Core Insights - The transition from L2 to L3 represents a critical leap from driver assistance to autonomous driving, with responsibility potentially shared among drivers, manufacturers, and autonomous system suppliers [2] Investment Summary - The first L3-level vehicles have been approved for road use, marking a significant milestone in China's autonomous driving industry, transitioning from laboratory testing to legitimate road applications [3] - The approval establishes a clear safety baseline by allowing conditional and limited scenarios for testing, promoting innovation while ensuring safety [3] - The high reliability and safety redundancy requirements of L3 systems will drive technological upgrades across the entire supply chain, including perception hardware, computing platforms, and software algorithms [3] Future Outlook - Pilot programs are expected to expand from current highway and congested scenarios to more complex urban roads, with legal and technical standards evolving based on pilot experiences to support broader adoption [3] - The high costs associated with vehicles equipped with advanced autonomous driving features need to decrease through technological advancements and economies of scale for widespread consumer adoption [3][4] Investment Strategy and Focus - The automotive sector should focus on undervalued leading manufacturers and component suppliers benefiting from performance improvements, particularly in the fields of new energy and intelligent vehicles [5] - Recommended companies include early movers in the new energy sector such as BYD, Changan Automobile, Geely, and Li Auto; stable low-valuation component leaders like Huayu Automotive and Fuyao Glass; and key players in electrification and intelligence like Desay SV, Ruikeda, and Kobot [5] - The strategy also highlights opportunities arising from domestic substitution due to the "domestic circulation" initiative, with companies like Lingdian Electric Control and Sanhua Intelligent Control being of interest [5] Key Focus Companies - The investment focus for the week includes BYD, Li Auto, Top Group, Desay SV, and Shangsheng Electronics [6]

Core Viewpoint - The company, Xusheng Group, is undergoing a significant change in control as it plans to introduce Guangzhou Industrial Investment Holding Group as its new controlling shareholder, with a transaction value of approximately 4.3 billion yuan [1]. Group 1: Control Change and Shareholder Structure - After a two-day suspension, Xusheng Group resumed trading and announced the signing of control acquisition and share transfer agreements with Guangzhou Industrial Investment Holding Group [1]. - The transaction will result in the change of actual controller to the Guangzhou Municipal Government, with Xusheng Group's controlling shareholder, Xu Xudong, reducing his stake from 48.66% to 21.62% [4]. - The total transaction price is approximately 4.295 billion yuan, with Guangzhou Industrial Investment Group directly and indirectly controlling 27.05% of Xusheng Group post-transaction [4][5]. Group 2: Financial Performance and Profit Commitment - Xu Xudong has made a profit commitment for Xusheng Group, ensuring a cumulative net profit of no less than 1.5 billion yuan from 2026 to 2028, with a threshold of 1.2 billion yuan to avoid performance compensation obligations [2][6]. - The company reported a significant decline in revenue and net profit for 2024, with revenue at 4.409 billion yuan (down 8.79%) and net profit at 416 million yuan (down 41.71%) [9]. - The financial performance has been under pressure, with a continued decline in revenue and net profit observed in the first half of 2025, indicating ongoing challenges in the competitive landscape of the automotive supply chain [10]. Group 3: Industry Context and Challenges - Xusheng Group, as a key supplier to Tesla, has faced increased competition in the electric vehicle sector, leading to a decline in orders and revenue [9]. - The company has experienced a drop in its core automotive business revenue by 10.87%, reflecting the broader challenges in the industry [9]. - Despite the overall growth in the automotive and new energy vehicle market, Xusheng Group's performance has not aligned with industry trends, raising concerns among investors [10].

Core Viewpoint - The company, Xusheng Group, is undergoing a significant change in control as it plans to introduce Guangzhou Industrial Investment Holding Group as its new controlling shareholder, with a transaction value of approximately 4.3 billion yuan [1][3]. Group 1: Control Change and Shareholder Structure - After a two-day suspension, Xusheng Group resumed trading on December 23, announcing the signing of control acquisition and share transfer agreements with Guangzhou Industrial Investment Holding Group [1]. - The transaction will result in the change of the actual controller to the Guangzhou Municipal Government, with Xusheng Group's market value at 16.9 billion yuan [1]. - Following the transaction, Guangzhou Industrial Investment Holding Group will control 27.0455% of Xusheng Group's shares, while the current controlling shareholder, Xu Xudong, will see his stake reduced to 21.6162% [3][4]. Group 2: Financial Performance and Profit Commitment - Xu Xudong has made a profit commitment for Xusheng Group, ensuring a cumulative net profit of no less than 1.5 billion yuan from 2026 to 2028, with a threshold of 1.2 billion yuan to avoid compensation obligations [2][5]. - The company reported a decline in revenue and net profit for 2024, with revenue at 4.409 billion yuan (down 8.79%) and net profit at 416 million yuan (down 41.71%) [6]. - The decline in performance is attributed to intensified competition in the global electric vehicle industry and fluctuations in end-user demand [6]. Group 3: Historical Context and Previous Attempts - This is not the first attempt by Xu Xudong to transfer control; a previous attempt in October 2024 was terminated due to disagreements on key terms [7]. - Xusheng Group has been a key supplier for Tesla, but is currently facing challenges in maintaining its growth trajectory amid industry pressures [6].

宁波旭升集团股份有限公司 简式权益变动报告书 上市公司名称：宁波旭升集团股份有限公司 股票上市地点：上海证券交易所 股票简称：旭升集团 股票代码：603305 信息披露义务人一：徐旭东 住所：浙江省宁波市鄞州区福明街道*** 通讯地址：浙江省宁波市鄞州区福明街道*** 信息披露义务人二：陈兴方 住所：浙江省宁波市鄞州区福明街道*** 通讯地址：浙江省宁波市鄞州区福明街道*** 信息披露义务人三：香港旭日实业有限公司 信息披露义务人声明 一、本报告书系依据《中华人民共和国证券法》《上市公司收购管理办法》《 公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》及其他 相关法律、法规和规范性文件编制。 住所：FLAT/RM 06 ONE MIDTOWN 11 HOI SHING ROAD TSUEN WAN 通讯地址：FLAT/RM 06 ONE MIDTOWN 11 HOI SHING ROAD TSUEN WAN 一致行动人：宁波梅山保税港区旭晟控股有限公司 住所：浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 A 区 H1607 通讯地址：浙江省宁波市北仑区梅山七星路 88 号 1 ...

宁波旭升集团股份有限公司 详式权益变动报告书 宁波旭升集团股份有限公司 详式权益变动报告书 上市公司名称：宁波旭升集团股份有限公司 权益变动性质：股份增加（间接收购、协议转让） 签署日期：二〇二五年十二月 1 股票上市地点：上海证券交易所 股票简称：旭升集团 股票代码：603305 信息披露义务人1：广州工业投资控股集团有限公司 注册地址：广州市荔湾区白鹤洞 通讯地址：广州市荔湾区花地大道南657号岭南V谷 信息披露义务人2（一致行动人）：广州工控汽车零部件集团有限公司 注册地址：广州市南沙区东涌镇庆沙路96号首层B区101房-05 通讯地址：广州市荔湾区花地大道南657号岭南V谷 宁波旭升集团股份有限公司 详式权益变动报告书 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》等相关法律、法规和规范性文件编写。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息 ...

中信证券股份有限公司 关于 宁波旭升集团股份有限公司 详式权益变动报告书 之 财务顾问核查意见 财务顾问 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 2025 年 12 月 声 明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》及《公开发行证券的公司信息披露内容与格式准则第 16 号——上市 公司收购报告书》等法律法规和规范性文件的规定，中信证券股份有限公司（以 下简称"本财务顾问"）按照行业公认的业务标准、道德规范，本着诚实信用、勤 勉尽责的精神，对本次权益变动的相关情况和资料进行了核查，对信息披露义务 人出具的《宁波旭升集团股份有限公司详式权益变动报告书》所披露的内容出具 核查意见，以供投资者和有关各方参考。 本财务顾问特作出如下声明： 1、本财务顾问已按照规定履行了尽职调查义务，对信息披露义务人披露的 《宁波旭升集团股份有限公司详式权益变动报告书》进行了核查，确信披露文件 内容与格式符合规定，并有充分理由确信所发表的专业意见与信息披露义务人披 露的文件内容不存在实质性差异； 2、本 ...

本次权益变动后，广州工控集团、工控汽车零部件集团分别持有旭晟控股67.00%和33.00%股权，旭晟控股持有上市公司约 2.55亿股股份（占上市公司总股本的22.0442%），工控汽车零部件集团持有上市公司5780万股股份（占上市公司总股本的 5.0013%）。广州工控集团及其一致行动人将合计持有上市公司约3.13亿股股份，占上市公司总股本的比例为27.0455%。 同时，广州工控集团根据《控制权收购协议》的约定有权提名超过一半的董事会成员。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约2.50亿股股份，占上市公司总股本的比例为21.6162%。本次交易涉及支付的资金 均将来源于广州工控集团及工控汽车零部件集团的自有或自筹资金。经各方充分协商，本协议项下标的股份的转让价格为13.74 元/股，转让总对价（含税）约为7.94亿元。 （编辑 张明富） 本报讯 （记者吴奕萱 见习记者王楠）12月23日，宁波旭升集团股份有限公司（以下简称"旭升集团"）发布了关于控股股 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，并于今天上午 开市复牌。公 ...

2025年12月22日，广州工控集团、工控汽车零部件集团、徐旭东、陈兴方、旭晟控股、旭日实业 签署《关于宁波旭升集团股份有限公司控制权收购协议》（以下简称《控制权收购协议》），徐旭东拟 向广州工控集团转让其持有的旭晟控股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、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 公司之股份转让协议》（以下简称《股份转让协议》），旭日实业和徐旭东分别将其持有的公司 28,900,000股无限售流通股（占公司总股本的2.5006%）、28,900,000股无限售流通股（占公司总股本 的2.5006%）通过协议转让的方式一次性转让予工控汽车零部件集团。 本次权益变动后，广州工控集团、工控汽车零部件集团分别持有旭晟控股67.00%和33.00%股权， 旭晟控股持有上市公司254,766,935股股份（占上市公司总股本的22.0442%），工控汽车零部件集团 持有上市公司57,800,000股股份（占上市公司总股本的5.0013%）。广州 ...

Core Viewpoint - Xu Sheng Group, a leading manufacturer of precision aluminum alloy components for electric vehicles, is undergoing a significant ownership change as founder Xu Xudong seeks to transfer control to Guangzhou Industrial Control Group for a total consideration of 4.295 billion yuan, pending regulatory approval [1][2]. Group 1: Company Overview - Xu Sheng Group specializes in the research, production, and sales of precision aluminum alloy components, focusing on lightweight solutions and mastering three aluminum alloy forming processes: die casting, forging, and extrusion [2]. - The company was established in 2003 and became a key supplier for Tesla in 2013, which significantly boosted its performance and led to its listing on the Shanghai Stock Exchange in 2017 [2]. - The company's revenue grew from 155 million yuan in 2013 to over 4.8 billion yuan in 2023, achieving a compound annual growth rate of over 40% [3]. Group 2: Financial Performance - Despite the revenue growth, Xu Sheng Group has faced a decline in net profit, with a projected decrease of 41.71% for the full year of 2024 and a further decline of 7.16% in the first three quarters of 2025 [3]. - The company attributes its challenges to strong cost-cutting demands from clients and fluctuations in end-user demand, leading to unmet order expectations [3]. - East Wu Securities has revised its net profit forecasts for 2025-2027 downwards, now predicting 455 million yuan, 556 million yuan, and 683 million yuan respectively, citing intense industry competition [3].

Group 1 - Kangnibei Group plans to transfer up to 5,065,900 shares, representing no more than 2% of the total share capital, to its controlling shareholder, Zhejiang Pharmaceutical Group, through a block trade [1] - Guiguan Network elected Dai Qingsong as the chairman of the fifth board of directors, who will also act as the general manager [2] - Huayin Technology's shareholders plan to transfer a total of 10,725,600 shares, accounting for 3.93% of the total share capital [3] Group 2 - Wireless Media's subsidiary won a bid for an AI-enabled media platform project with a contract amount of 4.8895 million yuan [4] - Chaosheng Electronics plans to invest 1.008 billion yuan in a high-performance HDI circuit board expansion and upgrade project, aiming to increase production capacity by 240,000 square meters annually [5] - Yingfeng Co., Ltd. disclosed a plan to raise no more than 522 million yuan through a private placement for various projects [6] Group 3 - Yongtai Technology's executives plan to collectively increase their holdings by no less than 5 million yuan without a price range [7] - Guangdong Construction's subsidiary's wind power project has successfully connected its first unit to the grid, contributing to a total installed capacity of 5,094.52 MW [8] - *ST Jiaotou was selected as the first candidate for a sewage treatment plant project with an estimated contract value of 128 million yuan [9] Group 4 - Sanhua Intelligent Control expects a net profit of 3.874 billion to 4.649 billion yuan for 2025, representing a year-on-year increase of 25% to 50% [10] - Aolian Electronics is planning a change in control, leading to a temporary suspension of its stock [11] - ST Zhengtong will resume trading on December 24 after lifting risk warnings and changing its stock name [12] Group 5 - China Nonferrous Metal Industry's subsidiary acquired a 99.9004% stake in Raura Company for 106 million USD, which includes a zinc polymetallic mine in Peru [13] - Xusheng Group's actual controller will change to the Guangzhou Municipal Government, with stock resuming trading [14] - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately 1.75 billion USD [15] Group 6 - Yichang Technology is planning a change in control, leading to a temporary suspension of its stock [16] - Runyang Technology's controlling shareholder intends to transfer 5% of the company's shares at a price of 30.08 yuan per share [17] - Hongqi Chain's shareholder, Yonghui Supermarket, plans to reduce its holdings by up to 3% [18][19] Group 7 - Jiaojian Co., Ltd.'s actual controller is under criminal investigation, but the company's control has not changed [20][29] - Tianji Technology is facing a lawsuit for alleged collusion in bidding [21] - Yuehai Feed's controlling shareholder plans to reduce its holdings by up to 3% [22][23] Group 8 - Bojie Co., Ltd. plans to distribute a cash dividend of 0.94 yuan per 10 shares for the 2025 interim period [24] - Dongjiang Environmental plans to invest up to 12 million yuan in a capital increase for a technology company [25] - Taiankang's product received a drug registration certificate for a combination treatment for benign prostatic hyperplasia [26] Group 9 - Lingyun Optical plans to invest up to 5 million USD in a cornerstone investment for an IPO [27] - Canar Co., Ltd. intends to acquire 70% of Jiangxi Fenglin for 21 million yuan [28] - Enjie Co., Ltd.'s subsidiary received a government subsidy of 20 million yuan, accounting for 3.6% of the latest audited net profit [34] Group 10 - China Nuclear Construction plans to introduce investors for a total capital increase of 5 billion yuan, maintaining control over its subsidiaries [35] - Xinzhu Co., Ltd. signed a framework cooperation agreement for an integrated energy project in Tibet [36] - Beibo Co., Ltd. plans to establish a holding subsidiary focused on high-temperature industrial equipment [37] Group 11 - Emei Mountain A plans to establish a wholly-owned subsidiary for tea industry integration with an investment of 10 million yuan [38] - Tianpu Co., Ltd. confirmed the results of a tender offer, with a total of 201 shares accepted [39] - *ST Dongtong's stock will be delisted, entering a 15-day delisting period [40] Group 12 - Zhuoran Co., Ltd.'s subsidiary signed a significant order worth 4.033 billion yuan for a project, representing 142.09% of the company's expected revenue for 2024 [41]