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 [1][43]. Core Insights - In October 2025, the penetration rate of new energy vehicles (NEVs) reached 51.6%, with production and sales of NEVs at 1.772 million and 1.715 million units respectively, marking year-on-year growth of 21.1% and 20% [1][39]. - The overall automotive production in China for October was 3.359 million units, a year-on-year increase of 12.1%, while sales reached 3.226 million units, up 8.8% year-on-year [1][39]. - The report anticipates a surge in NEV purchases before the policy changes in 2026, which will reduce tax incentives, leading to a potential buying frenzy at the end of 2025 [1][39]. Summary by Sections Automotive Industry Trends and Valuation Review - As of November 20, 2025, the Shenyin Wanguo automotive sector index increased by 2.02% over the past two weeks, outperforming the CSI 300 index by 0.13 percentage points [11]. - Year-to-date, the automotive sector has risen by 23.72%, surpassing the CSI 300 index by 4.44 percentage points [11]. Industry Data Tracking - In October, the automotive export volume was 666,000 units, reflecting a year-on-year increase of 22.9% [19]. - The dealer inventory warning index stood at 52.6%, indicating a slight increase year-on-year but a decrease month-on-month [19]. Industry News - The Ministry of Finance and the Ministry of Industry and Information Technology released a draft for public consultation on the "Government Procurement Demand Standards for New Energy Vehicles" [26]. - The National Energy Administration reported that as of the end of October, there were 18.645 million electric vehicle charging facilities in China, a 54% increase year-on-year [29]. Corporate News - The new model, the Xiangjie S9, was launched with a starting price of 309,800 yuan, featuring advanced technology and design [33]. - Xiaopeng Motors reported a third-quarter revenue of 20.38 billion yuan, a 102% year-on-year increase, with a total vehicle delivery of 116,007 units [36]. Investment Recommendations - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as Seres (601127) [39]. - It also highlights the smart driving industry chain, including Fuyao Glass (600660) and Junsheng Electronics (600699), as potential beneficiaries of increased smart driving configuration penetration [39].

Core Viewpoint - The collaboration between Junsheng Electronics and Hezhima Intelligent aims to enhance the development of intelligent manufacturing and embodied intelligent technology through joint research and innovation in robot control systems and smart computing platforms [2][4]. Group 1: Strategic Collaboration - Junsheng Electronics and Hezhima Intelligent have established a strategic partnership focusing on the joint development of robot domain controllers, optimization of smart computing platforms, and creation of industry-specific solutions [2][4]. - The partnership will leverage both companies' strengths to deepen technological collaboration and industrial cooperation, adhering to principles of resource sharing, collaborative innovation, and mutual benefits [4]. Group 2: Technological Advancements - Junsheng Electronics has built a comprehensive solution for key components and is expanding its capabilities to support robot product development and manufacturing based on various chip platforms, including domestic ones [3]. - Hezhima Intelligent specializes in high-performance AI SOC chips and edge computing modules, with its products widely used in intelligent driving, robotics, and smart manufacturing, characterized by high computing power and low power consumption [3]. Group 3: Industry Impact - The collaboration is expected to accelerate the integration of intelligent manufacturing and embodied intelligent technology, positioning both companies as key players in the evolving robotics industry [1][3]. - The launch of Hezhima Intelligent's SesameX multi-dimensional intelligent computing platform specifically for the robotics industry marks a significant step in scaling the application of smart computing in various scenarios [3].

Core Insights - Junsun Electronics and Hezhima Intelligent have officially established a strategic partnership focusing on the joint development of robotic domain controllers, optimization of intelligent computing platforms, and co-creation of industry scenario solutions [1][2][3] Group 1: Company Overview - Junsun Electronics is a leading automotive parts company that has been actively expanding into the robotics components business since 2025, leveraging its extensive experience in automotive parts technology, manufacturing, and supply chain [1] - Hezhima Intelligent is a benchmark enterprise in the intelligent computing field, specializing in high-performance AI SOC chips and edge computing modules, with its products widely used in smart driving, robotics, and intelligent manufacturing [2] Group 2: Strategic Collaboration - The collaboration aims to leverage the core strengths of both companies, with Junsun Electronics providing its engineering and industrialization experience, while Hezhima Intelligent offers high-performance intelligent computing chip and platform technology [3] - The partnership is expected to enhance both companies' competitive advantages in their respective fields and provide innovative solutions to address industry challenges related to core technologies and multi-platform compatibility [3] Group 3: Technological Development - The strategic cooperation will focus on the development of next-generation embodied intelligent robot control systems and industry solutions, emphasizing resource sharing, collaborative innovation, and mutual benefits [3] - Hezhima Intelligent launched the SesameX multi-dimensional intelligent computing platform on the same day the partnership was announced, providing a solid technical foundation for their collaboration [2]

Core Viewpoint - Junsheng Electronics and Hezhima Intelligent have formed a strategic partnership to enhance innovation in robot control systems and promote the integration of intelligent manufacturing and computing platforms [1] Group 1: Strategic Collaboration - The collaboration focuses on joint research and development of robot domain controllers [1] - Both companies will work on optimizing intelligent computing platforms and developing industry-specific solutions [1] - The partnership aims to improve independent innovation capabilities and industrial competitiveness [1]

Core Insights - Junsheng Electronics and Hezhima Intelligent have reached a strategic cooperation to focus on the joint development of robot domain controllers, optimization of intelligent computing platforms, and co-construction of industry scenario solutions [1][3] - The collaboration aims to enhance innovation capabilities and industrial competitiveness in the field of intelligent manufacturing and embodied intelligence technology [1][3] Company Overview - Junsheng Electronics is expanding its robot component business starting in 2025, leveraging its deep experience in the automotive parts sector to drive the integration of intelligent manufacturing and embodied intelligence technology [1] - The company has established a comprehensive solution for key components and is now extending its capabilities to support domestic chip platforms through its partnership with Hezhima Intelligent [1] Technology and Product Development - Hezhima Intelligent specializes in high-performance AI SOC chips and intelligent computing solutions, with its products widely used in intelligent driving, robotics, and smart manufacturing [2] - The company has launched the SesameX multi-dimensional intelligent computing platform aimed at the robotics industry, enhancing robot control and perception decision-making capabilities [2] Strategic Collaboration - The partnership between Junsheng Electronics and Hezhima Intelligent is built on a foundation of previous cooperation in the intelligent automotive sector, focusing on the development of autonomous driving domain controllers [2][3] - Both companies emphasize resource sharing, collaborative innovation, and mutual benefits in their ongoing efforts to advance the next generation of embodied intelligent robot control systems and industry solutions [3]

Core Viewpoint - Junsheng Electronics experienced a stock price decline of 2.06% on November 21, 2023, with a current price of 25.71 CNY per share and a total market capitalization of 39.87 billion CNY [1] Financial Performance - For the period from January to September 2025, Junsheng Electronics reported a revenue of 45.84 billion CNY, reflecting a year-on-year growth of 11.45%, and a net profit attributable to shareholders of 1.12 billion CNY, which is an increase of 18.98% compared to the previous year [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 126,500, up by 38.21%, while the average circulating shares per person decreased by 28.33% to 10,710 shares [3] - The company has distributed a total of 1.53 billion CNY in dividends since its A-share listing, with 862 million CNY distributed over the past three years [4] Business Segments - Junsheng Electronics operates primarily in five business segments: - Automotive Safety Systems (62.53% of revenue) - Automotive Electronics Systems (27.53% of revenue) - Other segments (9.44% and 0.49%) [2] Market Activity - The stock has seen a year-to-date increase of 66.80%, but has declined by 4.81% over the last five trading days and 19.86% over the last 20 days [1] - The company has appeared on the stock market's "Dragon and Tiger List" twice this year, with the most recent occurrence on September 17 [1] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 93.02 million shares, an increase of 26.29 million shares from the previous period [4] - Southern CSI 500 ETF and E Fund CSI Artificial Intelligence Theme ETF have reduced their holdings, while Yongying Advanced Manufacturing Smart Selection Mixed Fund has exited the top ten circulating shareholders [4]

Core Insights - Junsheng Electronics and Hezhima Intelligent have established a strategic partnership to focus on the joint development of robot domain controllers, optimization of intelligent computing platforms, and collaborative solutions for industry scenarios [1][3] - The collaboration aims to enhance innovation capabilities and industrial competitiveness in the field of intelligent manufacturing and embodied intelligence technology [1][3] Group 1: Company Collaboration - The partnership will leverage the strengths of both companies in key areas such as robot controllers, intelligent computing platforms, and typical industry applications [3] - Junsheng Electronics has been actively expanding its robot component business since 2025, building on its deep expertise in the automotive parts sector [1] - Hezhima Intelligent specializes in high-performance AI SOC chips and intelligent computing solutions, with its products widely used in intelligent driving and robotics [2] Group 2: Technological Development - Junsheng Electronics has developed a comprehensive solution for robot controllers based on various chip platforms, which will now extend to domestic chip platforms through the partnership with Hezhima Intelligent [1] - Hezhima Intelligent has launched the SesameX multi-dimensional intelligent computing platform aimed at the robotics industry, enhancing its capabilities in robot control and perception decision-making [2] - The collaboration is expected to drive the development, validation, and implementation of next-generation embodied intelligent robot control systems and solutions [3]

Core Viewpoint - Junsheng Electronics and Hezhima Intelligent have established a strategic partnership to advance the development of robotic control systems and intelligent computing platforms, aiming to enhance innovation capabilities and industrial competitiveness in smart manufacturing and intelligent computing integration [1][2][3] Group 1: Strategic Collaboration - The collaboration will focus on joint research and development of robotic domain controllers, optimization of intelligent computing platforms, and co-building industry scenario solutions [1][3] - Both companies aim to leverage their strengths to deepen technical collaboration and industrial cooperation in key areas such as robotic controllers and intelligent computing platforms [3] Group 2: Industry Context - The embodied intelligent robotics industry is accelerating, with companies from automotive and semiconductor sectors entering the industry chain, driving upgrades in this emerging sector [1] - Junsheng Electronics plans to expand its robotic components business starting in 2025, relying on its strong foundation in automotive parts to promote the application of core robotic components [1] Group 3: Technological Advancements - Junsheng Electronics has completed the basic setup of its key component solutions and has previously released a robotic all-domain controller assembly solution based on various chip platforms [1] - The strategic partnership will extend to domestic chip platforms, enhancing the capability to support the research and manufacturing of robotic products based on both domestic and international chip platforms [1][2]

Core Insights - Junsheng Electronics and Hezhima Intelligent have reached a strategic cooperation agreement focusing on the joint development of robotic domain controllers, collaborative optimization of intelligent computing platforms, and the co-construction of industry scenario solutions [1] Group 1 - The collaboration aims to promote innovation in robotic control systems and demonstrate typical scenarios [1] - The partnership seeks to enhance autonomous innovation capabilities and industrial competitiveness [1]

Group 1: Automotive Industry - Junsheng Electronics - The report highlights that Junsheng Electronics (600699.SH) is positioned to benefit from the growing demand for automotive safety and electronics as the industry moves towards greater intelligence [9][10] - Projected total revenue for Junsheng Electronics from 2025 to 2027 is expected to reach 635.8 billion, 700.2 billion, and 771.6 billion CNY, with year-on-year growth rates of 14%, 10%, and 10% respectively [9] - The company is expected to achieve net profits of 15.2 billion, 19.2 billion, and 24.7 billion CNY during the same period, with growth rates of 59%, 26%, and 29% [9] Group 2: Agricultural Industry - October Rice Field - October Rice Field (09676.HK) operates in a large and continuously growing kitchen staple industry, focusing on brand differentiation and high-value product development [11][12] - The company is expected to see revenue growth from 69.94 billion to 99.39 billion CNY from 2025 to 2027, with year-on-year growth rates of 22%, 21%, and 18% [12] - The projected net profit for the same period is expected to increase significantly from 6.03 billion to 8.61 billion CNY, with growth rates of 195%, 19%, and 20% [12] Group 3: Swine Industry Dynamics - In October 2025, the number of pigs slaughtered by listed companies reached 18.81 million, representing a year-on-year increase of 30.28% and a month-on-month increase of 23.03% [17][18] - The cumulative revenue for listed pig companies from January to October 2025 was 246.6 billion CNY, showing a year-on-year increase of 4.33% [6][18] - The average selling price of pigs in October 2025 decreased by 34.66% year-on-year, leading to a decline in revenue despite increased sales volume [19][18]