Investment Rating - The automotive industry is rated as "Neutral" for the next six months, indicating expected performance in line with the market [53]. Core Insights - In June, retail sales of passenger vehicles increased by 18.1% year-on-year, with new energy vehicles seeing a growth of 30% [4][44]. - The automotive sector experienced a decline of 0.41% from July 7 to July 11, 2025, underperforming the CSI 300 index by 1.23 percentage points [10][44]. - The overall PE-TTM for the automotive industry as of July 11 is 25.83, down by 0.12 from the previous week [11][44]. Summary by Sections Market Overview - The automotive sector's performance from July 7 to July 11 showed a decline across various segments, with the passenger vehicle segment down by 1.43% and commercial vehicles down by 0.99% [10][44]. - The automotive services sector, however, increased by 3.13%, outperforming the CSI 300 index [10][44]. Valuation Levels - As of July 11, the PE-TTM for passenger vehicles is 25.11, for commercial vehicles is 36.01, and for automotive parts is 24.33 [11][44]. - The passenger vehicle segment saw a decrease of 0.37% in valuation, while the automotive parts segment increased slightly by 0.02% [11][44]. New Models and Industry News - 尚界汽车 has released a teaser for its first SUV model, which is expected to launch in the fall of 2025 [3][44]. - A total of 29 new and updated vehicle models were launched during the week of July 7 to July 11 [40][41]. Sales Performance - In June, the total retail sales of passenger vehicles reached 2.084 million units, marking an 18.1% increase year-on-year [7][44]. - Cumulative retail sales for the first half of the year reached 10.901 million units, up 10.8% compared to the same period last year [7][44].

Core Viewpoint - The entry of Zhiyuan Robotics into the Sci-Tech Innovation Board-listed company, Shuangwei New Materials, has attracted significant attention in the capital market, highlighting a collective leap of Zhejiang automotive parts companies into the humanoid robotics industry, aiming for high-quality development and a new growth curve [1][2]. Group 1: Industry Transition - Zhejiang Province has over 100 humanoid robotics-related companies, with more than 40 listed on the A-share market, indicating a robust shift from automotive manufacturing to humanoid robotics assembly [2]. - Companies like Xiash Precision and Junsheng Electronics are strategically pivoting towards humanoid robotics as a second growth curve, leveraging their existing automotive parts expertise [2][4]. - The humanoid robotics industry is seen as a new growth space, with companies like Shuanglin Co. and Wanliyang actively developing core components to tap into a market worth hundreds of billions [2][4]. Group 2: Technological Synergy - The transition of Zhejiang automotive parts companies to humanoid robotics is facilitated by the technological similarities in precision manufacturing, power control, and sensor integration, allowing for cost-effective R&D [7][11]. - Companies are utilizing existing production equipment and supply chains from the automotive sector to minimize costs and risks associated with entering the humanoid robotics market [9][11]. - The collaboration with leading automotive manufacturers enhances the supply chain and accelerates the development of humanoid robotics components [8][9]. Group 3: Market Potential - The humanoid robotics market is projected to experience explosive growth, with global sales expected to reach 1.24 million units by 2025 and over 500 million units by 2035, indicating a significant opportunity for companies in this sector [4][5]. - The aging population and labor shortages in manufacturing are driving the demand for humanoid robots, further solidifying the market's potential [6]. Group 4: Policy Support and Ecosystem - The Zhejiang government is providing targeted policy support to facilitate the transition of traditional manufacturing to future industries, emphasizing a collaborative approach between enterprises, academia, and research institutions [13][14]. - The establishment of a comprehensive ecosystem that includes supply chain collaboration and technological innovation is crucial for the successful transition of companies into the humanoid robotics sector [12][14].

证券代码：002434 证券简称：万里扬 公告编号：2025-032 浙江万里扬股份有限公司 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。 浙江万里扬股份有限公司（以下简称"公司"）第六届董事会第七次会议审议 通过了《关于召开2025年第一次临时股东大会的议案》，决定于2025年7月28日召 开公司2025年第一次临时股东大会，现将本次会议的有关事项通知如下： 一、会议基本情况 交易所交易系统和互联网投票系统（http://wltp.cninfo.com.cn）向公司股东提 供网络形式的投票平台，公司股东可以在网络投票时间内通过上述系统行使表决 权。 股东在投票表决时，同一股份只能选择现场投票、网络投票中的一种，不能重 复投票。同一股份通过现场、网络重复投票，以第一次投票为准。网络投票包含证 券交易系统和互联网投票系统两种投票方式，同一股份只能选择其中一种方式。 （1）截至2025年7月21日（星期一）深圳证券交易所交易结束后，在中国证券 登记结算有限责任公司深圳分公司登记在册的本公司全体股东或其委托代理人（授 权委托书见附件） ，委托代理人出席的，该股东代 ...

Summary of Key Points Core Viewpoint - The company Zhejiang Wanliyang Co., Ltd. has approved a guarantee for its wholly-owned subsidiary Foshan Wanliyang New Energy Technology Co., Ltd. to secure a credit limit of up to RMB 400 million from banks and non-bank institutions for a period of 8 years, subject to shareholder approval [1][2][7]. Group 1: Guarantee Overview - The board of directors approved a guarantee for Foshan Wanliyang New Energy Technology Co., Ltd. to apply for a credit limit not exceeding RMB 400 million [1][2]. - The guarantee will be effective for 8 years from the date of approval by the shareholders' meeting [1][2]. - The controlling shareholder, Wanliyang Group Co., Ltd., will provide a full joint liability guarantee under the same conditions [1][7]. Group 2: Subsidiary Information - Foshan Wanliyang New Energy Technology Co., Ltd. was established on May 22, 2024, with a registered capital of RMB 50 million [2]. - The company is 100% owned by Wanliyang Energy Co., Ltd. and focuses on technology services and energy technology research [2][3]. - Recent financial data shows total assets of RMB 63.53 million and total liabilities of RMB 13.92 million as of June 30, 2025 [2]. Group 3: Financial Data of Controlling Shareholder - Wanliyang Group Co., Ltd. has total assets of RMB 1,645.39 million and total liabilities of RMB 826.75 million as of December 31, 2024 [3]. - The group reported a net profit of RMB 25.15 million and operating income of RMB 635.03 million for the same period [3]. Group 4: Guarantee Agreement Details - The guarantee amount is determined based on the operational needs of Foshan Wanliyang and will allow for the actual guarantee amount to be reused within the approved limit [4][5]. - The guarantee will be a joint liability guarantee, and the specific terms will be finalized in the actual guarantee agreement [4][5]. Group 5: Business Operations and Future Plans - Wanliyang Energy Co., Ltd. is engaged in the investment and operation of energy storage power stations and aims to provide flexible power regulation capabilities [6][7]. - The company has operational energy storage projects in Guangdong and Zhejiang provinces, with plans for further development in various regions [4][6]. - The company is also involved in providing services related to power market operations and carbon asset management [5][6].

证券代码：002434 证券简称：万里扬 公告编号：2025-031 浙江万里扬股份有限公司 关于为公司下属子公司提供担保暨关联交易的公告 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、担保概述 1、2025年7月11日，浙江万里扬股份有限公司(以下简称"公司")第六届 董事会第七次会议审议通过了《关于为公司下属子公司提供担保暨关联交易的 议案》，同意公司为控股子公司浙江万里扬能源科技有限公司（以下简称"万 里扬能源公司"）的全资子公司佛山万里扬新能源科技有限公司（以下简称 "佛山万里扬公司"）向银行、非银行机构申请综合授信额度提供总额度不超 二、被担保人基本情况 公司名称：佛山万里扬新能源科技有限公司 成立日期：2024 年 5 月 22 日 过人民币4亿元的担保，担保期限自担保事项经股东大会审议通过之日起8年。 2、为保障公司利益，公司为佛山万里扬公司提供担保的同时，由佛山万里 扬公司提供反担保。 公司控股股东万里扬集团有限公司（以下简称"万里扬集团"）持有万里 扬能源公司37.877%股权，万里扬集团同意为上述担保提供同等条件的全额连带 责任保证担 ...

证券代码：002434 证券简称：万里扬 公告编号：2025-032 浙江万里扬股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 浙江万里扬股份有限公司（以下简称"公司"）第六届董事会第七次会议审议 通过了《关于召开2025年第一次临时股东大会的议案》，决定于2025年7月28日召 开公司2025年第一次临时股东大会，现将本次会议的有关事项通知如下： 一、会议基本情况 1、股东大会届次：2025 年第一次临时股东大会 券交易系统和互联网投票系统两种投票方式，同一股份只能选择其中一种方式。 6、股权登记日：2025 年 7 月 21 日（星期一） 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所相关业务规则和公司章程等的规定。 4、会议召开的日期、时间： 现场会议时间：2025 年 7 月 28 日（星期一）下午 14:00 开始。 网络投票时间：2025 年 7 月 28 日。其中： （1）通过深圳证券交易所交易系统进 ...

证券代码：002434 证券简称：万里扬 公告编号：2025-030 浙江万里扬股份有限公司 第六届监事会第七次会议决议公告 特此公告。 浙江万里扬股份有限公司 监事会 2025 年 7 月 12 日 本公司及监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。 浙江万里扬股份有限公司（以下简称"公司"）第六届监事会第七次会议 通知于 2025 年 7 月 8 日以电子邮件、书面形式送达公司全体监事，并于 2025 年 7 月 11 日以通讯方式召开，会议应参会监事 3 名，实际参会监事 3 名。会议 通知和召开程序符合《公司法》及《公司章程》的有关规定。会议以书面表决 方式通过了以下决议： 一、审议通过《关于为公司下属子公司提供担保暨关联交易的议案》 本议案尚需提交2025年第一次临时股东大会审议。 表决结果：3票同意，0票反对，0票弃权。 ...

浙江万里扬股份有限公司 第六届董事会独立董事专门会议第三次会议决议 浙江万里扬股份有限公司（以下简称"公司"）第六届董事会独立董事专门会议 第三次会议通知于 2025 年 7 月 2 日以电子邮件、书面形式送达公司全体独立董事， 并于 2025 年 7 月 8 日以通讯方式召开，会议应参与独立董事 3 名，实际参与独立董 事 3 名，全体独立董事共同推举徐萍平女士召集并主持本次会议。会议通知和召开 程序符合《上市公司独立董事管理办法》、《公司独立董事制度》和《公司独立董事 专门会议工作制度》等规定。会议审议并通过了以下决议： 一、审议通过《关于为公司下属子公司提供担保暨关联交易的议案》 经审查，我们认为：公司为佛山万里扬新能源科技有限公司（以下简称"佛山万 里扬公司"）提供担保，符合有关法律、法规及《公司章程》的规定，有利于促进佛 山万里扬公司的经营发展，佛山万里扬公司经营稳定，发展前景广阔，公司控股股东 万里扬集团有限公司提供同等条件的全额连带责任保证担保，同时，佛山万里扬公司 向公司提供了反担保。本次担保风险可控，不会对公司正常生产经营产生影响，不存 在损害公司和非关联股东利益的情况。公司董事会会议审议上 ...

证券代码：002434 证券简称：万里扬 公告编号：2025-029 浙江万里扬股份有限公司 第六届董事会第七次会议决议公告 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。 浙江万里扬股份有限公司（以下简称"公司"）第六届董事会第七次会议 通知于 2025 年 7 月 8 日以电子邮件、书面形式送达公司全体董事，并于 2025 年 7 月 11 日以通讯方式召开，会议应参会董事 9 名，实际参会董事 9 名。会议 通知和召开程序符合《公司法》及《公司章程》的有关规定。会议以书面表决 方式通过了以下决议： 一、审议通过《关于为公司下属子公司提供担保暨关联交易的议案》 本议案已经公司第六届董事会独立董事专门会议第三次会议审议通过。 公司董事会决定于 2025 年 7 月 28 日（星期一）下午 14:00 在浙江省金华市 宾虹西路 3999 号公司二楼会议室召开公司 2025 年第一次临时股东大会，会议通 知详见 2025 年 7 月 12 日《证券时报》、《证券日报》、《中国证券报》和巨潮 资讯网（www.cninfo.com.cn）。 表决结果：9 票同意，0 ...

Group 1: Company Announcements - Huayin Power's stock has seen a significant short-term increase, with a cumulative rise of 79.82% since July 1, 2025, which is substantially higher than the industry and Shanghai Composite Index [5] - Zhongyan Chemical's subsidiary acquired natural soda mining rights for 6.80866 billion yuan [6] - Shudao Equipment has terminated the acquisition of a 65.43% stake in Keyi Gas [10] - New Link Electronics expects a net profit of 166 million to 198 million yuan for the first half of 2025, marking a turnaround from a loss of 41.2841 million yuan in the same period last year [12] Group 2: Profit Forecasts - Xian Da Co. anticipates a net profit increase of 2443.43% to 2834.73%, projecting 130 million to 150 million yuan for the first half of 2025 [2] - Shanghai Pharmaceuticals expects a net profit of 4.45 billion yuan for the first half of 2025, a 52% increase from the previous year [3] - Yonghe Co. forecasts a net profit of 255 million to 280 million yuan, representing a year-on-year increase of 126.30% to 148.49% [4] - Xiangyuan Cultural Tourism projects a net profit of 90 million to 97 million yuan, an increase of 51.44% to 63.22% [5] - Ganli Pharmaceutical expects a net profit of 600 million to 640 million yuan, a growth of 100.73% to 114.12% [6] - Jiangshan Co. anticipates a net profit of 300 million to 360 million yuan, reflecting a year-on-year increase of 75.65% to 110.78% [6] - Zhiwei Intelligent expects a net profit of 91.98 million to 112 million yuan, a growth of 62.85% to 99.06% [9] - Wanliyang forecasts a net profit of 270 million to 290 million yuan, an increase of 46.68% to 57.55% [11] - Wohua Pharmaceutical expects a net profit of 37 million to 53 million yuan, a significant increase of 233.89% to 378.27% [14] - Chenguang Biological anticipates a net profit of 202 million to 232 million yuan, a growth of 102.33% to 132.38% [15] - Muyuan Foods expects a net profit of 10.5 billion to 11 billion yuan, a staggering increase of 924.6% to 973.39% [15] - New Beiyang forecasts a net profit of 34.7 million to 38.2 million yuan, a growth of 100% to 120% [16]