Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing significant negative growth, with retail sales of passenger vehicles dropping by 28% year-on-year in the first half of January 2026, and wholesale sales declining by 35% [1][19] - The report emphasizes the need for supportive policies to stimulate market recovery and highlights the potential for growth in the overseas electric vehicle market due to favorable policies in countries like Canada and Germany [3][4] - The report suggests that the domestic market may rebound following the implementation of supportive policies, which could positively impact leading brands [4] Summary by Sections Market Overview - As of January 1-18, 2026, retail sales of passenger vehicles in China reached 679,000 units, a decrease of 28% compared to the same period last year, while wholesale sales totaled 740,000 units, down 35% year-on-year [1][19] - In the same period, retail sales of new energy vehicles were 312,000 units, reflecting a 16% decline year-on-year, and wholesale sales were 348,000 units, down 23% [1][19] Policy Developments - Canada announced plans to import 49,000 electric vehicles from China, significantly reducing tariffs from 100% to 6.1% [3] - Germany introduced a new subsidy program for electric vehicles, offering up to 6,000 euros to families purchasing new electric cars, effective from January 1, 2026 [3][44] - The UK government has launched a substantial subsidy program for electric trucks, with a total budget of 318 million pounds [48] Investment Opportunities - The report highlights the potential for Chinese new energy vehicles to expand into overseas markets, driven by favorable international policies [4] - It suggests that the recovery of the domestic automotive market could benefit leading brands significantly [4]

Investment Rating - The industry investment rating is "Positive" [3] Core Insights - The retail sales of passenger cars in China from January 1 to 18 reached 679,000 units, representing a year-on-year decline of 28% compared to the same period last year and a 37% decrease from the previous month [20] - The actual shipment of humanoid robots by Yushu Technology is expected to exceed 5,500 units in 2025, with over 6,500 units of the main body expected to be mass-produced [20] - The A-share automotive sector outperformed the market, with a weekly increase of 2.51%, while the CSI 300 index fell by 0.62% [4][10] Market Performance - The automotive sector in A-shares outperformed the broader market, ranking 14th among the Shenwan first-level industries [4][10] - The passenger vehicle segment saw a decline of 1.60%, with Jianghuai Automobile and Haima Automobile leading the gains [4][7] - The commercial vehicle segment increased by 3.69%, with Weichai Power and King Long Automobile leading the gains [4][18] - The automotive parts segment rose by 3.85%, with New Coordinates and Tieliu Co. leading the gains [4][19] Key Industry News - The Ministry of Industry and Information Technology has outlined the next steps for humanoid robots, focusing on breakthroughs in large models and joint technology [20] - Tesla announced its new mission to build a world of amazing abundance [20] - GAC Aion and Didi Autonomous Driving have jointly launched the Robotaxi R2, which has officially been delivered [20] - Canada has reduced tariffs on electric vehicles imported from China to 6.1%, allowing a quota of 49,000 vehicles in the first year, gradually increasing to 70,000 over five years [21] Recommendations - For complete vehicle manufacturers, it is recommended to pay attention to BYD, Geely Automobile, Great Wall Motors, and others [4] - For commercial vehicles, focus on China National Heavy Duty Truck Group, FAW Liberation, and Weichai Power [4] - For automotive parts, consider companies like Songyuan Safety, Fengmao Co., and Ningbo Gaofa [4]

Investment Rating - The investment rating for the mechanical equipment industry is "Positive" (maintained) [1] Core Insights - The humanoid robot sector is showing structural strength with a clear upward trend, as indicated by the recent index movements and increased trading volume [5][14] - Key drivers for the humanoid robot industry include Elon Musk's announcement at Davos regarding the public sale of Optimus by the end of 2026 or early 2027, the debut of the "Magic Atom Robot" at the 2026 Spring Festival Gala, and the verification of mass production capabilities by Yushutech with an expected shipment of over 5,500 units in 2025 [6][15] - The industry is transitioning from technology validation to mass production, establishing a solid foundation for long-term growth [6][15] Summary by Sections Humanoid Robot Sector - The humanoid robot index has entered a phase of oscillating upward movement, outperforming the CSI 300 index with a 0.82% increase [5][14] - The top five performers in the humanoid robot sector for the week include New Coordinates (36.30%), Weichuang Electric (12.31%), and Top Group (11.30%) [5][14] Magic Atom Robot - The "Magic Atom Robot," developed by Chasing Technology, will showcase its capabilities at the 2026 CCTV Spring Festival Gala, marking a significant step in public recognition and market penetration for humanoid robots [20][28] - The performance of the Magic Bot Z1 and Magic Dog robots will be tested in a live environment, demonstrating their advanced motion control and interaction capabilities [21][24] Focus on 2026 Production - The humanoid robot industry is expected to transition from "0-1" to "1-10" in 2025, focusing on technological convergence and certainty in production [35] - The anticipated mass production and commercialization in 2026 will shift the focus to order fulfillment and capacity building, with key beneficiaries identified in various segments such as structural components and motors [42]

Group 1 - The company, Zhou Steel, operates the world's first 5600mm ultra-wide plate production line, which is a core equipment for producing high-quality special steel plates, with a maximum width of 5300mm and thickness of 300mm [1][4] - The production line is fully operational and features remote intelligent control across multiple processing stages, enhancing efficiency and precision in steel production [1] - Zhou Steel's strategic location near the Shenqiu Port allows for significant cost savings in transportation, with water transport costing approximately 22 yuan per ton compared to 110 yuan per ton by rail [3][5] Group 2 - Zhoukou has developed a modern inland port system, "One Port, Ten Areas, One Core," which is the largest and most capable inland port cluster north of the Yangtze River, facilitating economic transformation from "channel economy" to "economic channel" [3][5] - The port has opened 43 domestic and international shipping routes, including 19 foreign trade routes, expanding the cargo distribution range to cover nine provinces in central and western China and major global trade zones [3] - The province's plan aims for the total scale of the coastal industry to exceed one trillion yuan by 2030, with more than nine coastal industrial clusters expected to emerge [5]

Core Viewpoint - The traditional industrial city of Jiyuan is transforming into a hub for the nano-materials industry, with significant investments and expansions underway to meet growing market demands [3][9]. Group 1: Company Developments - Jiyuan Hongxin Rubber Composite Material Technology Co., Ltd. is ramping up production with a new rubber composite production line expected to reach an annual output value of 650 million yuan and a total capacity of 20,000 tons [3][4]. - The company plans to establish additional production bases in Hainan, Yunnan, and Shandong, with the Hainan base construction set to start this year [3]. - Jiyuan Xinghan New Materials Technology Co., Ltd. is accelerating its production scale from hundreds of tons to thousands of tons, focusing on key materials like silver-coated copper powder [5]. - Henan Haibo Rui Silicon Materials Technology Co., Ltd. is experiencing high demand for its specialty silica products and plans to increase R&D investment to expand its product offerings [5]. Group 2: Technological Advancements - The company has achieved a breakthrough in continuous rubber production by reducing the demulsification time of natural rubber from 12 hours to 10 seconds, thanks to modified nano-silica developed at the provincial pilot base [4]. - The new product iterations have significantly improved performance, better meeting customer needs for subsequent vulcanization and molding processes [4]. Group 3: Government Support and Ecosystem - The Jiyuan government has been instrumental in nurturing the nano industry since 2003, establishing the first provincial pilot base for nano materials in collaboration with Henan University [8]. - A unique "three-tiered carrier gradient" cultivation model has been created, encompassing pilot testing, incubation, and industrialization, forming a complete development chain from R&D to mass production [8]. - The establishment of a 1 billion yuan industry development fund and a talent policy aimed at attracting high-end talent has further strengthened the local ecosystem [8]. Group 4: Industry Positioning - Jiyuan's nano materials industrial park is the only production base located within a provincial chemical park, attracting over 20 enterprises and positioning itself as a significant player in the national nano landscape [9]. - The city aims to achieve a 100 billion yuan level nano industry cluster, transitioning from a materials city to a materials powerhouse [9].

鹏辉电源电芯装配自动线正高速运转。 大寒时节，位于驻马店市驿城区的河南省鹏辉电源有限公司（以下简称"鹏辉电源"）无尘车间内却热气蒸 腾。机械臂精准挥舞，超声波焊接的火花转瞬即逝，经过热压、包膜、注液等数十道工序，一个 个"314Ah"大储锂电池走下生产线，奔赴全球50多个国家和地区。 "这些'储能硬汉'能扛住-30℃至55℃的极端温差，循环寿命超6000周。"1月21日，鹏辉电源品质主管殷贺文指 着中控屏上跳动的数据流，语气里满是底气，"眼下，订单已排到今年年底！" 作为驻马店市新能源电池产业链的"链主"企业，2025年，鹏辉电源电芯产量达1.57亿个，"40135"大圆柱电池 产线日产量超6.5万个，工商业储能系统出货量稳居全国第二、世界第三，妥妥的行业"领跑者"。 硬核实力源于持续创新。在鹏辉电源研究院的实验室里，一支平均年龄不足40岁的科研团队正攻克行业难 题。"我们独创的电芯结构以及焊接工艺，解决了正极过流不足的痛点。"鹏辉电源研究院主任工程师张良立 介绍，方形铝壳全极耳电池已通过极限测试并实现量产，单条产线日产量达3万个，这项技术再次刷新业界认 知。如今，鹏辉电源手握300项专利，在半固态、钠离子电 ...

Core Insights - The article highlights the operational success of Zhoukou Steel's (周钢) world-first 5600mm ultra-wide plate production line, which is a significant advancement in the steel industry [1][3] - Zhoukou's strategic positioning as a modern inland port is emphasized, showcasing its development into a logistics hub that enhances regional economic growth [2][4] Group 1: Company Developments - Zhoukou Steel's ultra-wide plate production line, which is 17 meters tall and weighs 3100 tons, is set to begin trial operations by the end of October 2024, allowing for plate widths up to 5300mm and thicknesses up to 300mm [1] - The company has optimized its logistics by utilizing water transport for nearly all of its iron ore, with an annual transport volume of approximately 3 million tons, significantly reducing transportation costs compared to rail [4] Group 2: Industry and Regional Impact - Zhoukou's port development strategy includes the establishment of a modern inland shipping hub, with the first phase of the Zhoukou Port Center scheduled to open in December 2025, marking it as the first dedicated container terminal in the province [2] - The port system, described as "one port, ten zones, and one core," aims to transform the regional economy from a "channel economy" to an "economic channel," facilitating better integration into the national market [4] - By 2030, the province's port industry is projected to exceed a trillion yuan in total scale, with the emergence of over nine trillion-level port industry clusters, positioning Zhoukou at the forefront of this development [4]

鹏辉电源电芯装配自动线正高速运转。王永良 摄 大寒时节，位于驻马店市驿城区的河南省鹏辉电源有限公司（以下简称"鹏辉电源"）无尘车间内却热气蒸 腾。机械臂精准挥舞，超声波焊接的火花转瞬即逝，经过热压、包膜、注液等数十道工序，一个 个"314Ah"大储锂电池走下生产线，奔赴全球50多个国家和地区。 "这些'储能硬汉'能扛住-30℃至55℃的极端温差，循环寿命超6000周。"1月21日，鹏辉电源品质主管殷贺文指 着中控屏上跳动的数据流，语气里满是底气，"眼下，订单已排到今年年底！" 作为驻马店市新能源电池产业链的"链主"企业，2025年，鹏辉电源电芯产量达1.57亿个，"40135"大圆柱电池 产线日产量超6.5万个，工商业储能系统出货量稳居全国第二、世界第三，妥妥的行业"领跑者"。 硬核实力源于持续创新。在鹏辉电源研究院的实验室里，一支平均年龄不足40岁的科研团队正攻克行业难 题。"我们独创的电芯结构以及焊接工艺，解决了正极过流不足的痛点。"鹏辉电源研究院主任工程师张良立 介绍，方形铝壳全极耳电池已通过极限测试并实现量产，单条产线日产量达3万个，这项技术再次刷新业界认 知。如今，鹏辉电源手握300项专利，在半固态 ...

Core Viewpoint - The traditional industrial city of Jiyuan is rapidly developing its nano-materials industry, transforming challenges into opportunities by expanding production capabilities and enhancing technological advancements [3][9]. Group 1: Company Developments - Jiyuan Hongxin Rubber Composite Material Technology Co., Ltd. is set to launch a new production line by the end of January, which will increase its total production capacity to 20,000 tons and generate an annual output value of 650 million yuan [3][4]. - The company plans to establish additional production bases in Hainan, Yunnan, and Shandong, with the Hainan base construction starting this year, aiming for a total production scale of 200,000 tons [3][4]. - Jiyuan Xinghan New Materials Technology Co., Ltd. has achieved a breakthrough in the domestic production of key materials, accelerating its capacity expansion from hundreds of tons to thousands of tons [5]. - Henan Haibo Rui Silicon Material Technology Co., Ltd. is experiencing high demand for its specialty silica products and plans to increase R&D investment to expand into ultra-high-end applications [5]. Group 2: Technological Advancements - The company has made a significant technological breakthrough by reducing the demulsification time of natural rubber from 12 hours to 10 seconds, enabling continuous production [4]. - The new product iterations have significantly improved performance, better meeting customer needs for subsequent vulcanization and molding processes [4]. Group 3: Industry Ecosystem and Government Support - Jiyuan has established a unique "three-tiered carrier gradient" cultivation model for the nano industry, which includes a pilot base, an incubation park, and an industrial transformation park [8]. - The local government has implemented a "chain leader system" to address development challenges, established a 1 billion yuan industry development fund, and introduced policies to attract high-end talent [8][9]. - Jiyuan's nano-materials industrial park has become the only production base located within a provincial chemical park, attracting over 20 enterprises and positioning itself as a significant player in the national nano landscape [9].

证券日报网讯 1月23日，新坐标发布公告称，公司于2025年11月13日召开2025年第一次临时股东大会， 审议通过了《关于不再设置监事会、变更注册资本并修订〈公司章程〉的议案》。截至本公告日，公司 完成了上述工商变更登记及《公司章程》的备案手续，并取得浙江省市场监督管理局换发的《营业执 照》。 （编辑 任世碧） ...