Market Overview - The home appliance components sector experienced a decline of 0.51% on November 18, with United Precision leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable stock performances included: - HaLi Co., Ltd. (600619) closed at 19.79, up 2.06% with a trading volume of 369,900 shares and a transaction value of 736 million [1] - Sanhua Intelligent Control (002050) closed at 42.14, up 0.69% with a trading volume of 1,146,200 shares and a transaction value of 4.829 billion [1] - United Precision (001268) closed at 34.01, down 5.89% with a trading volume of 55,500 shares and a transaction value of 190 million [2] Capital Flow - The home appliance components sector saw a net outflow of 434 million from institutional investors, while retail investors contributed a net inflow of 246 million [2] - The capital flow for key stocks included: - HaLi Co., Ltd. had a net inflow of 30.12 million from institutional investors [3] - United Precision experienced a net inflow of 10.45 million from retail investors but a net outflow of 16.40 million from institutional investors [3]

证 券 研 究 报 告 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 家电行业 2025Q3 基金重仓分析 重仓家电比例下降，家电上游及清洁电器获 推荐（维持） 增配 行业研究 家电 2025 年 11 月 18 日 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,320.65 | 1.67 | | 流通市值(亿元) | 18,146.56 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.4% | 8.0% | 9.9% | | 相对表现 | 3.4% | -9.4% | -4.7% | -11% -2% 8% 18% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11 ...

Core Viewpoint - The A-share market experienced a volatile pullback on November 18, with the battery sector facing significant declines, particularly the Battery 50 ETF (159796), which dropped over 4% despite a net inflow of 60 million yuan during the day, bringing its total inflow over the past two days to more than 870 million yuan, reaching a new high of over 10.45 billion yuan in total assets [1][3]. Market Performance - The Battery 50 ETF (159796) saw most of its constituent stocks decline, with the battery materials sector leading the losses. Notable declines included Fu Lin Precision Engineering down over 15%, Xinzhou Bang and Hunan Youneng down over 10%, and Tianqi Materials and Putailai hitting their daily limit down [3][4]. - The top ten constituent stocks of the Battery 50 ETF included major players like Longi Green Energy and CATL, with declines ranging from 2.05% to 6.47% [4]. Stock Movements - CATL's shareholder Huang Shilin plans to transfer 45.63 million shares at a price of 376.12 yuan per share, which has been fully subscribed by 16 institutional investors [4]. - The recent sell-off in battery materials coincided with a continued upward trend in lithium carbonate futures prices, which have surged from less than 70,000 yuan/ton in July to nearly 90,000 yuan/ton in November [5][7]. Industry Trends - The lithium battery upstream raw materials have been experiencing a collective price increase since July, with lithium carbonate and lithium hexafluorophosphate prices seeing significant rises, impacting the pricing of electrolytes and other components [7][8]. - The demand for negative electrode materials has also increased, with a year-on-year growth of over 15% in graphite demand, leading to price increases among major producers [8]. Storage Market Insights - The domestic energy storage market is approaching an economic inflection point, driven by the marketization of renewable energy and capacity pricing, with expectations of over 30% growth in lithium battery demand next year [9][10]. - Analysts predict that the global energy storage installation will see a growth of 50-60% next year, with significant demand expected from emerging markets [10]. ETF Investment Strategy - The Battery 50 ETF (159796) is highlighted for its high exposure to the energy storage sector, which constitutes 26% of its index, and a substantial 42% exposure to solid-state battery technology, indicating strong growth potential [11][13]. - The ETF is noted for its low management fee of 0.15% per year, making it an attractive option for investors looking to capitalize on the battery sector's growth [16].

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Aibo Medical, Sanhua Intelligent Control, Zhaoyi Innovation, and Jinpan Technology [11] - In the last five days, the most popular companies for institutional research include Industrial Fulian, Anbotong, Boying Special Welding, Optoelectronics, and Anke Biology [11] - Among the top twenty companies in the last 30 days, 17 companies had ten or more rating agencies involved, with significant net profit growth expected for companies like Jiao Cheng Ultrasound, Ninebot Company-WD, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [11][12] Group 2: Shareholder Increase in A-Share Listed Companies - From November 10 to November 14, 2025, only one A-share listed company, Su Nong Bank, announced significant shareholder increase progress [16] - From January 1 to November 14, 2025, a total of 290 companies announced shareholder increase progress, with 74 of them having ten or more rating agencies involved [17] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 10 to November 14, 2025, 70 companies announced buyback progress, with 13 having ten or more rating agencies involved [20] - Among these, 18 companies had an average expected buyback amount exceeding 1% of their market value on the announcement date, with a focus on companies like Rongsheng Environmental Protection, Chengde Lulou, and Jiamei Packaging [20] - From January 1 to November 14, 2025, a total of 1,804 companies announced buyback progress, with 342 having ten or more rating agencies involved, and 91 companies had a significant expected buyback amount [22]

Core Insights - A total of 677 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of November 17 [1] - The stock with the longest continuous net outflow is Jianyan Institute, with 20 days of outflows, followed by Jindun Co., which has seen 19 days of outflows [1] - The largest total net outflow amount is from Zhinan Zhen, with a cumulative outflow of 5.922 billion yuan over 13 days [1] Summary by Category Stocks with Longest Net Outflows - Jianyan Institute: 20 days of net outflows [1] - Jindun Co.: 19 days of net outflows [1] Stocks with Largest Net Outflow Amounts - Zhinan Zhen: 5.922 billion yuan over 13 days [1] - Sanhua Intelligent Control: 5.208 billion yuan over 7 days [1] - Shenghong Technology: 3.657 billion yuan over 7 days [1] Stocks with Highest Net Outflow Ratios - Daon Co.: 13.36% net outflow ratio over 5 days [1] - Sanhua Intelligent Control: 9.04% net outflow ratio over 7 days [1] - Zhongke Shuguang: 9.30% net outflow ratio over 7 days [1] Stocks with Notable Price Changes - Zhinan Zhen: -21.74% cumulative price change [1] - Sanhua Intelligent Control: -16.90% cumulative price change [1] - Tianfu Communication: -16.17% cumulative price change [1]

Group 1 - The price of lithium iron phosphate (LFP) has rebounded, increasing by approximately 10% since October, driven by strong demand from automakers and battery manufacturers, as well as a surge in global energy storage needs [1] - Major companies have their LFP orders booked until the first half of next year, with production lines operating at full capacity [1] - The rapid development of new technologies, such as high-voltage LFP, is prompting midstream material companies to upgrade their technologies and adjust their production capacity structures [1] Group 2 - As of October 31, 2025, the CSI New Energy Vehicle Industry Index (930997) includes 50 listed companies involved in various sectors of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [2] - The top ten weighted stocks in the index account for 53.56% of the total index, with companies like CATL, BYD, and Ganfeng Lithium among the leaders [2][4] Group 3 - The CSI New Energy Vehicle Industry Index has shown a strong performance, with a 1.23% increase, and individual stocks like Rongbai Technology and Tianhua New Energy seeing significant gains of 20% and 13.13% respectively [1][2] - The New Energy Vehicle ETF (515700) has also benefited from the recovery in lithium battery market sentiment, rising by 1.05% [1]

公司公告汇总关于部分限制性股票回购注销完成的公告 浙江三花智能控制股份有限公司已完成对2022年和2024年限制性股票激励计划中不符合条件的激励对象 所持部分限制性股票的回购注销。其中，2022年计划涉及51名激励对象，回购注销19.80万股，回购价 格为9.05元/股；2024年计划涉及89名激励对象，回购注销71.40万股，回购价格为11.40元/股。本次合计 注销91.20万股，占注销前总股本的0.0217%，回购资金总额为9,931,500元，均为公司自有资金。注销后 公司总股本由4,208,925,935股减少至4,208,013,935股。相关股份已在中国证券登记结算有限责任公司深 圳分公司完成注销手续。 截至2025年11月14日收盘，三花智控(002050)报收于42.48元，下跌4.09%，换手率3.89%，成交量143.22 万手，成交额61.33亿元。 当日关注点 交易信息汇总资金流向 11月14日主力资金净流出6.86亿元；游资资金净流入1.12亿元；散户资金净流入5.74亿元。 大宗交易 11月14日三花智控发生1笔大宗交易，机构净买入254.88万元。 H股公告-翌日披露报表 浙江 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The consensus in the industry is converging, and the moment for mass production is approaching, indicating that investment opportunities are about to emerge [2][8] - Recent market confidence in the mass production of robots has declined slightly, leading to a minor pullback in the robotics sector. However, the report anticipates clearer mass production scenarios in the first half of 2026, with the V3 prototype expected to be a significant signal [3][8] - Key companies are showing signs of consensus in terms of product definition, commercialization, and models, which is crucial for the industry's advancement [8] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on supply chain mass production suppliers as the market is expected to pay close attention to them. Recommended stocks include: - Top Group (601689, Buy) - Sanhua Intelligent Control (002050, Buy) - Wuzhou New Spring (603667, Buy) - Hengli Hydraulic (601100, Not Rated) - Zhenyu Technology (300953, Buy) - UBTECH (09880, Not Rated) [3] Market Dynamics - The humanoid robot sector has recently experienced a pullback due to market concerns about the challenges of implementation. Factors influencing this include the recent showcase of the new generation IRON robot by Xiaopeng, which is set for mass production by the end of 2026, primarily in commercial scenarios rather than industrial or service applications [8] - The report highlights that the industry is likely to undergo a process of forming consensus before mass production begins, as various aspects such as usage scenarios, model selection, and training methods are still not fully aligned [8] Industry Developments - Several leading companies are achieving consensus in defining their products and commercializing them. For instance, Yushu Technology has launched its first wheeled humanoid robot G1-D and a comprehensive data collection and training solution [8] - UBTECH has received significant orders for its humanoid robots, with total orders for the Walker series exceeding 800 million yuan [8]

Core Insights - Sanhua Intelligent Control (002050) has recently increased its registered capital from approximately 3.73 billion RMB to about 4.21 billion RMB, representing a growth of around 13% [1] Company Overview - Established in September 1994, Sanhua Intelligent Control is led by legal representative Zhang Yabo [1] - The company's business scope includes manufacturing of general valves and cocks, research and development of household appliances, manufacturing of refrigeration and air conditioning equipment, household appliances, general components, motors, and fans [1] Shareholder Information - The company is jointly held by Sanhua Holdings Group Co., Ltd., Zhejiang Sanhua Green Energy Industrial Group Co., Ltd., and HKSCC NOMINEES LIMITED [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 浙江三花智能控制股份有限公司 呈交日期： 2025年11月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 002050 | 說明 | A股 (於深圳證券交易所上市) | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | ...