4Q25 Robot/Automation Landscape Analyzer: How are market shares shifting? 4Q25 key observations on the China Industrial Robot & Automation competitive landscape 28 January 2026 | 9:44AM HKT Equity Research CHINA INDUSTRIAL TECH Post MIR's estimated sales data (vs. production data reported by the NBS) as well as our coverage companies' business segment disclosures, we compile our latest landscape analyzer within. n Total industrial automation (IA) market was -3% yoy in 4Q25, with the project/OEM markets at - ...

CSI Solar: solid ESS shipments growth in 2026E, fueled by non-US markets CSI Solar (688472 CH, Not rated) expects robust growth of its energy storage system (ESS) business for 2026E, with global shipments projected at 14-17 GWh, driven primarily by incremental demand in non-US markets, where the company maintains a strong presence through diversified project pipelines and partnerships. The current backlog stands at approximately USD3bn, characterized by high-quality orders concentrated in overseas high-marg ...

1月23日，双环传动大宗交易成交4.8万股，成交额201.6万元，占当日总成交额的0.17%，成交价42元，较市场收盘价47.46元 折价11.5%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-23 | 002472 | 双环传动 | 42.00 | 4.80 | 201.60 | 中信证券股份有限 | 华西证券股份有限 | | | | | | | | 公司绍兴群贤路证 | 公司长春前进大街 | | | | | | | | 券营业部 | 证券营业部 | ...

浙江双环传动机械股份有限公司 关于公司完成工商变更登记的公告 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。 浙江双环传动机械股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开的第七届董事会第十次会议、2025 年 12 月 18 日召开的 2025 年第三次临 时股东大会审议通过了《关于变更注册资本、经营范围并修订<公司章程>及其附 件的议案》。因公司回购股份依法全部予以注销，公司股份总数由 853,480,732 股 减 少 至 845,495,032 股 ， 公 司 注 册 资 本 相 应 由 853,480,732 元 减 少 至 845,495,032 元，根据上述变动情况，公司对注册资本进行变更；同时，根据业 务发展需要，公司对经营范围进行变更。此外，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上市公司章程指引》《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》 等法律、行政法规、部门规章及规范性文件的相关规定，公司对《公司章程》进 行修订。以上事项具体内容详见 ...

Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese heavy truck market's total sales for 2025 reached 1.145 million units, marking a 27% increase from the previous year [5][13] - The China Automobile Association forecasts total automobile sales in 2026 to be 34.75 million units, a 1% year-on-year growth [15] - The demand for high-end luxury passenger cars in China is exceeding expectations, with a favorable competitive landscape [7] Industry News - Tesla will stop selling Full Self-Driving (FSD) after February 14, transitioning to a monthly subscription model [14] - Shanghai aims to achieve large-scale application of high-level autonomous driving scenarios by 2027 [16] - Great Wall Motors launched the world's first native AI all-power platform "Guiyuan," supporting multiple power systems [17] - Canada has reduced tariffs on Chinese electric vehicles to 6.1%, eliminating the previous 100% additional tax [18] Market Performance - The A-share automotive sector outperformed the market with a weekly increase of 0.71%, ranking 8th among A-share primary industries [25] - The passenger vehicle index decreased by 1.87%, while the commercial vehicle index increased by 5.53% [6] - The automotive parts index rose by 1.26%, with notable gains in the electric control systems and lightweight components [6][35] Investment Recommendations - For passenger vehicles, recommended stocks include JAC Motors and Seres, with beneficiaries being Geely Automobile [7] - In the parts sector, recommended stocks include Desay SV Automotive, Zhejiang Xiantong, and Meili Technology, with beneficiaries being Weichai Power and others [7]

浙江双环传动机械股份有限公司 关于向全资子公司增资的进展公告 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、增资情况概述 浙江双环传动机械股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开的第七届董事会第十次会议审议通过了《关于向全资子公司增资的议案》， 根据公司战略规划，为满足全资子公司环研传动研究院（嘉兴）有限公司（以下 简称"环研传动"）经营发展需要，董事会同意公司以自有资金向全资子公司环 研传动增资人民币 10,000.00 万元。增资完成后，环研传动注册资本将由原 12,000.00 万元增加至 22,000.00 万元，公司仍持有其 100.00%股权。 以上事项具体内容详见公司于 2025 年 11 月 29 日刊载在《证券时报》《中国 证券报》《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上的 《关于向全资子公司增资的公告》。 二、进展情况 近日，环研传动已完成增资事项的工商变更登记手续。此外，环研传动根据 经营发展需要对其经营范围进行变更，并办理完成相关工商变更登记手续。经营 范围变更 ...

证券日报网讯1月13日，双环传动（002472）在互动平台回答投资者提问时表示，公司多年来深耕高精 密齿轮传动领域，不断加大研发投入，深入开展齿轮传动技术研究，积极探索新产品、新技术，以实现 产品创新拓展。 ...

证券日报网讯1月13日，双环传动（002472）在互动平台回答投资者提问时表示，公司股东人数情况请 关注公司在定期报告中披露的相关内容。 ...

Core Viewpoint - The company, Shuanghuan Transmission, is focused on expanding its product applications and market space by innovating its product structure and developing new products to meet the diverse transmission needs across various industries [1] Group 1: Product Applications - The company's gear products primarily target electric drive systems, gearboxes, axles for vehicles, as well as applications in electric tools, rail transportation, wind power, smart home, smart mobility, and industrial robotics [1] Group 2: Future Development - The company plans to closely follow industry development trends and continuously innovate its product offerings to cater to the increasingly diversified transmission demands of different sectors [1]