Investment Rating - The report maintains a positive outlook on the automotive parts industry, suggesting a focus on bottom opportunities as the sector has been performing well for over a month [1][3]. Core Insights - The robotics sector has been driven by the Tesla supply chain since mid-August, indicating a potential for further growth in related automotive parts [1][3]. - The report emphasizes the importance of fundamental and marginal changes in performance as third-quarter results are about to be released, recommending specific companies for investment [1][3]. Summary by Relevant Sections Company Insights - **Xingyu Co., Ltd.**: The company is shifting its strategic focus from domestic new energy vehicle clients to expanding into overseas markets, particularly in Europe. Collaborations with major clients like Volkswagen and BMW are strengthening, with expectations to secure headlight projects by the end of this year or next. The overseas factory is projected to ramp up production starting in 2027, becoming a new growth source by 2028. The domestic market growth from 2025 to 2027 is anticipated to come from the adoption of high-end headlights by new energy vehicle clients [2][4]. - **Changshu Automotive Trim**: The company is focusing on applications of PEEK materials, leveraging its core capabilities in injection molding. A recent strategic partnership with a Dutch sensor company aims to develop next-generation tactile sensing technology for automotive and robotics manufacturing, indicating a shift towards electronics [5]. - **Ningbo Huaxiang**: The company is entering the robotics sector through a unique ODM model, which is relatively scarce. If strategic partnerships with major clients deepen, revenue growth in its robotics business is expected to be supported. The company has a first-mover advantage in PEEK materials, potentially leading to cost benefits [5]. - **Daimay Co., Ltd.**: As an interior parts supplier, Daimay's capabilities align with the transformation into biomimetic materials and robotic skin. Being a supplier for Tesla and having a mature overseas base suggests potential interest or developments in the robotics field [5]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and XPeng, as well as companies with strong performance growth and robotics layouts like Fuyao Glass, New Spring, and others [2][5].

Investment Rating - The report maintains a positive outlook on the automotive parts industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The automotive parts sector is experiencing a sustained rally, driven by developments in the robotics sector, particularly influenced by Tesla's supply chain. The report emphasizes the importance of monitoring Tesla's dynamics and suggests focusing on bottom opportunities as many stocks in the sector have reached relatively high levels [2][3]. - Key companies to watch include Xingyu, Changshu Automotive Trim, Daimay, and Ningbo Huaxiang, which are expected to benefit from upcoming quarterly performance releases and fundamental changes [2][3]. Company Summaries Xingyu - Xingyu is shifting its strategic focus from domestic new energy vehicle clients to expanding into overseas markets, particularly in Europe, with strengthened collaborations with Volkswagen and BMW. The company anticipates securing headlight project designations by the end of this year or next year, with production ramping up in overseas factories starting in 2027 [4]. - The domestic market growth from 2025 to 2027 is expected to be driven by the adoption of high-end headlights by new energy vehicle clients, with potential increases in per-vehicle value from over 1,000 yuan for standard LEDs to over 4,000 yuan for HD headlights and even 10,000 yuan for DLP headlights [4]. - The competitive landscape is favorable for domestic leaders like Xingyu, as international competitors face operational pressures, providing a conducive environment for growth [4]. Changshu Automotive Trim - The company is focusing on applications involving PEEK materials, leveraging its core capabilities in injection molding. A recent strategic partnership with a Dutch sensor company aims to develop next-generation tactile sensing technology for automotive and robotics manufacturing, with plans for mass production in China [5]. Ningbo Huaxiang - Ningbo Huaxiang is entering the robotics sector through its unique ODM model, which is considered rare. The company has established a presence in the PEEK materials field, which may yield cost advantages. Expected profits for next year are around 1.5 billion yuan, corresponding to a PE ratio of approximately 20 times for 2026 [5]. Daimay - As an interior parts supplier, Daimay's capabilities align with the transformation into biomimetic materials and robotic skin. The company is a supplier for Tesla and has a mature overseas customer base, suggesting potential developments in the robotics field [5]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and XPeng, as well as companies with strong performance growth and capabilities in robotics or overseas expansion, including Fuyao Glass, Xinquan, Fuda, Shuanghuan Transmission, and Yinlun [2].

截至发稿，李昱累计任职时间7年267天，现任基金资产总规模97.67亿元，任职期间最佳基金回报 156.36%， 任职期间最差基金回报-7.55%。 10月14日，常熟汽饰跌5.17%，截至发稿，报17.25元/股，成交2.61亿元，换手率4.00%，总市值63.19亿 元。 资料显示，江苏常熟汽饰集团股份有限公司位于江苏省常熟市海虞北路288号，成立日期1996年7月25 日，上市日期2017年1月5日，公司主营业务涉及研发、生产和销售乘用车内饰件业务。主营业务收入构 成为：汽车零部件制造业85.88%，模检具开发费等14.12%。 从常熟汽饰十大流通股东角度 数据显示，工银瑞信基金旗下1只基金位居常熟汽饰十大流通股东。工银中小盘混合（481010）二季度 新进十大流通股东，持有股数294.5万股，占流通股的比例为0.77%。根据测算，今日浮亏损失约276.83 万元。 工银中小盘混合（481010）成立日期2010年2月10日，最新规模10.01亿。今年以来收益35.75%，同类排 名2348/8162；近一年收益46.3%，同类排名1535/8015；成立以来收益246.3%。 工银中小盘混合（4810 ...

Core Viewpoint - Changshu Automotive Trim's stock price surged by 7.94% following the announcement of a strategic partnership with Brighter Signals B.V. to develop next-generation tactile sensing technology for automotive and robotics applications [1][3]. Company Overview - Changshu Automotive Trim specializes in the research, production, and sales of automotive interior assembly products, including door inner trim assemblies, instrument panel assemblies, and other components [4]. Strategic Partnership - The partnership with Brighter Signals B.V. involves Changshu Automotive Trim taking responsibility for the mass production of BS's patented fabric sensors in its Chinese factory, with plans to expand production to Europe by 2026 [3]. - The collaboration aims to integrate BS's sensors into automotive seating and interior systems, working alongside other tier-one suppliers to create intelligent solutions [3]. Technology Insights - BS's core technology is a multifunctional tactile sensing system based on fabric, capable of monitoring pressure, weight, proximity, motion, and position, while distinguishing between human and object interactions [3]. - Compared to traditional sensors, the fabric sensors are lightweight, recyclable, and sustainably produced, maintaining high sensitivity and stability in complex environments [3]. Financial Performance - In the first half of 2025, Changshu Automotive Trim reported revenue of 2.781 billion yuan, a year-on-year increase of 17.18%, while net profit attributable to shareholders was 216 million yuan, a decline of 15.63% [4]. - The sales of new energy products accounted for 51.15% of total sales, reflecting an increase of 18.65 percentage points year-on-year [4].

9月26日，常熟汽饰涨5.11%，截至发稿，报18.94元/股，成交1.88亿元，换手率2.78%，总市值69.39亿 元。 资料显示，江苏常熟汽饰集团股份有限公司位于江苏省常熟市海虞北路288号，成立日期1996年7月25 日，上市日期2017年1月5日，公司主营业务涉及研发、生产和销售乘用车内饰件业务。主营业务收入构 成为：汽车零部件制造业85.88%，模检具开发费等14.12%。 从常熟汽饰十大流通股东角度 数据显示，工银瑞信基金旗下1只基金位居常熟汽饰十大流通股东。工银中小盘混合（481010）二季度 新进十大流通股东，持有股数294.5万股，占流通股的比例为0.77%。根据测算，今日浮盈赚取约270.94 万元。 工银中小盘混合（481010）成立日期2010年2月10日，最新规模10.01亿。今年以来收益40.77%，同类排 名1980/8171；近一年收益77.07%，同类排名1276/8004；成立以来收益259.1%。 工银中小盘混合（481010）基金经理为李昱。 截至发稿，李昱累计任职时间7年249天，现任基金资产总规模97.67亿元，任职期间最佳基金回报 153.13%， 任职期间最差 ...

9月26日，常熟汽饰盘中上涨2.16%，截至09:44，报18.41元/股，成交6874.49万元，换手率1.03%，总市 值67.44亿元。 资金流向方面，主力资金净流入580.95万元，特大单买入0.00元，占比0.00%，卖出134.98万元，占比 1.96%；大单买入1348.99万元，占比19.62%，卖出633.05万元，占比9.21%。 资料显示，江苏常熟汽饰集团股份有限公司位于江苏省常熟市海虞北路288号，成立日期1996年7月25 日，上市日期2017年1月5日，公司主营业务涉及研发、生产和销售乘用车内饰件业务。主营业务收入构 成为：汽车零部件制造业85.88%，模检具开发费等14.12%。 分红方面，常熟汽饰A股上市后累计派现10.14亿元。近三年，累计派现4.45亿元。 机构持仓方面，截止2025年6月30日，常熟汽饰十大流通股东中，汇丰晋信新动力混合A（000965）位 居第三大流通股东，持股766.65万股，相比上期增加60.63万股。汇丰晋信大盘股票A（540006）位居第 五大流通股东，持股546.25万股，相比上期增加8.15万股。工银中小盘混合（481010）位居第十大流通 ...

标的方面 推荐：1)规模已成、领先布局出海的中国自主车企：比亚迪（002594）(01211)、零跑汽车(09863)、长 城汽车（601633）(601633.SH)、吉利汽车(00175)、小鹏汽车(09868)等。2)随着欧美日车企电动智能转 型，深耕全球、技术领先的国际化零部件白马将迎来戴维斯双击：敏实集团(00425)、福耀玻璃 中金发布研报称，全球汽车正处于格局重构阶段，2025年中国汽车已完成出口扩张，即将迎来出海加 速，预计2030年中国自主品牌车企有望实现全球近3000万辆的产量规模，并培育数家年产500万辆以上 的车企。全球消费者对电动智能技术认知已建立，欧美日车企加速产品投放，非中国市场的新能源渗透 率，将从拖累转向加速。因此，建议对应关注中国自主车企的出海扩张机遇；欧美日车企加速新能源转 型，拉动的中国供应链机遇。 中金主要观点如下： 中国汽车电动智能变革基本完成，立足出口走向出海 中金预计2025年中国汽车新能源渗透率突破50%，依托技术变革优势，中国自主品牌实现本土新能源市 场份额的领先(新能源上险口径8M25达89%)；依托规模优势和运营效率，中国蝉联汽车出口全球第一， 自主车企 ...

Investment Rating - The report rates the industry as "Overweight," indicating an expectation that the industry will outperform the overall market [4]. Core Insights - The report highlights a strategic shift for Xingyu Co., Ltd. from domestic new energy vehicle clients to overseas markets, particularly in Europe, with collaborations with major clients like Volkswagen and BMW [4][5]. - Ningbo Huaxiang is extending its automotive parts manufacturing capabilities into the robotics sector, aiming to achieve humanoid robot ODM capabilities within five years [5][6]. - Changshu Automotive Trim is transitioning from joint venture brands to new energy vehicle clients, with a significant portion of revenue now coming from this sector [6]. - Fuda Co., Ltd. is positioned in the robotics field, with a strong demand for its main products and a high certainty of performance growth [6][8]. - Baolong Technology is expected to benefit from new model launches by clients like NIO, with projected profits increasing significantly in the coming years [8]. Summary by Company Xingyu Co., Ltd. - The strategic focus is shifting towards overseas markets, with potential project approvals expected by the end of this year or next [4]. - The penetration of high-end lighting products is anticipated to increase the per-vehicle value significantly, from over 1,000 yuan for standard LED to over 4,000 yuan for HD and up to 10,000 yuan for DLP [4]. Ningbo Huaxiang - The company is leveraging its manufacturing strengths to enter the robotics market, with expected revenue from robot OEM services reaching 20,000 to 30,000 yuan per unit [5]. - After divesting from unprofitable European operations, the net profit for the first half of the year was reported at 600 million yuan, a 26.4% increase year-on-year [5]. Changshu Automotive Trim - The company is transitioning its client base towards new energy vehicles, with 50% of revenue now derived from this segment [6]. - Despite challenges in restoring profit margins due to competition and new factory ramp-up, the company is exploring opportunities in robotics and lightweight materials [6]. Fuda Co., Ltd. - The company is experiencing high demand in its main business areas, with a strong growth outlook in the robotics sector [6]. - Fuda's established production capabilities in key components position it well for future growth and potential revaluation [6]. Baolong Technology - The company is expected to see profit growth driven by new model launches from clients, with projected profits of 440 million yuan this year and 580 million yuan next year [8]. - Baolong's strong foundation in automotive sensors provides a logical pathway for expansion into robotics [8].

Core Viewpoint - Changshu Automotive Interior Co., Ltd. experienced a stock price increase of 5.21% on September 24, reaching 18.58 CNY per share, with a trading volume of 820 million CNY and a turnover rate of 12.58%, resulting in a total market capitalization of 6.807 billion CNY [1] Group 1: Company Overview - Changshu Automotive Interior Co., Ltd. is located at 288 Haiyu North Road, Changshu City, Jiangsu Province, and was established on July 25, 1996, with its listing date on January 5, 2017 [1] - The company's main business involves the research, development, production, and sales of passenger car interior components, with revenue composition being 85.88% from automotive parts manufacturing and 14.12% from mold inspection and development fees [1] Group 2: Shareholder Information - ICBC Credit Suisse Fund has a fund that ranks among the top ten circulating shareholders of Changshu Automotive Interior, specifically the ICBC Small and Medium Cap Mixed Fund (481010), which entered the top ten in the second quarter with 2.945 million shares, accounting for 0.77% of circulating shares [2] - The fund has achieved a return of 38.1% year-to-date, ranking 1951 out of 8173 in its category, and an annual return of 80.3%, ranking 1276 out of 7996 [2] Group 3: Fund Manager and Performance - The fund manager of ICBC Small and Medium Cap Mixed Fund (481010) is Li Yu, who has been in the position for 7 years and 247 days, managing a total fund size of 9.767 billion CNY [3] - During Li Yu's tenure, the best fund return was 154.49%, while the worst return was -6.81% [3] Group 4: Fund Holdings - The ICBC Small and Medium Cap Mixed Fund (481010) reduced its holdings by 6,300 shares in the second quarter, maintaining 2.945 million shares, which represents 3.91% of the fund's net value, making it the second-largest holding [4]

Investment Rating - The report suggests a focus on companies with strong growth potential in the automotive and robotics sectors, recommending to pay attention to companies like Xingyu Co., Ningbo Huaxiang, and Fuda Co. due to their strategic shifts and growth prospects [1][4][5][6]. Core Insights - Xingyu Co. is shifting its strategic focus from domestic new energy vehicles to overseas markets, particularly in Europe, with expected project confirmations by the end of this year or next year. The penetration of high-end lighting products is projected to significantly increase the per vehicle value [1][4]. - Ningbo Huaxiang is extending its automotive parts manufacturing into the robotics field, aiming to achieve humanoid robot ODM capabilities within five years. The company has shown a strong profit growth of 26.4% year-on-year, with expectations for further recovery in net profit by 2026 [3][5]. - Changshu Automotive Trim is transitioning from joint venture brands to new energy vehicle clients, with 50% of its revenue now from this sector. However, it faces challenges in restoring profit margins due to increased competition [3][6]. - Fuda Co. is recognized for its strong growth potential in the robotics sector, with a solid demand for its main products and a promising outlook for its business expansion [3][6]. - Baolong Technology is expected to benefit from new model launches by clients like NIO, with projected profits increasing significantly in the coming years, indicating a strong market position [3][7]. Summary by Relevant Sections Company Updates - Xingyu Co. is enhancing collaborations with European clients like Volkswagen and BMW, with expectations for new project confirmations soon. The company’s PE ratio is around 20 times, indicating potential undervaluation [1][4]. - Ningbo Huaxiang is strategically positioning itself in the robotics market, with a projected revenue of 20,000 to 30,000 yuan per robot unit. The company has successfully divested from unprofitable European operations, leading to a net profit of 600 million yuan [3][5]. - Changshu Automotive Trim is experiencing a shift in client base towards new energy vehicles, but faces challenges in profit margin recovery due to competitive pressures [3][6]. - Fuda Co. is noted for its strong demand in the robotics field, with established production capabilities and potential for upward valuation [3][6]. - Baolong Technology is projected to see profit growth driven by new model releases, with a PE ratio below 20 times, suggesting that the market has not fully priced in its growth potential [3][7].