Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China auto industry**, particularly **auto parts suppliers** and their global expansion efforts. The theme of "going global" is emphasized as a key strategy for growth amidst tariff uncertainties [1][2]. Core Insights 1. **Global Expansion as Growth Driver**: Investors believe that the next significant growth for China auto parts suppliers will stem from overseas markets. There is a consensus on the potential of global opportunities in the coming years [2][3]. 2. **Revenue Contribution Timeline**: It is anticipated that revenue from overseas markets will start to accelerate around **2026-2027**, due to the longer product development cycles of global OEMs compared to local Chinese OEMs [3]. 3. **Margin Concerns**: There are concerns regarding the potential for negative margins in overseas markets. However, it is suggested that China auto parts suppliers could achieve higher margins in offshore plants compared to local plants of global peers, due to lower R&D costs in China [4]. 4. **Cautious Outlook for Specific Companies**: The report indicates a downgrade for **Sanhua** and **Tuopu** due to a slowdown in demand in end markets like EVs and air conditioning. The outlook for EV growth in **1Q26** is cautious, influenced by the expiration of subsidies in both China and the US [5]. Additional Important Points - **Investor Questions**: The report addresses key investor questions regarding revenue timelines, margin impacts, and the right time to revisit specific companies like Sanhua and Tuopu [2][5]. - **Market Dynamics**: The report highlights the accelerated project wins from global OEMs, particularly from cost-sensitive mass-market brands such as **Stellantis**, **Volkswagen**, **Toyota**, and **Nissan** [3]. - **R&D Cycle**: The typical R&D cycle for new products is noted to be **2-3 years**, which impacts the timing of revenue recognition from overseas markets [3]. Conclusion - The China auto parts industry is poised for growth through global expansion, but challenges such as margin pressures and market demand fluctuations need to be carefully monitored. The cautious outlook for specific companies suggests a need for strategic reassessment in early **2026** [5].

东方证券认为，近期机器人板块调整幅度较大，预计主要系由于特斯拉推迟Optimus V3发布及量产计划 使得市场担心人形机器人整体量产进度及规模将不及预期。该行认为，特斯拉、Figure、小鹏等国内外 机器人公司仍在进行技术迭代、持续推进机器人量产落地进程，宇树科技等多家公司加快推进IPO， 2026年人形机器人将进入从0到1的规模化量产阶段，预计后续机器人板块仍将迎来催化，建议调整后继 续关注机器人产业链公司。 部分机器人概念股活跃，截至发稿，极智嘉-W(02590)涨5.09%，报24.34港元；三花智控（002050） (02050)涨4.13%，报33.78港元；德昌电机控股(00179)涨2.91%，报29.72港元；优必选(09880)涨0.63%， 报111.3港元。 消息面上，招商证券表示，国内机器人厂家在全球人形机器人竞争格局中的地位日益凸显。在政策层 面，工信部印发通知重点布局人形机器人应用，国家对人形机器人产业的支持力度达到了新的高度；在 应用方面，截至2025年11月国内机器人头部企业累计订单超24亿，订单已破2万台。特斯拉进度屡次推 迟，将2025年第四季度量产目标从5000台下调至2 ...

东方证券认为，近期机器人板块调整幅度较大，预计主要系由于特斯拉推迟Optimus V3发布及量产计划 使得市场担心人形机器人整体量产进度及规模将不及预期。该行认为，特斯拉、Figure、小鹏等国内外 机器人公司仍在进行技术迭代、持续推进机器人量产落地进程，宇树科技等多家公司加快推进IPO， 2026年人形机器人将进入从0到1的规模化量产阶段，预计后续机器人板块仍将迎来催化，建议调整后继 续关注机器人产业链公司。 消息面上，招商证券表示，国内机器人厂家在全球人形机器人竞争格局中的地位日益凸显。在政策层 面，工信部印发通知重点布局人形机器人应用，国家对人形机器人产业的支持力度达到了新的高度；在 应用方面，截至2025年11月国内机器人头部企业累计订单超24亿，订单已破2万台。特斯拉进度屡次推 迟，将2025年第四季度量产目标从5000台下调至2000-3000台，而国内订单逐渐放量，人形机器人量产 确定性逐渐向国内厂家转移。建议关注国产链相关标的。 智通财经APP获悉，部分机器人概念股活跃，截至发稿，极智嘉-W(02590)涨5.09%，报24.34港元；三 花智控(02050)涨4.13%，报33.78港元；德 ...

Group 1 - The top 20 stocks with significant capital inflow as of November 26 include Xinyisheng with 1.659 billion yuan, Zhongji Xuchuang with 1.632 billion yuan, and Yangguang Electric with 0.977 billion yuan [1] - Other notable stocks in the top 20 by capital inflow are Inspur Information with 0.777 billion yuan, Luxshare Precision with 0.731 billion yuan, and Huadian Technology with 0.679 billion yuan [1] - The list also features Shenghong Technology with 0.642 billion yuan, Changying Precision with 0.640 billion yuan, and Fenda Technology with 0.454 billion yuan [1] Group 2 - ZTE Corporation received a capital inflow of 0.425 billion yuan, while Rockchip received 0.363 billion yuan [1] - Other companies in the top 20 include Dayang Electric with 0.358 billion yuan, Tianfu Communication with 0.353 billion yuan, and Industrial Fulian with 0.341 billion yuan [1] - The list concludes with Dongshan Precision at 0.329 billion yuan, Zhaoyi Innovation at 0.303 billion yuan, and Sanhua Intelligent Control at 0.293 billion yuan [1]

Group 1 - The stock of Sanhua Intelligent Control (02050) was transferred from Goldman Sachs (Asia) Securities to Citibank on November 25, with a market value of HKD 482 million, accounting for 3.21% [1] - Sanhua Intelligent Control announced an interim dividend of HKD 1.2 per 10 shares for the six months ending June 30, 2025 [1] - JPMorgan raised the financial forecasts for Sanhua Intelligent Control for 2025 to 2027 by an average of 20%, reflecting better-than-expected Q3 performance and management's upgraded guidance [1] Group 2 - Key trends supporting Sanhua Intelligent Control's long-term growth include strong momentum in humanoid robots and AIDC liquid cooling, resilience in automotive parts business, and a robust global supply chain structure [1]

Group 1 - The stock of Sanhua Intelligent Control (02050) was transferred from Goldman Sachs (Asia) Securities to Citibank on November 25, with a market value of HKD 482 million, accounting for 3.21% [1] - Sanhua Intelligent Control announced an interim dividend of HKD 1.2 per 10 shares for the six months ending June 30, 2025 [1] - JPMorgan raised the financial forecasts for Sanhua Intelligent Control for 2025 to 2027 by an average of 20%, reflecting better-than-expected Q3 performance and management's upgraded guidance [1] Group 2 - Key trends supporting Sanhua Intelligent Control's long-term growth include strong momentum in emerging fields such as humanoid robots and AIDC liquid cooling, resilience in the automotive parts business, and a robust global supply chain structure [1]

证券代码：002050 证券简称：三花智控 公告编号：2025-106 浙江三花智能控制股份有限公司 关于取消召开 2025 年第二次临时股东大会的公告 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、误导性陈述或者重大遗漏。 一、取消股东大会的相关情况 1、取消的股东大会届次：2025年第二次临时股东大会 2、取消的股东大会召开时间：2025年11月27日14:00 3、取消的股东大会股权登记日：2025 年 11 月 20 日 4、取消的股东大会拟审议事项 二、取消股东大会的原因和后续安排 因两地交易所信息披露统筹安排的原因，经综合评估和谨慎考虑，公司决定 取消原定于 2025 年 11 月 27 日召开的 2025 年第二次临时股东大会，后续公司将 根据实际情况尽快另行召开董事会重新审议并决定股东大会会议时间安排。 公司对由此给广大投资者造成的不便深表歉意，并感谢广大投资者给予的支 持和理解。 特此公告。 浙江三花智能控制股份有限公司 董 事 会 2025 年 11 月 25 日 | 提案编码 | 提案名称 | 提案类型 | | --- | --- | --- | | 1.00 ...

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

Investment Rating - The report indicates a positive outlook for the humanoid robot industry, suggesting it is a promising investment opportunity with significant growth potential in the coming years [1]. Core Insights - The humanoid robot sector is expected to see mass production starting in 2026, with projected output levels of 50,000 to 100,000 units [2][9]. - The report highlights that the first wave of market momentum was driven by Elon Musk's announcement regarding production targets, while the second wave was influenced by a performance at the Spring Festival Gala [2][10]. - The overall market size for humanoid robots could reach 140 billion yuan if large-scale production of 1 million units is achieved, with an estimated cost of 140,000 yuan per unit [3][19]. - The industrialization of humanoid robots is accelerating, with major companies like Unitree Technology and UBTECH Robotics securing significant orders and preparing for IPOs [4][34]. Summary by Sections Humanoid Robot Market Review and Outlook - The report reviews the 2025 market performance, noting two key phases of growth driven by high-profile announcements and events [2][9]. - Future catalysts include the release of Tesla's Optimus Generation 3 and the anticipated IPOs of domestic companies [10][22]. Humanoid Robot Price and Volume Analysis - The report estimates that the cost structure of humanoid robots will see a breakdown with significant portions attributed to linear and rotational actuators [19][20]. - The market is expected to grow substantially with mass production, indicating a clear path for industrialization [22]. Acceleration of Humanoid Robot Industrialization - Major players in the industry are ramping up production capabilities and securing large orders, indicating a robust growth trajectory [4][29][31]. - The report identifies three categories of domestic players: established robot manufacturers, automotive companies, and internet giants, each leveraging their strengths in the humanoid robot space [23]. Investment Recommendations - The report suggests focusing on companies with strong order visibility and significant value in the supply chain, such as Top Group and Sanhua Intelligent Control [5][38]. - It also highlights the importance of monitoring core component suppliers that have secured orders or are undervalued [5][38].

| 股份代號: | 02050 | | --- | --- | | 上市法國名稱: | 浙江三花智能控制股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 25/10/2025 - 25/11/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 份數目 | | | ( 請參閱上述 * 註解 ) 有投票權股 (日 / 月 / 年) | | | | | | | | | 份自分比 | | | | | | | | | ( % ) | | | CS20251124E00035 | GIC Private Limited | 1201(L) | | 449.600(L | HKD 32,4554 | 33.064.000(L) | 6.94(L)19/11/2025 | 格隆汇11月25日丨根据联交所最新权益披露资料显示，2025年11月19日，三花智 ...