Investment Rating - The report maintains a "Buy" recommendation for the automotive industry [2]. Core Insights - Global light vehicle sales in October reached approximately 7.9 million units, a year-on-year increase of 2.6% and a month-on-month increase of 0.5%. However, overseas sales totaled about 4.77 million units, showing a year-on-year decline of 0.4% and a month-on-month decline of 1.5% [2]. - North American sales were 1.56 million units, down 5.0% year-on-year but up 1.1% month-on-month. European sales were approximately 1.48 million units, up 2.9% year-on-year but down 7.5% month-on-month. In contrast, Chinese sales reached 3.13 million units, up 7.6% year-on-year and 3.7% month-on-month [2]. - The report anticipates that overseas light vehicle sales will reach 55.88 million units in 2025, a year-on-year increase of 1.3%, and 56.14 million units in 2026, a year-on-year increase of 0.5% [2]. Summary by Sections 1. Industry: Sales, Exchange Rates, Freight - Global light vehicle sales data indicates a mixed performance across regions, with North America and Europe facing declines while China shows growth [2][5]. - The report highlights the impact of exchange rates and freight costs on the automotive industry, noting a downward trend in the CCFI (China Container Freight Index) [24]. 2. Market Competition - The competitive landscape is analyzed, showing the market shares of major automotive groups, including Toyota, Volkswagen, and BYD, with a focus on their performance in the global market [28][29]. - The report also discusses the dynamics of the global new energy vehicle market, emphasizing the growth of companies like BYD and Tesla [33][34]. 3. Export Situation of Automotive and Parts Companies - The report provides insights into the export performance of domestic automotive manufacturers, highlighting the monthly growth rates of narrow passenger vehicle exports [39][40]. - It lists companies with significant overseas revenue, indicating their reliance on international markets [42].

Core Insights - The "Super CEO" list by Zhito Finance highlights outstanding leaders in the automotive industry, focusing on their financial growth and reputation, with BYD's Wang Chuanfu ranked first [1][12]. Industry Overview - The automotive industry in China, encompassing vehicles, parts, and services, is projected to produce and sell 31.28 million and 31.44 million units in 2024, reflecting year-on-year growth of 3.7% and 4.5% respectively, maintaining its position as the world's largest market for 16 consecutive years [2]. - In 2024, China's automotive exports are expected to reach 5.859 million units, marking a 19.3% increase, showcasing the industry's resilience amid global trade uncertainties [2]. New Energy Vehicles (NEVs) - NEVs are leading the transformation of the automotive industry, with production and sales expected to exceed 10 million units in 2024, achieving year-on-year growth of 34.4% and 35.5% respectively [3]. - NEV exports are projected to reach 1.284 million units, a 6.7% increase, as China strengthens its competitive edge in key overseas markets [3]. Automotive Parts Industry - The automotive parts sector is experiencing significant growth, with the demand for core components like batteries, motors, and electronic controls surging as NEV penetration exceeds 40% [4]. - In 2024, the installed capacity of power batteries is expected to grow by 47.6% to 531 GWh, with lithium iron phosphate batteries accounting for 69.2% of the total [4]. - The export value of automotive parts is anticipated to reach $105.61 billion, reflecting a 6.8% increase [4]. Intelligent Driving - The intelligent driving sector is witnessing rapid advancements, with consumer demand for safety and efficiency driving the adoption of L2 and higher autonomous driving features in mid-to-high-end vehicles [5]. - Technological breakthroughs in AI algorithms, automotive-grade chips, and high-precision mapping are laying a solid foundation for the industrialization of intelligent driving [5]. CEO Performance - The 25 CEOs on the list have demonstrated impressive performance, with median revenue growth of 23.3%, net profit growth of 31.42%, and return on equity of 15.35% [8]. - The average market capitalization of these companies is approximately 113.6 billion yuan, with 24 CEOs disclosing their 2024 salaries, the highest being 639.134 million yuan [8]. - The representation of post-80s CEOs has increased significantly, indicating a trend towards younger leadership in the automotive sector [8]. Notable CEOs - Wang Chuanfu of BYD leads the list, achieving sales of 4.2721 million units in 2024, with a revenue of 777.102 billion yuan, a 29.02% increase year-on-year [12]. - Zhang Zhengping of Seres has seen a remarkable revenue increase of over 305.04% to 145.176 billion yuan, with NEV sales rising by 182.84% [13]. - Li Xiang of Ideal Auto reported a revenue of 144.460 billion yuan, a 16.64% increase, and is focusing on expanding into the Middle East and Central Asia [14]. - Wang Bin of Top Group achieved a revenue of 26.6 billion yuan, growing by 35.02%, by implementing a Tier 0.5 platform strategy [15].

证券代码：601689 证券简称：拓普集团 公告编号：2025-086 宁波拓普集团股份有限公司 关于闲置募集资金现金管理到期赎回的公告 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个别及连带责任。 宁波拓普集团股份有限公司（以下简称"公司"）分别于 2025 年 4 月 22 日 召开第五届董事会第二十一次会议及第五届监事会第十七次会议、2025 年 5 月 14 日召开 2024 年年度股东大会，审议通过了《关于使用部分暂时闲置募集资金 委托理财的议案》，授权公司（含全资子公司）使用最高额度不超过人民币 24 亿元的暂时闲置募集资金委托理财，用于结构性存款或购买保本型理财产品，授 权期限自 2025 年 7 月 1 日起至 2026 年 6 月 30 日止，额度内资金可以循环滚动 使用。详情请见公司于 2025 年 4 月 24 日在上海证券交易所网站披露的《拓普集 团关于使用部分暂时闲置募集资金委托理财的公告》。 一、本次现金管理产品到期赎回情况 2025 年 6 月 11 日，公司使用暂时闲置募集资金购买杭州银行宁波北仑支行 ...

Investment Rating - The report rates the automotive parts industry as "Positive" (First Time) [1] Core Viewpoints - The loosening of regulations is expected to accelerate the mass production of electronic mechanical brakes (EMB) and steer-by-wire (SBW), leading to a significant market expansion [3] - The domestic market for line-controlled chassis is projected to exceed 100 billion by 2030, driven by advancements in high-level autonomous driving [3][30] - The report emphasizes the importance of focusing on high-quality Tier 1 suppliers and upstream components such as motors and lead screws [4][9] Summary by Relevant Sections Line-Controlled Chassis - The pursuit of human-machine decoupling in line-controlled chassis is fundamental for achieving L3/L4 autonomous driving [9] - The market for line-controlled braking systems is expected to reach 50 billion by 2030, with EMB projected at 16.4 billion [3][30] - The line-controlled steering market is anticipated to reach 50 billion by 2030, with SBW projected at 21.5 billion [3][30] Regulatory Developments - Regulations allowing EMB to be implemented in vehicles will officially take effect on January 1, 2026 [3][26] - New policies regarding SBW are expected to be catalyzed within the year, although specific certification details remain unclear [3][26] Market Dynamics - The report highlights that the penetration rate of line-controlled chassis is expected to rise from 5% in 2025 to 30% by 2030 [31] - The overall market for intelligent chassis in China is projected to exceed 100 billion by 2030, with a compound annual growth rate (CAGR) of 37% from 2025 to 2030 [30][29] Key Companies to Watch - The report suggests focusing on leading Tier 1 suppliers with comprehensive platform capabilities, such as NEXTEER, ZF, and others [4][9]

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].

二、公司最近十二个月使用募集资金委托理财的情况 证券代码：601689 证券简称：拓普集团 公告编号：2025-085 截至 2025 年 12 月 12 日，公司最近十二个月使用募集资金委托理财的情况 如下表： 宁波拓普集团股份有限公司 关于闲置募集资金现金管理到期赎回的公告 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个别及连带责任。 宁波拓普集团股份有限公司（以下简称"公司"）分别于 2025 年 4 月 22 日 召开第五届董事会第二十一次会议及第五届监事会第十七次会议、2025 年 5 月 14 日召开 2024 年年度股东大会，审议通过了《关于使用部分暂时闲置募集资金 委托理财的议案》，授权公司（含全资子公司）使用最高额度不超过人民币 24 亿元的暂时闲置募集资金委托理财，用于结构性存款或购买保本型理财产品，授 权期限自 2025 年 7 月 1 日起至 2026 年 6 月 30 日止，额度内资金可以循环滚动 使用。详情请见公司于 2025 年 4 月 24 日在上海证券交易所网站披露的《拓普集 团关于使用部分暂时闲置募 ...

近日，全球汽车零部件行业的季度业绩与战略调整密集发布，冰火两重天的态势与整车行业如出一辙。 在需求收缩与地缘政治重塑供应链的双重冲击下，欧美巨头深陷转型阵痛与市场寒流，亏损、裁员与业务重组成为主旋律。 "我们做尊界S800，其实把中国汽车工业高端工艺都拉起来了。" 在最新的《超凡一步 | 在一起 鸿蒙智行》直播中，华为常务董事、终端BG董事长余承东如此表态。 以汽车座椅皮面缝纫的针孔开爆现象为例，劳斯莱斯和宾利等车型的爆针范围在0.6——1.0mm之间，而此前从未参与如此高规格汽车制造的中国企业延 锋，将爆针严格控制在0.5mm以内，完成了一次看似微小却意义不凡的突破。 如果说，尊界S800等高端车型出现的最大意义之一，是带动相关的国产技术与供应链的高端化，那么，自主品牌崛起的最大意义，也一定包括了带动了 中国汽车零部件企业的发展和腾飞。 01 业绩承压成常态，欧美巨头艰难转型 与之形成鲜明对比的，是东方供应链的蓬勃动能。背靠中国这一全球最大且加速转型的汽车市场，并乘着电动化、智能化的确定性浪潮，中国零部件企业 普遍迎来营收、利润双增长。日韩等零部件企业，则依托有利的外汇环境和政府补贴实现了亮眼表现。 笼罩在 ...

Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

本文源自：智通财经网 公开资料显示，宁波拓普集团是一家以科技驱动为核心的平台型汽车零部件企业，业务覆盖汽车动力底 盘系统、饰件系统及智能驾驶系统等多个细分领域。公司在轻量化底盘、 NVH 控制、电子电控等方面 具备较强研发实力，近年来在新能源汽车零部件布局上亦持续加码。 拓普集团已与多家国内外主流整车厂建立长期合作关系，包括奥迪、宝马、通用、福特、大众、吉利等 国际及中国主流汽车品牌，并参与多款全球车型的平台化研发与供货体系。公司在全球多地布局生产基 地和研发中心，以支持不断增长的国际化业务需求。 智通财经获悉，据报道，国内汽车零部件企业宁波拓普集团股份有限公司(601689.SH)正考虑通过在香 港联交所上市募集约 10 亿美元(约 78 亿港元)，相关筹备工作正在推进中。若最终成行，将成为今年汽 车供应链领域规模较大的境外融资项目之一。 ...

（原标题：新股消息 | 传拓普集团(601689.SH)拟赴港上市 计划筹集约10亿美元） 智通财经APP获悉，据报道，国内汽车零部件企业宁波拓普集团股份有限公司(601689.SH)正考虑通过 在香港联交所上市募集约 10 亿美元(约 78 亿港元)，相关筹备工作正在推进中。若最终成行，将成为今 年汽车供应链领域规模较大的境外融资项目之一。截至目前，宁波拓普集团尚未对相关上市计划作出官 方回应。 公开资料显示，宁波拓普集团是一家以科技驱动为核心的平台型汽车零部件企业，业务覆盖汽车动力底 盘系统、饰件系统及智能驾驶系统等多个细分领域。公司在轻量化底盘、 NVH 控制、电子电控等方面 具备较强研发实力，近年来在新能源汽车零部件布局上亦持续加码。 拓普集团已与多家国内外主流整车厂建立长期合作关系，包括奥迪、宝马、通用、福特、大众、吉利等 国际及中国主流汽车品牌，并参与多款全球车型的平台化研发与供货体系。公司在全球多地布局生产基 地和研发中心，以支持不断增长的国际化业务需求。 ...