Investment Rating - The investment rating for the industry is "Positive" (maintained) [2] Core Insights - In January 2026, the heavy truck market showed a strong wholesale performance with approximately 100,000 units sold, marking a significant increase of about 39% compared to the same month last year [5][13] - The terminal sales for heavy trucks are expected to decline by 5% to 10% year-on-year, with a severe drop of over 85% in the new energy truck segment [5][13] - NIO is projected to achieve an adjusted operating profit of 700 million to 1.2 billion RMB in Q4 2025, marking its first positive quarterly adjusted operating profit [17] - The automotive sector is experiencing a shift towards high-end luxury vehicles, with domestic demand exceeding expectations [7] - The automotive parts sector is expected to see an upward turning point in profitability due to industry consolidation and downstream expansion [7] Summary by Sections Industry Key News - In January 2026, the heavy truck market's wholesale sales reached around 100,000 units, with terminal sales expected to decline year-on-year [5][13] - NIO anticipates an adjusted operating profit of 700 million to 1.2 billion RMB for Q4 2025 [17] - BYD plans to localize 50% of its parts manufacturing in Brazil by the end of 2026 [19] - Tesla is transitioning to humanoid robot production, with a long-term business value projected at 25 trillion USD [20] Market Performance - The A-share automotive sector outperformed the broader market with a weekly increase of 0.47%, ranking 10th among major sectors [24] - The commercial vehicle index rose by 1.34%, led by Jinlong Automobile and Foton Motor [6][29] - The automotive parts sector saw a 0.58% increase, with significant gains from companies like Xingmin Zhitong and Yinlun [6][32] Investment Recommendations - For passenger vehicles, high-end domestic brands like JAC Motors and Seres are recommended due to strong demand and favorable competition [7] - In the automotive parts sector, companies such as Desay SV and Zhejiang Xiantong are highlighted for their growth potential [7]

Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

Core Viewpoint - Desay SV Automotive has integrated 14 international advanced management systems, including IATF16949 and ISO26262, to establish a comprehensive digital management system that spans research and development, supply chain, manufacturing, and customer service, ensuring high-quality product and service delivery [2] Group 1 - The company is the first to receive the "National Quality Award" and has also won the Guangdong Provincial Government Quality Award nomination and the ICQCC International Gold Award, along with various domestic automotive quality awards [2] - Desay SV Automotive relies on industry-leading laboratories recognized by both CNAS and A2LA, with comprehensive testing capabilities covering electrical, mechanical, environmental reliability, EMC, and failure analysis [2] - The company has proactively established testing facilities for high and low-temperature optical testing, millimeter-wave radar testing, and intelligent driving, equipped with over 40 types of road facilities and a comprehensive V2X network to simulate various complex scenarios [2]

Group 1 - Desay SV Automotive announced that on February 5, 2026, it will accept an investor survey from Yongying Fund and other investors, with the company's securities affairs department representatives Qian Yuchun and Huang Yijing participating in the reception and answering investor questions [1] Group 2 - The article also discusses the legality of personal stock trading by fund managers, revealing unexpected answers from several leading public funds [1]

Core Insights - The auxiliary driving industry is transitioning from L2+ to L3, with "all-weather, all-scenario, high redundancy" perception capabilities becoming a consensus and core pursuit [1] Industry Overview - By 2025, the penetration rate of millimeter-wave radar in China's passenger vehicles is expected to exceed 50%, making 4D millimeter-wave radar a focal point in market competition [3] - The implementation of new national standards like AEB is highlighting the shortcomings of traditional 3D millimeter-wave radar, while the enhanced perception capabilities of 4D millimeter-wave radar are becoming a key choice for automakers to balance regulatory compliance and user experience [3] Company Developments - Desay SV's 8T8R 4D millimeter-wave radar has been recognized as a global leader, with the first model supporting satellite architecture already secured for deployment with major domestic automakers, aiming for mass production by 2026 [3] - The upgrade to 4D millimeter-wave radar is not just a hardware iteration but a system engineering effort combining "sensors + domain control," achieving significant technological breakthroughs [4] Technological Advancements - The 8T8R radar features a 30% improvement in angular accuracy, 150% increase in point cloud density compared to the 6T8R solution, and enhanced anti-interference capabilities, allowing for stable perception in extreme conditions [4] - The radar can detect objects over 300 meters away, reliably identifying traffic cones at 120 meters and stationary vehicles at 280 meters, meeting industry standard requirements [4] Future Outlook - The 4D millimeter-wave radar supports a satellite architecture that allows direct output of high-fidelity ADC raw data to central domain controllers, reducing hardware costs and power consumption [5] - Over the next three years, 4D millimeter-wave radar is expected to rapidly penetrate the mainstream passenger vehicle market priced around 150,000 yuan [5] - Desay SV has a strong foundation in the millimeter-wave radar field, with over a million units shipped annually during the 3D radar era, and is well-positioned for the rapid rollout of 4D technology [5] Strategic Positioning - Desay SV aims to provide a complete perception solution that is quickly producible, adaptable, and continuously evolving, marking a significant step in the high-level intelligent driving sensor field with the launch of the 8T8R 4D millimeter-wave radar [6]

Group 1: Market Positioning - The company leverages unique advantages to create products that are superior to competitors, maintaining a leading position in the market [2][3] - The diverse and tiered product matrix, along with flexible cooperation models, covers a vast majority of customer needs, supporting the company's market leadership [3] Group 2: Quality Management - The company has integrated 14 advanced international management systems, including IATF16949 and ISO26262, forming a comprehensive digital management system from R&D to customer service [4] - It is the first enterprise to receive the "National Quality Award" and has won various quality awards, demonstrating its commitment to high-quality product delivery [4] - The company operates a leading laboratory with dual recognition (CNAS and A2LA), covering extensive testing capabilities in electrical, mechanical, environmental reliability, EMC, and failure analysis [4] Group 3: Robotics Domain Control - The company has established strategic partnerships with several renowned robotics firms and launched the AI Cube, an AI computing terminal for robotics [5] - The AI Cube aims for "zero defects" and enhances the durability and reliability of key robotic components, improving their intelligence in complex environments [5] - The company provides technical services for rapid model adaptation, optimization, and computational acceleration, aiding clients in enhancing large model inference speed [5]

Summary of Conference Call on China Autos & Shared Mobility Industry Overview - The focus is on the integration of smart-driving and cockpit functionalities within the automotive industry, particularly in China. This integration is expected to accelerate significantly in the next 6-12 months due to advancements in VLA (vision-language-action) models and a pressing need for cost savings [1][2]. Key Insights 1. **Integration of Smart Systems**: The integration of smart cockpit and smart driving systems is anticipated to reach a new level, with penetration rates of approximately 80% for smart cockpits and 60% for smart driving (L2 and above) in China by 2025. This shift is driven by the synergy between these systems, increased AI computing needs, and OEMs' focus on cost savings [2][3]. 2. **Cost Savings from Integration**: Integrating cockpit and driving functions onto a single SoC (System on Chip) could yield cost savings of Rmb2-3k per vehicle by eliminating the need for separate hardware components. This integration is expected to make advanced features accessible in vehicles priced below Rmb150k [10][11]. 3. **Technological Advancements**: The automotive industry is witnessing rapid technological upgrades, with chip processes advancing from 7nm to 5nm and below. This is crucial for meeting the higher computing power demands of L3 autonomous driving systems, which require onboard computing power ranging from 700 to 2250 TOPS [4]. 4. **Market Dynamics**: Companies like Horizon Robotics are positioned to benefit from this trend, provided they can compete effectively with established players like Nvidia in the SoC market. However, this integration poses risks for tier-one DCU makers, as it may lead to a decrease in the value content of their products [11][16]. Additional Considerations - **Supplier Landscape**: Key suppliers and OEMs adopting integrated smart cockpit and driving solutions are highlighted, indicating a shift in the competitive landscape within the industry [11]. - **Risks**: Potential risks include slower-than-expected adoption of ADAS/AD technologies, supply chain disruptions, and successful in-house hardware design initiatives by OEMs [18]. Conclusion The automotive industry in China is on the brink of significant transformation with the integration of smart-driving and cockpit functionalities. This shift is driven by technological advancements, cost-saving measures, and changing market dynamics, presenting both opportunities and risks for stakeholders involved.

Core Insights - The RoboX industry is approaching a commercialization inflection point, driven by strong policy support, increasing demand for cost-effective and safe autonomous driving solutions, and significant reductions in core component costs [2][6][11]. Group 1: RoboX Overview - RoboX encompasses various forms of autonomous driving applications, including Robotaxi, Robovan, and Robotruck, designed to adapt to different transportation scenarios through modular design [8]. - The industry is experiencing rapid advancements in technology, with the penetration rate of L2 and above autonomous features in passenger vehicles expected to exceed 90% by 2030, significantly driving down costs for key components like LiDAR and computing chips [9][11]. Group 2: Robotaxi Insights - Robotaxi is projected to achieve an operational cost of $0.2 per kilometer by 2027, a 50% reduction compared to traditional ride-sharing platforms, primarily due to the remote safety operator model and economies of scale [3][17]. - The global Robotaxi market is expected to reach a valuation of $352.6 billion by 2035, with the Chinese market anticipated to grow from $200 million in 2025 to $179.4 billion by 2035, indicating strong growth potential [23][28]. Group 3: Robovan Insights - The demand for Robovan is driven by labor shortages and high costs in last-mile delivery, with its capabilities making it a key solution across e-commerce, retail, and food delivery sectors [4]. - The cost of Robovan is expected to drop significantly, from 500,000-600,000 yuan to around 20,000 yuan, due to economies of scale and increased penetration of L2 and above features in passenger vehicles [4][11]. Group 4: Robotruck Insights - Robotruck applications are expanding from closed environments to long-haul logistics, with a market potential reaching hundreds of billions, focusing on stable freight demand and high operational value [5]. - The adoption of "virtual drivers" in Robotrucks is expected to significantly reduce the operating costs of electric trucks, enhancing their commercial viability [5]. Group 5: Policy Support - Since 2020, the Chinese government has implemented numerous policies to support the development of intelligent connected vehicles, establishing a robust regulatory framework for the industry [11][13]. - By 2025, 17 national-level testing demonstration zones have been established, with over 32,000 kilometers of testing roads opened, facilitating the transition from technology validation to commercial operation [11][13]. Group 6: Investment Recommendations - Companies involved in autonomous driving solutions and operations are expected to benefit directly from the commercialization of RoboX, with a projected rapid increase in penetration rates between 2026 and 2027, unlocking a market potential of hundreds of billions [6][28]. - Recommended companies include WeRide, Cao Cao Mobility, and XPeng Motors, with a focus on intelligent component manufacturers like Horizon Robotics and Bertelson [6].

Group 1 - The core viewpoint of the news is that Desay SV Automotive experienced a decline in stock price and trading volume on February 2, with significant financing activities indicating high levels of market interest and potential volatility [1] Group 2 - As of February 2, Desay SV's stock price fell by 1.37%, with a trading volume of 890 million yuan. The financing buy-in amount was 101 million yuan, while the financing repayment was 110 million yuan, resulting in a net financing buy of -9.4961 million yuan [1] - The total margin balance for Desay SV as of February 2 was 1.731 billion yuan, with the financing balance of 1.728 billion yuan accounting for 2.58% of the circulating market value, indicating a high level compared to the past year [1] - On the short-selling side, Desay SV had 4,100 shares repaid and 2,600 shares sold on February 2, with a selling amount of 313,600 yuan at the closing price. The short-selling balance was 282.64 million yuan, also indicating a high level compared to the past year [1] Group 3 - As of September 30, the number of shareholders for Desay SV was 56,500, a decrease of 4.24% from the previous period, while the average circulating shares per person increased by 4.43% to 9,789 shares [2] - For the period from January to September 2025, Desay SV achieved operating revenue of 22.337 billion yuan, a year-on-year increase of 17.72%, and a net profit attributable to shareholders of 1.788 billion yuan, up 27.08% year-on-year [2] - Desay SV has distributed a total of 2.237 billion yuan in dividends since its A-share listing, with 1.438 billion yuan distributed over the past three years [2] Group 4 - As of September 30, 2025, the sixth largest circulating shareholder of Desay SV was Hong Kong Central Clearing Limited, holding 9.3147 million shares, an increase of 1.502 million shares from the previous period. The tenth largest shareholder was Huatai-PB CSI 300 ETF, holding 4.8369 million shares, a decrease of 238,800 shares from the previous period [2]

Core Viewpoint - The automotive acoustic components market is experiencing significant growth driven by the shift in consumer preferences towards comfort and the increasing demand for noise, vibration, and harshness (NVH) performance in vehicles. The market is expected to reach a scale of 10.49 billion yuan by 2025, with a year-on-year growth of 23.0% [1][8]. Overview - Automotive acoustic components are electronic and mechanical parts used in vehicle acoustic systems to enhance safety, communication, entertainment, and noise control. They play a crucial role in improving NVH performance and meeting comfort and regulatory noise reduction requirements [2][3]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive acoustic components industry, creating a favorable environment for growth. These include initiatives aimed at enhancing manufacturing reliability and promoting the development of new energy and intelligent connected vehicles [3][4]. Industry Chain - The industry chain for automotive acoustic components includes upstream suppliers of acoustic materials, midstream manufacturers of acoustic components, and downstream automotive manufacturers. The rapid growth of the new energy vehicle market is reshaping demand for acoustic components, leading to increased requirements for lightweight and high-performance products [6][7]. Development Status - The automotive acoustic components market is expanding as manufacturers enhance their product offerings to meet consumer demands for comfort. The market is projected to grow significantly, particularly with the rise of new energy vehicles, which require advanced acoustic solutions [1][8]. Competitive Landscape - Historically dominated by international giants, the market is seeing a shift as domestic companies like Suzhou Aosheng Electronics and AAC Technologies gain market share through technological advancements and cost advantages. This trend is expected to accelerate with the rise of domestic automotive brands and localization of supply chains [10]. Key Domestic Players - Suzhou Aosheng Electronics is a leading provider of automotive acoustic solutions, with a revenue of 1.367 billion yuan in the first half of 2025, primarily from speaker sales [11]. - AAC Technologies is recognized for its comprehensive capabilities in acoustic, optical, and sensor solutions, reporting a revenue of 13.32 billion yuan in the same period [12]. Development Trends - The industry is moving towards active intelligent noise reduction technologies to meet the unique demands of new energy vehicles. This includes the integration of AI algorithms for real-time noise management [13]. - Material innovation is focusing on environmentally friendly and lightweight solutions, with a shift from traditional materials to biodegradable and composite materials [14]. - The proliferation of smart cabins is driving the evolution of acoustic components towards personalized and scenario-based functionalities, enhancing user experience and creating new business models [15].