Group 1 - The core product RK3588 has achieved a significant market share in the robotics sector, collaborating with well-known companies such as Yushutech, Yundongchu Technology, Jizhijia, and Ecovacs, covering various types of robots including humanoid, quadruped, service, industrial inspection, AGV handling, and cleaning robots [1] - The robotics business is a key product line in the company's AIoT strategy, with the SoC primarily acting as the "brain" for robots, responsible for motion control and environmental perception, leading to large-scale deployment across multiple robotic terminals [1] Group 2 - The company is enhancing the decision-making and planning capabilities of robots by leveraging edge computing co-processors, with a focus on high-performance, low-power integrated chip solutions becoming a core competitive point in the industry [3] - The company has established mature solutions in machine vision and audio interaction, providing foundational support for applications such as intelligent visual recognition, target detection, and multimodal interaction [3] - Long-term stable partnerships with several storage manufacturers ensure advantages in supply chain and cost management for robotics and AIoT businesses, laying the groundwork for future large-scale shipments [3]

Robotics - Ruichip Micro has collaborated with Yushu Technology and Yundong Technology on humanoid robots and related products [1] - Feirongda offers dexterous hands and joint modules, with some products in small batch supply [1] - Zhonghaidah has secured IMU product contracts with three domestic intelligent robot companies and achieved small batch delivery [1] - Sanan Optoelectronics produces GaN chips for humanoid robot joints and dexterous hand motors [1] - Baiwei Storage's LPDDR4X and eMMC storage products are used in Yushu Technology's Go2 intelligent robotic dog [1] - Keda Li's robot business is progressing steadily, though revenue contribution remains low [1] - China Duty Free Group has not included robots in the tax-exempt product categories [1] Commercial Aerospace - Chaojie Co. has delivered shell segments and fairings for rockets in bulk, with a strong order backlog [1] - Guoguang Electric's Hall electric thruster components have been successfully applied in manned space engineering and small satellite sales [1] - Shunhao Co.'s subsidiary, Treadlight, has completed the first generation of experimental satellites, which have not yet been launched [1] - Sitake's core products, 3D SPI and 3D AOI, are used in quality control for commercial aerospace processes [1] - Xinwei Communication is the exclusive supplier of certain components for satellite ground terminal products for a major North American client [1] - Shagang Group has no current investment projects in the satellite internet finance sector [1] AI Glasses - Guangpu Co.'s FPC products are applicable in AI glasses [1] Photoresists - Nanda Optoelectronics has an existing production capacity of 50 tons per year for Arf photoresists [1] Other Technologies - Huilun Crystal's TCXO products are used in satellite communication and Beidou navigation [1] - Dongfang Electric's lithium battery shell pre-plated nickel materials are in mass production, with a monthly output of 2000 tons [1] - Dazhong Mining's Jizhaoshan lithium mine is expected to produce approximately 80,000 tons of lithium carbonate annually from 20 million tons of raw ore [1] - Xidi Micro has launched 10-20A high current POL chips and is adapting with multiple downstream clients [1] - Bozhong Precision is developing equipment for the next generation 1.6T optical module products [1] - Shengmei Shanghai has introduced several devices compatible with HBM processes [1] Semiconductor Materials - Meichang Co. has successfully developed specialized diamond wire for cutting semiconductor materials [2] - Anli Co. has achieved mass production of certain products in the bio-based and recycling sectors [2] - Cheny Intelligent is not a supplier for Foxconn [2]

Group 1: Company Overview - The company specializes in consumer products, including PCBA (e.g., nebulizer controllers) and finished consumer goods (e.g., small appliances) [2] - The revenue from nebulizer controllers has declined, while income from small appliances and home electronics has increased [2] Group 2: Product and Market Insights - The company is optimistic about the consumer segment for the upcoming year due to new product introductions and gradual mass production [2] - In the robotics sector, the company focuses on pool cleaning robots, collaborating with clients such as UBTECH and StarMaker Innovation [3] Group 3: Storage Business and Competitive Edge - The core market for the company's energy storage products is in Africa, specifically in countries like Nigeria, Kenya, and Tanzania, targeting off-grid household electricity needs [3] - The company's competitive advantage lies in manufacturing processes and strong cost control capabilities [3] Group 4: Challenges and Strategic Responses - The company faces challenges including rising management costs due to factory relocations and new factory construction in Thailand, as well as pressure on average selling prices affecting gross margins [3] - Strategies to address these challenges include enhancing automation, optimizing production layout, and increasing the proportion of high-value-added products [3] Group 5: Future Plans and Financial Strategy - The company is actively seeking investment opportunities that align with its upstream and downstream operations, prioritizing firms with strong technology, brand influence, or established sales channels [3] - The increase in bank credit limit for 2026 is aimed at supporting potential external investments or asset acquisition plans [3] Group 6: Disclosure Information - The activity did not involve any undisclosed significant information [3]

（文章来源：证券日报） 证券日报网讯 12月8日，联域股份在互动平台回答投资者提问时表示，公司参股公司洛阳奥维特凭借在 薄壁交叉滚子轴承领域的技术积累与量产能力，已通过下游轴承厂或关节模组厂等合伙伙伴切入国内多 家知名机器人品牌供应链体系，实现机器人相关轴承产品的批量生产与销售。未来，洛阳奥维特将持续 发挥核心技术与规模化量产优势，深化与产业链上下游的协同创新，稳步推进机器人领域业务拓展。公 司亦将结合多年深耕制造业的实践经验与完善的全球销售网络及渠道拓展能力，为奥维特进行立体赋 能，助力其打开国际市场，携手把握机器人时代的增长机遇，实现可持续的长期价值共赢。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting a target price of HKD 23 based on a 2026 average valuation of PE=18x and a target market capitalization of HKD 35.6 billion [8]. Core Insights - The company is transitioning from the "Takata integration shadow" to a new phase characterized by "global safety cash cow + intelligent automotive Tier 1 + robotics second curve" [9]. - The automotive safety business is expected to maintain stable revenue growth in the mid-to-high single digits over the next three years, supported by the clearing of historical recall and restructuring costs, alongside increasing orders for new energy vehicles [7]. - The company is positioned as a leading global Tier 1 supplier in automotive safety, electronics, and robotics, with a comprehensive product line and platform-based R&D system [9][27]. Summary by Sections Investment Highlights - The company has become one of the few global suppliers capable of providing a complete set of passive safety systems to multinational automakers through acquisitions of KSS and Takata assets, with safety business revenue stabilizing in the hundreds of billions [7]. - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, forming a complete product line and platform-based R&D system [7]. - The company is advancing into robotics, creating integrated solutions for robotic control and collaborating with leading robotics players, which is expected to generate meaningful revenue in 3-5 years [8]. Financial Projections - Revenue projections for 2025-2027 are estimated at RMB 626 billion, RMB 670 billion, and RMB 719 billion, representing year-on-year growth of 12%, 7%, and 7% respectively. Net profit attributable to shareholders is projected at RMB 16 billion, RMB 18 billion, and RMB 20 billion, with growth rates of 67%, 12%, and 11% respectively [8]. Business Development Stages - The company has undergone several development stages: 1. Foundation Stage (2004-2010): Focused on local component supply and quality system establishment [10]. 2. Internationalization Stage (2011-2018): Transitioned to a global Tier 1 supplier through acquisitions [11]. 3. Optimization Stage (2019-2024): Focused on smart and electric vehicle trends, optimizing global operations [12]. 4. Re-entrepreneurship Stage (2025-present): Aiming for dual pillars of automotive and robotics Tier 1 development [13]. Market Position - The company ranks 41st among the largest automotive parts suppliers globally, with projected revenue of RMB 559 billion in 2024. It holds a 26.1% market share in China and a 22.9% share globally in passive safety [19][30]. - The revenue structure is highly internationalized, with approximately 25.3% from the Chinese market and 74.7% from overseas markets [21]. Competitive Landscape - The global automotive passive safety market is characterized by a high concentration of suppliers, with the top three companies holding over 90% market share. The company ranks second globally and in China, benefiting from increasing industry consolidation [42][43].

Core Viewpoint - Lingwei Technology (301373) is actively involved in providing environmentally friendly and efficient new material solutions for various industries, including robotics and commercial aerospace [1] Group 1: Product Applications - The company's products are applicable in fields such as robotics and commercial aerospace components, featuring functions like light extinction and coating protection [1] - Products are widely used in industries including coatings, inks, 3C electronics, photovoltaics, plastics, petrochemicals, and medical films [1] Group 2: End Customers - End customers are distributed across industrial manufacturing, woodwork, furniture, leather, textiles, roll materials, inkjet paper, advertising consumables, rail transportation, UV, wind turbine blades, and plastic films [1] - The company has also entered new application fields such as fire-resistant high-temperature materials, metal surface agents, industrial corrosion protection, ceramics, battery polishing liquids, solar cell coating back sheets, beverage clarifiers, medical films, and medical gloves [1] Group 3: Industry Focus - The company will continue to focus on and actively participate in the development of the robotics and commercial aerospace industries [1]

走势有企稳态势。 | 作者 | | 破浪 | | --- | --- | --- | | 编辑 | | 小白 | 当前市场主线模糊，赚钱效应平淡，行情在震荡中反复胶着。 这种缺乏明确方向的时刻，恰恰需要回归长期趋势——从大趋势看，科技仍是中长期确定性高的共识 方向。 其中的机器人板块，近期资金关注度明显升温，板块也有蠢蠢欲动之势。 注：如无特殊说明，全文数据截止2025年12月05日。 新催化！特朗普政府力挺"机器人" 据媒体报道，在发布加速人工智能发展计划五个月后，特朗普政府开始转向机器人，正在考虑明年发 布关于机器人的行政命令，交通部可能年底前成立机器人工作组。 并且有消息称，美国商务部长霍华德·卢特尼克一直在与机器人行业的CEO会面，并全力以赴加速行 业发展。 从市场消息来看，美国对机器人的重视程度已上升到政府层面，这在一定程度上标志着全球机器人产 业竞赛的加速。 国内政策同样清晰，机器人被纳入"新质生产力"重点范畴，"十五五"规划建议中也明确提出推动具身 智能等成为新的经济增长点。 从产业进展来看，特斯拉Optimus近期展示了更流畅的运动能力，也公布了量产时间表，国内部分企 业也开始斩获多个大单。 ...

Core Viewpoint - Apple is actively engaging in promotional activities and store openings in China, while facing increasing competition from domestic brands and internal management changes [2][6][7]. Group 1: Store Openings and Promotions - Apple opened its 6th store in Beijing on December 6, marking the 59th store in Greater China, with significant customer turnout [2]. - On December 8, Apple launched year-end discounts on its official e-commerce platform, reducing prices of iPhone 17 Pro and iPhone 17 Pro Max by 300 yuan, with starting prices of 8699 yuan and 9699 yuan respectively [2]. Group 2: Sales Performance and Market Position - The iPhone 17 series has seen a 12% year-on-year increase in actual shipments in October, achieving a market share of 24.2%, the highest for a single month [6]. - Analysts predict that Apple may surpass Samsung in global smartphone shipments by 2025, marking its first time at the top since 2011 [6]. Group 3: Product Strategy - The iPhone 17 series maintains its starting price while offering significant upgrades, such as a 48-megapixel camera and a new processor, effectively being termed as "implicit price reduction" [6]. Group 4: Competitive Landscape - Apple faces intensified competition from Huawei and other domestic brands, particularly in the high-end market, as these brands enhance their offerings with AI capabilities [7]. - The rise of "AI smartphones" is becoming a focal point in the industry, with domestic brands leading in AI integration, while Apple has yet to launch its AI features in the domestic market [7]. Group 5: Management Changes - Apple is experiencing significant management turnover, with recent announcements of multiple executive departures, raising concerns about its future direction [7][8]. - Speculation about CEO Tim Cook's potential departure has surfaced, although he is expected to remain in his position until at least 2028 [8]. Group 6: Financial Performance - In the third fiscal quarter of 2025, Apple reported total revenue of $94.04 billion, a 10% increase year-on-year, with iPhone revenue reaching $44.58 billion, up 13% [9]. - The services segment continues to be a strong performer, with revenue of $27.42 billion, reflecting a 13% growth and a gross margin of 75.6% [9]. Group 7: Stock Performance - Prior to August, Apple's stock had dropped approximately 15% due to concerns over its slow AI advancements, but has since rebounded, with a year-to-date increase of over 11% as of December 5 [10][11].

格隆汇12月8日丨海阳科技(603382.SH)在投资者互动平台表示，本公司的产品并未直接应用于机器人领 域中。 ...

2025 年 12 月 08 日 再提"实现量的合理增长" ——2025 年 12 月政治局会议点评 联系人 程翔 A0230518080007 chengxiang@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com A 股 策 略 - 证券分析师 ⚫ 本次政治局会议工作基调与年中保持一致，重点强调"坚持稳中求进工作总基调，统筹发 展和安全"的同时提出了"增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做 优增量、盘活存量" 。结构方面再次强调"因地制宜发展新质生产力，纵深推进全国统 一大市场建设，持续防范化解重点领域风险"。细节方面可以看到，2025 年连续两次政 治局会议提及"实现量的合理增长"，时隔半年政治局会议再提"更好统 ...