Macro Strategy - Economic resilience is observed in May, with industrial added value increasing by 5.8% year-on-year and service production index rising by 6.2% year-on-year, indicating a slight weakening in industrial supply and a slight strengthening in services [1] - Retail sales grew by 6.4% year-on-year, showing a recovery in domestic demand, while fixed asset investment showed a cumulative year-on-year increase of 3.7%, reflecting a decline in investment growth [1] - The report highlights three distinct economic narratives: (1) sectors supported by policies such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption sectors showing weaker performance [1] - The overall economic growth target of around 5% for the year is expected to be achieved, but the pace and structure of economic growth will depend on the evolution of these narratives [1] Industry Insights Construction and Decoration Industry - The State Council emphasizes the need to promote the construction of "good houses" and stabilize the real estate market, indicating potential policy support for real estate investment [10] - Infrastructure investment remains stable, with significant growth in water conservancy and transportation sectors, suggesting a focus on major infrastructure projects [10] - The report recommends focusing on state-owned enterprises and local state-owned enterprises with low valuations and stable performance, such as China Communications Construction and China Electric Power [10] Retail Industry - Non-American exports show resilience, with a focus on the strategic position of small commodity cities as export hubs [11] - The automotive sector is expected to perform well, driven by technological innovation and market dynamics, despite some challenges in the supply chain [11] Public Utilities Industry - Investment opportunities in hydropower and thermal power are highlighted, with recommendations for companies like China Power Investment and Huadian International [13] - The report notes the potential for growth in nuclear power and renewable energy sectors, with specific recommendations for companies involved in these areas [13] Renewable Energy and Storage - The report indicates a significant demand for energy storage in emerging markets, with expectations of a 20-30% growth in installations in the US [18] - Companies like CATL and BYD are recommended as leading players in the lithium battery sector, benefiting from the growing demand for energy storage solutions [18] Non-Banking Financial Industry - The insurance sector is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [19] - The securities industry is poised for growth due to favorable market conditions and policy support, with recommendations for companies like CITIC Securities and China Ping An [19]

证券代码：603166 证券简称：福达股份 公告编号：2025-032 桂林福达股份有限公司 关于 2020 年非公开发行股票募集资金专户注销的公告 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个别及连带责任。 一、2020 年非公开发行股票募集资金情况 经中国证券监督管理委员会证监许可[2020]1663号文《关于核准桂林福达股份 有限公司非公开发行股票的批复》的核准，本公司于2021年6月向广西农垦资本管理 集团有限公司等7名特定投资者非公开发行人民币普通股（A股）股票54,189,941股， 每股发行价格人民币5.37元，实际已募集资金总额为人民币29,100.00万元，扣除各 项发行费用合计人民币792.85万元后，实际募集资金金额为28,307.15万元。该募集 资金已于2021年6月30日到位。上述资金到位情况业经容诚会计师事务所（特殊普通 合伙）容诚验字[2021]230Z0143号《验资报告》验证。 二、2020年非公开发行股票募集资金管理情况 2021年7月12日，公司与全资子公司桂林福达重工锻造有限公司与桂林银行临 ...

2025 年 06 月 15 日 部分省份补贴短期真空，高端市场 是新热土 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 看好 ——2025/6/9-2025/6/13 汽车周报 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 业 及 产 业 行 汽车 ⚫ 观点：行业乱象引起了监管重视，督促企业规范经营，注重长期可持续的良性发展。因 此我们认为产业链经营质量将在中长期维度得到保障和改善，虽然短期阵痛也在所难 免。因此继续看好小米、理想、华为、吉利、小鹏、比亚迪等。零部件包括拓普、三 花、福达、继峰、保隆、禾赛、速腾、伯特利、经纬恒润、德赛西威等。机器人仍将是 市场持续的关注重点，建议关注隆盛科技。同时央企改革也将反复发酵，建议关注东风 集团股份、上汽集团、长安汽车等。 ⚫ ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report tracks the changes in operating income, net profit margin, and capital expenditure for the automotive parts sector in 2024A and Q1 2025, indicating that precision parts, chassis components, and electronic components show relatively good growth and capital expenditure intensity [4][10] - The report emphasizes the importance of capital expenditure for manufacturing enterprises to maintain operational capabilities, suggesting that capital expenditure is a precursor to future output and can help identify investment opportunities in sectors with high growth potential [4][10] Summary by Sections 1. Growth Potential - In 2024A, the operating income growth rates are as follows: electronic components (-), chassis components (+), body components (-), exterior components (-), overall industry (+), precision parts (+), powertrain components (+), interior components (+), and molds (-) [10][13] - The net profit margin for 2024 is 5.2%, a decrease of 0.6 percentage points compared to the previous year, while Q1 2025 shows a net profit margin of 5.8%, an increase of 0.6 percentage points [15][19] - The report categorizes the growth potential into four tiers based on operating income growth and net profit margin changes, with precision parts and chassis components performing well [10][11][15] 2. Capital Expenditure Intensity - The capital expenditure as a percentage of operating income for the automotive parts sector in 2024 is 6.9%, which is an increase compared to the previous year, while Q1 2025 shows a decrease to 6.4% [22] - The report identifies different tiers of capital expenditure intensity across various segments, with electronic components and molds showing high capital expenditure intensity [22] 3. Investment Recommendations - The report suggests focusing on sectors with high capital expenditure and growth potential, particularly precision parts (gears, bearings), chassis components (steering systems, suspension), electronic components, and thermal management systems [4][10] - Recommended companies include Shuanglin Co., Guansheng Co., Jifeng Co., and Huayang Group, with additional mentions of Zhejiang Shibao, Zhongding Co., Meili Technology, and others [4][10]

Core Viewpoint - Zhejiang Kema Material Co., Ltd. (Kema Materials) is attempting to go public on the Beijing Stock Exchange after previous unsuccessful attempts in 2014 and 2023, with a new IPO application submitted on June 27, 2024 [2][3]. Financial Performance - Kema Materials has maintained annual revenue around 200 million yuan, with figures of 223 million, 202 million, 199 million, and 249 million yuan from 2021 to 2024, respectively [3][4]. - Net profit showed a "U" shaped trend, with 72.52 million, 41.65 million, 49.05 million, and 71.03 million yuan for the same years, indicating a significant drop in 2022 followed by recovery in 2024 [3][4]. - The company achieved a revenue growth of 25.16% and a net profit growth of 44.83% in 2024 [9]. Product Structure Changes - Kema Materials has shifted its product focus from T1 (wet-type) to T2 (dry-type) friction materials, with T1 sales dropping from 1.08 billion yuan in 2022 to 236,080 yuan in 2024, while T2 sales increased from 862 million yuan to 2.35 billion yuan in the same period [4][5]. - The transition was driven by the market's shift away from T1 products, which were phased out in 2023, and the introduction of more environmentally friendly and automated T2 products [4][5]. Market Dependency - Over 97% of Kema Materials' revenue comes from traditional fuel vehicles, with commercial vehicles accounting for more than half of its income [6][9]. - The domestic commercial vehicle market has shown a fluctuating decline in sales from 5.13 million units in 2020 to 3.87 million units in 2024 [6]. Customer Base and Competition - Kema Materials faces increasing competition in the aftermarket for dry clutch friction plates, with a notable decrease in customer loyalty among its top clients from 2021 to 2023 [8]. - The company’s major clients include Fuda Co. and Weichai Power, but revenue from these clients has been declining [8]. International Business Growth - Kema Materials' international revenue surged by 68.27% from 26.39 million yuan in 2023 to 44.41 million yuan in 2024, with a significantly higher gross margin compared to domestic sales [11][12]. - The company’s international clients are primarily located in Mexico, Iran, Egypt, and Russia, with Russia becoming a major contributor in 2024 [10][13]. Inventory Concerns - There are concerns regarding potential inventory accumulation among trade customers, particularly with VAFRI in Mexico, where the end-of-year inventory levels reached 71.25% of annual purchases in 2024 [16][17]. - This raises questions about the authenticity of Kema Materials' revenue growth and the possibility of revenue manipulation through inventory adjustments [16][17]. Construction and Financial Transactions - The company is under scrutiny for its financial transactions with construction firms involved in its new factory project, raising concerns about potential financial irregularities and the authenticity of its reported earnings [18][20]. - The construction project has not yielded the expected performance, and there are significant financial ties between Kema Materials and the construction company, which could indicate potential financial mismanagement [18][20]. Conclusion - Kema Materials is navigating a challenging landscape with significant shifts in product focus, market dependency on traditional fuel vehicles, and scrutiny over its financial practices as it seeks to establish itself on the Beijing Stock Exchange [2][3][9].

5 月需求小幅恢复，新能源渗透率续创新高 事项： 乘联会发布数据，5 月狭义乘用车产量 227 万辆，同比+13%，环比+2%； 批发 231 万辆、同比+13%、环比+6%。 评论： 由于电/油车销量变化、自主库销比高于合资，单看库存总量同比情况 相对失真，我们主要观察库销比。按测算，油车库销比 5 月低于去年 同期、电车高于去年同期约 0.5 个月，显示电车库存压力有所提升，已 不如去年健康，未来行业价格主要变动因素将主要为电车。 证券研究报 告 汽车行业重大事项点评 整车：近期板块投资情绪受创，考虑行业增速节奏、市场担忧因素，整车 选股将更倚向结构性机会。推荐理想汽车、江淮汽车，建议关注北汽蓝 谷、上汽集团、小鹏汽车、小米集团。 零部件：1）机器人板块继续推荐拓普集团、豪能股份、冠盛股份、福达 股份、敏实集团。2）高阶智驾下沉放量，建议关注地平线机器人、比亚 迪电子、速腾聚创、亿咖通等。3）推荐主业基本面表现良好的星宇股 份、继峰股份、银轮股份，以及处于相对低位的新泉股份。 风险提示：宏观经济、国内消费低于预期，汽车出口低于预期，新能源车 销量低于预期，原材料价格波动等。 行业研究 汽车 2025 年 ...

Group 1: Company Overview - Wuhu Sanlian Forging Co., Ltd. specializes in the R&D, production, and sales of automotive forged components, focusing on high-performance and safety requirements for automotive powertrain, transmission, steering, and suspension systems [2][3]. - The company has established long-term stable partnerships with renowned global component suppliers, leveraging its forging advantages to expand into the new energy vehicle sector [3]. Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 156,232.18 million, representing a year-on-year growth of 26.44% [4]. - The net profit attributable to shareholders was CNY 14,630.02 million, up 16.64% from the previous year, while the net profit after deducting non-recurring gains and losses was CNY 13,963.02 million, reflecting a growth of 24.80% [4]. Group 3: Cash Flow and Investments - The net cash flow from operating activities decreased significantly due to increased long-term asset investments, including projects for lightweight automotive forgings and an annual production capacity of 10 million automotive axle forgings [4]. - The company maintains a healthy financial status with robust cash flow, effectively covering short-term debts and operational funding needs [5]. Group 4: Customer Base and Market Position - Major clients include top global automotive manufacturers such as Mercedes-Benz, BMW, Audi, Volkswagen, General Motors, Tesla, BYD, Xpeng, Li Auto, and NIO, with direct customers primarily being the world's top 100 component suppliers [3][5]. - The company has entered into development projects for new energy vehicle components with several well-known automakers, including Tesla, BYD, Daimler, BMW, and others, with many projects already in mass production [5]. Group 5: Competitive Landscape - Competitors include listed companies like Jingdu Technology and Fuda Co., as well as unlisted firms such as Desifuge and Ningbo Snail [5]. - The company offers a diverse product line that meets various customer needs, unlike competitors with more limited product offerings, establishing a competitive edge in the forging industry [5].

从指数持仓来看，上证财富中小盘指数十大权重分别为：福达股份（1.41%）、有方科技（1.29%）、 迈信林（1.06%）、豪能股份（0.92%）、晶华新材（0.92%）、新坐标（0.88%）、春风动力 （0.88%）、华培动力（0.88%）、海南华铁（0.86%）、浙江自然（0.83%）。 金融界6月9日消息，上证指数高开高走，上证财富中小盘指数 (沪财中小，000091)上涨1.04%，报 11965.17点，成交额338.75亿元。 数据统计显示，上证财富中小盘指数近一个月上涨2.05%，近三个月下跌0.26%，年至今上涨8.79%。 据了解，上证财富中小盘指数旨在沪市中小市值上市公司中，选取财富增长速度最快的200家上市公司 证券作为指数样本，并且样本权重配置与其财富增长速度的大小相适应。该指数以2004年12月31日为基 日，以1000.0点为基点。 从上证财富中小盘指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证财富中小盘指数持仓样本的行业来看，工业占比27.08%、可选消费占比25.03%、原材料占比 13.96%、信息技术占比6.91%、医药卫生占比6.86%、公用事业占比5. ...

Market Performance - The Guoxin Humanoid Robot Index declined by 3.88% during the week of May 26-30, underperforming the CSI 300 Index by 2.79 percentage points and the Shanghai Composite Index by 3.85 percentage points, with a year-to-date increase of 8.4% [1] - Notable declines in individual stocks include Top Group down 3.95%, Sanhua Intelligent Control down 4.58%, and Zhongding Sealing down 5.6%, while Beite Technology increased by 2.99% [1] Industry Dynamics - Elon Musk announced that the Optimus humanoid robot is expected to walk on Mars by 2027 [2] - Various companies, including Tesla and Xiaoma Zhixing, are releasing plans related to Robotaxi [2] - Honor is entering the humanoid robot sector, and a joint laboratory is being established between Zhujie Power and the Guangdong Embodied Intelligent Robot Innovation Center [2] - The establishment of the Embodied Intelligence Data Alliance and the launch of new products, such as the TrackVLA navigation model by Galaxy General, indicate advancements in the industry [2] - Several companies have completed significant financing rounds, including Digua Robotics with $100 million in Series A funding [2] Core Viewpoint - The production rhythm of Tesla's humanoid robot Optimus is becoming clearer, with ongoing developments from major players in the industry, suggesting that the humanoid robot sector may accelerate its implementation [3] - The year 2025 is anticipated to be a pivotal point for industry growth, presenting opportunities for industrial upgrades [3] Investment Recommendations - Recommended companies in the assembly segment include Top Group and Sanhua Intelligent Control [3] - In the reducer segment, Double Ring Transmission, Precision Forging Technology, and Zhongding Sealing are highlighted [3] - For the sensor segment, Lingyun shares are recommended, along with other related companies such as Silver Wheel Technology and Junsheng Electronics [3]

从指数持仓来看，上证财富中小盘指数十大权重分别为：福达股份（1.32%）、有方科技（1.24%）、 迈信林（1.15%）、汇金通（0.95%）、豪能股份（0.94%）、晶华新材（0.93%）、新坐标（0.89%）、 华培动力（0.86%）、振华股份（0.86%）、春风动力（0.84%）。 从上证财富中小盘指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证财富中小盘指数持仓样本的行业来看，工业占比27.27%、可选消费占比25.01%、原材料占比 13.84%、医药卫生占比6.98%、信息技术占比6.93%、公用事业占比6.00%、通信服务占比4.45%、主要 消费占比3.79%、能源占比2.66%、房地产占比1.64%、金融占比1.42%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。每次调整的样本比例一般不超过15%。权重因子随样本定期调整而调整，调整时间与指数样本 定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对指数进行临 时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 ...