2025 年 06 月 24 日 2025 年 6 月 24 日市场全天放量走高，创业板指领涨 报告要点： 证券研究报告 [Table_Title] 每日复盘 2025 年 6 月 24 日市场全天放量走高，创业板指领涨。上证指数上涨 1.15%，深证成指上涨 1.68%，创业板指上涨 2.30%。市场成交额 14142.73 亿 元，较上一交易日增加 2918.16 亿元。全市场 4839 只个股上涨，585 只个股 下跌。 风格上看，各指数涨跌幅排序为：成长>金融>周期>消费>稳定>0；小盘 成长>中盘成长>大盘成长>小盘价值>大盘价值>中盘价值；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：综合 （3.32%），非银行金融（2.70%），汽车（2.59%）；表现相对靠后的是：石油 石化（-1.69%），煤炭（-0.22%），国防军工（0.23%）。概念板块方面，多数 概念板块上涨，机器人执行器、轮毂电机、发电机等大幅上涨；油气设服、 昨日触板、可燃冰等大幅走低。 资金筹码方面，主力资金 6 月 24 日净流入 177.00 亿元。其中超大单净 流入 155.11 ...

Group 1 - Several automakers are facing production challenges due to a shortage of rare earth materials, which are critical for high-end automotive manufacturing [2][3] - Suzuki has suspended production of its Swift model due to the impact of China's rare earth export controls, marking it as the first Japanese automaker affected [3] - Mercedes-Benz and BMW are in urgent discussions with suppliers to stabilize the supply of rare earth components, while Ford has reported increased transportation costs and delays in parts delivery due to extended approval processes for rare earth exports from China [4] Group 2 - China's Ministry of Commerce and Customs announced export controls on seven types of medium and heavy rare earth materials, with a new regulation set to take effect on October 1, 2024, establishing a closed-loop management system for the entire rare earth industry [5] - The Chinese government emphasizes that these export controls are in line with international practices and aim to protect national security and interests [6] - The demand for rare earth materials in the automotive industry is increasing, particularly for electric motors, where rare earth materials account for about 20% of the motor's cost [10] Group 3 - The global supply chain for rare earth materials is heavily reliant on China's processing capabilities, despite the country's relatively small reserves [8] - There is ongoing research and development in the automotive industry for rare earth-free motors, but current alternatives still lag behind in performance compared to rare earth-based motors [11][12] - The upcoming Rare Earth Management Regulations in China signify a shift towards sustainable development and stricter industry standards, aiming to enhance the stability of the global supply chain [12]

编 译 / 钱亚光 设 计 / s h e l l y 来 源 / i n si d e e v s. c o m , f e lss. c o m 费迪南德·保时捷（Ferdinand Porsche）似乎总是能走在时代的前沿。早在 1900 年，他就设计出了 第一辆前驱电动汽车Lohner Porsche。为了弥补其原始的铅电池的不足，这辆车甚至配备了汽油发 动机，就是今天的"增程式电动汽车"。 这款创新的电动汽车有一个常被忽视的技术就是轮毂电机，1896年，保时捷在英国注册了轮毂电机 的专利。最终，这种技术催生出了第一款全轮驱动车辆。轮毂电机与常见的内置电机不同，它们直 接集成在轮子内部，无需复杂的传动轴或差速器。 轮毂电机可以更直接地把动力传输至路面，有望实现更高效的动力传输和设计灵活性，并且具有其 他若干优点，似乎也是一种将传统燃油汽车改造为混合动力车的绝佳方式，而且成本极低。 然而，尽管一些汽车制造商和科技供应商曾对这些想法有所尝试，但都没有取得实际成果。为什么 我们基本没有在量产电动汽车上看到它们，也没有看到它们作为一种第三方解决方案来实现汽车的 电动化呢？ 轮毂电机的优势 在传统的电动汽车中， ...

Core Viewpoint - The convertible bond of Hengshuai Co., Ltd. (300969) experienced significant trading activity upon listing, with a first-day increase of 57.3% and a total rise exceeding 100% over three trading days, despite the company's stock showing a decline during the same period [1][3]. Company Overview - Hengshuai Co., Ltd. primarily engages in the research, development, production, and sales of automotive micro-motor technology and related products, aiming to become a leading global supplier of automotive micro-motor technology solutions [3]. - The company has shown steady revenue growth from 2019 to 2024, with total revenues increasing from 331 million yuan in 2019 to an estimated 962 million yuan in 2024, and net profits rising from 65 million yuan to 214 million yuan during the same period [3]. Recent Developments - The company is actively exploring applications in the robotics sector, although it has not yet secured relevant orders. For the ADAS sensor cleaning system, while some projects have been initiated, the direct revenue contribution is minimal, projected to be less than 1% of total revenue in 2024 [2]. - Hengshuai Co., Ltd. has received batch project approvals for its ADAS cleaning system from clients such as Waymo and Meituan, with plans to establish an annual production capacity of 250,000 units, including some production in Thailand [4]. Market Context - The convertible bond market had experienced a period of inactivity prior to Hengshuai's bond listing, making it one of the strongest performing convertible bonds upon its debut this year [2]. - As of June 19, the price of Hengshuai's convertible bond reached 217.00 yuan per share, with a conversion premium of 140.83%, indicating strong market interest despite the underlying stock's performance [3].

Group 1 - The company issued a total of 327.59 million yuan in convertible bonds, with a maturity of 6 years and a face value of 100 yuan per bond [1][2] - The trading of the convertible bonds experienced significant price fluctuations, with a cumulative price increase exceeding 30% over two consecutive trading days [2][3] - The company confirmed that there are no undisclosed significant matters that could impact the trading price of the convertible bonds [3] Group 2 - The current conversion price for the bonds is set at 62.55 yuan per share, with a first-year coupon rate of 0.20% [2] - The company is exploring new markets such as humanoid robot motors and ADAS sensor cleaning systems, but current revenue from these products is minimal [2] - The company has not identified any undisclosed information that could significantly affect the trading price of the convertible bonds [3]

当人形机器人、手术机器人等前沿领域狂飙突进，其性能的每一次飞跃，背后都深深根植于核心驱动元件的突破。 高性能电机，作为赋予机器人"肌肉"与"神经"的关键部件，其功率密度、效率、精度与响应速度，直接决定了整机能力的上限，一直是突破"最后一厘米"精度的终极 挑战。 长期以来，传统电机在体积、功率、振动控制等方面的局限，如同无形的枷锁，制约着机器人向更精细、更强大、更智能的方向发展，也制约着机器人从实验室走 向工厂手术室、家庭服务等广阔天地。 机器人大讲堂近日独家获悉， 6月20日，贝丰科技即将发布全新的无刷直流电机，有望带来一场关乎机器人感知与操作能力跃升、重塑产业未来的技术风暴。 ▍ 电机破壁之作 ， 重构灵巧手的 "力量法则" 在机器人紧凑而精密的内部空间里， 每一微米都弥足珍贵,毫厘之间创造巅峰。 贝丰科技对我们透露，本次的创新无刷无齿槽电机技术， 采取前所未有的独特专利线圈+轴承仓结构设计，有着高功率密度，轻量化、紧凑化机身，电机效率拉 满， 实现了能效跃升、功耗锐减，还已经完成参数型谱化、产品矩阵化构建，更有极端环境专用款即将亮相！ 创新性无刷电机让多个机器人产品都能更加游刃有余！以人形机器人灵巧手为例 ...

证券代码：300969 证券简称：恒帅股份 宁波恒帅股份有限公司 投资者关系活动记录表 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | 其他（电话会议） 建信基金：吕怡；广发基金：吴晓钢；南方基金：刘盈杏；招 | | | 商基金：张香滢；嘉实基金：杨骏骋；圆信永丰基金：齐昊麟； 华泰保兴基金：池嘉莹；华安基金：倪文凡；国泰基金：谢泓 | | | 材；富安达基金：黄沁仪；银华基金：华强强；金信基金：蔡 | | 参与单位名称及人 | 宇飞；红土创新基金：张洋；建信基金：张正一；万家基金： | | 员姓名 | 张黛翊；东海基金：曾澎；东海基金：刘梦忆；永赢基金：黎 | | | 一鸣、王嘉玮；创金合信基金：寸思敏；长城基金：江舒盈； | | | 民生加银基金：祝婳婷、汤思懿；长信基金：宁发俊；东方基 | | | 金：龚洲加；西部利得：毛振强；宝盈基金：陆嘉敏；兴证全 | | | 球基金：厉之千等 69 家机构人员 | | 时间 | 2025 年 06 月 18 日 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses advancements in the motor stator encapsulation technology, specifically focusing on the transition from PPS (Polyphenylene Sulfide) to LCP (Liquid Crystal Polymer) materials in the electric motor industry [1][4]. Core Insights and Arguments - **Third Generation Stator Encapsulation Technology**: The latest technology utilizes molding or injection processes with LCP materials, achieving an insulation layer thickness of only 0.1 mm, which is a significant improvement over the traditional 0.25 mm insulation paper. This results in a 15% increase in slot fill rate and a 5%-8% increase in power density [1][2]. - **Thermal Conductivity Improvement**: The thermal conductivity of the new technology has increased from 0.15 W/m·K to 2 W/m·K, greatly enhancing heat dissipation and overall reliability of the motors [2][3]. - **Market Penetration**: The penetration rate of the third-generation encapsulation technology remains low, with most manufacturers still using traditional methods. The complexity and high capital investment required for the new technology limit the number of manufacturers capable of adopting it [7][8]. - **Industry Shift**: The encapsulation process is shifting from traditional motor manufacturers to specialized plastic component manufacturers due to the complexity of mold manufacturing and injection processes. This transition is expected to impact the entire motor supply chain [6][12]. Important but Overlooked Content - **Material Transition**: The transition from PPS to LCP not only improves insulation and thermal properties but also drives the industry towards higher efficiency [4][11]. - **Competitive Landscape**: In the domestic market, few companies possess both precision mold manufacturing capabilities and LCP injection technology. Notable listed companies include Weike Technology and Zhaojin, while non-listed company Weini Manufacturing stands out for its expertise [10]. - **LCP Material Pricing**: The price of LCP has increased by approximately 5 to 6 times compared to traditional materials, but its superior performance justifies its application in high-efficiency motors [11]. - **Future Trends**: The demand for lightweight solutions in various sectors, including robotics, new energy vehicles, and consumer electronics, is expected to drive the adoption of third-generation LCP stator encapsulation technology [12][13]. This summary encapsulates the key points discussed in the conference call, highlighting the advancements in motor stator technology and its implications for the industry.

随着新能源汽车市场的快速发展，消费者对车辆的续航里程、动力性能和能效表现提出了更高的要求。 传统电机在效率和功率密度方面逐渐难以满足 市场需求。为了克服传统电机的瓶颈，提升整车的性能和能效表现，开发新型电机技术成为了必然选择 。 广汽实现了全球唯一量产的非晶铁芯加工专利技 术，能够进行非晶电机叠压制作和规模化生产。同时，广汽规模化普及应用量产碳纤维高速转子，使 电机转速突破30000rpm；电机体积和重量减半，功率密度从6kW/kg提高到13kW/kg，电机最高效率达到98.5%，整车实现CLTC工况效率93%，整车能 耗降低4%，在电池容量不变的前提下，可提升续航里程30-50km，处于新能源车用电机领域先进水平。 凭借高效性能， 广汽夸克电驱2.0非晶-碳纤维超级电驱于2024年4月以电驱总成能效94.7%的最佳成绩获得了中汽研"能效之星"认证 ，2024年11月获得 了中汽中心首批"Premium高品质电驱"认证，展现出广汽在技术创新方面的卓越实力。 广汽夸克电驱2.0非晶-碳纤维超级电驱将率先搭载在广汽昊铂HL量产上市，在整车动力性提升的基础上，在电池容量不变的前提下， 续航里程可提升 30-50km ...

Group 1 - The 2025 Motor System and Control Discipline and Industry Exchange Conference was held in Yuhang, aiming to accelerate breakthroughs in key technologies in the motor field and promote the transformation of China's motor industry towards high-end, intelligent, and green development [1] - Three major innovative achievements were announced at the conference, including "Humanoid Robot Joint Module and Dexterous Hand Research," "Variable Speed Constant Frequency Hydropower Generation Technology," and "Magnetically Controlled Diagnostic Capsule Robot" [1] - The "Humanoid Robot Joint Module and Dexterous Hand" project, developed by Hangzhou Xinuo Future Technology Co., Ltd., focuses on overcoming technical bottlenecks in core components of robots, such as power/torque density and operational efficiency [1] Group 2 - Experts from Hunan University, Goldwind Technology Co., Ltd., and Harbin Institute of Technology's Special Motor Research Center conducted in-depth discussions on several cutting-edge fields, providing valuable academic insights and industry perspectives for the future development of the motor industry [2] - Yuhang Economic Development Zone has implemented a series of innovative measures to create a talent innovation ecosystem, including establishing the first excellent engineer training base in the region and launching an excellent engineer cultivation alliance [2] - In 2024, Yuhang Economic Development Zone is expected to add over 70 high-level overseas talents, with more than 30 talent-driven projects signed this year [2]