核心观点 市场表现： 本周（4.21-4.25）我们构建的国信人形机器人指数上涨5.99%，强于沪深300指数5.61pct，强于上证综合指数5.43pct，年初至今上涨12.9%。拓普集团上涨9.29%，三 花智控上涨5.69%，中鼎股份上涨4.4%，银轮股份上涨7.01%，北特科技上涨17.04%，双林股份上涨16.53%，贝斯特上涨3.46%，祥鑫科技上涨10.36%，双环传动上涨7.61%， 斯菱股份上涨21.78%，豪能股份上涨16.01%，精锻科技上涨5.2%，蓝黛科技上涨7%，凌云股份上涨8.52%，旭升集团上涨6.14%，肇民科技上涨41.44%，爱柯迪上涨10.19%， 均胜电子上涨6.35%。征和工业上涨11.94%，美力科技上涨5.31%。 行业动态 ： 1）特斯拉2025年第一季度更新报告发布，展示Optimus人形机器人试生产线，表示到25年底生产数千台，目标29-30年年产百万台；2）特斯拉机器人大规模招聘； 3）小鹏Iron机器人亮相上海车展；4）首届具身智能机器人运动会在无锡开幕；5）智元发布具身智能一站式开发平台Genie Studio、发布并开源仿真评测工具Genie Si ...

浙江三花智能控制股份有限公司 利益冲突管理制度 第一章 总则 第一条 为切实防范浙江三花智能控制股份有限公司（以下简称"公司"）董 事、监事、高级管理人员与公司之间的利益冲突，促进公司业务的规范发展，防 止损害公司及股东利益的行为发生，根据《浙江三花智能控制股份有限公司章程》 （以下简称"《公司章程》"）、《深圳证券交易所股票上市规则》及《香港联 合交易所有限公司证券上市规则》特制定本制度。 第二条 本制度适用于公司及公司控股子公司的董事、监事、高级管理人员。 第二章 利益冲突的定义和内容 第三条 所谓利益冲突，是指当公司董事、监事、高级管理人员在履行公司职 务所代表的公司利益与其自身的个人利益之间存在冲突，可能损害公司及股东利 益的情形。 第四条 利益冲突主要包括以下情形： （一）本人或其关联/关连人士拥有其他公司的权益（有关关联/关连人士和 关联/关连交易的定义，请见公司《关联交易管理办法》）： 浙江三花智能控制股份有限公司 利益冲突管理制度（草案） （H股发行并上市后适用） 1、持有与公司存在竞争关系的公司的任何权益，但通过证券市场取得该类 权益，且仅持有低于该公司股本总额 5%的权益的投资除外； 2、 ...

Group 1 - The core viewpoint of the news is the performance of the CSI Zhejiang 100 Index, which reflects the overall performance of representative listed companies in Zhejiang Province, showing a recent decline in value [1][2] - The CSI Zhejiang 100 Index opened lower and fluctuated, with a recent increase of 0.16%, closing at 1702.37 points, and a trading volume of 37.003 billion yuan [1] - Over the past month, the CSI Zhejiang 100 Index has decreased by 8.12%, by 4.20% over the last three months, and by 3.26% year-to-date [1] Group 2 - The top ten weighted stocks in the CSI Zhejiang 100 Index include Hikvision (5.6%), Ningbo Bank (4.32%), Sanhua Intelligent Controls (3.14%), Hangzhou Bank (3.02%), Tonghuashun (2.98%), Zhejiang Merchants Bank (2.46%), Huayou Cobalt (2.45%), Small Commodity City (2.29%), Hengsheng Electronics (2.08%), and Top Group (1.87%) [1] - The market segments of the CSI Zhejiang 100 Index holdings are distributed as follows: Shanghai Stock Exchange accounts for 52.40%, while Shenzhen Stock Exchange accounts for 47.60% [1] Group 3 - The industry composition of the CSI Zhejiang 100 Index holdings is as follows: Industrial sector 21.51%, Materials 18.10%, Information Technology 16.90%, Consumer Discretionary 16.41%, Financials 13.46%, Healthcare 8.16%, Utilities 1.84%, Real Estate 1.30%, Consumer Staples 1.19%, and Communication Services 1.13% [2] - The index sample is adjusted semi-annually, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted according to the sample changes, with fixed weight factors generally maintained until the next scheduled adjustment, unless special circumstances arise [2]

证券代码：002050 证券简称：三花智控 公告编号：2025-039 浙江三花智能控制股份有限公司 关于使用闲置自有资金购买理财产品的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江三花智能控制股份有限公司（以下简称"公司"）2025 年 4 月 29 日召开 的第八届董事会第二次临时会议审议通过了《关于使用闲置自有资金购买理财产 品的议案》，同意公司及控股子公司使用不超过人民币 28 亿元闲置自有资金购 买理财产品，在上述额度范围内资金可以滚动使用。购买理财产品购买日有效期 限为自董事会审议通过之日起至一年止。具体情况公告如下： 一、基本情况 1、投资目的 充分发挥闲置自有资金作用，提高资金使用效率，增加公司收益。 2、投资额度 公司拟使用自有资金不超过人民币 28 亿元购买理财产品，在上述额度范围 内资金可以滚动使用。 3、投资品种 公司将按照相关规定严格控制风险，选择向银行、证券及其他金融机构购买 安全性高、流动性好的理财产品，不涉及《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》第三章证券投资与衍生品交易中列示的投资品种 ...

证券代码：002050 证券简称：三花智控 公告编号：2025-037 浙江三花智能控制股份有限公司 第八届监事会第二次临时会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 公司监事会认为：董事会编制和审议《公司 2025 年第一季度报告》的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《公司 2025 年第一季度报告》详见公司于 2025 年 4 月 30 日在巨潮资讯网 （http://www.cninfo.com.cn）和《证券时报》《上海证券报》上刊登的公告（公告 编号：2025-038）。 二、会议以 3 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于使用 闲置自有资金购买理财产品的议案》。 公司监事会认为：在不影响正常经营及确保资金安全的情况下，公司及控股 子公司使用不超过人民币 28 亿元闲置自有资金购买理财产品有利于提高公司自有 资金的使用效率，提升公司盈利能力，不存在损害公司和股东利益的情况。公司 已建立了《委托理财管理制度》， ...

证券代码：002050 证券简称：三花智控 公告编号：2025-036 浙江三花智能控制股份有限公司 第八届董事会第二次临时会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江三花智能控制股份有限公司（以下简称"公司"）第八届董事会第二次临 时会议于 2025 年 4 月 25 日以书面形式或电子邮件形式通知全体董事，于 2025 年 4 月 29 日（星期二）以通讯方式召开。会议应出席董事（含独立董事）9 人， 实际出席 9 人。本次会议出席人数、召开程序、议事内容均符合《公司法》和《公 司章程》的规定。本次会议审议通过了以下议案： 一、会议以 9 票同意，0 票反对，0 票弃权的结果审议通过了《公司 2025 年第一季度报告》。该议案已经董事会审计委员会审议通过。 《公司 2025 年第一季度报告》详见公司于 2025 年 4 月 30 日在巨潮资讯网 （http://www.cninfo.com.cn）和《证券时报》《上海证券报》上刊登的公告（公 告编号：2025-038）。 二、会议以 9 票同意，0 票反对，0 票弃权的结果审议通过了《 ...

三花智控（002050）公告，2025年第一季度营收为76.69亿元，同比增长19.10%；净利润为9.03亿元， 同比增长39.47%。 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥7,669,450,484.82, representing a 19.10% increase compared to ¥6,439,558,590.31 in the same period last year[5] - Net profit attributable to shareholders was ¥903,416,215.84, a 39.47% increase from ¥647,742,424.05 year-on-year[5] - Basic and diluted earnings per share increased by 41.18% to ¥0.24, compared to ¥0.17 in the same period last year[5] - Net profit for the current period was ¥923,470,482.08, representing a 43% increase from ¥646,153,478.31 in the previous period[20] - Total comprehensive income of ¥909,931,515.12, compared to ¥639,307,380.83 in the prior period, an increase of 42.3%[21] Cash Flow - The net cash flow from operating activities surged by 333.66% to ¥467,558,178.15, up from ¥107,817,235.95 in the previous year[5] - Cash inflow from operating activities totaled ¥7,521,471,196.27, compared to ¥6,342,047,877.17 in the previous period, marking an increase of 18.6%[22] - The net cash flow from operating activities was 467,558,178.15, an increase from 107,817,235.95 in the previous period, indicating a significant improvement in operational efficiency[23] - The net increase in cash and cash equivalents was -340,174,629.37, compared to -708,524,367.37 in the previous period, indicating a reduced cash outflow overall[23] - Cash received from investment activities was 623,818,431.26, significantly higher than 234,065,242.48, showing improved returns on investments[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥37,160,724,315.25, a 2.22% increase from ¥36,354,748,426.21 at the end of the previous year[5] - Current assets amounted to CNY 22.68 billion, up from CNY 22.30 billion at the start of the period, indicating a growth of approximately 1.66%[16] - The total liabilities decreased to ¥16,687,249,119.42 from ¥16,835,104,902.78, a reduction of approximately 0.9%[17] - The company's cash and cash equivalents decreased to CNY 4.74 billion from CNY 5.25 billion, reflecting a decline of about 9.61%[15] - The company reported a significant increase in accounts payable, which stood at CNY 5.81 billion, down from CNY 5.99 billion, indicating a decrease of about 3.02%[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 247,672[11] - The shareholder structure indicates that Sanhua Holdings Group and Zhejiang Sanhua Green Energy Industrial Group are acting in concert, holding significant stakes in the company[13] Operating Costs and Expenses - Total operating costs amounted to ¥6,617,395,338.45, up 18.7% from ¥5,575,318,510.80 in the prior period[19] - Research and development expenses rose to ¥359,854,644.32, up 13.5% from ¥317,015,044.35 in the previous period[20] - The company paid 1,408,020,401.97 in cash to employees, which is an increase from 1,123,561,612.83, reflecting higher employee compensation costs[23] - Tax payments amounted to 330,932,306.73, a decrease from 378,126,222.32, indicating a potential reduction in tax liabilities[23] Investment Activities - The net cash flow from investing activities decreased by ¥17,050.92 million, primarily due to increased purchases of financial products[9] - The total cash outflow from investing activities was 1,466,571,938.92, compared to 906,309,547.64 previously, resulting in a net cash flow from investing activities of -842,753,507.66, which reflects increased investment expenditures[23] Government Subsidies - The company reported a government subsidy of ¥27,008,526.47, which is closely related to its regular business operations[6] - The company experienced a significant increase in other income, which rose by ¥2,455.29 million due to increased government subsidies received[8] Market Strategy - The company is focusing on expanding its market presence and developing new technologies, although specific figures were not provided in the documents[14] Audit Status - The company has not yet audited the first quarter report, which may affect the reliability of the financial data presented[25]

Group 1: Core Insights - The construction of the "A+H" dual capital market platform is aiding companies in achieving global breakthrough strategies amid changing international geopolitical landscapes [1][2] - Major home appliance and consumer electronics companies are accelerating their overseas base layouts, with fundraising in Hong Kong being a key factor [1][2] - Midea Group successfully raised over HKD 31 billion in its H-share issuance, marking the highest fundraising amount in the Hong Kong market in nearly three years [2] Group 2: Company Strategies - Midea Group's internationalization and global operations are long-term strategic goals, with joint manufacturing bases established in multiple countries [2] - Sanhua Intelligent Controls is applying for H-share issuance to enhance its international image and competitiveness, with funds aimed at global R&D and expanding product offerings [2][3] - Haier Smart Home emphasizes the importance of China's advanced infrastructure in facilitating communication between consumers and enterprises, enhancing product iteration speed [3] Group 3: Industry Trends - The consumer electronics industry is increasingly focusing on global diversification to mitigate risks associated with geopolitical uncertainties [4][5] - Lens Technology is seeking to expand its global business layout through its Hong Kong listing, enhancing its delivery capabilities and customer diversity [4][5] - GoerTek is planning to spin off its subsidiary for a Hong Kong listing to solidify its leadership in smart sensing solutions and capitalize on market transformation opportunities [5]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating a "Buy" recommendation for specific companies within the sector [1]. Core Insights - Consumer demand is expected to rebound quickly post-auto show, with an increase in orders anticipated as consumer hesitation regarding pricing and product offerings diminishes [4]. - The report highlights the significant role of technology, particularly in high-level autonomous driving and robotics, as key attractions at the auto show, which could stimulate demand for mid-to-large SUVs [4]. - The report suggests that the automotive market is supported by improving export expectations and a favorable pricing policy, which will benefit strong brands and leading component manufacturers [4]. Industry Updates - Retail sales of passenger vehicles reached 386,000 units in the 16th week of 2025, reflecting a month-on-month increase of 11.88%. Traditional energy vehicles accounted for 183,000 units, up 13.66%, while new energy vehicles reached 203,000 units, up 10.33%, with a penetration rate of 52.59% [4]. - The automotive industry recorded a total transaction value of 385.447 billion yuan this week, with an industry index increase of 4.87%, outperforming the Shanghai Composite Index [16]. - The report notes that 234 automotive stocks rose while 56 fell, with the largest gainers being Hai Lian Jin Hui, Heng Bo Shares, and Zhejiang Rong Tai, which saw increases of 46.6%, 31.8%, and 30.5% respectively [22]. Market Conditions - The report indicates that the automotive industry index has risen significantly, ranking first among all sectors in the Shenwan Hongyuan classification, with a notable increase in stock performance compared to the previous week [16]. - The report also mentions that the automotive sector's price-to-earnings ratio stands at 25.34, placing it in the middle range among Shenwan's primary sectors [19]. Key Events - The Shanghai Auto Show attracted nearly 1,000 companies from 26 countries, showcasing over 1,300 vehicles, with new energy vehicles comprising approximately 70% of the exhibition [5]. - Tesla's Q1 2025 performance was below expectations, with revenues of $19.3 billion, a year-on-year decline of 9.2%, and a net profit drop of 70.6% [12][13]. Investment Recommendations - The report recommends focusing on companies leading in automotive intelligence and robotics, such as XPeng, Geely, BYD, and others, as well as state-owned enterprises undergoing reforms like Dongfeng Motor Group and SAIC Motor [4]. - It emphasizes the importance of technological advancements and state-owned enterprise integration as key investment themes [4].