Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

来源：瑞恩资本RyanbenCapital 2025年10月19日，来自浙江宁波高新区的A股上市公司宁波均胜电子股份有限公司 Ningbo Joyson Electronic Corp.(下称"均胜电子")在港交所披露聆讯后的 招股书，或很快在香港主板挂牌上市。其于2025年1月16日、8月7日先后两次递表，后于2025年9月30日获中国证监会境外上市备案通知书。 均胜电子，于2011年借壳辽源得亨在A股上市，股票代码600699.SH。截至2025年10月17日收市，均胜电子总市值逾423亿元人民币。 均胜电子招股书链接： https://www1.hkexnews.hk/app/sehk/2025/107608/documents/sehk25101900031_c.pdf 主要业务 均胜电子，成立于2004年，作为一家全球领先的智能汽车科技解决方案提供商，提供汽车零部件行业关键领域(主要包括汽车电子、汽车安全)的先进产品 和解决方案，专注于汽车零部件的研发、制造和销售。 根据弗若斯特沙利文，按收入来看，均胜电子是中国第二大、全球第二大汽车被动安全产品提供商。2024年公司在全球汽车零部件行业排名第41位 ...

今日锂电池相关板块继续表现，固态电池、钠离子电池、锂矿等概念活跃居前，截至发稿，锂电池 ETF（561160）盘中涨幅达4.07%，港股通汽车ETF富国（159239）盘中涨幅达2.95%，智能汽车ETF （515250）盘中涨幅达2.40%。其中锂电池ETF成分股珠海冠宇涨超19%，三花智控涨超8%，阳光电 源、均胜电子等多股涨幅超5%。 近日国家发改委等六部门联合印发《电动汽车充电设施服务能力"三年倍增"行动方案（2025—2027 年）》，方案指出要持续健全充电网络，到2027年底全国范围内建成2800万个充电设施，提供超3亿千 瓦的公共充电容量，满足超过8000万辆电动汽车充电需求，实现充电服务能力的翻倍增长。 机构分析指出，行动方案将大幅加速充电桩的建设，有望为充电桩产业链公司提供业绩增量，并带 动我国汽车电动化提速。 锂电池ETF（561160）紧密跟踪中证电池主题指数（931719），指数精选沪深两市50只成分股，涉 及动力电池、储能电池、消费电子电池以及相 关产业链上下游的上市公司证券作为指数样本，场外的 投资者可通过锂电池ETF联接基金（A类017222，C类017223）关注机会。 每日经 ...

中信建投认为，国产算力板块迎来密集催化，国产算力芯片迎来国产创新窗口期。当前已经涌现出一大批国产算力芯片厂商，相继推出自研AI芯片，其他 配套环节的国产化进程也正在加速推进。 截至2025年10月20日 10:09，中证数字经济主题指数(931582)强势上涨2.48%，成分股士兰微(600460)上涨9.99%，华润微(688396)上涨7.34%，兆易创新 (603986)上涨6.32%，均胜电子(600699)，晶合集成(688249)等个股跟涨。数字经济ETF(560800)上涨2.62%。 流动性方面，据Wind数据显示，数字经济ETF盘中换手1.42%，成交977.31万元。拉长时间看，截至10月17日，数字经济ETF近1月日均成交3089.07万元。份 额方面，数字经济ETF最新份额达6.82亿份。 国泰海通证券指出，随着AI大模型对算力需求的持续增长，HBM产品的堆叠层数正从8层向12层演进，导致测试复杂度大幅提升。部分厂商因此计划在堆叠 环节后增设新的测试步骤，以提升产品良率，进而推动晶圆级和封装级测试设备需求的增长。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | - ...

根据智元机器人官方微信公众号，2025年10月16日，智元机器人与均普智能在宁波联合举办智元精灵 G2线下全球首发暨投产仪式。作为全球工业级交互式具身作业机器人标杆，智元精灵G2首次线下公开 亮相，并同步开启与均胜电子过亿元采购合同的首批交付商用，这标志着交互式具身智能技术正式落地 汽车零部件制造场景，为汽车制造行业智能化升级注入强劲动能。 智通财经APP获悉，国泰海通发布研报称，近期国内人形机器人头部企业持续发布新产品并获得重要订 单，目前在部分工业领域已经开始交付应用，标志着国内人形机器人产业正在快速实现商业化落地，该 行认为人形机器人行业短期需要重点关注由事件催化的行业景气度波动，而长期则需重点关注产业链上 具备确定性的优质公司。 国泰海通主要观点如下： 智元机器人联合均普智能发布精灵G2 根据优必选科技官方微信公众号，10月16日，优必中标"广西具身智能数据采集及测试中心设备采购及 安装"项目，订单金额达1.26亿元。根据项目规划，本次采购涵盖优必选最新款可自主换电的全自主具 身智能人形机器人Walker S2。该订单计划于合同签署后于2025年内完成交付。此次中标是继9月份2.5亿 全球单笔最大金额 ...

10月17日，均胜电子（600699）公告称已通过港交所主板上市聆讯，拟发行不超过2.83亿股境外普通 股。若上市完成，这家全球智能汽车科技解决方案提供商将成为"汽车+机器人Tier1"双赛道"A+H"上市 企业，为其长期发展注入关键动能。 此外，均胜电子全球化布局具备国内公司的稀缺优势。均胜电子在全球超过25个研发中心和60个生产基 地构建"Local for Local"体系，2024年海外营收占比74.7%，有效抵御区域市场波动。财务数据显示， 2025年上半年，公司营收同比增12%达303.47亿元，净利润增11.13%至7亿元，毛利率持续提升的同时 经营性现金流充沛，为全球化扩张提供底气。 此次赴港上市的核心价值，首先在于搭建双资本平台破解增长瓶颈。作为技术密集型行业巨头，均胜电 子2024年研发投入达37亿元，近五年累计超240亿元，而港股市场对科技与制造企业的估值认可度，将 为其技术迭代提供资金保障。 对于行业而言，均胜电子的上市探索具有标杆意义。其"汽车技术赋能机器人"的路径，为传统零部件企 业转型提供范本；而"A+H"模式则为同类企业打通境内外融资渠道，助力中国汽车产业链向高端制造与 智能科 ...

Core Viewpoint - Junsheng Electronics (600699.SH) is set to embark on a new capital journey as it prepares for its listing on the Hong Kong Stock Exchange, having passed the listing hearing, which is expected to impact the global intelligent driving and robotics landscape significantly [1][2]. Group 1: Company Overview - Junsheng Electronics is positioned as a "Tier 1" supplier in the "automotive + robotics" sector, becoming the second-largest independent automotive parts supplier in China and the fourth-largest globally in intelligent cockpit domain control systems [2][3]. - The company has a strong market presence, holding approximately 30% of the global market share in automotive passive safety products and being one of the first suppliers to mass-produce 5G-V2X and high-voltage fast charging products [2]. Group 2: Financial Performance - In 2022, Junsheng Electronics reported revenues of 49.79 billion yuan, with projections of 55.73 billion yuan in 2023 and 55.86 billion yuan in 2024. The net profit attributable to shareholders was 394 million yuan in 2022, expected to rise to 1.08 billion yuan in 2023 and then slightly decrease to 960 million yuan in 2024 [2]. - For the first half of the year, the company achieved revenues of 30.35 billion yuan, a year-on-year increase of 12%, and a net profit of 700 million yuan, up 11.13% year-on-year [3]. Group 3: Business Growth and Strategy - Junsheng Electronics has seen rapid growth in its automotive intelligence business, with over 66% of new orders in the first half of the year related to new energy vehicles, indicating a strong focus on intelligent automotive solutions [3][4]. - The company has established over 25 R&D centers and more than 60 production bases globally, with overseas sales projected to account for 74.7% of total revenue in 2024, showcasing its robust global strategy [5]. Group 4: Future Prospects - The company is strategically expanding into the embodied intelligence sector, aiming to create a second growth curve by leveraging its experience in automotive components [5][6]. - Junsheng Electronics plans to use the funds raised from its IPO for R&D in next-generation automotive intelligent solutions, enhancing manufacturing capabilities, optimizing supply chain management, and expanding overseas operations [7].

根据市场研究机构弗若斯特沙利文的数据，以2024年收入计算，均胜电子是中国第二大、全球第四大智 能座舱域控制系统供应商；在汽车被动安全产品领域，均胜电子亦排名全球第二，约占全球30%市场份 额。此外，均胜电子还是全球首批量产5G-V2X、800V高压快充、BMS产品的供应商。 凭借强大成长基因和不断兑现增长预期而在A股大放异彩的硬科技公司均胜电子（600699.SH），即将 开启一段全新的资本之旅。 10月17日，均胜电子发布公告称，香港联交所上市委员会已审阅公司的上市申请。这意味着均胜电子已 通过港交所主板上市聆讯，这家"汽车+机器人Tier1"双龙头企业将很快跨过香江登陆港股市场。智通财 经注意到，公司此前已通过证监会香港上市备案，拟发行不超过 2.83 亿股境外上市普通股。后续登陆 港交所后，完成"A+H"两地上市的均胜电子究竟会对全球智驾及机器人格局产生怎样的影响，这想必也 会成为全球投资者关切的重要议题。 全球头部"汽车+机器人Tier1"的含金量 均胜电子定位"汽车+机器人Tier1 "，是全球智能汽车科技解决方案提供商。公司深耕汽车电子与汽车安 全20余年，已经成为中国第二大独立汽车零部件供应商 ...

证券代码：600699 证券简称：均胜电子 公告编号：临 2025-065 宁波均胜电子股份有限公司 关于刊发H股发行聆讯后资料集的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波均胜电子股份有限公司（以下简称"均胜电子"或"公司"）正在进行 申请发行境外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香 港联交所"）主板上市（以下简称"本次发行上市"）的相关工作。 2025 年 1 月 16 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了本次发行上市的申请资料。2025 年 8 月 7 日，公司 向香港联交所更新递交了本次发行上市的申请，并于同日在香港联交所网站刊登 了本次发行上市的更新申请资料。详情请分别参见公司在上海证券交易所网站 （www.sse.com.cn）披露的《均胜电子关于向香港联交所递交 H 股发行并上市的 申请并刊发申请资料的公告》（公告编号：临 2025-006）、《均胜电子关于发行 H 股并上市的进展公告》（公告编号：临 2025-050）。 2025 ...

Core Viewpoint - Junsheng Electronics (600699) is in the process of applying for the issuance of overseas listed foreign shares (H-shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - On October 16, the listing committee of the Hong Kong Stock Exchange held a hearing to review the company's application for this issuance and listing [1] - The company has published the post-hearing information set on the Hong Kong Stock Exchange website, in accordance with relevant regulations [1] - The post-hearing information set is a draft version, and the information contained may be updated and changed in due course [1]