浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召开第九届 董事会第三十二次会议，审议通过了《关于延长控股子公司向不特定合格投资者公开发 行股票并在北京证券交易所上市股东会决议有效期的议案》，根据《深圳证券交易所股 票上市规则》《公司法》及《公司章程》等相关规定，本议案尚需提交公司 2025 年第 三次临时股东会审议，现将有关事项公告如下： 一、本次拟延长决议有效期情况 2025 年 1 月 20 日，公司召开 2025 年第一次临时股东大会，审议通过了《关于控股 子公司向不特定合格投资者公开发行股票并在北京证券交易所上市的议案》。同意控股 子公司江苏朗信电气股份有限公司（以下简称"朗信电气"）申请向不特定合格投资者 公开发行股票并在北京证券交易所上市（简称"本次发行上市"），决议有效期自朗信 电气 2025 年第一次临时股东大会决议通过之日起 12 个月。同时授权公司董事会及其授 权代表全权办理与本次发行上市相关的事宜，授权有效期自公司 2025 年第一次临时股 东大会审议通过之日起 12 个月。 鉴于上述决议有效期即将届满，为保证朗信电气本次发行上市工作的延续性和有效 性， ...

1．股东会届次：2025年第三次临时股东会 2．股东会的召集人：公司第九届董事会 3．会议召开的合法、合规性：公司于2025年12月12日召开第九届董事会第三十二 次会议，会议审议通过了《关于召开2025年第三次临时股东会的议案》，本次会议的召 开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 4．会议召开的日期、时间： （1）现场会议召开时间：2025年12月30日14:00 | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-093 | | --- | --- | --- | | 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 关于召开2025年第三次临时股东会的通知 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。 一、召开会议的基本情况 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间：2025年12月30日9:15-9:25， 9:30－11:30，13:00－15:00。 通过深圳证券交易所互联网投票系统投票的时间：2025年12月30日9:15-15:00。 ...

一、审议通过了《关于延长控股子公司向不特定合格投资者公开发行股票并在北京 证券交易所上市股东会决议有效期的议案》 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%。 《关于延长控股子公司向不特定合格投资者公开发行股票并在北京证券交易所上 市股东会决议有效期的公告》于同日刊登在《证券时报》《上海证券报》及巨潮资讯网 （http:// www.cninfo. com.cn）。 | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-091 | | --- | --- | --- | | 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 第九届董事会第三十二次会议决议公告 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三十二次会议通知于 2025 年 12 月 7 日 以邮件和专人送达等方式发出，会议于 2025 年 12 月 12 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 ...

Core Viewpoint - The company is focusing on automotive thermal management as its core business while expanding into digital energy liquid cooling and intelligent robotic components, indicating a diversified growth strategy [1] Business Structure - The current business structure is primarily based on automotive thermal management, which is experiencing steady growth [1] - The digital energy liquid cooling segment is rapidly developing, showcasing the company's commitment to innovation [1] - The intelligent robotic components segment is in its early stages of development, suggesting potential for future growth [1] Production Capacity - The company is steadily advancing its overseas production capacity, which is expected to enhance revenue and profit contributions from international markets as capacity is gradually released [1]

Core Viewpoint - The company is focusing on three high-growth sectors: automotive thermal management, digital energy liquid cooling, and embodied intelligent robotics, with an emphasis on the capacity release schedule for 2025 and the potential increase in revenue contribution from these emerging businesses [2] Group 1: Business Structure and Growth - The company's current business structure is primarily based on automotive thermal management, supplemented by digital energy liquid cooling and components for embodied intelligent robotics [2] - The automotive thermal management business is experiencing steady growth, while the digital energy liquid cooling segment is developing rapidly [2] - The embodied intelligent robotics sector is still in its early development stage [2] Group 2: Capacity and Revenue - The company is steadily advancing its overseas capacity construction, which is expected to enhance overseas revenue and profit contributions as capacity is gradually released [2]

Group 1 - The company has indicated that its subsidiary currently operates in the electronic water pump business [1]

Group 1 - The company has a subsidiary that currently operates in the electronic water pump business [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector continues to rebound, entering an upward channel, with the core company index rising by 5.54%, outperforming the broader market [12][11] - Multiple factors contributed to the unexpected strength of the rebound, including prior adjustments in the sector, advancements in Tesla's Optimus robot, and anticipated supportive policies from the U.S. government [4][12] - The year 2026 is projected to be a milestone for humanoid robot mass production, with significant catalysts expected [4][40] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot sector index and leading stocks have shown a continued rebound, with the core company index increasing by 5.54% during the week of December 1 to December 5, 2025 [12][11] - The top five performers included Hengli Hydraulic (+11.53%), Siling Co. (+10.07%), and Wuzhou Xinchun (+9.24%) [12][14] Optimus Robot Development - Tesla's Optimus robot is progressing towards mass production, with recent demonstrations showcasing its running capabilities, achieving speeds of 2.5-3 m/s [5][16] - The U.S. government is expected to introduce supportive policies for the robot industry, which may accelerate development and enhance market confidence [31][33] - The domestic industrialization process is also speeding up, with leading companies preparing for capital market entry [34][38] Investment Opportunities - Key investment opportunities are identified in the supply chain, including components such as head assemblies, bearings, and structural parts [27][30] - Specific companies recommended for investment include Lens Technology, Minth Group, and Wuzhou Xinchun, among others [6][30] - The report emphasizes the importance of technological upgrades and supply chain integration to support mass production [27][30]

Core Insights - The report maintains a bullish outlook on the automotive industry, emphasizing the synergy between policies, exports, and smart technology, which is reshaping the market landscape [1][2]. Group 1: Industry Growth Logic - The automotive industry is projected to see a total sales volume of over 34 million units in 2025, with a year-on-year growth rate of approximately 8% [8]. - In the first ten months of 2025, cumulative sales reached 27.65 million units, reflecting a year-on-year increase of 12.29% [8][7]. - The penetration rate of new energy vehicles (NEVs) reached 46.70% in the same period, with cumulative sales of 12.91 million units, up 32.42% year-on-year [21][4]. - The export growth rate for NEVs was significantly higher at 87.57%, compared to domestic demand growth of 25.71% [21][4]. Group 2: Export Dynamics - In the first ten months of 2025, China's automotive exports reached 5.58 million units, marking a year-on-year increase of 15.05%, with exports accounting for 20.19% of total sales [11][10]. - The top ten exporting companies included Chery and BYD, with Chery exporting 1.063 million units, a 12.9% increase, and BYD's exports surging by 140% to 789,000 units [11][10]. Group 3: Domestic Demand - Domestic sales in the first ten months of 2025 totaled 22.06 million units, reflecting an 11.61% year-on-year increase [15][14]. - The "trade-in" policy has been enhanced to stimulate domestic demand, expanding the scope of vehicle scrappage and increasing subsidy standards [15][14]. Group 4: Self-owned Brands - The market share of domestic brands in passenger vehicles rose to 69.48% in the first ten months of 2025, up from 38.43% in 2022, with a growth rate of 21.31% [19][18]. - The overall growth rate for passenger vehicles was 12.80%, indicating a strong performance from domestic brands [19][18]. Group 5: Smart Technology and Parts - The smart driving market in China is expected to approach 450 billion yuan by 2025, with the penetration rate of L2-level assisted driving exceeding 50% [33][31]. - The report highlights the acceleration of domestic parts replacement, driven by supportive national policies and expanding market scales, particularly in the NEV sector [38][34]. - The synergy between smart connected vehicles and humanoid robots is noted, with both industries sharing over 50% of supply chain resources, which could significantly reduce production costs for robots [41][39]. Group 6: Investment Recommendations - Recommended companies in the complete vehicle sector include BAIC Blue Valley, GAC Group, and Great Wall Motors [47]. - In the parts sector, companies such as Bertley, Yinlun, and Longsheng Technology are highlighted as potential investment opportunities [47]. - For small-cap stocks, Baihehua is suggested as a promising investment [47].

Group 1 - The core viewpoint of the report emphasizes that AI is driving the continuous upgrade of computing infrastructure and smart terminals, leading to a surge in demand for liquid cooling systems and robotics in the automotive parts industry [1][2] - The integration of liquid cooling and robotics is highly synergistic with automotive components, allowing for an extension from automotive thermal management to data center cooling and from precision manufacturing to core robotic components [1][2] - The automotive parts industry is expected to experience a "second/third growth curve," reshaping its business boundaries and growth trajectories due to advancements in AI and related technologies [1][2] Group 2 - Companies with technological synergies, system integration capabilities, cost reduction abilities, and global reach will benefit from the AI-driven wave in the automotive parts sector [2] - Automotive manufacturers and parts companies are expanding their business boundaries to achieve "same-source manufacturing + scenario collaboration," enhancing their competitive edge [2] - The report recommends specific companies in the robotics and liquid cooling sectors, highlighting their potential as beneficiaries of the ongoing technological advancements [2]