Investment Rating - The investment rating for Ningbo Huaxiang (002048.SZ) is not explicitly stated in the provided documents, but the context suggests a positive outlook based on strategic partnerships and growth potential in the robotics sector [2][3]. Core Insights - Ningbo Huaxiang signed a strategic cooperation agreement with Xiangshan Industrial Investment Group and Shanghai Zhiyuan New Technology Co., Ltd. to enhance collaboration in various areas including joint ventures, robot assembly, supply chain, and overseas business expansion [2]. - The partnership aims to accelerate the commercialization, industrialization, and globalization of domestic robotics, with clear division of roles among the three parties [3]. - The company plans to establish a joint venture to purchase robots from Zhiyuan for its own production and warehousing applications, facilitating data collection and training for performance optimization [4]. - Ningbo Huaxiang will invest in building an assembly production line for embodied robots and participate in related fund investments to enhance the humanoid robot industry's progress [4]. - The company achieved overseas revenue of 5.64 billion yuan in 2024, accounting for 21.4% of total revenue, and has R&D centers in China, the US, and Germany, which positions it well for global market expansion [4]. Summary by Sections Strategic Cooperation - The strategic cooperation agreement focuses on resource sharing and complementary advantages, aiming to create an ecosystem for embodied intelligent robots [2]. Commercialization - The company will utilize robots for diverse applications, enhancing data collection and training to optimize robot performance [4]. Industrialization - Ningbo Huaxiang will act as an original equipment manufacturer (OEM) for humanoid robots and invest in the supply chain to boost industry development [4]. Globalization - The strategic partnership is expected to leverage Ningbo Huaxiang's overseas resources to enhance the global competitiveness of the humanoid robot industry [4].

Group 1 - The core viewpoint is that the robotics industry is accelerating its industrialization process, with a focus on T-chain robotics and highly intelligent main engine manufacturers [2] - The China Securities Index for robotics (H30590) has seen a strong increase of 2.34%, with notable individual stocks like Xinjie Electric (603416) rising by 10.00% and Haimu Star (688559) by 7.61% [1] - The Robot ETF fund (562360) has also experienced a rise of 2.36%, marking its third consecutive increase, with a latest price of 0.95 yuan [1] Group 2 - The market is beginning to recognize the scarcity of full-loop capabilities in both hardware and software for domestic humanoid robots, which have shown significant technological breakthroughs [2] - Concerns regarding tariff issues have eased, leading to a potential rebound for T-chain stocks [2] - Experts indicate that while hardware is relatively easier to solve, the real challenge lies in developing highly intelligent general-purpose AI models for humanoid robots [2]

（本文由FT中文网提供） 虽然大家平常经常拿"机器人取代人"来说事，但是看着机器人真跟人类选手站在同 一起跑线，大家心态好像挺放松，跟我们当年围观李世石对战 Alphago 的忐忑心情 完全不一样。这自然是因为人形机器人还处于很早期的阶段，见惯了新技术早期稚嫩 模样的我们，对新技术的局限性有了无限的包容心。 阅读更多内容请点击下方"阅读原文" 主题演讲中介绍人形机器人（1月6日，美国拉斯维加斯，摄影：积田檀） 就在昨天，全球首个人形机器人半程马拉松在北京亦庄开跑，来自初创公司和高校研 发团队的 21 个 机器人 参赛团队，第一次与人类选手在 21 公里的赛道上同场竞 技。 于是在见过宇树机器人在春晚舞台上甩手绢之后，我们在直播中能看到机器人各种出 洋相：有的跑两步摔一次，有的需要工作人员手推着跑完；有的跑一小会儿就要换电 池；还有的跑着跑着头就掉了。 英伟达CEO黄仁勋在 ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting a strong performance in the sector and suggesting a focus on key companies such as BYD, Geely, and Xiaopeng Motors [5] Core Insights - The automotive sector is experiencing a significant transformation driven by smart electric vehicles and the acceleration of high-end supply at the Shanghai Auto Show [32][33] - The report emphasizes the importance of intelligent driving and the integration of robotics within the automotive industry, particularly focusing on companies with strong AI capabilities [32][42] - The report suggests that the T-chain and strong intelligent automotive manufacturers are well-positioned to capitalize on the robotics market [32][42] Summary by Sections 1. Weekly Overview - The automotive sector saw an increase in holdings, with passenger car sales reaching 387,000 units in the third week of April 2025, a year-on-year increase of 9.3% and a month-on-month increase of 10.3% [1] - The A-share automotive sector outperformed the market, rising by 4.66% during the week, with commercial passenger vehicles and automotive parts leading the gains [1] 2. Passenger Vehicles - The report highlights the ongoing support for vehicle replacement policies, which are expected to stimulate demand for passenger vehicles [34] - Recommended companies in the passenger vehicle segment include BYD, Geely, Xiaopeng Motors, and others, focusing on those with strong global expansion and intelligent capabilities [34] 3. Intelligent Electric Vehicles - The report notes that the long-term growth of intelligent electric vehicles is accelerating, with a focus on the new forces in the industry and the potential for increased market share [35] - It emphasizes the importance of monitoring tariff developments and their impact on the supply chain, particularly for companies with overseas operations [35] 4. Robotics - The report discusses the rapid advancement of humanoid robots, with significant breakthroughs in technology and market recognition of their capabilities [37][39] - It highlights the potential for Tesla to lead in the humanoid robot market, with plans to deploy thousands of units in its factories by the end of the year [32][39] - Recommended companies in the robotics sector include Top Group, Berteli, and others, focusing on those with strong production capabilities and market positioning [43] 5. Motorcycles - The report suggests a focus on high-displacement motorcycle manufacturers, with Spring Power being highlighted as a key player in the market [4][31] 6. Heavy Trucks - The report indicates a positive outlook for heavy trucks, particularly in the natural gas segment, recommending companies like China National Heavy Duty Truck Group [4] 7. Tires - The report recommends leading tire manufacturers such as Sailun and high-growth companies like Senkiren, emphasizing the ongoing globalization of the tire market [4]

摘要 ► 本 周数据： 2025年4月第3周（4.14-4.20）乘用车销量38.7万辆，同比+9.3%，环比+10.3%；新能源乘用车销量20.4万辆，同比+28.8%，环比+10.3%；新能源渗透率52.8%， 环比持平。 ► 本周行情 ： 汽车板块本周表现强于市场 本周（ 4月21-4月25日）A股汽车板块上涨4.66%，在申万子行业中排名第1位，表现强于沪深300（+0.56%）。细分板块中，商用载客车、汽车零部件、摩托车及其 他、汽车服务、商用载货车、乘用车分别上涨8.04%、6.32%、6.25%、4.44%、2.16%、2.07%。 ► 本周观点： 本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 机器人产业化进程加速 看好T链机器人+强智能化主机厂 近期机器人运动会、马拉松后，天工 Ultra 、松延动力 N2 等国产人形机器人表现亮眼，国产人形机器人技术端不断突破，市场开始重新认识到软硬件全闭环能力的稀缺性， 我们全年维度看好 T 链产业化进程 + 强智能化能力的汽车主机厂在机器人领域布局： 1 ） T 链： 市场对于关税问题 ...

事件：4 月25 日，公司发布2025Q1 业绩公告，实现收入6.1 亿元，同环比+7.1%/-19.7%，归母净利0.6 亿元，同环比+11.4%/-17.1%，扣非后归母净利0.6 亿元，同环比+8.2%/+73.5%。 混动EGR 成长趋势明朗，新能源及商用车业务短期承压：2025Q1 公司乘用车EGR 业务预计表现亮眼， 核心客户比亚迪/奇瑞/吉利插混乘用车销量分别同比+75.7%/+299.5%/+69.9%，显著跑赢混动乘用车行 业45.0%的整体增速，持续为公司收入端提供强劲支撑。马达铁芯业务有所承压，核心客户特斯拉中国 区2025Q1 销量同比-21.8%，问界客户因车型周期切换导致需求短期承压。商用车领域，2025Q1 重卡行 业同比微降2.7%，其中公司重点布局的天然气重卡细分市场同比-6.5%。展望后市，随着核心客户新车 型放量及行业需求回暖，预计公司新能源及商用车业务有望在Q2 迎来修复。 毛利率表现环比提升，理财收益、减值冲回增厚净利表现：2025Q1 公司实现销售毛利率18.1%，同环 比-0.5pct/+1.6pct，同比下降主要系会计准则调整， 公司整体对成本端管控得当， 期间 ...