证券代码：603119 证券简称：浙江荣泰 公告编号：2025-093 浙江荣泰电工器材股份有限公司 重要内容提示： 本次签署的《合资意向书》属于各方意愿和基本原则的意向性约定，具 体事宜尚待进一步协商、推进和落实，最终合作条款以各方签署的正式协议为准。 本事项实施过程中尚存在不确定性因素，最终能否达成存在不确定性。敬请广大 投资者谨慎决策，注意投资风险。 此事项无需提交公司董事会、股东会审议。后续涉及具体协议的签订， 公司将按照《上海证券交易所股票上市规则》等法律、法规、规范性文件及《公 司章程》的规定和要求，履行相应的决策审批程序和信息披露义务。 机器人行业符合未来发展的趋势，但新兴行业的成长会经历相对较长的 发展周期，未来大规模普及消费尚存在不确定性，且双方未来合作受技术、生产、 市场竞争及宏观经济形势等因素影响，未来行业的发展和公司的市场开拓也会面 临较大的不确定性，存在较大投资风险。特此郑重提醒广大投资者注意投资风险! 一、协议签订的基本情况 （一）交易对方基本情况 1、公司名称：苏州伟创电气科技股份有限公司 2、统一社会信用代码：91320506079946869P 3、注册资本：21,379.4 ...

人民财讯12月26日电，浙江荣泰（603119）12月26日公告，公司与苏州伟创电气科技股份有限公司(简 称"伟创电气")共同签署《合资意向书》，公司与伟创电气拟在泰国共同出资设立合资公司(双方各持股 50%)，主要从事机电一体化组件、智能传动系统及配套产品的研发及生产，共同开发应用于智能机器 人机电一体化市场。 ...

Core Insights - The report highlights a sustained high growth in electric vehicle (EV) sales across nine European countries in November 2025, with a total of 281,000 new energy vehicles sold, representing a year-on-year increase of 38.6% and a penetration rate of 34.3%, up by 9.0 percentage points [1][2]. Group 1: Sales Performance - In November 2025, battery electric vehicle (BEV) sales reached 190,000 units, marking a year-on-year increase of 40.5%, while plug-in hybrid electric vehicle (PHEV) sales totaled 91,000 units, up by 35.0% [1][2]. - Germany's BEV sales were 56,000 units, a significant year-on-year increase of 58.5%, and PHEV sales were 32,000 units, up by 57.4% [2][3]. - France's BEV sales reached 34,000 units, reflecting a year-on-year growth of 47.5%, with a penetration rate of 25.8%, an increase of 8.4 percentage points [3]. Group 2: Market Drivers - The implementation of subsidies in France and Italy has led to a rapid increase in BEV sales, with Italy experiencing a remarkable year-on-year growth of 131.4% in BEV sales, totaling 15,000 units [3]. - The UK has restarted EV subsidies and is under pressure from zero-emission vehicle (ZEV) targets, which is expected to sustain growth in EV sales in the coming months [2][3]. - Norway is anticipated to see a surge in electric vehicle purchases as the year-end approaches, driven by consumer demand [1][2]. Group 3: Future Outlook - The European Commission's proposal to adjust the 2035 emission reduction targets is not expected to hinder the long-term trend of electrification in Europe; instead, it may promote sales of small electric vehicles [4]. - New generations of pure electric models are set to be launched by various automakers from late 2025 to the first half of 2026, which is likely to boost the European EV market [4]. Group 4: Investment Recommendations - Investment recommendations include companies involved in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure [4]. - Specific companies recommended for investment in lithium batteries include CATL, EVE Energy, and Xinwangda, while lithium material companies include Hunan Youneng and Tianci Materials [4].

| 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | 17.00 | 1380.57 | 81.21 | -18.18 | 高盛（中国）证券有限责任公司 上海浦东新区世纪大道证券营业 | 中信建投证券股份有限公 司宁德蕉城南路证券营业 | | | | | | 部 | 部 | | 12.32 | 1000.51 | 81.21 | -18.18 | 瑞银证券有限责任公司上海花园 | 中信建投证券股份有限公 司宁德蕉城南路证券营业 | | | | | | 石桥路证券营业部 | | | | | | | | 部 | | 9.85 | 799.92 | 81.21 | -18.18 | 机构专用 | 中信建投证券股份有限公 司宁德蕉城南路证券营业 | | | | | | | 部 | | 5.40 | 438.53 | 81.21 | -18.18 | 国都证券股份有限公司江苏分公 | 中信建投证券 ...

Group 1 - The report emphasizes the growth potential of the manufacturing sector driven by advancements in AI and a reversal of the anti-competitive cycle [1] - Key companies highlighted for investment include Yokogawa Electric, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] - The report maintains a positive outlook on the machinery equipment industry, with a focus on companies that are positioned to benefit from emerging trends [6] Group 2 - The report details the performance of various sectors, with the best-performing indices including retail trade (+6.66%) and non-bank financials (+2.9%) for the week ending December 19, 2025 [4][19] - Within the manufacturing sector, the top indices were the China Aerospace and Military Industry Theme (+3.83%) and the Shanghai 50 (+0.32%) [20] - The report notes significant bidding activity in the controlled nuclear fusion sector, with over 5.6 billion yuan in bids since the beginning of 2025, indicating accelerated project development [7][8] Group 3 - The report discusses the strategic merger of Trump Media with TAE Technologies, valued at $6 billion, highlighting the increasing capital flow into the fusion energy sector [9] - TAE Technologies is noted for its innovative approach to fusion energy, utilizing hydrogen-boron fusion technology, which is seen as a cleaner alternative to traditional methods [9] - The report suggests focusing on core suppliers and flexible investment targets in the fusion energy supply chain, including companies like Lianchuang Optoelectronics and Xiguang Electronics [8][9] Group 4 - The report provides earnings forecasts for key companies, projecting revenue growth for companies like SANY Heavy Industry and Zhejiang Rongtai, with expected EPS growth from 0.63 to 1.20 for SANY from 2024 to 2026 [17] - The report highlights the competitive landscape in the carrier tape market, where the company has a 74% market share in paper carrier tape and is expanding into the plastic carrier tape segment [10][12] - The report also discusses the potential of composite current collectors in the lithium battery market, projecting significant growth from $1.2 billion in 2023 to $3.4 billion by 2032 [12]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot sector and the automotive industry [2][12]. Core Insights - The humanoid robot industry is accelerating from technology development to large-scale commercial application, with significant order growth from leading manufacturers [7]. - The first batch of L3 autonomous driving vehicles has received approval for conditional market entry, marking a critical step towards commercialization in China [10]. - The overall order volume for humanoid robots in 2025 is projected to exceed 30,000 units, with leading companies like UBTECH and UTree capturing significant market shares [6]. Summary by Sections Humanoid Robot Sector Market Performance - The Huaxin humanoid robot index fell by 1.47% this week, with a year-to-date return of 88.8% [21]. - The total order value for leading companies in the humanoid robot sector has surpassed 5 billion, with UBTECH's Walker series accounting for 1.3 billion [6][4]. Automotive Sector Market Performance and Valuation - The CITIC automotive index increased by 0.1%, outperforming the broader market by 0.4 percentage points [37]. - The automotive sector's PE ratio is at 31.8, positioned at the 36.4% percentile over the past four years, while the PB ratio is at 3.0, at the 96.3% percentile [54]. Industry Data Tracking - From December 1-14, the average daily retail of passenger vehicles in China decreased by 24% year-on-year, with total retail reaching 76.4 million units [60]. - The average price of rubber has increased, while prices for steel, copper, and aluminum have decreased [67]. Company Announcements - UBTECH has secured a strategic partnership with Texas Instruments, with total orders exceeding 1.3 billion [5]. - Moulding Technology has signed a procurement framework agreement for humanoid robot components, marking a significant step into the humanoid robot industry [74].

东兴证券股份有限公司 关于浙江荣泰电工器材股份有限公司 2025 年度现场检查报告 保荐机构名称:东兴证券股份有限公司 被保荐公司简称:浙江荣泰 保荐代表人姓名:谢安 联系电话:010-66555305 保荐代表人姓名:蒋文 联系电话:010-66555305 现场检查人员姓名:谢安、蒋文 现场检查对应期间:2025年度 现场检查时间:2025年12月16日 现场检查意见 一、现场检查事项 是 否 不适用 (一)公司治理 现场检查手段:查阅公司章程和现行内部控制制度、治理规则等文件,检查公司三会会 议文件、董事会专门委员会文件;访谈公司相关董事、监事、高级管理人员;核查公司 是否存在同业竞争和影响独立性等情形，查阅公司相关公告及定期报告等。 1.公司章程和公司治理制度是否完备、合规 V 2.公司章程和三会规则是否得到有效执行 V 3.三会会议记录是否完整,时间、地点、出席人员及会议内容 V 等要件是否齐备,会议资料是否保存完整 4.三会会议决议是否由出席会议的相关人员签名确认 2 5.公司董监高是否按照有关法律、行政法规、部门规章、规范 V 性文件和本所相关业务规则履行职责 6.公司董监高如发生重大变化,是否 ...

文 | GPLP看科技，作者 | 马赫环 2025年对于人形机器人行业来说，确实可以被称为"量产元年"，其中的重要标志就是已经有企业初步构 建了一定的量产能力。如智元机器人已经于12月8日宣布，其通用具身机器人已经累计下线5000台，其 中远征系列（A1/A2）下线1742台，精灵系列（G1/G2）为1412台，灵犀系列（X1/X2）达到了1846 台。 在目前的政策态度、市场氛围以及技术发展方向来看，2026年的国内人形机器人企业将具备更大规模的 量产能力。然而，现在的问题是当前阶段的市场能承载下快速增长的产能吗？ 海内外同频，人形机器人产能扩张势不可挡 日前，人形机器人赛道正上演着预期与现实的激烈碰撞，这种碰撞不止是源于核心零部件对现有产品的 制约，也有产能快速扩张与现有市场的不匹配。 11月就有报道称，高盛发布了《中国人形机器人供应链实地调研报告》，高盛调研9家中国机器人产业 链企业，认为这些机器人零部件公司正规划中国及海外产能，规划年产能10万台至100万台机器人。但9 家公司中，尚无任何一家获得确定性大额订单，也没有明确的量产计划。 这9家企业中包括了三花智控（002050.SZ/2050.HK）、 ...

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 Viewpoint - Zhejiang Rongtai announced the approval of two key resolutions during the 15th meeting of its second board of directors, focusing on the election of a director to represent the company in executing company affairs and the confirmation of members and the convener of the audit committee [2] Group 1 - The company held its 15th meeting of the second board of directors on December 15 [2] - The board approved a resolution to elect a director responsible for executing company affairs [2] - The board confirmed the members and the convener of the audit committee [2]