Core Viewpoint - The company is actively developing thermal management systems and expanding into energy storage and supercomputing center thermal management based on its automotive thermal management business [1] Group 1: Business Development - The company's subsidiary, Zhongding Fluid and Zhongding Intelligent Thermal Systems, leads the development of thermal management system assembly [1] - The company has launched a series of liquid cooling units and immersion liquid cooling units in the energy storage sector [1] Group 2: Product Offerings - In the supercomputing center thermal management field, the main product is the CDU (Cold Liquid Distribution Unit) [1] - The company plans to gradually apply immersion technology to supercomputing center thermal management based on actual needs [1] Group 3: Technology and Innovation - The company utilizes self-developed thermal management controllers and control algorithms, along with core technologies such as piping systems and seals [1] - The company is accelerating customer engagement to enhance its market presence [1]

Core Viewpoint - The company is actively developing its thermal management system business, focusing on liquid cooling products for energy storage and supercomputing centers, leveraging its proprietary technologies [2]. Group 1: Product Development - The company has launched a series of liquid cooling units and immersion cooling units in the energy storage sector [2]. - In the supercomputing center thermal management field, the main product is the CDU (Cold Liquid Distribution Unit) [2]. - The company plans to gradually apply immersion technology to supercomputing center thermal management based on actual needs [2]. Group 2: Market Engagement - The company is accelerating customer engagement to enhance its market presence in thermal management solutions [2].

Group 1 - The company has signed a "Project Cooperation Intention Agreement" with Shenzhen Zhujidi Power Technology Co., Ltd. [2] - The company is actively promoting the establishment of a joint venture with Zhujidi Power [2]

Core Viewpoint - The company, Zhongding Co., Ltd. (000887.SZ), confirmed that its sealing products are primarily used in the automotive sector and do not currently have applications in the nuclear power field [1] Group 1 - Investors inquired about the potential application of the company's sealing products in the nuclear power sector [1] - The company responded that its sealing products are mainly utilized in the automotive business [1] - There are no current applications of the sealing products in the nuclear power industry [1]

Core Viewpoint - The company announced that its controlling shareholder, Zhongding Group, will acquire 100% of the shock absorber business from Bridgestone Corporation in Japan, citing uncertainties during the performance integration period as a reason to avoid direct acquisition by the company [1] Group 1 - The acquisition by Zhongding Group is aimed at minimizing investment risks and protecting the interests of all shareholders, particularly minority shareholders [1] - The company expressed concerns that a direct acquisition could negatively impact its asset quality and profitability, which would be detrimental to stable operations [1] - Zhongding Group has committed to actively promote the new company's development within 60 months of acquiring 100% ownership, with a promise to prioritize transferring the new company's shares back to Zhongding Co. if it becomes profitable [1]

Index Performance - The CSI A500 Index decreased by 3.31% this week, closing at 5392.97 points on October 17 [5] - The average daily trading volume for the week was 8521.04 billion yuan, reflecting a 22.20% decrease compared to the previous week [5] Top Performers - The top ten gainers in the CSI A500 index included: 1. Shanghai Pudong Development Bank (600000.SH) with a gain of 12.50% 2. Agricultural Bank of China (601288.SH) with a gain of 11.57% 3. Huatian Technology (002185.SZ) with a gain of 10.02% 4. Shanghai Jahwa United Co., Ltd. (600315.SH) with a gain of 9.42% 5. Hainan Airport (600515.SH) with a gain of 8.96% 6. Shaanxi Coal and Chemical Industry (601225.SH) with a gain of 8.61% 7. Jiangsu Bank (600919.SH) with a gain of 8.60% 8. Tongwei Co., Ltd. (600438.SH) with a gain of 8.31% 9. Air China (601111.SH) with a gain of 7.63% 10. China Pacific Insurance (601319.SH) with a gain of 7.32% [2] Bottom Performers - The top ten losers in the CSI A500 index included: 1. Shengquan Group (605589.SH) with a loss of 18.04% 2. Wentai Technology (600745.SH) with a loss of 17.17% 3. Betta Pharmaceuticals (300558.SZ) with a loss of 16.98% 4. Leo Group (002131.SZ) with a loss of 16.55% 5. Jinlang Technology (300763.SZ) with a loss of 15.40% 6. Tongfu Microelectronics (002156.SZ) with a loss of 14.98% 7. Yake Technology (002409.SZ) with a loss of 14.35% 8. Lens Technology (300433.SZ) with a loss of 14.26% 9. Zhongding Sealing Parts (000887.SZ) with a loss of 13.99% 10. Robot Technology (300757.SZ) with a loss of 13.95% [2] Fund Performance - All 40 CSI A500 ETFs experienced declines, with notable drops in Huatai-PB's CSI A500 Enhanced ETF and Guolian's A500 Enhanced ETF, both falling over 4% [5] - The total scale of the CSI A500 ETFs fell below 200 billion yuan, with Huatai-PB's fund at 249.03 billion yuan, Guotai's at 226.56 billion yuan, and E Fund's at 221.29 billion yuan [5] Market Insights - Pacific Securities research team suggests a balanced allocation towards low-position sectors, particularly banks and insurance with dividend protection attributes, as well as coal and agriculture sectors benefiting from domestic demand recovery [6] - Guohai Securities research team indicates that uncertainties from trade frictions may lead to a rotation in market styles, with a shift from overvalued growth sectors to undervalued sectors [6]

中鼎股份（000887.SZ）10月17日在投资者互动平台表示，截至2025年半年度，公司国内空悬业务已获 订单总产值约为152亿元，包含已交付订单。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司半年报公布的空气悬挂累计订单是在手未交 付的订单，还是加上已交付验收的订单？ ...

（记者 张海妮） 每经AI快讯，有投资者在投资者互动平台提问：请问公司近几年订单获取很多，但是营业收入没有增 长很多，是什么原因？ 中鼎股份（000887.SZ）10月17日在投资者互动平台表示，公司从取得订单到交付产品有一定周期，公 司目前拿到的订单会在客户规定的时间内逐步交付。 ...

Investment Rating - The report gives a "Strong Buy" rating for the company [4][9]. Core Insights - The company is establishing a turning point in its basic operations, with growth opportunities in robotics and liquid cooling businesses. It is focusing on intelligent chassis systems and expanding into new fields such as humanoid robots, low-altitude economy, AI, and data center thermal management [1][4]. Summary by Sections Company Overview - Anhui Zhongding Sealing Parts Co., Ltd. (stock code: 000887) is a leading global provider of automotive parts and high-end manufacturing solutions, with a focus on sealing systems, fluid technology, vibration reduction, and air suspension [14]. Basic Business: Management Optimization and Steady Development - The company is optimizing overseas management and cost control, enhancing competitiveness, and increasing the speed and certainty of overseas business recovery. The overall profit is expected to continue to improve [2][45]. - The company has a diversified customer structure, with significant sales to major automotive manufacturers, including BYD, Volkswagen, and BMW [52]. Emerging Business: Robotics & Liquid Cooling - The company is actively expanding into the humanoid robot sector, focusing on key components such as harmonic reducers and joint assemblies. It has established strategic partnerships to enhance its competitive edge in this field [3][56]. - In the liquid cooling sector, the company has developed a series of cooling units for energy storage and supercomputing centers, leveraging its proprietary thermal management technologies [3][50]. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.68 billion, 1.89 billion, and 2.17 billion yuan in 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17.2, 15.3, and 13.3 [4][10].

Market Overview - The automotive thermal management sector declined by 1.86%, ranking among the top declines in concept sectors as of the market close on October 13 [1] - Within this sector, companies such as Hengshuai Co., Zhejiang Rongtai, and Jingwei Hengrun experienced significant declines, while 18 stocks saw price increases, with Hunan Tianyan, Changying Tong, and Keda Guochuang leading with gains of 6.67%, 6.55%, and 4.51% respectively [1] Concept Sector Performance - The top-performing concept sectors included Rare Earth Permanent Magnets with a gain of 6.92%, and Military Equipment Restructuring Concept with a gain of 3.51% [2] - The automotive thermal management sector was among the laggards, with a decline of 1.86%, alongside other sectors like AI PC and Decelerators [2] Capital Flow Analysis - The automotive thermal management sector saw a net outflow of 1.94 billion yuan, with 91 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 100 million yuan [2] - The leading stock for net outflow was Sanhua Intelligent Control, with a net outflow of 354 million yuan, followed by Top Group and Huagong Technology with outflows of 251 million yuan and 222 million yuan respectively [2] Notable Stocks in Automotive Thermal Management - Key stocks with significant net outflows included: - Sanhua Intelligent Control: -5.23% with a turnover rate of 5.92% and a net outflow of 353.60 million yuan - Top Group: -4.97% with a turnover rate of 3.39% and a net outflow of 251.08 million yuan - Huagong Technology: -3.19% with a turnover rate of 6.05% and a net outflow of 222.13 million yuan [3][4] Stocks with Positive Capital Inflows - Stocks with notable net inflows included: - Midea Group: 3.59 billion yuan - Feirongda: 57.68 million yuan - Sixuan New Materials: 53.25 million yuan [2][6]