Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - The sales and market share of Hongmeng Intelligent Driving models are expected to continue to rise, benefiting companies in the supply chain [2][3] - The report highlights the strong performance of Hongmeng Intelligent Driving models during the National Day holiday, with a total of 41,300 units booked from October 1-7, representing a 44% year-on-year increase [8] - The report anticipates that the introduction of national standards for intelligent assisted driving will further enhance the market share of vehicles equipped with Huawei's intelligent driving systems [8] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on Hongmeng Intelligent Driving vehicles and related companies, with specific buy recommendations for SAIC Motor (600104), Yanchai Automobile (600418), and several component manufacturers including Yinlun Co. (002126), Xinquan Co. (603179), and others [3] - The report notes that multiple new models are set to launch, which is expected to drive sales and market share upward [3] Market Performance - The report indicates that the high-end and luxury segments of Hongmeng Intelligent Driving models are leading in market share, with significant bookings for models like the Zun Jie S800 and Wanjie M9 [8] - The report projects that by 2026, the product matrix of Hongmeng Intelligent Driving will be further enhanced, allowing for a more comprehensive market presence in the mid-to-high-end new energy vehicle sector [8] Regulatory Developments - The report discusses the upcoming mandatory national standards for intelligent connected vehicles, which are expected to be implemented on January 1, 2027, and how this will impact the market dynamics for L2 level assisted driving systems [8]

Core Insights - Hongmeng Zhixing achieved impressive pre-sales during the National Day period, with multiple new models launched in September expected to drive sales and market share growth in Q4 [1] - The high-end and luxury vehicle market share of Hongmeng Zhixing is leading, with a more complete product matrix expected by 2026 [2] - The proposed national standard for intelligent assisted driving is expected to enhance the market share of vehicles equipped with Huawei's driving assistance technology [3] Group 1 - Hongmeng Zhixing's total pre-sales reached 41,300 units from October 1-7, a 44% year-on-year increase compared to 28,600 units last year [1] - In September, Hongmeng Zhixing's delivery volume reached 52,900 units, with new vehicle pre-sales hitting a record high of 110,000 units [1] - New models such as the Aito M7, Shangjie H5, and Xiangjie S9T have received strong pre-sales, indicating a positive outlook for Q4 sales [1] Group 2 - The Aito S800 has accumulated over 15,000 pre-sales in four months, significantly outperforming competitors like Porsche Panamera and Mercedes-Benz S-Class [2] - The Aito M9 has maintained its position as the market leader with over 500,000 units sold for 18 consecutive months [2] - By 2026, Hongmeng Zhixing plans to launch new models across its product lines, including new SUVs and off-road vehicles, to strengthen its market position [2] Group 3 - The Ministry of Industry and Information Technology is seeking public opinion on a mandatory national standard for intelligent connected vehicles, set to be implemented on January 1, 2027 [3] - The standard will establish stricter entry requirements for L2-level assisted driving systems, which may benefit vehicles equipped with Huawei's technology [3] - Huawei's advanced driving capabilities are expected to help high-end brands like Aito capture market share from traditional luxury vehicles [3] Group 4 - With the launch of new models and the impending implementation of the intelligent driving standard, Hongmeng Zhixing's sales and market share are expected to rise [4] - Recommended investment targets include SAIC Motor, Jianghuai Automobile, and various component suppliers such as Yinlun, Xinquan, and Bojun Technology [4]

（编辑 任世碧） 证券日报网讯 9月29日晚间，新泉股份发布公告称，公司于2025年9月29日召开第五届董事会第十一次 会议，审议通过了《关于提前赎回"新23转债"的议案》，决定行使"新23转债"的提前赎回权利，按照债 券面值加当期应计利息的价格对赎回登记日登记在册的"新23转债"全部赎回。投资者所持"新23转债"除 在规定时限内通过二级市场继续交易或按照50.75元/股的转股价格进行转股外，仅能选择以100元/张的 票面价格加当期应计利息被强制赎回。若被强制赎回，可能面临较大投资损失。 ...

证券简称：新泉股份 证券代码：603179 债券简称：新 23 转债 债券代码：113675 江苏新泉汽车饰件股份有限公司 向不特定对象发行可转换公司债券 2025 年第一次临时受托管理事务报告 江苏新泉汽车饰件股份有限公司 （住所：江苏省镇江市丹阳市丹北镇长春村） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）《公 司债券受托管理人执业行为准则》（以下简称《执业行为准则》）《公司信用类 债券信息披露管理办法》《证券交易所公司债券上市规则》（以下简称"上市规 则"）、江苏新泉汽车饰件股份有限公司（以下简称"发行人"或"公司"）与中信建 投证券股份有限公司（以下简称"中信建投证券"或"受托管理人"）签订的《江苏 新泉汽车饰件股份有限公司 2023 年向不特定对象发行可转换公司债券受托管理 协议》（以下简称"受托管理协议"）、相关信息披露文件以及发行人提供的资料 等，由受托管理人中信建投证券编制。本报告内容及信息均来源于江苏新泉汽车 饰件股份有限公司提供的资料或说明，请投资人关注并独立做出投资判断。 本报告不构成 ...

| 证券代码：603179 | 证券简称：新泉股份 | | | 公告编号：2025-046 | | --- | --- | --- | --- | --- | | 债券代码：113675 | 债券简称：新 | 23 | 转债 | | 江苏新泉汽车饰件股份有限公司 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： 江苏新泉汽车饰件股份有限公司（以下简称"公司"）股票自 2025 年 9 月 8 日至 2025 年 9 月 29 日，已有十五个交易日的收盘价格不低于"新 23 转债" 当期转股价格 50.75 元/股的 130%（即 65.98 元/股）。根据公司《向不特定对象 发行可转换公司债券募集说明书》的相关规定，已触发"新 23 转债"的有条件 赎回条款。 公司于 2025 年 9 月 29 日召开第五届董事会第十一次会议，审议通过了 《关于提前赎回"新 23 转债"的议案》，决定行使"新 23 转债"的提前赎回权 利，按照债券面值加当期应计利息的价格对赎回登记日登记在册的"新 23 转债" 全部赎回。 关于 ...

（二）经上海证券交易所自律监管决定书[2023]202 号文同意，公司发行的 11.60 亿元可转换公司债券于 2023 年 9 月 5 日起在上海证券交易所上市交易，债 券简称"新 23 转债"，债券代码"113675"。 （三）根据有关规定和公司《向不特定对象发行可转换公司债券募集说明 书》 （以下简称"《募集说明书》"）的约定，公司本次发行的"新 23 转债"自 2024 年 2 月 19 日起可转换为本公司股份，初始转股价格为 51.35 元/股，最新转 股价格为 50.75 元/股。 中信建投证券股份有限公司 关于江苏新泉汽车饰件股份有限公司 提前赎回"新 23 转债"的核查意见 作为江苏新泉汽车饰件股份有限公司（以下简称"新泉股份"或"公司"）向不 特定对象发行可转换公司债券的保荐人，中信建投证券股份有限公司（以下简称 "中信建投证券"或"保荐人"）根据《可转换公司债券管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上 海证券交易所上市公司自律监管指引第 12 号——可转换公司债券》等有关法律法 规规定，对公司提前赎回"新 23 转债"的情况 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - Recent communications with overseas investors reveal a difference in perception compared to domestic investors, with overseas investors focusing more on the long-term global competitiveness of Chinese automotive companies rather than short-term domestic market fluctuations. They view investments in companies like BYD as a hedge against their local automotive industry [4][5]. - There is a strong interest from overseas investors in new technological trends within the Chinese automotive industry, particularly in smart driving and robotics. Positive feedback has been noted regarding the advanced driving assistance features from brands like Xpeng and Li Auto, suggesting potential valuation growth for companies with core technologies and global capabilities [5]. - The report suggests a positive outlook for strong automotive manufacturers capable of successful international expansion and component manufacturers with product and cost advantages [5]. Summary by Sections Overseas Investors - Overseas investors are more concerned with the long-term competitiveness and globalization strategies of Chinese automotive companies, particularly BYD, which is expected to maintain a market cap above 750 billion RMB unless there are significant changes in its global strategy [4]. Technological Trends - The report highlights the growing interest in smart driving technologies among overseas investors, who have provided positive feedback on the driving assistance technologies of brands like Xpeng and Li Auto. This trend is expected to create new valuation opportunities for companies with strong technological capabilities [5]. Investment Recommendations - The report recommends focusing on two main themes: technology and state-owned enterprise reform. Specific recommendations include: 1. Strong domestic manufacturers like BYD, Geely, and Xpeng [5]. 2. Companies aligned with the trend of smart technology, such as Jianghuai Automobile and Seres, with a focus on Li Auto, Kobot, Desay SV, and Jingwei Hirun [5]. 3. State-owned enterprise consolidations, recommending attention to SAIC Motor, Dongfeng Motor, and Changan Automobile [5]. 4. Component manufacturers with strong performance growth and overseas expansion capabilities, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [5].

Core Insights - The automotive parts sector experienced a decline of 0.91% on September 26, with Daying Electronics leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the automotive parts sector included: - Disengli (603335) with a closing price of 6.33, up 10.09% on a trading volume of 609,200 shares and a turnover of 382 million [1] - Yueling Co. (002725) closed at 15.79, up 10.03% with a trading volume of 311,800 shares and a turnover of 487 million [1] - Chengfei Integration (002190) closed at 42.88, up 10.01% with a trading volume of 478,500 shares and a turnover of 2 billion [1] - Conversely, Daying Electronics (603286) saw a significant decline of 10.00%, closing at 41.78 with a trading volume of 174,000 shares and a turnover of 749 million [2] - Other notable decliners included: - Mingxin Xuteng (605068) down 7.73% to 30.08 [2] - Xinquan Co. (603179) down 6.75% to 76.50 [2] Capital Flow - The automotive parts sector experienced a net outflow of 330 million from institutional investors, while retail investors saw a net inflow of 1.01 billion [2][3] - Key stocks with significant capital flow included: - Wanxiang Qianchao (000559) with a net inflow of 563 million from institutional investors, but a net outflow of 230 million from retail investors [3] - Chengfei Integration (002190) had a net inflow of 511 million from institutional investors, with a net outflow of 231 million from retail investors [3] - Blue Dai Technology (002765) saw a net inflow of 459 million from institutional investors, but a net outflow of 213 million from retail investors [3]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry, particularly focusing on the opportunities presented by humanoid robots [7][43]. Core Insights - The report emphasizes the potential for a strong performance in the robotics sector in Q4, driven by the anticipated release of Tesla's Optimus Gen3, which is seen as a catalyst for mass production in the robotics market [3][4]. - The Ministry of Science and Technology is actively promoting the application of humanoid robots in various sectors, which could lead to significant policy-driven growth in the industry [6][43]. - The report highlights the recent C-round financing of Figure, which raised over $1 billion, increasing its valuation to $39 billion, indicating strong investor confidence in humanoid robotics [4]. Summary by Sections Industry Performance - The automotive sector has shown a 3.43% increase in the CITIC Automotive Index, outperforming the broader market by 3.87 percentage points [14]. - The humanoid robot index has also seen a 5.0% increase, reflecting growing interest and investment in this area [17]. Company Recommendations - The report recommends several companies based on their potential in the humanoid robotics sector, including: - Linear joint assembly: Shuanglin Co., Dechang Electric, and Jiechang Drive [7][43]. - Screw technology: Shuanglin Co. and Rongtai Co. [7]. - Sensors: Kaite Co. and Hanwei Technology [7]. Financial Projections - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, indicating a bullish outlook: - Shuanglin Co.: EPS of 1.24 for 2024, PE of 37.94 [45]. - Kaite Co.: EPS of 0.77 for 2024, PE of 59.94 [45]. - Jianghuai Automobile: EPS of 0.12 for 2024, PE of 435.92 [45]. Market Trends - The report notes that the automotive market is entering a traditional peak season, with expectations for increased sales driven by government subsidies and new model launches [36][37]. - The report also highlights the positive trend in China's automotive exports, particularly in the new energy vehicle segment, which is gaining market share internationally [38].

Group 1 - The company issued 11.60 billion yuan of convertible bonds named "New 23 Convertible Bonds" on August 11, 2023, with a maturity of 6 years and a tiered interest rate structure [2] - The initial conversion price for the bonds is set at 51.35 yuan per share, which has been adjusted to 50.75 yuan per share as of the latest update [2][3] Group 2 - The redemption terms for the "New 23 Convertible Bonds" allow the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days, or if the remaining unconverted bonds are less than 30 million yuan [4] - As of September 22, 2025, the company's stock price has met the condition for potential redemption, with the closing price exceeding 65.98 yuan per share for ten trading days [6]