Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][12]. Core Insights - Yongda Automotive shows strong recovery signals with cash flow and dividend yield attractiveness, benefiting from support from manufacturers like BMW, and is expected to see significant performance improvements in 2025 [3]. - Tianzhun Technology's core business is experiencing robust growth, but the industry faces cost pressures due to memory shortages, particularly in high-end DDR5 memory [4]. - Longsheng Technology has significant untapped potential in the commercial aerospace sector, with a solid market position in satellite components and a clear growth trajectory in its robotics business [5]. - Yinlun Technology is positioned to benefit from the growth of data center liquid cooling solutions, with expected significant market elasticity by 2027 [5]. - Fuda Co., Ltd. has issued convertible bonds, indicating positive signals for business certainty and valuation support, with a focus on expanding production capacity [6]. - Tiancai Control is strategically positioned in the low-altitude economy, with ongoing efforts to secure key clients and certifications, which could lead to substantial market share gains [6]. Summary by Relevant Sections Yongda Automotive - The company is a key dealer for BMW, showing strong recovery signals with a projected net cash flow exceeding 1.1 billion yuan in the first half of 2025, supported by manufacturer subsidies and a reduction in inefficient dealerships [3]. Tianzhun Technology - The company focuses on intelligent driving and embodied intelligence, with strong growth momentum, but faces challenges from memory supply shortages impacting vehicle production costs [4]. Longsheng Technology - The company has significant growth potential in the commercial aerospace sector, with a strong foothold in satellite components and a clear growth strategy in its robotics business [5]. Yinlun Technology - The company is focusing on data center liquid cooling modules, with expectations for significant market growth by 2027, while also being a key supplier in the robotics sector [5]. Fuda Co., Ltd. - The issuance of convertible bonds at a conversion price of 17.5 yuan signals positive business prospects, with a focus on expanding production capacity and addressing market concerns regarding client structure [6]. Tiancai Control - The company is well-positioned in the low-altitude economy, actively working on client acquisition and technical certifications, which could lead to significant market share in the future [6].

Group 1 - The core point of the news is that Fuda Co., Ltd. experienced a decline of 5.01% in its stock price, reaching 17.07 yuan per share, with a trading volume of 524 million yuan and a turnover rate of 4.70%, resulting in a total market capitalization of 11.021 billion yuan [1] - Fuda Co., Ltd. is located in Guilin, Guangxi, and was established on December 28, 2000. It was listed on November 27, 2014. The company specializes in the research, production, and sales of automotive components such as engine crankshafts, clutches, spiral bevel gears, and high-strength bolts [1] - The main business revenue composition of Fuda Co., Ltd. includes crankshafts (62.87%), precision forgings (12.10%), clutches (11.10%), gears (5.61%), others (5.39%), and high-strength bolts (2.93%) [1] Group 2 - Among the top ten circulating shareholders of Fuda Co., Ltd., Yongying Fund has one fund that entered the list, holding 4.6806 million shares, which accounts for 0.73% of the circulating shares. The estimated floating loss today is approximately 4.2125 million yuan [2] - The Yongying Advanced Manufacturing Select Mixed Fund A (018124) was established on May 4, 2023, with a latest scale of 4.697 billion yuan. Year-to-date returns are 13.04%, ranking 564 out of 8848 in its category; the one-year return is 84.95%, ranking 369 out of 8093; and since inception, the return is 183.68% [2]

Core Viewpoint - The company has successfully established a stable supply quality and cost advantage in the domestic market, leading to significant international expansion through the production of precision forged crankshafts for Volvo in Sweden [1] Group 1: International Expansion - The company has achieved a key breakthrough in its international strategy by directly exporting over 10,000 precision forged crankshafts to Sweden, marking a new phase in its global outreach [1] - The first batch of products was shipped on April 21, 2025, indicating a rapid transition from development to mass production, which took only two months for the GEN2 crankshaft products [1] Group 2: Technological and Business Development - The company has undergone multiple rounds of technical integration and business negotiations to secure project designations for the GEN2 and GEN3 crankshaft products from the Swedish Aurora Bay [1] - The company has also secured project designations from Haosi Power, a global power technology company co-funded by Geely and Renault, further expanding its presence in the high-end overseas market [1]

Group 1 - Fuda Co., Ltd. experienced a stock price increase of 5.07%, reaching 16.99 CNY per share, with a trading volume of 315 million CNY and a turnover rate of 2.97%, resulting in a total market capitalization of 10.97 billion CNY [1] - The company, established on December 28, 2000, and listed on November 27, 2014, is located in Guilin, Guangxi, and specializes in the research, production, and sales of automotive components such as engine crankshafts, clutches, spiral bevel gears, and high-strength bolts [1] - The revenue composition of Fuda Co., Ltd. is as follows: crankshafts 62.87%, precision forgings 12.10%, clutches 11.10%, gears 5.61%, others 5.39%, and high-strength bolts 2.93% [1] Group 2 - Manulife Fund holds a significant position in Fuda Co., Ltd., with its Manulife Efficient Selection Mixed Fund (LOF) reducing its holdings by 157,400 shares in the third quarter, now holding 1,050,900 shares, which represents 4.64% of the fund's net value, ranking as the fifth-largest holding [2] - The Manulife Efficient Selection Mixed Fund (LOF) was established on May 12, 2006, with a current size of 453 million CNY, achieving a year-to-date return of 2.55% and a one-year return of 16.94%, ranking 5702 out of 8094 in its category [2]

Group 1 - The company’s controlling shareholder, Fuda Holdings Group Co., Ltd., plans to issue exchangeable bonds to professional investors, backed by a portion of its A-share stock holdings [1] - The exchangeable bonds have been approved by the Shanghai Stock Exchange and the stock has been transferred to a designated trust account to secure the bondholders' rights [1] - The total number of A-shares involved in the collateral is 35,923,567 shares [1] Group 2 - The bond issuance was completed on January 15, 2026, with a total issuance size of 470 million yuan and a maturity of 3 years [2] - The coupon rate for the bonds is set at 0.10%, and the initial conversion price is 17.50 yuan per share [2] - The conversion period for the bonds will start six months after the issuance date and will end the trading day before the bonds are delisted [2]

证券代码：603166 证券简称：福达股份 公告编号：2026-003 桂林福达股份有限公司 关于控股股东非公开发行可交换公司债券发行完成的公告 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。 具体内容详见公司分别于 2026 年 1 月 6 日、8 日在上海证券交易所网站 （www.sse.com.cn）披露的《福达股份关于控股股东非公开发行可交换公司债券及 拟对持有的部分本公司股份办理担保及信托登记的公告》（公告编号：2026-001）、 《福达股份关于控股股东非公开发行可交换公司债券对持有的部分公司股票办理完 成担保及信托登记的公告》（公告编号：2026-002）。 2026 年 1 月 15 日，公司收到福达集团通知，福达集团 2026 年面向专业投资者 非公开发行可交换公司债券已发行完成。本次债券的债券简称为"26 福达 EB"，债 券代码为"137197.SH"，实际发行规模为 4.70 亿元，债券期限为 3 年，票面利率 为 0.10%，初始换股价为 17.50 元/股。本次债券的换股期限自发行结束日满 6 ...

Group 1 - The company Fuda Co., Ltd. announced the completion of a non-public issuance of exchangeable bonds aimed at professional investors, with a total issuance scale of 470 million yuan [1] - The bonds, named "26 Fuda EB" with the code "137197.SH", have a term of 3 years and a coupon rate of 0.1% [1] - The initial conversion price for the bonds is set at 17.5 yuan per share, with the conversion period starting six months after the issuance date [1] Group 2 - There are reports of a potential entry of a "budget version" of the Tesla Model 3 into the Chinese market, featuring a range of 480 kilometers [1] - The U.S. market is experiencing significant adjustments regarding autonomous driving technology [1]

Core Viewpoint - The company has been integrating AI visual technology into its production processes since 2017 and is actively advancing its AI applications to enhance operational efficiency and quality development [1] Group 1: AI Technology Development - The company established an AI application leadership team and working group in 2025 to oversee technology development and implementation plans [1] - Initial steps have included completing technical architecture design and scenario demand analysis, as well as building a foundational AI platform framework [1] - The company has successfully submitted an application for "AI technology in contract signing and supply chain procurement" to the regional industrial and information technology department, which was selected for the first batch of AI products and applications in Guangxi for 2025 [1] Group 2: Strategic Goals and Collaboration - The company aims to promote the "Artificial Intelligence +" initiative across eight major scenarios, aligning with regional government directives on AI technology promotion [1] - There is a focus on enhancing resource collaboration and capability building to ensure the orderly advancement of AI applications [1] - The overarching strategy is centered on "digital intelligence leading, ecological co-creation" to support high-quality development of the enterprise [1]

Core Viewpoint - Fuda Co., Ltd. has completed the second phase of capital increase in Changban Technology, holding a total of 17% equity in the company as of August 28, 2025 [1] Group 1 - Fuda Co., Ltd. announced the completion of the second phase of capital increase in Changban Technology [1] - The company will fulfill its information disclosure obligations based on the progress of the project [1] - Investors are advised to refer to the company's publicly disclosed information for other matters [1]

Core Viewpoint - The company has been applying AI vision technology in various production scenarios since 2017 and is actively developing AI applications to enhance operational efficiency and quality [1] Group 1: AI Technology Development - In 2025, the company established an AI application leadership team and working group to oversee technology development and implementation plans [1] - The company has completed the design of the technical architecture and analysis of scene requirements, building a foundational AI platform and integrating business system data interfaces [1] - Through internal research and external benchmarking, the company has identified entry points and priorities for AI applications across its business [1] Group 2: AI Application Recognition - The company's application of AI technology in contract signing and supply chain procurement has been recognized, successfully included in the first batch of AI products and typical application scenarios in Guangxi for 2025 [1] Group 3: Strategic Direction - The company aims to promote the "Artificial Intelligence +" initiative across eight major scenarios, enhancing resource collaboration and capability building to ensure orderly advancement of AI applications [1] - The company is responding to the requirements of the regional party committee regarding the promotion and application of AI technology, supporting high-quality development [1]