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 ...

Core Viewpoint - The A-share market has experienced increased volatility and divergence since the beginning of 2026, leading public funds to rapidly shift their investment logic towards undervalued, high-dividend, and highly certain stocks [1] Group 1: Market Trends - The ongoing discount recovery of AH shares, which are listed in both mainland China and Hong Kong, has been a significant trend, with public funds focusing on high-discount targets [1] - The pricing advantage of Hong Kong stocks has become more pronounced, with expectations of discount convergence driving valuation recovery for related companies [1] Group 2: Investment Strategies - The strategy of seeking safe havens has emerged as a key method for fund managers to achieve excess returns on individual stocks [1] - Companies such as Yituo Co., Zhejiang Shibao, and Andeli have become focal points for public funds' investments in the southbound market, with their Hong Kong-listed shares significantly outperforming their A-share counterparts this year [1]

【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 ...

Group 1 - The core viewpoint of the article highlights that the Hong Kong stock market saw a strong performance in the automotive parts sector on February 23, with Zhejiang Shibao rising nearly 15% and First Holdings Group increasing by 13% [1]

Core Viewpoint - Zhejiang Shibao's stock price reached the daily limit due to the strengthening of the smart driving concept, driven by recent policy developments in Shanghai regarding autonomous driving testing roads and national standards for intelligent connected vehicles [2]. Group 1: Company Performance - Zhejiang Shibao's stock price increased by 10.02%, reflecting strong market sentiment towards the smart driving sector [1]. - The company is actively involved in the automotive steering system manufacturing, with its line control chassis and new energy vehicle components closely related to the smart driving theme [2]. Group 2: Industry Developments - The Shanghai Municipal Intelligent Connected Vehicle Testing and Demonstration Promotion Working Group released a report indicating that by the end of 2025, 5,238.82 kilometers of autonomous driving testing roads will be opened, which catalyzes interest in the smart driving sector [2]. - The Ministry of Industry and Information Technology is soliciting opinions on five mandatory national standards, including safety requirements for autonomous driving systems, further enhancing market focus on the intelligent connected vehicle industry [2]. Group 3: Market Sentiment and Capital Flow - On February 12, Zhejiang Shibao experienced a net outflow of 69.74 million yuan in principal funds, but quickly hit the daily limit on February 13, indicating a market sentiment-driven influx of capital [3].

Core Viewpoint - Zhejiang Shibao (002703) A-shares reached a limit-up on February 13, 2026, closing at 22.94 yuan with a rise of 10.02%, while its H-shares also increased by 9.75% [2]. Stock Price Movement Reasons - The stock price fluctuation was primarily influenced by the strengthening of the smart driving concept, as the Ministry of Industry and Information Technology publicly solicited opinions on five mandatory national standards, including "Safety Requirements for Automatic Driving Systems of Intelligent Connected Vehicles," which heightened market interest in the intelligent connected vehicle industry chain [3]. - Additionally, a recent report from the Shanghai Intelligent Connected Vehicle Testing and Demonstration Promotion Working Group indicated that by the end of 2025, Shanghai will have opened 5,238.82 kilometers of automatic driving testing roads, further catalyzing sentiment in the sector [3]. Recent Stock Performance - As a manufacturer of automotive steering systems, Zhejiang Shibao's business in steer-by-wire chassis and components for new energy vehicles is highly relevant to the smart driving theme, leading to active performance driven by sector sentiment [4]. - Despite a net outflow of main funds on February 12, market sentiment dominated on February 13, resulting in a rapid inflow of funds that pushed the stock price to the limit-up [4].

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]