Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report tracks the changes in operating income, net profit margin, and capital expenditure for the automotive parts sector in 2024A and Q1 2025, indicating that precision parts, chassis components, and electronic components show relatively good growth and capital expenditure intensity [4][10] - The report emphasizes the importance of capital expenditure for manufacturing enterprises to maintain operational capabilities, suggesting that capital expenditure is a precursor to future output and can help identify investment opportunities in sectors with high growth potential [4][10] Summary by Sections 1. Growth Potential - In 2024A, the operating income growth rates are as follows: electronic components (-), chassis components (+), body components (-), exterior components (-), overall industry (+), precision parts (+), powertrain components (+), interior components (+), and molds (-) [10][13] - The net profit margin for 2024 is 5.2%, a decrease of 0.6 percentage points compared to the previous year, while Q1 2025 shows a net profit margin of 5.8%, an increase of 0.6 percentage points [15][19] - The report categorizes the growth potential into four tiers based on operating income growth and net profit margin changes, with precision parts and chassis components performing well [10][11][15] 2. Capital Expenditure Intensity - The capital expenditure as a percentage of operating income for the automotive parts sector in 2024 is 6.9%, which is an increase compared to the previous year, while Q1 2025 shows a decrease to 6.4% [22] - The report identifies different tiers of capital expenditure intensity across various segments, with electronic components and molds showing high capital expenditure intensity [22] 3. Investment Recommendations - The report suggests focusing on sectors with high capital expenditure and growth potential, particularly precision parts (gears, bearings), chassis components (steering systems, suspension), electronic components, and thermal management systems [4][10] - Recommended companies include Shuanglin Co., Guansheng Co., Jifeng Co., and Huayang Group, with additional mentions of Zhejiang Shibao, Zhongding Co., Meili Technology, and others [4][10]

方正科技：拟定增募资不超19.8亿元 控股股东将参与认购 6月11日，方正科技（600601）披露2025年度向特定对象发行股票预案，拟募资不超过19.8亿元，用于 人工智能及算力类高密度互连电路板产业基地项目。此次发行股票不超过12.51亿股，发行对象为包括 控股股东焕新方科在内的不超过35名特定投资者。其中，焕新方科承诺以现金参与认购，认购数量不超 过实际发行数量的23.5%，且认购金额不超过4.65亿元。 资料显示，方正科技成立于1993年11月，主营业务是生产和销售PCB产品。 所属行业：电子–元件–印制电路板 联环药业：收到行政处罚决定书 罚没款合计6103.82万元 6月11日，联环药业（600513）发布公告称，公司收到天津市市场监督管理委员会下发的《行政处罚决 定书》。天津市市场监督管理委员会认为，公司与具有竞争关系的经营者，以垄断协议形式变更、固定 地塞米松磷酸钠原料药价格，排除、限制了地塞米松磷酸钠原料药销售领域的竞争，违反了《反垄断 法》的相关规定，属于达成并实施"固定或者变更商品价格"垄断协议的行为，应当依法追究法律责任。 天津市市场监督管理委员会决定责令公司停止违法行为，并对公司处以 ...

证券代码：301550 证券简称：斯菱股份 公告编号：2025-022 一、股东的基本情况 | 股东名称 | 股东身份 | 持股总数（股） | 占公司总股本比例 | | --- | --- | --- | --- | | 杨顺捷 | 监事 | 435,000 | 0.2727% | 浙江斯菱汽车轴承股份有限公司 二、本次减持计划的主要内容 关于监事减持股份的预披露公告 浙江斯菱汽车轴承股份有限公司（以下简称"公司"或"斯菱股份"）监事杨顺 捷持有公司股份435,000股（占公司总股本比例0.2727%），计划于本减持预披露 公告之日起15个交易日后的三个月内，拟通过集中竞价交易或大宗交易的方式减 持本人所持有的公司股份数量合计不超过60,000股，即不超过公司总股本的0.0376% 。 监事杨顺捷先生保证向本公司提供的信息内容真实、准确、完整、无虚假记载、误导性陈 述或重大遗漏。 公司于近日收到杨顺捷先生出具的《关于股份减持计划的告知函》，现将相 关情况公告如下： 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 1、减持原因：股东个人资金需求。 2、减持股份来源：公司首次公开发行前取得的股 ...

证券代码：301550 证券简称：斯菱股份 公告编号：2025-021 浙江斯菱汽车轴承股份有限公司 关于注销部分募集资金专项账户的公告 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权益， 本公司按照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监管指 引第2号——上市公司募集资金管理和使用的监管要求》和《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》等有关法律、法规和规范性文件的 规定，结合公司实际情况，制定了《浙江斯菱汽车轴承股份有限公司募集资金管理制 度》（以下简称《管理制度》）。根据《管理制度》，本公司对募集资金实行专户存 储，在银行设立募集资金专户，并连同保荐机构财通证券股份有限公司于2023年9月8 日分别与浙江新昌农村商业银行股份有限公司、中国农业银行股份有限公司新昌县支 行、上海浦东发展银行股份有限公司杭州余杭支行、招商银行股份有限公司绍兴嵊州 支行、浙商银行股份有限公司绍兴新昌支行、交通银行股份有限公司绍兴新昌支行签 订了《募集资金三方监管协议》；于2024年7月11日分别与交通银行股份有限公司绍兴 新昌支行、浙商银行股份有限公司绍兴新 ...

智通财经APP获悉，东吴证券发布研报称，人形机器人产业爆发确定性强，2027年谐波减速器或供不应 求，看好率先绑定龙头客户，特别是海外大客户企业，并看好技术和工程化能力强的新进入，未来可在 行业获一席之地。推荐标的绿的谐波(国内谐波龙一，海外客户对接进展快)、科达利(工程化能力强、且 具备客户基础)、斯菱股份(工艺协同)、双环传动(协同、客户优势)、中大力德(多种减速器协同)。 东吴证券主要观点如下： 传统工业领域(工业机器人占83%)2024年需求约200万台，年增速8-10%，相对稳定;人形机器人单机谐波 用量平均10个+，在特斯拉、Figure AI等引领下，2027年全球人形销量或超50万台，对应谐波需求600万 台，叠加传统需求总量达872万台。供给端，2025年全球有效产能500万台(哈默纳科220万+绿的50万)， 产能利用率不足50%，但2027年需求激增或致供给缺口超20%，且远期谐波全球空间破千亿。 竞争格局加速重构，国产替代主导人形增量需求，率先绑定海外客户弹性大 谐波减速器的技术壁垒高度集中于齿形设计、材料制备、精密加工及设备 谐波减速器对使用寿命、传动精度、传动效率、刚度、升温、噪声 ...

Investment Rating - The report suggests a strong investment outlook for the humanoid robot industry, indicating a potential supply-demand gap for harmonic reducers by 2027, with a recommendation to focus on companies that have established relationships with leading clients, especially overseas [2][4]. Core Insights - The harmonic reducer industry is characterized by high technical barriers, primarily in gear design, material preparation, precision processing, and equipment. The leading overseas company, Harmonic Drive, excels in performance metrics compared to domestic manufacturers [2][17]. - The humanoid robot market is expected to experience explosive growth, with global humanoid sales projected to exceed 500,000 units by 2027, leading to a demand for 6 million harmonic reducers, alongside traditional demand reaching a total of 8.8 million units [2][42]. - The competitive landscape is rapidly evolving, with domestic manufacturers increasingly capturing market share in the humanoid segment, particularly by establishing connections with overseas clients [2][4]. Summary by Sections PART 1: Design, Materials, Process, and Equipment Create High Barriers for Harmonic Reducers - The harmonic reducer's high barriers stem from the complexity of gear design, material quality, and precision manufacturing processes, with a significant reliance on imported equipment [2][21]. - Key performance indicators for harmonic reducers include lifespan, transmission accuracy, efficiency, stiffness, temperature rise, and noise levels, with Harmonic Drive leading the industry [17][18]. PART 2: Humanoid Robots Drive Explosive Demand for Harmonic Reducers - The demand for harmonic reducers is primarily driven by the humanoid robot sector, with traditional industrial applications growing at a stable rate [2][42]. - The report forecasts that by 2025, the global demand for harmonic reducers will reach 2.27 million units, with China being the largest market [47][48]. PART 3: Deep Binding with Overseas Humanoid Clients Offers Broad Growth Space - Domestic manufacturers are increasingly binding with overseas clients, which enhances their growth potential in the humanoid robot market [2][4]. - The report highlights several recommended stocks, including Lide Harmonic and Keda Li, which are positioned well to capitalize on this growth [2][4].

机器人概念股局部反弹 襄阳轴承涨停 智通财经5月28日电，襄阳轴承涨停，斯菱股份涨超5%再创历史新高，机科股份、鑫宏业、日海智能、 豪恩汽电、江南奕帆、捷强装备等跟涨。消息面上，中信建投证券指出，人形机器人作为一种具身智 能，可以更好地与人类互动，或者在人类生活的环境中为人类服务。随着智能化程度提升，未来可能每 个家庭甚至每个人平均拥有一台人形机器人，预计市场空间将超过汽车、智能手机，至少是数万亿市场 规模。 ...

Group 1 - Anhui Investment Group plans to reduce its stake in Ankai Bus by up to 9.3951 million shares, accounting for 1% of the total share capital within 90 days after 15 trading days [1] - Vice President Wang Tiejun of Antai Technology completed a share reduction plan, having reduced 600,000 shares, which is 0.0057% of the total share capital [2] - BioVeda China RMB Investment Limited completed its share reduction plan in Aojing Medical, reducing 345,087 shares, representing 0.25% of the total share capital [2] Group 2 - Shareholders of Fangyuan Co. did not implement their planned share reduction as the time limit expired [3] - Shareholders of Guoji Heavy Industry also did not reduce their shares as the planned time limit expired [4] - Shareholders of Haitai New Light did not implement their share reduction plan as the time limit expired [5] Group 3 - Directors of Huafeng Super Fiber completed their share reduction plan, cumulatively reducing 18,198,027 shares, which is 1.0334% of the total share capital [5] - Shareholder Che Lu of Huatuo Mountain Ding plans to reduce up to 4,214,593 shares, accounting for 3% of the total share capital within 3 months after 15 trading days [6] - Shareholder Lu Qiaoying of Huaya Intelligent reduced 960,000 shares through block trading, representing 1.01% of the total share capital [6] Group 4 - Shareholder Zhang Shengye of Meilian New Materials plans to reduce up to 3% of the total share capital within 3 months after 15 trading days [9] - Shareholder Huang Zefeng and Cheng Yina of Puyuan Information reduced their holdings to 4.9999%, no longer being a major shareholder [11] - Shareholder Liao Xiaofei of Siquan New Materials completed a share reduction plan, having reduced 999,900 shares, which is 1.7335% of the total share capital [13] Group 5 - Shareholder Wang Jian of Tom Cat reduced 35,192,100 shares, accounting for 1% of the total share capital, bringing his holding down to 5.90% [15] - Multiple directors and executives of Tianyoude Wine completed their share reduction plan, cumulatively reducing 312,500 shares, which is 0.06% of the total share capital [17] - Shareholder Lin Gaocao of Zhongjian Technology completed a share reduction plan, having reduced 3,559,900 shares, which is 2.6999% of the total share capital [22]

重要事项并购重组 今日焦点隆基绿能：李振国辞去总经理及法定代表人职务 隆基绿能公告称，李振国将专注于公司研发和科技管理工作，申请辞去公司董事、总经理及法定代表人 职务。辞任后，李振国将继续担任公司中央研究院院长、科技管理中心首席技术官，带领团队聚焦光伏 前沿技术攻关，支持公司长期发展。公司已于5月26日召开第五届董事会2025年第五次会议，审议通过 了《关于聘任公司总经理的议案》，同意聘任钟宝申兼任公司总经理。上述人员变更不会对公司的生产 经营造成影响，公司控股股东和实际控制人未发生变化。 平治信息：签订2.46亿元AI算力技术服务框架协议 平治信息公告称，公司与中国电信股份有限公司陕西分公司签订《AI算力技术服务框架协议》，合同 总金额合计约为2.46亿元。该框架协议为公司日常经营合同，对上市公司本年度业绩不会产生重大影 响。实际执行金额以具体订单为准，履行过程中可能面临市场环境、宏观经济等因素变化带来的履约风 险。 胜宏科技：初步确定询价转让价格为65.85元/股 胜宏科技公告称，根据2025年5月26日询价申购情况，初步确定的询价转让价格为65.85元/股。参与本 次询价转让报价的机构投资者家数为24家 ...

证券代码：301550 证券简称：斯菱股份 公告编号：2025-020 浙江斯菱汽车轴承股份有限公司 关于持股5%以上股东及部分监事、高级管理人员 减持股份预披露公告 持股5%以上股东张一民、何益民及财务总监、监事徐元英、梁汉洋、李留勇保证向本公司 提供的信息内容真实、准确、完整、无虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 一、股东的基本情况 截至本公告日，本次减持主体持有公司股份情况如下： | 股东名称 | 股东身份 | 持股总数（股） | 占公司总股本比例 | | --- | --- | --- | --- | | 张一民 | 5%以上股东 | 17,284,435 | 10.8366% | | 何益民 | 5%以上股东 | 11,523,005 | 7.2245% | | 徐元英 | 财务总监 | 261,000 | 0.1636% | | 梁汉洋 | 监事 | 507,500 | 0.3182% | | 李留勇 | 监事 | 217,500 | 0.1364% | | 合计 | | 29,793,440 | 18.6793% | ...