证 券 研 究 报 告 汽车行业海外销量点评 10 月北美需求下滑，欧洲增幅收窄 事项： ❑ 10 月全球轻型车销量约 790 万辆、同比+2.6%、环比+0.5%，海外合计约 477 万辆、同比-0.4%、环比-1.5%，其中北美 156 万辆、同比-5.0%、环比+1.1%， 欧洲约 148 万辆、同比+2.9%、环比-7.5%，中国 313 万辆、同比+7.6%、环 比+3.7%。 ❑ 11 月速报：据 Marklines，估计 11 月北美轻型车销量同比-6.3%，欧洲+2.1%。 评论： 行业研究 汽车 2025 年 12 月 16 日 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 证券分析师：林栖宇 邮箱：linxiyu@hcyjs.com 执业编号：S0360525070002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 238 | 0.03 | | 总市值(亿元) | 46,846.67 | 3.95 | | 流通市值(亿元) | 35,485.80 | ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry and humanoid robotics sector [2][4][6]. Core Insights - The humanoid robotics sector is expected to reach a pivotal point in the next one to two years, with significant advancements anticipated in the field of embodied intelligence [3][4]. - The automotive industry has achieved record monthly production and sales figures, with a notable increase in the production of new energy vehicles [5][6]. Summary by Sections Humanoid Robotics Sector - The Huaxin humanoid robotics index decreased by 0.94% this week, but has a cumulative return of 94.3% year-to-date [16]. - The sensor segment within the humanoid robotics sector showed positive performance, increasing by 1.1%, while other segments like actuators and reducers experienced declines [19]. - Key companies in the robotics sector, such as Zhongjian Technology and Zhongding Shares, saw significant stock price increases [24]. Automotive Sector - The CITIC automotive index rose by 0.1%, outperforming the broader market by 0.2% [32]. - The motorcycle and other segments within the automotive sector performed well, with a 1.6% increase, while automotive sales and services dropped by 3.5% [35]. - The automotive industry's PE ratio is at 31.8, placing it in the 36.4% percentile over the past four years, indicating a relatively stable valuation [48]. Key Companies and Profit Forecasts - Recommended companies include: - New Spring Co., Ltd. (EPS: 0.68, PE: 16.22, Rating: Buy) [8] - Shuanglin Co., Ltd. (EPS: 1.24, PE: 30.45, Rating: Buy) [8] - Jianghuai Automobile (EPS: 0.12, PE: 412.83, Rating: Buy) [8] - Other notable mentions include KaiDi Co., Ltd. and Kete Co., Ltd. [7][10].

Core Insights - The report emphasizes the importance of overseas expansion and AI applications in the automotive industry, particularly for vehicle manufacturers and parts suppliers, as a means to achieve growth and value reassessment by 2026 [2][9][14]. Group 1: Automotive Industry Overview - In 2025, the domestic automotive market experienced significant growth due to policies promoting vehicle replacement and increasing exports, with a notable rise in sales of new energy vehicles (NEVs) [14][19]. - The outlook for 2026 indicates potential growth pressures in the domestic market due to tightening policies and the phasing out of tax exemptions for NEVs, while exports are expected to remain a key growth driver [15][20]. Group 2: Vehicle Segment Analysis - The report forecasts that the domestic passenger vehicle market will see stable sales, with an estimated total of 30.37 million units in 2026, reflecting a 1.1% year-on-year increase, driven by export growth [29][39]. - The export volume of passenger vehicles is projected to reach approximately 6.56 million units in 2026, representing a 14% year-on-year increase, as domestic brands enhance their overseas presence [39][40]. Group 3: New Energy Vehicles (NEVs) - The penetration rate of NEVs is expected to continue rising, with sales projected at around 17.41 million units in 2026, marking a 12% year-on-year increase [9][30]. - The report highlights a shift from a "price war" to a "value war" among NEV manufacturers, indicating a competitive landscape focused on quality and technology [9][16]. Group 4: Auto Parts Industry - The report identifies overseas business as a crucial growth point for auto parts companies, with expectations of improved profitability from international operations as companies expand their global footprint [9][16]. - AI applications in areas such as humanoid robots, AI liquid cooling, and intelligent driving are anticipated to create new growth opportunities for parts suppliers, with significant advancements expected in 2026 [9][16][19]. Group 5: Investment Recommendations - The report recommends focusing on mid-cap blue-chip companies in the auto parts sector, as their overseas business is expected to contribute significantly to profitability in the coming years [3][9]. - Key investment targets include companies like Yinchuan, New Spring, Top Group, and others that are well-positioned to benefit from the trends in overseas expansion and AI integration [3].

一、权益变动基本情况 江苏新泉汽车饰件股份有限公司（以下简称"公司"）原实际控制人之一唐 敖齐先生于 2025 年 10 月 26 日逝世，唐志华先生与唐美华女士通过遗产继承和 股份赠与的方式依法取得唐敖齐先生原通过公司控股股东江苏新泉志和投资有 限公司（以下简称"新泉投资"）持有公司的全部股份，公司实际控制人由唐敖 齐先生、唐志华先生变更为唐志华先生。具体内容详见公司于 2025 年 12 月 4 日在上海证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露的《关于 实际控制人发生变动暨股东权益变动的提示性公告》（公告编号：2025-074）、《江 苏新泉汽车饰件股份有限公司收购报告书》和《江苏新泉汽车饰件股份有限公司 收购报告书摘要》。 二、权益变动进展情况 公司于近日接到控股股东新泉投资的通知，获悉其权益变动的工商变更登记 及备案手续已经完成，具体情况如下： 证券代码：603179 证券简称：新泉股份 公告编号：2025-076 江苏新泉汽车饰件股份有限公司 关于实际控制人发生变动暨股东权益变动的进展公告 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， ...

（编辑 张明富） 本报讯 （记者袁传玺）天眼查App显示，近日，常州新泉智能机器人有限公司成立，注册资本1亿元，经营范围包括智能 机器人的研发、工业机器人制造、人工智能行业应用系统集成服务、人工智能基础软件开发等。股东信息显示，该公司由新泉 股份全资持股。 ...

证券代码：603179 证券简称：新泉股份 公告编号：2025-075 江苏新泉汽车饰件股份有限公司 关于在常州投资设立全资子公司的进展公告 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法律责任。 重要内容提示： | 投资标的名称 | 常州新泉智能机器人有限公司 | | --- | --- | | 投资金额（万元） | 10,000 | | 投资进展情况 | 完成注册登记 | | 特别风险提示（如有） | 无 | 一、对外投资基本情况 江苏新泉汽车饰件股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第五届董事会第十二次会议，审议通过了《关于在常州投资设立全资子公 司的议案》，同意公司在江苏省常州市投资设立常州新泉智能机器人有限公司（具 体名称以工商核准为准），注册资本为人民币 10,000 万元，公司将持有常州新 泉智能机器人有限公司 100%股权，主要从事智能机器人相关部件产品的研发、 设计、制造和销售。具体内容详见公司于 2025 年 10 月 31 日刊登在上海证券交 易所网站（www.sse.com.c ...

| 명을 | 股东名称 | 持股比例 = | | --- | --- | --- | | | 网 [画] 江苏新泉汽车饰件股份有限公司 [] _ | 10000 2025-12-31 2025-12-09 新泉股份 100% | 企查查APP显示，近日，常州新泉智能机器人有限公司成立，注册资本1亿元，经营范围包含：智能机 器人的研发；智能机器人销售；人工智能行业应用系统集成服务；人工智能基础软件开发；人工智能硬 件销售等。企查查股权穿透显示，该公司由新泉股份（603179）全资持股。 | © 企章章 全国企业信用意询 | 常州新泉智能机器人有限公司 0 查一下 ■应用, 企业中心 ■ 意 四 合 | | | ক | | --- | --- | --- | --- | --- | | 基本信息 7 | 法律诉讼 经营信息 企业发展 知识产权 | 经营风险 | | 历史信息 1 | | 法定代表人 | 在续 唐志华 益 关联企业 40 | 登记状态 | 成立日期 | 2025-12-09 | | | 10000万元 | 注册资本 | 实缴资本 | | | 组织机构代码 | MAK2057K-7 320407001 ...

天眼查App显示，近日，常州新泉智能机器人有限公司成立，法定代表人为唐志华，注册资本1亿人民 币，经营范围包括智能机器人的研发、工业机器人制造、人工智能行业应用系统集成服务、人工智能基 础软件开发等。股东信息显示，该公司由新泉股份（603179）全资持股。 ...

天眼查App显示，12月9日，常州新泉智能机器人有限公司成立，法定代表人为唐志华，注册资本1亿人 民币，经营范围包括智能机器人的研发、工业机器人制造、人工智能行业应用系统集成服务、人工智能 基础软件开发等。股东信息显示，该公司由新泉股份全资持股。 ...

优必选与卓世科技达成战略合作，众擎发布 T800 [Table_Industry] 汽车 人形机器人行业跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 房乔华(分析师) | 021-23185699 | fangqiaohua@gtht.com | S0880525040065 | 本报告导读： 近期国内外人形机器人产业在政策、产品和订单方面均取得重要进展，我们认为当 前人形机器人行业正处于商业化初期的关键阶段，需要重视行业的边际变化对国产 链和海外链优质公司的影响。 投资要点： [Table_Report] 相关报告 | 汽车《线控转向相关国标发布，产业迎来重要助 | | --- | | 推》2025.12.07 | | 汽车《零跑 Lafa 5 上市，海外布局延伸至南美》 | | 2025.11.30 | | 汽车《10 月重卡天然气持续回暖，新能源再创新 | | 高》2025.1 ...