第二条 监管机构对董事会秘书的考核、奖惩以及本工作细则是董事会考评董事会 秘书工作和对其进行奖惩的重要依据之一。 浙江银轮机械股份有限公司 董事会秘书工作细则（修订稿） 第一章 总则 第一条 为规范公司行为，明确董事会秘书的职责权限，根据《中华人民共和国公 司法》（以下简称：《公司法》）《上市公司治理准则》《深圳证券交易所股票上市规则》（以下 简称：《股票上市规则》）及《浙江银轮机械股份有限公司章程》（以下简称：《公司章程》等 有关规定，特制定本细则。 （七）不存在被证券交易场所公开认定为不适合担任上市公司董事和高级管理人 员等，期限尚未届满的情形。 第三章 职责 第三条 本公司设董事会秘书 1 名，作为公司与深圳证券交易所（以下简称：深交 所）之间的指定联络人。董事会秘书为公司的高级管理人员，在董事长领导下开展工作， 对公司和董事会负责。 第二章 任职资格 第四条 董事会秘书的任职资格包括但不限于以下方面： （一）具有大学专科以上学历，从事秘书、管理、股权事务等工作三年以上； （二）应当具备履职所必需的财务、管理、法律等专业知识，具有良好的职业道德 和个人品德； （三）不存在《公司法》等法律法规及其他有关规 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-097 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 暨对外投资的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江银轮机械股份有限公司（以下简称"公司"）于2025年12月29日召开第九届董事 会第三十三次会议，审议通过了《关于向四川银轮新能源热管理系统有限公司增资暨对 外投资的议案》，同意公司向四川银轮新能源热管理系统有限公司（以下简称：四川银 轮）增资37,815万元人民币，主要用于四川银轮西南智能制造基地建设。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1号——主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》及《公司章程》等相关规定，该事项在公司董事会审批权限内，本次对 外投资事项不涉及关联交易，也不构成重大资产重组行为。现将有关事项公告如下： 一、对外投资概述 为满足西南客户属地化供货需求，提升公司新能源热管理业务市场占有率，公司拟 向四川银 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-096 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1号——主板上市公司规范运作》等相关规定，该事项在公司董事会审批权限内，无需 提交公司股东会审议。现将有关事项公告如下： 一、募集资金基本情况 1.2017年非公开发行股票募集资金基本情况 经中国证券监督管理委员会证监许可〔2017〕63 号《关于核准浙江银轮机械股份有 限公司非公开发行股票的批复》核准，由主承销商国泰君安采用非公开发行方式发行人 民币普通股（A 股）80,001,664 股。每股发行价为人民币 9.01 元，共募集资金人民币 720,814,992.64 元，扣除发行费用 12,974,669.87 元（含税）后，于 2017 年 6 月 13 日存 入公司募集资金专用账户 707,840,322.77 元；另扣减其余发行费用 1,900,000.00 元（含 税）后，实际募集资金净额为 705,940,32 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-098 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 一、对外投资概述 为积极响应客户需求，支持全球供应链安全建设，加快产能扩张步伐，以满足订单 增长带来的产能需求，切实保障既有市场份额，并全力争取新项目落地。公司计划使用 自有资金向上海银轮投资有限公司增资约 26,885 万元人民币（按现有人民币对美元汇率 折算，折合 3,837 万美元），最终投向在墨西哥的新设子公司，主要用于墨西哥生产基 地建设，以提升区域配套和服务能力。 二、交易对方基本情况 1.交易对方基本情况 公司名称：上海银轮投资有限公司 公司类型： 有限责任公司（非自然人投资或控股的法人独资） 法定代表人：徐小敏 1 浙江银轮机械股份有限公司 关于向上海银轮投资有限公司增资暨对外投资的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江银轮机械股份有限公司（以下简称"公司"）于2025年12月29日召开第九届董事 会第三十三次会议，审议通过了《关于向上海银 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-095 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 第九届董事会第三十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 浙江银轮机械股份有限公司第九届董事会第三十三次会议通知于 2025 年 12 月 24 日以邮件和专人送达等方式发出，会议于 2025 年 12 月 29 日以电子通信表决方式召开， 本次会议应参加会议董事 9 名，实际出席会议董事 9 名。本次董事会召开符合《中华人 民共和国公司法》和《公司章程》的相关规定，会议合法有效。 本次会议由公司徐小敏董事长主持，经与会董事认真讨论研究，会议审议并通过了 如下决议： 一、审议通过了《关于延长部分募集资金投资项目投资期限的议案》 表决结果：同意 9 票、弃权 0 票、反对 0 票，同意票数占全体董事的 100%。 《关于延长部分募集资金投资项目投资期限的公告》于同日刊登在《证券时报》《上 海证券报》及巨潮资讯网（http:// ...

Group 1 - Google's capital expenditure guidance for 2025 has been raised from $85 billion to $91-93 billion, with significant growth expected in 2026 [1] - The estimated market size for Google's server liquid cooling is projected to be around 18 billion yuan in 2026, indicating substantial growth compared to 2025 [2] - Google's TPU v7 servers are expected to fully transition to liquid cooling, with a thermal design power (TDP) of 980 watts, nearing the limits of air cooling [1][2] Group 2 - Google's approach to liquid cooling suppliers differs from Nvidia's, as Google plans to directly engage with liquid cooling system and component suppliers for certification and testing [3] - Google has set four key requirements for liquid cooling suppliers: sufficient capacity, rapid response and delivery capabilities, competitive pricing, and global delivery capabilities [3] - Domestic suppliers are making significant progress in the liquid cooling supply chain, with companies like Yinvike and others actively developing solutions and entering overseas markets [4] Group 3 - Relevant investment targets include Yinvike, Yinlun, Feilong, Chuanhuan Technology, Sixuan New Materials, Xiangxin Technology, Zhongding, Sulian, Gaolan, Shenling Environment, Kexin New Source, Tongfei, Hongsheng, and Yidong Electronics [5]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on the mid-to-high-end and used car markets, as well as the impact of new subsidies [2]. Core Insights - The upcoming subsidies are expected to alleviate previous concerns regarding the total market volume for 2026, with a focus on companies like BYD and Geely, which cater primarily to mid-to-low-end demand [2]. - The report highlights the potential for significant performance improvement in parts manufacturers in the first half of 2026 due to subsidy support, recommending companies with strong fundamentals and low valuations [2]. - The report identifies new energy vehicle companies such as XPeng, NIO, and Li Auto, which have advantages in AI and robotics, as potential investment opportunities [2]. - The report notes a positive trend in the used car market and overall dealer profitability, recommending companies like Uxin [2]. - The report emphasizes the importance of state-owned enterprise reforms, particularly for SAIC and Dongfeng, as a key area to watch [2]. Industry Update - According to the China Passenger Car Association, the average daily retail sales of passenger cars in the third week of December reached 77,000 units, a year-on-year decrease of 11% but a month-on-month increase of 9% [2]. - The automotive industry recorded a total transaction value of 582.81 billion yuan for the week, with an industry index increase of 2.74%, outperforming the Shanghai Composite Index [6]. - The report indicates that 172 automotive stocks rose while 94 fell, with the largest gainers being Chaojie Co., Longi Machinery, and Zhejiang Sebao [11]. Market Conditions - The report notes that traditional and new energy raw material price indices have risen recently, with traditional vehicle raw materials increasing by 1.3% week-on-week and 1.0% month-on-month, while new energy vehicle raw materials rose by 5.6% week-on-week and 6.8% month-on-month [62]. - The automotive industry’s price-to-earnings ratio stands at 29.17, ranking 19th among all sectors, indicating a moderate valuation compared to the Shanghai Composite Index's 14.15 [8][10]. Key Events - The report highlights the optimization of toll road policies and the improvement of autonomous driving regulations as significant developments that will enhance the operational efficiency of the transportation system [3][4]. - The report mentions the launch of the first L3 autonomous driving license plate in China, awarded to Changan Automobile, marking a milestone in the industry [24][44].

Core Viewpoint - The article discusses the transformation of Zhejiang's automotive parts companies into the humanoid robot industry, highlighting the collective effort to create a "second growth curve" in response to market opportunities in humanoid robotics [1][3][4]. Group 1: Industry Trends - The humanoid robot market is projected to reach a sales volume of 12,400 units and a market size of 6.339 billion yuan by 2025, with expectations to exceed 5 million units and 400 billion yuan by 2035 [4]. - The automotive parts industry in Zhejiang has seen a revenue growth of 19.5% in 2024, surpassing 1 trillion yuan, prompting companies to seek new opportunities in humanoid robotics as the next "trillion-dollar blue ocean" [4][5]. Group 2: Company Initiatives - Junsheng Electronics has initiated its transformation by establishing a robotics company, forming specialized teams, launching core products, and signing strategic partnerships to enhance its market presence [3][4]. - Over 100 humanoid robot-related companies exist in Zhejiang, with more than 40 listed on the A-share market, indicating a significant industry shift among traditional automotive parts manufacturers [3][4]. Group 3: Cost Reduction and Technological Advancements - The cost of humanoid robots has decreased significantly, with products like the Walker series seeing a 25% reduction in costs compared to 2024, driven by increased domestic production of core components [5][6]. - The collaboration between existing automotive supply chains and new humanoid robot production is enhancing cost efficiency and production capabilities, allowing companies to leverage their established infrastructure [6][9]. Group 4: Technological Synergy - The transition to humanoid robotics is facilitated by the technological similarities between automotive components and robotics, allowing for a smoother integration of existing technologies into new product lines [8][9]. - Companies like Junsheng Electronics and Shuanglin Co. have successfully utilized their existing technological expertise in automotive parts to develop humanoid robot components, reducing R&D costs and risks [8][9]. Group 5: Strategic Positioning - The collective transformation of Zhejiang's automotive parts companies into the humanoid robot sector is seen as a proactive strategy to adapt to changing market dynamics and technological advancements [7][9]. - The high overlap of customer bases between electric vehicle and humanoid robot sectors allows for streamlined supply chain integration, enhancing market entry for these companies [9].

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [6] Core Insights - The demand for Google's TPU is expected to grow significantly, leading to a rapid increase in the liquid cooling market for Google servers. The shift in Google's supplier model will provide greater opportunities for domestic suppliers, making liquid cooling a second growth curve for them [3][59] Summary by Sections 1. Google's TPU v7 Servers to Fully Transition to Liquid Cooling - Google has initiated its self-developed ASIC project in 2014, officially launching the TPU in 2016, which has significantly optimized energy consumption and cost-effectiveness in neural network inference. The latest TPU v7, named Ironwood, has shown substantial performance improvements [12][19] 2. Rapid Growth of Google's Liquid Cooling Market - The market size for Google's liquid cooling servers is projected to reach approximately 18 billion RMB (around 2.57 billion USD) in 2026, a significant increase from 2025. This growth is driven by the expected shipment of 2.8 million TPU v7 chips in 2026 [26][29] 3. Breakthrough in Google's Liquid Cooling Supplier Model - Google's supplier model differs from NVIDIA's, as Google aims to ensure the safety, stability, and reliability of its data centers by directly engaging with liquid cooling system and component suppliers. This model is expected to provide more opportunities for domestic suppliers [34][38] 4. Major Investment Strategies: Domestic Liquid Cooling Suppliers to See Significant Opportunities - With the anticipated growth in TPU demand and the transition to liquid cooling, domestic suppliers are expected to benefit from increased market space. Key investment targets include companies like Invec, Silver Wheel, and Flying Dragon [3][59]

Core Viewpoint - The report from Dongwu Securities indicates that the overall Beta of the sector is expected to weaken by 2026, with structural opportunities being more favorable than overall opportunities. The focus should be on three technological main lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going global" [1]. EPS Dimension - The stock market is seeking alpha through cyclical resilience, prioritizing product companies with high competitiveness that can enhance market share and companies that can increase average selling prices (ASP) by entering high-value sectors through internal and external growth [2]. - Globalization is expected to open growth opportunities in the automotive parts sector, with a focus on enhancing growth potential and risk resistance by prioritizing production capacity in Europe, North America, and Southeast Asia. With profit recovery and deeper customer engagement, companies may transition to global Tier 1/platform leaders between 2026 and 2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Magnesium, with New Spring Co. as a focus [2]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly coming to market. The focus should be on chips, domain controllers, core sensors, and drive-by-wire chassis, emphasizing systematic capabilities in cost, algorithms, and safety redundancy. Recommended companies include Horizon Robotics, Black Sesame, and Desay SV, with Bertel and Nexperia as points of interest [3]. - Robotics: Transitioning from "0 to 1" to "1 to 10," benefiting from supply chains involving large models, actuators, reducers, lead screws, and force sensors. The focus should be on automotive parts leaders with "technology synergy + manufacturing collaboration." Recommended companies include Top Group, Joyson Electronics, and Shuanghuan Transmission, with interest in Yapp Automotive Parts and Daimay Co. [3]. - Liquid Cooling: Growth in AI capital expenditure and increased power consumption in AIDC; the liquid cooling temperature control market is projected to reach hundreds of billions by 2030. The automotive parts sector should focus on thermal management, pipelines, and quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [3].