Core Viewpoint - Black Sesame Intelligence (02533) and Joyson Electronics (00699) have entered into a strategic partnership to advance innovation in robot control systems and smart computing platforms, aiming to enhance smart manufacturing and industry solutions [1] Group 1: Company Developments - As of the latest update, Black Sesame Intelligence's stock has risen by 3.78% to HKD 19.2, while Joyson Electronics has increased by 3.44% to HKD 16.24 [1] - The strategic cooperation will focus on joint research and development of robot domain controllers, optimization of smart computing platforms, and co-building industry scenario solutions [1] Group 2: Strategic Goals - The partnership aims to leverage each company's strengths in key areas such as robot controllers, smart computing platforms, and typical industry applications [1] - Both companies emphasize principles of resource sharing, collaborative innovation, and mutual benefits to drive the development, validation, and implementation of next-generation embodied intelligent robot control systems and industry solutions [1]

Group 1 - Black Sesame Intelligence (02533.HK) and Joyson Electronics (00699.HK) continue to rise, with Black Sesame Intelligence up 3.78% at HKD 19.2 and Joyson Electronics up 3.44% at HKD 16.24 [1]

Core Viewpoint - The strategic partnership between Junsheng Electronics and Hezhima Intelligent focuses on the development of robotic control systems and smart computing platforms, aiming to enhance innovation in intelligent manufacturing and computing integration [1] Group 1: Company Collaboration - Junsheng Electronics and Hezhima Intelligent have entered into a strategic cooperation agreement on November 20, emphasizing joint research and development in robotic domain controllers and collaborative optimization of smart computing platforms [1] - The partnership aims to create industry-specific solutions and promote the practical application of innovative robotic control systems [1] Group 2: Strategic Goals - Both companies will leverage their respective strengths in key areas such as robotic controllers, smart computing platforms, and typical industry applications to deepen technological collaboration and industrial cooperation [1] - The collaboration is guided by principles of resource sharing, collaborative innovation, and mutual benefits, focusing on the development, validation, and implementation of next-generation embodied intelligent robotic control systems [1]

Core Viewpoint - Black Sesame Intelligence and Joyson Electronics have entered into a strategic partnership to advance innovation in robot control systems and smart computing platforms, focusing on collaborative development and industry solutions [1] Group 1: Company Developments - Black Sesame Intelligence's stock rose by 3.78%, reaching HKD 19.2, while Joyson Electronics increased by 3.44%, reaching HKD 16.24 [1] - The strategic cooperation will emphasize joint research and development in robot domain controllers, optimization of smart computing platforms, and co-building industry scenario solutions [1] Group 2: Strategic Goals - The partnership aims to leverage each company's strengths in key areas such as robot controllers, smart computing platforms, and typical industry applications [1] - Both companies are committed to deepening technological collaboration and industrial cooperation under the principles of resource sharing, collaborative innovation, and mutual benefits [1]

Core Insights - The 2025 Automechanika Shanghai exhibition opened with 7,465 participating companies from 44 countries and regions, marking a 10% year-on-year increase in exhibitors [1] - The exhibition area expanded by 9% to 383,000 square meters, utilizing all 15 exhibition halls of the National Exhibition and Convention Center (Shanghai) for the first time [1] - The event showcased significant domestic and international participation, with 15 national and regional exhibition groups, highlighting the global professional service platform's role in market promotion, trade services, information exchange, and industry education [1] Industry Trends - The exhibition reflects the robust innovation vitality and global influence of China's automotive industry, as stated by the General Manager of Frankfurt Exhibition (Hong Kong) Ltd [1] - China is increasingly recognized as a key hub for global automotive sales, production, and new energy technology innovation, with a growing trend of vehicle manufacturers enhancing their international influence through the exhibition platform [1] - The event featured major automotive brands such as GAC Aion, Li Auto, Chery Holding, and Tesla, along with key enterprises from the automotive supply chain, showcasing a diverse range of products and solutions across the entire automotive ecosystem [1] New Energy and Smart Connectivity - The new energy and intelligent connected vehicle sector expanded by 50%, focusing on core electric components and systems, intelligent driving assistance, charging infrastructure, and more [2] - Nearly 30 domestic and international brands participated for the first time, showcasing cutting-edge technologies in semiconductor chips, intelligent driving systems, and powertrain systems [2] - The inaugural 2025 Automechanika Shanghai Automotive Industry International Development Conference CEO Summit was held concurrently, featuring 94 high-quality forums and technical seminars covering technology foresight, market trends, talent development, and cross-industry integration [2]

Core Viewpoint - Guangdong Xiangshan Weighing Instrument Group Co., Ltd. (referred to as "Xiangshan Co.", 002870) plans to issue up to 32.8794 million shares to its controlling shareholder, Ningbo Joyson Electronic Corp. (referred to as "Joyson"), raising no more than 812 million yuan to supplement working capital [1][2][3] Group 1: Stock Issuance Details - The issuance price is set at 24.59 yuan per share, based on the average stock price over the 20 trading days prior to the pricing date [1] - Joyson's shareholding will increase from 30% to 44% post-issuance, with a commitment to a 36-month lock-up period [1][2] - Joyson has committed to fully subscribe using its own funds, with the minimum subscription amount matching the fundraising cap [1][2] Group 2: Financial Health and Use of Proceeds - Joyson reported cash reserves of 7.263 billion yuan at the end of 2024 and revenue of 45.844 billion yuan with a net profit of 1.12 billion yuan for the first three quarters of 2025, indicating sufficient capacity to subscribe [1][2] - The company has a projected funding gap of 1.268 billion yuan over the next three years, justifying the fundraising [2] - Previous fundraising efforts in 2022 raised 589 million yuan, with a portion redirected to working capital after project terminations [2] Group 3: Business Operations and Market Position - The company has over 50% of its revenue from overseas, primarily from international automotive clients such as BMW and Mercedes-Benz, with overseas revenue projected at 3.117 billion yuan for 2024 [2] - The company holds goodwill of 804 million yuan, primarily from the acquisition of Joyson Group, with no impairment required based on annual tests [2] - Inventory stands at 1.16 billion yuan, with a provision for inventory write-downs at 6.39%, consistent with industry peers [2]

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

Core Viewpoint - Western Securities has initiated coverage on Junsheng Electronics, highlighting its position as a leading global provider of smart automotive technology solutions and its recent listing on the Hong Kong Stock Exchange, establishing an "A+H" dual capital platform [1] Group 1: Company Overview - Junsheng Electronics has announced its strategic upgrade to "Automotive + Robotics Tier 1," expanding into the humanoid robotics sector to create a dual-driven growth model [1] - The company serves over 100 global automotive brands, including the top ten manufacturers in China and worldwide, with 74.7% of its revenue projected to come from overseas sales in 2024 [2] - Junsheng Electronics maintains a strong position in automotive safety and electronics, ranking second globally in automotive safety and fourth in intelligent cockpit domain control [2] Group 2: Order and Revenue Growth - The company has secured a record high in new project orders, with a total lifecycle amount of approximately 83.9 billion yuan, and over 60% of these orders are related to new energy vehicles [2] - In the first half of 2025, the company continues to see strong growth in orders, with new project orders amounting to about 31.2 billion yuan, of which over 20.6 billion yuan is related to new energy vehicles, accounting for more than 66% [2] Group 3: Global Operations - Junsheng Electronics has established an efficient global operation system, achieving synchronized R&D, supply chain collaboration, and production sales network with global automakers [3] Group 4: Innovation in Automotive Electronics - The company is positioned in key areas of automotive electronics, including intelligent cockpit domain control, smart connectivity, and intelligent driving, enhancing its competitive edge through a comprehensive product offering [4] - Junsheng Electronics has launched innovative products in the intelligent cockpit sector, including the immersive smart cockpit JoySpace+, which integrates various advanced technologies for an enhanced user experience [5] Group 5: Safety Solutions - The company is innovating in automotive safety products, integrating electronic technology with safety solutions to meet higher demands for both active and passive safety products [6] - New safety products include a zero-gravity seat safety solution and a new generation of optical-enhanced seat belts, aimed at improving safety and comfort [6] Group 6: Robotics Sector Development - Junsheng Electronics is expanding into the robotics sector, leveraging its core automotive component expertise to provide integrated hardware and software solutions for key robotic components [7] - The company has formed strategic partnerships with domestic and international robotics and AI companies to accelerate its smart technology initiatives [8]

Core Viewpoint - Junsheng Electronics (00699) has seen a significant stock increase of over 8% following the announcement of a strategic partnership with Hezhima Intelligent (02533) on November 20, focusing on collaborative development in robotics and intelligent computing solutions [1] Group 1: Strategic Partnership - Junsheng Electronics and Hezhima Intelligent will focus on three core areas: joint research and development of robotic domain controllers, collaborative optimization of intelligent computing platforms, and co-building industry scenario solutions [1] - This partnership aims to advance innovation in robotic control systems and facilitate the demonstration of typical scenarios [1] Group 2: Product Development and Market Expansion - Junsheng Electronics has completed the foundational setup for key components in robotics solutions and has previously released a comprehensive controller assembly solution based on various chip platforms [1] - The collaboration with Hezhima Intelligent will extend to domestic chip platforms, enhancing Junsheng Electronics' capabilities in supporting the research and manufacturing of robotic products across multiple chip platforms, thereby enriching its product matrix and expanding market coverage [1]

Core Viewpoint - Junsheng Electronics (00699) has seen a significant stock increase of over 8% following the announcement of a strategic partnership with Hezhima Intelligent (02533) to focus on collaborative development in robotics and intelligent computing solutions [1] Group 1: Strategic Partnership - On November 20, Junsheng Electronics and Hezhima Intelligent officially established a strategic cooperation [1] - The partnership will concentrate on three main areas: joint research and development of robotic domain controllers, collaborative optimization of intelligent computing platforms, and co-creation of industry scenario solutions [1] Group 2: Product Development and Market Expansion - Junsheng Electronics has completed the foundational setup for key components in robotics solutions [1] - The company has previously released a comprehensive solution for robotic domain controllers based on various chip platforms [1] - The collaboration with Hezhima Intelligent will extend to domestic chip platforms, enhancing Junsheng Electronics' capabilities in supporting the development and manufacturing of robotic products across multiple chip platforms, thereby enriching its product matrix and expanding market coverage [1]