Group 1 - The company signed a strategic cooperation framework agreement with Niunai Robotics (Hangzhou) Co., Ltd. on October 16, 2025, aiming to leverage each other's strengths for multi-faceted collaboration in talent, technology, and industry [1] - The company is actively promoting the expansion and deepening of its electric control-related business, with its electric control products currently achieving small batch supply [1]

Group 1: Business Expansion and Market Strategy - The company has been deeply engaged in the automotive wheel hub bearing unit sector, focusing on both domestic and international markets, with key clients including Chery, Changan, Geely, and others [3] - The company is actively expanding its international aftermarket business while optimizing customer and market structure, targeting mid-to-high-end markets in regions like the Middle East and Southeast Asia [3] - The company has successfully completed a fundraising project for an annual production capacity of 3.6 million automotive wheel hub bearing units, with funds fully utilized [4] Group 2: Production Capacity and Technological Development - The company adheres to a cautious investment and scientific layout principle in expanding production capacity, which will gradually be released as business scales up [4] - The company is advancing its electric control business in response to the rapid development of electrification, intelligence, and connectivity in the automotive industry, with small batch supply already achieved [5] - A strategic cooperation framework agreement was signed with Nuo Nai Robotics to leverage mutual strengths in talent, technology, and industry collaboration [6] Group 3: Future Strategic Planning - The company aims to strengthen its core business while expanding into international markets and domestic mainframe supply markets, focusing on increasing business scale [7] - The company is also monitoring emerging industries and market trends, planning to gradually enter fields such as humanoid robots and intelligent driving [8]

格隆汇10月21日丨兆丰股份(300695.SZ)在投资者互动平台表示，根据工商信息显示，乐聚智能（深 圳）股份有限公司目前已完成股份制改制，乐聚公司是否有上市计划请以其公开信息为准。目前公司已 有通过嘉兴玖兆烨熠股权投资合伙企业（有限合伙）间接参与投资乐聚公司，根据工商信息显示，玖兆 烨熠直接持有乐聚公司6.8529%的股权。 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

Core Viewpoint - Zhaofeng Co., Ltd. experienced a 5.09% increase in stock price, reaching 107.75 CNY per share, with a total market capitalization of 11.018 billion CNY as of October 20 [1] Company Overview - Zhaofeng Co., Ltd. is located in Xiaoshan Economic and Technological Development Zone, Hangzhou, Zhejiang Province, established on November 28, 2002, and listed on September 8, 2017 [1] - The company's main business involves the research, production, and sales of automotive wheel hub bearing units, with revenue composition as follows: 95.64% from wheel hub bearing units, 2.87% from separation bearings, 1.11% from materials and leasing, and 0.38% from other components [1] Shareholder Information - Yongying Fund's advanced manufacturing mixed fund A (018124) entered the top ten circulating shareholders of Zhaofeng Co., Ltd. in the second quarter, holding 3.01% of circulating shares [2] - The fund has achieved a year-to-date return of 72.79%, ranking 139 out of 8234 in its category, and a one-year return of 141.19%, ranking 7 out of 8095 [2] Fund Manager Performance - The fund manager of Yongying Fund's advanced manufacturing mixed fund A is Zhang Lu, who has a total fund asset size of 15.413 billion CNY and a best return of 118.54% during his tenure [3] Fund Holdings - Yongying Fund's new energy mixed fund A (015828) holds 117,200 shares of Zhaofeng Co., Ltd., accounting for 3.85% of the fund's net value, ranking as the tenth largest holding [4] - This fund has a year-to-date return of 17.4% and a one-year return of 11.2%, with a cumulative loss of 54.52% since its inception [4] Additional Fund Manager Information - The fund manager of Yongying Fund's new energy mixed fund A is Hu Ze, with a total fund asset size of 2.639 billion CNY and a best return of 99.4% during his tenure [5]

Core Insights - ZheShang Securities report indicates that ZhaoFeng Co. has officially established a strategic partnership with Neura, a leading humanoid robotics company in Europe [1] - Neura holds approximately 9 billion yuan in orders and is optimistic about the rapid growth of humanoid robotics business [1] - Neura's core product MAiRA is the world's first cognitive collaborative robot, with plans to launch the cognitive general-purpose humanoid robot 4NE-1 in 2024 [1] Product Line and Market Presence - Neura's product line includes autonomous mobile platform MAV, lightweight robotic assistant LARA, and personal assistant robot MiPA, covering various scenarios in industries such as manufacturing, healthcare, and logistics [1] - Notable clients of Neura include international giants like Kawasaki Heavy Industries and Omron [1] Strategic Moves - Neura has established a wholly-owned subsidiary, NiuNai Robotics, in Hangzhou Xiaoshan, emphasizing the company's regional advantages [1] - The company is gradually realizing investments in leading enterprises such as Chery, Leju, and Kepler, maintaining a "buy" rating for ZhaoFeng Co. [1]

Market Overview - The three major indices opened slightly lower, with the Shanghai Composite Index at 3912.04 points, down 0.11%, the Shenzhen Component at 13060.24 points, down 0.20%, and the ChiNext Index at 3026.40 points, down 0.36% [1] Economic and Trade Developments - The Chinese Ministry of Commerce expressed an open attitude towards equal consultations based on mutual respect regarding potential new trade talks with the U.S. [2] - The Ministry of Industry and Information Technology is promoting a nationwide "millisecond computing" network construction initiative, aiming for comprehensive coverage and efficiency by 2027 [2] - The U.S. is considering extending the suspension of tariffs on China in exchange for delaying rare earth export controls, with China reiterating its stance on these issues [2] - Chinese Commerce Minister Wang Wentao met with Apple CEO Tim Cook, discussing U.S.-China trade relations and encouraging Apple to deepen cooperation and investment in China [2] - TSMC noted strong demand for AI applications, exceeding previous expectations, and is working to enhance Cowos capacity by 2026 [2] Company Announcements - Oriental Cable announced winning contracts totaling 2.374 billion yuan for ±500kV DC sea-land cable products and construction projects [3] - Zhaofeng Co. signed a strategic cooperation framework agreement with Nuoan Robotics [3] - TBEA announced a subsidiary's plan to acquire a 74.19% stake in Shuguang Cable for 946 million yuan [3] - Zhongtian Technology reported winning multiple marine project contracts totaling approximately 1.788 billion yuan [3] - Huatian Technology plans to acquire 100% of Huayi Microelectronics [3] - ZhiGuang Electric intends to purchase all or part of ZhiGuang Energy's minority equity [3] - ChipLink Integration plans to increase capital by 1.8 billion yuan to its controlling subsidiary [3] - Shijia Photon reported a 728% year-on-year increase in net profit for the first three quarters [3] - Rongzhi Rixin expects a net profit increase of 871%-908% year-on-year for the first three quarters [3] - Guangsheng Nonferrous anticipates a net profit of 100 million to 130 million yuan for the first three quarters [3] Corporate Changes - Fuyao Glass announced that its actual controller, Cao Dewang, resigned as chairman, with his son, Cao Hui, elected as the new chairman [4] - YTO Express reported that its third-largest shareholder, Hangzhou Haoyue, plans to transfer up to 2% of the company's shares through block trading [4] - Tongfu Microelectronics' largest shareholder, Huada Group, plans to reduce its stake by no more than 1% [4] - Debang Technology's largest shareholder, the National Big Fund, reduced its holdings by 1.5173 million shares from September 29 to October 15 [4] Regulatory Issues - Hainan Huatie announced that it is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [5] U.S. Market Performance - The U.S. Senate failed to advance a temporary funding bill, increasing recession expectations [6] - U.S. stock indices closed lower, with the Dow down 0.65%, Nasdaq down 0.47%, and S&P 500 down 0.63% [7] Technology Developments - Apple is preparing to launch a new Mac computer featuring a touch screen, with the new MacBook Pro expected to include a touch display, a lighter body, and M6 series chips [8] - Oracle disclosed that its RPO has exceeded $500 billion, projecting $225 billion in revenue by fiscal year 2030, with adjusted earnings per share expected to reach $21 [9] Commodity Market - COMEX gold futures rose by 3.4% to $4344.3 per ounce, while COMEX silver futures increased by 3.99% to $53.43 per ounce, both reaching new closing highs [9] Market Sentiment - Zhongyuan Securities noted that the A-share market experienced slight fluctuations, with banking, automotive, communication equipment, and coal sectors performing well, while precious metals and wind power sectors lagged [10] - Dongguan Securities highlighted that the A-share market faced a pullback, with concerns over U.S. government "shutdown" increasing recession expectations [11]

（文章来源：证券日报） 证券日报网讯 10月16日晚间，兆丰股份发布公告称，公司于2025年10月16日与纽鼐机器人（杭州）有 限公司签订《战略合作框架协议》，双方本着产业协同、共同发展的原则，旨在充分发挥各自优势的基 础上，共同在人才、技术、产业等方面开展多方位合作。本协议的签署无需提交公司董事会和股东会审 议。 ...

Core Insights - Zhejiang Zhaofeng Electromechanical Co., Ltd. has signed a strategic cooperation framework agreement with Neura Robotics (Hangzhou) Co., Ltd., marking the beginning of comprehensive collaboration in the humanoid robot sector [1][4] - Neura Robotics, a subsidiary of the German company Neura Robotics, focuses on the production of cognitive collaborative robots and humanoid robots, with significant market presence and technological capabilities [3][4] Company Developments - The partnership aims to enhance research and development capabilities, core competitiveness, and align with long-term strategic planning for Zhaofeng [4] - Neura Robotics has completed €120 million in financing and has a total order volume exceeding €1 billion, indicating strong commercial expansion [3] Strategic Goals - The collaboration will focus on technology development for key robot components, industrial application, talent cultivation, and the establishment of a robot training center [4] - Neura Robotics plans to establish a production base in China and a joint venture for robot mergers and acquisitions, contributing to a collaborative innovation ecosystem [4]

Resumption of Trading - Zhiguang Electric plans to issue new shares to purchase all or part of the minority equity of Guangzhou Zhiguang Energy Technology, leading to the resumption of its stock trading [1] Mergers and Acquisitions - Guotou Fengle's acquirer, Guotou Seed Industry, intends to subscribe for no more than 184 million shares at a price of 5.91 yuan per share [2] Share Buybacks and Equity Transfers - Zhijiang Biology plans to repurchase shares worth between 60 million to 120 million yuan [3] - YTO Express, for strategic and financial planning reasons, intends to transfer no more than 2% of its shares through block trading by Hangzhou Haoyue [4] Daily Operations and External Investments - Zhaofeng Co. signed a strategic cooperation framework agreement with NiuNai Robotics, focusing on cognitive and humanoid robot development [5] - Huayu Automotive completed the acquisition of a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., Ltd. [6] - Dingjide's high-end new material project for petrochemical technology, POE industrialization device, has been put into production [7] - Chiplink Integration plans to increase capital by 1.8 billion yuan to ensure the ongoing implementation of its 12-inch integrated circuit analog mixed-signal chip manufacturing project [7] - Shanghai Xiba has obtained the IATF16949 automotive quality management system certification for the design and production of silicon-carbon anode materials for new energy batteries [7] - Zhongtian Technology won multiple marine series projects in deep-sea technology, totaling approximately 1.788 billion yuan [8] - TBEA's subsidiary plans to acquire 74.19% of Shuguang Cable for 946 million yuan, specializing in 1E-level K1 and K3 cables for nuclear power plants [8] - Junshi Biosciences received FDA approval for the clinical trial application of JS207 for neoadjuvant therapy in non-small cell lung cancer patients [9] - Longbai Group's subsidiary intends to acquire assets related to Venator UK's titanium dioxide business [10] - Yunnan Energy Investment is investing 1.872 billion yuan to construct a 350MW compressed air energy storage demonstration project in Kunming Anning [11] Performance Changes - Shijia Photon reported a net profit of 299 million yuan for the first three quarters, a year-on-year increase of 728%, with orders for optical chips and devices increasing [12] - Guangku Technology expects a net profit of 110 million yuan for the first three quarters, a year-on-year increase of 97.00%-117.00%, driven by technological innovation and new product launches [12] - Rongzhi Rixin anticipates a net profit of 26.4 million to 27.4 million yuan for the first three quarters, a year-on-year increase of 871.30%-908.09% [13] - Guangsheng Nonferrous expects a net profit of 100 million to 130 million yuan for the first three quarters, a year-on-year increase of 136.29% to 147.18%, due to rising rare earth market prices [14] - Aobi Zhongguang expects to achieve a net profit of approximately 108 million yuan for the first three quarters, returning to profitability with rapid growth in various business areas [15] - Cangge Mining reported a net profit of 951 million yuan in the third quarter, a year-on-year increase of 66.49% [15]