Group 1: Low-altitude Economy - The low-altitude economy is expected to see significant development driven by large-scale infrastructure projects, with 2025 being a pivotal year for the transition from planning to industrial implementation [4] - The establishment of a nationwide low-altitude communication and navigation system is set to be completed by 2025, enhancing safety and operational capabilities in the low-altitude airspace [4] - The government's focus on developing new productive forces highlights the importance of the low-altitude economy in future economic strategies [4] Group 2: Deep Sea Technology - Deep sea technology has been elevated to a national strategic level, with significant market potential estimated in the trillions, covering areas such as deep-sea protection, detection, and resource development [5] - The government is expected to continue issuing supportive policies and financing for the deep sea technology sector, which is anticipated to accelerate its development [5] Group 3: Solar Thermal Power and Energy Storage - Solar thermal power generation is positioned as a stable and dispatchable energy source, with a projected cost reduction to 0.55 yuan per kilowatt-hour by 2025 [6] - The integration of molten salt energy storage systems is expected to enhance the efficiency and application of solar thermal power in various sectors [6] Group 4: Humanoid Robots - The aging population in China is driving the demand for humanoid robots, with projections indicating a labor supply gap of 6 million by 2025 and 20 million by 2030 [10] - The humanoid robot industry is expected to reach a market size of $32.4 billion globally and 75 billion yuan domestically by 2029 [10][12] - Recent policies in China are shifting focus from technology development to industrialization of humanoid robots, with several strategic plans being implemented [15] Group 5: Robotics Policies and Market Trends - China has introduced numerous policies to support the robotics industry, with a focus on enhancing manufacturing capabilities and promoting the integration of robotics in various sectors [15][19] - The market for humanoid robots is witnessing rapid commercialization, with several companies planning to deliver thousands of units in the coming years [18] Group 6: Commercial Space and Satellite Launches - The low-orbit satellite network is entering a dense phase, with a significant increase in satellite launches projected for the coming years [32] - The domestic satellite launch market is expected to grow from 12.4 billion yuan in 2020 to a substantial scale by 2030, driven by both state-owned and private enterprises [32]

每经记者：温雅兰每经编辑：魏官红 一家明星具身智能创业公司，从高调成立到悄然解散，竟不到半年时间。 10月16日，关于具身智能创业公司苏州一星机器人（OneStar，以下简称一星机器人）解散的传闻持续 发酵。据多个信源向媒体确认，该公司确实处于解散阶段，并有知情人士透露，"有吉利背景的相关人 员已经基本撤出"。 《每日经济新闻》记者随后查询一星机器人微信公众号，发现其内容已被清空。与此同时，公司联合创 始人兼CTO（首席技术官）丁琰的小红书账号简介显示，其一星机器人的工作经历截至今年10月。 10月17日，《每日经济新闻》记者实地探访了一星机器人办公室所在地，发现其门口叠放着一些大件未 拆封物品，公司的名称及logo（标识）已被拆下，仅技术团队部分员工仍然"留守"。随后记者前往了高 德地图显示的公司最新地址，发现该地址目前处于装修停工状态。 外界普遍猜测，一星机器人走向解散的原因，可能包括创始团队内部分歧以及业务方向与吉利旗下千里 科技重叠等。 记者注意到，截至发稿，一星机器人尚未就解散原因作出官方回应。 10月17日，记者前往了高德地图显示的一星机器人最新地址，发现该地址目前处于装修停工状态。每经 记者 温 ...

Investment Rating - The report maintains a positive investment rating on the automotive sector, particularly focusing on robotics as the main investment theme for Q4 [3][4]. Core Insights - The automotive market remains optimistic despite short-term adjustments and concerns over US-China trade tensions. The bullish trend is expected to continue, with robotics being a key investment focus [4]. - The report highlights several catalysts that could drive future growth, including Tesla's product iterations, North American giants' market entry, domestic star companies' expansions, and supportive industrial subsidy policies [4]. Data Tracking - In early October, the discount rate slightly decreased to 9.5%, with a discount amount of 21,384 yuan, reflecting a year-on-year increase of 2,937 yuan [6]. - The report tracks various automotive components and companies, recommending several key players in the automotive parts and robotics sectors, including Minth Group, Top Group, and others [8]. Industry News - In September, the retail sales of passenger cars reached 2.241 million units, a year-on-year increase of 6.3%, with cumulative sales for the year reaching 17.004 million units, up 9% [33]. - The report notes that the production and sales of automobiles in September exceeded 3 million units for the first time in history, with year-on-year growth rates remaining above 10% for five consecutive months [33][34]. - The report also mentions significant developments in the electric vehicle sector, with domestic brands accounting for 59.5% of electric vehicle exports in the first three quarters [33].

Core Viewpoint - The company expects a significant increase in net profit for Q3 2025, driven by contributions from major clients such as Seres and Li Auto, with a projected net profit of 244-285 million yuan, representing a year-on-year growth of 80%-110% [1] Short-term Outlook - The company's modular body business is closely tied to leading clients like Seres, Li Auto, Geely, BYD, and Changan, which is expected to support sustained high growth in performance [2] - In the first half of 2023, revenue contributions from Li Auto and Geely were 31% and 20% respectively, indicating strong client relationships and growth potential [2] Long-term Strategy - The company aims to become a leading supplier of white body assemblies by leveraging comprehensive bodywork processes, integrated capabilities, and production advantages [3] - The company has a full range of bodywork processes, including stamping, hot forming, welding, laser welding, injection molding, laser cutting, integrated die-casting, and assembly, which positions it to meet the development needs of OEMs [3] - The integrated capability spans from mold design and manufacturing to body parts and modular products, creating strong responsiveness and cost advantages [3] - The company has been enhancing its production capacity across various regions, with new factories in Chongqing and Changzhou set to boost localized support and service for clients [3] Profit Forecast - The company has revised its net profit forecasts for 2025-2027 to 930 million, 1.2 billion, and 1.45 billion yuan, reflecting year-on-year growth rates of 51%, 30%, and 21% respectively, with corresponding PE ratios of 14.5X, 11.2X, and 9.3X [3]

【导读】下周 1 只新股可申购， 大明电子客户包含比亚迪、赛力斯 中国基金报记者 闻言 A股打新投资者注意啦！ 根据目前发行安排，下周有 1 只新股可申购，即10月24日可申购上交所主板新股大明电子。 大明电子是 汽车电子零部件配套厂商 大明电子 的申购代码是732376，发行价 与 发行市盈率 均尚未披露， 参考行业市盈率为 30.52 倍。 大明电子 此次总发行数量为4000万股，包含网上发行数量为960万股。投资者参与网上申购 大明电子 ，申购数量上限为 0.95万股，顶格 申购需配沪市市值9.50万元。 大明电子专注于汽车电子零部件配套领域，是国内少数专业从事汽车车身电子电器控制系统研发、生产和销售的企业之一，致力于成为业 内领先、在世界具有一流竞争力的汽车车身电子电器控制系统综合解决方案供应商。 大明电子的主要产品包括驾驶辅助系统、座舱中控系统、智能光电系统、门窗控制系统、座椅调节系统等。由于适用下游车型各异，对产 品的结构设计、加工工艺、性能指标要求不同，大明电子的产品具有种类多、结构复杂、定制化程度高等特点。 从行业发展来看，日本、美国、欧洲等传统汽车工业强国或地区的大型汽车电子零部件生产商，占 ...

执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 汽车零部件 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 基本状况 | 总股本(百万股) | 434.31 | | --- | --- | | 流通股本(百万股) | 283.30 | | 市价(元) | 30.90 | | 市值(百万元) | 13,420.32 | | 流通市值(百万元) | 8,753.88 | 请务必阅读正文之后的重要声明部分 1、《业绩强劲延续，强客户结构典型 代表》2025-08-27 2、《Q2 超预期，强客户结构典型代 表》2025-07-20 3、《Q1 增长维持强劲，强客户结构 典型代表》2025-04-29 Q3 超预期，强客户结构典型代表 ——博俊科技 2025 三季报预告点评 博俊科技（300926.SZ） 证券研究报告/公司点评报告 2025 年 10 月 19 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | ...

Core Viewpoint - The upcoming IPO of Daming Electronics, a leading supplier in the automotive body electronic control systems sector, is set for October 24, 2023, with a public offering of 40.01 million shares [2][3]. Company Overview - Daming Electronics specializes in the design, development, production, and sales of automotive body electronic control systems, with over 30 years of experience in the automotive electronic components field [2]. - The company’s main products include driving assistance systems, cockpit central control systems, intelligent optoelectronic systems, window control systems, and seat adjustment systems [2]. Market Position and Partnerships - Daming Electronics has established stable partnerships with major domestic automotive manufacturers such as Changan Automobile, SAIC Group, FAW Group, BYD, Geely, Great Wall Motors, and several joint venture manufacturers [2]. - The company has successfully entered the supply chain of well-known foreign brands like Ford and Toyota [2]. Focus on New Energy Vehicles - Daming Electronics is actively expanding into the new energy vehicle sector, with products already applied in various models from brands like BYD, SAIC Roewe, FAW Hongqi, and Changan Deep Blue [3]. - The company is conducting research on cutting-edge technologies to align with industry trends in new energy and smart vehicles, enhancing product functionality and user comfort [3]. Financial Performance - Daming Electronics reported revenues of 1.713 billion yuan, 2.147 billion yuan, and 2.727 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 151 million yuan, 205 million yuan, and 282 million yuan for the same years [4]. - In the first half of 2025, the company achieved revenues of 1.297 billion yuan and a net profit of 114 million yuan [4]. Client Base - The top five clients of Daming Electronics for 2024 include Changan Automobile, FAW Group, BYD, SAIC Group, and Seres, collectively accounting for 58.24% of total sales [4].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry, particularly focusing on humanoid robots and related technologies [6][11]. Core Insights - Xiaopeng Motors is set to unveil its next-generation humanoid robot, with plans for mass production of thousands of units by 2026. The company has invested significantly in this area, with a potential total investment of 100 billion yuan [5][6]. - The humanoid robot will leverage Xiaopeng's existing technology stack, including the self-developed Turing AI chip and shared AI infrastructure with its automotive division [4][5]. - The report highlights the advantages of automotive companies in the robotics sector, including hardware, models, and supply chain capabilities, positioning Xiaopeng as a leader in this field [6]. Market Performance and Valuation Levels - The automotive sector in the A-share market has seen a decline, with the CITIC Automotive Index dropping by 6.2%, underperforming the broader market [19][23]. - The report notes that the humanoid robot index has increased by 6.2%, contrasting with the declines in other automotive segments [23]. Industry Data Tracking - In October, the average daily retail of passenger cars in China showed a mixed performance, with a year-on-year decline of 18% in the first week, followed by a 7% increase in the second week [42][44]. - The cumulative retail for the year reached 1,769.4 million units, reflecting an 8% year-on-year growth [42]. Company Announcements and Industry News - Xiaopeng Motors reported a significant increase in exports, with a 79.4% year-on-year growth in September 2025, totaling over 29,723 units for the year [56]. - The report also mentions strategic collaborations in the automotive retail space, with JD.com partnering with major manufacturers to enhance online and offline sales channels [8][9].

Company Overview - Daming Electronics focuses on automotive electronic components and is a comprehensive solution provider for automotive body electronic control systems design, development, production, and sales [1] - The company has achieved full series product design autonomy and diversification in automotive body electronic control systems, with 166 patents, including 16 invention patents [1] Financial Performance - Daming Electronics' revenue for 2022, 2023, and 2024 is projected to be 1.713 billion, 2.147 billion, and 2.727 billion respectively [2] - The net profit attributable to the parent company for the same years is expected to be 143 million, 196 million, and 279 million respectively [2] - In 2024, Changan Automobile is expected to contribute over 650 million to Daming Electronics' revenue, accounting for over 24% of total revenue [2] Market Position - Daming Electronics has established a strong customer base, including major domestic brands such as Changan, SAIC, FAW, BYD, and Geely, as well as foreign brands like Ford, Toyota, and Scania [1] - The company has a significant presence in both the domestic and international automotive supply chains [1] Investment Opportunity - The upcoming IPO of Daming Electronics is set for October 24, with all raised funds allocated to a new factory project and working capital [1] - The recent performance of new stocks in the A-share market has shown significant returns, with an average first-day increase of over 200% for 78 new stocks listed this year [2]

Investment Rating - The report maintains a positive outlook on the automotive industry, particularly focusing on technology-driven growth and the potential of intelligent vehicles [3]. Core Insights - The fourth quarter is expected to see a surge in market demand due to tightening subsidy limits, with a focus on companies that can effectively release supply, such as Geely, BYD, Great Wall, Li Auto, and NIO [3]. - The report emphasizes the importance of technology as a primary driver for excess returns, recommending companies in robotics, AI, and low-altitude economy sectors [3]. - Key companies recommended for investment include Kobot, Xingyu, Jifeng, and Songyuan, alongside those with recovering performance and attractive valuations like Minth and Ningbo Huaxiang [3]. Industry Updates - In the 40th week of 2025, retail sales of passenger cars totaled 469,000 units, a month-on-month decrease of 27.85% but a year-on-year increase of 16.64%. Traditional energy vehicles sold 234,000 units, while new energy vehicles sold 235,000 units, with a penetration rate of 50.11% [3]. - The automotive industry index closed at 7653.53 points, down 5.99% for the week, which is a greater decline compared to the Shanghai and Shenzhen 300 index, which fell by 2.22% [15][18]. - The report notes a decrease in raw material prices for both traditional and new energy vehicles, with traditional vehicle raw material prices down 2.0% week-on-week and 4.0% month-on-month [3]. Market Situation - The total transaction value of the automotive industry for the week was 695.481 billion yuan, with a daily increase of 4.20% [3]. - A total of 43 stocks in the automotive sector rose, while 228 fell, with the largest gainers being Haima Automobile, Meichen Technology, and Fute Technology, which rose by 19.2%, 16.8%, and 13.0% respectively [20]. Key Events - The launch of the first full-size SUV, Leapmotor D19, which features both pure electric and range-extended versions, was highlighted, showcasing advanced technology and design [4][44]. - The World Intelligent Connected Vehicles Conference was held in Beijing, focusing on industry opportunities and future directions, emphasizing China's advantages in policy support and infrastructure for intelligent vehicles [11][13].