Core Viewpoint - Sanhua Intelligent Controls has experienced fluctuations in stock price and trading volume, with a recent increase of 2.01% in share price, reaching 51.76 CNY per share, while the company has seen a year-to-date decline of 6.21% [1] Company Overview - Sanhua Intelligent Controls, established on September 10, 1994, and listed on June 7, 2005, is based in Shaoxing, Zhejiang Province, China. The company primarily engages in the manufacturing of refrigeration and air conditioning electrical components and automotive parts [2] - The company's revenue composition is 63.88% from refrigeration and air conditioning electrical components and 36.12% from automotive parts [2] - The company operates in two segments: HVAC and electrical equipment, and automotive thermal management, with key products including four-way valves, electronic expansion valves, and electronic water pumps [2] Financial Performance - As of September 30, 2025, Sanhua Intelligent Controls reported a revenue of 24.03 billion CNY, reflecting a year-on-year growth of 16.86%, and a net profit attributable to shareholders of 3.24 billion CNY, up 40.85% year-on-year [3] - The company has distributed a total of 8.83 billion CNY in dividends since its A-share listing, with 3.64 billion CNY distributed over the past three years [4] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 445,500, with an average of 8,271 circulating shares per person, a decrease of 41.88% from the previous period [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some experiencing a reduction in shareholding [4]

Investment Highlights - The smart car index decreased by 1.3%, while the index excluding Tesla increased by 1.9%, and the index excluding complete vehicles fell by 7.1% as of January 30, 2026 [4][10] - The smart car index PS (TTM) is at 15.2x, placing it in the 99th percentile since the beginning of 2023; the index excluding Tesla is at 5.9x, in the 83rd percentile; and the index excluding complete vehicles is at 9.9x, in the 81st percentile [4][17] Industry Core Changes - By Q4 2025, Tesla's FSD subscription is expected to reach 1.1 million [5] - Key personnel changes include Qianli Technology's Yin Qi becoming the chairman of Jueyue Xingchen [5] - Partnerships formed include Xiaoma Zhixing collaborating with Aite Boda, and Hezhima Intelligent signing a strategic agreement with Baidu's Luobo Kuaipao to build a driverless ecosystem [5] - The latest tracking of North American Robotaxi shows a total of 7.49 billion miles driven by FSD as of January 30, 2026, with Waymo having 96,090 daily active users as of January 27, 2026 [5][25] Current Investment Recommendations - The focus remains on the 2026 L4 RoboX main line, favoring B-end software stocks over C-end hardware stocks [6] - Preferred H-shares include Xiaopeng Motors, Horizon Robotics, Xiaoma Zhixing, Wenyan Zhixing, and Cao Cao Mobility; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6] - Downstream application-related stocks include: - Robotaxi perspective: Integrated models like Tesla and Xiaopeng Motors; technology providers with revenue-sharing models like Horizon, Baidu, Xiaoma Zhixing, Wenyan Zhixing, and Qianli Technology; transformation of ride-hailing/taxi services like Didi, Cao Cao Mobility, and others [6] - Robovan perspective: Desay SV and Jiushi Intelligent [6] - Other autonomous vehicle perspectives: mining trucks (Xidi Zhijia), ports (Jingwei Hengrun), sanitation vehicles (Yingfeng Environment), and buses (Wenyan Zhixing) [6] - Upstream supply chain-related stocks include: - B-end driverless vehicle OEMs like BAIC Blue Valley, GAC Group, Jiangling Motors, and Tongli Co [6] - Core upstream suppliers: testing services (China Automotive Research, China Automotive Technology), chips (Horizon Robotics, Hezhima Intelligent), domain controllers (Desay SV, Jingwei Hengrun), sensors (Sunny Optical Technology, Hesai, Suteng Juchuang), steer-by-wire chassis (Bertley, Nexperia, Zhejiang Shibao), and glass (Fuyao Glass) [6]

该车型延续家族化设计语言，前脸采用封闭式造型搭配分体式大灯，车顶配备激光雷达并搭载华为乾崑 ADS 4.0智驾系统，支持无图城区领航功能，同时配备鸿蒙智能座舱5.0。 动力系统方面，提供增程版与纯电版两种选择，增程版纯电续航300公里，综合续航达1200公里；纯电 版基于800V高压平台打造，支持充电5分钟增加520公里续航。 它的推出使问界品牌形成了从M5到M9的完整SUV序列，覆盖20-60万元全价位市场。 责任编辑：李昂 2月2日，华为技术有限公司常务董事、终端BG董事长余承东发文宣布，问界M6即将登场，他将其描述 为"黑马"。 据了解，问界M6预计在2026年北京车展亮相并于第二季度正式上市。 公开信息显示，问界M6定位为五座中大型SUV，车身尺寸介于问界M5和M7之间，精准卡位25-30万元 价格区间，主打家庭用户市场。车长约4.8-4.9米，轴距接近3米，属于中型SUV范畴。 公开信息显示，问界M6定位为五座中大型SUV，车身尺寸介于问界M5和M7之间，精准卡位25-30万元 价格区间，主打家庭用户市场。车长约4.8-4.9米，轴距接近3米，属于中型SUV范畴。 该车型延续家族化设计语言，前脸采用 ...

Investment Rating - The report maintains a rating of "Buy" for the company [4]. Core Insights - The company is a leading provider of precision manufacturing solutions across the entire smart terminal supply chain, leveraging its strong technological foundation in various materials to achieve vertical integration from raw material production to final assembly [6][11]. - The financial performance shows steady growth in revenue and profit, with significant contributions from both traditional and emerging business segments, indicating a robust operational synergy [6][29]. - The company is strategically positioned to benefit from the AI hardware upgrade and the wave of automotive intelligence, with a focus on continuous R&D investment and global capacity expansion [6][7]. Summary by Sections Company Overview - The company has established a solid foundation with high-quality customer resources and significant vertical integration capabilities, partnering with major global brands across various sectors [12][21]. - The business structure is diversified, covering multiple high-end consumer electronics and emerging markets, including smart automotive and AI technologies [21][25]. Financial Performance - Revenue is projected to grow from 544.91 billion yuan in 2023 to 1,395.99 billion yuan by 2027, with net profit increasing from 30.21 billion yuan to 83.81 billion yuan in the same period [4][6]. - The company has shown a compound annual growth rate (CAGR) of 22.34% in revenue and 21.67% in net profit from 2022 to 2024 [29]. Consumer Electronics - The company maintains a strong position in the consumer electronics sector, capitalizing on AI upgrades and innovations in foldable screens, which are expected to drive structural growth [48][49]. - The revenue from smartphones and computers is projected to increase significantly, with a notable rise in average selling prices due to product upgrades and market demand [30][34]. Smart Automotive - The company is expanding into the automotive electronics sector, enhancing its product value and business boundaries, with innovative products like ultra-thin laminated glass and smart cockpit components [6][33]. - Revenue from the automotive segment is expected to grow rapidly as the penetration of electric vehicles increases and new product developments continue [7][33]. Emerging Fields - The company is proactively entering emerging markets such as humanoid robotics and AI data centers, establishing a comprehensive vertical integration platform for these technologies [7][28]. - Collaborations with leading companies in various sectors are expected to foster innovation and accelerate growth in these new areas [6][7].

1月31日，华为乾崑智能汽车解决方案宣布，华为乾崑车云DVR行车记录仪功能迎来全新升级，新增双前侧视野，提供6路全景录制。 升级前，DVR行车记录仪提供4路视野录制，分别为前视广角摄像头、后环视摄像头、左侧后摄像头、右侧后摄像头，存在部分盲区。本次升级后，将 新增左侧前摄像头及右侧前视摄像头，可提供360度无死角清晰记录，补全了如路口转弯、车辆切入(CUT-IN)，还是窄路会车等场景下车辆侧前的盲区。 ...

Core Insights - Xiaopeng Motors reported a total delivery of 20,011 vehicles in January 2026, which is expected to reduce carbon emissions by approximately 300,000 tons compared to traditional fuel vehicles, equivalent to the carbon absorption of 4.94 million medium-sized trees over ten years [2] Group 1: Sales Performance - The Xiaopeng X9 model continues to perform strongly, with 4,219 units delivered in January, representing a year-on-year increase of 413.9%. Cumulatively, the X9 has delivered 51,897 units, making it the fastest MPV among new domestic brands to surpass 50,000 units [3] Group 2: New Product Launches and Technology Upgrades - On January 8, Xiaopeng Motors launched the 2026 models including the P7+, G7 Super Range, G6, and G9, all featuring the second-generation VLA, which is the industry's first physical world model capable of L4-level autonomy, set to be pushed to users in the first quarter [4] Group 3: Global Expansion - The Xiaopeng P7+ was launched simultaneously in 36 countries, including China, and made its European debut at the Brussels Auto Show, with a starting price of €43,990. Deliveries are planned to begin in April across 25 European markets. By the end of 2025, Xiaopeng aims to be present in 60 countries with over 1,000 sales outlets [5] Group 4: Government Support and Financial Backing - Xiaopeng Motors received attention from the Guangzhou municipal government, with a visit from key officials to understand the company's technological innovations. Additionally, a strategic cooperation agreement was signed with the Industrial and Commercial Bank of China, providing a credit line of 10 billion yuan to support various business operations [6] Group 5: Public Engagement and Experience - The "Xiaopeng AI Technology Manufacturing Journey" was opened to the public, allowing individuals to book visits to the company's global headquarters and manufacturing bases, showcasing advancements in AI automotive technology and robotics [7]

证券研究报告 智能汽车主线周报： 特斯拉FSD订阅量达到110万，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月1日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2026.1.26-2026.2.1 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-1.3%，智能汽车指数（除特斯拉）+1.9%，智能汽车指 数（除整车）-7.1%。截至2026年1月30日，智能汽车指数PS(TTM）为15.2x，该估值位于2023年初以来 99%分位数；智能汽车指数（除特斯拉）PS(TTM）为5.9x，该估值位于2023年初以来83%分位数；智能 汽车指数（除整车）PS(TTM）为9.9x，该估值位于2023年初以来81%分位数。智能汽车指数标的池中星宇 股份、如祺出行、经纬恒润、福耀玻璃、理想汽车涨幅前五。 （ ◼ 本周行业核心变化：1）截至2025Q4，特斯拉FSD订阅量达到110万；1）千里科技印奇出任阶跃星辰董事长； 2）小马智行与爱特博达成业务合作；3）文远知行发布通用仿真模型WeRid ...

Core Insights - Dongfeng Motor aims for a total sales target of 3.25 million vehicles in 2026, including 1.7 million electric vehicles and 600,000 exports [2] - The company plans to implement significant technological advancements, including the new Mahle power system and high-performance DF30 chip, marking 2026 as a "Technology Realization Year" [2] - Dongfeng will launch several new models across its brands, including the high-end Yijing brand in collaboration with Huawei, which is set to debut in March 2026 [2][3] Technology and Innovation - Dongfeng will focus on bringing technology from concept to reality, with plans for large-scale deployment of the T200 intelligent driving system and the T500 production application [2] - The collaboration with Huawei will enhance the development of high-end intelligent products, with the first model from the Yijing brand expected to be a high-end intelligent full-size SUV [3] Brand and Product Development - The Yijing brand will be a key highlight for Dongfeng in 2026, with plans for at least one new model to be launched annually following its debut [3] - Dongfeng's other brands, including Mengshi and Lantu, will also introduce new models that incorporate Huawei technology, focusing on outdoor experiences and high-end markets [4][5] - The new U series from Mengshi will emphasize light off-road capabilities and will feature advanced Huawei technology [4] Market Positioning and Strategy - Dongfeng's strategy involves deep collaboration with Huawei across multiple brands, which may lead to internal competition that needs to be managed [5] - Each brand under Dongfeng is expected to develop its unique competitive advantages to stand out in the "Car-Huawei" era, particularly the newly established Yijing brand [5]

1月19日，阿维塔科技董事长王辉公布一组新款阿维塔12的实车照片，搭载顶置激光雷达，B柱位置还增加"乾崑智驾ADS"标识。 外观方面，该车延续阿维塔家族化的设计风格，细节微调。前脸继续搭载C字形灯带。激光雷达由此前的前杠位置移动到风挡玻璃上方，分辨率和探测 距离进一步升级，车身侧面的激光雷达依然位于翼子板处。此外，门把手采用半隐藏式设计，使用起来更加人性化。 值得一提的是，B柱位置增加"乾崑智驾ADS"标识。车身尺寸为5020×1999×1470(1460)mm，轴距为3020mm。 阿维塔科技董事长王辉与华为智能汽车解决方案BU CEO靳玉志一同体验了新款车型。靳玉志评价："（新款阿维塔12）是我们双方战略合作升级2.0后 的首款车型。这款车将搭载华为乾崑最新的四激光方案，底盘操控、安全能力和智能化体验都会大幅提升。" ...

Group 1 - The Shangjie Z7 features a low-slung, elongated coupe design with a long hood and smooth fastback lines, enhancing its distinctiveness [3] - The vehicle continues the family design language with semi-hidden door handles and frameless doors, indicating a modern aesthetic [3] - The roof is equipped with lidar and a signature "smart driving blue light," which not only enhances the sporty atmosphere but also signifies advanced intelligent driving hardware capabilities [3] Group 2 - The Z7 is expected to fully integrate Huawei's full-stack technology, featuring the latest Harmony cockpit that supports super desktop and seamless mobile ecosystem transitions [3] - In terms of intelligent driving assistance, the vehicle is anticipated to include Huawei's Qian Kun intelligent driving ADS 4, which supports features like highway navigation assistance, urban lane cruising assistance, and intelligent parking assistance [3]