Core Viewpoint - Sanhua Intelligent Controls (002050) announced the approval of a merger between its wholly-owned subsidiaries, which will not significantly impact the company's operations or financial status [1] Group 1: Merger Details - The board of directors approved the merger of Shaoxing Sanhua Automotive Thermal Management Technology Co., Ltd. with Shaoxing Sanhua New Energy Components Co., Ltd. [1] - Following the merger, Shaoxing Thermal Management will continue to exist, while Shaoxing New Energy will be legally dissolved [1] - All assets, liabilities, rights, and obligations of Shaoxing New Energy will be inherited by Shaoxing Thermal Management [1] Group 2: Regulatory and Impact - The company received a registration notice from the Market Supervision Administration of Shaoxing City, confirming the completion of the dissolution registration for Shaoxing New Energy [1] - The completion of this dissolution will not have a significant impact on the company's normal operations and financial condition [1] - The interests of the company and all shareholders, especially minority shareholders, will not be harmed by this merger [1]

智通财经APP讯，三花智控(02050)发布公告，公司于2025年3月25日召开第七届董事会第三十一次会 议，审议通过了《关于全资孙公司之间吸收合并的议案》，公司董事会同意全资孙公司绍兴三花汽车热 管理科技有限公司(简称"绍兴热管理")吸收合并全资孙公司绍兴三花新能源汽车部件有限公司(简称"绍 兴新能源")，吸收合并完成后，绍兴热管理继续存续，绍兴新能源依法注销，绍兴新能源的全部资产、 负债、权益及其他一切权利与义务由绍兴热管理依法承继。近日，公司收到绍兴市越城区市场监督管理 局出具的《登记通知书》，绍兴新能源已完成注销登记手续。本次注销完成后，不会对公司的正常经营 和财务状况产生重大影响，不会损害公司及全体股东特别是中小股东的利益。 ...

Market Performance - The A-share automotive sector rose by 2.8% from December 22 to December 28, outperforming the CSI 300 index which increased by 1.2% [2] - Within the sector, automotive parts, passenger cars, commercial cargo vehicles, and automotive services saw increases of 4.0%, 2.3%, 0.9%, and 0.3% respectively, while motorcycles and commercial passenger vehicles declined by 1.3% and 2.1% [2] Investment Recommendations - The core investment focus for the month includes companies such as Geely Automobile, Xpeng Motors, BYD, Bertley, Top Group, New Spring, Hu Guang, and Chunfeng Power [3][10] - In the passenger car segment, there is optimism for quality domestic brands accelerating in smart technology and globalization, recommending Geely, Xpeng, BYD, and Xiaomi [12] - For automotive parts, recommendations include smart driving companies like Bertley and Horizon Robotics, as well as companies in the new forces supply chain such as Xingyu and Hu Guang [15] Robotics and Automation - Zhiyuan Robotics is expected to achieve annual revenue exceeding 1 billion yuan, with a projected shipment of 5,000 robots by 2025 [4] - The first batch of L3 autonomous vehicles has been approved for large-scale operation in Chongqing, which is anticipated to drive technological optimization and the practical application of autonomous driving technology [5][11] - The focus on the robotics sector is heightened with the upcoming IPOs of domestic robotics manufacturers, which are expected to catalyze the industry [4][16] Heavy Trucks and Commercial Vehicles - The heavy truck market is experiencing a recovery, with sales in November 2025 reaching approximately 100,000 units, a year-on-year increase of about 46% [26] - The expansion of the vehicle replacement subsidy policy is expected to stimulate demand for new purchases, with average subsidies of 80,000 yuan for scrapping and replacing eligible trucks [26][27] Tire Industry - The tire industry is witnessing a strong performance with high operating rates, particularly in the PCR segment, which stood at 72.05% as of December 26, 2025 [30][48] - Recommendations for tire companies include Sailun and Senqilin, as they are expected to benefit from ongoing globalization and demand recovery [28][30]

凯众股份公告称，拟以发行股份及支付现金方式购买安徽拓盛汽车零部件股份有限公司60.00%股权并 募集配套资金，预计构成重大资产重组及关联交易。公司股票及可转债于2025年11月起停牌，2025年12 月1日开市起复牌。截至公告披露日，审计、评估等工作正有序推进。本次交易尚需多项条件获批，结 果及时间存在不确定性。 ...

Core Viewpoint - The automotive parts sector is expected to see a weakening overall Beta by 2026, with structural opportunities being more favorable than total market opportunities. The focus should be on "intelligent driving (L2++/L3/L4) + liquid cooling (AIDC) + humanoid robots" as key technological lines, along with long-term certainty in overseas expansion [1]. Summary by Categories EPS Dimension - Companies should seek alpha through high-competitiveness products that enhance market share and those that can increase average selling price (ASP) by entering high-value sectors through internal and external growth [2]. - Globalization is expected to enhance growth potential and risk resilience in the automotive parts sector, particularly in Europe, North America, and Southeast Asia. With profit recovery and deeper customer engagement, companies may transition to global Tier 1/platform leaders between 2026 and 2030. Recommended companies include Fuyao Glass (600660), Xingyu Co., Ltd. (601799), Minth Group, Joyson Electronics (600699), and Xingyuan Magnesium (301398), with New Spring Co., Ltd. (603179) as a focus [2]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles being rapidly deployed. Companies should prioritize chips, domain controllers, core sensors, and drive-by-wire systems that demonstrate systematic capabilities in cost, algorithms, and safety redundancy. Recommended companies include Horizon Robotics, Black Sesame (000716), and Desay SV Automotive, with Bertel (603596) and Nexperia as points of interest [3]. - Robotics: Transitioning from "0 to 1" to "1 to 10," benefiting from large models and supply chains including actuators, reducers, lead screws, and force sensors. Focus should be on automotive parts leaders with "technology synergy + manufacturing collaboration." Recommended companies include Top Group (601689), Joyson Electronics, and Shuanghuan Transmission (002472), with YaPu Co., Ltd. (603013) and Daimay Co., Ltd. (603730) as points of interest [3]. - Liquid Cooling: Growth in AI capital expenditure and increased power consumption in AIDC are expected to create a market space of hundreds of billions for liquid cooling temperature control by 2030. The automotive parts sector should focus on thermal management, pipelines, and quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Machinery (002126), and Feilong Co., Ltd. (002536) [3].

- The report introduces a "Total Heat Indicator" for monitoring market sentiment, which aggregates the total heat indicators of individual stocks within broad-based indices, industries, and concepts[7] - The total heat indicator for individual stocks is defined as the sum of browsing, self-selection, and click counts, normalized by the market share on the same day, and then multiplied by 10,000, with a value range of [0,10000][7] - The report constructs a rotation strategy based on the weekly heat change rate (MA2) of broad-based indices, buying the index with the highest heat change rate at the end of each week, and staying out of the market if the "others" group has the highest change rate[13][16] - The rotation strategy based on the heat change rate (MA2) of broad-based indices has an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a return of 36.71% in 2025[16] - The report also constructs two simple portfolios based on concept heat: a "TOP" portfolio consisting of the top 10 stocks with the highest total heat in the hottest concepts, and a "BOTTOM" portfolio consisting of the bottom 10 stocks with the lowest total heat in the hottest concepts[32][33] - The "BOTTOM" portfolio historically achieved an annualized return of 15.71% with a maximum drawdown of 28.89%, and a return of 42.4% in 2025[34] - The heat change rate (MA2) for broad-based indices this week shows that the CSI 500 index has the highest increase of 7.1%, while the CSI 300 index has the largest decrease of 5.08%[2][16] - The heat change rate (MA2) for Shenwan primary industries this week shows that the top five industries with the highest positive change rates are retail, building materials, automotive, basic chemicals, and petroleum and petrochemicals, while the top five industries with the highest negative change rates are banking, coal, media, computer, and electronics[2][27] - The heat change rate (MA2) for Shenwan secondary industries this week shows that the top five industries with the highest positive change rates are environmental equipment II, special steel II, glass fiber, beverage and dairy, and aerospace equipment II[2][27] - The top five concepts with the highest heat change rates this week are sugar substitute, automotive dismantling, civil explosives, Hainan Free Trade Zone, and PVDF concept[2][28]

2025 年 12 月 28 日 北交所策略专题报告 2025 年打新择时复盘：上市首日售出策略仍然为短期最佳策略 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所 2025 年打新择时复盘，一周内新股股价最高日通常为上市首日 从 2025 年北交所节奏上来看，截至 2025 年 12 月 26 日，2025 年 1-12 月北交所 合计过会 49 家企业，合计上市 25 家企业，从 2025 年 4 季度开始，北交所上市 节奏出现提升，其中 2025 年 11-12 月北交所合计过会 22 家企业。从 2024 年至 今 48 家上市企业一周内股价变化趋势来看，多数企业股价最高日为上市首日。 我们按照上市日期为 T 日，上市企业股价最高日在 T 日、T+1、T+2、T+3、T+4、 T+5、T+6、T+7 的占比分别为 72.92%、0.00%、4.17% 、2.08%、4.17%、6.25%、 2.08%、8.33%。其中，一周内股价最高日不是上市首日的企业数量共有 13 家， 整体来主要由于 1）上市首日市场情 ...

Core Viewpoint - The overall Beta of the automotive parts sector is expected to weaken in 2026, with structural opportunities being more favorable than total opportunities. The humanoid robot sector opens up valuation elasticity for automotive parts, focusing on three main technology lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going overseas." Traditional advantageous tracks should be selectively laid out based on "performance realization + new order production" [3][8]. EPS Dimension - In the existing market, companies with high competitiveness that enhance market share and those that enter high-value tracks through internal and external expansion to increase ASP should be prioritized. The globalization of automotive parts opens up growth space, with a focus on production capacity in Europe, North America, and Southeast Asia, significantly enhancing growth potential and risk resistance. Companies are expected to transition to global Tier 1/platform leaders between 2026-2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Zhuomag, with New Spring Co. as a focus [4][8]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly landing. Focus on chip + domain control + core sensors + steer-by-wire chassis (systematic capabilities in cost/algorithm/safety redundancy). Recommended companies include Horizon Robotics, Black Sesame, and Desay SV. Companies to watch include Bertel and Nexperia [5][9]. - Robotics: Transitioning from "0→1" to "1→10," benefiting from large models + actuators/reducers/lead screws/force sensors, with a focus on automotive parts leaders that have "technological synergy + manufacturing collaboration." Recommended companies include Top Group, Minth Group, and Shuanghuan Transmission, with a focus on Yapu Co. and Daimay Co. [5][9]. - Liquid Cooling: AI capital expenditure growth and AIDC power consumption increase; the liquid cooling temperature control market is expected to reach hundreds of billions by 2030. Automotive parts should focus on thermal management/pipes/quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [5][9]. Emerging Industries - The expansion of emerging industries is expected to be less than anticipated, with downstream demand also falling short of expectations, and increasing geopolitical uncertainties [7]. Globalization - The global light vehicle market has a capacity of nearly 80 million units. The overseas light vehicle market is vast, with the 2024 overseas light vehicle production expected to reach 51.7 million units, accounting for 66% of the global market. The globalization of automotive parts is crucial for achieving significant revenue scales [47][49][50]. Conclusion - The automotive parts sector is entering a phase where structural opportunities are prioritized over total market growth. Companies focusing on intelligent driving, robotics, and liquid cooling technologies are expected to lead the way, while globalization will enhance growth potential and resilience against risks [3][4][5][8].

从创新性指标来看，同样在上述各报告期内，国贵科技研发费用率分别为 2.18%、2.61%、4.25%和 2.98%，与同行业可比公司的平均水平相近。 新京报贝壳财经讯（记者黄鑫宇）12月26日成为12月内北交所单日IPO受理量最高的一天。在这一天， 5家企业IPO申报同时获北交所受理。 重庆国贵赛车科技股份有限公司（"国贵科技"，874528）即位列这5家企业之中。企查查和官网共同显 示，国贵科技成立于2006年4月，既是一家国家级专精特新"小巨人"公司，也是重庆市"隐形冠军"企 业，长期从事对海外改装车产品和文化的研究工作。 招股书披露，国贵科技主要针对汽车后市场，近二十年专注于高性能汽车零配件的研发、生产和销售， 包括以汽车机械悬架、空气悬架为代表的汽车悬架系统零部件和以涡轮增压器、连杆等为代表的汽车动 力系统零部件在内的各类汽车零部件产品，并拓展至汽车周边相关的机电类产品，以eBay、Amazon等 国际电商平台及自营网站为主要媒介，将产品销往美国、欧洲等多个国家和地区。通过近二十年深耕欧 美汽车后市场领域，公司已创立具有市场影响力的自主品牌 MAXPEEDINGRODS，累计服务了超400 万名用户。 ...

Core Viewpoint - On December 26, 2023, five companies, including Zhuhai Fuji Intelligent Co., Ltd. ("Fuji Intelligent"), had their IPO applications accepted by the Beijing Stock Exchange, marking the highest single-day IPO acceptance in December [1]. Group 1: Company Overview - Fuji Intelligent, established in 2004, focuses on the R&D, production, and sales of precision structural components for consumer electronics and automotive applications, recognized as a national-level specialized and innovative "little giant" enterprise [1]. - The company's products are primarily used in smart TVs, digital cameras, and new energy vehicle batteries, with a fully autonomous production system from material development to product manufacturing [1]. Group 2: Financial Performance - Fuji Intelligent's revenue for the years 2022 to 2024 is projected to be 569 million yuan, 862 million yuan, and 975 million yuan, respectively, with 542 million yuan achieved in the first half of 2025 [1]. - The net profit attributable to the parent company for the same period is expected to be 29.72 million yuan, 30.93 million yuan, and 81.84 million yuan, with 47.47 million yuan in the first half of 2025 [1]. - R&D investment as a percentage of revenue for the respective years is 4.32%, 3.23%, 3.55%, and 2.93% [2]. Group 3: Client Base and Market Dynamics - Major clients in the consumer electronics sector include Sony, LGE, Hisense, TCL, Skyworth, Changhong, iFlytek, and Fujifilm, while in the automotive precision components sector, products are supplied to companies like CATL and EVE Energy through clients such as Zhenyu Technology and Zhejiang Zhongze [2]. - The concentration of sales from the top five clients decreased from 58.11% in 2022 to 41.81% in 2024, indicating improved customer diversification [2]. Group 4: New Business and Challenges - In June 2023, Fuji Intelligent launched a new business in battery cell structural components, generating revenues of 70.63 million yuan, 149.62 million yuan, and 129.14 million yuan for the periods of July to December 2023, the fiscal year 2024, and the first half of 2025, respectively [2]. - However, the overall sales growth of the domestic new energy vehicle industry has begun to slow, which may adversely affect the production and operation of this new business [2]. Group 5: IPO Details - Fuji Intelligent is pursuing an IPO under the first set of listing standards on the Beijing Stock Exchange, with expected market capitalization of no less than 200 million yuan and net profit requirements met for the last two years [3]. - The company aims to raise approximately 308 million yuan, which will be allocated to projects including precision structural components for battery cells and vehicle-mounted cameras, as well as R&D innovation center construction and working capital [3]. - The sponsor for this IPO is Changjiang Securities Co., Ltd., and the auditing firm is Zhongxinghua Accounting Firm [3].