Investment Rating - The automotive sector is rated as "Overweight" with a recommendation to increase holdings in specific stocks [1][48]. Core Insights - The automotive sector experienced a 3.08% increase from March 3 to March 7, 2025, outperforming the CSI 300 index by 1.69 percentage points [9][37]. - The passenger vehicle retail sales in February are expected to reach 1.4 million units, reflecting a year-on-year growth of 26% but a month-on-month decline of 22% [6][39]. - The release of Geely's "Qianli Haohan" intelligent driving system marks a significant advancement in high-level autonomous driving technology [3][39]. Summary by Sections Market Performance - The automotive sector's performance includes a 0.68% increase in the passenger vehicle segment, a 1.42% increase in the commercial vehicle segment, and a 2.67% increase in the truck segment, while the bus segment saw a decline of 0.89% [9][37]. - The automotive parts sector rose by 5%, and the automotive services sector increased by 2.21%, both outperforming the CSI 300 index [9][37]. Valuation Levels - As of March 3, 2025, the automotive industry's PE-TTM stands at 28.92, up by 0.81 from the previous week [10][38]. - The valuations for sub-sectors are as follows: passenger vehicles at 31.53, commercial vehicles at 37.02, and parts at 25.96 [10][38]. New Developments - Geely's "Qianli Haohan" system includes features like high-speed NOA and automatic parking, with plans for a large-scale rollout in March 2025 [3][39]. - In February, the wholesale of passenger vehicles reached 1.781 million units, a 35% year-on-year increase [6][39]. Raw Material Prices - As of March 7, 2025, the prices for key raw materials are as follows: aluminum index at 20,847.07, copper index at 78,223.6, rebar index at 3,266.92, and rubber index at 17,431.15, with respective weekly changes of 0.93%, 1.8%, -2.2%, and -1.8% [19][38].

证券代码：000887 证券简称：中鼎股份 公告编号：2025-008 安徽中鼎密封件股份有限公司 关于使用闲置募集资金进行现金管理的进展公告（121） 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 安徽中鼎密封件股份有限公司（以下简称"公司"）于 2024 年 4 月 28 日召开第 九届董事会第四次会议，审议通过了《关于使用闲置募集资金和自有资金进行现金管 理的议案》,同意公司使用不超过 3.5 亿元（人民币，币种下同）的闲置募集资金购买 保本型理财产品和不超过 25 亿元的自有资金购买保本和非保本型理财产品、信托产 品和进行委托贷款业务,使用期限为自公司股东大会审议通过之日起至2024年年度股 东大会召开之日止。在上述使用期限及额度范围内，资金可以滚动使用。针对上述事 项，公司保荐机构发表了明确的同意意见。具体内容详见 2024 年 4 月 30 日公司在巨 潮资讯网 www.cninfo.com.cn 上披露的相关公告。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准安徽中鼎密封件股份有限公司公开发行可 转换公司债券的批复》（证监许可[20 ...

证券代码：000887 证券简称：中鼎股份 公告编号：2025-007 安徽中鼎密封件股份有限公司 关于子公司签署战略合作协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次与合作方签署的战略合作协议属于框架性协议，在具体实施过程中尚存 在不确定性，敬请广大投资者谨慎决策，注意投资风险； 2、本次签署的战略合作协议对公司本年度经营业绩不会构成重大影响，对公司 未来年度经营业绩的影响将视与合作方后续项目的实施情况确定。 一、协议签署概况 1、协议基本情况 安徽中鼎密封件股份有限公司（以下简称"公司"）全资子公司安徽睿思博机器人 科技有限公司（以下简称"睿思博机器人"）与埃夫特智能装备股份有限公司（以下 简称"埃夫特"）在平等自愿、互惠互利的基础上，经充分友好协商，在具身智能、机 器人领域内进行创新合作，共同推动相关业务发展，并于近日签署了战略合作协议。 2、需履行的审批程序 本协议不涉及具体交易金额和交易事项，不属于关联交易，不构成《上市公司重 大资产重组管理办法》规定的重大资产重组，无需提交公司董事会或股东大会审议。 二、协议对方的 ...

证券代码：000887 证券简称：中鼎股份 公告编号：2025-006 针对公司股票交易异常波动，公司对相关事项进行了核实，现就有关情况说明如 下： 1、公司前期披露的信息不存在需要补充、更正之处。 安徽中鼎密封件股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 安徽中鼎密封件股份有限公司（以下简称"公司"，证券简称：中鼎股份，证券代 码：000887）股票连续三个交易日（2025年2月21日、2025年2月24日、2025年2月25 日）收盘价格涨幅偏离值累计超过20%。根据《深圳证券交易所交易规则》相关规定， 属于股票交易异常波动的情况。 二、公司关注并核实相关情况 2、公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格产生较大 影响的未公开重大信息。 3、近期公司生产经营情况正常，内外部经营环境未发生重大变化。 4、公司、控股股东及实际控制人不存在应披露而未披露的重大事项，也不存在 处于筹划阶段的重大事项。 5、经查询，公司控股股东、实际控制人在本公司股票交易异常波动期间未买卖 本 ...

市场表现： 2025年2月17日-2月21日，我们构建的国信人形机器人指数上涨5.84%，强于沪深300指数4.84pct，强于上证综合指数4.87pct，年初至今上涨36.8%；部分核心公司 中，拓普集团上涨6.45%，三花智控上涨7.44%，银轮股份上涨26.3%，北特科技上涨12.27%，双林股份上涨30.85%，贝斯特上涨21.9%，浙江荣泰上涨18.98%，祥鑫科技上涨 15.99%，双环传动上涨18.22%，斯菱股份上涨24.71%，豪能股份上涨2.99%，精锻科技上涨21.42%，蓝黛科技上涨6.07%，凌云股份上涨16.09%，旭升集团上涨14.04%，肇民 科技上涨13.67%，爱柯迪上涨17.1%，整体来看板块持续表现强势。 行业动态： 行业新闻： 1）Figure AI人形机器人多模态能力升级，能够让人形机器人通过语音命令执行复杂的动作，Helix 能够同时控制35个自由度，涵盖了从单个手指动作到 头部、躯干等多个部分的精细控制；2）"天工" 机器人创纪录：能连续攀爬上百级阶梯、雪地奔跑；3）蚂蚁集团入局具身智能，持续布局加大AI投入；4）DeepSeek加快优必 选人形机器人工业场景规 ...

证券代码：000887 证券简称：中鼎股份 公告编号：2025-005 安徽中鼎密封件股份有限公司 关于签署战略合作协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次公司与合作方签署的战略合作协议属于框架性协议，在具体实施过程中 尚存在不确定性，敬请广大投资者谨慎决策，注意投资风险； 2、本次签署的战略合作协议对公司本年度经营业绩不会构成重大影响，对公司 未来年度经营业绩的影响将视公司与合作方后续项目的实施情况确定。 一、协议签署概况 1、协议基本情况 安徽中鼎密封件股份有限公司（以下简称"公司"）与深圳市众擎机器人科技有限 公司（以下简称"众擎机器人"）为加强双方的合作关系，本着互惠互利、实现双赢的 目标，围绕人形机器人相关产品展开合作，经双方友好协商，于近日签署了战略合作 协议。 2、需履行的审批程序 本协议不涉及具体交易金额和交易事项，不属于关联交易，不构成《上市公司重 大资产重组管理办法》规定的重大资产重组，无需提交公司董事会或股东大会审议。 二、协议对方的基本情况 公司名称：深圳市众擎机器人科技有限公司 统一社会信用代码 ...

Meta 入局人形机器人，工程机械需求持续复苏 [Table_Industry] 机械行业 | | | ——机械行业周报 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [table_Authors] 肖群稀(分析师) | 徐乔威(分析师) | 刘麒硕(研究助理) | | | --- | --- | --- | --- | | 0755-23976830 | 021-38676779 | 0755-23976666 | | | xiaoqunxi027589@gtjas.com | xuqiaowei023970@gtjas.com | liuqishuo028693@gtjas.com | [Table_Report] 相关报告 | | 登记编号S0880522120001 | S0880521020003 | S0880123070153 | 机械行业《新时达发布定增预案，海尔集团或入 | 本报告导读： 上周（2025/2/10-2025/2/14）机械设备指数涨跌幅为+0.23%。关注人形机器人等 领域科技创新，工 ...

Summary of Conference Call Company Overview - The conference call involved discussions about 中银股份 (Zhongyin Co.), focusing on its business direction and operational outlook for 2025 [1][2]. Key Points and Arguments Business Growth and Financial Outlook - The company anticipates maintaining a double-digit growth rate for its overall business in 2025, although specific budget adjustments are still pending [2][3]. - Profit margin improvement is a core focus, with overseas revenue projected to reach between 8 to 9.1 billion [3][16]. - The company is optimizing its customer structure domestically to enhance profitability [3]. Business Segments and Strategic Focus - Key business segments include cooling systems and air suspension, with a strong emphasis on product innovation and management systems [2][3]. - The company is actively pursuing strategic partnerships with other manufacturers to enhance product offerings in the robotics sector [5][6]. Project Developments - The company is progressing with a project involving a Swiss mechanical company, focusing on a specific product line to enhance overall project management [4]. - Equipment for the project has been delivered, and debugging is currently underway [4]. Market Dynamics and Industry Trends - The company is observing a shift in the air suspension market, with expectations that the cost of hardware will decrease as domestic production increases [10]. - The company believes that vehicles priced around 200,000 can be equipped with air suspension systems, indicating a growing market potential [10][11]. - The competitive landscape is dominated by a few key players, with smaller participants playing a supportive role [11]. Technological Innovations - The company is exploring two technological paths for its products: CVC and magnetic flow, with a focus on cost-effectiveness and performance [12][13]. - The company is also considering the integration of shock absorbers with air suspension systems, enhancing product versatility [14]. International Operations and Challenges - The company is adapting to international market conditions, with a focus on local production to mitigate risks associated with tariffs and trade policies [17][20]. - The company has noted that while domestic profit margins are strong, achieving similar levels overseas remains challenging due to lower industry averages [17][19]. Future Projections - The company expects a gradual increase in overseas revenue, with a projected growth rate of around 2% for 2025 compared to 2020 [16]. - The company is preparing for potential impacts from trade policies but remains optimistic about maintaining its competitive edge through local production strategies [20][21]. Additional Important Information - The company is committed to supporting its key projects financially, ensuring that reasonable demands are met without budget constraints [8]. - The management is actively engaging with clients to understand market needs and adjust strategies accordingly [15]. - The call concluded with an invitation for investors to reach out for further updates on company progress and data [25].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次公司与合作方签署的战略合作协议属于框架性协议，在具体实施过程中 尚存在不确定性，敬请广大投资者谨慎决策，注意投资风险； 2、本次签署的战略合作协议对公司本年度经营业绩不会构成重大影响，对公司 未来年度经营业绩的影响将视公司与合作方后续项目的实施情况确定。 证券代码：000887 证券简称：中鼎股份 公告编号：2025-004 一、协议签署概况 安徽中鼎密封件股份有限公司 关于签署战略合作协议的公告 1、协议基本情况 安徽中鼎密封件股份有限公司（以下简称"公司"）与浙江五洲新春集团股份有限 公司（以下简称"五洲新春"）为加强双方的合作关系，本着互惠互利、实现双赢的目 标，结合各自业务发展的需要，围绕人形机器人部件总成产品领域展开合作，经双方 友好协商，于近日签署了战略合作协议。 2、需履行的审批程序 本协议不涉及具体交易金额和交易事项，不属于关联交易，不构成《上市公司重 大资产重组管理办法》规定的重大资产重组，无需提交公司董事会或股东大会审议。 二、协议对方的基本情况 公司名称：浙江五洲新春集团 ...

Summary of Zhongding Co., Ltd. Conference Call Company Overview - **Company**: Zhongding Co., Ltd. - **Industry**: Automotive components, focusing on suspension systems, robotics, and energy storage Key Points and Arguments Business Outlook for 2025 - The company anticipates maintaining double-digit growth in overall business despite ongoing adjustments to the annual budget [3] - Profit margin improvement is a core focus for the automotive business, with expected profit growth outpacing revenue growth through overseas integration and domestic customer structure optimization [3] Robotics Business Strategy - Robotics is a key focus for 2025, with the chairman personally driving the initiative, primarily targeting harmonic reducers and joint assemblies [4][5] - The company plans to leverage strategic partnerships to accelerate product development, benefiting from government support in Anhui Province [4][8] - There is no upper limit on funding for core robotics projects, with significant investments already made in acquiring complete equipment from Jilong Company to expedite production [6][9] Air Suspension Business Development - The air suspension business is expected to reveal development projects and order release schedules in the 2024 annual report, with a comprehensive data summary anticipated by March 2024 [11] - The self-manufacturing rate for core components in the air suspension system has reached over 90%, with a focus on domestic production of air supply units and air springs [14] - The cost of hardware for Continuous Damping Control (CDC) is projected to drop below 5,000 yuan, making air suspension systems feasible for vehicles priced around 200,000 yuan [12] Market Competition and Trends - The competitive landscape in the air suspension sector is relatively stable, dominated by a few large players with significant market shares [13] - The company is also exploring new technologies such as CDC and magnetorheological fluid dampers, with plans to complete production line setups by mid-2024 [15] International Operations and Profitability - The company has achieved localized operations through overseas acquisitions, with an expected profit growth rate of around 2% for 2025 [20] - Efforts to enhance overseas profit margins include cost control, refined management, and the establishment of a mixing center in Mexico with a planned investment of $100 million [21] Response to Market Conditions - The company is prepared for potential impacts from tariffs and trade tensions, with a strategy to enhance local operations in the U.S. if necessary [22] - The European market is expected to see an increase in the share of new energy business revenue, projected to reach 40%-45% by 2025, up from 36% last year [23] Pricing Negotiations and Market Dynamics - Annual price negotiations are ongoing, with expectations for limited changes due to strong price-cutting demands from manufacturers [24] - The company aims to ensure no losses occur while sharing the burden of rising costs with customers, particularly in the context of increasing raw material prices and global trade issues [24]