Group 1 - The core viewpoint of the report emphasizes that AI is driving the continuous upgrade of computing infrastructure and smart terminals, leading to a surge in demand for liquid cooling systems and robotics in the automotive parts industry [1][2] - The integration of liquid cooling and robotics is highly synergistic with automotive components, allowing for an extension from automotive thermal management to data center cooling and from precision manufacturing to core robotic components [1][2] - The automotive parts industry is expected to experience a "second/third growth curve," reshaping its business boundaries and growth trajectories due to advancements in AI and related technologies [1][2] Group 2 - Companies with technological synergies, system integration capabilities, cost reduction abilities, and global reach will benefit from the AI-driven wave in the automotive parts sector [2] - Automotive manufacturers and parts companies are expanding their business boundaries to achieve "same-source manufacturing + scenario collaboration," enhancing their competitive edge [2] - The report recommends specific companies in the robotics and liquid cooling sectors, highlighting their potential as beneficiaries of the ongoing technological advancements [2]

Core Viewpoint - The company, Xingyuan Zhuomei (301398), focuses on magnesium and aluminum alloy precision die-casting products and related die manufacturing, with a recent announcement regarding investor research activities and insights into its business operations and market positioning [1][9]. Group 1: Company Overview - The company's main products include automotive display system components, new energy vehicle powertrain components, automotive seat armrest structural parts, automotive central console skeletons, and automotive lamp heat dissipation brackets, primarily applied in the automotive sector [2]. - The company reported a total revenue of 292 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.48%, while the net profit attributable to shareholders decreased by 19.63% to 45.07 million yuan [9]. Group 2: Technical Advantages - The company's core technical advantages lie in providing one-stop services that include product design optimization, mold manufacturing, precision die-casting, precision machining, and surface treatment, ensuring a comprehensive scale-up capability [3]. - Magnesium alloy is recognized as the lightest commercial metal structural material, offering benefits such as low density, good toughness, and strong damping capacity, which enhance lightweight effects and driving experiences in automotive applications [4]. Group 3: Future Developments - The company plans to focus on the application of magnesium and aluminum alloys in automotive lightweighting, electrification, and intelligence, promoting large and medium-sized components and exploring new product types for automotive applications [7]. - The global primary magnesium production in 2024 is projected to be 1.12 million tons, with China accounting for 1.0258 million tons, indicating a strong resource reserve advantage for the company in the magnesium alloy sector [6]. Group 4: Industry Insights - The company is considering a flexible approach to adopting semi-solid forming technology alongside traditional high-pressure die-casting, based on performance requirements and cost considerations for various applications, aiming to enhance product diversification and market competitiveness [5].

Core Conclusions - AI-driven demand for liquid cooling and robotics is expected to create a new growth curve for the automotive parts industry, with liquid cooling systems becoming a necessity due to high power density scenarios driven by AI, and robotics transitioning from initial development to scaling production [2][4] - Automotive parts companies with capabilities in technology integration, cost reduction, and global operations will benefit from the AI wave, as automotive manufacturers and parts suppliers expand their business boundaries through collaborative manufacturing and scenario integration [2][4] - Investment recommendations include focusing on companies with global supply chain capabilities in the robotics sector such as Top Group, Zhongding, XPeng Motors, and Junsheng Electronics, as well as in the liquid cooling sector [2][4] Robotics Sector - The Tesla Optimus V3 is nearing finalization, marking the transition of the robotics sector from initial development to scaling production, with a projected launch of a million-unit production line by the end of the year [5][6] - Domestic robotics companies are rapidly advancing, with significant orders being placed for products, indicating a shift from experimental to commercial applications [6][33] - The robotics sector is expected to enter a high-growth phase in 2026, with a focus on companies that demonstrate high certainty and technological advancements [6][12] Liquid Cooling Sector - The liquid cooling market is anticipated to enter a phase of large-scale penetration and high demand realization, driven by the automotive industry's need for effective thermal management solutions [2][4] - Companies such as Top Group and Zhongding are highlighted as key players in the liquid cooling sector, expected to benefit from the growing demand [2][4] Investment Recommendations - The report suggests focusing on companies with strong global capabilities and certainty in their business models, particularly in the robotics and liquid cooling sectors [2][4] - Specific recommendations include Top Group, Zhongding, and Silver Wheel in the liquid cooling space, and Top Group, Zhongding, XPeng Motors, and Junsheng Electronics in the robotics space [2][4]

Group 1: Company Overview and Core Products - The company's core products include components for automotive display systems, new energy vehicle powertrains, automotive seat armrests, central console frames, and automotive lamp heat dissipation brackets, primarily applied in the automotive sector [3] - The company provides one-stop services focusing on product design optimization, mold manufacturing, precision die-casting, precision machining, and surface treatment [3] Group 2: Technical Advantages and Innovations - The company’s core technical advantages lie in its ability to offer comprehensive services that ensure large-scale production across the entire supply chain [3] - Future plans include a flexible approach to adopting semi-solid forming technology alongside traditional high-pressure die-casting, enhancing product diversification and market competitiveness [4] Group 3: Material Supply and Market Dynamics - In 2024, global primary magnesium production is projected to be 112 million tons, with China contributing 39.68 million tons, making it the largest producer of magnesium alloys [4] - The industry is expected to see increased concentration and stability in magnesium ingot supply due to advancements in ore selection and purification methods [4] Group 4: Future Development Plans - The company aims to focus on the applications of magnesium and aluminum alloys in automotive lightweighting, electrification, and intelligence, promoting large and medium-sized components and exploring new product types [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the context of the Fed's increasing expectation of interest rate cuts and the call between Chinese and US leaders, the market risk appetite has recovered. The stock market oscillated upwards last week, with the technology sector that had adjusted recently performing well, and the consumer sector also showing good performance after the six - ministry plan was issued. The bond market was weak, and the yield increased significantly. In the convertible bond market, half of the individual convertible bonds closed up, the CSI Convertible Bond Index dropped 0.27% for the whole week, and the arithmetic average parity increased 3.77%. The overall conversion premium rate decreased 4.65% compared with the previous week [1][7][8]. - Looking forward, with the Fed's expectation of interest rate cuts rising again and important meetings in December, along with the continuous advancement of the industrial process and the upward revision of corporate profit expectations, the market still has room to rise further. For convertible bonds, at the current valuation level, the bond - bottom protection of debt - biased convertible bonds is limited. In the short term, it is still recommended to focus on high - volatility underlying stock varieties in balanced convertible bonds or low - premium and non - callable equity - biased individual bonds. In terms of direction, pay attention to growth sectors such as AI applications, energy storage, semiconductor equipment and materials, as well as sectors such as photovoltaics and refining that are expected to benefit from policy support [2][18]. Summary by Directory Market Trends Stock Market - In the context of the Fed's increasing expectation of interest rate cuts and the call between Chinese and US leaders, the market risk appetite recovered last week, and the stock market oscillated upwards. The technology and consumer sectors performed well, while the dividend sector had a slight adjustment. The A - share market showed different trends on each trading day, with changes in trading volume and active sectors [7]. - Most Shenwan primary industries closed up last week. The communication, electronics, comprehensive, media, and light manufacturing sectors had the highest increases, while the petroleum and petrochemical, banking, coal, and transportation sectors performed poorly [8]. Bond Market - Last week, affected by the strong sentiment in the stock market and relevant rumors such as the new fund sales regulations, the central bank's bond - buying scale, and public fund redemptions, the bond market was weak, and the yield increased significantly. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 2.46bp from the previous week [1][8]. Convertible Bond Market - Half of the individual convertible bonds closed up last week. The CSI Convertible Bond Index dropped 0.27% for the whole week, the price median dropped 0.02%, the arithmetic average parity increased 3.77%, and the overall conversion premium rate decreased 4.65% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in the ranges of [90,100), [100,110), and [110,120) changed by - 2.04%, - 1.31%, and - 2.39% respectively, and were at the 85%, 96%, and 75% quantiles since 2023 [8]. - Most industries in the convertible bond market closed up last week. The steel, building materials, machinery, and electronics sectors performed well, while the social services, non - bank finance, petroleum and petrochemical, and coal sectors performed poorly [11][12]. - At the individual bond level, the convertible bonds of Dazhong (lithium mine), Chun 23 (consumer electronics), Tianyuan (landfill leachate treatment), Haohan (network intelligence), and Liyang (Ali chip concept) had the highest increases, while those of Bo 23 (non - ferrous metals), Wei 24 (solid waste treatment & call announced), Xinhua (lithium battery concept), Yanggu (rubber additives), and Huicheng (waste catalyst treatment) had the highest decreases [13]. - The total trading volume of the convertible bond market last week was 282.476 billion yuan, with an average daily trading volume of 56.495 billion yuan, a decrease from the previous week [16]. Valuation Overview - As of last Friday (2025/11/28), in equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 47.76%, 33.06%, 27.88%, 17.8%, 13.9%, and 11.64% respectively, and were at the 98%/97%, 90%/87%, 94%/95%, 83%/74%, 86%/83%, and 94%/92% quantiles since 2010/2021 [19]. - In debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 4.01%, at the 1%/5% quantiles since 2010/2021. The average implied volatility of all convertible bonds was 42.86%, at the 86%/86% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 1.51%, at the 82%/83% quantiles since 2010/2021 [19]. Primary Market Tracking - No convertible bonds were announced for issuance last week (2025/11/24 - 2025/11/28), and Zhuomei Convertible Bond was listed. The underlying stock is Xingyuan Zhuomei, which belongs to the automobile industry, with a market value of 5.317 billion yuan as of November 28. The company is a professional enterprise in designing and manufacturing large - and medium - sized aluminum and magnesium alloy die - casting molds. The scale of the convertible bond issued this time is 450 million yuan, with a credit rating of A +, and it was listed on November 24. After deducting the issuance expenses, the funds are to be fully invested in the project of an annual output of 3 million sets of high - strength large - sized magnesium alloy precision - formed parts for automobiles [26]. - As of the announcements on November 28, there are no convertible bonds announced for issuance or listing in the coming week (2025/12/1 - 2025/12/5). Last week, one company (Lianrui New Materials) was approved for registration, one company (Shangsheng Electronics) passed the listing committee review, one company (Aike Technology) was accepted by the exchange, one company (Songyuan Safety) passed the shareholders' meeting, and one company (Shenling Environment) had a board of directors' plan. As of now, there are 97 convertible bonds to be issued, with a total scale of 145.89 billion yuan, including 7 that have been approved for registration with a total scale of 4.72 billion yuan and 6 that have passed the listing committee review with a total scale of 7.46 billion yuan [27].

每经AI快讯，星源卓镁（SZ 301398，收盘价：47.35元）11月26日晚间发布公告称，公司第三届第十七 次董事会会议于2025年11月26日在公司四楼高层会议室以现场结合通讯表决方式召开。会议审议了《关 于修订 <董事会审计委员会议事规则> 的议案》等文件。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 张明双） 2024年1至12月份，星源卓镁的营业收入构成为：汽车类压铸件占比89.49%，非汽车类压铸件占比 4.82%，模具占比4.77%，其他业务占比0.92%。 截至发稿，星源卓镁市值为53亿元。 ...

宁波星源卓镁技术股份有限公司 信息披露暂缓与豁免管理制度 宁波星源卓镁技术股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范宁波星源卓镁技术股份有限公司（以下简称"公司"）和其他 信息披露义务人信息披露暂缓、豁免行为，加强信息披露监管，保护投资者合 法权益，根据《中华人民共和国证券法》《深圳证券交易所创业板股票上市规 则》《深圳证券交易所上市公司自律监管指引第2号—创业板上市公司规范运作》 《上市公司信息披露暂缓与豁免管理规定》等有关法律、法规、规范性文件以及 《宁波星源卓镁技术股份有限公司章程》（以下简称《公司章程》）的规定，结 合公司实际情况，制定本制度。 第二条 公司和信息披露义务人暂缓、豁免披露定期或临时报告，并在定期 报告、临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"） 及深圳证券交易所（以下简称"深交所"）规定或者要求披露的内容，适用本制 度。 第三条 公司和信息披露义务人应当真实、准确、完整、及时、公平地披露 信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施 内幕交易、操纵市场等违法行为。 公司及信息披露义务人应审慎判断应当披露的信息是 ...

宁波星源卓镁技术股份有限公司 外汇套期保值业务管理制度 宁波星源卓镁技术股份有限公司 第二章 操作原则 第四条 公司开展外汇套期保值业务遵循合法、审慎、安全、有效的原则， 其交易行为应以具体经营业务为依托，目的在于规避和防范风险，不得影响公司 正常生产经营。 第 1 页 共 5 页 宁波星源卓镁技术股份有限公司 外汇套期保值业务管理制度 外汇套期保值业务管理制度 第一章 总则 第一条 为规范宁波星源卓镁技术股份有限公司（以下简称"公司"）外汇套 期保值业务，加强对外汇套期保值业务的管理，防范和控制进行外汇套期保值时 可能产生的业务风险，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司信息披露管理办法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司自律监管指引第2号—创业板上市公司规范运作》《深圳证 券交易所上市公司自律监管指引第7号—交易与关联交易》等法律、法规、规范 性文件及《宁波星源卓镁技术股份有限公司公司章程》（以下简称"《公司章程》"） 的规定，结合公司实际情况，特制定本制度。 第二条 本制度所称外汇套期保值业务是指为满足正常经营或业务需要，与 境内外具有相关业务经营资 ...

宁波星源卓镁技术股份有限公司 内部审计制度 宁波星源卓镁技术股份有限公司 内部审计制度 第一章 总 则 第一条 为进一步规范公司内部审计工作，明确内部审计机构和人员的责任， 提高内部审计工作质量，促进经营管理和提高经济效益，保护投资者合法权益， 根据《中华人民共和国审计法》《审计署关于内部审计工作的规定》《上市公司 治理准则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 规范运作指引》等有关法律、行政法规、部门规章和规范性文件以及《宁波星源 卓镁技术股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构依据国家有关法律、 行政法规、财务会计制度和公司内部管理规定，对公司（包括分公司）及控股子 公司、具有重大影响的参股子公司内部控制和风险管理的有效性、财务信息的真 实性和完整性以及经营活动的效率和效果等开展的一种评价活动。 第三条 内部审计的目的是促进公司内部控制的建立健全，有效地控制成本， 改善经营管理，规范和控制经营风险，增加公司价值。 第四条 本制度所称内部控制，是指公司董事会、审计委员会、高级管理人 员及其他有关人员为实现下列 ...

第一条 为进一步提高宁波星源卓镁技术股份有限公司（以下简称"公司"） 的规范运作水平，加大对年报信息披露责任人的问责力度，提高年报信息披露的 质量和透明度，增强信息披露的真实性、准确性、完整性和及时性，推进公司内 控制度建设，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司信息披露管理办法》《深圳证券交易所创业板股票上市规则》（以下简称"《上 市规则》"）等法律法规、规范性文件及《宁波星源卓镁技术股份有限公司章程》 （以下简称"《公司章程》"）《宁波星源卓镁技术股份有限公司信息披露管理 制度》等有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司年报信息披露工作中有关人员不履行或者不正确 履行职责、义务或其他个人原因，对公司造成重大经济损失或造成不良社会影响 时的责任认定、追究与处理，适用于公司控股股东及实际控制人、董事、高级管 理人员、公司各部门负责人以及与年报信息披露有关的其他工作人员。 第三条 公司有关人员严格执行《企业会计准则》及相关规定，严格遵守公 司与财务报告相关的内部控制制度，确保财务报告真实、公允地反映公司的财务 状况、经营成果和现金流量。公司有关人员不得干扰、阻 ...