Investment Highlights - The SW Auto Parts Index increased by 1.69% this week, ranking 3rd among SW Auto sectors, with a year-to-date increase of 4.94% [3][12] - The latest PE (TTM) for SW Auto Parts is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile [3][35] - The trading activity in the auto parts sector has shown a gradual increase since February [3][30] Robotics Sector Review - The Wande Robotics Index rose by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the SW Auto Parts sector by 0.58% [4][12] - The latest PE (TTM) for the robotics sector is at the 73.90% percentile for the past year, and the PB (LF) is at the 78.31% percentile [4][46] - The trading heat in the robotics sector is at a low point since 2025 [4][40] Key Company Developments - Sensible Group will establish a joint venture in North America with Green Harmony for robotic joint modules [5] - Top Group forecasts 2025 revenue between 28.75 billion to 30.35 billion yuan, with a net profit of 2.6 billion to 2.9 billion yuan [5] - Feilong Co. increased its investment in Longtai Company by 732 million yuan [5] - New Spring established a wholly-owned subsidiary in Shanghai [5] Top Performers of the Week - The top five gainers this week include: - Precision Forging Technology +28.98% - Sensible Group +17.05% - Naisite +16.22% - Yinlun Co. +7.73% - Changhua Group +7.34% [6][54] Major Events - The release of the world's first warehouse robot Gino 1 by Jizhi Jia [8] - Xiaomi open-sourced its first-generation robot VLA large model [8] - UBTECH and the humanoid robot innovation center launched the full-size research humanoid robot "Tiangong Walker DEX" [8] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on companies expanding capacity in Europe, North America, and Southeast Asia [9] - For robotics, look for certainty in opportunities, especially with the anticipated release of Optimus V3 in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yuzhu, and Zhiyuan [9] - Recommended stocks based on EPS include: Fuyao Glass, Xingyu Co., Sensible Group, Junsheng Electronics, and Xingyuan Zhuomei, with New Spring as a focus [9] - Recommended stocks based on PE include: Top Group, Junsheng Electronics, Shuanghuan Transmission, Sensible Group, Yinlun Co., and Feilong Co., with a focus on Yapu Co. and Daimai Co. [9]

Core Viewpoint - The company, Xingyu Co., a leading domestic automotive lighting manufacturer, has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange, aiming to establish a dual capital platform of "A+H" Group 1: Product Pricing and Profitability - Xingyu Co. focuses on the high-end and intelligent transformation of automotive lighting, with average prices for front lights increasing from 473.6 yuan per unit in 2023 to 573.6 yuan in 2024, and further to 582.2 yuan in the first three quarters of 2025. The average price for rear lights also rose from 216.5 yuan in 2023 to 254 yuan in 2024, reaching 293.3 yuan in the first three quarters of 2025. High-end intelligent lighting prices range from 2000 to 6200 yuan for front lights and 480 to 2200 yuan for rear lights [1] - Despite the rising product prices, the company's gross profit margin has continued to decline, indicating challenges in cost control and product competitiveness. The gross profit margin fell from 20.5% in 2023 to 19.1% in 2024, with slight recovery in 2025 but remaining low at 18.83% in Q1, 19.27% in H1, and 19.49% in Q3, overall down by more than 1 percentage point compared to 2023 [1] Group 2: Cost Pressures and Profitability Challenges - The decline in gross profit margin is attributed to ongoing cost pressures, with sales costs increasing by 31.5% in 2024, outpacing the revenue growth of 29.3%. The gross profit margin for the core business controller dropped by 11.7 percentage points in the first three quarters of 2025 compared to 2024, further dragging down overall profitability [2] Group 3: Customer Dependency and Revenue Risks - The company has a high dependency on major customers, with revenue from the top five clients accounting for 68.2%, 69.5%, and 66.7% from 2023 to the first three quarters of 2025, significantly above the industry average. The largest customer's revenue share decreased from 36.6% in 2023 to 20.1% in the first three quarters of 2025, but the risk of reliance on a single customer remains [3] - The increasing customer concentration poses a significant risk, as any reduction in orders from core clients due to market fluctuations or supply chain adjustments could severely impact revenue and profits. The company's accounts receivable turnover days have increased from 44 days in 2021 to 103 days in 2024, with a further increase to 105 days in the first three quarters of 2025, indicating worsening cash flow issues [3] Group 4: Financial Position and Fundraising Necessity - In contrast to operational risks, the company's financial position appears strong, with total current assets of 12.975 billion yuan and total liabilities of 7.156 billion yuan, indicating a "no interest-bearing debt" status. After accounting for operational liabilities, the company holds over 4 billion yuan in cash and investments, providing ample liquidity for daily operations and global expansion [4] - Despite this strong financial position, the decision to raise funds in Hong Kong has raised questions about the necessity and efficiency of the fundraising, which may become a focal point for the Hong Kong Stock Exchange and investors during the listing review process [4]

（编辑 王雪儿） 证券日报网讯 2月13日，星宇股份在互动平台回答投资者提问时表示，公司对欧洲客户的销售包括公司 直接销售、塞尔维亚子公司直接销售等方式。截至2025年三季度，欧洲客户营收占比较低，公司将继续 深化国际化战略布局，利用公司在车灯领域的综合研发能力、智能生产技术及垂直一体化资源等优势， 积极拓展欧洲市场，获取优质项目，为公司经营发展提供强有力保障。 ...

证券日报网讯 2月13日，星宇股份（601799）在互动平台回答投资者提问时表示，公司重视投资者回 报，会结合当期盈利水平、财务状况及经营发展需求等，综合制定具体的利润分配方案。 ...

证券日报网讯2月13日，星宇股份（601799）在互动平台回答投资者提问时表示，公司会在定期报告中 披露对应报告期末时点的股东人数信息，请关注公司定期报告披露情况。 ...

Core Viewpoint - The A-share market shows positive momentum with significant gains in various sectors, particularly in the small metals, electric grid equipment, and semiconductor industries, while the film and gaming sectors are experiencing declines [3]. Market Performance - The Shanghai Composite Index rose by 0.12% to 4137.06, while the Shenzhen Component Index increased by 0.8% to 14274.93. The ChiNext Index saw a rise of 1.18% to 3323.56, and the STAR Market Index gained 0.93% to 1804.89 [4][12]. - Over 2700 stocks in the market experienced an increase by midday [3]. Sector Highlights - The electric grid equipment sector showed strong performance, with companies like Hailianxun rising over 18% and others reaching their daily limit [4]. - The shipping sector also performed well, with China Merchants Energy hitting its daily limit and achieving a historical high [5]. - The computing power leasing sector saw significant gains, with Yuke Technology hitting its daily limit and other companies like Dazhi Technology and Capital Online also rising [5]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets exceeded 1 trillion yuan [6]. Currency Movement - The offshore RMB against the US dollar broke the 6.9 yuan mark, indicating a strengthening of the currency [8]. Stock Movements - The film and cinema sector continued to adjust, with companies like Hengdian Film and Bona Film hitting their daily limit down [9]. - AI application stocks in the Hong Kong market showed strength, with Zhiyuan rising over 11% [10].

Core Viewpoint - The company, Xingyu Automotive Lighting, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading automotive lighting provider in China and globally, with a focus on innovation and smart manufacturing [1][2]. Financial Performance - For the year 2024, the company reported revenues of approximately RMB 13.253 billion and a net profit of RMB 1.408 billion, with a gross margin of 19.09% [1][5]. - In the first nine months of 2025, the company achieved revenues of RMB 10.710 billion and a net profit of RMB 1.141 billion, reflecting a year-on-year revenue growth of 16.09% and a net profit growth of 16.76% [5]. - The company's gross margin for the first nine months of 2025 was 19.29%, maintaining stable net profit margins throughout the reporting period [5][8]. Market Position - As of 2024, the company holds an 11.0% market share in the Chinese automotive lighting market, ranking first, and a 4.2% share globally, ranking seventh [2][11]. - In the high-end passenger car lighting market (vehicles priced above RMB 200,000), the company has a dominant market share of 22.1% in China [2]. - The company is a leader in the smart automotive lighting sector, with a 70.2% market share in China and ranking first globally [2]. Industry Overview - The global automotive lighting market is projected to grow from RMB 246.6 billion in 2020 to RMB 294.7 billion in 2024, with a compound annual growth rate (CAGR) of 4.6% [7][9]. - The Chinese automotive lighting market is expected to increase from RMB 88.7 billion to RMB 108.7 billion during the same period, with a higher CAGR of 5.2% [7][9]. - By 2030, the global automotive lighting market is anticipated to reach RMB 450.5 billion, with a CAGR of 7.4% from 2025 to 2030, while the Chinese market is expected to grow to RMB 168.6 billion, with a CAGR of 7.8% [7][9]. Strategic Initiatives - The company is actively exploring the field of embodied intelligence, aiming to leverage its R&D capabilities in smart lighting and transfer these technologies to new applications, with the first products expected to be delivered in 2026 [4]. - The company has established partnerships with nine of the top ten global automotive manufacturers based on 2024 sales volume, indicating strong industry relationships [1]. Corporate Governance - The company's board of directors consists of nine members, including four executive directors, one non-executive director, and four independent non-executive directors [14]. - Major shareholders include Ms. Zhou Xiaoping, who directly holds approximately 42.00% of the issued share capital, and other significant stakeholders [16][17].

Group 1: AI and Power Equipment - Alphabet plans to raise $20 billion through bond issuance, exceeding previous expectations, to invest heavily in data centers crucial for its AI strategy [1] - The global demand for high-power, stable electricity supply for AI computing is increasing, leading to a supply-demand gap in high-voltage power equipment [1] - TBEA is a leading private transformer manufacturer in China, capable of integrated services in high-voltage cables and accessories [2] Group 2: AI and Security - The integration of AI into cybersecurity is creating new opportunities, with safety and trust becoming core themes in the industry [3] - The implementation of new cybersecurity regulations in China marks a shift towards more detailed governance in the sector [3] - Anheng Information has launched China's first AI security agent, enhancing its capabilities in various security scenarios [4] Group 3: Metal Prices - The price of indium has surged to its highest level in over a decade, with a significant increase of 88% from 2500 RMB/KG to 4700 RMB/KG [5] - China accounts for 70% of global indium production, and the supply growth has been limited, indicating potential for further price increases [5] - Xiyang Co. holds the largest indium resource reserves globally, producing 101.62 tons of indium [5] Group 4: Tourism Industry - The domestic tourism market is expected to see a 300% increase in planned trips during the upcoming Spring Festival, indicating a strong recovery [6] - Companies like Sanxia Tourism are expanding their offerings to meet diverse consumer demands, including high-end cruise services [7] Group 5: AI Content Creation - Reading Group is focusing on AI-driven content creation, aiming to enhance the efficiency and value of IP development [8] - Daily Interactive provides data intelligence services, catering to the short video and short drama sectors [9] Group 6: Automotive Industry - The Ministry of Commerce is implementing measures to boost automotive consumption, including trade reforms and policies to support vehicle replacement [11] - Companies like Feilong Co. and Xingyu Co. are positioned to benefit from the anticipated growth in the automotive sector [11]

Investment Highlights - The SW auto parts index increased by 0.34% this week, ranking 4th among SW automotive sectors, with a year-to-date increase of 3.20% [3][14] - The latest PE (TTM) for SW auto parts is at the 83.10% historical percentile, while the PB (LF) is at the 77.55% historical percentile [3][35] - The Wande robot index decreased by 0.21% this week, with a year-to-date increase of 0.27%, underperforming the SW auto parts sector by 0.55% [4][14] - The latest PE (TTM) for the Wande robot index is at the 67.47% historical percentile, and the PB (LF) is at the 77.11% historical percentile [4][44] Key Stock Movements - The top five gainers this week are: - Yinchuan Co., Ltd. +17.13% - Xingyu Co., Ltd. +8.65% - Daimai Co., Ltd. +6.67% - Yap Co., Ltd. +3.71% - Ruima Precision +2.74% [6][51] Major Events - On February 4, Elon Musk publicly praised Optimus again - On February 8, Zhiyuan will host the world's first large-scale robot gala [7][45] Core Coverage Changes - Xinquan announced a $100 million investment in Bayern Xinquan and the establishment of subsidiaries in Malaysia and Kaifeng - Precision Forging Technology established a subsidiary in Germany [8][54] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on potential leading companies in Europe, North America, and Southeast Asia [9][56] - For robots, seek certainty in opportunities, with Musk stating that Optimus V3 is expected to be released in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yushu, and Zhiyuan [9][56]

Core Viewpoint - The establishment of Wuhan Xingxi Guang Technology Co., Ltd. by Jiufengshan Laboratory, Changzhou Xingyu Automotive Lighting Co., Ltd., and ChipLink Integrated Circuit Manufacturing Co., Ltd. represents a new model of technology-driven investment attraction in Wuhan, moving away from traditional land and subsidy-based approaches [1][6]. Group 1: Company Collaboration - The collaboration was formed in just 20 days, showcasing a rapid and efficient partnership among the three companies [1]. - Jiufengshan Laboratory possesses advanced Micro LED technology, which is considered the "ultimate display technology" with higher brightness, lower power consumption, and longer lifespan compared to OLED, making it suitable for high-end electric vehicle applications [5]. - Xingyu Automotive Lighting is a leading player in the automotive lighting industry in China, with a comprehensive R&D system and strong manufacturing capabilities [6]. Group 2: Government Support - The East Lake High-tech Zone provided specialized investment promotion services, facilitating the collaboration by addressing all concerns of the companies involved [7][10]. - The government’s proactive approach included weekend work to expedite the registration process and a dedicated team to respond to the companies' needs [10][11]. Group 3: Innovative Investment Model - The investment attraction model emphasizes "technology recruitment and joint construction," ensuring that core R&D, production, and value creation remain in Wuhan, thus fostering local industrial growth [11]. - This collaboration is characterized as a long-term partnership where both risks and benefits are shared, promoting the practical application of technology in the local market [11]. Group 4: Industry Ecosystem - Wuhan's strong semiconductor industry ecosystem, including leading companies like Yangtze Memory Technologies, provides a robust supply chain and manufacturing facilities, facilitating the project's implementation [12]. - The newly established company has garnered significant attention, highlighting the integration of advanced production capabilities from Jiangsu and Zhejiang with Wuhan's technological ecosystem [12].