Investment Rating - The report suggests a "Standard Allocation" for the automotive industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [43]. Core Insights - The automotive sector has shown a mixed performance, with the automotive index rising 0.57% over the past two weeks, outperforming the CSI 300 index by 1.40 percentage points, ranking 13th among 31 industries [10][11]. - The report highlights a significant increase in retail sales of passenger vehicles, with July sales reaching 1.834 million units, a 7% year-on-year increase, although down 12% from the previous month [22][39]. - The report anticipates a market recovery in late August due to the rollout of the third batch of "old-for-new" subsidies and the upcoming peak sales season in September and October [39]. Industry Data Tracking - Raw material prices have shown fluctuations, with steel prices down 0.38%, aluminum up 0.78%, and lithium carbonate down 0.35% as of August 7, 2025 [16][21]. - The report notes that the automotive sector's year-to-date performance has increased by 13.19%, outperforming the CSI 300 index by 8.63 percentage points [10][11]. Industry News - The China Passenger Car Association has slightly raised its annual forecast for passenger vehicle retail sales, now expecting a 6% increase for 2025 [23]. - In July, wholesale sales of new energy passenger vehicles reached 1.18 million units, marking a 25% year-on-year increase [24]. - The establishment of the China Changan Automobile Group in Chongqing aims to enhance the company's focus on intelligent vehicles and global market expansion [27]. Company News - Li Auto, China Automotive Technology and Research Center, and Dongfeng Liuzhou Automobile have issued a joint statement regarding the Li Auto i8 crash test, emphasizing the importance of maintaining market order and ethical competition [30]. - BYD reported July sales of 344,296 vehicles, a decrease of 8.8% month-on-month, but a year-to-date increase of 27% [36]. - Changan Automobile's July sales of new energy vehicles reached 80,006 units, a 74.05% year-on-year increase [35].

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 年第三次临时股东大会 会议资料 股票代码：603596 二〇二五年八月 | | | | 2025 | 年第三次临时股东大会会议议程 | 2 | | --- | --- | --- | | 会议须知 | | 4 | | 划（草案）》及其摘要的议案 | | 5 | | 划管理办法》的议案 | | 6 | | 持股计划有关事项的议案 | | 7 | | 附件 1-1 9 | | | | 附件 1-2 46 | | | | 附件 2 82 | | | 芜湖伯特利汽车安全系统股份有限公司 2025 年第三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 年第三次临时股东大会会议议程 一、会议时间 2025 年 8 月 18 日 14:00 二、会议地点 芜湖伯特利汽车安全系统股份有限公司 二楼会议室 三、会议出席对象 (一)股东及股东代表 (二)公司董事、监事和高级管理人员 (三)公司聘请的律师 (四)其他人员 四 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - The report highlights that high-level intelligent driving is accelerating the penetration of steer-by-wire (SBW) systems, which are expected to replace traditional mechanical chassis. The steer-by-wire technology is currently in the product introduction phase and is anticipated to enter mass production in 2025. The market for steer-by-wire is projected to reach 68.3 billion yuan by 2030, with a CAGR of 7.9% from 2023 to 2030 [3][9]. Summary by Sections Introduction - The demand for automotive intelligence is driving the continuous upgrade of intelligent driving systems, with L2 and above levels expected to penetrate over 50% of the market. The steer-by-wire system, currently with a penetration rate of less than 1%, has significant growth potential [6][25]. Trends - The transition from mechanical steering to electric steering and now to steer-by-wire is evident. The electric power steering (EPS) market is nearing saturation, with a penetration rate close to 100%. The steer-by-wire system is expected to become a key component in L3 and above autonomous driving, with a projected domestic penetration rate of 30% by 2030 [7][49]. Market Structure - The EPS market is primarily dominated by foreign companies, with the top five players holding significant market shares. Domestic companies are expected to catch up in the steer-by-wire market, with some already achieving mass production [8][9]. Investment Recommendations - The report suggests that the steer-by-wire system is on the verge of mass production, presenting substantial growth opportunities for domestic companies. It recommends companies like Top Group and Berteli, which are making significant progress in this area [9][11].

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 601989 | 中国重 工 | 10.04 | 4.24 | 4.72 | 5.15 | 9.17 | | 600661 | 昂立教 育 | 7.46 | 15.94 | 11.47 | 12.24 | 6.68 | | 002064 | 华峰化 学 | 4.05 | 0.72 | 7.45 | 7.70 | 3.39 | | 000949 | 新乡化 纤 | 5.37 | 6.37 | 3.99 | 4.12 | 3.37 | | 601225 | 陕西煤 业 | 5.62 | 1.05 | 20.73 | 21.43 | 3.36 | | 603596 | 伯特利 | 6.05 | 3.82 | 49.47 | 50.99 | 3.06 | | 002045 | 国光电 器 | 4.26 | 13.25 | 15.72 | 16.16 | 2 ...

Group 1 - Bertli (603596) will have 213,500 restricted shares unlocked on August 6, accounting for 0.04% of the total share capital [1] - In the past year, a total of 1,079,400 shares have been unlocked, representing 0.18% of the total share capital [1] - After this unlocking, the company will have no restricted shares remaining [1] Group 2 - The unlocking involves specific shareholders, including Wang Xiaojie with 14,000 shares valued at 660,000 yuan, and core employees with 199,500 shares valued at 9,404,400 yuan, both under a 61-month lock-up period [2] Group 3 - In Q1 2025, Bertli reported a main revenue of 2.638 billion yuan, an increase of 41.83% year-on-year [3] - The net profit attributable to the parent company was 270 million yuan, up 28.79% year-on-year, while the net profit after deducting non-recurring gains and losses was 266 million yuan, an increase of 38.61% year-on-year [3] - The company's debt ratio stands at 43.44%, with investment income of -5.8961 million yuan and financial expenses of -11.7727 million yuan, while the gross profit margin is 17.97% [3] - Bertli's main business includes automotive brake systems, intelligent driving systems, and steering systems, with capabilities in the independent development of mechanical brake systems, mechanical steering systems, and intelligent electronic control systems [3]

| 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2025-060 | | --- | --- | --- | --- | | 债券代码：113696 | 转债简称：伯 | 转债 25 | | 芜湖伯特利汽车安全系统股份有限公司 关于签订募集资金专户存储四方监管协议的公告 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个别及连带 责任。 一、募集资金基本情况 根据中国证监会出具的《关于同意芜湖伯特利汽车安全系统股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕631 号），芜湖伯 特利汽车安全系统股份有限公司（以下简称"公司"）本次向不特定对象发行的可 转换公司债券 28,020,000 张，每张面值为人民币 100 元，募集资金总额为人民币 2,802,000,000.00 元，扣除发行费用（不含税）金额 12,349,094.60 元，实际募集资 金净额为 2,789,650,905.40 元。前述募集资金已于 2025 年 7 月 7 日全部到账，容诚 会计师事务所（特殊普通合伙）对本 ...

Investment Rating - The automotive industry is rated as "Outperform the Market" [1][5][4] Core Viewpoints - The industry is entering the mid-year performance period, with a focus on the 2025 World Robot Conference. The July car market is expected to grow primarily due to the "trade-in and scrapping" policies, with an estimated retail market of 1.85 million narrow passenger cars, a year-on-year increase of 7.6% [1][3] - The long-term outlook emphasizes the rise of domestic brands and opportunities in incremental components driven by electric and intelligent trends. In the short term, the strong new product cycle of Huawei and the first year of the Xiaomi automotive industry chain are highlighted [3][12] - The report suggests that under the geopolitical backdrop, the automotive sector as a domestic consumption product is likely to see increased stimulus policies, favoring passenger cars and domestically replaced components [3][12] Monthly Production and Sales Data - In July, the narrow passenger car retail market is projected to be around 1.85 million units, with a year-on-year growth of 7.6% and a month-on-month decline of 11.2%. New energy vehicle retail is expected to be approximately 1.01 million units, with a penetration rate of 54.6% [1][22] - Weekly data indicates that from July 1 to 27, the national passenger car retail reached 1.445 million units, a year-on-year increase of 9% but a month-on-month decline of 19% [1][2] Weekly Market Performance - For the week of July 28 to August 1, the CS automotive index fell by 2.26%, with the CS passenger car index down by 2.73%. The CS electric vehicle sector saw a decline of 5.01% [2][3] - The CS automotive sector outperformed the CSI 300 index by 0.08 percentage points but underperformed the Shanghai Composite Index by 0.88 percentage points, with a year-to-date increase of 10.97% [2][3] Key Company Earnings Forecast and Investment Ratings - Key companies such as Leap Motor, Geely, and JAC are rated as "Outperform the Market" with varying earnings per share (EPS) forecasts for 2025 and 2026 [4][5] - Leap Motor is expected to have an EPS of -0.05 in 2025, while Geely is projected to have an EPS of 1.36 [4][5] Investment Recommendations - The report recommends focusing on the rise of domestic brands and opportunities in incremental components, particularly in electric and intelligent sectors. Specific recommendations include: - Vehicle manufacturers: Leap Motor, JAC, Geely - Intelligent technology: Kobot, Huayang Group, Junsheng Electronics - Robotics: Top Group, Sanhua Intelligent Control, Shuanghuan Transmission - Domestic replacements: Xingyu Co., Fuyao Glass, Jifeng Co., New Spring Co., Horizon Robotics [3][12][24]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **smart driving** industry, particularly the advancements in **AI-driven autonomous driving technology** and its implications for the automotive sector [1][5][8]. Core Insights and Arguments - **Market Potential**: By 2030, global sales of L2+ level vehicles are expected to reach **26 million units**, indicating significant market potential comparable to the current light vehicle market in the US or EU [1][2]. - **Market Size**: The global smart driving hardware and software market is projected to reach **$200 billion** by 2030, with further growth to **$300-400 billion** by 2035, where hardware will account for approximately **70%** of the market [1][3]. - **Driving Factors**: Three main factors are identified as catalysts for the development of autonomous driving technology: breakthroughs in **generative AI**, cost reduction through **East-West economic cooperation**, and the establishment of **government and industry standards** [1][5]. - **Broader Impact**: Smart driving technology is expected to transform not only passenger and commercial vehicles but also reshape traffic operation models and expand into new transportation solutions like humanoid robots and electric vertical takeoff and landing vehicles [1][8]. Key Companies and Competitive Landscape - **Leading Companies**: Companies like **Tesla**, **Xpeng**, and **Li Auto** are making significant strides in autonomous driving through rapid algorithm iterations and resource investments, potentially extending their technological advancements into robotics and flying vehicles [1][10][11]. - **Emerging Competitors**: **Xiaomi** is rapidly catching up in the autonomous driving sector, focusing on R&D and algorithm development, although it still needs to reach the top tier of technology in China [4][14][16]. Supply Chain and Regulatory Environment - **Global Supply Chain**: The speed of technology adoption is influenced by whether global automakers choose competition or cooperation. A cooperative approach can lower costs and accelerate the adoption of AI-driven technologies [6]. - **Regulatory Impact**: As autonomous driving technology advances, governments are eager to establish standards and regulations, which will provide a solid foundation for long-term development and help identify industry leaders [7]. Implications for Component Suppliers - **Growth Opportunities**: The acceleration of **ADAS (Advanced Driver Assistance Systems)** penetration is expected to significantly boost the business of component suppliers like **BYD Electronics**, **Sunyu**, and **O-Film**, with rapid growth in demand for domain control systems and cameras [4][17][18]. - **Challenges for Traditional Suppliers**: Traditional automotive component companies are also benefiting from the rise of smart driving technologies, but they face challenges such as price pressures from automakers [19]. Future Trends - **Technological Evolution**: The development of autonomous driving technology is progressing from L2 to L2+ and L3 levels, with expectations of reaching higher levels in the medium to long term [10]. - **Investment Opportunities**: The report identifies a list of "smart driving 60" companies that are expected to play a crucial role in the future of AI-driven autonomous driving, presenting potential investment opportunities [9]. Conclusion - The smart driving industry is on the brink of significant transformation, driven by technological advancements, regulatory support, and evolving market dynamics. Companies that adapt quickly and innovate will likely emerge as leaders in this rapidly changing landscape.

证券研究报告 | 2025年08月03日 转债市场周报 转债进入强股性区间，风险与机遇并存 核心观点 固定收益周报 上周市场焦点（7 月 28 日-8 月 1 日） 上周转债个券多数收跌，中证转债指数全周-1.37%，价格中位数-1.22%， 我们计算的算术平均平价全周-1.00%，全市场转股溢价率与上周相比 +0.09%。个券层面，奇正（创新药）、东杰（实控人或变更）、天路（雅 下水电概念）、景 23（PCB）、海波（桥梁钢结构工程）转债涨幅靠前； 大禹（雅下水电概念&已公告强赎）、亿田（算力概念）、应急（军工& 已公告强赎）、奥飞（数据中心）、宏丰（合金材料&已公告强赎）转 债跌幅靠前。 观点及策略（8 月 4 日-8 月 8 日） 转债进入强股性区间风险与机遇并存，警惕三方面风险（小盘股/债市 压力/条款乐观定价），挖掘三类机会（反内卷/正股成长高波/红利）： 7 月沪指站上 3600 点，转债平均平价站上 110 元，市场价格中位数大于 130 元，均处于 2010 年来 90%、2023 年以来 100%分位数，转债资产已 进入强股性区间；随着债底保护下降，估值进一步提升，我们认为后续 续警惕三类风 ...

融券方面，当日融券卖出0.00万股，净买入0.07万股。 最近三个交易日，30日-1日，伯特利分别获融资买入0.51亿元、0.57亿元、0.28亿元。 8月1日，沪深两融数据显示，伯特利获融资买入额0.28亿元，居两市第597位，当日融资偿还额0.34亿 元，净卖出674.33万元。 ...