来源：新浪证券 出品：新浪财经上市公司研究院 作者：喜乐 2026年2月13日，岚图汽车发布公告称，公司已向港交所申请批准8.85亿股H股上市，预计在相关合并条 件达成、私有化完成后，于3月19日在港股主板正式交易。此次岚图汽车采用介绍上市模式，无新股发 行、不进行融资，是东风集团股份私有化退市后，核心新能源资产独立资本化的关键动作，也标志着东 风系母子公司完成身份置换。 岚图汽车近年业绩增速亮眼，但盈利质量、产品结构、研发投入、市场竞争等方面的隐忧，成为其登陆 资本市场后的重要挑战。 业绩多维攀升 央国企新能源品牌跑出加速度 从发展规模来看，岚图汽车展现出强劲的成长势能。岚图汽车2025年11月累计生产的第30万辆车下线， 成为首个达成30万辆产销规模的央国企高端新能源品牌，发展效率位居行业前列。根据灼识咨询，岚图 汽车更是行业内最快实现单季度盈利及经营现金流转正的新能源车企，在此前新势力车企长年处于亏损 的背景下，交出了亮眼的经营答卷。 财务数据层面，岚图汽车营收保持高速增长，2022-2025年营业收入分别为61亿元、127亿元、194亿元 及349亿元，近四年复合增长率高达79%，在港股主机厂中走出高 ...

Core Viewpoint - Suzhou Zhongjie Automotive Parts Co., Ltd. has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities in the automotive thermal management sector. Group 1: Company Overview - Suzhou Zhongjie Automotive Parts Co., Ltd. specializes in the research, production, and sales of precision components for automotive thermal management systems, with main products including automotive air conditioning heat exchangers, oil coolers, heat pump systems, and battery coolers [3][7]. - The company was established on February 10, 2010, and went public on April 25, 2025 [7]. - As of January 9, 2025, the company had 9,614 shareholders, with an average of 2,529 circulating shares per person, reflecting a slight decrease in shareholder numbers [7]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 809 million yuan, representing a year-on-year growth of 11.68%, while the net profit attributable to the parent company was 61.35 million yuan, a decrease of 9.46% year-on-year [7]. - The company has distributed a total of 9.73 million yuan in dividends since its A-share listing [8]. Group 3: Market Dynamics - The company's overseas revenue accounted for 78.17% of total revenue, benefiting from the depreciation of the RMB [3]. - The main business revenue composition is 89.17% from automotive thermal management systems and 10.83% from other sources [7]. Group 4: Technical Analysis - The average trading cost of the stock is 39.45 yuan, with the stock price approaching a resistance level of 43.14 yuan, suggesting potential for upward movement if this level is breached [6].

Core Viewpoint - The company, Slin Intelligent Drive, is experiencing growth in its core business areas, particularly in the production of harmonic reducers and components for humanoid robots, benefiting from the depreciation of the RMB and its recognition as a "specialized and innovative" small giant enterprise [2][3]. Group 1: Company Performance - As of September 30, 2025, Slin Intelligent Drive reported a revenue of 581 million yuan, representing a year-on-year growth of 4.38%, and a net profit attributable to shareholders of 140 million yuan, with a growth of 2.17% [7]. - The company has a total market capitalization of 39.647 billion yuan, with a trading volume of 641 million yuan and a turnover rate of 2.65% on February 26 [1]. - The company has distributed a total of 131 million yuan in dividends since its A-share listing [8]. Group 2: Product Development - The company is in the early stages of mass production for its harmonic reducers, which are essential for various robotic applications, including industrial and collaborative robots [2]. - Slin Intelligent Drive has successfully developed and mass-produced high-performance new products, such as low-energy consumption bearings and self-locking hub bearings, which are critical for electric vehicle drive systems [2][3]. Group 3: Market Position and Recognition - The company has achieved a significant overseas revenue share of 68.37%, benefiting from the depreciation of the RMB [3]. - Slin Intelligent Drive has been recognized as a national-level "specialized and innovative" small giant enterprise, which enhances its competitiveness and stability within the supply chain [3]. Group 4: Shareholder and Market Dynamics - As of September 30, 2025, the number of shareholders decreased by 13.12% to 14,700, while the average number of tradable shares per person increased by 14.92% to 6,615 shares [7]. - The main capital flow indicates a net outflow of 4.1209 million yuan, with the stock showing no clear trend in major capital movements [4][5].

| 地点 上海及线上 | | | --- | --- | | 上市公司接 | 公司董事会秘书祁兵先生 | | 待人员 | | | | 一、公司董事会秘书祁兵先生对公司发展历程及当前经营情况作 | | | 了简单介绍。 | | | 二、投资者与公司主要交流内容 | | | 1、公司备受外界关注的数控螺纹磨设备的进展情况？ | | | 答：数控螺纹磨床主要用于加工新能源汽车、人形机器人、工业 | | | 母机、工量具、工业自动化等行业的高精度丝杆和螺母，效率高 | | | 且精度符合客户要求，获得了客户的认可。因此，公司已具备了 | | | 用于丝杆、螺母加工的高精数控螺纹磨削设备的生产能力。目前， | | 投资者关系 | 市场开拓如期推进并取得一定的进展，已与部分客户如贝斯特、 | | 活动主要内 | 五洲新春、三联锻造等签署合同或达成战略合作，同时与一些意 | | 容介绍 | 向客户正在进行技术交流、洽谈合作事宜。用于丝杆、螺母的内、 | | | 外螺纹磨床已向部分客户交付使用，用于螺母加工的专用磨床已 | | | 向部分客户交付使用。上述数控磨削设备因部分下游行业如人形 | | | 机器人仍处于早期阶段，尚 ...

买入（维持） 强化产业链协同，推进全球化战略 金发科技（600143）深度报告 2026 年 2 月 26 日 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 2026 年 | 2 | 月 25 | | 日 | | --- | --- | --- | --- | --- | | 收盘价(元) | | | 19.34 | | | 总市值（亿元） | | | 509.58 | | | 总股本(亿股) | | | 26.35 | | | 流通股本(亿股) | | | 26.35 | | | ROE（TTM） | | | 6.32% | | | 12 月最高价(元) | | | 24.08 | | | 12 月最低价(元) | | | 8.75 | | 股价走势 资料来源：iFinD，东莞证券研究所 相关报告 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 基础化工 深 度 研 究 公 司 ...

来源|凤凰网财经《公司研究院》 曾被称为"中年人一代神车"的雅阁，也大降价了。 广汽本田近日宣布，为庆祝雅阁50周年，老客户复购雅阁e:PHEV车型，仅需13.88万元，较官方指导价 直降10万元，创下上市后最高降价纪录，限量1000辆。 对于这款在华27年的"神车"而言，这样接近腰斩的"骨折价"无疑具有标志性的意义，降价话题也一度冲 上热搜。 图片来源：广汽本田官网 01 神车走下神坛 本田雅阁问世之际，丰田凯美瑞尚未在国内生产，本田雅阁和大众帕萨特、桑塔纳，共同构筑起了国人 对合资车的印象。 凭借相对可靠的"三大件"（发动机、变速箱、底盘）、较低的油耗及保养成本等使用优势，雅阁精准踩 中中年人的购车需求。当广汽本田将这款车型引入国内时，其售价一度高达近30万元，甚至一度需要加 价2万至5万元才能购买。 但伴随国产新能源汽车的浪潮席卷而来，这类曾经需要加价抢购的热销车型也被拉下神坛。 近三年来，广汽本田各地的4S店就陆续推出了终端优惠活动，雅阁的终端成交价较官方指导价优惠幅 度可超过5万元。此次雅阁不仅官方直接降价，而且尝试以限量购买的营销方式获得更多关注。 不仅雅阁，今年早些时候，被称为年轻人一代神车的飞 ...

"如果这一关德国车企熬不过去，那可能存在全部倒闭的风险。五年之内，就是生死线——要么生，要 么死。" 德国经济的命运与汽车产业深度绑定。汽车及零部件是该国最重要的出口商品，超过四分之三的汽车销 往海外。据德国联邦统计局统计，汽车产业增加值在德国整体工业中的占比长期保持在五分之一左右。 然而，曾在汽车市场拥有绝对"统治力"的德系车，如今却在电动化转型中步履维艰——燃油车的基本盘 正在松动，电动车领域又迟迟拿不出足够能打的产品。 2月25日至26日，德国总理默茨访华，并率领一支由30多家企业组成的商务代表团，这是自默克尔时代 以来最大规模的经济随行团。毫无疑问，在德国工业面临严峻挑战的当下，德国商界对中国的态度正以 前所未有的速度转变。 德国汽车工业的短板为何集中暴露？德国人自己是如何看待这场危机的？面对中国电动车的强势崛起， 他们眼中的中国市场又意味着什么？针对上述问题，观察者网连线了旅德汽车软件资深工程师丁满，结 合其在德国一线的长期观察，对上述问题进行深度解读。 当地时间2025年6月4日，德国拉施塔特，梅赛德斯-奔驰工厂生产线。 IC Photo 【对话/观察者网 郑乐欢】 观察者网：过去很长一段时间里， ...

Core Viewpoint - InnoLux (02577) has seen a significant stock increase, attributed to its successful integration of GaN power chips into Google's AI hardware platform, marking its entry into Google's AI server and data center supply chain [1] Group 1: Company Developments - InnoLux's GaN power chips have completed important design integration with Google's AI hardware platform and a compliance supply agreement has been signed [1] - The company aims to seize strategic advantages in the future upgrade of high-voltage direct current power supplies for data centers [1] Group 2: Market Analysis - According to Zhongyou Securities, InnoLux's GaN products meet core demands across multiple fields, with the 100V GaN's 48V-12V applications entering mass production [1] - The company has collaborated with leading robotics firms to achieve mass production of robotic joint motors and dexterous hand drive solutions featuring GaN chips [1] - In the electric vehicle electronics sector, products used in laser radar and onboard chargers are experiencing rapid growth [1] - In the consumer electronics segment, InnoLux is consolidating its advantages while expanding into home appliances and energy storage markets, achieving breakthroughs and scaling across multiple applications [1]

晨报 碳酸锂 成材：重心下移 偏弱运行 碳酸锂：津巴布韦禁令发酵 助推盘面强势运行 原材料：程 鹏 基本面来看，供应端，节前锂辉石精矿(CIF)价格微涨，云母略降；SMM 周度开工率 46.02%（-1.27%），除锂云母外，其他工艺开工率均下降，SMM 周度总产量 20184 吨（-560 吨），供应小幅收缩。需求端表现分化，铁锂 增产去库，三元产量库存双降；至 2 月 8 日，SMM 新能源车销量渗透率降 至 36.3%，处相对低位；1 月，动力+储能电池合计产量为 168.0GWh，环比 -16.7%，同比+55.9%；销量 148.8GWh，环比-25.4%，同比+85.1%。储能电 芯产销两旺且库存低位，成结构性亮点。库存端，节前 SMM 四地样本社会 库存增 3160 吨至 46210 吨，样本周度总库存去库至 102932 吨，总库存天 数降至 29.6 天，回归紧平衡格局。 宏观政策层面，需求侧，汽车以旧换新补贴与电池出口退税直接刺激 终端消费，改善宏观流动性；供给侧，发改委 1 月发布新能源汽车动力电 池综合利用管理办法，提高回收门槛、淘汰落后产能，长期优化国内供应 并抬升成本支撑中枢；产业 ...

有分析认为，近年来，政策支持为电池行业发展注入了强劲动力。国家持续推出新能源汽车鼓励政策，包括以旧换新、 充电基础设施建设及新能源下乡等，进一步释放了消费潜力。同时，"反内卷"政策的逐步落地促使行业竞争趋于理性， 整体盈利环境有望改善。 每日经济新闻 电池概念股走低，阳光电源、宁德时代、亿纬锂能跌超4%。 受盘面影响，多只电池相关ETF跌超2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 | | --- | --- | --- | --- | --- | | 561910 | 电池ETF | 0.833 | -0.020 | -2.34% | | 561160 | 锂电池ETF | 0.836 | -0.019 | -2.22% | | 562880 | 电池ETF嘉实 | 0.852 | -0.018 | -2.07% | | 159147 | 电池ETF南方 | 0.974 | -0.020 | -2.01% | | 159796 | 电池ETF汇添富 | 0.978 | -0.021 | -2.10% | | 159155 | 电池ETF大成 | 0.968 | -0.016 | -1.63% ...