Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

证券代码：603305 证券简称：旭升集团 公告编号：2026-008 宁波旭升集团股份有限公司 关于收到广州市国资委批复暨控制权拟发生变更的 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个别及连带责任。 一、本次控制权拟发生变更的基本情况 2025 年 12 月 22 日，宁波旭升集团股份有限公司（以下简称"公司"）控股 股东、实际控制人徐旭东及其一致行动人与广州工业投资控股集团有限公司（以 下简称"广州工控集团"）、广州工控汽车零部件集团有限公司（以下简称"工控 汽车零部件集团"）签署《关于宁波旭升集团股份有限公司控制权收购协议》，徐 旭东先生拟向广州工控集团转让其持有的宁波梅山保税港区旭晟控股有限公司 （以下简称"旭晟控股"）51%股权，陈兴方女士拟向广州工控集团、工控汽车 零部件集团分别转让其持有的旭晟控股 16%股权、33%股权。同日，工控汽车零 部件集团、香港旭日实业有限公司（以下简称"旭日实业"）、徐旭东签署《广州 工控汽车零部件集团有限公司与香港旭日实业有限公司、徐旭东关于宁波旭升集 团股份有限公司之股份转让 ...

旭升集团公告称，2025年12月22日，控股股东徐旭东及其一致行动人与广州工控集团等签署协议，徐旭 东等拟转让旭晟控股股权及公司股份。权益变动后，广州工控集团及其一致行动人将持股27.0455%， 成为控股股东，实控人将变更为广州市人民政府。近日，公司收到广州市国资委批复，同意广州工控集 团"间接收购+协议受让"方式控股。本次权益变动尚需多项审批，结果及时间有不确定性。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The automotive sector is experiencing a significant shift with the introduction of Tesla's Robotaxi strategy, focusing on a dual-seat Cybercab to address 90% of travel scenarios [5][13] - Tesla has disclosed that approximately 1.1 million Full Self-Driving (FSD) paid users account for about 12% of its total vehicle sales, with a year-on-year growth of 38% [14] - The Shanghai government has introduced a subsidy for replacing old vehicles with new energy vehicles, offering an 8% subsidy on the purchase price, capped at 15,000 yuan [14] - The National Energy Administration plans to establish 28 million charging facilities by the end of 2027, expected to drive over 200 billion yuan in investments [15] - The global humanoid robot shipment is projected to increase by 508% in 2025, with Chinese manufacturers leading the market [20][22] Market Performance - The automotive sector underperformed the market, with the A-share automotive index declining by 4.67%, ranking 29th among primary industries [6][25] - The passenger vehicle index fell by 1.84%, while the commercial vehicle index decreased by 1.21% [6] - The automotive parts index saw a decline of 6.82%, with various segments experiencing different levels of performance [6] Investment Recommendations - For passenger vehicles, there is an unexpected demand in the domestic high-end luxury market, with recommendations for Jianghuai Automobile and Seres, while Geely Automobile is identified as a beneficiary [7] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV, Zhejiang Xiantong, Meili Technology, and others, while Weichai Power and others are seen as beneficiaries [7]

证券代码：603305 证券简称：旭升集团 公告编号：2026-006 宁波旭升集团股份有限公司 2025 年员工持股计划完成非交易过户的公告 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法律责任。 二、本期员工持股计划完成股票过户的情况 根据《关于上市公司实施员工持股计划试点的指导意见》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》的要求，现将公司 2025 年员工持 股计划实施进展情况公告如下： 根据参与对象实际认购和最终缴款的查验结果，公司 2025 年员工持股计划 实际参与认购的员工总数为 671 人，共计认购持股计划份额 3,459.40 万份，每 份份额为 1 元，共计缴纳认购资金 3,459.40 万元，对应认购公司回购专用证券 账户库存股 490 万股。 2026 年 1 月 26 日，公司收到中国证券登记结算有限责任公司上海分公司出 具的《证券过户登记确认书》，公司回购专用证券账户所持公司股票已于 2026 年 1 月 23 日非交易过户至"宁波旭升集团股份有限公司-2025 年员工持股计划" 专用证 ...

证券代码：603305 证券简称：旭升集团 公告编号：2026-007 宁波旭升集团股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 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。 一、员工持股计划持有人会议召开情况 2026 年 1 月 26 日，宁波旭升集团股份有限公司（以下简称"公司"）2025 年员工持股计划第一次持有人会议以现场结合通讯表决方式在公司会议室举行。 本次会议由公司董事会秘书罗亚华女士召集和主持，出席本次会议的持有人共 569 人，代表 2025 年员工持股计划份额 28,808,330 份，占公司 2025 年员工持股 计划总份额的 83.28%。会议的召集、召开和表决程序符合公司 2025 年员工持股 计划的有关规定。 二、员工持股计划持有人会议审议情况 （一）审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 为保证公司 2025 年员工持股计划的顺利进行，保障持有人的合法权益，根 据公司《2025 年员工持股计划管理办法》等相关规定，同意设立 2025 年员工持 ...

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]

证券代码：603305 证券简称：旭升集团 公告编号：2026-005 关于控股股东、实际控制人及其一致行动人签署<控制权收购协议><股份转让协 议>暨控制权拟发生变更的提示性公告》（公告编号：2025-095）《简式权益变 动报告书（徐旭东、陈兴方、香港旭日实业有限公司、宁波梅山保税港区旭晟控 股有限公司）》《详式权益变动报告书（广州工业投资控股集团有限公司、广州 工控汽车零部件集团有限公司）》。 宁波旭升集团股份有限公司 关于实际控制人及其一致行动人签署《控制权收购协 议》《股份转让协议》暨控制权拟发生变更的 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个别及连带责任。 2025 年 12 月 22 日，宁波旭升集团股份有限公司（以下简称"公司"）控 股股东、实际控制人徐旭东及其一致行动人与广州工业投资控股集团有限公司 （以下简称"广州工控集团"）、广州工控汽车零部件集团有限公司（以下简称 "工控汽车零部件集团"）签署《关于宁波旭升集团股份有限公司控制权收购协 议》，徐旭东先生拟向广州工控集团转让其持有的宁波梅山保税港区 ...

旭升集团公告称，2025年12月22日，控股股东、实控人徐旭东及其一致行动人与广州工控集团等签署协 议。徐旭东等拟转让旭晟控股股权，旭日实业和徐旭东分别转让公司2890万股（各占总股本2.5006%） 给工控汽车零部件集团。权益变动后，广州工控集团及其一致行动人将持股27.0455%，徐旭东及其一 致行动人持股21.6162%，控股股东将变更为广州工控集团，实控人变为广州市政府。截至公告披露 日，事项按节奏推进，尚需多项审批，结果及时间有不确定性。 ...

证券代码：603305 证券简称：旭升集团 公告编号：2026-004 宁波旭升集团股份有限公司 关于使用部分闲置募集资金进行现金管理 到期赎回的公告 | | | | 认购 | 产品 | | 到期赎回情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序 号 | 受托方名称 | 产品名称 | 金额 | 起止日 | 收益率 | 本金 | 收益 | | | | | | | | 金额 | 金额 | | 1 | 宁波银行北仑 | 单位结构性存 | 10,000 | 2025/7/18- | 1.00%-2. | 10,000 | 107.21 | | | 支行 | 款 | | 2026/1/16 | 15% | | | | 2 | 浙商银行北仑 | 单位结构性存 | 10,000 | 2025/7/21- | 1.20%-2. | 10,000 | 112.44 | | | 支行 | 款 | | 2026/1/21 | 65% | | | | 合 计 | | | 20,000 | - | - | 20,000 | 219.65 | 截至本公告披露日，以 ...