Group 1 - The core viewpoint of the article highlights the performance of the CSI 1000 Enhanced ETF (159680), which rose by 0.76% to 1.732 yuan with a trading volume of 28.7856 million yuan as of the midday close [1] - The fund's performance benchmark is the CSI 1000 Index return, and it has achieved a return of 71.34% since its establishment on November 18, 2022, with a one-month return of 4.69% [1] - The major holdings of the CSI 1000 Enhanced ETF include companies such as O-film Technology, which fell by 0.50%, and Huayang Group, which increased by 2.54% [1] Group 2 - The fund is managed by China Merchants Fund Management Co., with fund managers Cai Zhen and Wen Yu overseeing its operations [1] - The article provides a detailed breakdown of the performance of individual stocks within the ETF, indicating mixed results among its top holdings [1]

Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

| 证券代码：600933 | 证券简称：爱柯迪 | 公告编号：临 2026-003 | | --- | --- | --- | | 转债代码：110090 | 转债简称：爱迪转债 | | 爱柯迪股份有限公司 关于持股 5%以上股东及其一致行动人 提前终止减持计划暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东持股的基本情况：本次减持股份计划实施前，持股 5%以上股东领 拓香港有限公司（以下简称"香港领拓"）持有爱柯迪股份有限公司（以下简称 "公司"）股份 68,888,518 股，占公司总股本的 6.6873%。香港领拓的一致行动 人国金证券领爱私享 1 号单一资产管理计划（以下简称"领爱私享 1 号"）持有 公司股份 110,909 股，占公司总股本的 0.0108%；盛洪持有公司股份 10,000 股， 占公司总股本的 0.0010%。 减持计划的实施结果情况：2025 年 12 月 20 日，公司披露《持股 5%以上 股东及其一致行动人减持股份计划公告》（公告编号： ...

Group 1 - The core viewpoint of the news is that Aikodi's stock price increased by 5.17% to 19.72 CNY per share, with a trading volume of 390 million CNY and a turnover rate of 2.08%, resulting in a total market capitalization of 20.314 billion CNY [1] - Aikodi Co., Ltd. is located in Ningbo, Zhejiang Province, established on December 8, 2003, and listed on November 17, 2017. The company specializes in the research, production, and sales of automotive aluminum alloy precision die-casting parts [1] - The main business revenue composition of Aikodi is 94.40% from automotive-related products, 3.53% from other sources, and 2.07% from industrial products [1] Group 2 - Among Aikodi's top ten circulating shareholders, Yongying Fund has a fund that entered the top ten shareholders, holding 11.5933 million shares, which accounts for 1.19% of the circulating shares [2] - The fund, Yongying Advanced Manufacturing Select Mixed Fund A (018124), was established on May 4, 2023, with a latest scale of 3.992 billion CNY. It has achieved a return of 3.61% this year, ranking 4747 out of 8873 in its category, and a return of 55.66% over the past year, ranking 1447 out of 8119 [2] - The fund manager, Zhang Lu, has a tenure of 6 years and 189 days, with a total asset scale of 30.183 billion CNY. The best fund return during Zhang's tenure is 159.62%, while the worst is -60.31% [2]

Summary of Conference Call Notes Company and Industry Involved - The focus is on Aikodi, a company in the robotics sector, particularly in the T-chain robotics segment, which is identified as a low-valuation investment opportunity with a current PE ratio of only 13x [1][2]. Core Points and Arguments - **Profit Forecasts**: - For 2025, Aikodi's profit is projected to be 1.2 billion (12E), including the consolidation of Zhuoerbo's financials [1]. - Despite potential profit impacts in Q4 2025 due to rising aluminum prices, costs can be passed on, and price increases are expected to boost profits in 2026 [1]. - Aikodi has secured 18 billion in new orders for 2025, representing a year-on-year increase of 60%, with conservative revenue and profit growth estimates of 15% for 2026, leading to an expected profit of 1.35 billion [1]. - Zhuoerbo is anticipated to generate revenue of 1.4 to 1.5 billion in 2026, with a profit of over 220 million, contributing an additional 150 million to Aikodi's profits [1]. - **Valuation and Investment Potential**: - Aikodi is highlighted as a rare high-quality performance target in the robotics sector, with a low valuation compared to its potential [1][2]. - The company is recommended for early-stage bottom-fishing investments due to its strong potential and low current valuation [2]. - **Stock Price Dynamics**: - The pressure on Aikodi's stock price is expected to ease as the second-largest shareholder is projected to reduce their stake by 1.7%, having already sold over 1% of their shares, with the complete reduction expected before the Spring Festival [3]. Other Important but Possibly Overlooked Content - **Risks**: - There are several risks highlighted, including the possibility of market demand falling short of expectations, fluctuations in raw material and shipping prices, and increased competition within the industry [4].

Company and Industry Summary Company: 爱柯迪 (Aikodi) Key Points - **Valuation and Profit Forecast**: Aikodi is currently valued at a low 13x PE ratio. The profit for 2025 is projected to be 1.2 billion (12E+), which includes the consolidation of 卓尔博 (Zhuoerbo) with an expected profit contribution of 300 million. Despite a potential impact on Q4 2025 profits due to rising aluminum prices, cost pass-through and price increases are anticipated to boost profits in 2026 [1][1][1] - **Revenue Growth**: The company has secured new orders worth 18 billion for 2025, representing a year-on-year increase of 60%. A conservative growth rate of 15% is expected for both revenue and profit in 2026, leading to an estimated profit of 1.35 billion [1][1][1] - **Zhuoerbo Contribution**: For 2026, Zhuoerbo is expected to generate revenue between 1.4 billion and 1.5 billion, with a profit of over 220 million, contributing an additional 150 million to Aikodi's profits [1][1][1] - **Product Development**: Aikodi is engaged in multi-round prototyping for robots and has confirmed supply for chest cavity battery housings to T customers, with an average selling price (ASP) of 1200 per unit. The company plans to expand the value of its product categories further [1][1][1] - **Investment Opportunity**: Aikodi is highlighted as a rare investment opportunity within the T-chain robotics sector, characterized by low valuation and strong potential [1][1][1] Industry Insights - **Acquisition Strategy**: The company is seeking to enhance its capabilities in reducer technology, leveraging its existing motor components and die-casting capabilities, which positions it well for joint assembly potential. The narrative around robotics profitability can change rapidly, suggesting a recommendation for early-stage bottom-fishing investments [2][2][2] - **Shareholder Activity**: The second-largest shareholder is expected to reduce their stake by 1.7%, having already sold over 1%. This reduction is anticipated to be completed before the Spring Festival, which may lead to a rebound in the company's stock price once the selling pressure is alleviated [2][2][2] Risk Factors - **Market Demand**: There is a risk that market demand may not meet expectations, which could adversely affect revenue and profit forecasts [3][3][3] - **Cost Pressures**: Fluctuations in raw material and shipping prices pose a risk to profitability, potentially impacting margins [3][3][3] - **Competitive Landscape**: Increased competition within the industry could lead to pricing pressures and reduced market share [3][3][3]

Stock Recommendations - The recommended stocks for February 2026 include: - Daotong Technology (688208.SH) with an expected EPS growth of 28.14% and a PE ratio of 34.98[2] - Kaiying Network (002517.SZ) with an expected EPS growth of 27.56% and a PE ratio of 24.92[2] - Huitong Co., Ltd. (688219.SH) with an expected EPS growth of 33.31% and a PE ratio of 12.59[2] - Yinlun Co., Ltd. (002126.SZ) with an expected EPS growth of 36.66% and a PE ratio of 36.89[2] - Aikedi (600933.SH) with an expected EPS growth of 18.08% and a PE ratio of 19.18[2] - Hongyuan Electronics (603267.SH) with an expected EPS growth of 50.66% and a PE ratio of 54.53[2] Market Performance - The Guoyuan monthly stock portfolio achieved a weighted return of 9.60% in January 2026, outperforming the Shanghai Composite Index which rose by 3.76%[12] - The best-performing stocks in January included: - Kaige Precision Machinery with a return of 42.21%[12] - Tongling Nonferrous Metals with a return of 37.60%[12] Risk Factors - Potential risks include overseas policy risks across various industries and operational risks specific to individual companies[6]

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.

Group 1 - The stock of Aikodi closed at 20.28 yuan, with a rise of 1.05% on January 21, and recorded 9 block trades totaling 1.378 million shares and a transaction amount of 26.0028 million yuan [1][2] - The first four block trades were executed at a price of 18.87 yuan per share, with a total of 12,000 shares, 17,000 shares, 17,000 shares, and 21,200 shares traded respectively, all showing a discount of -6.95% [1][2] - The last five block trades also occurred at the same price of 18.87 yuan per share, with transaction volumes of 12,000 shares, 20,000 shares, 10,600 shares, 16,000 shares, and 12,000 shares, maintaining the same discount rate [2] Group 2 - Over the past three months, Aikodi has recorded a total of 12 block trades with a cumulative transaction amount of 104 million yuan [3] - In the last five trading days, the stock has increased by 3.63%, while the net outflow of main funds amounted to 37.702 million yuan [3]

Group 1 - On January 21, Aikodi executed a block trade of 1.378 million shares, with a transaction value of 26.0028 million yuan, accounting for 8.47% of the total trading volume for the day [1] - The transaction price was 18.87 yuan, representing a discount of 6.95% compared to the market closing price of 20.28 yuan [1] - The block trade involved multiple buying and selling departments, indicating a diverse range of institutional participation [2]