Investment Rating - The report maintains a "Positive" investment rating for the automotive industry, particularly focusing on the mid-to-high-end market and strong alpha companies [3][4]. Core Insights - The Chinese automotive market is transitioning between the third and fourth consumption eras, with a notable expansion in mid-to-large SUVs and personalized products, indicating untapped consumer potential [4]. - The report emphasizes the importance of innovative supply to stimulate market demand, highlighting products like Yu7, Zun Jie S800, and upcoming models from Li Auto as key drivers [4]. - The report suggests continued attention to strong alpha manufacturers such as Li Auto, JAC, Xiaomi, and Seres, as well as their corresponding supply chain companies [4]. Industry Update - Retail sales of passenger cars reached 570,000 units in the 26th week of 2025, with a month-on-month decrease of 1.38%. Traditional energy vehicles sold approximately 274,000 units, down 7.43%, while new energy vehicles sold 296,000 units, up 4.96%, achieving a penetration rate of 51.93% [4]. - The automotive industry experienced a total transaction value of 425.645 billion yuan this week, reflecting a week-on-week decrease of 5.01% [4]. - The automotive industry index rose by 0.10% this week, while the Shanghai and Shenzhen 300 index increased by 1.54%, indicating that the automotive sector's performance was below the broader market [11]. Market Conditions - The report notes that 123 automotive stocks rose while 159 fell this week, with the largest gainers being TaoTao Automotive, Hunan Tianyan, and Zhengyu Industrial, which saw increases of 29.8%, 21.0%, and 18.3%, respectively [15]. - Key events include the launch of the Xiaopeng G7, which exceeded pricing expectations and features advanced autonomous driving capabilities, and the opening of BYD's factory in Brazil, enhancing its presence in the Latin American market [5][8]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies involved in the trend of smart technology, including Jianghuai Automobile and Seres [4]. - It also suggests monitoring state-owned enterprise reforms, particularly with SAIC Motor, and identifying component manufacturers with strong growth potential, such as Fuyao Glass and New Spring [4]. Key Events - Xiaopeng G7 was launched with a starting price of 195,800 yuan, featuring advanced AI capabilities and a significant increase in autonomous driving performance [5][41]. - BYD's new factory in Brazil aims for an annual production capacity of 150,000 vehicles, with plans to expand to 300,000 units, marking a significant step in its global strategy [8][9].

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-057 | | --- | --- | | 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 关于回购股份进展情况的公告 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5月6日召开第九届董事会 第二十二次会议，审议通过了《关于回购股份方案的议案》，同意公司使用股票回购专 项贷款和自有资金以集中竞价交易方式回购公司部分社会公众股份（A股普通股），用 于实施股权激励或员工持股计划。本次用于回购股份的资金总额不低于人民币5,000万元 （含），且不超过人民币10,000万元（含），回购价格不超过36元/股，具体回购股份的 数量及占总股本的比例以回购期满时实际回购数量为准。本次回购股份的实施期限为自公 司董事会审议通过回购股份方案之日起不超过12个月。具体内容详见公司分别于2025年 5月7日、2025年5月14日在指定媒体披露的《关于回购股份方案暨取得回购专项贷款承 诺函的公告》《回购股份报告书》。 因实施20 ...

特别提示： 股票代码：002126 股票简称：银轮股份 可转债代码：127037 可转债简称：银轮转债 转股价格：人民币 10.39 元/股 转股期限：2021 年 12 月 13 日至 2027 年 6 月 6 日（因 2027 年 6 月 6 日为非交易 日，实际转股截止日期为 2027 年 6 月 4 日） | 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-056 | | --- | --- | | 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2025年第二季度可转换公司债券转股情况的公告 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。 一、可转换公司债券发行上市情况 1. 可转换公司债券的发行情况 经中国证券监督管理委员会"证监许可〔2021〕672 号"文核准，浙江银轮机械股份 有限公司（以下简称"公司"）于 2021 年 6 月 7 日公开发行了 700 万张可转换公司债券， 每张面值人民币 100 元，发行总额人民币 7 亿元。发行方式采用向公司原股东优先配售， 原股东优先配售后余额部分 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-058 | | --- | --- | | 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 关于第二期员工持股计划存续期即将届满的提示性公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 浙江银轮机械股份有限公司（以下简称"公司"）于 2020 年 12 月 21 日召开的第八 届董事会第四次会议及 2021 年 1 月 7 日召开的 2021 年第一次临时股东大会审议通过了 《公司第二期员工持股计划（草案）及摘要》《公司第二期员工持股计划管理办法》及 相关事项的议案。相关具体内容详见公司于 2020 年 12 月 23 日、2021 年 1 月 8 日在《上 海证券报》《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 鉴于公司第二期员工持股计划（以下简称"本次员工持股计划"）存续期将于 2026 年 1 月 7 日届满，根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券 交易所上市公司自律监管指引第 1 ...

Core Viewpoint - The company has announced the achievement of the exercise conditions for the third exercise period of its 2022 stock option incentive plan, allowing 358 eligible participants to exercise a total of 11,679,250 stock options at an exercise price of 9.76 yuan per share, effective from July 1, 2025, to March 31, 2026 [1][2][11]. Summary by Sections Stock Option Incentive Plan - The stock option incentive plan was approved by the company's board and involves a total of 11,679,250 stock options, representing 1.3991% of the company's total share capital [1][2]. - The exercise price for the first grant of stock options was set at 9.76 yuan per share, following adjustments due to annual profit distributions [5][12]. Approval Process - The board of directors has completed all necessary approval procedures for the stock option incentive plan, including independent opinions from independent directors [2][3]. - The plan has undergone multiple reviews and adjustments, including changes to the list of incentive recipients and the number of options granted [3][4]. Performance Assessment - The performance assessment for the incentive plan spans from 2022 to 2025, with specific annual targets for net profit and revenue [8][9]. - The exercise conditions are based on the achievement of these performance targets, with a detailed breakdown of the required metrics for each exercise period [8][10]. Impact on Financials - If all options are exercised, the company's total share capital will increase from 834,797,184 shares to 846,476,434 shares, which may dilute earnings per share and return on equity [14][15]. - The company will manage the funds raised from the exercise of options in a dedicated account to supplement its working capital [15]. Tax and Compliance - Participants are responsible for their personal income tax, which will be withheld and paid by the company [15]. - The company will disclose any changes in the list of incentive recipients and significant adjustments to stock option parameters in its regular reports [15][16].

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-055 | | --- | --- | | 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 关于控股子公司公开发行股票并在北京证券交易所 上市申请获得受理的提示性公告 二、风险提示 朗信电气向不特定合格投资者公开发行股票并在北交所上市的申请存在无法通过 北交所发行上市审核或中国证监会注册的风险，存在因公开发行失败而无法在北交所上 市的风险。 公司将根据相关事项进展情况，按照相关法律法规规定及时履行信息披露义务，敬 请广大投资者谨慎决策，注意投资风险。 三、备查文件 北京证券交易所出具的《受理通知书》 特此公告 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"）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"）为全国中小企业股份转让系统挂牌企业（证券简 称：朗信电气，证券代码：874326）。拟向不特定合格投资者公开发行股票并在北京 证券交易所（以下简称"北交所"）上市。现将相关事项公告如下： 一、朗信电气公开 ...

Group 1 - The company, Yinlun Co., Ltd. (002126), announced that its subsidiary, Langxin Electric, has applied for a public stock offering and listing on the Beijing Stock Exchange [1] - Langxin Electric submitted the relevant application materials to the Beijing Stock Exchange on June 23, 2025 [1] - On June 25, 2025, Langxin Electric received the acceptance notice from the Beijing Stock Exchange, confirming that the listing application has been officially accepted [1]

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-054 | | --- | --- | | 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 关于公司 2022 年股票期权激励计划首次授予部分 第三个行权期采用自主行权模式的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 6 月 20 日召开第九届 董事会第二十五次会议，审议通过了《关于 2022 年股票期权激励计划首次授予部分第 三个行权期行权条件成就的议案》，根据《上市公司股权激励管理办法》（以下简称《管 理办法》）及公司《2022 年股票期权激励计划（草案）》（以下简称《激励计划》）的 相关规定，董事会认为公司 2022 年股票期权激励计划首次授予部分股票期权第三个行 权条件已经成就，符合行权条件的 358 名激励对象可行权的股票期权数量为 11,679,250 股。截至本公告日，本次自主行权事项已获深圳证券交易所审核通过，公司已在中国证 券登记结算有限责任公司深圳分公司完成自主行 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-053 | | --- | --- | | 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 本次注销的部分股票期权尚未行权，注销后不会对公司股本结构造成影响，注销事 项符合《上市公司股权激励管理办法》、公司《2022年股票期权激励计划（草案）》等 相关规定，不存在损害公司及其他股东特别是中小股东利益的情形。 特此公告 浙江银轮机械股份有限公司 董 事 会 2025 年 6 月 25 日 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 6 月 20 日召开第九届 董事会第二十五次会议及第九届监事会第十七次会议，审议通过了《关于注销 2022 年 股票期权激励计划部分股票期权的议案》，具体内容详见公司于 2025 年 6 月 21 日在指 定媒体披露的《关于注销 2022 年股票期权激励计划部分股票期权的公告》（公告编号： 2025-052）。 公司本次注销股票期权数量为328,250股，涉及人数24人 ...

Investment Rating - The report maintains a "Buy" rating for the automotive sector [1] Core Views - The continuation of the "old-for-new" subsidy policy is expected to support automotive consumption, leading to a positive outlook for the automotive sector [7][17] - The completion of 2,500 5C supercharging stations by Li Auto indicates strong infrastructure development, surpassing Tesla's charging network in China [3][13] - The launch of the Li Auto i6, a pure electric SUV, is anticipated in September 2025, showcasing advancements in electric vehicle technology [4][14] Summary by Sections Recent Developments - Li Auto has completed its goal of building 2,500 5C supercharging stations, with the latest located at Shanghai Disneyland, featuring a design of three groups of dual-gun 5C charging piles [3][13] - The i6 model has been officially announced and is set to launch in September 2025, featuring a pure electric architecture and various powertrain options [4][14] - The "old-for-new" subsidy policy will continue, with central funding expected to be distributed in batches, totaling 3 trillion yuan for the year [5][15] Market Performance - The automotive sector underperformed compared to the Shanghai Composite Index, with a weekly decline of 2.6% from June 16 to June 20, 2025 [18] - The performance of individual stocks varied, with Li Auto experiencing a decline of 7.1% during the same period [18][23] Investment Recommendations - The report recommends several companies poised to benefit from the current market conditions, including Li Auto, BYD, and Great Wall Motors, among others [7][17] - It highlights the potential for high-end vehicle manufacturers to gain from the ongoing shift towards premium offerings in the automotive market [7][17]