Group 1 - The core point of the news is that Ninebot Company announced the completion of a share reduction plan by Hctech III L.P., which involved the sale of 276,000 depositary receipts through block trading [1] - As of November 28, 2023, Ninebot Company's revenue composition for the year 2024 is projected to be 93.1% from smart short transportation and 6.9% from smart service robots [1] - The current market capitalization of Ninebot Company is 40.8 billion yuan [2]

证券代码：689009 证券简称：九号公司 公告编号：2025-074 减持计划的实施结果情况 公司于 2025 年 11 月 5 日在上海证券交易所网站(www.sse.com.cn)披露了 《九号有限公司存托凭证持有人减持存托凭证计划公告》（公告编号：2025-072）。 公司存托凭证持有人 Hctech III L.P.计划在本次减持期间内，通过大宗交易方 式减持不超过 276,000 份存托凭证，占公司存托凭证总数的 0.04%。 截至 2025 年 11 月 28 日，Hctech III L.P.已通过大宗交易方式减持公司存 托凭证 276,000 份，本次减持计划实施完毕。 存托凭证持有人名称 Hctech III L.P. 一、减持主体减持前基本情况 九号有限公司 存托凭证持有人减持存托凭证结果公告 本公司董事会、全体董事及相关存托凭证持有人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： 本次减持不涉及九号有限公司（以下简称"公司"）实际控制人以及公司 董事、高级管理人员和核心技术人员减持直接或者间接持有的存托 ...

九号公司公告，截至2025年11月28日，公司存托凭证持有人Hctech III L.P.已通过大宗交易减持存托凭证 27.6万份，减持价格52.93～52.93元/份，套现1460.87万元，完成此前披露的减持计划。减持前其持有 1251.97万份，占1.75%；减持后持有1224.37万份，占1.71%，降幅0.04%。本次计划原定减持不超过27.6 万份，占0.04%，实际减持与计划一致。 ...

Core Viewpoint - The Ministry of Commerce is set to promote reforms in the automotive circulation and consumption sector, which is expected to benefit the automotive industry significantly [2] Group 1: Automotive Industry Developments - The Ministry of Commerce plans to expand automotive consumption by promoting reforms in the automotive circulation, including enhancing the second-hand car market and expanding automotive aftermarket services such as modifications and rentals [2] - Dongguan Securities maintains an overweight rating on the automotive sector, citing strong demand driven by policies like "trade-in" and extended subsidies, with the passenger car market continuing to grow [2] - Zhongyuan Securities forecasts a moderate adjustment or stabilization in the total passenger car market by 2026 due to reduced purchase tax subsidies and increased technical barriers, while commercial vehicle exports remain robust [2] Group 2: Stock Performance and Institutional Interest - A-share automotive concept stocks have seen an average price increase of 38.4% this year, with 26 stocks rising over 100%, led by Tianpu Co., which has surged 1076.8% [3] - Tianpu Co. clarified rumors regarding its acquisition by Zhonghao Xinying, stating that it is pursuing an independent IPO and has no plans for a backdoor listing through Tianpu [3] - In November, 25 automotive concept stocks received attention from 10 or more institutions, with Ninebot Company-WD being the most researched, attracting 179 institutional inquiries [4] Group 3: Price Corrections and Institutional Research - Among stocks that have seen significant price corrections, several automotive concept stocks have retraced over 20% from their yearly highs, including Haon Electric and BYD, with declines exceeding 30% [4][5] - Ninebot Company-WD reported strong sales performance, with a 68% year-on-year increase in self-operated sales, while Chang'an Automobile received 67 institutional inquiries following the launch of its new product [4]

记者 杨帆 尽管近期A股市场整体表现震荡，但公募机构依旧维持较高的调研热情。投资快报记者从公募排排网数 据显示梳理出，上周（2025年11月17日-11月23日）共有128家公募机构积极参与A股调研活动，覆盖22 个申万一级行业中的118只个股，合计调研次数达513次，展现出公募机构对市场结构性机会的持续挖 掘。 33只个股获高频调研 从个股调研热度来看，上周33只个股获得公募机构调研关注，被调研次数均不少于5次，其中13只个股 更是被调研不下10次，前十名被调研次数均不少于12次。 汽车行业成调研"黑马"，九号公司领跑个股榜单。汽车行业个股九号公司被调研39次成为上周最受公募 青睐的标的，博时基金、华夏基金、汇添富基金等头部公募机构均出现在调研名单中。公募机构重点关 注国补对公司业务的实际影响，以及明年电动两轮车业务的发展展望。该行业另一只个股斯菱股份同样 表现亮眼，不仅以17次调研跻身前十，更在上周逆势大涨5.97%，在调研热度前十个股中涨幅领跑，其 与战略投资公司的产业合作方向成为公募机构关注焦点。 电力设备多点开花，3只个股入围前十。电力设备行业延续此前关注度，共有3只个股进入调研热度前 十：容百科技 ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

格隆汇11月27日｜中信建投证券研报指出，九号公司Q3营收同比增长56.82%，在两轮车、割草机等业 务的带动下公司整体依旧延续了此前的高增态势。盈利端，受到研发费用短期投入节奏等问题的影响， 管理和研发费用率略有波动，导致公司净利率略低于此前市场预期，Q3实现净利率7.49%，同比下降 1.33pct，单季度实现净利润5. 46亿元，同比提升45.86%，实现扣非净利润4.86亿元，同比增长37%。长 期来看，公司在国内外持续进行品类开拓，长期成长空间依然可期，维持"买入"评级。 ...

Robotics - Lingyi Zhi Zao has signed strategic cooperation agreements with several leading embodied intelligence companies to promote the hardware manufacturing of embodied robots [1] - Luxshare Precision is expected to ship 3,000 humanoid robots this year [1] Batteries - Tiannai Technology claims that single-wall products are the best choice for fast-charging batteries, with fourth-generation and pure single-wall products significantly enhancing battery rate and cycle life [1] - Ninebot reports that fluctuations in lithium carbonate prices have not directly impacted product pricing; the company has preemptively stocked multiple new electric bicycle products that meet new national standards [1] Chips - Xidi Micro has successfully integrated its high-performance power management chip products into the Meta supply chain through ODM manufacturers [1] - Silan Micro has launched four key analog chips for AI computing power [1] Electronics - BOE Technology Group indicates that the overall supply and demand in the industry is under pressure, with a forecasted decline in the shipment volume of foldable products in the second half of the year [1] - Luxshare Precision anticipates mass production of microchannel technology next year [1] - Zhihui Power, as a first-tier supplier to Google, provides mobile-related components through Foxconn and Taiwan's Compal [1] Others - Jinli Permanent Magnet holds indirect shares in Muxi Co., Ltd [1] - Chunhui Zhikong has begun bulk supply of satellite release devices to satellite manufacturers [1] - Nandu Property holds indirect shares in Yundongchu through the Saizhi Zhudragon Fund [1] - Chuangyuan Technology's subsidiary Suzhou Bearing supplies mainly needle bearing products for the commercial aerospace sector, although the supply volume is relatively small [1] - Shengyuan Environmental Protection has indirectly participated in investment in Moore Threads by subscribing to fund shares [1] - Shengyang Co., Ltd has launched full immersion liquid cooling energy storage systems and solutions into the market [1] - Weichai Power does not have a gas turbine business [1]

证券日报网讯九号公司11月26日在互动平台回答投资者提问时表示，就目前来看，碳酸锂价格的波动尚 未对公司产品定价产生直接影响。主要是公司在原材料价格风险方面已提前做了准备：一是通过集团化 采购优势，增强议价能力，并通过前瞻性的原材料储备，平滑采购成本；二是从业务结构上看，截至 2025年10月31日，公司今年电动两轮车销量中约20%为锂电池车型，电动滑板车和割草机器人品类的电 池成本占整机比重较低，整体业务对锂价波动的敏感度相对可控。后续，公司将持续密切跟踪原材料市 场变化，动态优化采购与库存策略，持续加强供应链的稳定与成本竞争力。 ...