Core Viewpoint - Shanghai Deyu Jiuhuan Technology Partnership Enterprise (Limited Partnership) has been established with a registered capital of 9 million yuan, focusing on information technology consulting, enterprise management, software development, and artificial intelligence application software development [1][2]. Company Information - The partnership is co-owned by Luo Laijun and Shanghai Derjiwei New Technology Co., Ltd., a subsidiary of Deler Co., Ltd. (stock code: 300473) [1]. - The registered address of the company is located at 1000 Zhenchen Road, Building 1, 6th Floor, Baoshan District, Shanghai [2]. - The business scope includes technology services, technical development, consulting, and promotion, as well as software and AI application software development [2][3]. Financial Information - The total registered capital of the partnership is 9 million yuan [1][2]. - The business registration is valid from July 31, 2025, to July 30, 2040 [2].

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，上海德迩几微新技术有限公司成立，法定代表人为李 毅，注册资本3000万元，经营范围包含：一般项目：技术服务、技术开发、技术咨询、技术交流、技术 转让、技术推广；工程和技术研究和试验发展(除人体干细胞、基因诊断与治疗技术开发和应用，中国 稀有和特有的珍贵优良品种)；人工智能应用软件开发；人工智能基础资源与技术平台；新材料技术推 广服务；物联网技术服务；物联网技术研发；储能技术服务；新兴软件和新型信息技术服务；软件开 发；信息技术咨询服务。(除依法须经批准的项目外，凭营业执照依法自主开展经营活动)。天眼查APP 股权穿透显示，该公司由德尔股份全资持股。 ...

通过天眼查大数据分析，阜新德尔汽车部件股份有限公司共对外投资了13家企业，参与招投标项目4 次，知识产权方面有商标信息2条，专利信息272条，此外企业还拥有行政许可15个。 德尔股份最新一期业绩显示，截至2025一季报，公司营业总收入12.20亿元、同比增长15.13%，归属净 利润2273.82万元，同比增长276.00%，扣非净利润2010.24万元，同比增长286.42%，流动比率1.191、速 动比率0.780、资产负债率59.67%。 来源：金融界 金融界消息 截至2025年7月29日收盘，德尔股份（300473）报收于31.25元，下跌1.61%，换手率 4.14%，成交量6.21万手，成交金额1.95亿元。 天眼查商业履历信息显示，阜新德尔汽车部件股份有限公司，成立于2004年，位于阜新市，是一家以从 事汽车制造业为主的企业。企业注册资本15097.3101万人民币，实缴资本15045.8万人民币。公司法定代 表人为李毅。 资金流向方面，今日主力资金净流出2394.33万元，占比成交额12.29%。其中，超大单净流出1255.77万 元、占成交额6.45%，大单净流出1138.57万元、占成交额 ...

证券代码：300473 证券简称：德尔股份 公告编号：2025-057 阜新德尔汽车部件股份有限公司 关于持股5%以上股东减持股份触及1%整数倍的公告 持股5%以上股东上海戊戌资产管理有限公司-戊戌价值15号私募证券投资基 金保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 一、权益变动触及 1%整数倍的情况 | 是否为第一大股东或实际控制人 是□ 否√ | | | | | --- | --- | --- | --- | | 2、本次权益变动情况 | | | | | 股份种类 | 减持股数（万股） | 减持比例（%） | | | A 股 1.00 | 150.50 | | | | 合计 1.00 | 150.50 | | | | □ 本次权益变动方式 | 通过证券交易所的集中交易 | | | | √ | 通过证券交易所的大宗交易 | | | | （可多选） □（请注明） | 其他 | | | | 3、本次变动前后，投资者及其一致行动人拥有上市公司权益的股份情况 | | | | | 股份性质 | 本次变动前持有股份 | 本次变动后持有股份 | | | 占总股本 | | 占总股本 ...

Group 1: Market Performance - The A-share market continued to rise, with the Shanghai Composite Index recording five consecutive days of gains, closing at 3581.86 points, up 0.62% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.893 trillion yuan, an increase of 193 billion yuan compared to the previous trading day, marking the highest level since March 7 [2] - Over 2500 stocks in the market rose, with significant gains in sectors such as steel, machinery, and cement [2] Group 2: Infrastructure Development - The launch of the Yarlung Tsangpo River downstream hydropower project has boosted the infrastructure sector, with multiple stocks in the sector experiencing consecutive gains [3] - China Power Construction announced new contract amounts totaling 686.699 billion yuan for the first half of 2025, a year-on-year increase of 5.83%, with energy and power business contracts increasing by 12.27% [3] - The Yarlung Tsangpo River project is expected to significantly benefit companies involved in water conservancy, hydropower construction, tunneling, and related equipment [4] Group 3: Solid-State Battery Sector - The solid-state battery sector showed active trading, with companies like Xianhui Technology reaching a 20% limit-up [5] - Several companies reported advancements in solid-state battery production, with Fueneng Technology planning to establish a pilot line with a capacity of 0.2 GWh by the end of the year [5] - The solid-state battery industry is expected to accelerate its commercialization, particularly in high-demand sectors such as robotics and low-altitude applications [5] Group 4: Market Outlook - The A-share market is expected to maintain a strong upward trend, with the Shanghai Composite Index attracting more external funds [6] - Recent changes in the funding landscape indicate a potential shift towards more favorable conditions for RMB assets, with an increase in individual investors in the A-share market [6] - The current market environment is characterized by a healthy rotation among sectors, suggesting continued positive momentum [6]

Battery - Anfu Technology announced the termination of the "300MWh sulfide-based all-solid-state battery pilot project" due to significant uncertainties regarding the operational stability and performance capability of its partner, Gao Neng Times [2] - Del's solid-state battery has passed the UN38.3 certification, laying the foundation for expanding into international markets. The company is actively advancing the construction of its solid-state battery pilot line and plans to develop mass production lines based on customer and market demand [3] - The Ministry of Industry and Information Technology, along with other departments, held a meeting to promote the monitoring of new energy vehicle product prices and to strengthen supervision and inspection of the industry [4] Materials - Enjie Co., Ltd. is developing a pilot line for sulfide solid electrolytes with a capacity of thousands of tons in Yunnan. The company is also expanding its market presence in semi-solid battery separators and has invested in the research and production of lithium sulfide, solid electrolytes, and solid electrolyte membranes [7] Equipment - Youyou Green Energy announced plans to invest up to 800 million yuan in the construction of an intelligent manufacturing base for new energy charging and discharging equipment in Shenzhen, expected to be completed by December 31, 2029 [9] Overseas - Kuvimba Mining House, a state-owned mining company in Zimbabwe, plans to start construction of a lithium processing plant with an annual capacity of 600,000 tons of lithium concentrate, with a total investment of 270 million USD, expected to be operational by early 2027 [11] - Singapore's renewable energy developer Vanda RE signed a framework supply agreement with CATL to procure a total of 2.2GWh of battery energy storage systems for a solar and storage development project in Indonesia [12]

Core Viewpoint - The robotics industry has rebounded strongly due to multiple catalysts such as capital operations (IPOs, backdoor listings), significant order placements, and policy support, shifting market focus towards industry implementation and value exploration within the supply chain [1][4]. Group 1: Market Dynamics - On July 18, Yushu Technology entered the IPO guidance phase, while the Shanghai Stock Exchange updated the IPO progress of Jiekai Robotics to "under inquiry" [1]. - Major domestic robotics companies like Yushu Technology, Zhiyuan Robotics, and UBTECH received significant orders, indicating that domestic humanoid robots are accelerating breakthroughs from technology development to product implementation [1][5]. - The robotics index (884126.WI) rose over 3% last week, reaching a new high since March, with companies like Shangwei New Materials (688585.SH) experiencing a notable increase of 148.84% [1][4]. Group 2: Institutional Interest - Over ten institutional investors conducted research on listed companies within the robotics supply chain, focusing on the value, scale, and market demand changes across various segments such as manufacturing equipment and transmission systems [2][9]. - The research has expanded beyond core components to include the entire supply chain, highlighting the growing interest in the value and market dynamics of the robotics sector [9][10]. Group 3: Recent Developments - The robotics sector has seen a resurgence in trading activity, with the robotics index increasing by 3.1%, marking the highest level since March 27 [4]. - Significant orders were placed, including a 124 million yuan order for humanoid robots from China Mobile, with Zhiyuan New Creation and Yushu Technology winning portions of the contract [5][6]. - UBTECH secured the largest procurement order for humanoid robots, amounting to 90.51 million yuan, indicating strong demand in the market [6]. Group 4: Industry Trends - The robotics sector has transitioned from a phase of speculative trading to one focused on validating product implementation and technological advancements [8]. - As the humanoid robotics industry progresses in technology breakthroughs and application scenarios, institutional investors are increasingly interested in the entire supply chain, including components like grinding tools and robot cables [10][11]. - The value distribution within the supply chain shows that leading humanoid robot manufacturers are positioned at the high end of the value chain, while contract manufacturers benefit from standardized production and quality control [11].

Group 1 - The robot industry experienced a strong rebound due to multiple catalysts such as capital operations (IPO, backdoor listings), significant order placements, and policy support, shifting market focus towards industry implementation and value extraction from the supply chain [1][2] - The robot index rose over 3% last week, reaching a new high since late March, with notable stocks like Upwind New Materials achieving a 148.84% increase, marking eight consecutive trading days of gains [1][2] - Major domestic robot companies, including Yushu Technology and ZhiYuan Robotics, secured important orders, indicating accelerated breakthroughs in domestic humanoid robots from technology development to product implementation [1][3] Group 2 - The acquisition of ZhiYuan Robotics and other events have reignited interest in the robot sector, with the robot index increasing by 3.1%, the highest since March 27 [2] - Upwind New Materials is set to have its shares controlled by ZhiYuan HengYue Technology after a significant share acquisition, pending approval from the shareholders' meeting [2] - The Ministry of Industry and Information Technology emphasized the promotion of humanoid robots and other innovative industries during a recent press conference, indicating a strategic focus on future sectors [2] Group 3 - Yushu Technology and ZhiYuan New Creation won a procurement order from China Mobile for humanoid robots worth 124 million yuan, showcasing the growing market for humanoid robots [3] - UBTECH secured the largest procurement order in the global humanoid robot sector, amounting to 90.51 million yuan, further highlighting the competitive landscape [3] Group 4 - The robot sector has transitioned from a phase of exuberance to a more stable trading environment, with a significant reduction in trading volume and a 20%-30% correction in previously high-performing stocks [4] - Institutional investors are now focusing on the value, scale, and market demand changes across various segments of the robot supply chain, indicating a shift towards more grounded investment strategies [5] Group 5 - Companies involved in high-precision grinding tools and robot cables are gaining attention, with firms like Huachen Equipment and Wanma Co. highlighting their capabilities in producing components essential for humanoid robots [6] - The competitive advantage in robot cables is attributed to long-term R&D efforts and established manufacturing processes, although the current revenue contribution from these products remains relatively small [6] - The distribution of value within the humanoid robot supply chain shows that leading manufacturers capture high-end value through core algorithms and brand barriers, while contract manufacturers benefit from standardized production models [6]

Group 1: Company Overview and Development Strategy - The company is an international automotive parts system supplier, primarily producing and selling noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, motors, pumps, and automotive electronics [1][2]. - Initially focused on steering pump products, the company has gained significant market recognition and share, expanding its product line through continuous innovation and acquisitions, including the purchase of German company Kakuisi in 2017 [2]. - The company has established global R&D bases in Europe, North America, and Asia to support its international expansion [2]. Group 2: Solid-State Battery Development - The company began its solid-state battery initiative in 2018 after recognizing the technology's market potential during a visit to Japan [3]. - Key materials and process parameters for solid-state batteries have been developed, allowing for customized solutions based on client needs [4]. - Future plans include accelerating the construction of pilot production lines and gradually implementing mass production based on market demand [5]. Group 3: Product Features and Market Position - The solid-state battery features high safety standards, having passed third-party tests for puncture, heat, and overcharging, and can operate at high temperatures without cooling systems [9]. - The liquid retarder product offers advantages such as high braking torque per unit weight, lightweight design, and cost-effectiveness, leading to increased market competitiveness [11]. - The Kakuisi subsidiary benefits from a global production layout, enabling quick responses to customer needs across different regions [12][13]. Group 4: Financial Performance and Growth - The company has seen continuous improvement in its operational performance in 2024 and Q1 2025, attributed to enhanced management efficiency and a decrease in expense ratios [13]. - Revenue growth has been significantly driven by the rapid increase in sales of products related to the new energy vehicle sector [13].

东方证券股份有限公司 关于 阜新德尔汽车部件股份有限公司 发行股份购买资产并募集配套资金 暨关联交易 之 独立财务顾问报告 独立财务顾问 二〇二五年七月 声明和承诺 东方证券股份有限公司接受阜新德尔汽车部件股份有限公司（以下简称"德 尔股份"、"上市公司"或"公司"）的委托，担任德尔股份发行股份购买资产 并募集配套资金暨关联交易的独立财务顾问，并出具本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》、《中华人民共和国 证券法》、《上市公司重大资产重组管理办法》、《上市公司并购重组财务顾问 业务管理办法》、《上市公司向特定对象发行可转换公司债券购买资产规则》、 《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产 重组》、《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监 管要求》和《深圳证券交易所上市公司重大资产重组审核规则》等法律法规及文 件的规定和要求，以及证券行业公认的业务标准、道德规范，经过审慎调查，本 着诚实信用和勤勉尽责的态度，就本次交易认真履行尽职调查义务，对上市公司 相关的申报和披露文件进行审慎核查后出具的，旨在就本次交易行为做出独立、 ...