2016年押注新能源车，没人敢肯定能成，威马突然倒下，汇川一下子亏了三亿，别人都想撤，只有朱兴明没动，两年后理想火了，汇川的V6S电机转速飙到 两万一千转，成了国产电驱里真能打的，现在每三台国产新能源车，就有一台用着汇川的电控系统。 2025年的深圳，汇川技术市值冲到一千六百亿，他们做的电机跑在小米、理想这些车里，没人想到这公司原来是华为扔掉的项目，2001年华为卖了安圣电 气，裁掉的员工朱兴明带着十九个人，硬是在工业自动化里拼出了一条路。 被艾默生收购后，朱兴明拿了赔偿金，转身自己干，那时候中国工厂里的变频器、伺服电机，基本全靠西门子、安川这些外国货，一台电梯控制器卖好几 万，汇川团队从电梯入手，把价格压到外资的一半，靠着深圳那边的供应链，2007年赚到了第一个五千万。 2010年上市后，汇川砸了几亿搞伺服系统，结果大败，实验室里七成产品被退回来，技术团队差点散了，朱兴明把公司利润全押上，派人蹲在德国西门子研 发中心门口求教，最后把欧洲的算法和中国的产线拼在一起，伺服市场就做成了国内第一。 但不是每个决定都对，2016年汇川放弃光伏逆变器，结果错过了和华为一起拼的机会，朱兴明后来复盘说，当时觉得光伏赚不了多 ...

Group 1 - The stock price of CIMC Vehicles has increased by 14.48% year-to-date, with a slight decline of 0.20% over the last five trading days, a rise of 2.03% over the last 20 days, and an increase of 10.69% over the last 60 days [2] - CIMC Vehicles primarily engages in the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies, with its main business revenue composition being 80.61% from global semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [2] - As of September 30, 2025, CIMC Vehicles reported a revenue of 15.012 billion yuan, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 622 million yuan, down 26.23% year-on-year [2] Group 2 - CIMC Vehicles has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders of CIMC Vehicles decreased by 16.07% to 29,800, while the average circulating shares per person increased by 19.17% to 48,786 shares [2] - The top ten circulating shareholders include Dazheng Gaoxin Stock A, which holds 25.058 million shares, a decrease of 5.0289 million shares compared to the previous period [3]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **construction materials, steel, and non-ferrous metals industries**. The focus is on the cyclical nature of these sectors and the impact of government policies on supply and demand dynamics [1][2][4]. Core Insights and Arguments - **Anti-Competition Policies**: The "anti-involution" policy aims to curb vicious competition through government intervention and leading enterprises, promoting supply contraction. This has led to significant improvements in the steel industry after the elimination of substandard steel [1][2]. - **Current Industry Position**: Both the construction materials and steel industries are at the bottom of the cycle, with cement companies experiencing declining shipment volumes and some reporting losses. The steel sector shows slight improvement in profitability compared to last year, but remains weak due to high iron ore prices and cost pressures from coking coal [1][4]. - **Housing Policy Impact**: The new housing policy emphasizes quality design and materials, encouraging construction material companies to develop high-quality products to meet the growing demand for comfortable living environments in the existing housing market [1][4]. - **Non-Ferrous Metals Appeal**: The non-ferrous metals sector is attractive due to expectations of global economic recovery, supply chain tensions, and increased demand from the new energy industry. However, uncertainties from global economic and policy changes must be monitored [1][5]. - **Investment Drivers for Non-Ferrous Metals**: The rise in non-ferrous metals is driven by macro demand, supply-side vulnerabilities, and expectations of interest rate cuts. Fiscal expansions in Europe and the U.S., along with domestic manufacturing upgrades, are boosting metal demand [5][6]. Additional Important Content - **Supply-Side Vulnerabilities**: Despite high prices for copper and aluminum, new capacity and mining capital expenditures remain low. Existing mines face challenges such as geopolitical risks and natural disasters, limiting supply increases [6][8]. - **Investment Signals**: Key indicators for assessing investment opportunities in cyclical industries include PB (Price-to-Book) and ROE (Return on Equity). High PB and ROE suggest a peak in the industry cycle, while macroeconomic conditions and policy changes, such as interest rate adjustments by the Federal Reserve, significantly impact market liquidity and industry performance [9][10]. - **Future Outlook for 2026**: The cyclical sectors are expected to present structural investment opportunities, particularly in non-ferrous metals, as anticipated interest rate cuts may lead to increased liquidity. However, caution is advised as current valuations may not be low [17]. This summary encapsulates the critical insights from the conference call, highlighting the current state and future outlook of the construction materials, steel, and non-ferrous metals industries.

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 05 日 浙商早知道 2025 年 12 月 05 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 重要推荐 ❑ 【浙商汽车 刘巍/白浪】超捷股份（301005）公司深度：车用紧固件隐形冠军，商业航天打开成长空间—— 20251204 重要观点 重要点评 ❑ 【浙商大制造中观策略 邱世梁/陈红】汽车零部件 行业深度： 具身智能与新能源车：此时此刻恰如彼时彼刻— —20251204 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数下跌 0.1%，沪深 300 上涨 0.3%，科创 50 上涨 1.4%，中证 1000 指数收盘与周三持平，创业 板指上涨 1.0%，恒生指数上涨 0.7%。 ❑ 行业：周四表现最好的行业分别是机械设备（+0.9%)、电子（+0.8%)、国防军工（+0.6%)、通信（+0.5%)、有色 金属（+0.3%)，表现最差的行业分别是综合（-2.1%)、美 ...

Group 1 - The core viewpoint of the news is that Dawi Co., Ltd. has experienced fluctuations in its stock price, with a year-to-date increase of 89.98% but a recent decline in the last five and twenty trading days [1] - As of December 4, Dawi's stock price was 25.74 CNY per share, with a market capitalization of 6.112 billion CNY and a trading volume of 1.04 billion CNY [1] - The company has seen significant net outflows of funds, with a net outflow of 5.7395 million CNY from main funds and a notable presence on the trading leaderboard, appearing 27 times this year [1] Group 2 - Dawi Co., Ltd. was established on October 25, 2000, and listed on February 1, 2008, with its main business in the new generation information technology and automotive manufacturing sectors [2] - The company's revenue composition includes 92.16% from semiconductor memory, 4.69% from slow-acting devices, and 1.37% from new energy materials, among others [2] - As of September 30, the number of shareholders decreased by 19.26% to 51,900, while the average circulating shares per person increased by 24.10% to 3,979 shares [2] Group 3 - Dawi Co., Ltd. has distributed a total of 84.2937 million CNY in dividends since its A-share listing, with 4.9837 million CNY distributed in the last three years [3]

Core Viewpoint - Baowu Magnesium Industry's stock price increased by 2.06% to 13.90 CNY per share, with a market capitalization of 13.786 billion CNY, indicating positive market sentiment and trading activity [1]. Financial Performance - For the period from January to September 2025, Baowu Magnesium achieved a revenue of 6.970 billion CNY, reflecting a year-on-year growth of 9.82%. However, the net profit attributable to shareholders decreased by 43.13% to 87.4393 million CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 738 million CNY, with 206 million CNY distributed over the past three years [3]. Shareholder Structure - As of November 20, 2025, the number of shareholders increased to 59,200, with an average of 14,607 circulating shares per shareholder, a slight decrease of 0.10% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 25.7678 million shares, an increase of 13.5401 million shares from the previous period [3]. - New institutional investors include交银国企改革灵活配置混合A, which holds 4.3606 million shares, while Southern CSI 1000 ETF reduced its holdings by 53,600 shares [3]. Business Overview - Baowu Magnesium, established on November 30, 1993, and listed on November 13, 2007, specializes in the production and processing of magnesium and aluminum alloy materials [1]. - The company's revenue composition includes aluminum alloy extrusion products (35.90%), magnesium alloy products (26.03%), intermediate alloys (13.14%), magnesium-aluminum alloy die-casting products (11.10%), and other categories [1].

12月3日，金杨精密盘中下跌2.01%，截至11:19，报38.12元/股，成交3063.93万元，换手率1.83%，总市 值43.69亿元。 资金流向方面，主力资金净流出370.95万元，大单买入98.08万元，占比3.20%，卖出469.03万元，占比 15.31%。 金杨精密今年以来股价涨73.27%，近5个交易日跌2.76%，近20日跌10.01%，近60日跌15.68%。 今年以来金杨精密已经1次登上龙虎榜，最近一次登上龙虎榜为2月25日。 金杨精密所属申万行业为：电力设备-电池-锂电池。所属概念板块包括：储能、融资融券、新能源车、 宁德时代概念、锂电池等。 截至11月10日，金杨精密股东户数1.23万，较上期增加0.51%；人均流通股3529股，较上期减少0.50%。 2025年1月-9月，金杨精密实现营业收入11.95亿元，同比增长22.00%；归母净利润3367.01万元，同比减 少8.01%。 分红方面，金杨精密A股上市后累计派现7239.67万元。 机构持仓方面，截止2025年9月30日，金杨精密十大流通股东中，永赢先进制造智选混合发起A （018124）、鹏华碳中和主题混合A（01653 ...

Summary of Key Points from Conference Call Records Industry Overview - **Copper Market**: Expected price increase to 120,000 CNY/ton due to lower global copper mine production growth compared to demand growth, leading to a persistent supply-demand gap. A weak dollar environment is favorable for copper's financial attributes [1][4][3] - **Aluminum Market**: Benefiting from domestic supply-side reforms and strong demand, with projected consumption growth of 1.5% to 2.3% for electrolytic aluminum by 2028. Raw material prices are relatively weak, but product prices remain strong, leading to substantial profits [1][4][5] - **Precious Metals Market**: Long-term outlook remains positive due to global financial order restructuring, dollar credit issues, and geopolitical factors supporting gold prices. Silver has seen rapid price increases, and attention is drawn to the gold-silver ratio recovery [1][6] - **Minor Metals**: Thorium and tantalum show investment potential, with thorium's supply-demand mismatch due to global energy shortages and nuclear power development. Tantalum prices are expected to recover due to export controls [1][7] - **New Materials**: Fields such as AI chips, inductors, capacitors, and new materials for robotics have significant growth potential, driven by expanding applications of emerging technologies [1][7] Steel Industry Insights - **Challenges and Opportunities**: The steel industry faces a contradiction between the increasing proportion of high-end products and supply surplus. Attention is needed on production restriction policies, new iron ore capacity releases, and cost changes. High-end special steel is expected to see development opportunities [1][13] - **Demand Structure Changes**: The demand for construction steel has significantly declined, with manufacturing becoming the primary growth point, accounting for over 50% of demand. Key sectors include machinery, automotive, and energy [1][21][22] - **Profit Influencing Factors**: Steel industry profits are influenced by cost factors (iron ore and coking coal prices), demand from real estate and manufacturing, and the effectiveness of production restriction policies [1][28] Market Projections - **Iron Ore Market**: Supply is expected to increase significantly in 2026, with new projects contributing substantial increments. Iron ore prices are projected to be under pressure, potentially dropping from approximately 101 USD to around 90 USD [2][26] - **Coking Coal Market**: Expected to remain stable in 2026 after significant fluctuations in 2025, with supply gradually recovering from various regions [2][27] Investment Strategies - **Investment Recommendations**: Investors are advised to focus on high-dividend, high-return leading companies across various sectors. Continuous monitoring of real estate sales and construction starts is crucial, along with the development potential in special steel [1][30]

Core Viewpoint - The company, Shanghai Automotive Air Conditioning Parts Co., Ltd., is focusing on expanding its international market presence and enhancing its core competitiveness through strategic investments and product development in the automotive parts sector, particularly in the context of new energy vehicles and global partnerships [3][7]. Company Overview - Shanghai Automotive Air Conditioning Parts Co., Ltd. was established on July 8, 1992, and went public on November 1, 2023. The company specializes in the research, development, production, and sales of automotive air conditioning pipes and fuel distribution pipes [7]. - The company's main business revenue composition includes 79.38% from automotive thermal management system products, 18.86% from automotive engine system products, and 1.76% from other sources [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.645 billion yuan, representing a year-on-year growth of 6.41%. The net profit attributable to the parent company was 135 million yuan, with a slight increase of 0.28% year-on-year [8]. - Since its A-share listing, the company has distributed a total of 202 million yuan in dividends [9]. Market Position and Clientele - The company maintains long-term stable relationships with globally recognized engine manufacturers, including BorgWarner and NPP ITELMA LLC, which have stringent supplier certification systems [2]. - The company's air conditioning pipe products are widely used in various traditional fuel vehicles and have become a major supplier for several new energy vehicle models [3]. Strategic Initiatives - The company plans to establish a wholly-owned subsidiary in Morocco with an investment of up to 100 million yuan to enhance its international strategy and operational capabilities [3]. - The research and development department has over 30 years of experience and has quickly adapted to market changes by launching air conditioning pipe products that meet new energy vehicle quality standards [3].

12月2日，豪尔赛（维权）盘中下跌2.01%，截至14:03，报15.58元/股，成交7072.71万元，换手率 3.94%，总市值23.43亿元。 豪尔赛今年以来股价涨35.95%，近5个交易日涨6.93%，近20日跌6.54%，近60日涨18.93%。 分红方面，豪尔赛A股上市后累计派现5713.68万元。近三年，累计派现3007.20万元。 今年以来豪尔赛已经5次登上龙虎榜，最近一次登上龙虎榜为10月27日，当日龙虎榜净买入820.19万 元；买入总计3347.36万元 ，占总成交额比21.24%；卖出总计2527.18万元 ，占总成交额比16.03%。 机构持仓方面，截止2025年9月30日，豪尔赛十大流通股东中，诺安多策略混合A（320016）退出十大 流通股东之列。 资料显示，豪尔赛科技集团股份有限公司位于北京市丰台区南四环西路128号院诺德中心3号楼22层，成 立日期2000年6月7日，上市日期2019年10月28日，公司主营业务涉及照明工程施工及与之相关的照明工 程设计、研发、照明产品销售。主营业务收入构成为：照明工程施工业务96.93%，其他收入2.65%，照 明工程设计业务0.42%。 责 ...