Group 1 - Berteli's stock price increased by 5.16% to 52.41 CNY per share, with a trading volume of 395 million CNY and a turnover rate of 1.26%, resulting in a total market capitalization of 31.787 billion CNY [1] - Berteli, established on June 25, 2004, and listed on April 27, 2018, specializes in the research, production, and sales of automotive brake system-related products [1] - The revenue composition of Berteli includes intelligent electronic control products at 45.59%, mechanical brake products at 44.77%, mechanical steering products at 5.63%, and other products at 2.92% and 1.09% [1] Group 2 - Huatai Asset Management has a fund that heavily invests in Berteli, specifically the Huatai Zijin Advanced Manufacturing Mixed Fund A (017424), which held 104,000 shares, accounting for 3.81% of the fund's net value, making it the sixth-largest holding [2] - The Huatai Zijin Advanced Manufacturing Mixed Fund A was established on March 1, 2023, with a latest scale of 39.4543 million CNY, achieving a year-to-date return of 16.32% and a one-year return of 17.82% [2]

Core Insights - The Ministry of Industry and Information Technology has issued the first batch of L3 conditional autonomous driving vehicle permits, with Xiaomi Auto being the latest company to obtain an L3 road testing license in Beijing [1][14] - The report indicates that by September 2025, 23 companies, including Xiaomi, have accumulated over 60.27 million kilometers of operation with 750 autonomous passenger vehicles [1][14] - The L3 autonomous driving permit process follows a structured pathway, and companies are categorized into those with official "entry permits" and those with "road licenses" for internal testing [1][14] Company Developments - Changan Automobile's "Deep Blue SL03" has received L3 permit for operation in specific congested areas in Chongqing [2][15] - BAIC Blue Valley's "ARCFOX Alpha S" has been granted L3 permit for operation on specific highways in Beijing [2][15] - BYD was the first to obtain an L3 road testing license in July 2023 and has begun large-scale road validation [3][16] - Seres (Wenjie) has obtained L3 testing permits primarily in Chongqing and Shenzhen for its Wenjie M9 model [4][17] - SAIC Group has received two L3 road permits, making it one of the companies with the most licenses [4][17] - NIO has been selected for the first batch of L3/L4 autonomous driving permits and road testing trials [5][17] - GAC Group has made progress in L3 autonomous driving technology [6][18] - JAC Motors has obtained L3 road testing permits [7][19] - Foton Motor has completed the development and acceptance of L3 autonomous driving prototypes [8][20] - Yutong Bus is the first in the bus industry to enter the L3 autonomous driving pilot program [9][21] - FAW Jiefang's high-level autonomous driving truck J7 L3 has completed road testing [10][22] Industry Trends - The transition to L3 autonomous driving represents a significant technological milestone, shifting driving control and accident liability from the driver to the system itself [10][22] - Multiple institutions emphasize the hardware upgrade logic due to the increased safety and reliability requirements associated with L3 [11][23] - The regulatory framework for L3 permits indicates a closed loop in product safety, network security, and accident liability, alleviating long-standing compliance concerns for automakers [12][23] - The commercialization of L3 is expected to drive the mass application of intelligent chassis technologies, including active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [12][23][24] - Specific components benefiting from this trend include active suspension systems from companies like Baolong Technology and Top Group, EMB systems from Bertel and Asia Pacific Holdings, and SBW systems from companies like Nexperia [12][24]

芜湖伯特利汽车安全系统股份有限公司 Bethel Automotive Safety Systems Co., Ltd （住所：中国（安徽）自由贸易试验区芜湖片区泰山路 19 号） 2025 年第四次临时股东大会 会议资料 股票代码：603596 二〇二五年十二月 芜湖伯特利汽车安全系统股份有限公司 2025 年第四次临时股东大会会议资料 | 目 | | --- | | 录 | | 年第四次临时股东大会会议议程 2 2025 | | | --- | --- | | 会议须知 4 | | | 议案一：关于预计公司 年度日常关联交易预案的议案 5 2026 | | | 议案二：关于取消监事会及修订《公司章程》的议案 12 | | | 议案三：关于制定及修订公司相关制度的议案 52 | | | 议案四：关于选举付鹏九为公司第四届董事会非独立董事候选人并调整董事会专门 | | | 委员会委员的议案 53 | | | 附件 1：第四届董事会非独立董事候选人付鹏九先生简历 | 55 | 1 芜湖伯特利汽车安全系统股份有限公司 2025 年第四次临时股东大会资料 芜湖伯特利汽车安全系统股份有限公司 2025 年第四次临时股 ...

Core Insights - November automotive sales reached 3.429 million units, a year-on-year increase of 3.4%. Cumulative sales from January to November totaled 31.127 million units, reflecting an 11.4% year-on-year growth [1][2] - The comprehensive inventory coefficient for automotive dealers in November was 1.6, up 41.4% year-on-year and 34.2% month-on-month. The inventory warning index stood at 55.6%, an increase of 3.8 percentage points year-on-year and 3 percentage points month-on-month [2] Sales Performance - In November, the sales of new energy vehicles (NEVs) reached 1.823 million units, marking a 20.6% year-on-year increase, with a penetration rate of 53.2%. From January to November, NEV sales totaled 14.78 million units, up 31.2% year-on-year, with a penetration rate of 47.5% [2] Investment Strategy - The automotive sector should focus on undervalued leading companies in vehicle manufacturing and parts due to performance improvements. Key areas of interest include: - Domestic car manufacturers with first-mover advantages in the NEV sector, such as BYD, Changan Automobile, Geely, and Li Auto [3] - Stable performance low-valuation leading parts manufacturers like Huayu Automotive and Fuyao Glass [3] - Core players in the electrification and intelligentization sectors, including Desay SV, Ruikeda, Kobot, and Bertley [3] - Opportunities arising from domestic circulation and local replacements, such as Lingdian Electric Control, Sanhua Intelligent Control, Xingyu Co., and Shangsheng Electronics [3] - Strong vehicle manufacturers driving demand for core components, including Top Group, Wencan Co., and Xusheng Group [3] Market Overview - The automotive sector experienced a weekly change of 0.16%, ranking 9th among 31 sectors. The automotive industry outperformed the CSI 300 index during the week [5] - The weekly performance of major indices was as follows: Shanghai Composite Index -0.34%, CSI 300 -0.08%, Shenzhen Component Index 0.84%, and ChiNext Index 2.74% [5] - In sub-sectors, the weekly performance was: automotive services -5.23%, automotive parts 0.11%, passenger vehicles 0.23%, commercial vehicles 0.25%, and motorcycles and others 1.70% [5] Top Performing Stocks - The top five performing stocks in the automotive sector for the week were: Chaojie Co., Huamao Technology, Yueling Co., Huapei Power, and Zhenghe Industrial [6] Underperforming Stocks - The bottom five performing stocks in the automotive sector for the week were: Xiamen Xinda, Rongtai Co., Longji Machinery, Kailong High-Tech, and Disengli [7]

Investment Summary - The automotive industry is benefiting from the acceleration of smart technology and the development of the robotics industry, with the parts sector outperforming the vehicle sector. From January 1 to December 12, 2025, the CITIC passenger car index fell by 0.40%, while the CITIC automotive parts index rose by 34.76%, indicating a significant difference in performance between the two sectors [4][18][25]. Group 1: 2025 Market Performance and Earnings Review - The automotive parts sector achieved a revenue of 7,541.60 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.75%, and a net profit of 460.10 billion yuan, up 19.60% year-on-year [49]. - The passenger vehicle sector's revenue reached 15,203.16 billion yuan, growing by 8.68% year-on-year, while the net profit decreased by 15.72% to 391.90 billion yuan [31][49]. - The performance of passenger vehicle companies varied, with most showing revenue growth, but some, like BYD and Great Wall Motors, experienced profit declines [39][42]. Group 2: Outlook for 2026 - The automotive market in 2026 is expected to see a decline in policies, while exports and new energy vehicles (NEVs) will continue to rise. The "old-for-new" policy is anticipated to drive high growth in vehicle sales in 2025, but its absence in 2026 may lead to a demand shortfall [5][62][66]. - The penetration rate of NEVs is expected to continue increasing, with smart and high-end vehicles becoming new growth drivers. By 2025, the penetration rate of NEVs reached 46.7% [72][73]. - The L3 commercial application is expected to reach a critical point in 2026, with smart chassis technology anticipated to be applied in large quantities [5][6]. Group 3: Investment Strategy - The investment strategy focuses on the smart automotive sector, particularly as the industry transitions from L2 to L3 autonomous driving. Companies that continue to invest in this area are expected to benefit significantly [6][8]. - Recommended companies in the vehicle sector include SAIC Motor, Jianghuai Automobile, and Chery Automobile, which are positioned to leverage advancements in smart driving technology [6][8]. - In the parts sector, companies like Baolong Technology and Top Group are highlighted for their potential to benefit from the implementation of line control steering and braking systems, which are set to enter mass application in 2026 [8][49].

Lithography Resin - Company Aiyishikong has established collaborations with several leading lithography resin manufacturers [1] Commercial Aerospace - Company Tefa Information currently has no orders or products related to commercial aerospace [1] - Company Nengke Technology has been collaborating with Blue Arrow Aerospace since 2021, with cumulative orders amounting to tens of millions [1] - Company Shangda has obtained qualifications from Blue Arrow Aerospace and Jiuzhou Cloud Arrow, and is providing stable mass production supply [1] Intelligent Driving - Company Xingmin Zhitong's communication domain controller is currently equipped in L3 and L4 autonomous vehicles, including Robotaxi and unmanned logistics vehicles [1] - Company Siwei Tuxin has partnerships with Changan and BAIC Blue Valley in the areas of intelligent cockpits, automotive-grade chips, and intelligent driving [1] - Company Zhejiang Shibao's intelligent steering products are applicable to L3 and above autonomous driving [1] Other Developments - Company Guanfeng Lithium's energy storage cell production capacity is currently at full capacity [1] - Company Zhonglai has begun mass production and shipment of TOPCon high-efficiency batteries [1] - Company Lian De Equipment has formed sales orders in the semiconductor packaging and testing equipment sector, gradually ramping up production [1] - Company Guoke Technology's Leshan drone base is expected to commence production in the first quarter of next year [1] - Company Bertley anticipates that EMB will gradually achieve mass production in the first half of next year [1]

（文章来源：证券日报） 证券日报网讯 12月17日，伯特利在互动平台回答投资者提问时表示，目前公司的价值被低估。股票价 格受多种因素综合影响，包括投资人对行业的理解和判断及投资偏好等。公司始终坚持以业绩表现夯实 市值基础，同时通过合理分红等方式积极回报股东，加强与投资者的沟通，让投资者能对公司有全面充 分的了解，并且定期会开展股份回购用于核心员工的股权激励。公司会按照公司的战略推进相关产业技 术的布局和发展，实现新产品新技术稳定增长。 ...

证券日报网讯12月17日，伯特利（603596）在互动平台回答投资者提问时表示，公司目前丝杠和电机项 目建设进度按计划顺利推进中，投产后可直接配套EHB和EMB产品，后续会拓展至悬架和转向产品 中，同时公司明年会启动机器人丝杠和电机的开发工作。 ...

证券日报网讯 12月17日，伯特利（603596）在互动平台回答投资者提问时表示，公司2025年第四季度 经营情况请关注后续的披露信息。股票价格受多种因素综合影响，包括投资人对行业的理解和判断及投 资偏好等。 ...

Core Viewpoint - The company Bertli (603596.SH) has completed the debugging of its EMB production line, with small batch deliveries expected by the end of this year and full-scale production anticipated in the first half of next year [1] Group 1: Product Advantages - The core advantages of EMB include faster response times compared to traditional braking systems, a fully redundant functional architecture, and higher safety, making it suitable for advanced intelligent driving systems [1] - EMB can be deeply integrated with chassis domain control, aligning with the trend of electronic and integrated automotive development [1] Group 2: Market Outlook - As the automotive industry progresses towards higher levels of intelligent driving, EMB products are expected to become the mainstream solution for braking safety redundancy and will be a key growth driver for the company in the future [1]