獨家保薦人 ·[編纂] 4 中信证券 [編纂]項下的[編纂]數目 : [编纂]股H股(視乎[編纂]行使與否而定) [編纂]數目 :「編纂]股H股(可予[編纂]) 「編纂1數目 : [編纂]股H股(可予[編纂]及[編纂]) 最高[編纂] : 每股H股[編纂]港元,另加1.0%經 紀佣金、0.0027%證監會交易徵 費 · 0.00565% 香港聯交所交易費及 0.00015%會財局交易徵費(須於申請 時以港元繳足,多繳股款可予退還) 面值 : 每股H股人民幣1.00元 [編纂] ： [編纂] 江 蘇 新 泉 汽 車 飾 件 股 份 有 限 公 司 (於中華人民共和國註冊成立的股份有限公司) 【禮畫】 据港交所1月27日披露，江苏新泉汽车饰件股份有限公司(简称：新泉股份（603179），603179.SH)向港 交所主板递交上市申请书，中信证券为其独家保荐人。招股书显示，新泉股份自2001年成立以来，始终 专注于满足客户对汽车饰件系统解决方案的需求。通过广泛应用新材料、新技术及制造工艺，公司持续 提升产品性能与服务质量。根据弗若斯特沙利文的资料，按2024年中高端整车内饰件系统解决方案收入 计算及按2024年全品 ...

獨家保薦人 ·[編纂] 4 中信证券 智通财经APP获悉，据港交所1月27日披露，江苏新泉汽车饰件股份有限公司(简称：新泉股份, 603179.SH)向港交所主板递交上市申请书，中信证券为其独家保荐人。招股书显示，新泉股份自2001年 成立以来，始终专注于满足客户对汽车饰件系统解决方案的需求。通过广泛应用新材料、新技术及制造 工艺，公司持续提升产品性能与服务质量。根据弗若斯特沙利文的资料，按2024年中高端整车内饰件系 统解决方案收入计算及按2024年全品类整车内饰件系统解决方案收入计算，公司以8.3%及7.8%的市场 份额位居中国第二大汽车饰件系统解决方案提供商。 JIANGSU XINQUAN AUTOMOTIVE TRIM CO., LTD. 江 蘇 新 泉 汽 車 飾 件 股 份 有 限 公 司 (於中華人民共和國註冊成立的股份有限公司) 【禮畫】 [編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) [編纂]數目 :「編纂]股H股(可予[編纂]) [編纂]數目 : [編纂]股H股(可予[編纂]及[編纂]) 最高[編纂] : 每股H股[編纂]港元,另加1.0%經 紀佣金、0.00 ...

格隆汇1月27日｜据港交所文件，江苏新泉汽车饰件股份有限公司向港交所提交上市申请书。 ...

# 事件：2026年1月26日，凯迪股份与新泉股份正式签署战略合作协议，双方将携手布局机器人关键零部件赛道， 开启优势互补、协同创新的全新征程，为行业发展注入强劲动能。 # 简评： ①战略协议的签署建立在# "两次送样、技术和品质得到北美客户充分认同的基础上"， 【华鑫汽车&机器人】泉链崛起0126：尘埃落定，新泉800e，凯迪200e ①战略协议的签署建立在# "两次送样、技术和品质得到北美客户充分认同的基础上"， ②新泉跟北美客户的合作是战略性的（车端的三巨头，TP/SH/XQ)，#凯迪对新泉的意义还在于，电机+减速器+丝 杠（潜在）的全链条的能力 产业链很多传言，尘埃落定，强烈看好"泉链" # 新泉： 1车，26年13e利润，20X，260e；2智驾，cybercab单车2.5W，20W辆，50e收入，5e利 润，30X，150e，3机器人：对标Tp/Sh给400e，合计800e目标市值 # 凯迪：首家得到新泉公开认可的标的。 电机+新型减速器+编码器+模组，全产业链布局，# 与Tier1合作预计很快落地。 ②新泉跟北美客户的合作是战 【华鑫汽车&机器人】泉链崛起0126：尘埃落定，新泉800e，凯迪2 ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, particularly focusing on humanoid robots and aerospace sectors [2][10]. Core Insights - The humanoid robot market is expected to significantly drive the demand for rotary transformers, with a projected market size of 6.15 billion yuan by 2030 and 47.1 billion yuan by 2035, reflecting a CAGR of 85.9% from 2026 to 2035 [4][27]. - The aerospace sector is also experiencing growth, with satellite launches increasing rapidly, leading to a forecasted rotary transformer market size of 700 million yuan by 2030 and 1.8 billion yuan by 2035, with a CAGR of 22.7% from 2026 to 2035 [5][30]. Summary by Sections 1. Humanoid Robots and Aerospace Driving Rotary Transformer Market - Rotary transformers are well-suited for humanoid robots due to their strong shock resistance and durability, making them ideal for complex operational environments [4][24]. - The market for rotary transformers in humanoid robots is expected to surpass traditional markets, as they replace encoders in robotic joints [27]. 2. Market Performance of Humanoid Robots - The humanoid robot sector is anticipated to see a substantial increase in market size, driven by the need for high reliability and longevity in robotic joints [4][27]. - The report highlights the importance of rotary transformers in enhancing the performance of humanoid robots, particularly in their joints and dexterous hands [27]. 3. Market Performance of Aerospace Sector - The report notes a significant increase in satellite launches, with SpaceX planning to launch 42,000 satellites by 2033, which will boost the demand for rotary transformers in satellite attitude and orbit control systems [5][30]. - The rotary transformer market in the aerospace sector is projected to grow steadily, with increasing applications in satellite systems [30]. 4. Industry Data Tracking - The global rotary transformer market is expected to grow from approximately 4.445 billion yuan in 2024 to 11.851 billion yuan by 2031, with a CAGR of 15.3% from 2025 to 2031 [33]. - The automotive sector's rotary transformer market is projected to grow from 1.334 billion yuan in 2024 to 3.555 billion yuan by 2031 [33]. 5. Company Announcements - The report emphasizes the rapid growth of domestic companies like Yingshuo Technology, which has captured a significant market share in the rotary transformer sector, particularly in the new energy vehicle market [44][61]. - Yingshuo Technology's revenue has shown a CAGR of 176.6% from 2020 to 2022, with a strong focus on the new energy vehicle sector [44][55].

Investment Highlights - The SW auto parts index increased by 3.85% this week, ranking second in the SW auto sector, with a year-to-date increase of 9.12% [3][14] - The latest trading day PE (TTM) for SW auto parts is at the 90.08% historical percentile, while PB (LF) is at the 83.70% historical percentile [3][38] Robotics Sector Review - The Wande Robotics Index rose by 1.38% this week, with a year-to-date increase of 7.07%, underperforming the SW auto parts sector by 2.47% [4][40] - The latest trading day PE (TTM) for Wande Robotics is at the 94.65% historical percentile, and PB (LF) is at the 96.30% historical percentile [4][45] Core Coverage Stocks Weekly Performance - Notable weekly gains include: New Coordinates +36.30%, Minshi Group +25.33%, Daimai Co. +12.57%, Top Group +11.30%, and Xusheng Group +9.87% [6][52] Major Events This Week - Elon Musk announced plans to sell Tesla's humanoid robot to the public by the end of 2027 [7][46] - Yushu announced its humanoid robot sales for 2025, exceeding 5,500 units [8][46] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on establishing capacities in Europe, North America, and Southeast Asia [9][57] - In robotics, seek certainty in opportunities, particularly with the anticipated release of Optimus V3 in Q1 2026, and monitor order timelines and application developments from domestic companies like Xiaopeng, Yushu, and Zhiyuan [9][57]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]

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]

Core Insights - The 2025 annual performance of AI-themed funds has drawn market attention, with significant adjustments in their holdings during the reporting period [1] - There is a divergence among fund managers regarding investment opportunities in the AI sector for 2026, despite some funds experiencing substantial net value increases due to their investments in AI application stocks [9] Fund Adjustments - The top-performing active equity funds have made considerable adjustments to their AI asset holdings, with some funds increasing their positions in leading companies while others have reduced their stakes [1][4] - For instance, the fund Yongying Technology Select increased its holdings in Dongshan Precision, Jingwang Electronics, and others, while reducing its stake in Zhongji Xuchuang [1][4] - The fund Zhongou Digital Economy has also shifted its focus, increasing investments in domestic AI and AI infrastructure while reducing exposure to smart driving and edge AI [1][6] Sector Consensus and Divergence - There is a consensus among high-performing funds regarding the PCB sector, with several funds increasing their positions in companies like Dongshan Precision and Shengxin Technology [5][6] - However, there are notable divergences in the strategies of different funds regarding specific AI sub-sectors, such as the varying approaches to Zhongji Xuchuang [4][5] Future Outlook - Fund managers are considering how to capitalize on the expanding AI market, with a focus on the potential for significant breakthroughs in AI applications and the ongoing competition in the large model sector [10][11] - Some managers emphasize the importance of balancing growth potential with safety margins, while others highlight the need for diversified investments to mitigate risks associated with high valuations in the AI sector [12]

Core Viewpoint - The report from Caitong Securities highlights that Xinquan Co., Ltd. has over 20 years of experience in the automotive trim sector, offering a diverse range of products and establishing strong ties with key customers [1] Group 1: Company Overview - Xinquan Co., Ltd. specializes in the design and development of automotive instrument panel assemblies, addressing differentiated demands from domestic consumers regarding appearance, performance, and functionality [1] - The company is actively involved in the design and development of new model instrument panel assemblies for automotive manufacturers [1] Group 2: Market Expansion - Xinquan Co., Ltd. has entered the robotics sector through its subsidiary, Changzhou Xinquan Intelligent Robot Co., Ltd., which focuses on the research, design, manufacturing, and sales of components related to intelligent robots [1] - This move into the robotics field is expected to open new growth opportunities for the company [1] Group 3: Financial Metrics - The company has been assigned price-to-earnings (PE) ratios of 48.0, 38.8, and 31.1 for different forecast periods, indicating a positive outlook [1] - The report initiates coverage with a "Buy" rating for the company [1]