Group 1 - Anhui Attack Shell Intelligent Robot Co., Ltd. has undergone a business change, adding Zhongding Co., Ltd. (000887) as a shareholder and increasing its registered capital from 10 million RMB to approximately 11.76 million RMB [1] - The company was established on August 22, 2025, and its legal representative is Li Yuanfei. Its business scope includes manufacturing industrial robots, special operation robots, and service consumer robots [1][2] - The current shareholders are Hefei New Ju Li Technology Investment Co., Ltd. and Zhongding Co., Ltd., with Hefei New Ju Li holding 85% and Zhongding holding 15% of the shares [2][3] Group 2 - The company has recently added several high-level executives, including Li Yuanfei as the chairman, and new board members and supervisors [3] - The business type has changed from a limited liability company (solely owned by natural persons) to another limited liability company [3]

Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

中鼎股份公告称，其全资子公司睿思博与陕西拓普达共同出资1000万元，在安徽合肥设立合肥鼎拓精密 技术有限公司。睿思博认缴510万元，占比51%；陕西拓普达认缴490万元，占比49%。该投资无需董事 会或股东会审议，不构成关联交易和重大资产重组。近日，合资公司完成工商登记，取得营业执照，法 定代表人为蒋伟坚。此次投资利于推动微型电机应用，完善公司机器人产业布局，短期内对财务和经营 无重大影响。 ...

证券代码：000887 证券简称：中鼎股份 公告编号：2025-069 安徽中鼎密封件股份有限公司 关于对外投资设立合资公司并取得营业执照的公告 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。 一、对外投资基本情况介绍 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"）与陕西拓普达精密设备有限公司（以下简称"陕 西拓普达"）在安徽省合肥市共同出资1,000万元人民币设立合肥鼎拓精密技术有限公 司（以下简称"合资公司"）。其中，睿思博认缴出资人民币510万元，认缴出资比例 为51%；陕西拓普达认缴出资人民币490万元，认缴出资比例为49%。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第7号—交易与关联交易》及《公司章程》等有关规定，本次投资事项无需提交董事 会或股东会审议，不构成关联交易，也不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 近日，合资公司已完成了工商登记手续，并取得了合肥市包河区市场监督管理局 核发的《营业执照》，现将有关登记情况公告如下： 二、合 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Kingsoft Office, Jiuzhou Pharmaceutical, and Zhongding股份 [1][2] - Kingsoft Office received a target price increase of 42.77%, with a highest target price of 432.90 yuan, rated as "Strong Buy" by Huachuang Securities [2][3] - Jiuzhou Pharmaceutical's target price increased by 33.88%, with a highest target price of 24.50 yuan, rated as "Buy" by Tianfeng Securities [2][3] - Zhongding股份 saw a target price increase of 33.27%, with a highest target price of 29.00 yuan, rated as "Buy" by CITIC Securities [2][3] Group 2 - On December 9, a total of 10 listed companies received recommendations from securities firms, including China Tianying and Hars, each receiving one recommendation [2] - Four companies received initial coverage on December 9, including China Tianying rated "Increase" by Guotai Junan Securities, Hars rated "Buy" by Guosheng Securities, Jiuzhou Pharmaceutical rated "Buy" by Tianfeng Securities, and Igor rated "Buy" by Zheshang Securities [3][4] - The industries represented among the newly covered companies include environmental governance, household goods, medical services, and other electronics [4]

Core Viewpoint - The article discusses the evolving definition of luxury in the automotive industry, highlighting how different brands interpret luxury based on their history, technology, and user understanding. It emphasizes a shift from static ownership to dynamic experiences and emotional connections [4][20]. Group 1: Redefining Luxury - Different automotive brands define luxury in various ways, with ultra-luxury brands focusing on time, craftsmanship, and scarcity, while German luxury brands emphasize performance and technology. New entrants challenge these definitions by prioritizing user experience and emotional connections [4][5]. - The concept of luxury is transitioning from material possession to experiential value, focusing on what possibilities and experiences a vehicle can offer [4]. Group 2: Zongheng G700 - Zongheng G700 is positioned as a new benchmark for luxury off-road SUVs, emphasizing "all-terrain conquest capability" and "ultimate experience" as its core luxury attributes [5][10]. - The G700 was rigorously tested in extreme conditions, including the Hellish Rally, proving its capabilities and integrating racing data into its production model [9][10]. Group 3: Comprehensive Off-Road Ecosystem - Zongheng G700 aims to elevate off-roading into a lifestyle, offering a comprehensive ecosystem that includes the Zongheng Off-Road Academy, service stations, and various off-road routes across China [12][14]. - The academy addresses key pain points in the high-end off-road market by providing training and building community among users, enhancing their confidence and skills [14][15]. Group 4: Global Market Performance - The G700 has received strong market acceptance, with over 20,000 orders since its domestic launch on October 19, indicating a preference for high-end models and customization options [17]. - The G700 is set to launch globally in Dubai, a significant market for luxury vehicles, showcasing its advanced technology and performance capabilities [19]. Group 5: Strategic Positioning - Zongheng G700 represents a shift in the perception of Chinese automotive brands from low-cost alternatives to serious contenders in the luxury market, supported by a robust export strategy and a growing global user base [19][20]. - The brand's approach combines Eastern wisdom with global perspectives, aiming to redefine luxury standards in the automotive industry [20].

Core Viewpoint - The demand for liquid cooling and robotics driven by AI is experiencing an explosive growth, initiating a new growth curve for the automotive parts industry. AI is continuously upgrading computing infrastructure and smart terminals, leading to the necessity of liquid cooling systems in high-power density scenarios, while robotics is transitioning from 0-1 to 1-10. This synergy between liquid cooling, robotics, and automotive parts is reshaping the business boundaries and growth trajectories of the automotive parts industry [2][8]. Investment Highlights - The automotive parts industry, equipped with technological synergies, system integration, cost reduction capabilities, and global capabilities, is set to benefit from the AI-driven wave. Automotive manufacturers and parts companies are expanding their business boundaries to achieve "homogeneous manufacturing + scenario collaboration." The collaboration between automotive companies and parts manufacturers will transfer the brain capabilities of intelligent driving to embodied intelligence, with companies like Tesla, Xiaopeng, and Xiaomi migrating their models, data, computing power, and supply chain systems to embodied intelligence [3][8]. Investment Recommendations - Liquid cooling is entering a phase of large-scale penetration and high prosperity realization. With the stabilization of Tesla's robot V3, the sector is moving into the 1-10 phase, focusing on certainty and supply chains with global capabilities. Recommended companies in the robotics sector include Top Group, Zhongding, Xiaopeng Motors, Junsheng Electronics, Shuanghuan Transmission, Aikodi, Xingyuan Zhuomai, and Xusheng Group. For the liquid cooling sector, recommended companies include Top Group, Zhongding, Yinlun, and Feilong [4][8]. Robotics Development - The Optimus V3 is expected to be finalized soon, marking the transition of T-chain robots into the 1-10 phase. Tesla has established a dual-driven approach of hardware architecture convergence and large model/training foundation, with plans to initiate a million-unit production line by the end of the year. The focus will be on the dexterous hand and brain capabilities, with significant advancements in technology and design expected [13][40]. Market Trends - The humanoid robot sector is anticipated to mirror the growth trajectory of the new energy vehicle sector from 2010 to 2014, currently in the pre-investment stage. The penetration rate of new energy vehicles is expected to rise significantly, with the humanoid robot sector beginning to see substantial order changes and early application scenarios coming to fruition [27][31]. Supply Chain Dynamics - The domestic robotics industry is characterized by a diverse landscape of technology giants, automotive manufacturers, startups, and academic institutions. The focus is shifting from factory training to small-scale external sales, driven by educational and industrial pilot projects [41][45]. Sensor Technology - Robotics sensors are categorized into four types: force sensors, visual sensors, position sensors, and tactile sensors. The six-dimensional force sensor is the most valuable, while visual sensors are primarily composed of laser radar and RGB cameras. The demand for these sensors is expected to grow significantly as the robotics industry advances [71][73]. Cost Reduction Strategies - Domestic manufacturers are expected to accelerate cost reduction through the production of precision gears and bearings, which can be used interchangeably with robot reducer production equipment. The price of domestic harmonic reducers is significantly lower than that of overseas products, indicating a strong potential for domestic substitution [65][66].

11月23日，中鼎股份（000887）宣布与傅利叶达成人形机器人核心部件总成战略合作；11月24日，披露 旗下公司斩获两家液冷系统集成商项目定点……48小时内两则公告，折射出汽车零部件巨头中鼎股份的 战略脉搏。 "'十五五'期间，公司将全力夯实汽车核心业务全球竞争力，加速培育机器人、数据中心液冷、3C电子 等新兴引擎，以高端制造与绿色智造助推区域经济高质量发展。"中鼎股份董事长夏迎松近日在接受中 国证券报记者采访时表示，"安徽的产业生态为企业提供了从技术转化到市场开拓的全周期支撑。" 扎根沃土共生共荣 皖东南山城宁国，不靠海、不沿边，却是中鼎股份全球化战略的"根据地"。这里不仅是其起步的源头， 更是完成多次跨国并购后，实现从资本输出到技术、管理乃至文化反向输出的"回归地"与"价值枢纽"。 在推行"全球并购+国内整合"战略过程中，公司收购德国KACO、WEGU等企业，不仅是引入技术，更 是将国际领先的研发体系、精益生产标准和质量管理文化根植于宁国沃土。这种深度整合，使得公司能 够将海外尖端技术高效转化为服务比亚迪（002594）、奇瑞等客户的核心支撑，更将融合创新后的"中 鼎模式"与标准，反向赋能全球供应链体系 ...

● 本报记者 乔翔 11月23日，中鼎股份宣布与傅利叶达成人形机器人核心部件总成战略合作；11月24日，披露旗下公司斩 获两家液冷系统集成商项目定点……48小时内两则公告，折射出汽车零部件巨头中鼎股份的战略脉搏。 "'十五五'期间，公司将全力夯实汽车核心业务全球竞争力，加速培育机器人、数据中心液冷、3C电子 等新兴引擎，以高端制造与绿色智造助推区域经济高质量发展。"中鼎股份董事长夏迎松近日在接受中 国证券报记者采访时表示，"安徽的产业生态为企业提供了从技术转化到市场开拓的全周期支撑。" 扎根沃土共生共荣 皖东南山城宁国，不靠海、不沿边，却是中鼎股份全球化战略的"根据地"。这里不仅是其起步的源头， 更是完成多次跨国并购后，实现从资本输出到技术、管理乃至文化反向输出的"回归地"与"价值枢纽"。 "宁国的独特优势在于对长期主义的坚守。"夏迎松告诉记者，多年来，宁国坚持"工业强市"战略不动 摇，对于需要长周期投入、敢于进行大规模跨国并购的制造业企业而言，是无价的信心保障。 "得益于安徽厚植的汽车产业沃土，我们有能力支撑并升级全球化的内涵。"夏迎松介绍，公司的全球化 历经了从1.0时代抢占市场、2.0时代获取技术反哺国 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [6][4] Core Views - The automotive industry is expected to see stable growth in consumer demand due to supportive policies and increasing sales of new energy vehicles [16][4] - The report highlights the importance of focusing on leading companies in smart technology and those benefiting from the convergence of technology and model cycles [4][17] - The report suggests monitoring the electric and intelligent segments of the supply chain, particularly in the AIDC liquid cooling industry [4][17] Market Review - The automotive sector rose by 3.24% from November 24 to November 28, 2025, outperforming the overall A-share market [18][21] - The automotive services sector had the highest increase at 3.90%, while commercial vehicles had the lowest at 1.95% [21][18] Industry Data Tracking - In October 2025, total automotive sales reached approximately 3.322 million units, with a month-on-month increase of about 3% and a year-on-year increase of approximately 8.8% [2][27] - The market share of new energy vehicles in October 2025 was around 51.6% [2][34] - Retail sales of passenger vehicles from November 1 to 23, 2025, were approximately 1.384 million units, showing a year-on-year decrease of about 11% [36][16] Industry Dynamics - Notable industry news includes the listing application submitted by Avita Technology and the sales target of 1 million units set by Leap Motor for 2026 [3][46] - Great Wall Motors announced its expansion plans in Europe, aiming to increase annual production to 300,000 units by 2029 [46][3] Company Announcements - Zhongding Holdings signed a strategic cooperation agreement with Fourier Intelligent for humanoid robots [48][47] - Bojun Technology announced the establishment of a subsidiary in Wuhan to better meet customer needs [48][47]