Group 1 - The company, Xingyu Co., announced the approval of several proposals at its first extraordinary general meeting of shareholders in 2026, including the issuance of H-shares and listing on the Hong Kong Stock Exchange [2] - The proposals also include the application for the transformation into a foreign-funded joint-stock company [2]

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 85191300 传真：(86-10) 85191350 junhebj@junhe.com 1 本所及本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律业 务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意 见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽 责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 2026 年第一次临时股东会的法律意见书 致：常州星宇车灯股份有限公司 北京市君合律师事务所接受常州星宇车灯股份有限公司（以下简称"公司"） 的委托，根据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东 会规则》（以下简称《股东会规则》）等法律、法规、规章及《常州星宇车灯股份 有限公司章程》（以下简称《公司章程》）的有关规定，就公司 2026 年第一次临时 股东会（以下简称"本次股东会"）有关事宜出具本法律意见书。 本法律意 ...

证券代码：601799 证券简称：星宇股份 公告编号：2026-002 常州星宇车灯股份有限公司 2026年第一次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 218 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 192,466,316 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 67.9200 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，由公司副董事长周宇恒先生主持。会议采取 现场投票和网络投票结合的表决方式进行表决。会议的召集、召开程序符合《公 司法》及《公司章程》的规定，表决方式及表决结果合法有效。 (五) 公司董事和董事会秘书的列席情况 (一) 股东会召开的时间：2026 年 1 月 15 日 (二) 股东会召开的地点：公司办公楼三楼 ...

Investment Rating - The report rates the automotive industry as "Overweight," indicating an expectation for the industry to outperform the overall market [11]. Core Insights - Changan Automobile is highlighted for its focus on Avita, which is expected to become a valuable asset as it prepares for a Hong Kong IPO, supported by state-owned enterprise backing [2][3]. - Qianli Technology's partnership with Geely is anticipated to unlock significant growth potential in its intelligent driving systems, targeting the 150,000 to 500,000 yuan market segment, with expectations for improved profit margins [2][3]. - WeRide's overseas business is progressing better than expected, with annual revenue per vehicle in the Middle East projected to reach $90,000, potentially contributing 1 billion yuan in profits if it scales to 10,000 units by 2030 [4]. - Alter's AI tools are noted for their unique application in the automotive sector, with a projected revenue growth of around 40% in 2026, primarily driven by product enhancements [5]. Summary by Company Changan Automobile - Focus on Avita's IPO and brand positioning is crucial for sales growth, moving away from price competition [2][3]. Qianli Technology - Collaboration with Geely is expected to enhance the scalability of its intelligent driving systems, with a focus on achieving superior profit margins [2][3]. WeRide - The company is set to benefit from overseas market expansion, with significant profit potential from scaling operations in the Middle East [4]. Alter - The company is leveraging AI to enhance design efficiency, with expectations for a turnaround in profitability by 2027-2028 [5].

Group 1 - As of the end of 2025, the northbound capital holdings in A-shares reached 2.59 trillion yuan, marking the second-highest level in history, just below the 2.76 trillion yuan recorded in 2021 [2] - Over half of the stocks in the Stock Connect program received increased holdings from northbound capital during the year, with at least 2,110 out of 3,774 stocks experiencing an increase [4] - The electronic industry had the highest representation among the stocks that received increased holdings, with 263 companies, followed by machinery, pharmaceuticals, and power equipment [4] Group 2 - Guangdong-listed companies emerged as the most favored by northbound capital, with holdings valued at 613.78 billion yuan, accounting for over 20% of total northbound holdings, reflecting a 6% increase from 579.02 billion yuan at the end of 2024 [8] - Notable companies in Guangdong that received significant increases in northbound holdings include Tapa Group, which saw an increase of 11.26 percentage points, and Dazhong Laser and Aohai Technology, which received increases of 8.26 and 6.03 percentage points, respectively [8] - The trend indicates a clear preference for technology-related sectors, aligning with the current market focus on high-tech industries rather than traditional sectors [4][8]

Core Viewpoint - The article discusses the strategic advantages of Serbia as a key location for Chinese automotive companies to expand into the European market, highlighting the benefits of local production to circumvent trade barriers and optimize logistics [5][9][70]. Group 1: Investment Opportunities - In recent years, Chinese tire companies have been establishing factories overseas, with notable investments in Serbia, which has become a strategic hub for the automotive industry [9][12]. - Linglong Tire's Serbian factory, with a total investment exceeding $1 billion, aims to produce 12 million passenger car tires annually, positioning it as a core hub for the European market [11][12]. - The investment from Minth Group in Serbia focuses on creating a localized supply chain for battery and body structure components, enhancing the operational efficiency of Chinese manufacturers in Europe [14][16]. Group 2: Economic Environment - Serbia's GDP growth has been stable at around 4%, with a significant reduction in unemployment rates, making it an attractive destination for foreign investment [47]. - The country has a favorable corporate tax rate of 15% and offers incentives such as tax exemptions for qualifying manufacturing and service enterprises, enhancing its appeal to investors [49]. - Despite a decline in overall foreign direct investment (FDI) in Serbia, investments from the Chinese automotive sector have surged from €830 million to €2.7 billion, indicating a shift in investment dynamics [43][44]. Group 3: Strategic Location and Infrastructure - Serbia's geographical position at the crossroads of Eastern and Western Europe provides a strategic advantage for logistics, supported by the ongoing development of the Hungary-Serbia railway, which significantly reduces transportation times [27][29]. - The country has established a comprehensive transportation network, including air and rail, facilitating efficient trade routes to major markets [25][30]. - The "Open Balkans" initiative allows for the free movement of labor and goods among member countries, addressing labor shortages and enhancing regional cooperation [57]. Group 4: Political Stability and Trade Agreements - Serbian President Aleksandar Vučić has maintained a flexible political stance, attracting foreign investment by fostering a stable economic environment and avoiding geopolitical alignments [31][33]. - Serbia's status as an EU candidate country with a network of free trade agreements provides Chinese companies with preferential access to European markets, allowing for tariff-free exports of automotive parts [35][37]. - The recent China-Serbia Free Trade Agreement aims to eliminate tariffs on 90% of trade items, further enhancing the competitiveness of Chinese automotive products in Europe [39][44]. Group 5: Labor Market and Cost Advantages - Serbia offers a competitive labor market with lower wage levels compared to neighboring countries, making it an attractive location for labor-intensive industries [52][53]. - The average monthly salary in Serbia is approximately €1,156, which remains significantly lower than in EU countries, providing cost advantages for manufacturing operations [52][53]. - The local government supports foreign enterprises by simplifying work visa processes, allowing for easier recruitment of skilled labor from neighboring regions [55][58].

Core Viewpoint - The collaboration between Xingyu Co., Chip Alliance, and Hubei Jiufengshan Laboratory aims to establish Wuhan Xingxi Optical Technology Co., Ltd. with a total investment of 3 billion yuan to accelerate the localization of Micro-LED technology in the automotive sector [2][14]. Group 1: Strategic Collaboration - The partnership is a result of years of expertise in their respective fields, with Xingyu Co. being a leader in automotive lighting, Chip Alliance holding core capabilities in chip manufacturing, and Hubei Jiufengshan Laboratory being a top platform for compound semiconductor research [3][16]. - The three parties will integrate their strengths in "automotive application scenarios + chip manufacturing capabilities + cutting-edge technology research" to ensure seamless transition from technology development to industrial implementation [3][16]. Group 2: Investment and Focus Areas - Wuhan Xingxi Optical Technology Co., Ltd. was officially established on January 10, 2026, with a registered capital of 200 million yuan. The 3 billion yuan investment will focus on the industrialization of Micro-LED technology, starting with automotive lighting and expanding into micro-displays, optical interconnects, optical communications, and AI displays [3][16]. - The strategic cooperation will focus on five key areas: collaborative R&D, joint project applications, talent exchange, project incubation, and deep supply chain collaboration [4][17]. Group 3: Domestic Breakthrough and Industry Upgrade - The collaboration aims to accelerate the application of Micro-LED technology in automotive and other fields, contributing to the high-end and intelligent upgrade of the Chinese automotive industry [5][18]. - Xingyu Co. has already made significant strides in the Micro-LED field, including the development of the iVISION intelligent headlight, which integrates dedicated SoC chips with Micro-LED light source chips [5][18]. - This 3 billion yuan industrial layout marks the beginning of a collaborative win for the three companies and signifies the entry of China's Micro-LED industry into a new phase of large-scale development [5][18].

Core Viewpoint - The strategic partnership between ChipLink Integration, Xingyu Co., and Hubei Jiufengshan Laboratory aims to establish a joint venture, Wuhan Xingxiguang Technology Co., with an investment of 3 billion yuan to develop Micro-LED technology for automotive lighting and other advanced fields [1][4]. Group 1: Partnership and Investment - The joint venture, Wuhan Xingxiguang Technology Co., will focus on the industrialization of Micro-LED technology, starting with automotive lighting and expanding into micro-displays and optical interconnects [1][4]. - The total investment for the project is set at 30 billion yuan, with ChipLink Capital participating as an investment platform [1][4]. Group 2: Technological Collaboration - The three parties will leverage their strengths in automotive lighting, chip R&D and manufacturing, and compound semiconductor research to break down barriers and promote the R&D and industrialization of Micro-LED technologies [2][5]. - The collaboration will focus on technical synergy, joint project applications, talent exchange, project incubation, and deep supply chain cooperation to create a complete ecosystem from innovation to industrial application [2][5]. Group 3: Industry Impact and Goals - The partnership aims to enhance the domestic application of Micro-LED technology in automotive lighting and other sectors, contributing to the high-end and intelligent upgrade of China's automotive industry [3][6]. - The collaboration is expected to significantly shorten the path from R&D to mass production, creating internationally competitive Micro-LED chips and optical modules for smart automotive lighting solutions [3][6].

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

Core Viewpoint - The strategic cooperation among Xinyu Automotive Lighting, ChipLink Integrated Circuit Manufacturing, and Hubei Jiufengshan Laboratory aims to establish a joint venture, Wuhan Xingxi Technology Co., Ltd., with an investment of 3 billion yuan to develop Micro-LED technology for automotive lighting and other advanced applications [1][3]. Group 1: Strategic Cooperation - The three parties will collaborate to establish a comprehensive ecosystem for Micro-LED technology, focusing on automotive lighting, micro-displays, and optical interconnects [1][3]. - The partnership aims to leverage each company's strengths to break down industry barriers and promote the research and commercialization of cutting-edge technologies such as Micro-LED automotive lighting and AI displays [1][4]. Group 2: Industry Advantages - Xinyu Automotive Lighting is a leading player in the automotive lighting industry in China, with a robust R&D system and strong manufacturing capabilities [3]. - ChipLink Integrated is a prominent provider of one-stop system solutions, specializing in automotive-grade IGBT/SiC chips and modules, and is a key player in the AI and high-end industrial control chip manufacturing sector [3][4]. - Hubei Jiufengshan Laboratory is a global leader in compound semiconductor research, with a strong foundation in optoelectronic materials and devices, and serves as a national-level pilot platform for integrated circuits [3][5]. Group 3: Future Goals - The collaboration aims to accelerate the domestic application of Micro-LED technology in automotive lighting and other fields, enhancing product intelligence and safety for consumers [3]. - The partnership will focus on practical cooperation in technology development, project incubation, talent exchange, and supply chain collaboration to create a complete ecosystem from innovation to commercialization [1][5].