（编辑 楚丽君） 证券日报网讯 1月6日，友升股份在互动平台回答投资者提问时表示，目前公司会优先聚焦于汽车轻量 化主航道的深化发展，同时审慎评估在人形机器人等延伸领域的战略机遇，若后续有人形机器人相关业 务布局，公司将严格按照规定履行信息披露义务。 ...

Core Viewpoint - The article discusses the strategic acquisition of 71% stake in Zhuoerbo by Aikodi (600933.SH) for 1.118 billion yuan, highlighting the company's focus on lightweight materials in the automotive and humanoid robot sectors, which are crucial for performance enhancement [3][4]. Group 1: Acquisition and Strategic Direction - Aikodi plans to acquire 71% of Zhuoerbo for 1.118 billion yuan, reflecting a 118.48% premium [3]. - The company is shifting its focus towards humanoid robots, leveraging its expertise in lightweight materials, which are essential for both electric vehicles and robotics [4][5]. - Aikodi has established a subsidiary for robotics and has begun to recruit relevant technical personnel, indicating its commitment to this emerging field [9]. Group 2: Financial Performance - In the first three quarters of 2025, Aikodi achieved a revenue of 5.31 billion yuan, a year-on-year increase of 6.7%, and a net profit of 900 million yuan, up 20.7% [11]. - The gross profit margin reached 30.4%, marking a high point in recent years, contributing to profit growth outpacing revenue growth [14]. - The growth in performance is driven by increased aluminum usage in electric vehicles and the ramp-up of overseas production capacity, particularly in Mexico and Malaysia [16][17]. Group 3: Market Position and Clientele - Aikodi's products are integrated into the supply chains of major global automotive suppliers such as Bosch, Valeo, and Magna, showcasing its technical strength and quality control [7]. - Zhuoerbo, the target of the acquisition, specializes in precision components for micro motors, with clients including Denso and other notable companies, and is expanding into emerging markets like drones and robotics [7].

Core Insights - The company, Wan'an Technology, and its parent company, Wan'an Group, engaged in a specific investor survey to discuss key topics such as aluminum-magnesium alloy product layout, wireless charging project progress, convertible bond issuance plans, performance growth points, and cost control measures [1] Group 1: Business Layout and Project Progress - The aluminum-magnesium alloy business is focused on lightweight chassis components, primarily aluminum alloy products, which are crucial for the new energy vehicle (NEV) sector, with key products like aluminum alloy subframes and fixed calipers already integrated into the supply chains of leading NEV manufacturers such as Leap Motor, NIO, and Xiaomi [2] - The wireless charging project by the subsidiary Yichuang Zhilian has achieved multi-scenario deployment, including passenger vehicles and low-speed unmanned vehicles, with a commercial progress in the low-speed unmanned vehicle sector and partnerships established with companies like Huzhou Columbus and Yingfeng Environment. The wireless charging efficiency in passenger vehicles reaches 92%-93%, leading the industry [3] - The company’s subsidiary Hengchuang Zhixing is set to start small-scale production of electronic mechanical brake systems (EMB) for passenger vehicles in 2026, following the implementation of new regulations. This product is expected to enhance safety and reduce weight, becoming a significant growth driver for the company [4] Group 2: Financial Planning and Cost Control - The company has successfully issued the first phase of convertible bonds and plans to initiate the second phase after the first phase's completion to optimize its capital structure and support business expansion [5] - To mitigate the impact of rising raw material costs, the company is implementing various cost control measures, including procurement cost reduction, product structure optimization, and price linkage mechanisms to ensure stable profitability [6] Group 3: Future Strategy - The company aims to focus on automotive electronic control systems as its core development direction, continuing to advance the marketization of aluminum alloy lightweight components and intelligent driving projects, leveraging existing customer resources and technological accumulation for steady growth [7]

证券代码：301005 证券简称：超捷股份 超捷紧固系统(上海)股份有限公司 投资者关系活动记录表 编号 2025-031 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称及人员 姓名 泰康资产 郑蕾；西部证券 牛先智；国盛证券 丁逸朦、江莹；方正 证券 孔德璋；胤胜资产 王道斌；开源证券 刘逍遥；光大证券 汲 萌、陈佳宁；水璞基金 钟成、时海俊；平安养老保险 高高；瀛赐 基金 龚文路；天泉资产 孔祥国；海南准星私募基金管理有限公司 洪慕玲；昂岳基金 牛国浩；山西证券 赵天宇；浙商资管 张雷；华 鑫证券 宋子豪；秦兵投资 海俊；国金证券 刘民喆。 时间 2025年12月30日 上午10:00-11:40、下午14：00-16：00 地点 公司会议室 上市公司接待人员 姓名 1、公司董事会秘书、财务总监 李红涛 2、公司证券事务代表 刘玉 1、汽车业务基本情况简介。 公司长期致力于高强度精密紧固件、异形连接件等产品的研 发、生产与销售，产品主要应用于汽车发动机涡轮增压系统，换 挡驻车控制系统，汽车排气系统，汽车座椅、车灯与后视镜等内 外饰系 ...

内容概要：新能源汽车产业的快速崛起，成为驱动汽车镁合金轮毂行业增长的核心引擎，为缓解续航焦 虑，车企对轻量化零部件的需求日益旺盛，镁合金轮毂作为关键轻量化部件，正加速从高端车型向中端 主流车型渗透，此外，商用车领域中，减重带来的燃油或能耗成本显著降低，也推动物流、货运企业对 镁合金轮毂的采购意愿持续增强，据统计，2024年我国汽车镁合金轮毂行业市场规模达14.2亿元，同比 增长47.9%，但受镁合金轮毂生产成本偏高、生产工艺复杂等因素制约，目前，镁合金轮毂在我国汽车 轮毂市场的占比较小，不足2%，远低于铝轮毂与钢轮毂。 相关上市企业：德威股份（833308.NQ）、宝武镁业（002182）、万丰奥威（002085）、立中集团 （300428）、今飞凯达（002863）、比亚迪（002594）、上汽集团（600104）、长安汽车（000625）、 吉利汽车（00175.HK）、东风股份（600006）、广汽集团（601238）、长城汽车（601633）、江淮汽 车（600418） 关键词：汽车镁合金轮毂市场政策、汽车镁合金轮毂产业链图谱、汽车镁合金轮毂市场规模、汽车镁合 金轮毂竞争格局、汽车镁合金轮毂发展趋势 ...

Core Insights - The article highlights the successful collaboration between Yangzhou Hengxin Seat Co., Ltd. and the National Automotive Lightweight Technology Research Institute, resulting in a 15% weight reduction in automotive seat frames and over 5 million yuan in new orders this year [1] - Yangzhou Economic Development Zone is advancing five major innovation projects to integrate technology innovation with advanced manufacturing, aiming for high-quality development [1] Group 1: R&D Platforms and Industry Upgrades - The National Automotive Lightweight (Jiangsu) Technology Co., Ltd. has established four major platforms for R&D, trial production, testing, and services, collaborating with over 10 vehicle manufacturers [2] - The company has attracted 7 projects with a total investment exceeding 3 billion yuan, promoting the development of over 30 supporting enterprises in the automotive parts industry [2] - The Yangzhou Economic Development Zone is implementing a collaborative model involving government, industry, academia, research, finance, and services to connect innovation sources with industry needs [2] Group 2: Core Technology and Industrial Transformation - Huacarb Technology (Yangzhou) Co., Ltd. is set to launch a CCUS demonstration project, which will capture and purify 1,000 tons of CO2 annually, contributing to significant emissions reduction [3] - Jiangsu Ruifeng Information Technology Co., Ltd. has developed a pioneering agricultural machine that improves farming efficiency by nearly 20% and increases yield by 10%-20% per acre [3] - The region is witnessing breakthroughs in key technologies, enhancing the strength of advanced manufacturing and the supply capacity of high-quality technology [3] Group 3: Innovation Ecosystem and Industry Clusters - The Yangzhou Economic Development Zone is fostering deep integration between innovation platforms and industry clusters, successfully attracting teams led by academicians and industry leaders [4] - The introduction of advanced technologies, such as the 2000 MPa steel laser welding technology, has led to product adoption by several high-end domestic automotive brands [4] - The zone has implemented a talent policy that has attracted over 10,000 professionals, with a focus on enhancing the innovation ecosystem [4] Group 4: Future Development Plans - The "14th Five-Year Plan" emphasizes the establishment of mechanisms to cultivate leading technology enterprises with global competitiveness [5] - The Yangzhou Economic Development Zone aims to strengthen the construction of innovation platforms and integrate innovation chains, industry chains, capital chains, and talent chains for sustainable growth [5]

Market Overview - On December 24, the Shanghai Composite Index rose by 0.53%, the CSI 300 increased by 0.29%, the STAR 50 climbed by 0.9%, the CSI 1000 went up by 1.54%, the ChiNext Index gained 0.77%, and the Hang Seng Index rose by 0.17% [4] - The best-performing sectors on December 24 were defense and military industry (+2.88%), electronics (+2.12%), building materials (+1.72%), light industry manufacturing (+1.69%), and machinery equipment (+1.49%). The worst-performing sectors were agriculture, forestry, animal husbandry, and fishery (-0.85%), coal (-0.7%), food and beverage (-0.36%), banking (-0.3%), and media (+0.01%) [4] - The total trading volume for the entire A-share market on December 24 was 1,897.242 billion yuan, with a net outflow of 1.175 billion Hong Kong dollars from southbound funds [4] Key Insights Non-Bank Financial Sector - The non-bank sector is expected to see a rebound in 2026, offering both high probability and favorable odds [5] - Market expectations for the non-bank sector are low due to the high base in 2025 [5] - Factors driving this outlook include a long-term "slow bull" market in equities and optimization of the liability side [5] Industry Rotation Strategy - The top five industry indices from the 2025 Annual Industry Scoring Table yielded a cumulative return of 44.8% as of December 23, 2025, outperforming the CSI 300 by 22.2%, with positive excess returns in 11 out of 12 months [6][7] - In a bull market, focusing on industry fundamentals is deemed more important than trading comparisons, with a strategy of identifying and holding onto sectors with strong economic logic being favored over rotation trading [6][7] - Key sectors to watch in 2026 include cyclical and technology sectors, closely aligned with top-level policy themes such as technological self-reliance, domestic demand, and anti-involution [6][7] Automotive Parts Industry - The automotive lightweight trend presents significant opportunities for substituting steel with plastics, as modified plastics are lighter and stronger, making them ideal materials for automotive lightweighting [8] - The increase in the usage of modified plastics serves as a catalyst for this trend [8] - Risks include rising raw material costs and the potential for new material substitution [8]

Core Insights - The article highlights the successful collaboration between Yangzhou Hengxin Seat Co., Ltd. and the National Automotive Lightweight Technology Research Institute, resulting in a 15% weight reduction in automotive seat frames and over 5 million yuan in new orders this year [1] - Yangzhou Economic Development Zone is advancing five major innovation projects to integrate technology innovation with advanced manufacturing, aiming for high-quality development [1] Group 1: Innovation Platforms - The National Automotive Lightweight (Jiangsu) Technology Co., Ltd. has established four major platforms for research, testing, and service, collaborating with over 10 major automotive manufacturers [2] - The company has attracted 7 projects with a total investment exceeding 3 billion yuan, promoting the development of over 30 supporting enterprises in the automotive parts sector [2] - The Yangzhou Economic Development Zone has introduced several innovation platforms, including a provincial concept verification center for automotive lightweight technology, enhancing the region's technological capabilities [2] Group 2: Core Technology Development - Huacarb Technology (Yangzhou) Co., Ltd. is set to launch a CCUS demonstration project, which is the first of its kind in China, capable of capturing and purifying 1,000 tons of CO2 annually [3] - Jiangsu Ruifeng Information Technology Co., Ltd. has developed a pioneering agricultural machine that improves farming efficiency by nearly 20% and increases yield by 10%-20% per acre [3] - Key technological breakthroughs in various sectors are strengthening the advanced manufacturing industry and enhancing the region's high-quality technological supply capabilities [3] Group 3: Collaborative Development - The Yangzhou Economic Development Zone is fostering deep integration between innovation platforms and industrial clusters, successfully attracting teams led by academicians and industry leaders [4] - The introduction of advanced technologies, such as the 2000 MPa steel laser welding technology, has been adopted by several high-end domestic automotive brands [4] - The zone has implemented a talent policy that has attracted over 10,000 professionals, with a focus on building a complete incubation chain for technology startups [4] Group 4: Future Development - The Yangzhou Economic Development Zone aims to strengthen the integration of innovation chains, industrial chains, financial chains, and talent chains to continuously nourish advanced manufacturing [5] - The region is committed to accelerating high-quality development and enhancing its technological and industrial influence [5]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 24 年 月 日 敏实集团（00425.HK） 电池盒放量驱动业绩高增，机器人等新兴赛道打开长期成长空间 全球汽车外饰与车身结构部件领先企业，业务布局兼具深度与广度。敏实 集团深耕行业三十余年，核心业务涵盖金属饰条、塑件、铝件及新能源汽 车电池盒四大产品线。作为全球化供应商，公司的业务布局广泛，服务宝 马、奔驰、特斯拉、比亚迪等 70 余家国内外头部车企，海外收入占比从 2021 年 41%提升至 2025H1 的 65%，全球化战略推进效果显著。业务结 构持续优化，电池盒业务作为重点发展的业务，2025H1 营收占比达 27%， 跃升为第一大收入来源；铝件产品受益于汽车轻量化趋势，2020 到 2024 年营收 CAGR 为 12%，毛利率维持 30%以上。同时受益于产能利用率提 升和成本管控，公司的营收和净利润均实现较快增长。 外饰件业务稳健贡献，电池盒与结构件已成增长引擎。敏实传统业务地位 稳固，金属饰条、塑件、铝件产品类别丰富，业绩持续增长。公司凭借轻 量化与智能化双重升级打开价值空间：铝合金外饰件渗透率持续提升，相 关产品逐步 ...

3、市场规模：全球市场规模小幅增长，国内轻量化市场前景广阔。据共研网数据，2024年全球汽车轻 量化市场规模为838亿美元，预计到2029年汽车轻量化市场规模将增至1147亿美元，2024-2029年CAGR 达6%;国内市场方面，据智研咨询数据，我国汽车轻量化市场规模自2013年的1350.2亿元增长至2023年 的4225.8亿元，2013-2023年CAGR达12%。 以塑代钢：改性塑料密度更低、比强度更高，是理想的汽车轻量化材料 浙商证券（601878）发布研报称，伴随新能车渗透率提升，轻量化需求会持续提高。轻量化三大实现路 径为材料、结构、制造工艺轻量化，其中材料轻量化是当前主流方向，该行认为改性塑料是重要方向。 改性塑料不仅具备传统塑料的优势，其力学强度、机械性能等均得到提升。随着国内新能源汽车渗透率 持续提升，2027年国内汽车改性塑料零部件的市场规模有望达2233亿元，2025-2027年CAGR约10%。 浙商证券主要观点如下： 政策与性能需求双重驱动，乘用车轻量化大势所趋 1、轻量化能减少碳排放、迎合环保政策要求，亦能减少电池维护成本、提升续航。环保政策趋严，如 我国2026年1月1日起将 ...