Investment Rating - The investment rating for Ningbo Huaxiang (002048.SZ) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's strategic partnerships and potential growth 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 Commercialization - The establishment of a joint venture will allow Ningbo Huaxiang to utilize robots for diverse applications, aiding in data collection and training for performance optimization [4]. Industrialization - Ningbo Huaxiang will leverage its advanced construction experience to invest in an assembly production line for embodied robots, positioning itself as an original equipment manufacturer [4]. Globalization - The strategic cooperation is expected to enhance Ningbo Huaxiang's global market competitiveness by utilizing its resource network in overseas regions [4].

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 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue of 610 million yuan, showing a quarter-on-quarter increase of 7.1% but a year-on-year decrease of 19.7%. The net profit attributable to shareholders was 60 million yuan, with a quarter-on-quarter increase of 11.4% and a year-on-year decrease of 17.1% [1] Group 1: Financial Performance - In Q1 2025, the company achieved a gross profit margin of 18.1%, which is a decrease of 0.5 percentage points year-on-year but an increase of 1.6 percentage points quarter-on-quarter. The net profit margin remained high at 9.7% [2] - The company’s net profit increased by 11.4% year-on-year, outpacing revenue growth, supported by VAT rebates, increased investment income, and the reversal of accounts receivable impairments [2] - As of the end of Q1 2025, the company had cash reserves of 720 million yuan, indicating strong liquidity for future business expansion and R&D investments [2] Group 2: Business Segments - The hybrid EGR business is showing a clear growth trend, with significant sales increases from key clients such as BYD, Chery, and Geely, which outperformed the overall hybrid passenger vehicle industry growth of 45.0% [1] - The electric motor core business faced challenges, with Tesla's sales in China down by 21.8% year-on-year, and demand from the Wanjie client affected by model cycle changes [1] - The commercial vehicle sector saw a slight decline in heavy truck sales, with a year-on-year decrease of 2.7%, particularly in the natural gas heavy truck segment, which dropped by 6.5% [1] Group 3: Robotics and Technology Development - The company's robotics business is entering an accelerated development phase, with the Lansun robot achieving large-scale application in the electric vehicle motor production line, improving overall efficiency by over 30% [2] - The acquisition of Weihan Intelligent has enabled the company to secure core technology for harmonic reducers, resulting in a product matrix of over 70 standard models [2] - A new generation of Ai De robots, specifically developed for smart logistics scenarios, is also in the process of accelerated mass production [2] Group 4: Profit Forecast - The company is expected to achieve revenues of 3.11 billion yuan, 3.61 billion yuan, and 4.09 billion yuan for the years 2025 to 2027, with net profits of 290 million yuan, 360 million yuan, and 430 million yuan respectively [3]

Investment Rating - The report maintains a positive outlook on the mechanical industry, recommending investment in domestic circulation, major infrastructure, and self-controllable sectors [5]. Core Insights - The report forecasts Q1 2025 performance for 14 key mechanical companies, with growth rates exceeding 20% for several firms, including XianDao Intelligent (30%), Baichu Electronics (25%), and Sany Heavy Industry (25%) [5][6]. - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025, driven by major players like Tesla and Huawei [5]. - Railway investment remains resilient, with a 5.1% year-on-year increase in fixed asset investment in early 2025, highlighting ongoing infrastructure projects [5]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and improved profitability due to increased overseas revenue [5]. - Domestic brands in electronic measurement instruments are expected to accelerate their market share due to low current localization rates and increasing competitiveness [5]. Summary by Sections Mechanical Companies Performance Forecast - Companies with growth rates over 20% include XianDao Intelligent (30%), Baichu Electronics (25%), Sany Heavy Industry (25%), and others [5][6]. - Companies with growth rates between 10%-20% include Yizhiming (19%), Rilian Technology (18%), and others [5][6]. - Companies with growth rates between 0%-10% include Lianying Laser (6%) [5][6]. Robotics and Components - The human-shaped robot industry is entering a new phase of commercialization, with various forms of robots being tested in real-world applications [5]. - Key companies to watch include Greentech Harmonic, Mingzhi Electric, and others [5]. Rail Transportation - Fixed asset investment in railways reached 68.54 billion yuan in early 2025, with significant projects enhancing network efficiency [5]. - Recommended companies include China CNR and Siwei Control [5]. Engineering Machinery - The sector is showing signs of recovery after a prolonged downturn, with improved profitability and demand expected to drive new machine sales [5]. - Key recommendations include Sany Heavy Industry, Xugong Machinery, and others [5]. Domestic Instruments - The report highlights the low localization rate of electronic measurement instruments and the competitive edge of domestic brands [5]. - Recommended companies include Puyuan Precision and others [5].