Core Viewpoint - The article emphasizes the upward trend in the passenger car market, driven by new vehicle launches and consumer demand, particularly in the context of the ongoing transition to electric and intelligent vehicles [5][17][18]. Weekly Data - In the fourth week of June 2025, passenger car sales reached 579,000 units, representing a year-on-year increase of 8.0% and a month-on-month increase of 3.7% [1][38]. - New energy vehicle sales were 298,000 units, with a year-on-year increase of 26.7% and a month-on-month increase of 4.4%. The penetration rate for new energy vehicles was 51.6%, up 0.3 percentage points from the previous month [1]. Market Performance - The A-share automotive sector rose by 0.65% from June 30 to July 4, underperforming the CSI 300 index, which increased by 1.80% [2][31]. - Among sub-sectors, commercial passenger vehicles and motorcycle segments performed well, with increases of 4.91% and 5.68%, respectively [2][31]. Investment Recommendations - The article suggests focusing on high-quality domestic companies that are accelerating in smart technology and globalization, recommending companies such as Geely, BYD, Li Auto, Xiaomi, and Xpeng [3][6][18]. - For the auto parts sector, it highlights the potential of companies involved in intelligent driving and new energy vehicle supply chains, recommending firms like Berteli, Horizon Robotics, and Top Group [6][19]. Industry Analysis - In 2024, 17 Chinese auto parts companies made it into the global top 100, generating a total revenue of 110.4 billion yuan, which accounts for 11.7% of the global top 100 auto parts companies [4][16]. - The article notes that the Chinese auto parts industry is still significantly behind the vehicle manufacturing sector, indicating substantial growth potential in the future [4][12][16]. Passenger Vehicle Market Outlook - The article indicates a positive outlook for the passenger vehicle market, driven by new model launches and easing consumer hesitation due to recent promotional activities by manufacturers [5][17]. - The introduction of new models like the Xpeng G7 and the Leapmotor B01 is expected to enhance market dynamics, with significant pre-orders reported [5][17]. Electric Vehicle and Intelligent Driving Trends - The intelligent driving sector is experiencing a bifurcation, with affordable options gaining traction in the 150,000 yuan market, while high-end models are evolving towards multi-modal integration [5][17][19]. - The article anticipates that 2025 will mark a pivotal year for intelligent driving technology, with widespread adoption expected [19]. Motorcycle Market Insights - The motorcycle market is witnessing growth, particularly in the mid-to-large displacement segment, with sales of over 100,000 units in May 2025, reflecting a year-on-year increase of 31.1% [23]. - The article recommends focusing on leading companies in this segment, such as Chunfeng Power, as the market continues to expand [23]. Heavy Truck Market Dynamics - The heavy truck market is expected to benefit from expanded subsidy policies aimed at replacing older vehicles, with sales figures showing a year-on-year increase of 6.0% in May 2025 [24][25]. - The article suggests that the combination of natural gas truck adoption and policy support will drive demand upward, recommending companies like China National Heavy Duty Truck Group [25]. Tire Industry Outlook - The tire industry is positioned for growth, with strong demand and low valuations, as well as ongoing globalization efforts by leading companies [26][29]. - The article highlights the potential for significant performance improvements in tire companies due to advancements in smart manufacturing and product diversification [26][29].

证券代码：603596 证券简称：伯特利 公告编号：2025-043 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发行结果公告 保荐人（主承销商）：中国国际金融股份有限公司 联席主承销商：国泰海通证券股份有限公司 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。 重要内容提示： 芜湖伯特利汽车安全系统股份有限公司（以下简称"伯特利"或"发行人"）向 不特定对象发行可转换公司债券（以下简称"可转债"）已获得中国证券监督管理委 员会证监许可[2025]631 号同意注册。本次发行的保荐人（主承销商）为中国国际 金融股份有限公司（以下简称"保荐人（主承销商）"或"中金公司"），联席主承销 商为国泰海通证券股份有限公司（以下简称"国泰海通"或"联席主承销商"）。本次 发行的可转债简称为"伯 25 转债"，债券代码为"113696"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 2,064,834 | 0 | | 网上社会公众投资者 | 72 ...

Group 1 - The announcement pertains to Wuhu Berteli Automotive Safety Systems Co., Ltd. issuing convertible bonds to unspecified investors [1] - The online lottery for the bond issuance took place on July 2, 2025, under the supervision of relevant representatives, ensuring transparency [1] - A total of 737,166 winning numbers were announced, with each winning number eligible to subscribe for one unit (1,000 yuan) of the convertible bonds [1]

联席主承销商：国泰海通证券股份有限公司 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。 根据《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 债券发行公告》，发行人芜湖伯特利汽车安全系统股份有限公司及本次可转债发 行的保荐人（主承销商）中国国际金融股份有限公司、联席主承销商国泰海通证 券股份有限公司于 2025 年 7 月 2 日（T+1 日）主持了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（以下简称"伯 25 转债"）网上 发行中签摇号仪式。摇号仪式按照公开、公平、公正的原则在有关单位代表的监 督下进行，摇号结果经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 27053，39553，52053，64553，77053，89553，14553， | | | 02053 | | 末"6"位数 | 436452，561452，686452，811452，936452，311452，186452， | | | ...

Core Viewpoint - Wuhu Berteli Automotive Safety Systems Co., Ltd. has received approval from the China Securities Regulatory Commission to issue CNY 2,802 million convertible bonds, with the issuance process and subscription details outlined for investors [1][2][3]. Group 1: Issuance Details - The company is issuing CNY 2,802 million in convertible bonds, with a face value of CNY 100 per bond, totaling 28,020,000 bonds [4]. - The issuance includes a priority subscription for existing shareholders, which concluded on July 1, 2025 [3][4]. - The total amount allocated to existing shareholders was CNY 2,064,834,000, accounting for approximately 73.69% of the total issuance [5]. Group 2: Public Subscription Results - The total amount issued to the general public through online subscription was CNY 737,166,000, representing about 26.31% of the total issuance [5]. - The online subscription had a success rate of approximately 0.00895% with 8,265,761 valid subscription accounts [5]. - The lottery for the subscription results will take place on July 2, 2025, with results announced on July 3, 2025 [5][6]. Group 3: Underwriting and Subscription Conditions - If the combined subscription from existing shareholders and online investors is less than 70% of the total issuance, the underwriting team will consider suspending the issuance [2]. - The underwriting team, consisting of China International Capital Corporation and Guotai Junan Securities, will underwrite any shortfall up to a maximum of 30% of the total issuance [2][3]. - Investors who fail to fulfill their subscription obligations may face restrictions on future participation in new stock offerings [3].

证券代码：603596 证券简称：伯特利 公告编号：2025-041 请投资者认真阅读本公告。本次向不特定对象发行可转债在发行流程、申 购、缴款和投资者弃购处理等环节的重要提示如下： 1 1、网上投资者申购本次发行的可转债中签后，应根据《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网上中签结果公告》（以 下简称"《网上中签结果公告》"）履行资金交收义务，确保其资金账户在 2025 年 7 月 3 日（T+2 日）日终有足额的认购资金，能够认购中签后的 1 手或 1 手整 数倍的可转债，投资者款项划付需遵守投资者所在证券公司的相关规定。投资者 认购资金不足的，不足部分视为放弃认购，由此产生的后果及相关法律责任，由 投资者自行承担。根据中国证券登记结算有限责任公司上海分公司（以下简称"中 国结算上海分公司"）的相关规定，放弃认购的最小单位为 1 手。网上投资者放 弃认购的部分由主承销商和联席主承销商包销。 2、当原股东优先认购的可转债数量和网上投资者申购的可转债数量合计不 足本次发行数量的 70%时，或当原股东优先缴款认购的可转债数量和网上投资者 缴款认购的可转债数量合计不足本次发行数量的 ...

Investment Rating - The automotive industry is rated as "Overweight" with expectations of outperforming the market in the next six months [52]. Core Views - The automotive sector saw a weekly increase of 2.88%, outperforming the CSI 300 index by 0.93 percentage points during the period from June 22 to June 27, 2025 [10][41]. - Retail sales of passenger vehicles in June increased by 24% year-on-year, with a total of 1,008.6 million units sold year-to-date, reflecting an 11% increase compared to the previous year [6][42]. - The new Xiaomi YU7 SUV model launched successfully, achieving over 240,000 pre-orders within 18 hours of its release [3][42]. Summary by Sections Market Review - The automotive sector's performance for the week (June 22-27, 2025) showed a 2.88% increase, with the passenger vehicle segment rising by 0.08% and commercial vehicles by 1.01% [10][41]. - The automotive parts sector increased by 4.62%, while the automotive services sector rose by 4.27%, both outperforming the CSI 300 index [10][41]. Valuation Levels - As of June 27, 2025, the automotive industry's PE-TTM was 25.9, up by 0.72 from the previous week. The valuations for passenger vehicles, commercial vehicles, and parts were 25.37, 35.87, and 24.46 respectively [11][41]. New Vehicle Launches - A total of 28 new models were launched during the week, including the Xiaomi YU7, which is priced between 25.35 and 32.99 million yuan [38][40]. Investment Recommendations - The report suggests that the automotive sector is expected to continue its upward trend, with specific focus on the performance of electric vehicles and related technologies [41].

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。 特别提示 芜湖伯特利汽车安全系统股份有限公司（以下简称"伯特利"、"发行人"或"公 司"）、中国国际金融股份有限公司（以下简称"保荐人（主承销商）"、"主承销 商"或"中金公司"） 和国泰海通证券股份有限公司（以下简称"联席主承销商" 或"国泰海通"）根据《中华人民共和国证券法》、《证券发行与承销管理办法》（证 监会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会令〔第 227 号〕）、《上海证券交易所上市公司证券发行与承销业务实施细则（2025 年修订）》 （上证发〔2025〕47 号）（以下简称"《实施细则》"）、《上海证券交易所证券发 行与承销业务指南第 2 号——上市公司证券发行与上市业务办理》（上证函〔2021〕 323 号）、《上海证券交易所证券发行与承销业务指南第 4 号——上市公司证券发 行与承销备案（2025 年 3 月修订）》（上证发〔2025〕42 号）等相关规定组织实 施向不特定对象发行可转换公司债券（以下简称"可转债"或"伯 25 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [1] Core Insights - The automotive sector has shown mixed performance, with a recent decline of 1.66% over the past two weeks, underperforming the CSI 300 index by 3.04 percentage points, ranking 24th among 31 sectors [5][13] - In terms of production and sales, China's automotive production in May reached 2.649 million units, a year-on-year increase of 11.7%, while sales were 2.686 million units, up 11.1% year-on-year [21] - The launch of Xiaomi's YU7 SUV is expected to intensify competition in the electric vehicle market, particularly against Tesla's Model Y, due to its high specifications and competitive pricing [49][50] Industry Data Tracking - In May, automotive exports totaled 551,000 units, reflecting a year-on-year growth of 14.6% [21] - The dealer inventory warning index stood at 52.7%, down 5.50 percentage points year-on-year and 7.10 percentage points month-on-month [21] - The automotive sector's PE (TTM) ratio is currently at 28.11 times, with the passenger vehicle segment at 35.68 times [18][20] Industry News - The People's Bank of China and six other departments are promoting automotive loan services and reducing penalties for early loan settlements during trade-in processes [31] - The Ministry of Commerce will organize a "New Energy Vehicle Consumption Season" from July to December 2025 to boost sales in rural areas [32] - Guangzhou aims for over 90% of new cars to be L2 or higher level intelligent connected vehicles by 2027 [33][34] Company News - Xiaomi's YU7 was officially launched with prices starting at 259,900 yuan, and it has already received over 200,000 reservations within three minutes [41][49] - Changan Automobile has changed its controlling shareholder's name to Chanzhi Automotive Technology Group Co., Ltd., with no impact on its operations [42] - Haier's Robotaxi business has secured over 3 billion yuan in financing, indicating strong investor interest in autonomous driving technology [43][44]

Core Viewpoint - The company is issuing convertible bonds with a credit rating of AA, indicating a stable outlook, while highlighting the importance of understanding associated risks in the automotive industry and market dynamics [1][2]. Group 1: Industry and Market Risks - The automotive parts industry is closely tied to the automotive manufacturing sector, which is cyclical and influenced by macroeconomic conditions. In 2023, China's automotive production and sales reached 30.16 million and 30.09 million units, respectively, marking year-on-year growth of 11.6% and 12.0% [2]. - The automotive parts market is experiencing intensified competition, with both international giants and domestic suppliers vying for market share. The shift from price competition to technology and brand competition is notable [2][3]. Group 2: Operational and Financial Risks - The company has a high customer concentration, with the top five customers accounting for 75.34% of revenue in the latest reporting period. This reliance on major clients poses risks if their demand decreases due to market pressures [3]. - The company has significant related-party transactions, particularly with Chery Automobile, which accounted for 44.44% of revenue. While these relationships are stable, any adverse changes could impact profitability [3]. - The company's gross margin has been declining, with rates of 20.45%, 19.50%, and 18.81% over the reporting periods. Increased competition and downward pressure on vehicle prices could further affect margins [4]. Group 3: Fundraising and Investment Risks - The company is raising funds for projects related to mechanical braking and intelligent electronic control products. Successful implementation is contingent on market conditions and customer demand [5][6]. - The company faces risks related to the international trade environment, particularly for its investment project in Mexico, which could be affected by changes in trade policies and market conditions in North America [7]. Group 4: Dividend Distribution Policy - The company has a stable profit distribution policy, prioritizing cash dividends, with a minimum of 10% of distributable profits to be paid out annually. The policy emphasizes reasonable returns to investors while ensuring sustainable development [8][9].