芜湖伯特利汽车安全系统股份有限公司 关于公司高级管理人员离任的公告 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： | 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2026-003 | | --- | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 25 | 转债 | | (二) 离任对公司的影响 杨卫东先生的辞职报告自送达公司董事会之日起生效。杨卫东先生已根据公司 《董事、高级管理人员离职管理制度》做好交接工作，其辞职不会对公司的日常经营 造成不利影响。辞职后，杨卫东先生将不在公司担任任何职务。截至本公告披露日， 杨卫东先生通过芜湖伯特利投资管理中心（有限合伙）间接持有公司 2,881,085 股股 票，辞职后仍将继续遵守股份限售的承诺。 公司及公司董事会对杨卫东先生在任职期间为公司做出的贡献表示衷心的感谢！ 特此公告。 芜湖伯特利汽车安全系统股份有限公司 董 事 会 2026 年 1 月 6 日 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）董事 ...

南财智讯1月5日电，伯特利公告，公司董事会近日收到副总经理杨卫东先生递交的书面辞职报告。因个 人原因，杨卫东先生向董事会提出辞去公司副总经理职务。杨卫东先生的辞职报告自送达公司董事会之 日起生效。辞职后，杨卫东先生将不在公司担任任何职务。截至本公告披露日，杨卫东先生通过芜湖伯 特利投资管理中心（有限合伙）间接持有公司2,881,085股股票，辞职后仍将继续遵守股份限售的承诺。 ...

宏观与策略 宏观快评:12 月 PMI 数据解读-年末脉冲，助力收官 固定收益专题研究:2026 年 1 月转债市场研判及"十强转债"组合 策略深度:资配跨年展望(三)-龙头科技，强者恒强 总量专题（首席经济学家团队）:总量专题-26 年牛市的变与不变 行业与公司 证券研究报告 | 2026年01月05日 | 晨会纪要 | | --- | | 数据日期:2025-12-31 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3968.84 | 13525.02 | 4629.93 | 14545.57 | 3911.49 | 1344.20 | | 涨跌幅度（%） | 0.09 | -0.58 | -0.45 | -0.30 | -0.51 | -1.15 | | 成交金额（亿元） | 8295.11 | 12156.30 | 4444.91 | 4402.74 | 5436.91 | 492.84 | $\frac{10}{100}$$\frac ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **automobile** and **home appliance** industries in China, focusing on government subsidy policies and their implications for market dynamics and consumer behavior [1][2][20]. Key Points on Government Subsidies - **2025 National Subsidy Funding**: The funding mainly comes from special government bonds, with a total government debt of **14 trillion RMB**. The narrow deficit is **5.66 trillion RMB**, and special bonds amount to **1.8 trillion RMB** [2][3]. - **Subsidy Strategy Changes**: The automobile industry will see a shift to a high-price, high-subsidy and low-price, low-subsidy model, which is expected to reduce demand. The subsidy for electric vehicles and traditional vehicles will be adjusted based on vehicle price [2][14]. - **Impact on Tax Revenue**: Consumer subsidies are expected to increase sales and tax revenues, but the tax revenue growth rate is projected to be **2%**, lower than the nominal GDP growth rate of **4%**, indicating fiscal pressure [9]. Automobile Industry Insights - **Market Trends**: The automobile sector is expected to face a decline in domestic demand by **3-4%** in 2026, but the penetration rate of new energy vehicles is anticipated to increase by **4-5%**. Exports are expected to grow by **15%**, with new energy vehicle exports increasing by **35%** [14][19]. - **Investment Opportunities**: Key growth areas include international expansion, high-end market development, and smart technology integration, particularly in L4 autonomous driving [15][17]. - **Consumer Behavior**: There is a significant consumer wait-and-see attitude, with **40-60%** of consumers hesitant to make purchases, leading to inventory buildup [19]. Home Appliance Industry Insights - **Subsidy Policy Changes for 2026**: The number of subsidized categories will be reduced from **12 to 6**, focusing on energy-efficient products. The maximum subsidy per product will decrease from **2000 RMB to 1500 RMB** [20]. - **Market Performance**: The home appliance sector showed mixed results in 2025, with overall sales growth in the first half but a decline in the second half due to tightening policies and high base effects [21]. - **Future Outlook**: If the government continues to provide **80 billion RMB** in subsidies, the home appliance market is expected to see modest growth, with air conditioning sales projected to increase by **4.7%** under reduced subsidy effectiveness [22]. Competitive Landscape - **Market Dynamics**: The competitive landscape in the home appliance industry is shifting towards larger companies like Midea and Haier, which are enhancing shareholder returns through dividends and stock buybacks. Emerging markets and new product exports are becoming crucial for growth [24]. - **Investment Potential**: The two-wheeler market and emerging products like robotic vacuums are highlighted as having strong investment potential due to resilient demand and low valuations [23]. Conclusion - The conference call emphasizes the cautious approach of the government in adjusting subsidy policies to stabilize investment and consumption while addressing fiscal pressures. The automobile and home appliance industries are adapting to these changes, with a focus on innovation and international expansion as key growth strategies.

A股公司赴港上市热潮持续。 制度红利持续释放 2025年港股IPO募资总额登顶全球，也是一大看点。市场认为，港股IPO市场升温，离不开制度红利持续释放。 据中国证券报记者不完全统计，2025年12月，包括聚辰股份、拓斯达（300607）、中文在线（300364）、天孚通信（300394）等在内的超20家A股 上市公司，披露（包含更新披露）赴港上市相关公告。 机构认为，港股"含A量"提高，释放出两地市场协同发力的积极信号，"A+H"模式预计将持续火热。 港股"含A量"提高 2025年，"A+H"股上市数量创下历史新高。 数据显示，2025年，共有19家A股上市公司登陆港股，合计募资1399.93亿港元，占港股全年IPO总额近半。 2025年上市公司"A+H"上市情况 | | | 证券代码 | 训 崇简称 | 上市日期 ↓ | 首发募集资金 | | --- | --- | --- | --- | --- | --- | | | | | | | [单位] 亿元 | | | 1 : | 2691.HK | 南华期货股份 | 2025-12-22 | 12.9191 | | | 2 | 2676.HK | 纳芯微 | ...

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The automotive intelligence sector is witnessing significant advancements, particularly in L3 autonomous driving technology, with multiple companies receiving regulatory approvals for their products [15][19]. - The penetration rates for advanced driver-assistance systems (ADAS) and various sensor technologies are on the rise, indicating a growing market for intelligent vehicles [3][2]. - Key companies in the sector, such as Xpeng Motors, Horizon Robotics, and WeRide, are highlighted for their potential growth and investment opportunities [5][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercialization [15]. - Xpeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, while BYD has completed extensive road validation for L3 technology [18][17]. - WeRide's Robotaxi service has expanded to over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. High-Frequency Core Data Updates - By October 2025, the penetration rate of 800 million pixel cameras in passenger vehicles is expected to reach 49.7%, a year-on-year increase of 31% [2]. - The market share of lidar technology in passenger vehicles is projected to rise to 14.3%, with significant contributions from companies like Huawei and Hesai Technology [2]. - The penetration rate of L2 and above intelligent driving functions in passenger vehicles has increased to 33%, reflecting a 19% year-on-year growth [3]. Investment Recommendations - Recommended companies for investment include Xpeng Motors, Leap Motor, and Geely for complete vehicles, while WeRide and Horizon Robotics are suggested for L4 technology [3]. - For components, companies like SUTENG and Hesai Technology are recommended for data acquisition, while Horizon Robotics and Black Sesame Intelligence are highlighted for data processing [3].

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercial application in China [15]. - Tesla's Full Self-Driving (FSD) technology is expected to receive full approval in China by early 2026 [16]. - XPeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, indicating progress in the industry [18]. - WeRide's Robotaxi service has successfully launched in over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. - Xidi Intelligent Driving has officially listed on the Hong Kong Stock Exchange, becoming the first public company focused on commercial vehicle intelligent driving [22]. Summary by Sections Industry News - The approval of L3 autonomous driving models by the Ministry of Industry and Information Technology [15]. - Tesla's FSD technology is on track for full approval in China [16]. - XPeng Motors and Xiaomi have both received L3 road testing licenses [18][19]. - WeRide's Robotaxi service has expanded to multiple cities worldwide [20]. - Xidi Intelligent Driving has successfully listed on the Hong Kong Stock Exchange [22]. High-Frequency Core Data Updates - The penetration rate of 8 million pixel cameras in passenger vehicles is projected to reach 66.1% by October 2025, with a year-on-year increase of 7 percentage points [2]. - The market share of LiDAR in passenger vehicles is expected to rise to 14.3% by October 2025, reflecting a year-on-year increase of 7.9 percentage points [2]. Intelligent Driving - The penetration rate of passenger vehicles with L2 and above functions has increased by 19 percentage points year-on-year, reaching 33% by October 2025 [3]. - The penetration rates for various sensors, including front-view cameras and LiDAR, have shown significant growth [3]. Investment Recommendations - Recommended companies for investment include XPeng Motors, Leap Motor, and Geely for complete vehicles, while L4 recommendations include Pony.ai and WeRide [3]. - For components, recommended companies include SUTENG for data acquisition and Horizon Robotics for data processing [3].

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： 过去 12 个月与同一关联人进行的交易以及与不同关联人进行的交易类别相 关的交易的累计次数及其金额：公司与奇瑞汽车的关联交易主要为日常关联交易，截 至本公告日，除已经股东会审议通过披露的日常关联交易事项外，过去 12 个月内公 司不存在与同一关联人或与不同关联人之间相同交易类别下标的相关的关联交易。 交易实施尚需履行的审批及其他相关程序 | 证券代码：603596 | 证券简称：伯特利 | 公告编号：2026-002 | | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 | 转债 25 | 芜湖伯特利汽车安全系统股份有限公司 关于向关联方投资的公司增资暨关联交易的公告 其它需要提醒投资者重点关注的风险事项 本次投资系基于公司战略发展规划和业务协同需要，标的公司在未来经营运作的 过程中，受宏观经济、行业政策、市场和竞争环境变化、运营管理等多方面因素影响， 公司本次投资的收益具有不确定性，敬请广大投资者注意投资风险。 一、关联对外投 ...

| 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2026-001 | | --- | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 25 | 转债 | | 芜湖伯特利汽车安全系统股份有限公司 公司董事会授权公司管理层负责办理本次向关联方投资的公司增资有关事项，包括 但不限于签署相关协议、办理相关手续等具体事宜。 表决结果：8 票赞成，0 票反对，0 票弃权；其中关联董事付鹏九回避表决。 第四届董事会第十三次会议决议公告 具体内容详见公司 2026 年 1 月 1 日刊登在上海证券交易所网站（www.sse.com.cn） 及《中国证券报》、《上海证券报》上的《伯特利关于向关联方投资的公司增资暨关联交 易的公告》（公告编号：2026-002）。 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。 一、董事会会议召开情况 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）第四届董事会第十三次 会议（临时）于 2025 年 12 月 31 日上午 10:00 在公司五楼会议室以 ...

Core Viewpoint - The automotive industry is increasingly investing in humanoid robotics, with several companies extending their technology and supply chain capabilities into this new sector [1] Group 1: Company Strategy - The company plans to invest 35 million RMB in a capital increase for its affiliate, Anhui Mojia Intelligent Robot Technology Co., Ltd. (referred to as "Mojia Robot"), which is a wholly-owned subsidiary of Chery Automobile [1] - Chery Automobile will not participate in this capital increase, indicating a strategic move by the company to strengthen its position in the humanoid robotics market [1]