每经AI快讯，有投资者在投资者互动平台提问：董秘您好，公司定增募投的智能底盘（线控制动EMB/ 线控转向SBW/主动悬架） 项目，是否是为了适配L3及以上无人驾驶？ （记者 张明双） 宁波华翔（002048.SZ）2月26日在投资者互动平台表示，公司募投项目中的智能底盘相关项目就是为了 抓住自动驾驶这一产品趋势，拓展产品品类，支撑公司可持续发展的重要举措！ ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司机器人关节模组、行星减速器、行星滚柱丝 杠、灵巧手等关键零部件目前分别处于研发、送样还是量产阶段，是否已实现批量供货及相关客户情 况？ （文章来源：每日经济新闻） 宁波华翔（002048.SZ）2月26日在投资者互动平台表示，公司基于轻量化材料开发的关节件和结构件等 系列产品正在按计划推进，基于保密性要求，不便披露细节。 ...

2月25日，多家上市公司通过互动平台、披露投资者关系活动记录表等渠道披露公司在电子、航空等方 面最新情况： 开普云：已成立AI硬件承载主体 内生式发展与外延并购式发展并举 【航天】 【电子】 【化工】 电科蓝天：国网星座卫星研制参与率达82% 千帆星座宇航电源独家配套 【机器人】 宁波华翔：6自由度灵巧手产品正处于开发和测试的最后阶段 【AI】 【卫星】 【其他】 (本文来自第一财经) 昊志机电：已与蓝箭航天建立业务合作关系 九鼎新材（维权）：公司涉及航天领域的产品份额较小 锐科激光：公司未在公开披露的信息中提到全资子公司睿芯光纤的独立上市计划 凯格精机：公司已向海外客户交付了800G及1.6T光模块自动化组装产品线 北京君正：目前暂无研发3D SRAM的计划 斯迪克：公司MLCC离型膜产品已实现国内客户全覆盖 海外头部客户目前处于验证阶段 九鼎新材：目前未开展电子级玻璃纤维相关业务 东方电热：目前公司预镀镍材料每月供货量较2025年有增长 顶点软件：对今年业务拓展及订单转化持积极预期 黄河旋风：截至目前8mm金刚石散热片相关产品还没有量产 锡业股份：铟市场价格上涨预计将会对业绩产生正面的影响 佳电股份：截至 ...

汽车 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 政策托底稳增长，智驾政策加速落地 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 汽车相对沪深 300 指数表现 -15% -10% -4% 1% 6% 11% 17% 22% 2025.02 2025.06 2025.10 2026.02 汽车 沪深300 资料来源：中原证券，聚源 相关报告 《汽车行业月报：乘商协同引领行业向上， 2025 年汽车产销续写新高》 2026-01-20 《汽车行业月报：L3 级自动驾驶准入落地， 商业化加速》 2025-12-23 《汽车行业年度策略：破局内卷提质转型，智 联系人：李智 电话： 0371-65585629 投资要点： 能网联领航升级》 2025-11-25 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 市场回顾：截至 2 月 25 日收盘，汽车（中信）行业指数上涨 3.62%， 跑赢同期沪深 300 指数 3.0pct，在中信 30 个一级行业中排名第 8 名。本月 ...

证券日报网讯2月25日，宁波华翔（002048）在互动平台回答投资者提问时表示，公司在智能底盘领域 采取合资合作加自研的方式正在迅速推进及落地的过程中。 ...

证券日报网讯 2月24日，宁波华翔在互动平台回答投资者提问时表示，公司PEEK相关的聚合、改性、 成型以及PEEK化机器人零部件项目正在按计划有序推进。 （文章来源：证券日报） ...

Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

2月23日，港股市场迎来马年第二个交易日，机器人概念板块（887755.WI）表现亮眼，截至午盘大涨 1.76%。成分股中，ASMPT（05522.HK）大涨5.27%，华虹半导体（1347.HK）大涨4.83%，耐世特、金 力永磁、天工国际等个股跟涨。 | < W | [HK]人形机器人指数(887755) | | | | --- | --- | --- | --- | | | 1743.45 30.20 +1.76% | | | | 済設 | 成分 | 资讯 | 相关基金 | | 名称 | 现价 | | 涨跌幅÷ | | ASMPT | 110.900 | | 5.72% | | 0522.HK | | | | | 农虹未营体 | 98.700 | | 4.83% | | 1347.HK | | | | | 中芯国际 | 70.750 | | 4.51% | | 0981.HK | | | | | 耐世特 | 8.020 | | 3.75% | | 1316.HK | | | | | 比亚迪电子 | 33.500 | | 3.46% | | 0285.HK | | | | | 三一国际 | 15.410 ...

Investment Rating - The report gives a "Buy" rating for Ningbo Huaxiang with a target price corresponding to a PE of 25 times for 2026, leading to a target market value of 40.239 billion yuan [1][4]. Core Insights - The company is expected to improve its profitability after divesting its loss-making European assets and is entering the humanoid robot sector, indicating significant future growth potential. The projected net profits for 2025-2027 are 519 million, 1.610 billion, and 1.756 billion yuan respectively [1][15]. - The report addresses key market concerns, including the impact of declining joint venture customer sales on performance and the outlook for sustained growth. The company has been expanding its domestic brand customer base, which may offset the negative effects of joint venture customer sales decline [1][2]. Summary by Sections Company Overview - Ningbo Huaxiang has been focused on the automotive parts industry for nearly 40 years and is undergoing continuous business transformation. The company has expanded its commercial footprint through both organic growth and acquisitions [24]. - The company has a diversified customer base, including major domestic and international automotive manufacturers, which has led to a decrease in customer concentration risk [25][60]. Financial Performance - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024. However, net profits have been declining since 2021 due to losses from overseas subsidiaries [32][33]. - The projected revenue for 2023 is 23.236 billion yuan, with a growth rate of 18.4%. The expected revenue for 2024 is 26.324 billion yuan, with a growth rate of 13.3% [3]. Business Segments - The company is actively expanding into the intelligent chassis and humanoid robot sectors, which are expected to drive future growth. The intelligent chassis business is positioned to benefit from the ongoing trends in electric vehicles and smart driving technologies [2][49]. - The company has established a joint venture with Zhiyuan Robotics to collaborate on various aspects of the humanoid robot industry, indicating a strategic move towards becoming a leader in the PEEK material sector [2][24]. Market Trends - The automotive industry is experiencing stable growth, driven by increasing consumer demand for personalized and comfortable vehicles. The global automotive interior and exterior market is projected to grow steadily, with a CAGR of approximately 4.63% from 2024 to 2035 [55][58]. - The metal parts sector is also expanding, with a projected market size of 109.6 billion USD in 2024, driven by the trends of electrification and lightweighting in vehicles [64][68]. Future Outlook - The company plans to raise up to 2.921 billion yuan through a private placement to fund projects aimed at expanding its production capacity and enhancing its technological capabilities in the intelligent chassis and humanoid robot sectors [49][51]. - The divestment of European assets is expected to significantly improve profit margins, and the company is well-positioned to capitalize on emerging opportunities in the automotive and robotics industries [2][15].

宁波华翔（002048.SZ）2月11日在投资者互动平台表示，公司会按照规定在回购期内完成回购，另外公 司代工生产的远征系列机器人参与了这次晚会。 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，最近定增通过和股票提价回购并注销这两 件事情本是提振股民信心的两件大好事，可是一月份公司并未进行回购操作，请问公司是否潜在认为一 月份的股价仍处于所谓高位？另外2月8日智元机器人举行"机器人奇妙夜"春节前直播晚会，请问我们企 业生产的机器人是否有参与这次活动？ （记者 曾健辉） ...