本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 请仔细阅读在本报告尾部的重要法律声明 2 证券研究报告 汽车/行业深度报告 领先大市（维持） 线控底盘：解锁高阶智驾，迈入放量周期 智能驾驶专题系列（一） 分析师：黄程保 SAC执业证书编号：S0910525040002 2026年2月27日 u 线控底盘是实现高阶智驾的必备技术之一，在智驾加速渗透中放量在即。线控底盘成为智能电动汽车实现差异化体验与 技术迭代的关键，推动汽车从机械向线控驱动变革，其核心价值在于突破传统机械底盘的性能边界，借助传感器实时感 知、算法动态决策与执行机构精准响应，为高阶智能驾驶提供精准可靠的执行能力。根据亿欧智库预计，2025年中国乘 用车智能底盘市场规模将达到466亿元，2030年将达到1171亿元，2025-2030CAGR为20.24%，呈现快速渗透态势。 u 在线控底盘中，重点关注线控制动/转向。在线控底盘的五大系统中，线控制动、转向、悬架开发难度高，外资占据主导 地位。从市场渗透率看，线控驱动已经接近标配水平，线控转向、线控悬架渗透率尚处起步阶段，线控制动、线控换挡 正处于大规模商业 ...

2026年开年以来，A股市场震荡分化加剧，公募基金配置逻辑快速向低估值、高股息、强确定性切换。 在寻找安全垫的核心诉求下，同一主体两地上市的AH股折价修复行情持续演绎，一批高折价标的被公 募基金集中挖掘，港股定价优势凸显，折价收敛预期推动相关公司迎来估值修复。寻找避风港的套利策 略已成为基金经理获取个股超额收益的一大法宝。证券时报记者调研发现，一拖股份、浙江世宝、安德 利等AH双重上市企业，正成为公募南下布局的重点方向，其港股标的年内涨幅显著跑赢A股标的，折 射出基金对"便宜才是硬道理"的回归。 ...

【导读】汇隆新材筹划易主，2月26日开市起停牌 2月25日，汇隆新材（301057）公告称，公司控股股东、实际控制人沈顺华正在筹划重大事项，该事项 可能导致公司控制权发生变动。 为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，公司股票自2026年2月26日开市 起停牌，预计停牌时间不超过2个交易日。 公开资料显示，汇隆新材是中国首家涤纶色丝上市企业，公司提供500余类2000多个色号品种的差别化 有色涤纶长丝、功能性涤纶长丝和定制化涤纶丝，业务覆盖家纺布艺、户外露营、交通内饰、运动服饰 等行业赛道。 从业绩来看，汇隆新材前三季度营业收入为6.74亿元，同比增长11.26%；归属于上市公司股东的净利润 为3073.92万元，同比增长25.88%。 值得一提的是，汇隆新材正在跨界布局当下火热的宠物赛道。 2025年9月，汇隆新材表示，公司拟与杭州宠销社供应链管理有限公司、王建兴、吴红强、贺佳佳、汤 国彬、奚雯雯共同投资设立杭州喳哩宠物科技有限公司。合资公司注册资本为500万元，其中汇隆新材 认缴出资325万元，持股比例为65%。 汇隆新材表示，宠物行业具有良好的发展前景，合资公司将依托汇隆新材在绿色 ...

每经AI快讯，2月23日，港股汽车零件股多数走强，浙江世宝涨近15%、首控集团涨13%。 ...

浙江世宝 浙江世宝 分时图 日K线 周K线 月K线 22.94 2.09 10.02% 10.02% 6.67% 3.36% 0.00% 3.36% 6.67% 10.02% 18.76 19.46 20.15 20.85 21.55 22.24 22.94 09:30 10:30 11:30/13:00 14:00 15:00 0 487万 974万 1461万 经济观察网浙江世宝（002703）股价涨停，主要受智能驾驶概念走强影响。消息面上，上海市智能网联 汽车测试与示范推进工作小组近日发布《上海市智能网联汽车发展报告(2025年度)》，报告显示截至 2025年底，上海市累计开放5238.82公里自动驾驶测试道路，这一政策进展对智能驾驶板块形成催化。 同时，工信部就《智能网联汽车自动驾驶系统安全要求》等五项强制性国家标准公开征求意见，进一步 强化了市场对智能网联汽车产业链的关注。浙江世宝作为汽车转向系统制造商，其线控底盘、新能源车 零部件等业务与智能驾驶主题高度相关，因此在板块情绪带动下表现活跃。 资金面与技术面 从资金面看，数据显示，2月12日浙江世宝主力资金净流出6974.96万元，但2月13日开盘后 ...

股票近期走势 浙江世宝 浙江世宝 分时图 日K线 周K线 月K线 22.94 2.09 10.02% 10.02% 6.67% 3.36% 0.00% 3.36% 6.67% 10.02% 18.76 19.46 20.15 20.85 21.55 22.24 22.94 09:30 10:30 11:30/13:00 14:00 15:00 0 487万 974万 1461万 经济观察网浙江世宝（002703）A股于2026年2月13日涨停，收盘报22.94元，涨幅10.02%。其H股同日 也上涨9.75%。 股价异动原因 此次股价异动主要受智能驾驶概念走强影响。消息面上，工业和信息化部于当日就《智能网联汽车自动 驾驶系统安全要求》等五项强制性国家标准公开征求意见，引发了市场对智能网联汽车产业链的关注。 同时，上海市智能网联汽车测试与示范推进工作小组近期发布的报告显示，截至2025年底，上海市累计 开放了5238.82公里自动驾驶测试道路，这一政策进展也对板块情绪形成了催化。 浙江世宝作为汽车转向系统制造商，其线控底盘、新能源车零部件等业务与智能驾驶主题高度相关，因 此在板块情绪带动下表现活跃。从资金面看， ...

Market Overview - On the last trading day of the Year of the Snake, all three major A-share indices fell, with the Shanghai Composite Index down 1.26%, the Shenzhen Component Index down 1.28%, and the ChiNext Index down 1.57% [1] - The military equipment, film and television, and semiconductor sectors saw the highest gains, while the photovoltaic equipment, small metals, steel, port shipping, and oil and gas extraction and services sectors experienced declines [1] Individual Stock Performance - Zangyue Technology achieved a five-day consecutive limit-up, becoming a market highlight, while Fengyuzhu had three limit-ups in five days [3] - Yitian Co., Ltd. and Hanbang High-Tech both saw a 20% increase, with Yitian Co., Ltd. closing at 41.76 [2][3] - Construction Machinery and Qianli Technology both reached their limit-up, with Construction Machinery closing at 4.59, up 10.07% [4][3] Trading Volume and Net Inflows - The top three net inflows on the day were for Huasheng Tiancheng, Guangxian Media, and Dawi Technology, with net inflows of 5.02 billion, 3.46 billion, and 2.87 billion respectively [4][5] - The top three net outflows were for Bona Film Group, Capital Online, and Shuangliang Energy, with net outflows of 3.91 billion, 3.78 billion, and 1.64 billion respectively [6][7] Institutional Activity - Institutional net buying was significant for companies like TeFa Information, with a net buy of 1.93 billion, and Construction Machinery, with a net buy of 1.66 billion [7][8] - Conversely, institutional net selling was highest for Baichuan Co., Ltd., with a net sell of 1.40 billion, and Kori Technology, with a net sell of 1.20 billion [8][7] Sector Highlights - The AI and digital infrastructure sectors are gaining traction, with companies like Huasheng Tiancheng focusing on AI computing solutions and digital infrastructure [10] - Zhejiang Shibao is seeing increased interest due to its focus on automotive steering systems, aligning with the trend towards intelligent driving [14] Stock Specifics - Hanlan Co., Ltd. closed at 6.77, up 10.08%, with a trading volume of 18.30 billion [5] - Qianli Technology closed at 11.39, up 10.05%, with a trading volume of 12.49 billion [4][3] - Guangxian Media saw a significant increase of 15.39%, closing at 27.22 with a trading volume of 109.75 billion [18]

Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index down by 0.7%, the Shenzhen Component Index down by 0.67%, and the ChiNext Index down by 0.96%. However, the Sci-Tech Innovation Board Index saw an increase of 0.34% [2]. Semiconductor Industry - The semiconductor industry chain showed strong performance, particularly in sectors such as photolithography machines, memory chips, and advanced packaging. Notable stocks like Langke Technology and Jingce Electronics saw significant gains [4][8]. - The stock of Zhiyuan Technology surged by 11.89%, reaching a new historical high, with a market capitalization of HKD 200.54 billion. The company announced a structural adjustment in its GLM Coding Plan pricing, with an overall increase starting from 30% [4]. Automotive Industry - The automotive industry chain also performed well, with sectors such as auto parts, smart cockpits, and vehicle networking showing increases. The automotive parts sector rose by 0.71% [9][10]. - Recent favorable industrial policies, including the development of mandatory national standards for intelligent connected vehicles, are expected to enhance the regulatory environment for the industry. Additionally, advancements in humanoid robotics are contributing to the sector's growth [10]. Financial Performance of Key Players - Kioxia, a Japanese flash memory manufacturer, reported a revenue of JPY 543.6 billion for the third quarter of fiscal year 2025, marking a year-on-year increase of 20.8% and a quarter-on-quarter increase of 21.3% [7]. - TrendForce forecasts significant price increases in DRAM and NAND flash memory, with DRAM prices expected to rise over 60% in Q1 2026 and NAND prices projected to increase by 55%-60% [7].

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]

Group 1 - Several smart driving concept stocks experienced a rise in early trading, with Zhejiang Shibao (01057) increasing by 9.20% to HKD 6.05 [1][3] - Nexperia (01316) saw a gain of 7.17%, trading at HKD 7.77 [1][3] - Youjia Innovation (02431) rose by 2.75%, reaching HKD 13.81 [1][3] - Minth Group (00425) increased by 3.21%, with a price of HKD 43.70 [1][3]