证券代码：603166 证券简称：福达股份 公告编号：2025-074 桂林福达股份有限公司 关于完成注册资本工商变更登记并换发营业执照的公告 桂林福达股份有限公司董事会 2025 年 12 月 17 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 桂林福达股份有限公司（以下简称"公司"）于 2025 年 11 月 26 日召开第六届 董事会第三十一次会议，审议通过了《关于减少注册资本并修订〈公司章程〉的议 案》。鉴于公司 2024 年限制性股票激励计划第一个解除限售期业绩考核目标未能全 部达标、2 名激励对象辞职，公司回购注销合计 558,000 股限制性股份。注销完成后， 公司注册资本减少 558,000 元，由 646,208,651 元减少至 645,650,651 元；公司总 股本将由 646,208,651 股减少为 645,650,651 股。具体内容详见公司于 2025 年 11 月 27 日在上海证券交易所网站（www.sse.com.cn）披露的《福达股份关于减少注册 资本并修订〈公司章程〉的公告 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [5] Core Insights - The current demand is weak, but the annual cumulative figures remain above expectations. For passenger vehicles, retail sales from December 1-7 reached 297,000 units, a year-on-year decrease of 32%, while cumulative retail sales for the year reached 21.78 million units, a 5% increase year-on-year [1][18] - The Central Economic Work Conference outlined six core directions related to the automotive industry for high-quality development, emphasizing domestic demand, innovation, reform, openness, coordinated development, and green transformation [2][36][37] - The report expresses optimism regarding automotive sales in 2026, particularly in the areas of new energy and intelligent connected vehicles [3] Summary by Sections Weekly Market Review - The automotive sector saw a 0.16% increase in the week from December 6 to December 12, outperforming the Shanghai and Shenzhen 300 index by 0.24 percentage points [11] - The motorcycle and other segments had the highest increase at 1.49%, while the passenger vehicle segment saw notable gains from companies like Great Wall Motors (3.5%) and SAIC Motor (1.7%) [11][13] Data Tracking - For the week of December 1-7, the retail sales of new energy passenger vehicles were 185,000 units, a year-on-year decrease of 17%, while cumulative retail sales for the year reached 11.657 million units, a 19% increase [1][18] - The wholesale figures for new energy vehicles during the same period were 191,000 units, down 22% year-on-year, with cumulative wholesale sales for the year at 1.3947 million units, a 27% increase [1][18] Industry News - The report highlights significant developments such as the launch of new features by Li Auto and the establishment of a risk prevention technical system for new energy vehicles by the State Administration for Market Regulation [24][25] - The report also notes the strategic partnerships formed by various companies, including Geely and Ford, and the expansion of Zeekr into the South Korean market [38][41]

智能驾驶：法规逐步完善，L3与高阶智驾逐步落地 当前国内关于智能网联汽车的法规持续完善，行业发展环境逐步规范化。同时自主品牌加快智驾技术研 发，行业智驾渗透率持续提升，2025年1-9月L2++及以上车型销量达364.3万辆，占比为38.65%，其中自 主品牌在L2级及以上辅助驾驶渗透率提升最快。在高阶自动驾驶层面，Robo-X持续落地：Robotaxi2030 年市场规模有望达到2700亿元，且无人物流车逐步落地，2030年中国无人驾驶物流车产业产值增量有望 升至5948亿元。 机器人：产业快速迭代，行业空间广阔 信达证券（601059）发布研报称，汽车行业向高端化、智能化、全球化高质量发展。2025年汽车销量有 望突破3400万辆，自主品牌与新能源占比显著提升。智能驾驶领域法规完善，L3与高阶智驾加速落 地，相关市场规模潜力巨大。机器人产业快速迭代，特斯拉加速量产，国内政策扶持力度大，人形机器 人市场前景广阔，并有望带动汽车零部件产业发展。 信达证券主要观点如下： 高端化、智能化、全球化，行业迎来高质量发展 政策扶持+新能源、出口发力，2025年全年汽车销量有望突破3400万辆，同时自主品牌、新能源车型占 ...

Core Viewpoint - The strategic cooperation agreement signed by Fuda Co., Ltd., Changban Technology, and Yiyou Technology aims to develop humanoid robot joint solutions by integrating their respective strengths in manufacturing, design, and supply chain management [1][2]. Group 1: Strategic Cooperation - Fuda Co., Ltd. collaborates with Changban Technology and Yiyou Technology to enhance the efficiency and cost-effectiveness of humanoid robot joint modules [1]. - The partnership focuses on creating a comprehensive ecosystem from core component research and development to joint module integration [1][2]. Group 2: Roles and Responsibilities - Fuda Co., Ltd. will provide cost-effective transmission components and assist Yiyou Technology in establishing a promotional system and sales channels [2]. - Yiyou Technology is responsible for integrating core components from Fuda and Changban, developing joint modules for various applications, and continuously improving designs based on feedback [2]. - Changban Technology will supply high-precision transmission components and optimize processes to reduce costs while enhancing joint module performance [2]. Group 3: Business Development - This collaboration is expected to invigorate Fuda Co., Ltd.'s long-term development and facilitate breakthroughs in the robot component business [2]. - Fuda Co., Ltd. previously acquired a 35% stake in Changban Technology to accelerate its layout in humanoid robots and intelligent equipment [3]. - The company has developed its own planetary reducer products and is expanding its precision component business through its investment in Changban Technology [3].

人形机器人核心关节模组制造企业上海意优智控科技有限公司（以下简称"意优科技"）12月14日发布消 息称，福达股份(603166)携手参股的机器人核心硬件制造企业长坂（扬州）机器人科技有限公司（简 称"长坂科技"），与意优科技正式签署了战略合作协议。 今年3月14日，福达股份与高峰、娄宪芝、扬州星辰制造技术有限公司、扬州瑞祥机器人技术有限公 司、扬州青缸管理咨询合伙企业（有限合伙）签署《关于股权收购及投资的框架协议》，最终获得长坂 科技的35%股权。 当时福达股份表示，长坂科技是一家从事精密传动部件研发制造公司，致力于工业机器人、服务机器人 及智能装备的研发、生产和销售，在精密丝杠产品、专用机床设备领域方面具有较强的能力与经验。福 达股份本次增资及收购标的公司股权，是为加速布局人形机器人、智能装备等领域。 在11月27日举行的2025年第三季度业绩说明会上，福达股份回应关于公司在机器人业务上布局的话题时 表示，公司全自主正向对标开发了行星减速器产品，并通过参股长坂科技拓展反向式行星滚柱丝杠等机 器人精密零部件业务。 依据战略合作协议，三方将致力于推动机器人关节模组技术的深度融合，打造高效且低成本的解决方 案。福 ...

Group 1 - The Robot ETF (562500) has shown strong resilience, quickly recovering from early declines to stabilize at 0.955 yuan, indicating a potential buying opportunity in the market [1] - Notable stocks within the ETF, such as Hongxun Technology, have led gains of over 2%, with other companies like Jingpin Special Equipment and CITIC Heavy Industries also experiencing similar increases [1] - The ETF has seen significant net inflows recently, with large capital accumulation signals appearing in the last five days, reflecting market confidence in the robot sector's value after recent corrections [1] Group 2 - Fuchun Dyeing has achieved a major technological breakthrough in the field of PEEK materials for robotics, launching the world's first high-performance PEEK material system specifically for exoskeleton robots, with stable mass production capabilities [1] - Huaxi Securities highlights that breakthroughs in AI large models are pushing robotics into a new phase of embodied intelligence, with a focus on companies that have clear application scenarios and can quickly implement these technologies, creating opportunities for performance realization and accelerated industrial development [1]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][14]. Core Insights - The core business of the company revolves around Beidou Free Flow technology, which aids the government in accurately collecting road tolls and monetizing related data assets. The company has made significant progress in Hainan, benefiting from supportive policies, and has demonstrated predictable profit prospects [3][4]. - The market growth potential is substantial, particularly with the increasing penetration of electric trucks and the retrofitting of existing vehicles, targeting a national market of approximately 8 million heavy trucks [5]. Summary by Sections Company Overview - The company focuses on processing and monetizing driving data generated by users, holding ownership of this data. It collaborates with insurance companies and mapping service providers to optimize claims processes and enhance map accuracy [4]. Market Analysis - The business model has shown smooth advancement in Hainan due to favorable policy conditions, with a clear path for nationwide expansion, especially in the commercial vehicle sector, particularly electric commercial vehicles [4]. Investment Recommendations - Recommendations include strong domestic manufacturers like BYD, Geely, and Xpeng, as well as companies aligned with the trend of smart technology such as Jianghuai Automobile and Seres. The report also suggests focusing on state-owned enterprise consolidations and component manufacturers with strong growth potential [3].

从资金流向上来看，当日汽车零部件板块主力资金净流出6.82亿元，游资资金净流出3.71亿元，散户资金 净流入10.54亿元。汽车零部件板块个股资金流向见下表： 证券之星消息，12月8日汽车零部件板块较上一交易日上涨0.63%，威帝股份领涨。当日上证指数报收于 3924.08，上涨0.54%。深证成指报收于13329.99，上涨1.39%。汽车零部件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603023 | 威帝股份 | 4.95 | 10.00% | 69.14万 | | 3.36亿 | | 000901 | 航天科技 | 23.35 | 9.99% | 40.81万 | | 9.44亿 | | 301529 | 福赛科技 | 92.29 | 7.50% | 7.32万 | | 6.71亿 | | 002536 | 飞龙股份 | 23.43 | 7.48% | - 43.59万 | | 10.08亿 | | 603166 | 福达股份 | 15.95 ...

Group 1: Report Summary - The report regularly tracks the latest private exchangeable bond (private EB) projects from public channels and provides basic element tracking. There were no new project information this week (20251201 - 20251205), and some projects were not listed due to compliance reasons. The final terms of private bond issuance should refer to the final prospectus, and the issuance progress should be consulted with the relevant lead underwriters. [1] Group 2: Project Status Table - The table lists 23 private EB projects, including details such as bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Among them, 16 projects have passed, 6 projects have received feedback, and 1 project has been accepted. [2] Group 3: Related Research Reports - Lists several related research reports on the weekly tracking of private EBs from 20251027 to 20251128. [3]

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly highlighting the potential of the Robotaxi strategy by Cao Cao Mobility [1][2]. Core Insights - The automotive industry is entering a new phase where electric vehicle benefits are tapering off, while the focus shifts towards vehicle intelligence and robotics innovation [3]. - The report emphasizes the importance of AI smart vehicle investment opportunities, particularly in Robotaxi and Robovan segments [3]. - Key developments include Cao Cao Mobility's strategic upgrade for Robotaxi, aiming for a "ten years, hundred cities, trillion" goal, and the introduction of a green intelligent traffic hub [2][3]. Summary by Sections Market Performance - This week, the automotive sector outperformed the market, with commercial passenger vehicles showing the best performance at 4.5% increase [2][15]. - The report notes that the automotive sector ranked 10th in A-shares and 14th in Hong Kong stocks this week [7][9]. Investment Opportunities - The report identifies three main investment themes: AI smart vehicles, robotics, and traditional vehicle segments [3]. - Key companies to watch include Tesla, Xiaopeng Motors, and Cao Cao Mobility for their roles in the Robotaxi and Robovan markets [3]. Sales Forecasts - Domestic retail sales of passenger vehicles are projected to reach 23.62 million units in 2025, reflecting a year-on-year growth of 3.8% [49]. - The report anticipates a significant increase in the penetration rate of new energy vehicles, expected to reach 55.4% by 2025 [50]. Company Developments - Notable company movements include Top Group's push for H-share listing and Desay SV's establishment of a new technology company for Robovan business [2][3]. - The report highlights the performance of covered stocks, with China National Heavy Duty Truck and New Spring Co. showing significant gains this week [23].