Industry Overview - The steer-by-wire (SBW) system is a key technology in automotive intelligence, significantly enhancing driving safety, control experience, and supporting autonomous driving functions [1][4] - The market size for China's steer-by-wire system is projected to reach approximately 5.5 billion yuan in 2024, with an expected growth to 301.5 billion yuan by 2030 [1][9] Market Dynamics - The steer-by-wire system is expected to see a penetration rate of 5% by 2025 and 30% by 2030, with a corresponding market size increase from 63 billion yuan in 2025 to 376 billion yuan in 2030 [4][14] - The automotive market in China has shown a production increase of 12.7% year-on-year in the first seven months of 2025, indicating a growing demand for innovative steering technologies [9] Key Companies - Leading international companies in the steer-by-wire market include Bosch, ZF, and Denso, while domestic players like Nissin and Zhejiang Shibao are emerging as significant competitors [10][11] - Zhejiang Shibao is focusing on electric power steering systems and aims to achieve mass production of steer-by-wire systems by 2026, with a revenue increase of 35.32% in the first half of 2025 [12][14] - Bertli has developed a steer-by-wire product that supports L3 and above autonomous driving, achieving a revenue growth of 30.04% in the first half of 2025 [12][14] Industry Development Trends - The steer-by-wire system is expected to experience explosive growth from 2025 to 2030, driven by advancements in technology and increasing market penetration [14][15] - The industry is witnessing a trend towards the integration of core components domestically, with a target of over 50% localization for key parts by 2030 [15] - The collaboration between steering and braking systems is becoming a focus for research and development, enhancing the overall vehicle control experience [16][17]

Company Overview - Zhejiang Shibao is located in Hangzhou Economic and Technological Development Zone, established on June 2, 1993, and listed on November 2, 2012. The company specializes in the research, design, manufacturing, and sales of automotive steering gears and other key components of steering systems [1][2] - The main business revenue composition includes steering systems and components at 95.55%, others at 2.28%, and accessories and others at 2.17% [1] Financial Performance - For the first half of 2025, Zhejiang Shibao achieved operating revenue of 1.524 billion yuan, representing a year-on-year growth of 35.32%. The net profit attributable to the parent company was 93.0344 million yuan, with a year-on-year increase of 39.09% [2] - Cumulative cash dividends since the A-share listing amount to 209 million yuan, with 69.3579 million yuan distributed over the past three years [3] Stock Market Activity - As of September 17, the stock price of Zhejiang Shibao increased by 2.06%, reaching 13.86 yuan per share, with a trading volume of 560 million yuan and a turnover rate of 7.06%. The total market capitalization is 11.402 billion yuan [1] - Year-to-date, the stock price has risen by 22.55%, with a 12.77% increase over the last five trading days and a 6.94% increase over the last 20 days, while it has decreased by 1.07% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on June 25, where it recorded a net buy of -53.1552 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Zhejiang Shibao was 78,500, an increase of 16.94% from the previous period. The average circulating shares per person remained at 0 shares [2] - Among the top ten circulating shareholders, Invesco Great Wall Research Selected Stock A (000688) is the fourth largest shareholder, holding 1.974 million shares as a new shareholder. Hong Kong Central Clearing Limited has exited the top ten circulating shareholders list [3]

Market Overview - A-shares showed mixed performance today, with the Shanghai Composite Index declining by 0.26% to 3860.5 points, while the Shenzhen Component Index rose by 0.63% to 13005.77 points, and the ChiNext Index increased by 1.52% to 3066.18 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 230.34 billion yuan, a decrease of 245.2 billion yuan compared to the previous day [1] Automotive Sector - The automotive industry chain stocks experienced a strong rally, with Haon Electric (301488) hitting the daily limit and reaching a new high, while Wanxiang Qianchao (000559) and Zhejiang Shibao (002703) also reached their daily limits [2][3] - The Ministry of Industry and Information Technology and other departments recently released a plan to promote the industrial application of intelligent connected vehicles, which includes pilot projects for vehicle-road-cloud integration and encourages the production of L3-level vehicles [4][5][6] Energy Storage Sector - The energy storage concept stocks surged, with companies like Tengya Precision (301125) and Ningde Times (300750) reaching new historical highs, with Ningde Times trading volume exceeding 25.59 billion yuan [7][8] - The National Development and Reform Commission and the National Energy Administration announced a plan for new energy storage construction, aiming for over 100 million kilowatts of new installed capacity within three years, which could lead to direct investment of approximately 250 billion yuan [9] Semiconductor Sector - The semiconductor sector was active, with companies like Shengbang Technology (300661) and Shanghai Beiling (600171) hitting their daily limits [10][11] - Recent U.S. trade actions have increased domestic manufacturers' willingness to replace imports, and the ongoing anti-dumping investigations may create a favorable market environment for local firms [12] Biotechnology Sector - Yaoke Ankang's stock price surged over 110% in a single day, with a cumulative increase of nearly 500% over the past four trading days, following the announcement of clinical trial approvals for its core product [13]

Market Overview - On September 15, the automotive parts sector rose by 1.33% compared to the previous trading day, with Kai Te Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Top Gainers in Automotive Parts Sector - Kai Te Co., Ltd. (Code: 832978) closed at 36.60, up 13.56% with a trading volume of 112,400 shares and a transaction value of 401 million yuan [1] - Haoen Automotive Electronics (Code: 301488) closed at 178.15, up 11.96% with a trading volume of 106,100 shares and a transaction value of 1.928 billion yuan [1] - Anhui Phoenix (Code: 832000) closed at 23.68, up 10.34% with a trading volume of 100,700 shares and a transaction value of 233 million yuan [1] - Other notable gainers include Shanzi Gaoke (Code: 000981) up 10.11%, Suoling Co., Ltd. (Code: 002766) up 10.06%, and Wanxiang Qianchao (Code: 000559) up 10.05% [1] Market Capital Flow - The automotive parts sector saw a net inflow of 854 million yuan from institutional investors, while retail investors contributed a net inflow of 312 million yuan [2] - However, speculative funds experienced a net outflow of 1.166 billion yuan [2] Individual Stock Capital Flow - Top net inflows from institutional investors included Top Group (Code: 601689) with 716 million yuan and Junsheng Electronics (Code: 600699) with 278 million yuan [3] - Wanxiang Qianchao (Code: 000559) had a net inflow of 278 million yuan from institutional investors, representing 43.52% of its trading volume [3] - Zhejiang Shibao (Code: 002703) also saw significant institutional interest with a net inflow of 229 million yuan, accounting for 42.27% of its trading volume [3]

Market Overview - The A-share market saw adjustments in the previously hot computing power sector, while the new energy sector performed strongly, with companies like CATL (300750) and Sungrow Power (300274) reaching historical highs [1] - The automotive parts sector experienced significant gains, with nearly 10 stocks, including Zhejiang Shibao (002703), hitting the daily limit [3][4] - The film and gaming sectors also showed strong performance, with China Film (600977) hitting the daily limit and achieving "4 boards in 7 days," with a transaction volume of 3.427 billion yuan [1] Automotive Parts Sector - The automotive parts sector surged, driven by two main catalysts: 1. The China Automotive Industry Association's initiative on payment norms for suppliers, which aims to standardize key aspects of procurement contracts [5][6] 2. The Ministry of Industry and Information Technology's "Automotive Industry Stabilization Growth Work Plan (2025-2026)," targeting a vehicle sales goal of approximately 32.3 million units in 2025, with a focus on new energy vehicles [6] - Key stocks in the automotive parts sector included: - Kaiter Holdings (832978) +13.56% over the last five days - Haon Automotive (301488) +11.96% over the last five days [4] Film and Entertainment Sector - The film sector saw renewed activity, with China Film and Happiness Blue Sea (300528) both experiencing significant gains [8] - Upcoming film releases around the National Day holiday are expected to boost box office performance, with pre-sale figures for the film "731" exceeding 64 million yuan and over 4.4 million people expressing interest [12] - The film industry has seen positive trends, with total box office revenue surpassing 40 billion yuan by September 13, 2025, indicating a faster recovery compared to the previous year [12]

Market Overview - The ChiNext index experienced a significant increase, while the Shanghai Composite Index showed a slight decline, closing down 0.26%. The ChiNext index rose by 1.52% [2] - A total of 1916 stocks rose, with 81 hitting the daily limit, while 3375 stocks fell [3][4] Individual Stock Performance - Gaming stocks performed strongly, with Xinghui Entertainment and Perfect World both hitting the daily limit, increasing by 20% and 10.01% respectively [5][6] - Pork stocks saw a collective rise, with Delisi and Aonong Biological both reaching the daily limit, increasing by 10.10% and 10.02% respectively [7][8] - The automotive industry chain also experienced a surge, with Zhejiang Shibao and Luchang Technology both hitting the daily limit, increasing by 10.02% and 9.98% respectively [9][10] Notable Company Updates - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price surge by 9% after JPMorgan upgraded its rating to "Overweight," citing strong earnings prospects and an upward revision of profit forecasts for 2025-2026 by approximately 10% [11] - Pop Mart experienced a rare drop, with its stock plummeting nearly 9%, marking the largest single-day decline since April. This was attributed to a downgrade by JPMorgan due to weak catalysts and unattractive valuations [12][13]

Market Performance - A-shares showed mixed performance on September 15, with the Shanghai Composite Index down 0.26% to 3860.50 points, while the Shenzhen Component Index rose 0.63% to 13005.77 points, and the ChiNext Index increased by 1.52% to 3066.18 points [1] - The total trading volume for the Shanghai market was 986.2 billion, while the Shenzhen market recorded 1,291.2 billion, and the ChiNext market had 620.8 billion [1] Sector Performance - Strong performance was noted in sectors such as gaming, automotive, and pork, with notable stocks like Ningde Times rising over 9% to reach a historical high, and several automotive stocks hitting the daily limit [1][2] - Conversely, sectors like satellite internet and cultural media saw significant declines, with stocks like Sanwei Communication dropping over 5% and Guomai Culture falling over 10% [1][2] Institutional Insights - According to Jifeng Investment Advisory, the market is expected to benefit from the gradual onset of the Federal Reserve's interest rate cut cycle, with A-shares and certain sectors likely to see upward trends [3] - CITIC Securities highlighted the ongoing transformation in the retail sector, with private enterprises undergoing management changes to enhance operational efficiency [3] - Huatai Securities noted the release of a new action plan for the storage industry, which is expected to promote long-term healthy development in the sector, with strong demand and reduced price competition [3] Policy Developments - The People's Bank of China in Shanghai reported a total cross-border RMB payment amount of 18.83 trillion yuan in the first seven months of the year, indicating a robust financial environment [4] - Guangzhou's plan for V2G (Vehicle-to-Grid) applications aims to establish a comprehensive network of smart charging stations and vehicles, with specific targets set for 2025 and beyond [5] Automotive Industry Initiatives - The China Association of Automobile Manufacturers released a payment standard initiative for automotive suppliers, with major companies like Dongfeng and BYD expressing commitment to this initiative to foster a collaborative ecosystem [6][7]

Market Overview - The market showed a mixed performance with the Shanghai Composite Index experiencing a slight decline of 0.26%, while the Shenzhen Component Index rose by 0.63% and the ChiNext Index increased by 1.52% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.28 trillion yuan, which is a decrease of 245.8 billion yuan compared to the previous trading day [1] Index Performance - Shanghai Composite Index closed at 3860.50, down by 0.26% with 772 stocks rising and 1480 falling [2] - Shenzhen Component Index closed at 13005.77, up by 0.63% with 1033 stocks rising and 1799 falling [2] - ChiNext Index closed at 3066.18, up by 1.52% with 494 stocks rising and 872 falling [2] Sector Performance - The gaming sector saw significant gains, with stocks like Xinghui Entertainment hitting the daily limit [2] - The automotive supply chain also performed well, with multiple stocks such as Zhejiang Shibao reaching the daily limit [2] - The computing power sector showed strength, with Qingshan Paper achieving a remarkable performance of 7 consecutive daily limits [2] - Energy storage concept stocks were active, with companies like CATL and Sungrow reaching historical highs [2] - In contrast, the cultural media sector faced a sharp decline, with Guomai Culture dropping over 10% [2][3]

另外，近日工业和信息化部等八部门印发《汽车行业稳增长工作方案(2025—2026年)》，强调推进智能 网联汽车准入和上路通行试点，有条件批准L3级车型生产准入，推动道路交通安全、保险等法律法规 完善。方正证券发布研报称，政策端对L3车型的松绑，叠加后续权责划分、智能网联汽车参数等细则 的出台，有望重塑汽车行业竞争逻辑，从单纯的价格战转向价值维度的竞争，智能化将成为车企重要的 差异化竞争优势。 消息面上，浙江世宝近日在投资者互动平台表示，公司的线控转向SBW已获得数个主流整车厂客户定 点，项目开发正在进行中，将根据客户时间表投产。公司官网显示，SBW可支持L3及以上自动驾驶， 可支持底盘集成协调控制。此外，公司表示目前仍聚焦于汽车转向系统一级配套业务，同时也密切关注 产业链延伸机会。 浙江世宝（002703）(01057)涨超10%，截至发稿，涨11.25%，报5.34港元，成交额2.31亿港元。 ...

智通财经APP获悉，浙江世宝(01057)涨超10%，截至发稿，涨11.25%，报5.34港元，成交额2.31亿港 元。 另外，近日工业和信息化部等八部门印发《汽车行业稳增长工作方案(2025—2026年)》，强调推进智能 网联汽车准入和上路通行试点，有条件批准L3级车型生产准入，推动道路交通安全、保险等法律法规 完善。方正证券发布研报称，政策端对L3车型的松绑，叠加后续权责划分、智能网联汽车参数等细则 的出台，有望重塑汽车行业竞争逻辑，从单纯的价格战转向价值维度的竞争，智能化将成为车企重要的 差异化竞争优势。 消息面上，浙江世宝近日在投资者互动平台表示，公司的线控转向SBW已获得数个主流整车厂客户定 点，项目开发正在进行中，将根据客户时间表投产。公司官网显示，SBW可支持L3及以上自动驾驶， 可支持底盘集成协调控制。此外，公司表示目前仍聚焦于汽车转向系统一级配套业务，同时也密切关注 产业链延伸机会。 ...