDC [4][10]. Group 1: Automotive Sector Investment Strategy - The automotive industry should reference the years 2011 and 2018 for strategic insights. The focus is on finding resilient alpha varieties and embracing the next industrial trends, particularly in smart technology and robotics/AIDC [4][10]. - The total domestic demand for passenger vehicles in 2026 is expected to be 22 million units, a decrease of 3.5% year-on-year, while the demand for new energy vehicles is projected to reach 13.2 million units, an increase of 6.4% [5][10]. - The wholesale sales of heavy trucks are forecasted to be 1.16 million units in 2026, with a year-on-year increase of 1.5%. Domestic sales are expected to decline by 5.5% to 770,000 units, while exports are projected to rise by 18.8% to 390,000-400,000 units [5][27]. Group 2: Key Investment Opportunities - In the bus sector, the top picks are Yutong Bus and Jinlong Automobile. For motorcycles, the preferred choices are Chunfeng Power and Longxin General. In the heavy truck sector, China National Heavy Duty Truck and Weichai Power are favored. For passenger vehicles, BYD is the primary choice, with Jianghuai Automobile as a secondary option. In the parts sector, Fuyao Glass, Xingyu Co., and Minth Group are recommended [6][10]. - The L4 RoboX investment opportunities focus on the B-end software sector over C-end hardware. Preferred stocks include XPeng Motors, Horizon Robotics, and others in the H-share market, while A-share selections include Qianli Technology and Desay SV [7][10]. - The robotics and AIDC investment opportunities are highlighted, with a focus on the upcoming Optimus V3 overseas and the rapid development of domestic robotics. Key selections include Top Group for robotics and liquid cooling, and Junsheng Electronics for robotics [7][10]. Group 3: Market Forecasts - The passenger vehicle market is expected to see a total sales volume of 22 million units in 2026, with a year-on-year decrease of 3.5%. New energy vehicle sales are projected to reach 13.2 million units, an increase of 6.4% [5][17]. - The heavy truck market is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales declining by 5.5% to 770,000 units, while exports are expected to rise by 18.8% [5][27]. - The bus sector is anticipated to maintain a strong export growth rate of over 30%, with domestic sales expected to reach 81,000 units, a year-on-year increase of 3% [5][32]. Group 4: Motorcycle Market Insights - The motorcycle industry is projected to have total sales of 19.38 million units in 2026, a year-on-year increase of 14%. The large-displacement motorcycle segment is expected to reach 1.26 million units, a 31% increase [5][34]. - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, a 5% increase, while exports are projected to be 830,000 units, a 50% increase [5][35]. Group 5: Future Trends and Innovations - The penetration rate of smart driving technology in new energy vehicles is expected to rise to 40% by 2026, with significant growth in the use of domestic chips [22][23]. - The heavy truck export market is expected to recover, with significant growth in regions such as Southeast Asia and Africa, driven by local infrastructure and mining demands [28][29].

S0340521070002 电话：0769-22110619 邮箱： S0340124020014 电话：0769-22117626 邮箱： wuzhenjie@dgzq.com.cn 超配（维持） 汽车行业双周报（2025/12/5-2025/12/18） 行 业 工信部近日正式向两款车型发放 L3 级自动驾驶准入许可 汽车行业 2025 年 12 月 19 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：刘梦麟 SAC 执业证书编号： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2025年12月18日，申万汽车板块近两周 下跌0.17%，跑输沪深300指数0.31个百分点，在申万31个行业中排名第 13名；申万汽车板块从12月初至今下跌0.04%，跑输沪深300指数0.62个 百分点，在申万31个行业中排名第10名；申万汽车板块从2025年初至今 上涨17.49%，跑赢沪深300指数1.78个百分点，在申万31个行业中排名 第12名。 周 报 行 业 ...

Core Conclusions - The 2026 automotive industry investment strategy emphasizes "breaking old and establishing new," suggesting that the industry is at a crossroads similar to 2011 and 2018, with the end of the electric vehicle (EV) boom and the rise of smart technology [2][3] - The report predicts a total domestic demand of 22 million vehicles in 2026, a decrease of 3.5% year-on-year, with new energy vehicle (NEV) sales expected to reach 13.2 million, an increase of 6.4% [2][10] - The commercial vehicle sector is expected to see a wholesale volume of 1.16 million units in 2026, with a slight increase of 1.5% year-on-year, while the bus sector is projected to maintain strong export growth [2][19] Passenger Vehicle Sector - The passenger vehicle sector is projected to experience a total sales volume of 22 million units in 2026, with NEV sales expected to reach 13.2 million units, reflecting a year-on-year growth of 6.4% [2][10] - The report highlights the impact of a 5% purchase tax on NEVs starting January 1, 2026, which is expected to support domestic demand [10] - Key investment opportunities include BYD and Jianghuai Automobile in the passenger vehicle sector [2][3] Commercial Vehicle Sector - The heavy truck segment is forecasted to have a wholesale volume of 1.16 million units in 2026, with domestic sales expected to decline by 5.5% to 770,000 units, while exports are projected to grow by 18.8% [2][15] - The bus sector is expected to see a total domestic sales volume of 81,000 units, with exports anticipated to grow by over 30% [2][19] Motorcycle Sector - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, representing a year-on-year increase of 14%, with large-displacement motorcycles projected to grow by 31% [2][22] - Domestic sales of large-displacement motorcycles are expected to reach 430,000 units, while exports are projected to grow significantly [22] Investment Opportunities - The report identifies key investment opportunities across various segments, including Yutong Bus and King Long in the bus sector, and Spring Power and Longxin General in the motorcycle sector [2][3] - The focus on L4 RoboX investment opportunities highlights the importance of software over hardware in the autonomous driving sector, with recommended stocks including XPeng Motors and Horizon Robotics [2][3] Growth Trends - The report anticipates a continued focus on smart technology and robotics, with significant growth expected in the L4 RoboX industry and AIDC (Automated Identification and Data Capture) sectors [2][3] - The penetration rate of smart driving technology in new energy vehicles is expected to reach 40% by 2026, with a notable shift in chip supplier market shares [13][14]

Core Insights - November automotive sales reached 3.429 million units, a year-on-year increase of 3.4%. Cumulative sales from January to November totaled 31.127 million units, reflecting an 11.4% year-on-year growth [1][2] - The comprehensive inventory coefficient for automotive dealers in November was 1.6, up 41.4% year-on-year and 34.2% month-on-month. The inventory warning index stood at 55.6%, an increase of 3.8 percentage points year-on-year and 3 percentage points month-on-month [2] Sales Performance - In November, the sales of new energy vehicles (NEVs) reached 1.823 million units, marking a 20.6% year-on-year increase, with a penetration rate of 53.2%. From January to November, NEV sales totaled 14.78 million units, up 31.2% year-on-year, with a penetration rate of 47.5% [2] Investment Strategy - The automotive sector should focus on undervalued leading companies in vehicle manufacturing and parts due to performance improvements. Key areas of interest include: - Domestic car manufacturers with first-mover advantages in the NEV sector, such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable performance low-valuation leading parts manufacturers like Huayu Automotive and Fuyao Glass [3] - Core players in the electrification and intelligentization sectors, including Desay SV, Ruikeda, Kobot, and Bertley [3] - Opportunities arising from domestic circulation and local replacements, such as Lingdian Electric Control, Sanhua Intelligent Control, Xingyu Co., and Shangsheng Electronics [3] - Strong vehicle manufacturers driving demand for core components, including Top Group, Wencan Co., and Xusheng Group [3] Market Overview - The automotive sector experienced a weekly change of 0.16%, ranking 9th among 31 sectors. The automotive industry outperformed the CSI 300 index during the week [5] - The weekly performance of major indices was as follows: Shanghai Composite Index -0.34%, CSI 300 -0.08%, Shenzhen Component Index 0.84%, and ChiNext Index 2.74% [5] - In sub-sectors, the weekly performance was: automotive services -5.23%, automotive parts 0.11%, passenger vehicles 0.23%, commercial vehicles 0.25%, and motorcycles and others 1.70% [5] Top Performing Stocks - The top five performing stocks in the automotive sector for the week were: Chaojie Co., Huamao Technology, Yueling Co., Huapei Power, and Zhenghe Industrial [6] Underperforming Stocks - The bottom five performing stocks in the automotive sector for the week were: Xiamen Xinda, Rongtai Co., Longji Machinery, Kailong High-Tech, and Disengli [7]

福耀玻璃 20251217 摘要 福耀玻璃预计 2026 年北美市场将在较低基数上实现复苏性增长，同时 受益于欧洲和美国市场份额的持续增长，有助于对冲国内潜在下滑风险， 总体运营预期稳定，收入将保持稳定增长。 2025 年第四季度，福耀玻璃原有产能利用率预计提升约两个百分点至 88%左右，为近五年来单季度最高水平，主要由于订单饱满，新建产能 尚未完全释放。 美国电价上涨对福耀玻璃成本端有一定影响，电价占美国工厂生产成本 约 4%，但公司正在评估后续电价走势，并考虑与客户沟通成本转移， 总体而言，即使美国电价持续上涨，对整体盈利能力影响有限。 预计 2026 年福耀玻璃的 ASP 复合增长率将保持在 6-7%左右，中国市 场调光玻璃产品的大幅应用和上量，欧洲市场新车型搭载高附加值产品 进入量产交付阶段，将推动 ASP 进一步加速增长。 由于关税问题，福耀玻璃预计明年美国市场涨价是大概率事件，预计涨 幅在 6-7 个百分点，公司自身承担的关税影响不大。 Q&A 对于 2026 年国内及全球汽车玻璃行业的销量增速有何展望？ 2026 年，全球汽车玻璃行业预计将有 2-3%的增量。具体来看，国内市场在出 口保持增长的 ...

Group 1 - The report highlights the recent performance of various industries, with notable gains in sectors such as non-ferrous metals, electronics, and power equipment, while retail and real estate sectors faced declines [1][1][1] - The central economic work conference emphasized the importance of technological breakthroughs and supply-demand optimization, indicating a shift towards quality improvement in economic growth [11][12][19] - The commercial aerospace sector is experiencing significant growth, with the establishment of a dedicated regulatory body and a notable increase in the commercial aerospace index, which has risen by 46.52% since April 7 [47][48] Group 2 - The report indicates a seasonal recovery in social financing, with November seeing an increase of 24,885 billion yuan, driven primarily by government bond issuance [4][7] - The credit environment is showing signs of marginal improvement, particularly in corporate loans, which increased by 6,100 billion yuan in November, reflecting a recovery in demand [5][6] - The report notes that the retail sector is undergoing a transformation, with a focus on quality, as highlighted by the Ministry of Commerce's emphasis on retail quality upgrades [1][1][1] Group 3 - The report discusses the rising interest in inquiry transfers, which have seen a significant increase in both project numbers and transfer scale, indicating a growing trend in the market [51][52] - The technology sector is expected to remain a key focus, with upcoming events such as the Volcano Engine FORCE conference anticipated to showcase advancements in AI and cloud services [56]