Group 1 - The core strategy of Wanxiang Qianchao focuses on "Intelligent Control in Motion," actively seizing opportunities in the artificial intelligence industry, and steadily advancing its industrial layout in smart chassis, humanoid robots, and low-altitude aircraft [1] - The company aims to establish an annual production capacity of 100,000 sets of ball screws and planetary roller screws for humanoid robots by 2025, while also completing the construction of high-speed bearing testing capabilities [1] - The humanoid robot industry is expected to see significant investment opportunities as both domestic and international humanoid robot products continue to be developed and iterated [2] Group 2 - The CSI 500 Quality Growth Index selects 100 listed companies with high profitability, sustainable earnings, and strong cash flow from the CSI 500 Index, providing diverse investment targets for investors [2] - As of August 29, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 21.48% of the index, with Dongwu Securities, Huagong Technology, and Kaiying Network among the leading companies [2][3] - The index closely tracks the performance of the CSI 500 Quality Growth Index, which has shown a 0.75% increase, with notable stock performances including Shuanghuan Transmission and Wansheng Electronics, both rising by 10.01% [1][2]

Core Viewpoint - The automotive parts giant Berteli is expanding into embodied intelligence and low-altitude economy, which has attracted significant investor interest, with suggestions to accelerate the layout of the robotics industry chain [2] Financial Performance - In the first half of the year, Berteli achieved revenue of 5.164 billion, a year-on-year increase of 30.0%, and a net profit attributable to shareholders of 522 million, up 14.2% [3] - However, the second quarter saw a decline in growth, with revenue of 2.526 billion, a quarter-on-quarter decrease of 4.2%, and a net profit of 252 million, down 6.8% [3] - The gross profit margin for the first half of the year was 18.56%, down from 22.14% in the same period over the past three years [3] Future Growth and Margin Outlook - The company expects continued growth in project orders, which will positively impact gross margins as fixed costs decrease with revenue scale [4] - New projects and product expansions are anticipated to improve profitability, with 282 new designated projects expected to generate an annualized revenue of 4.18 billion by mid-2025 [4] Technological Advancements - The automotive industry is transitioning from electrification to intelligence, with a focus on high-level autonomous driving requiring multiple redundancies in key execution links [6] - Berteli is focusing on the development of Electronic Mechanical Braking (EMB) systems, which are seen as a future direction for line control braking [6][7] Investment and Market Position - Berteli has established a fund for investing in humanoid robots and low-altitude economy sectors, with the fund already registered with the China Securities Investment Fund Association [7] - Despite recent stock performance concerns, the company believes its value is underestimated, with a closing stock price of 51 yuan and a market capitalization of 30.93 billion [8]

21世纪经济报道记者邓浩 又一家汽车零部件巨头要布局具身智能和低空经济了。 具身智能作为传统汽零公司估值的弹性增量，受到投资者热情关注，甚至有投资者直接表示，"建议公 司加快布局机器人产业链，并不是说目前格局不清晰就不做了，都需要准备时间的，等别人摸索完再进 去那就晚了。" 对此，伯特利（603596.SH）董事长兼总经理袁永彬在9月16日盘后举行的业绩交流会上称，人形机器 人的业务领域正在推进中，具体包含：成立专项基金，投资人形机器人和低空经济相关领域；相关的核 心零部件布局正在按计划推进中。 袁永彬解释，"由于部分客户二季度销量不及预期，对二季度的收入产生了一些影响，依据客户下半年 的需求计划，预测下半年的收入将会持续增长。" 从盈利能力来看，今年上半年伯特利的销售毛利率为18.56%，而过去三年（2022~2024年）同期分别为 22.14%、22.14%、21.11%，下降较大。不过从季度来看，有所好转，今年Q1为17.97%，Q2提升至 19.19%。 对于未来的毛利率变化，袁永彬认为，"公司目前获得的项目订单数持续增长，随着收入规模的增长， 固定费用占比会不断下降，对毛利率会有正向的贡献。随着智能 ...

董秘回答(伯特利SH603596)： 您好！按照与客户之间的相关约定，该信息为商业秘密，无法回复。感谢关注！查看更多董秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 投资者提问： 贵司与北美著名新能源是否有通过现有合作，沟通机器人业务？ ...

格隆汇9月16日丨伯特利(603596.SH)在互动平台表示，公司人形机器人的业务正在推进中,具体包括成立 专项基金，投资人形机器人及低空经济相关领域。相关的核心零部件布局正在按计划推进中。 ...

格隆汇9月16日丨伯特利(603596.SH)在互动平台表示，公司将比亚迪作为重要的潜在客户，目前和比亚 迪没有相应的供货。 ...

格隆汇9月16日丨伯特利(603596.SH)在互动平台表示，公司将比亚迪作为重要的潜在客户，目前和比亚 迪没有相应的供货。 ...

格隆汇9月16日丨伯特利(603596.SH)在互动平台表示，公司人形机器人的业务正在推进中,具体包括成立 专项基金，投资人形机器人及低空经济相关领域。相关的核心零部件布局正在按计划推进中。 ...

9月16日，伯特利涨5.12%，截至发稿，报50.73元/股，成交11.09亿元，换手率3.67%，总市值307.68亿 元。 资料显示，芜湖伯特利汽车安全系统股份有限公司位于中国(安徽)自由贸易试验区芜湖片区泰山路19 号，成立日期2004年6月25日，上市日期2018年4月27日，公司主营业务涉及汽车制动系统相关产品的研 发、生产和销售。主营业务收入构成为：智能电控产品45.59%，机械制动产品44.77%，机械转向产品 5.63%，其他(补充)2.92%，其他产品1.09%。 从基金十大重仓股角度 数据显示，农银汇理基金旗下1只基金重仓伯特利。农银新能源混合A（002190）二季度持有股数336.19 万股，与上期相比持股数量不变，占基金净值比例为2.31%，位居第八大重仓股。根据测算，今日浮盈 赚取约830.38万元。 农银新能源混合A（002190）成立日期2016年3月29日，最新规模76.16亿。今年以来收益22.24%，同类 排名3863/8174；近一年收益43.07%，同类排名3854/7982；成立以来收益172.93%。 农银新能源混合A（002190）基金经理为左腾飞、邢军亮。 邢军 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [7]. Core Insights - The "Automotive Industry Stability Growth Work Plan (2025-2026)" was issued by the Ministry of Industry and Information Technology and seven other departments on September 12, 2025. The plan aims to enhance the quality and reasonable growth of the automotive industry from both supply and demand sides, promote the industrial application of intelligent connected technology, and conditionally approve the production access of L3 level vehicles [2][4]. - The gradual implementation of policies and regulations is expected to accelerate the growth of advanced intelligent driving. The concept of "equal rights for intelligent driving" is likely to reassess the value of complete vehicles, with intelligent driving becoming a new opportunity for reshaping the market following electrification. Strong intelligent driving vehicles are anticipated to capture a larger market share while enhancing their AI capabilities through data accumulation, thus driving investment opportunities in core segments of the industry chain [2][4]. Summary by Sections Policy and Market Outlook - The plan targets achieving approximately 32.3 million vehicle sales in 2025, a year-on-year growth of about 3%, with new energy vehicle sales expected to reach around 15.5 million, reflecting a year-on-year increase of about 20%. The automotive export is also projected to maintain stable growth [4]. Intelligent Driving Development - The report emphasizes the push for the industrial application of intelligent connected technology, with L3 level intelligent driving expected to accelerate. The plan encourages the approval of intelligent connected vehicles and the establishment of pilot programs for road access, alongside improvements in legal frameworks related to traffic safety insurance [4]. Investment Opportunities - The report identifies two main lines of investment opportunities: 1. **Functionality Enhancement**: The continuous exploration of intelligent driving capabilities and the reduction of costs associated with high-level intelligent driving systems are expected to enhance consumer appeal [4]. 2. **Cost Reduction**: Technological advancements are anticipated to lower the costs of intelligent driving systems, with companies like Xiaopeng and BYD leading the charge in making intelligent driving more affordable [4]. Recommended Companies - The report recommends several companies for investment, including: - **Complete Vehicle Manufacturers**: Xiaopeng Motors, Great Wall Motors, Geely, BYD, Xiaomi Group, Leap Motor, Li Auto, SAIC Motor, and Changan Automobile [4]. - **Parts Suppliers**: Top Group, Bertel, and Xingyu Co., with a focus on companies like Desay SV and Coboda [4].