浙江银轮机械股份有限公司 总经理工作细则（修订稿） 第一章 总 则 第一条 为进一步完善浙江银轮机械股份有限公司（以下简称：公司）的治理结构， 根据《中华人民共和国公司法》（以下简称：《公司法》）《上市公司治理准则》《深 圳证券交易所股票上市规则》（以下简称：《股票上市规则》）《深圳证券交易所自律 监管指引第 1 号——主板上市公司规范运作》（以下简称：《规范运作》）等有关法律 法规、部门规章及《浙江银轮机械股份有限公司章程》（以下简称：《公司章程》《浙 江银轮机械股份有限公司董事和高级管理人员离职管理制度》（以下简称：《公司董事 和高级管理人员离职管理制度》）等相关规定，特制定本规则。 第二条 本细则所称高级管理层，包括总经理、副总经理及财务负责人。 第三条 高级管理层人员由董事会聘任或解聘，对董事会负责。 第二章 高级管理层人员的组成和任免程序 第四条 公司设总经理 1 名，副总经理 1-8 名，财务负责人 1 名。董事可受聘兼任 总经理、副总经理或者其他高级管理人员，但兼任总经理、副总经理或者其他高级管理 人员职务的董事不得超过董事总数的三分之一。 第五条 高级管理层人员的任免与解聘程序： （一）高级管 ...

第二条 监管机构对董事会秘书的考核、奖惩以及本工作细则是董事会考评董事会 秘书工作和对其进行奖惩的重要依据之一。 浙江银轮机械股份有限公司 董事会秘书工作细则（修订稿） 第一章 总则 第一条 为规范公司行为，明确董事会秘书的职责权限，根据《中华人民共和国公 司法》（以下简称：《公司法》）《上市公司治理准则》《深圳证券交易所股票上市规则》（以下 简称：《股票上市规则》）及《浙江银轮机械股份有限公司章程》（以下简称：《公司章程》等 有关规定，特制定本细则。 （七）不存在被证券交易场所公开认定为不适合担任上市公司董事和高级管理人 员等，期限尚未届满的情形。 第三章 职责 第三条 本公司设董事会秘书 1 名，作为公司与深圳证券交易所（以下简称：深交 所）之间的指定联络人。董事会秘书为公司的高级管理人员，在董事长领导下开展工作， 对公司和董事会负责。 第二章 任职资格 第四条 董事会秘书的任职资格包括但不限于以下方面： （一）具有大学专科以上学历，从事秘书、管理、股权事务等工作三年以上； （二）应当具备履职所必需的财务、管理、法律等专业知识，具有良好的职业道德 和个人品德； （三）不存在《公司法》等法律法规及其他有关规 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-097 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 暨对外投资的公告 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。 浙江银轮机械股份有限公司（以下简称"公司"）于2025年12月29日召开第九届董事 会第三十三次会议，审议通过了《关于向四川银轮新能源热管理系统有限公司增资暨对 外投资的议案》，同意公司向四川银轮新能源热管理系统有限公司（以下简称：四川银 轮）增资37,815万元人民币，主要用于四川银轮西南智能制造基地建设。 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 1号——主板上市公司规范运作》《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》等相关规定，该事项在公司董事会审批权限内，本次对 外投资事项不涉及关联交易，也不构成重大资产重组行为。现将有关事项公告如下： 一、对外投资概述 为满足西南客户属地化供货需求，提升公司新能源热管理业务市场占有率，公司拟 向四川银 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-096 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 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 1号——主板上市公司规范运作》等相关规定，该事项在公司董事会审批权限内，无需 提交公司股东会审议。现将有关事项公告如下： 一、募集资金基本情况 1.2017年非公开发行股票募集资金基本情况 经中国证券监督管理委员会证监许可〔2017〕63 号《关于核准浙江银轮机械股份有 限公司非公开发行股票的批复》核准，由主承销商国泰君安采用非公开发行方式发行人 民币普通股（A 股）80,001,664 股。每股发行价为人民币 9.01 元，共募集资金人民币 720,814,992.64 元，扣除发行费用 12,974,669.87 元（含税）后，于 2017 年 6 月 13 日存 入公司募集资金专用账户 707,840,322.77 元；另扣减其余发行费用 1,900,000.00 元（含 税）后，实际募集资金净额为 705,940,32 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-098 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 一、对外投资概述 为积极响应客户需求，支持全球供应链安全建设，加快产能扩张步伐，以满足订单 增长带来的产能需求，切实保障既有市场份额，并全力争取新项目落地。公司计划使用 自有资金向上海银轮投资有限公司增资约 26,885 万元人民币（按现有人民币对美元汇率 折算，折合 3,837 万美元），最终投向在墨西哥的新设子公司，主要用于墨西哥生产基 地建设，以提升区域配套和服务能力。 二、交易对方基本情况 1.交易对方基本情况 公司名称：上海银轮投资有限公司 公司类型： 有限责任公司（非自然人投资或控股的法人独资） 法定代表人：徐小敏 1 浙江银轮机械股份有限公司 关于向上海银轮投资有限公司增资暨对外投资的公告 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。 浙江银轮机械股份有限公司（以下简称"公司"）于2025年12月29日召开第九届董事 会第三十三次会议，审议通过了《关于向上海银 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-095 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 第九届董事会第三十三次会议决议公告 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。 浙江银轮机械股份有限公司第九届董事会第三十三次会议通知于 2025 年 12 月 24 日以邮件和专人送达等方式发出，会议于 2025 年 12 月 29 日以电子通信表决方式召开， 本次会议应参加会议董事 9 名，实际出席会议董事 9 名。本次董事会召开符合《中华人 民共和国公司法》和《公司章程》的相关规定，会议合法有效。 本次会议由公司徐小敏董事长主持，经与会董事认真讨论研究，会议审议并通过了 如下决议： 一、审议通过了《关于延长部分募集资金投资项目投资期限的议案》 表决结果：同意 9 票、弃权 0 票、反对 0 票，同意票数占全体董事的 100%。 《关于延长部分募集资金投资项目投资期限的公告》于同日刊登在《证券时报》《上 海证券报》及巨潮资讯网（http:// ...

Core Insights - The automotive parts industry in Zhejiang is collectively transforming towards humanoid robotics, viewing it as a significant growth opportunity following the success of electric vehicles and intelligent driving [2][3][7] - The market for humanoid robots is projected to grow substantially, with an expected sales volume of 12,400 units and a market size of 6.339 billion yuan by 2025, and further growth anticipated by 2035 [3][4] Group 1: Industry Transformation - Zhejiang's automotive parts companies are rapidly entering the humanoid robotics sector, with over 100 related companies and more than 40 listed on the A-share market [2][3] - Companies like Junsheng Electronics have upgraded their strategies to "Automotive + Robotics Tier 1," marking the beginning of a new growth phase [2][3] - The collective shift is characterized by strategic partnerships, product launches, and international market expansion [2][3] Group 2: Market Potential - The humanoid robot market is seen as a "potential stock" by Zhejiang automotive parts companies, with a strong belief in its future profitability [3][4] - The commercialization of humanoid robots is accelerating, with significant orders and deliveries reported in 2025 [3][4] Group 3: Cost Reduction and Localization - The rise in domestic production of core components for humanoid robots is driving down costs, with examples showing a 25% reduction in the cost of certain models compared to 2024 [5][6] - Companies are leveraging existing supply chains and production capabilities to reduce investment costs and enhance equipment utilization [6][7] Group 4: Technological Synergy - The transition to humanoid robotics is facilitated by the technological similarities between automotive parts and robotics, allowing for seamless integration and reduced R&D costs [7][8] - The existing expertise in sensors, motors, and mechanical transmission systems within the automotive sector is being effectively transferred to the humanoid robotics field [7][8] Group 5: Collaborative Ecosystem - The high overlap of customers between the automotive and humanoid robotics sectors enhances market entry opportunities for companies [8] - The collaborative nature of the supply chain is enabling companies to tap into existing channels for humanoid robot component procurement [8]

Core Conclusions - The overall beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The focus should be on "smart driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as the three main technology lines, along with the long-term certainty of "going overseas" [2][34] - EPS perspective: 1) Seek alpha that can traverse cycles in the existing market, prioritizing product companies with high competitiveness that can increase market share and companies that can enhance ASP by entering high-value tracks through internal and external expansion. 2) Globalization opens up growth space for automotive parts, with a significant increase in growth potential and risk resistance by prioritizing capacity layout in Europe, North America, and Southeast Asia [2][34] - Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [2] EPS Dimension Outlook - The automotive parts sector's beta is expected to be weak due to domestic total factors in 2026, with structural opportunities preferred over total opportunities. The focus should be on high-competitiveness product companies that can increase market share and those that can enhance ASP by entering high-value tracks through internal and external expansion [34] - Globalization is expected to open up growth space for automotive parts, with incremental orders mainly coming from Southeast Asia and European new energy markets [34] Market Review - The automotive parts sector's overall performance in 2025 was significantly influenced by AI and robotics, with the sector index outperforming the market in the first half of the year. However, it faced challenges in the second half due to U.S. tariffs and price wars [11][19] - The sector's valuation fluctuated, starting from approximately 21 times earnings at the beginning of 2025, peaking at 32 times by September, and then adjusting back down due to tariff impacts and slower-than-expected robotics progress [11][19] Globalization and Market Expansion - The global light vehicle production is projected to reach 78.82 million units in 2024, with overseas markets, particularly in Europe and North America, being significant contributors [52][57] - Chinese automotive parts companies are increasingly following domestic car manufacturers in their overseas expansion, leveraging cost control and response efficiency advantages [60][61] Recommended Companies and Focus Areas - Companies recommended for investment include Fuyao Glass, Xingyu Co., Minth Group, and others that are positioned to benefit from high competitiveness and market share growth [2][34] - Focus areas include smart driving technologies, liquid cooling systems, and humanoid robotics, which are expected to drive growth in the automotive parts sector [2][34]

Investment Rating - The report maintains a positive investment rating for the automotive industry, specifically recommending companies with strong alpha potential and growth prospects [2][4][5]. Core Insights - The report highlights the challenges faced by the used car export market, particularly from Japan, emphasizing the need for standardized rating systems and trust-building measures between buyers and sellers [3]. - It suggests that companies with strong operational capabilities, such as large dealership groups and platforms like Uxin, are well-positioned to capitalize on the growth of used car exports [3]. - The report notes that the automotive parts sector is currently facing headwinds due to high inventory levels and the exhaustion of trade-in subsidies, but there is a cautious optimism for market recovery in the coming year [4]. - Companies like Daimay and Fuda are highlighted for their stable performance and growth potential, particularly in the robotics sector and their international market presence [5][6]. Summary by Sections Used Car Export Insights - The used car export market is hindered by trust issues and a complex transaction chain, with Japan's stringent vehicle inspection policies serving as a potential model for improvement [3]. - Uxin is identified as a key player with a growing inventory of nearly 7,000 used cars, making it a recommended investment for the next two to three years [3]. Automotive Parts Sector Update - The automotive industry did not experience the anticipated year-end surge, primarily due to the depletion of trade-in subsidies and consumer hesitance [4]. - Recommendations include companies with strong alpha characteristics such as Shuanghuan Transmission and Yinlun, which are expected to benefit from stable growth and high market ceilings [4]. Daimay and Robotics Sector - Daimay is recognized for its stable earnings, low valuation, and significant growth potential, particularly in automotive interior components and robotics [5][6]. - The company has made significant strides in expanding its client base, including partnerships with major electric vehicle manufacturers, and is positioned to support Tesla's localization efforts in North America [6].

Group 1 - The core viewpoint of the news is that Yinlun Co., Ltd. has seen a significant increase in its stock price, rising 5.08% to 37.04 CNY per share, with a total market capitalization of 31.249 billion CNY and a trading volume of 706 million CNY [1] - Yinlun Co., Ltd. specializes in the research, production, and sales of heat exchangers, automotive air conditioning, and exhaust after-treatment systems, with heat exchangers accounting for 88.73% of its main business revenue [1] - The company has experienced a cumulative stock price increase of 4.11% over the past three days [1] Group 2 - According to data, a fund under China Europe Fund holds a significant position in Yinlun Co., Ltd., with 117,200 shares, representing 3.6% of the fund's net value, making it the eighth largest holding [2] - The fund has realized a floating profit of approximately 20,980 CNY today, with a floating profit of 16,290 CNY during the three-day stock price increase [2] Group 3 - The China Europe Manufacturing Upgrade Mixed Fund A was established on September 3, 2025, with a current scale of 46.044 million CNY and has experienced a loss of 8.4% since inception [3] - The fund manager, Zhong Ming, has been in position for 2 years and 102 days, with the fund's total asset scale at 1.365 billion CNY, achieving a best return of 59.76% and a worst return of -8.14% during the tenure [3]