一、培训时间 2025 年 12 月 15 日 二、培训地点 浙江省台州市恒勃股份会议室 三、培训内容 中信建投证券股份有限公司 关于恒勃控股股份有限公司 2025 年度持续督导的培训报告 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为恒 勃控股股份有限公司（以下简称"恒勃股份"或"公司"）的保荐人和持续督导 机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律 监管指引第 13 号——保荐业务》等相关规定，对恒勃股份到场的董事、监事、 高级管理人员及公司控股股东和实际控制人等相关人员进行了专门培训，本次培 训的具体情况如下： 1、介绍深圳证券交易所创业板上市公司募集资金管理的注意事项； 2、对最新法规案例进行解读，介绍市场情况，传达最新的监管动态； 3、为企业介绍目前再融资及港股市场状况及审核关注要点； 4、在培训过程中，培训人员解答了企业相关问题，进行了交流互动。 （本页无正文，为《中信建投证券股份有限公司关于恒勃控股股份有限公司 2025 年度持续督导的培训报告》之签字盖章页） 保荐代表人： 胡虞天成 华凌昊 中信建投证券股份有限公司 四、培训的完成情况及效果 本次持 ...

Group 1 - The core transaction of Hengbo Co., Ltd. involved a block trade of 80,200 shares on December 17, with a transaction value of 7.0487 million yuan, accounting for 4.68% of the total trading volume for that day [1] - The transaction price was 87.89 yuan, which represents a discount of 12.88% compared to the market closing price of 100.88 yuan [1] - The block trade included two transactions: one for 46,000 shares at a price of 87.89 yuan, and another for 34,200 shares at the same price, with the total transaction amount being 7.0487 million yuan [2]

Group 1: Market Review and Outlook - The mechanical equipment industry outperformed the market in 2025, with an overall increase of 27.80%, surpassing the Shanghai Composite Index by 17.65 percentage points [10][11] - The industry saw a recovery in performance, with revenue reaching 15,337 billion yuan, a year-on-year increase of 6.34%, and net profit of 1,103 billion yuan, up 14.19% [11] - The outlook for 2026 is optimistic, with expectations of a moderate recovery in macroeconomic conditions and improvements in domestic manufacturing demand [15][18] Group 2: Investment Directions: New Technologies - Focus on new technologies such as humanoid robots, nuclear fusion, quantum technology, low-speed unmanned systems, and perovskite solar cells, which are expected to drive industry upgrades and innovation [15][19] - Humanoid robots are shifting from theme-driven investments to value verification, with a focus on production schedules and scene orders [28][30] - Nuclear fusion is gaining momentum with accelerated technological progress and policy support, particularly in the Tokamak technology route [19][60] Group 3: Investment Directions: Cyclical Recovery - The cyclical recovery is driven by overseas expansion and policy support, with expectations for high export demand in 2026 [23][24] - The engineering machinery sector is showing strong recovery momentum, with significant growth in overseas exports and stabilization in domestic sales [23] - The oil service sector is entering an upward cycle, driven by the natural gas industry and AI computing power demands [23] Group 4: Recommended Stocks and Investment Portfolio - The investment strategy emphasizes a dual approach, focusing on both global benchmark chains and domestic supply chains [52][53] - Key recommended stocks include Sanhua Intelligent Controls, Beite Technology, and Yushun Technology, which are positioned to benefit from the growth in humanoid robots and related technologies [53][54] - The portfolio should balance between high visibility stocks linked to Tesla's supply chain and those offering higher growth potential in the domestic market [54][55]

Group 1 - The current market expectations for automotive stimulus policies and total production and sales volume for next year are weak, indicating a potential bottoming out of expectations. The cyclical attributes of the automotive sector are weakening, while growth directions such as robotics and autonomous driving remain core themes [1][2] - The central economic work conference emphasized the importance of domestic demand and the continuation of national subsidy policies until 2026. Recent sales from leading automotive companies have weakened, and the anticipated "tail effect" from year-end stocking has not materialized, leading to low market sentiment. However, there is optimism for the high-end development of domestic passenger vehicles, a strong new car cycle, and the overseas expansion of leading new energy vehicle companies [2] - In the commercial vehicle sector, heavy truck sales reached 113,000 units in November, a year-on-year increase of 65% and a month-on-month increase of 7%. The medium and large bus sector saw sales of 13,000 units, up 25% year-on-year and 12% month-on-month. The export of buses was 4,000 units, reflecting a 26% year-on-year increase and a 12% month-on-month increase. The commercial vehicle sector is expected to perform well, particularly with growth in buses and motorcycles [3] Group 2 - The robotics sector is currently viewed positively, with a rebound since late November. Key developments include small batch orders from the Tesla supply chain and supportive policies for humanoid robots in the U.S. The application of new technologies like GaN is attracting market attention. Future milestones, such as the release of Gen3 in Q1 2025 and the transition to mass production in the second half of the year, are critical for sustaining market momentum [2] - Recommended stocks for investment include Hengbo Co., Ltd. (301225), Weichai Power (000338), Yutong Bus (600066), JAC Motors (600418), Sanhua Intelligent Control (002050), and Longsheng Technology (300680) [3]

证券日报网讯 12月12日，恒勃股份在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东人数为5711户。 （文章来源：证券日报） ...

Group 1: Commercial Aerospace - SpaceX plans to conduct an IPO in 2026, aiming to raise several billion dollars, marking a new phase of commercialization and capitalization in the commercial aerospace industry [3] - China's recent successful launch of multiple satellites demonstrates its growing capabilities in space exploration, with an increasing frequency of launches expected to drive exponential growth in orders for upstream suppliers [3][4] - Companies like Guanglian Aviation are positioned to benefit significantly from the anticipated increase in commercial rocket launches, with potential revenue growth reaching tens of billions [4] Group 2: AI and Server Technology - The demand for AI computing power is escalating, with power consumption for AI models increasing significantly, leading to a shift from traditional air cooling to liquid cooling solutions [6] - Companies with rare certification for liquid cooling solutions are expected to see a revaluation of their worth due to the high technical barriers and increased average selling prices [6] - The AI server supply chain is evolving, with investments shifting towards companies that possess high technical barriers and rare certifications, which will likely enjoy valuation premiums [6][9] Group 3: Humanoid Robots - Tesla's Optimus has initiated the supplier review process, indicating that humanoid robots are on the verge of mass production, with Chinese companies expected to surpass Tesla in production scale by 2026 [7] - Key components such as lightweight materials and advanced sensors are critical for the development of humanoid robots, with companies like Ningbo Huaxiang collaborating on innovative materials [8][10] - Investment strategies should prioritize core components over complete systems, focusing on companies with high technical barriers and established supply chains [11] Group 4: Semiconductor Industry - The demand for high-bandwidth memory (HBM) is surging due to AI chip requirements, prompting a rapid evolution in HBM technology and a focus on domestic production capabilities [12] - Companies like Huahai Chengke are positioned to capture significant market share in the HBM materials sector, with potential revenues reaching 3 billion yuan [14] - The semiconductor investment landscape is shifting towards companies that can achieve substantial breakthroughs and secure orders in high-demand areas like HBM and advanced packaging [12] Group 5: Energy Sector - The energy market is experiencing a transition, with gas turbines expected to maintain strong demand through 2035, benefiting companies like Yingliu [15] - Nuclear fusion technology is advancing, with Chinese teams making significant progress, positioning companies like China Uranium Industry as future leaders in energy solutions [16] - Investment strategies should focus on both immediate opportunities in gas turbines and long-term potential in nuclear fusion technologies [16] Group 6: Optical Communication - The optical communication sector is transitioning from 800G to 1.6T technology, significantly increasing the demand for core materials like indium phosphide [17] - Companies that have achieved breakthroughs in domestic production of critical components for optical modules are expected to benefit from industry growth and market share increases [17][21] - Investment in optical communication should align with the dual themes of speed upgrades and domestic substitution [17] Group 7: Macro Variables - The Federal Reserve's recent interest rate cut is expected to create a more favorable liquidity environment for growth-oriented technology stocks, particularly those sensitive to interest rates [18][22] - The anticipated improvement in financing conditions will support technology companies in sectors like commercial aerospace, AI, and robotics that require substantial R&D investments [22] - Investors should focus on identifying companies with real technological barriers and clear growth paths in the evolving landscape of hard technology [23]

从资金流向上来看，当日汽车零部件板块主力资金净流出32.38亿元，游资资金净流入4.28亿元，散户资 金净流入28.1亿元。汽车零部件板块个股资金流向见下表： 证券之星消息，12月11日汽车零部件板块较上一交易日下跌1.16%，恒勃股份领跌。当日上证指数报收 于3873.32，下跌0.7%。深证成指报收于13147.39，下跌1.27%。汽车零部件板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Investment Rating - The report gives a "Buy" rating for the covered company, with a target market value of 12.6 billion yuan, indicating a potential upside of 22% [6]. Core Views - The report suggests that the robotics industry chain companies have seen stock price adjustments, and recent breakthroughs by leading domestic companies could ignite market sentiment. It recommends focusing on technology-leading companies like Tesla and related robotics industry chain companies [2]. - The report highlights the importance of the domestic automotive market, with a notable increase in average daily retail sales of passenger cars in November, up 2% year-on-year and 19% month-on-month [2]. - The report emphasizes the potential growth in the PEEK market for humanoid robots, with significant advantages over metals, and the company's strategic partnerships to enhance its competitive position [5][6]. Industry Situation Update - The report notes that the average daily retail sales of passenger cars in the last week of November reached 126,000 units, a 2% increase year-on-year and a 19% increase compared to the previous month [2]. - The report indicates that traditional and new energy raw material price indices have risen recently, with increases of 0.9% and 2.1% for traditional car materials, and 0.9% and 2.8% for new energy vehicle materials [2]. - The total transaction value of the automotive industry for the week was 421.314 billion yuan, reflecting a 4.56% increase week-on-week [2]. Investment Analysis - The report recommends focusing on domestic strong alpha manufacturers such as NIO, Xiaomi, Xpeng, and Li Auto, as well as companies with strong performance growth and robotics layout capabilities [2]. - It highlights the importance of the central state-owned enterprise reform, suggesting continued attention to companies like SAIC and Dongfeng [2]. - The report identifies key companies in the robotics and automotive parts sectors, recommending companies like Xingyu, Fuyao Glass, and others for their strong performance growth and overseas expansion capabilities [2]. Key Events - The report reviews significant events, including the potential introduction of a U.S. government administrative order to support the robotics industry, which could accelerate development in the sector [10][11]. - It mentions the adjustment of the new energy vehicle purchase tax policy, which will be halved starting in 2026, prompting various car manufacturers to introduce compensatory measures for consumers [12][13]. - The report highlights the establishment of a joint research center between Tsinghua University and a company to focus on next-generation battery technology [32].

（文章来源：证券日报） 证券日报网讯 12月9日晚间，恒勃股份发布公告称，中汇所作为公司2025年度财务及内控审计机构，原 委派黄婵娟为项目合伙人、王露为签字注册会计师，为公司提供2025年度审计服务。因中汇所内部工作 调整，现委派王琪接替王露为签字注册会计师。变更后，为公司提供2025年度审计服务的项目合伙人及 签字注册会计师分别为黄婵娟和王琪。 ...

关于变更签字注册会计师的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 恒勃控股股份有限公司（以下简称"公司"）分别于 2025 年4 月18 日、2025 年 5 月13 日召开第四届董事会第七次会议、2024 年年度股东大会，审议通过了《关于 续聘会计师事务所的议案》，同意续聘中汇会计师事务所（特殊普通合伙）（以下简 称"中汇所"）担任公司 2025 年度财务及内部控制审计机构。具体内容详见公司于 2025 年4 月22 日在中国证监会指定创业板信息披露网站上发布的《关于续聘会计师 事务所的公告》（公告编号：2025-015）。 近日，公司收到中汇所出具的《关于变更签字会计师的告知函》，现将相关变更 情况公告如下： 一、本次签字注册会计师变更情况 中汇所作为公司 2025 年度财务及内控审计机构，原委派黄婵娟为项目合伙人、 王露为签字注册会计师，为公司提供 2025 年度审计服务。因中汇所内部工作调整， 中汇所现委派王琪接替王露为签字注册会计师，为公司提供 2025 年度审计服务。 变更后，为公司提供 2025 年度审计服务的项目合伙人及签字注册会计 ...