Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - The report highlights a significant increase in overseas orders for new energy vehicles (NEVs) from domestic manufacturers, driven by geopolitical tensions and rising oil prices, which are expected to enhance the global energy security strategy and accelerate the transition to NEVs [8][9] - There is a notable performance divergence among automotive companies for 2025, with some firms experiencing slower profit growth due to intensified competition and pressure on downstream sales, while others, like Geely and Sanhua Intelligent Control, are projected to achieve strong revenue and profit growth [10][11] - The price increase of gas turbines by industry leader GEV, attributed to rising demand, indicates a strong growth outlook for the gas power generation sector, suggesting that domestic companies in this chain may expand their market share internationally [11] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to withstand industry risks and achieve revenue and profit growth. Key sectors to watch include data center liquid cooling, gas power generation, and advanced driving technology [3][11] - Recommended automotive stocks include BYD, Geely, SAIC Motor, and Jianghuai Automobile. For gas power generation, focus on Yinlun, Weichai Power, and for liquid cooling, consider InvoTech and Top Group [12] Market Trends - The report notes a significant increase in NEV sales in Australia and other Southeast Asian markets, with a reported 30% increase in foot traffic at dealerships [8][9] - The anticipated rise in oil prices due to geopolitical conflicts is expected to further drive the adoption of NEVs globally, enhancing the market penetration of domestic brands [9] Performance Outlook - Geely is projected to achieve a 25% year-on-year revenue growth for 2025, with a 36% increase in net profit after adjustments. Sanhua Intelligent Control is also expected to see an 11% revenue growth and a 31% increase in net profit [10][11]

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - The overseas orders for new energy vehicles have significantly increased, driven by the geopolitical situation, providing strong momentum for domestic brands to accelerate their international expansion [8][9] - There is a notable divergence in the performance of automotive companies for 2025, with some companies showing strong growth in profitability while others face challenges due to increased competition and pressure on sales [10] - The price increase by industry leader GEV indicates a strong demand for gas power generation, suggesting continued interest in the gas power generation chain [11] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to withstand industry risks and achieve revenue and profit growth. Key sectors to watch include data center liquid cooling, gas power generation, and advanced driving technology [3][11] - Recommended automotive stocks include BYD, Geely, SAIC Motor, JAC Motors, and Seres; gas generator stocks include Yinlun, Weichai Power; liquid cooling stocks include InvoTech, Yinlun, Top Group, Feilong, and Chuanhuan Technology; robotics stocks include Xinquan, Top Group, Yinlun, Daimai, Sanhua Intelligent Control, and others; autonomous driving stocks include Jingwei Hirain, Bertel, and Desay SV [12]

由于 2025 年度公司已根据相关规定暂按 15%的税率计提企业所得税，因此 本次通过国家高新技术企业认定所享受税收优惠政策不会对公司 2025 年度的相 关财务数据产生影响。 特此公告。 上海岱美汽车内饰件股份有限公司董事会 2026 年 3 月 26 日 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法律责任。 上海岱美汽车内饰件股份有限公司（以下简称"公司"）近日收到由上海市 科学技术委员会、上海市财政局、国家税务总局上海市税务局联合颁发的《高新 技术企业证书》，（证书编号：GR202531006466），发证时间：2025 年 12 月 25 日，有效期：三年。 公司本次取得高新技术企业证书系原高新技术企业证书有效期满后再次获 得国家高新技术企业认定的结果。根据《中华人民共和国企业所得税法》及其实 施条例、《高新技术企业认定管理办法》等有关规定，公司自高新技术企业证书 颁发之日所在年度起的连续三个会计年度（即 2025 年度至 2027 年度）继续享 受高新技术企业的相关税收优惠政策，即按 15%的税率缴纳企业所得税。 | 证券 ...

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - Energy security will promote the export of new energy vehicles from China, with domestic brands expected to capture overseas markets due to their technological, cost, and supply chain advantages [2][9] - The upcoming launch of several key new energy models is anticipated to boost demand in the passenger car market, with a gradual recovery expected as consumer sentiment improves [10] - The IPO application of Yushun Technology has been accepted, indicating strong growth potential in the humanoid robot sector, which may positively influence market sentiment [11] Summary by Sections Investment Suggestions and Targets - Strong alpha vehicle and parts companies are expected to withstand industry risks and achieve revenue and profit growth; focus on companies in the gas power generation chain, humanoid robotics, liquid cooling, and advanced driving industries [12] - Recommended vehicle-related stocks include BYD, Geely, SAIC Motor, JAC Motors, and Seres; gas generator stocks include Yinlun and Weichai Power; liquid cooling stocks include InvoTech, Yinlun, Top Group, Feilong, and Chuanhuan Technology; robotics stocks include Xinquan, Top Group, Yinlun, Daimai, Sanhua Intelligent Control, Zhejiang Rongtai, Xusheng Group, and others; advanced driving stocks include Jingwei Hirain, Bertel, and Desay SV [13]

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - Energy security will promote the export of new energy vehicles from China, with opportunities for domestic brands to capture overseas markets due to rising oil prices and geopolitical tensions [2][9] - The upcoming launch of several key new energy models is expected to boost demand in the passenger car market, with a gradual recovery anticipated as consumer sentiment improves [10] - The IPO application of Yushun Technology has been accepted, indicating strong growth potential in the humanoid robot sector, which may positively influence market sentiment [11] Summary by Sections Investment Suggestions and Targets - Strong alpha vehicle and parts companies are expected to withstand industry risks and achieve revenue and profit growth; focus on companies in the gas power generation chain, humanoid robotics, liquid cooling, and advanced driving industries [12] - Recommended vehicle-related stocks include BYD, Geely Automobile, SAIC Motor, JAC Motors, and Seres; gas generator stocks include Yinlun Holdings and Weichai Power; liquid cooling stocks include InvoTech, Yinlun Holdings, Top Group, Feilong Shares, and Chuanhuan Technology; robotics stocks include Xinquan Shares, Top Group, Yinlun Holdings, Daimai Shares, Sanhua Intelligent Control, Zhejiang Rongtai, Xusheng Group, and others; advanced driving stocks include Jingwei Hirain, Bertel, and Desay SV [13]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [59]. Core Insights - The automotive parts sector saw a weekly decline of 6.20%, ranking 5th among the SW automotive indices, while the robot sector declined by 5.82%, with a year-to-date performance of -9.93% [2][15]. - The latest trading day PE (TTM) for the automotive parts sector is at the 70.62% historical percentile, and the PB (LF) is at the 64.82% historical percentile [24]. - The humanoid robot sector's trading heat has dropped to a historical low, with the latest PE (TTM) at the 22.34% percentile since 2025 [34]. Summary by Sections Automotive Parts Weekly Review - The automotive parts sector's performance this week was -6.20%, with a year-to-date performance of -7.28% [20][21]. - The sector's valuation metrics have decreased, with PE and PB ratios both declining since the beginning of 2026 [24]. - Key companies in the sector reported varied performance, with Fuyao Glass showing a revenue increase of 16.65% and a net profit increase of 24.20% for 2025 [52]. Humanoid Robot Weekly Review - The humanoid robot index declined by 5.82% this week, with a year-to-date decline of 9.93% [26]. - The trading volume and turnover rate for humanoid robots have reached historical lows, indicating reduced market activity [30]. - The latest PE (TTM) for the humanoid robot sector is at the 22.34% percentile, reflecting a significant drop in valuation [34]. Key Company Tracking - Notable companies include Fuyao Glass, which reported a revenue of 457.87 billion yuan and a net profit of 93.12 billion yuan for 2025, and Xinyuan Co., which reported a revenue increase of 17.04% but a net profit decrease of 16.54% [52]. - The top-performing stocks this week included Shuanghuan Transmission (+0.71%) and Songyuan Safety (+0.55%) [46]. Investment Recommendations - For the automotive parts sector, the report suggests focusing on product-oriented companies and those entering high-value segments to enhance ASP [54]. - In the robot sector, the report highlights the importance of technological synergies and manufacturing collaboration, recommending companies like Top Group and Junsheng Electronics [54].

| | | 上海岱美汽车内饰件股份有限公司 关于公司董事、高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 董事持股的基本情况 截至本公告披露日，上海岱美汽车内饰件股份有限公司（以下简称"公 司"）董事叶春雷先生持有公司股份 4,745,604 股，占目前公司股份总数的 比例为 0.2209%；董事邱财波先生持有公司股份 808,510 股，占目前公司 股份总数的比例为 0.0376%；财务总监兼董事会秘书肖传龙先生持有公司 股份 1,496,569 股，占目前公司股份总数的比例为 0.0697%。 减持计划的主要内容 董事叶春雷先生因个人资金需求，计划自本公告披露之日起十五个交 易日后的三个月内（窗口期等期间不得减持股份），通过上海证券交易所集 中竞价交易方式，减持不超过 1,186,000 股的公司股份，占目前公司股份 总数的比例不超过 0.0552%，占其个人本次减持前所持公司股份数量的比 例不超过 25%,减持价格将根据减持时的二级市场价格确定。 董事邱财波先生因个 ...

Core Insights - The article discusses the evolution and core technology routes of dexterous hands, which are essential for humanoid robots, highlighting the significant market potential and domestic replacement paths in the industry [2][3][4]. Group 1: Industry Overview - The dexterous hand, as a critical end-effector of humanoid robots, determines the efficiency and performance of robots, enabling complex interactions with the environment [11]. - The development of dexterous hands has accelerated in recent years, with Tesla's Optimus series becoming a benchmark in the industry, while domestic companies like Yushu Technology and Lingqiao Intelligent are also emerging [6][21]. Group 2: Technology Evolution - The future of dexterous hands will focus on under-actuated architectures, efficient motor drives, and advanced transmission methods, combined with enhanced sensing capabilities to achieve natural and precise operations [3][7]. - The article outlines four core technology routes: degrees of freedom, drive systems, transmission methods, and sensing technologies, which together form a comprehensive technical chain from mechanical structure to intelligent interaction [8][36]. Group 3: Market Potential - The market for dexterous hands is projected to reach a scale of hundreds of billions, with Tesla's Optimus expected to achieve mass production of over one million units in the next 4-5 years, significantly contributing to market growth [3][4][6]. - Domestic listed companies are deepening their layout in core components of dexterous hands, focusing on motors, tendons, screws, sensors, and covers [3][4]. Group 4: Investment Recommendations - Key investment areas include motors, screws, tendons, and sensors, which are characterized by high value and growth potential, with companies positioned advantageously in the supply chain likely to benefit from the industrialization of humanoid robots [4][5]. - Companies in the automotive parts sector are recommended for their strong customer positioning and production capabilities, as their main products are closely related to robotics [5].

| 证券代码：603730 | 证券简称：岱美股份 | 公告编号：2026-012 | | --- | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | | 上海岱美汽车内饰件股份有限公司 关于使用闲置募集资金进行现金管理进展的公告 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法律责任。 重要内容提示： 上海岱美汽车内饰件股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开第六届董事会第十八次会议和第六届监事会第十五次会议，分别审议通过 了《关于使用部分闲置募集资金进行现金管理的议案》。 特别风险提示 公司本次购买的结构性存款属于保本浮动收益型品种，但金融市场受宏观经 济的影响较大，不排除该项投资的预期收益受到市场波动的影响。 一、投资情况概述 （一）投资目的 为提高募集资金使用效率，在不影响公司募集资金投资项目建设进度的情况 下，合理利用部分闲置募集资金进行现金管理，增加资金收益，为公司及股东获 取更多的投资回报。 （二）投资金额 本次使用暂时闲置募集资金进行现金管理的金额为人民币 1 ...

| 证券代码：603730 | 证券简称：岱美股份 公告编号：2026-011 | | --- | --- | | 债券代码：113673 | 债券简称：岱美转债 | 上海岱美汽车内饰件股份有限公司 关于使用闲置募集资金进行现金管理到期收回的公告 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法律责任。 2、公司向中信银行股份有限公司购买了共赢智信汇率挂钩人民币结构性存 款A24114期的理财产品，具体内容详见上海证券交易所网站（www.sse.com.cn） 及指定媒体披露的《上海岱美汽车内饰件股份有限公司关于使用闲置募集资金进 行现金管理进展的公告》(公告编号：2025-074)。 上述理财产品已到期，公司收回本金 10,000.00 万元，并收到理财收益 42.41 万元。 | 产品名称 | | 受托方名称 | 产品起始日- | 投资金 | 年化收 | 收回金 | 实际收 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 产品到期日 | 额 | 益率（%） | ...