Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

Core Viewpoint - The Chinese electric vehicle (EV) high-voltage component industry has transitioned from policy-driven to market-driven growth, with increasing consumer acceptance of pure electric and hybrid models, leading to a significant expansion in production and sales, and a surge in demand for high-voltage components [1][10]. Industry Overview - The high-voltage system in EVs is crucial for energy storage, conversion, transmission, and usage, operating at hundreds of volts, which distinguishes EVs from traditional fuel vehicles [2]. - High-voltage components are essential for the efficient operation of EVs, enabling energy management and enhancing overall performance [4]. Market Size and Growth - By 2025, the market size of China's high-voltage component industry is projected to reach 311.66 billion yuan, representing a year-on-year growth of 26.5%, capturing 49.32% of the global market share [1][10]. - In the first nine months of 2025, China's production and sales of new energy vehicles reached 11.24 million and 11.23 million units, respectively, with a year-on-year growth of 35.2% and 34.9% [8]. Industry Barriers - The high-voltage component industry faces significant technical barriers, requiring precise design, programming skills, and a deep understanding of system logic to ensure performance, reliability, and safety [5][6]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive parts industry, including high-voltage components, creating a favorable environment for growth [6]. Industry Chain - The upstream of the high-voltage component industry includes suppliers of raw materials like copper, aluminum, and rare earths, while the downstream consists of EV manufacturers and the aftermarket, which is seeing increased demand as early EVs enter replacement cycles [7][8]. Competitive Landscape - The industry is characterized by a fragmented market with numerous players focusing on specific segments. Key companies include Xinrui Technology, Zhonghang Optoelectronics, BYD Semiconductor, and Futec Technology [10][11]. Development Trends - The industry is expected to see a shift towards higher voltage and efficiency, with wide bandgap semiconductor materials playing a crucial role in enhancing energy conversion efficiency [14]. - There will be a trend towards system integration and modularization, aiming for lightweight designs and cost control [14]. - Collaboration within the supply chain will deepen, with a focus on localizing key materials and components to build a self-sufficient supply chain [15].

全资子公司使用闲置自有资金委托理财的进展公告 证券代码：605333 证券简称：沪光股份 公告编号：2026-003 昆山沪光汽车电器股份有限公司关于 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 委托理财的基本情况： ■ ● 特别风险提示：昆山沪光汽车电器股份有限公司（以下简称"公司"）全资子公司重庆沪光汽车电器有 限公司（以下简称"重庆沪光"）使用部分闲置自有资金购买低风险理财产品，是在风险可控的前提下提 高闲置资金使用效率的理财方式，但委托理财事宜受宏观经济形势、财政及货币政策、汇率及资金面等 变化的影响较大，投资收益具有不确定性，敬请广大投资者注意投资风险。 一、委托理财概况 （一）委托理财的目的 在保证全资子公司重庆沪光正常经营所需流动资金的情况下，使用闲置自有资金进行委托理财，提高资 金使用效率，降低财务成本。 （二）已履行的审议程序：公司已分别于2025年4月25日、2025年5月20日召开第三届董事会第十二次会 议、第三届监事会第十二次会议和2024年年度股东会审议通过《关于拟使用闲置 ...

证券代码：605333 证券简称：沪光股份 公告编号：2026-003 昆山沪光汽车电器股份有限公司关于 全资子公司使用闲置自有资金委托理财的进展公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 委托理财的基本情况： | 产品名称 | 交通银行蕴通财富定期型结构性存款 35 | | | | | | | 天（挂钩汇率看跌） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 受托方名称 | 交通银行股份有限公司重庆市分行 | | | | | | | | | 投资种类 | 结构性存款 | | | | | | | | | 购买金额 | 0.80 亿元人民币 | | | | | | | | | 产品期限 | 2026 1 22 日—2026 日 | 年 | 月 | 年 | 2 | 月 | 26 | | | 产品名称 | 招商银行点金系列看涨两层区间 35 天结构性存款（产品代码 ： | | --- | --- | | | NCQ02651） | ...

证券日报网讯1月21日，沪光股份（605333）在互动平台回答投资者提问时表示，公司针对原材料价格 波动，特别是铜价波动的风险，已经采取了一系列应对措施。公司与主要客户采用铜价补差或调整产品 价格的方式抵御铜价波动风险，并与部分供应商采取铜价补差的形式进行结算，能够在一定程度上抵御 铜价波动对公司成本的影响。此外，公司聚焦核心技术突破与前沿技术探索，致力于打造自主可控的核 心竞争力。新研发金属复合线解决了传统铜线过重，成本高及铝线应用的局限性问题。未来，公司将持 续强化技术研发与创新驱动，汇聚全球智慧，突破关键技术瓶颈，加速科技成果转化，成为行业技术创 新的引领者，以创新赋能企业高质量发展。 ...

格隆汇1月21日丨沪光股份(605333.SH)在互动平台表示，公司在德国设立子公司和罗马尼亚建立生产基 地，旨在为德国大众集团、戴姆勒奔驰、奥迪等客户提供贴近式服务，快速响应欧洲客户需求，并通过 该子公司实现销售收入。目前，公司海外销售占整体营业收入约2%。 建立欧洲生产基地是公司从"中 国供应商"向"全球供应商"转型的关键一步，这将显著增强公司在国际市场上的竞争力和品牌影响力。 近期，公司积极拓展海外业务，并在宝马项目上取得新进展和突破。未来，公司将以更积极的姿态推进 海外合作，构建更为完善的全球业务网络与战略布局。 ...

证券代码：605333 证券简称：沪光股份 公告编号：2026-002 昆山沪光汽车电器股份有限公司 关于全资子公司使用闲置自有资金委托理财 产品到期赎回的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 基本情况 | 产品名称 | 交通银行蕴通财富定期型结构性存款 67 天 | | --- | --- | | 受托方名称 | 交通银行股份有限公司重庆市分行 | | 购买金额 | 0.80 亿元人民币 | | 赎回金额 | 0.80 亿元人民币 | | 产品期限 | 2025 年 11 月 14 日—2026 年 1 月 20 日 | | 特别风险提示 （如有请勾选） | 其他：无 | | 产品名称 | 共赢智信黄金挂钩人民币结构性存款 A16916 期 | | --- | --- | | 受托方名称 | 中信银行股份有限公司重庆分行 | | 购买金额 | 0.30 亿元人民币 | | 赎回金额 | 0.30 亿元人民币 | | 产品期限 | 2025 年 11 月 14 日—2026 年 1 月 20 ...

Group 1: Satellite Industry Overview - The satellite internal structure is divided into satellite platforms and payloads, with platforms providing necessary support for payloads to achieve mission objectives[4] - Effective payloads are the instruments and systems that perform specific tasks on satellites, primarily including antenna subsystems and transponder subsystems for communication satellites[5] - The satellite attitude control system consists of sensors, controllers, and actuators to maintain the satellite's orientation and stability[24] Group 2: Investment Opportunities - Key beneficiaries in the satellite industry include companies involved in attitude control (e.g., Tianyin Electromechanical, Aerospace Zhizhuang) and TR components (e.g., Zhenlei Technology, Chengchang Technology)[5] - The market performance of small-cap indices like the CSI 1000 and CSI 500 has outperformed large-cap indices such as the SSE 50 and CSI 300 this week[6] - New shares listed this week include 1 company on A-shares and 6 companies on the Hong Kong Stock Exchange, indicating a vibrant IPO market[6] Group 3: Market Trends and Recommendations - The report highlights investment themes in smart vehicles and high-end manufacturing, recommending stocks such as Hu Guang Co., Ruihu Mould, and Aopute[7] - The satellite industry is expected to benefit from advancements in low-orbit satellite payloads, particularly in transponders and phased array antennas, which are crucial for communication satellites[70] - The cost structure of low-orbit communication satellites shows that payloads account for approximately 75% of costs, with antennas and TR components being the major contributors[51]

Group 1 - The core point of the news is that Hu Guang Co., Ltd. experienced a 5% increase in stock price, reaching 32.54 yuan per share, with a trading volume of 284 million yuan and a turnover rate of 2.08%, resulting in a total market capitalization of 15.1 billion yuan [1] - Hu Guang Co., Ltd. is located in Kunshan, Jiangsu Province, and was established on March 31, 1997. The company was listed on August 18, 2020, and its main business involves the research, production, and sales of automotive high and low voltage wire harnesses [1] - The revenue composition of Hu Guang Co., Ltd. is primarily from automotive wire harnesses, accounting for 95.88%, while automotive parts and others contribute 4.12% [1] Group 2 - From the perspective of major fund holdings, one fund under Nord Fund has a significant position in Hu Guang Co., Ltd. The Nord New Energy A Fund (014829) held 30,000 shares in the third quarter, representing 4% of the fund's net value, making it the fourth-largest holding [2] - The Nord New Energy A Fund was established on March 31, 2022, with a latest scale of 12.5453 million. Year-to-date returns are 2.34%, ranking 4715 out of 8827 in its category, while the one-year return is 48.66%, ranking 2070 out of 8084 [2] - The fund manager of Nord New Energy A is Wang Hengnan, who has a tenure of 7 years and 51 days, with total assets under management of 24.5 million. The best fund return during his tenure is 54.17%, while the worst is -35.81% [2]

证券日报网讯 1月6日，沪光股份在互动平台回答投资者提问时表示，公司成立近三十年来，始终专注 于汽车线束的研发、制造与销售。凭借强大的研发实力和行业领先的智能制造水平，公司在过去几年中 敏锐捕捉并把握住了汽车新能源转型的历史性机遇，不断丰富产品矩阵，并积极推动主业在横向与纵向 维度上的延伸拓展。当前阶段，公司密切关注电动化、智能化浪潮对行业创新升级的驱动作用，已提前 做好充分准备。围绕线束、连接器积极打造一体化供应能力，同时持续优化客户结构，为主业的持续盈 利增长注入强劲动力。此外，公司在巩固主业优势的基础上，已前瞻性地布局机器人、作业类无人车、 无人机等新兴领域，构建"1+N"的多元化发展格局。基于各行业对工业智能、机器人及无人机产品的迫 切需求，公司与上述行业龙头企业深化产业协同合作，共同开展研发平台搭建、关键技术研究、产品开 发、生产制造和市场推广等工作，致力于为中国智能制造生态体系的构建贡献自身力量。同时，公司积 极布局上述新兴业务领域，业务收入和盈利空间有望进一步打开。公司亦将秉持"行稳致远"的文化理 念，致力于实现优良业绩，回报广大投资者。 （文章来源：证券日报） ...