Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - The report highlights a significant increase in overseas orders for new energy vehicles (NEVs) from domestic manufacturers, driven by geopolitical tensions and rising oil prices, which are expected to enhance the global energy security strategy and accelerate the transition to NEVs [8][9] - There is a notable performance divergence among automotive companies for 2025, with some firms experiencing slower profit growth due to intensified competition and pressure on downstream sales, while others, like Geely and Sanhua Intelligent Control, are projected to achieve strong revenue and profit growth [10][11] - The price increase of gas turbines by industry leader GEV, attributed to rising demand, indicates a strong growth outlook for the gas power generation sector, suggesting that domestic companies in this chain may expand their market share internationally [11] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to withstand industry risks and achieve revenue and profit growth. Key sectors to watch include data center liquid cooling, gas power generation, and advanced driving technology [3][11] - Recommended automotive stocks include BYD, Geely, SAIC Motor, and Jianghuai Automobile. For gas power generation, focus on Yinlun, Weichai Power, and for liquid cooling, consider InvoTech and Top Group [12] Market Trends - The report notes a significant increase in NEV sales in Australia and other Southeast Asian markets, with a reported 30% increase in foot traffic at dealerships [8][9] - The anticipated rise in oil prices due to geopolitical conflicts is expected to further drive the adoption of NEVs globally, enhancing the market penetration of domestic brands [9] Performance Outlook - Geely is projected to achieve a 25% year-on-year revenue growth for 2025, with a 36% increase in net profit after adjustments. Sanhua Intelligent Control is also expected to see an 11% revenue growth and a 31% increase in net profit [10][11]

汽车与零部件行业 行业研究 | 行业周报 新能源车海外订单大涨，GEV 涨价，关注 出海整车及燃机链汽零 核心观点 投资建议与投资标的 从投资策略上看，预计部分强α整车及汽零公司有望抵御行业风险，实现营收及盈利增 长；数据中心液冷及燃气发电产业链、能确定进入特斯拉、Figure、智元、宇树等机器人 配套产业链的汽零及高级别自动驾驶产业链将持续迎来催化。建议持续关注部分竞争力 较强的出海整车、燃气发电机/柴发产业链、人形机器人链、液冷产业链、智驾产业链公 司。 整车相关标的：比亚迪、吉利汽车、上汽集团、江淮汽车、赛力斯等；燃气发电机相关 标的：银轮股份、潍柴动力；液冷相关标的：英维克、银轮股份、拓普集团、飞龙股 份、川环科技等；机器人相关标的：新泉股份、拓普集团、银轮股份、岱美股份、三花 智控、浙江荣泰、旭升集团、嵘泰股份、斯菱智驱、爱柯迪、精锻科技、博俊科技、沪 光股份等；智驾相关标的：经纬恒润、伯特利、德赛西威等。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2026 年 03 月 29 日 中性（维持） | 姜雪晴 ...

证券代码：603305 证券简称：旭升集团 公告编号：2026-012 宁波旭升集团股份有限公司 关于控股股东、实际控制人协议转让部分股份过户完 成暨控制权拟发生变更的进展公告 本次权益变动后，广州工控集团及其一致行动人将合计持有上市公司 312,566,935 股股份，占上市公司总股本的比例为 27.0455%。上市公司原控股股 东、实际控制人徐旭东及其一致行动人将合计持有上市公司 249,820,136 股股份， 占上市公司总股本的比例为 21.6162%。上市公司控股股东将由徐旭东变更为广 州工控集团，上市公司的实际控制人将由徐旭东先生变更为广州市人民政府。 本次交易已取得广州市国有资产监督管理委员会审批同意、国家市场监督管 理总局就权益变动涉及的关于经营者集中事宜不实施进一步审查的决定、广州市 国有资产监督管理委员会完成国有资产评估项目备案、上海证券交易所合规性审 核。 重要内容提示： 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 ...

Group 1 - SpaceX plans to submit an IPO prospectus soon, aiming to raise over $75 billion through the IPO [5] - The target valuation for SpaceX is set at $1.75 trillion, which would make it the sixth-largest company by market capitalization in the U.S. if achieved [5] - The New York Stock Exchange is competing for the listing, but SpaceX has not made a final decision regarding which exchange to choose [5] Group 2 - Direct core suppliers for SpaceX include companies such as 信维通信, 西部材料, and 派克新材 [6] - Indirect supply chain supporting companies include 晋拓股份, 航天电器, and 电连技术 [6] - Beneficiary companies from equity and industrial synergy include 利欧股份, 蓝思科技, and 震有科技 [6]

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - Energy security will promote the export of new energy vehicles from China, with domestic brands expected to capture overseas markets due to their technological, cost, and supply chain advantages [2][9] - The upcoming launch of several key new energy models is anticipated to boost demand in the passenger car market, with a gradual recovery expected as consumer sentiment improves [10] - The IPO application of Yushun Technology has been accepted, indicating strong growth potential in the humanoid robot sector, which may positively influence market sentiment [11] Summary by Sections Investment Suggestions and Targets - Strong alpha vehicle and parts companies are expected to withstand industry risks and achieve revenue and profit growth; focus on companies in the gas power generation chain, humanoid robotics, liquid cooling, and advanced driving industries [12] - Recommended vehicle-related stocks include BYD, Geely, SAIC Motor, JAC Motors, and Seres; gas generator stocks include Yinlun and Weichai Power; liquid cooling stocks include InvoTech, Yinlun, Top Group, Feilong, and Chuanhuan Technology; robotics stocks include Xinquan, Top Group, Yinlun, Daimai, Sanhua Intelligent Control, Zhejiang Rongtai, Xusheng Group, and others; advanced driving stocks include Jingwei Hirain, Bertel, and Desay SV [13]

国有资产监督管理委员会完成国有资产评估项目备案。 证券代码：603305 证券简称：旭升集团 公告编号：2026-011 宁波旭升集团股份有限公司 关于取得上海证券交易所合规性确认暨控制权拟发 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 ...

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - Energy security will promote the export of new energy vehicles from China, with opportunities for domestic brands to capture overseas markets due to rising oil prices and geopolitical tensions [2][9] - The upcoming launch of several key new energy models is expected to boost demand in the passenger car market, with a gradual recovery anticipated as consumer sentiment improves [10] - The IPO application of Yushun Technology has been accepted, indicating strong growth potential in the humanoid robot sector, which may positively influence market sentiment [11] Summary by Sections Investment Suggestions and Targets - Strong alpha vehicle and parts companies are expected to withstand industry risks and achieve revenue and profit growth; focus on companies in the gas power generation chain, humanoid robotics, liquid cooling, and advanced driving industries [12] - Recommended vehicle-related stocks include BYD, Geely Automobile, SAIC Motor, JAC Motors, and Seres; gas generator stocks include Yinlun Holdings and Weichai Power; liquid cooling stocks include InvoTech, Yinlun Holdings, Top Group, Feilong Shares, and Chuanhuan Technology; robotics stocks include Xinquan Shares, Top Group, Yinlun Holdings, Daimai Shares, Sanhua Intelligent Control, Zhejiang Rongtai, Xusheng Group, and others; advanced driving stocks include Jingwei Hirain, Bertel, and Desay SV [13]

Core Viewpoint - Tesla's "O Chain" is emerging as a critical supply chain for the production of humanoid robots, with several Chinese suppliers establishing factories in Thailand to support this initiative [4][30]. Group 1: Overview of the "O Chain" - The "O Chain" consists of five Chinese suppliers: New Sword Transmission, Bet Technology, Sanhua Intelligent Control, Top Group, and Xusheng Group, who will produce various components for Tesla's humanoid robots [4][5]. - These suppliers have a history of collaboration with Tesla in the electric vehicle sector, leveraging their expertise in precision manufacturing to enter the humanoid robot market [5][32]. Group 2: Key Suppliers and Their Roles - Sanhua Intelligent Control is set to produce actuators, which are essential for the robot's movement, and has invested 3.8 billion yuan in a new facility for this purpose [7][8]. - Top Group, another long-time Tesla supplier, is expanding into the robotics sector with plans to invest 5 billion yuan in a production base for robot drive systems [11][12]. - Xusheng Group will manufacture joints and skeletal components for the Optimus robot, having previously supplied lightweight solutions for Tesla's electric vehicles [15][16]. - New Sword Transmission is responsible for producing planetary roller screws, a critical component for the robot's limbs, with plans for a new facility to produce 1 million units annually [17][19]. Group 3: Market Dynamics and Future Outlook - The shift from automotive to robotics supply chains is seen as a natural progression, given the technological similarities between electric vehicle components and those required for humanoid robots [34]. - The global humanoid robot market is projected to grow significantly, with estimates suggesting a market value exceeding that of the automotive sector, providing a new growth avenue for suppliers [36]. - Chinese suppliers are crucial to Tesla's plans, as they hold a significant share of the manufacturing capabilities and core component technologies needed for humanoid robots [38][39]. Group 4: Challenges and Preparations - Despite the optimistic outlook, suppliers have not confirmed any large-scale orders from Tesla, and there is uncertainty regarding production timelines [40][41]. - The suppliers are preparing for potential orders by planning production capacities ranging from 100,000 to 1 million units annually, awaiting Tesla's move towards mass production [40][42].

证券代码：603305 证券简称：旭升集团 公告编号：2026-010 宁波旭升集团股份有限公司 关于完成国有资产评估项目备案暨控制权拟发生变 更的进展公告 近日，公司收到广州工控集团通知，本次权益变动涉及的资产评估结果已完 成备案程序。 三、其他事项说明 本次权益变动尚需取得上海证券交易所的合规性确认意见并在中国证券登 记结算公司上海分公司办理股份过户登记手续。相关审批程序能否通过及通过时 间尚存在一定不确定性，公司将密切关注进展情况，并及时履行信息披露义务， 敬请广大投资者注意投资风险。 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 ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The demand for distributed power sources in North America is increasing due to the mismatch between the expansion of traditional power grids and the rapid construction of data centers, creating opportunities for on-site power generation and backup power equipment [5][16] - The automotive sector is experiencing a shift towards high-end luxury passenger vehicles, with expectations of increased performance as product matrices expand [8] - The automotive parts industry is expected to see an upward trend in profitability due to reduced competition and expansion in downstream markets [8] Summary by Sections 1. Data Center Distributed Power Demand - The power supply gap in North America is widening, leading to increased demand for distributed power sources [16] - Major tech companies are significantly increasing their capital expenditures for data centers, with a total expected expenditure of approximately $650 billion in 2026 [16][17] - The total installed capacity of data centers in the U.S. is projected to grow from about 17 GW in 2025 to approximately 50 GW by 2030 [16] 2. Industry News Highlights - Xiaopeng Motors announced that Volkswagen will be the first customer for its second-generation VLA model [34] - Huawei's autonomous driving system recorded over 470 million kilometers during the Spring Festival, equivalent to 190,000 round trips between Beijing and Shanghai [35] - NIO's chip subsidiary completed its first round of financing, raising over 2.2 billion RMB [37] 3. Market Performance - The automotive sector's performance this week saw the Shanghai Composite Index increase by 1.08%, while the automotive sector rose by 0.59%, ranking 23rd among A-share industries [7][43] - The passenger vehicle sector's PE valuation decreased, while commercial vehicles and automotive parts sectors saw an increase in PE valuations [43][46] 4. Investment Recommendations - For passenger vehicles, the recommendation includes Jianghuai Automobile and Seres, with Geely Automobile as a beneficiary [8] - In the automotive parts sector, recommended companies include Desay SV, Zhejiang Xiantong, and Meili Technology, with beneficiaries such as Weichai Power and Wufeng High-Tech [8]