Group 1 - A-shares experienced significant movement with 39 stocks hitting the daily limit up and 8 stocks hitting the limit down on February 13 [1] - The autonomous driving and smart cockpit sectors saw a simultaneous rise, with Zhejiang Shibao, Xingmin Zhitong, and Qianli Technology reaching the limit up [1] - The advanced packaging concept also strengthened, with Yitian Co., Ltd. hitting the limit up [1] Group 2 - ST Cuihua faced a continuous decline with 4 consecutive limit down days, while *ST Jinglun and *ST Xiongmao experienced 2 consecutive limit down days [2] - Other companies such as Yabo Co. and Zhuolang Intelligent also hit the limit down [2]

Core Viewpoint - The stock price of Xingmin Zhitong (002355) has declined against the industry trend, primarily due to performance losses, significant outflows of main funds, technical pressure, and a cooling off of speculative trading [1] Company Fundamentals - According to the company's earnings forecast, it is expected to incur a net loss attributable to shareholders of 200 million to 300 million yuan in 2025, compared to a profit of 178 million yuan in the same period last year. The performance change is mainly attributed to significant losses from fair value changes in external investments and employee stock incentive costs included in non-recurring gains and losses. Despite a year-on-year increase in operating revenue for the first three quarters of 2025, the net loss indicates weak profitability in the company's core business [2] Financial Situation - On the day of reporting, Xingmin Zhitong experienced a net outflow of main funds, ranking low within the industry. Both large and extra-large orders showed a net outflow, indicating a strong willingness among large investors to reduce their holdings. Although the overall decline in the automotive parts sector was relatively small, Xingmin Zhitong's decline was significant, with fund outflows exceeding the industry average [3] Stock Price Situation - The stock price has retreated after reaching a peak. Technical indicators show that the current stock price is close to resistance levels, with some indicators nearing overbought territory, indicating potential technical correction pressure [4] Reasons for Stock Price Fluctuation - Although the company is involved in popular concepts such as "low-altitude economy + vehicle networking + unmanned driving," the revenue contribution from these related businesses is relatively low. Recent collaborations have only been framework agreements, and commercialization will take time. Following a period of continuous stock price increases, some investors chose to take profits, leading to the stock price correction [5]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [6] Core Insights - The automotive market is experiencing a significant shift with new energy vehicle brands showing varied sales performance, highlighting the advantages of brand recognition [1][22] - Over twenty provinces and cities in China have introduced subsidy policies to stabilize the automotive market amid downward pressure [2][26] - Internationally, Canada is opening up to cooperation with Chinese electric vehicle manufacturers, indicating a trend towards collaborative ventures in the automotive sector [3][42] Summary by Sections Market Overview - In January 2026, several new energy vehicle brands reported their delivery volumes, with significant year-on-year growth for some, such as Hongmeng Zhixing, which delivered 57,915 vehicles, a 65.6% increase [1][20] - The overall market is characterized by a "year-on-year increase, month-on-month decrease" trend, with many companies launching attractive financing options to stimulate demand [22][23] Policy Developments - The Chinese government has rolled out various consumer incentives, including trade-in and purchase subsidies, to support automotive consumption [2][26] - The Canadian government is set to announce new fuel efficiency standards and reintroduce purchase subsidies for electric vehicles, reflecting a shift in policy towards supporting the automotive industry [3][42] Investment Recommendations - The report suggests focusing on companies with strong brand recognition and systematic capabilities, as they are likely to present long-term investment opportunities [4] - The anticipated positive impact of government policies on the automotive market is highlighted, along with the potential for Chinese automotive companies to expand internationally [4]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights the official release of the world's first mandatory safety standard for automotive door handles, which will take effect from January 1, 2027. This standard emphasizes safety in design and functionality, requiring independent mechanical release features for each side door and specific structural strength requirements [21][22] - The Ministry of Industry and Information Technology (MIIT) is accelerating the development of key standards related to driving automation and collision safety, aiming to enhance the safety and quality of the automotive industry [21] - The A-share automotive sector outperformed the broader market, with a weekly increase of 0.32%, while the CSI 300 index fell by 1.33% [3][12] Market Performance - The automotive sector's performance ranked 12th among A-share industries, with notable gains in the passenger vehicle segment led by companies like Seres and Haima [3][4] - The commercial vehicle segment saw significant increases, particularly for Jinlong Automobile and Foton Motor, while the automotive parts sector also experienced growth, with leading companies including Xingmin Zhitong and Yinlun [6][19][20] Key Industry News - Strategic partnerships and technological advancements are highlighted, such as the collaboration between Pony.ai and Moore Threads for L4 autonomous driving technology [21] - Changan Automobile's introduction of sodium-ion batteries in collaboration with CATL, aiming for multiple passenger vehicle launches this year [21] - The launch of a vehicle replacement subsidy program in Shanghai, offering an 8% subsidy for purchasing new energy vehicles [21] Upstream Data Tracking - The report includes tracking of key material prices relevant to the automotive industry, such as steel, aluminum, and lithium carbonate, which are critical for production costs [24][25]

Group 1 - The company's stock (Xingmin Zhitong, stock code: 002355) experienced an abnormal trading fluctuation, with a cumulative price deviation of 22.02% over two consecutive trading days on February 4 and 5, 2026 [1] - The company conducted a verification regarding the stock's abnormal trading situation and confirmed that there are no corrections or supplements needed for previously disclosed information [2] - The company did not find any recent media reports that could have significantly impacted the stock price with undisclosed major information [3] Group 2 - The company's operational situation remains normal, and there have been no significant changes in the internal or external business environment [4] - The company, its controlling shareholders, and actual controllers have no undisclosed major matters related to the company [5] - During the period of stock fluctuation, the controlling shareholders and actual controllers did not buy or sell the company's stock [6] Group 3 - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shenzhen Stock Exchange's listing rules [7] - The company emphasizes that it has not violated information disclosure fairness and reminds investors to refer to designated media for accurate information [8]

Core Viewpoint - The stock of Xingmin Zhitong experienced an abnormal trading fluctuation, with a cumulative price deviation of 22.02% over two consecutive trading days [1] Summary by Relevant Sections - **Stock Performance** The company's stock closed with a cumulative price deviation of 22.02% on February 4 and February 5, 2026, indicating significant volatility in trading [1] - **Company Disclosure** The company confirmed that there are no corrections or supplements needed for previously disclosed information, and no undisclosed significant information has been found that could impact stock prices [1] - **Operational Status** The company's operational situation remains normal, and there have been no significant changes in the internal or external business environment recently [1]

Core Viewpoint - The stock of Xingmin Zhitong experienced an abnormal fluctuation, with a cumulative price deviation of 22.02% over two consecutive trading days [1] Company Information - The company confirmed that there are no corrections or supplements needed for previously disclosed information [1] - No significant undisclosed information has been found that could have impacted the stock price [1] - The company's operational status remains normal, with no major changes in the internal or external business environment [1] - There are no undisclosed significant matters involving the company, its controlling shareholders, or actual controllers [1] - During the period of stock fluctuation, the controlling shareholders and actual controllers did not engage in buying or selling the company's stock [1]

证券代码：002355 证券简称：兴民智通 公告编号：2026-008 兴民智通（集团）股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的具体情况 兴民智通（集团）股份有限公司（以下简称"公司"）的股票（证券简称：兴民智 通，证券代码：002355）于 2026 年 2 月 4 日、2026 年 2 月 5 日连续 2 个交易日收盘价 格涨跌幅累计偏离值达 22.02％，根据《深圳证券交易所交易规则》的有关规定，属于 股票交易异常波动的情况。 二、公司关注、核实情况的说明 针对公司股票交易异常波动情况，公司对有关事项进行了核查，有关情况说明如下： 1.公司前期披露的信息不存在需要更正、补充之处。 2.公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响 的未公开重大信息。 3.近期公司经营情况正常，内外部经营环境未发生重大变化。 4.公司、控股股东、实际控制人不存在关于公司的应披露而未披露的重大事项。 5.股票异常波动期间，公司控股股东、实际控制人未买卖公司股票。 三、是否存在应披露而未披 ...

Core Viewpoint - The EDR concept sector is experiencing a strong performance, with companies such as Xingmin Zhitong and Fulimin Yunye reaching their daily price limit increase [1] Group 1 - The EDR concept sector is showing strength in the market as of 10:30 AM on February 5 [1] - Companies Xingmin Zhitong and Fulimin Yunye have both hit the daily limit up [1]

Group 1 - The core viewpoint of the article highlights that Xingmin Zhitong has achieved a consecutive two-day limit-up in trading, indicating strong market interest and performance [1] - The stock reached a trading limit at 9:49 AM with a transaction volume of 589 million yuan and a turnover rate of 13.12% [1] - The company has recently formed strategic partnerships in the low-altitude economy and intelligent connected vehicle sectors, focusing on the development of cutting-edge technologies such as 5G/6G communication and domain control integration [1] Group 2 - Local policies are expanding the operational areas for autonomous public transportation, which is likely to enhance the testing and demonstration applications of intelligent connected vehicles [1] - The related concept sectors are gaining market attention due to these developments and strategic collaborations [1]