2月24日，长盛轴承涨5.02%，截至发稿，报86.97元/股，成交1.99亿元，换手率1.19%，总市值259.85亿 元。 资料显示，浙江长盛滑动轴承股份有限公司位于浙江省嘉善县惠民街道鑫达路6号，成立日期1995年6月 14日，上市日期2017年11月6日，公司主营业务涉及自润滑轴承及高性能聚合物的研发、生产及销售。 主营业务收入构成为：金属塑料聚合物自润滑卷制轴承48.26%，双金属边界润滑卷制轴承25.44%，金 属基自润滑轴承23.51%，其他(补充)2.79%。 从长盛轴承十大流通股东角度 数据显示，南方基金旗下1只基金位居长盛轴承十大流通股东。南方中证1000ETF（512100）三季度减 持9600股，持有股数109.22万股，占流通股的比例为0.56%。根据测算，今日浮盈赚取约454.36万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模789.96亿。今年以来收益8.02%，同类 排名1604/5580；近一年收益33.83%，同类排名1868/4297；成立以来收益23.54%。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累 ...

Group 1 - The stock price of Changsheng Bearing (300718.SZ) has shown a fluctuating trend over the past week, with a range of 1.36% [1] - On February 6, the closing price was 78.78 yuan, with a daily increase of 1.00%. It rose to 79.90 yuan on February 9 (+1.42%) and further to 80.59 yuan on February 10 (+0.86%), before retreating to 79.01 yuan on February 11 (-1.96%) and slightly increasing to 79.06 yuan on February 12 [1] - Trading activity varied significantly, with a peak trading volume of 524 million yuan (turnover rate of 3.37%) on February 10, which decreased to 149 million yuan (turnover rate of 0.97%) on February 12 [1] - The technical analysis indicates that the stock price is currently near the lower Bollinger Band of 20 days, with a resistance level at 86.13 yuan and a support level at 76.51 yuan [1] Group 2 - Institutional attention on Changsheng Bearing is generally moderate, with recent sentiment being neutral [2] - According to profit forecasts, 18 institutions expect a 15.07% year-on-year increase in net profit to 264 million yuan by 2025, while 13 institutions predict a further increase of 16.83% in 2026 [2] - In the industry context, Minsheng Securities reported on February 11 that under the backdrop of manufacturing upgrades, sectors like machinery and equipment are worth attention [2] - Current institutional ratings are predominantly neutral [2]

Summary of Conference Call Notes Industry Overview Humanoid Robot and EV Supply Chain - The conference focused on the China humanoid robot and EV supply chain sector, with meetings held from January 19-22, 2026, involving various companies in the robotics and automotive sectors [1] - Major component suppliers are preparing for the debut of Tesla's Optimus Gen 3 in the first half of 2026, with batch shipments expected in the second half of 2026 [1] - Suppliers for Unitree's humanoid robot anticipate significant year-over-year shipment growth in 2026, leading to over 100% growth in humanoid robot-related sales [1] - Key component manufacturers are increasing production capacity and expect cost reductions through mass production and product standardization [1] Auto/EV OEMs & Supply Chain Sales Trends and Cost Pressures - Weak auto and EV sales trends are continuing into January 2026, attributed to cuts in EV purchase tax subsidies and incomplete trade-in subsidies [2] - Chery plans to launch new models post-Lunar New Year in February 2026 [2] - BOM (bill of materials) costs for EV models are estimated to increase by approximately RMB4,500-5,000 due to rising prices of lithium carbonate, memory, copper, and aluminum [2] - Seyond expects price reductions in LiDAR, which may alleviate some cost pressures for OEMs [2] Battery Sector Growth and Cost Management - CALB and Gotion are targeting over 50% year-over-year shipment growth, aiming for 180 GWh and 150 GWh respectively in 2026, driven by ESS demand and electrification of commercial vehicles [3] - Both companies plan to expand their effective capacities to 200 GWh by 2026 [3] - Upstream cost pressures from lithium carbonate and LiPF6 are expected to be partially passed through to customers, with ESS customers more likely to accept price hikes than EV customers [3] Company-Specific Insights Wolong Electric - Anticipates humanoid robot-related revenue to double year-over-year in 2026, with a projected revenue of around RMB100 million from humanoid robots in 2025 [8] - The company is investing in a data collection center for humanoid robots, focusing on motion capture [8] ZD Leader - Expects humanoid robot-related revenue to increase from RMB50 million in 2025 to over RMB100 million in 2026, driven by orders from a leading local robot maker [9] - The average selling price of its planetary reducers is expected to decline in the long term [9] Changsheng Bearing - Currently, humanoid robot-related revenue accounts for less than 1% of total revenue, but significant growth is expected [10] - Management anticipates a 20% CAGR in the auto industry, supported by rising content value and market share gains [10] Precision Tsugami China - Achieved over 15,000 unit shipments of machine tools in 2025, with a revenue of over RMB5 billion [11] - Management expects over 10% year-over-year shipment growth in 2026, driven by demand from various sectors [11] Seyond - Projects over 1 million units of LiDAR shipments in 2026, with a focus on ADAS products [13] - Expects average selling prices to drop but gross profit margins to improve due to economies of scale [13] Inovance - Expects continued recovery in the factory automation sector, with strong demand from the battery and 3C sectors [14] - New businesses in robotics and industrial software are anticipated to drive long-term growth [15][16] Hengli Hydraulic - Aims for 20-30% revenue growth in 2026, with significant contributions from its partnership with Caterpillar [17] - Targets RMB300-500 million in sales from screw and linear guide business in 2026 [18] CALB - Targets over 180 GWh in battery shipments for 2026, with a focus on mid-to-high-end EV models [19] - Plans to increase production capacity to 200 GWh by 2026 and expects to pass through lithium carbonate price hikes to customers [20][21] JAC - Expects a net loss of RMB1.68 billion in 2025 but aims for 50,000 units shipment for its Maextro brand in 2026 [23] - The Maextro brand is expected to improve profitability in 2026 due to rising capacity utilization [23] Gotion Hi-Tech - Targets 150 GWh in battery shipments for 2026, with significant expansion in production capacity planned [27][28] Chery - Aims for 3 million units in volume sales for 2026, with a 50% penetration rate for EV sales [30] - Expects stable net profit per vehicle despite BOM cost increases [31] Bethel - Projects over 20% revenue growth in 2026, with a focus on new product introductions [32] - Anticipates relatively weak customer orders in the first quarter of 2026 [32] Conclusion - The conference highlighted significant growth opportunities in the humanoid robot and EV sectors, with various companies preparing for increased demand and addressing cost pressures through strategic planning and partnerships.

Group 1 - The stock price of Changsheng Bearing dropped by 5.02% to 82.05 CNY per share, with a trading volume of 814 million CNY and a turnover rate of 5.01%, resulting in a total market capitalization of 24.515 billion CNY [1] - Changsheng Bearing, established on June 14, 1995, and listed on November 6, 2017, specializes in the research, production, and sales of self-lubricating bearings and high-performance polymers [1] - The revenue composition of Changsheng Bearing includes: 48.26% from metal-plastic polymer self-lubricating rolled bearings, 25.44% from bimetal boundary lubricated rolled bearings, 23.51% from metal-based self-lubricating bearings, and 2.79% from other sources [1] Group 2 - Among the top ten circulating shareholders of Changsheng Bearing, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 9,600 shares to 1.0922 million shares, representing 0.56% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has a current scale of 78.996 billion CNY and has achieved a year-to-date return of 11.52%, ranking 1478 out of 5580 in its category, with a one-year return of 47.26%, ranking 1699 out of 4271 [2]

Group 1 - The core viewpoint of the article is that Changsheng Bearing (300718) is currently operating at a normal capacity utilization rate, indicating stable operational performance [1] - The company is actively progressing with expansion projects for certain products, suggesting a proactive approach to growth and capacity enhancement [1] - Capacity is not expected to become a bottleneck for the company's business development, reflecting confidence in future operational capabilities [1]

Group 1 - The core viewpoint of the article is that Changsheng Bearing (300718) currently operates all its production capacity domestically and supplies products to the global market through exports [1] - The company benefits from certain products being lightweight and compact, which helps keep transportation costs manageable [1] - The current operational model effectively meets the demands of overseas customers [1]

Core Viewpoint - Changsheng Bearing (300718) has developed metal-based self-lubricating bearings for the nuclear power sector, which are characterized by high load capacity, self-lubrication, resistance to high temperature and humidity, radiation resistance, and maintenance-free operation. The product lifespan can align with the lifecycle of the power unit, allowing for a full cycle without replacement, and has been certified by the China Nuclear Energy Association to meet international advanced standards [1] Group 1 - The company's self-lubricating bearings for nuclear power applications possess features such as high load capacity and maintenance-free operation [1] - The product lifespan is designed to synchronize with the lifecycle of the nuclear power unit, enabling full-cycle use without the need for replacement [1] - The company has established a client relationship with the State Power Investment Corporation and is actively seeking to expand its customer base [1]

证券日报网1月20日讯 ，长盛轴承在接受调研者提问时表示，公司产品主要应用在工程机械的挖掘机、 铺路机、分类机、混凝土机及叉车等的运输设备。公司为客户提供了可靠的综合解决方案，产品具有低 噪音、长寿命、高载荷的特性，可以有效适应矿山、野外等恶劣工况。公司的竞争优势在于深厚的技术 积累、稳定的产品质量以及与全球主流主机厂建立的长期战略合作关系。未来，公司将通过持续的材料 与工艺创新，巩固在该领域的领先地位。 （文章来源：证券日报） ...

Group 1: Company Overview - The company specializes in the research, production, and sales of self-lubricating bearings and high-performance polymers, with main products including self-lubricating bearings, modified engineering plastics, and fluoroplastics [2][3]. - The self-lubricating bearings developed by the company are lightweight, maintenance-free, low-noise, cost-effective, long-lasting, high-load, and corrosion-resistant, widely used in industries such as automotive, construction machinery, robotics, clean energy, port machinery, plastic machinery, and general equipment [3]. Group 2: Market Position and Performance - The automotive industry is the largest downstream sector for the company, accounting for approximately 80% of its revenue, followed by construction machinery [3]. - In 2025, major excavator manufacturers sold 235,257 units, representing a 17% year-on-year increase, indicating a significant recovery in the construction machinery sector, which positively impacts the company's related business [3]. Group 3: Product Applications and Innovations - The company is actively expanding its applications in the robotics sector, with some products already in mass production, although this segment currently represents a small portion of overall business [3]. - In the nuclear power sector, the company's metal-based self-lubricating bearings have advantages such as high load capacity, self-lubrication, high temperature and humidity resistance, radiation resistance, and maintenance-free operation, achieving international advanced levels [3]. Group 4: Production Capacity and Supply Chain Management - The company's current production capacity utilization is at a normal level, with expansion projects underway, ensuring that capacity will not become a bottleneck for business development [3]. - To address fluctuations in raw material prices, the company has implemented a pricing mechanism linked to raw material costs and is optimizing product structure to enhance core technological innovation capabilities [4]. Group 5: Competitive Advantages - The company's products are primarily used in construction machinery such as excavators, pavers, classifiers, concrete machines, and forklifts, providing reliable comprehensive solutions with features like low noise, long lifespan, and high load capacity [4]. - The competitive advantages include deep technical accumulation, stable product quality, and long-term strategic partnerships with global leading manufacturers [4].

Group 1 - The core viewpoint of the news is that Changsheng Bearing has shown positive financial performance and trading activity, with a notable increase in stock price and trading volume on January 16 [1] - On January 16, Changsheng Bearing's stock price increased by 2.33%, with a trading volume of 838 million yuan. The net financing purchase on that day was 13.58 million yuan, with a total financing and securities balance of 796 million yuan [1] - As of January 16, the financing balance of Changsheng Bearing was 794 million yuan, accounting for 3.17% of its circulating market value [1] Group 2 - As of September 30, the number of shareholders of Changsheng Bearing increased to 73,000, a rise of 6.5%, while the average circulating shares per person decreased by 6.11% to 2,655 shares [2] - For the period from January to September 2025, Changsheng Bearing achieved an operating income of 935 million yuan, representing a year-on-year growth of 11.97%, and a net profit attributable to the parent company of 188 million yuan, up by 11.01% [2] - Since its A-share listing, Changsheng Bearing has distributed a total of 747 million yuan in dividends, with 394 million yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, among the top ten circulating shareholders of Changsheng Bearing, Hong Kong Central Clearing Limited was the fifth largest shareholder, increasing its holdings by 1.425 million shares to 2.5488 million shares [3] - The Southern CSI 1000 ETF ranked as the eighth largest circulating shareholder, reducing its holdings by 9,600 shares to 1.0922 million shares [3]