惠州市华阳集团股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002906 证券简称：华阳集团 公告编号：2026-006 （2）现场会议召开地点：广东省惠州市东江高新科技产业园上霞北路1号华阳工业园A区集团办公大楼 会议室。 （3）会议召开方式：本次股东会采取现场投票与网络投票结合的方式。 （4）会议召集人：公司董事会 2、本次股东会不涉及变更以往股东会已通过的决议。 （5）会议主持人：董事长邹淦荣先生 一、会议召开和出席情况 （6）本次会议的召集、召开与表决程序符合《中华人民共和国公司法》《上市公司股东会规则》《深 圳证券交易所股票上市规则》及《公司章程》等法律、法规及规范性文件的规定。 1、会议召开情况 （1）会议召开时间 现场会议召开时间：2026年2月4日（星期三）15:00 网络投票时间：通过深圳证券交易所交易系统进行投票的时间为2026年2月4日9:15-9:25,9:30-11:30和 ...

惠州市华阳集团股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 证券代码：002906 证券简称：华阳集团 公告编号：2026-006 1、会议召开情况 （1）会议召开时间 现场会议召开时间：2026年2月4日（星期三）15:00 网络投票时间：通过深圳证券交易所交易系统进行投票的时间为2026年2月4 日9:15-9:25,9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票系统 投票的时间为2026年2月4日9:15至15:00的任意时间。 （2）现场会议召开地点：广东省惠州市东江高新科技产业园上霞北路1号华 阳工业园A区集团办公大楼会议室。 （3）会议召开方式：本次股东会采取现场投票与网络投票结合的方式。 （4）会议召集人：公司董事会 （5）会议主持人：董事长邹淦荣先生 （1）参加本次会议的股东及股东代理人共266人，代表股份303,306,945股， 占公司本次 ...

深圳市南山区前海周大福金融大厦南塔（HyQ 前坊）10 楼 10/F, HyQ, Chow Tai Fook Finance Tower, Qian Hai, Shenzhen 518052, China 电话 Tel: +86 755 8351 7570 传真 Fax: +86 755 8351 5502 电邮 Email: shenzhen@tongshang.com 网址 Web: www.tongshang.com 北京市通商（深圳）律师事务所 关于惠州市华阳集团股份有限公司 2026 年第一次临时股东会的法律意见书 一、 本次股东会的召集、召开程序 本次股东会的现场会议于 2026 年 2 月 4 日（星期三）15:00 在广东省 惠州市东江高新科技产业园上霞北路1号华阳工业园A 区集团办公大 楼会议室召开，除现场会议外，公司还通过深圳证券交易所交易系统 和互联网投票系统向公司 A 股股东提供网络投票平台，其中通过深圳 证券交易所交易系统进行网络投票的具体时间为：2026 年 2 月 4 日（星 期三）9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证券交易所 互联网投票系 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [6]. Core Insights - The penetration rate of NOA (Navigation on Autopilot) in urban areas exceeded 20% in November, with Waymo completing a new round of financing amounting to 160 billion yuan [1][17]. - The report highlights significant advancements in smart driving technologies, with L2 and above penetration rates for passenger vehicles reaching 38% in November, a year-on-year increase of 22 percentage points [3]. - Key companies recommended for investment include XPeng Motors, JAC Motors, and Geely for complete vehicles, while Pony.ai and WeRide are recommended for L4 technologies [4]. Summary by Sections Industry News - Waymo completed a new round of financing of 160 billion yuan [1][17]. - Pony.ai partnered with Aitbot to develop high-end Robotaxi services [1]. - WeRide launched its self-developed general simulation platform, WeRide GENESIS [1]. - HoloMatic delivered unmanned mining trucks in bulk [1]. - Hesai Technology led the market in 3D LiDAR shipments for lawnmowers [1]. - XPeng Motors' AD Pro received a major upgrade, becoming the first to mass-produce based on a single Journey® 6M chip [1]. High-Frequency Core Data Updates - The penetration rate of 8MP cameras in passenger vehicles reached 51% in November 2025, up 31 percentage points year-on-year [2]. - NVIDIA's driving chip market share increased to 54.3% [2]. - The penetration rate of LiDAR in passenger vehicles reached 16.6%, a year-on-year increase of 10 percentage points [2]. Smart Driving - The penetration rate of passenger vehicles with L2 and above functions reached 38% in November, with urban NOA at 20.6% [3]. - Sensor penetration rates for front-view cameras, forward millimeter-wave radar, and LiDAR were 69.0%, 58.4%, and 16.6%, respectively [3]. - The penetration rate of driving domain controllers reached 37.2%, a year-on-year increase of 19 percentage points [3]. Investment Recommendations - Recommended companies for complete vehicles include XPeng Motors, JAC Motors, and Geely [4]. - For L4 technologies, recommended companies are Pony.ai and WeRide [4]. - Recommended component suppliers include SUTENG for data acquisition and Horizon Robotics for data processing [4].

Summary of the Conference Call Industry Overview - The conference focused on the automotive industry, specifically strategies and forecasts for 2026, with a review of the automotive market from 2005 to 2025 [1][2]. Key Insights and Arguments 1. **Sales Growth and Valuation**: - Sales growth is a sufficient but not necessary condition for the valuation of the automotive sector to increase. Historical data shows that years with sales growth corresponded with rising valuations, but there were exceptions in years like 2012 and post-2020 [3]. - The automotive sector's valuation tends to respond approximately three months ahead of sales growth before 2020, and this response time has shortened to about one month post-2020 [3]. 2. **Comparison with 2018**: - The year 2026 is expected to mirror 2018, which also faced declining sales due to policy changes. In 2018, the automotive sector began to decline three months before sales dropped significantly [4][5]. 3. **Impact of Policy Changes**: - The introduction of a 5% purchase tax on new energy vehicles in 2026 and changes in subsidy structures are expected to impact demand negatively [1][2]. 4. **Investment Opportunities**: - The focus for 2026 is on new growth areas, particularly in smart driving technologies. Companies in this sector are seen as undervalued, with many trading below 30x P/E ratios while maintaining decent growth rates [7][8]. 5. **Low Valuation and High Growth Stocks**: - Several companies were highlighted as having strong growth potential while being undervalued, including: - **Mastec**: Estimated 20% growth in 2026 with a P/E of 15-16x [10]. - **Yatong**: Expected 30% growth with a P/E of around 20x [10]. - **Fuyou Glass**: Anticipated 15% growth with a P/E of about 15x [11]. - **Weichai Power**: Projected 15% growth with a similar P/E [11]. 6. **Sector-Specific Insights**: - Companies like **Desay SV** and **Kobota** are expected to see significant revenue growth due to their involvement with major clients like Li Auto and NIO, with projected revenues of 90 billion and 21 billion respectively for Q4 [17][21]. - **Huayang Group** is expected to maintain a growth rate of over 20% in 2026, driven by high-margin products [24]. Other Important but Overlooked Content - The conference also discussed the potential risks associated with rising raw material costs, particularly for companies in the forging sector, which could impact earnings realization [13]. - The importance of technological cycles, including the shift towards electric and smart vehicles, was emphasized as a key driver for future growth in the automotive sector [6][7]. - The discussion included a focus on the competitive landscape, with companies like Fuyou Glass expected to benefit from a more favorable market position as competitors exit [30][31]. Conclusion - The automotive industry is facing challenges due to policy changes and market dynamics, but there are significant investment opportunities in undervalued companies with strong growth potential, particularly in the smart driving and electric vehicle segments. The insights from the conference provide a comprehensive overview of the current state and future outlook of the automotive sector.

Core Viewpoint - Huayang Group (002906) has expanded its customer base for HUD products, establishing partnerships with numerous domestic and international automotive companies, indicating a strong growth trajectory in the HUD market [1] Group 1: Customer Expansion - The company has deepened its cooperation with various automotive clients, including Geely, Xiaopeng, Great Wall, Chery, FAW, Changan, BYD (002594), Volkswagen, STELLANTIS, Hyundai, and Seres (601127) since the second half of 2025 [1] - New projects based on the Lcos imaging solution for AR-HUD products have been secured, alongside additional projects for VPD products following the achievement of global mass production [1] Group 2: Production and Market Position - The scale of HUD production continues to increase, maintaining the company's leading position in the industry, with a cumulative global shipment exceeding 4 million units by the end of 2025 [1] - The ongoing popularity of vehicles equipped with the company's HUD products, along with the entry of more new projects into mass production, is expected to sustain a high growth trend for the company's HUD products [1]

Core Viewpoint - Huayang Group has recently engaged in intensive institutional research, highlighting significant advancements in its core business areas, including HUD products, AI Box innovations, two-wheeler market expansion, and precision die-casting business development [1][3]. Group 1: Investor Activity - The investor relations activity was categorized as "specific object research" and took place at Huayang Industrial Park in Huizhou, Guangdong Province, with participation from five institutions including Bin Yuan Capital and Huaxi Securities [2]. Group 2: Core Business Progress - Huayang Group reported substantial progress in its automotive electronics and precision manufacturing sectors, with multiple products achieving breakthroughs in market expansion and technological application [3]. - HUD Products: The company has shipped over 4 million units globally, with new orders for AR-HUD and VPD products from major automotive clients such as Geely, Xpeng, and BYD. The market position remains strong, with expectations for further growth as new projects enter mass production [3][4]. - AI Box Products: The company has launched AI Box to address edge computing needs in automotive intelligence, securing platform-level projects with well-known domestic car manufacturers. This product enhances data processing capabilities while ensuring user data security [3][4]. - Two-Wheeler Market: Huayang Group has successfully entered the two-wheeler market, obtaining multiple projects for LCD instruments and domain controllers, leveraging over 20 years of experience in automotive electronics [4]. - Precision Die-Casting Business: The company has seen significant growth in magnesium and zinc alloy orders, with magnesium alloys being used in lightweight automotive components and zinc alloys expanding into telecommunications and 3C sectors [4].

证券代码：002906 证券简称：华阳集团 3 1 | 2、公司AI Box产品介绍及市场进展? | | --- | | 答：当前AI大模型在汽车领域的应用逐步深化和拓展，个性 | | 化、智能化功能需求不断提升，针对端侧算力瓶颈，公司顺应市 | | 场发展趋势，已推出AI Box产品并最新获得国内知名车企平台型 | | 定点项目。该产品能够在端侧进行数据处理，通过"软硬协同+ | | 跨域融合"的创新模式，构建了高效、灵活的AI大模型上车技术 | | 路径。 | | AI Box产品通过多模态大模型本地化部署，保障用户数据安 | | 全与隐私；同时融合舱内外摄像头、麦克风及车辆自身数据，构 | | 建"人-车-环境"感知体系，精准识别用户意图与主动提供服务， | | 降低驾驶分心风险，提升交互体验与行车安全。 | | 3、公司汽车电子业务相关产品在两轮车市场的拓展情况？ | | 答：随着两轮车市场向智能化、高端化转型及新国标的正式 | | 实施，两轮车正从"代步工具"进化为 "智能移动终端"，市 | | 场潜力巨大。 | | 公司深耕汽车电子行业20余年，建立了完善的研发管理体系 | | 及丰富的产品矩阵， ...

Group 1 - The article discusses the recent policy measures issued by Guangdong province aimed at promoting high-quality development in transportation through artificial intelligence [4][5] - The policy encourages enterprises to focus on core technology breakthroughs and innovation in areas such as end-to-end remote driving, intelligent decision-making, and precise prediction and control [4][5] - The initiative aims to create high-quality data sets, toolchains, and algorithm libraries to facilitate the application of large models in autonomous driving [4][5] Group 2 - The article lists various companies involved in the development of key technologies related to autonomous driving, including 威帝股份, 凯众股份, and 大华股份 [6] - It highlights the importance of advanced systems such as steer-by-wire systems, vehicle-mounted cameras, and heads-up displays (HUD) in the context of intelligent driving [6]

报告明确了华阳集团2026年的指导思想和总体思路：聚焦主责主业，坚持立足煤、做强煤，做强做大传 统煤炭优势产业；坚持延伸煤、超越煤，做精做优新能源新材料产业；坚持抓布局、抓链条，重点突出 做好铝基新材料产业。坚持苦练内功、改革创新、提质增效，提升成本、科技、市场三个竞争力，全力 打造"五型华阳"，推动企业实现质的有效提升和量的合理增长，为实现"十五五"良好开局打下坚实基 础。 报告还从五个方面对华阳集团2026年重点工作进行部署：一是压实责任、夯实管理、提升素养，筑牢安 全发展底线，全力打造安全华阳；二是坚持降本增效、提质增效、市场问效，提升成本、科技、市 场"三个竞争力"，全力打造高效华阳；三是坚持突出主责、聚焦主业、转型升级，深耕华阳"三大主 业"，全力打造创新华阳；四是坚持政策保障、综合治理、绿色低碳，全面提升发展"含绿量"，全力打 造绿色华阳；五是坚持党建引领、清廉筑基、民生为大，筑牢企业发展的"根"和"魂"，全力打造幸福华 阳。 （文章来源：新华财经） 近日，山西华阳新材料集团（以下简称华阳集团）召开第十五届职工代表大会第三次全体会议。 会议期间，华阳集团党委书记、董事长王永革总结了华阳集团过去一年 ...