Core Viewpoint - Gude Electric Materials (301680) successfully held an online roadshow on February 24, showcasing its critical position in the new energy vehicle supply chain as a core supplier of thermal runaway protection solutions for CATL (300750) [1] Group 1: Client Relationships - Gude Electric Materials has established itself as a first-tier supplier for major global automotive manufacturers, including General Motors, Ford, Stellantis, Toyota, BMW, Geely, Li Auto, and Xpeng [1] - The company maintains long-term stable cooperation with leading enterprises in the power sector, such as Dongfang Electric (600875), Shanghai Electric (601727), Harbin Electric, China West Electric (601179), and TBEA (600089) [1] - The collaboration with clients is characterized by deep binding features, requiring strict evaluations to be included in the qualified supplier system before receiving orders [2] Group 2: Product Development and Recognition - Gude Electric Materials engages deeply in the early development of client products, customizing complete thermal runaway protection solutions based on client needs, which enhances customer stickiness [2] - The company has received multiple honors, including the "2024 Supplier Quality Excellence Award" from General Motors and the "2024 Best Service Supplier" from Geely Group, reflecting its growing brand influence and market competitiveness [2]

（文章来源：每日经济新闻） 2月25日，新能源车ETF（159806）收涨超1.6%，关注车企旗舰新品发布周期。 银河证券指出，以旧换新政策已拉动汽车消费超千亿元，补贴标准优化后带动以旧换新购车均价提升至 超16万元，政策引导汽车消费升级效果初显成效。2026年以旧换新政策优化补贴标准，购买新能源乘用 车可享受新车售价12%的补贴，预计将提升政策效果，对汽车市场消费形成更为有利的支撑作用。节前 汽车市场销量受政策退坡季节性回落，1月新能源汽车销量同比微增，渗透率达40.3%，但新能源乘用 车国内渗透率同比略降，主要受购置税退坡影响。展望节后，随着全国首个A级车展北京车展临近，车 企即将进入2026年上半年旗舰新品发布周期，多款旗舰新能源产品有望陆续上市，市场迎来新一轮密集 供给，有望带动市场需求回暖，新能源汽车渗透率有望触底反弹。 新能源车ETF（159806）跟踪的是CS新能车指数（399976），该指数聚焦于新能源汽车产业链，涵盖上 游材料、中游零部件到下游整车及相关服务等环节，从市场中选取涉及相关业务的上市公司证券作为指 数样本，以反映新能源汽车行业整体表现及发展趋势。 ...

[Table_Page] 宏观经济研究报告 2026 年 2 月 25 日 证券研究报告 [Table_Title] 广发宏观 2 月 EPMI 数据带来哪些增量信息 [Tabl e_Author] 分析师： 郭磊 分析师： 王丹 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260521040001 021-38003572 guolei@gf.com.cn bjwangdan@gf.com.cn 请注意，王丹并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 报告摘要： ⚫ 2 月战略性新兴产业采购经理人指数（EPMI）环比下降 5.4 个点至 44.6。春节所在月份的季节性是 EPMI 下行 的主要原因，与历史上春节位于 2 月中旬的年份相比，今年 EPMI 环比降幅小于 2021 年、基本持平于 2024 年、弱于 2015 和 2018 年的环比小幅上行。中观景气面同样回落，7 大细分行业中仅新能源行业位于景气扩张 区间。 据中采咨询（下同），2 月战略性新兴产业采购经理人指数（EPMI）环 ...

格隆汇2月25日丨通达动力(002576.SZ)在互动平台表示，截至目前，公司在新能源汽车驱动电机铁芯配 套业务方面与比亚迪进行长期合作。 ...

格隆汇2月25日丨通达动力(002576.SZ)在互动平台表示，截至目前，公司在新能源汽车驱动电机铁芯配 套业务方面与比亚迪进行长期合作。 ...

Group 1: Core Insights - The Beijing-Tianjin-Hebei (Jing-Jin-Ji) region has established a 1 to 1.5-hour transportation circle among major cities over the past 12 years, enhancing technological and industrial innovation collaboration [1][7] - During the 14th Five-Year Plan period, the total value of technology contracts from Beijing to Tianjin and Hebei reached over 320 billion yuan, a 1.7 times increase compared to the 13th Five-Year Plan, with 99.61 billion yuan expected in 2025 [1][7] - The region's GDP is projected to approach 12 trillion yuan by 2025, with social security card applications expanding across five major scenarios [1] Group 2: Educational and Healthcare Developments - Four universities have commenced construction of their campuses in Xiong'an New Area, supporting the relocation of non-capital functions [2] - The Beijing medical network has established 150 medical alliances, with significant progress in mutual recognition of medical test results across 1,326 institutions [5] Group 3: Urban Development and Infrastructure - The Beijing Urban Sub-center is accelerating high-quality development, with major projects like the East Sixth Ring Road renovation and the opening of Beijing Tongzhou Station [3] - The "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)" has been approved, promoting integrated development in commuting, functional, and industrial circles [4] Group 4: Technological and Industrial Innovation - The Jing-Jin-Ji region has seen the establishment of 140 hard-tech enterprises, with significant advancements in hydrogen energy and biomedicine industries [7] - The advanced manufacturing cluster in the region has achieved a total output value exceeding 1.6 trillion yuan in the new generation information technology sector [7] Group 5: Future Development Plans - The Beijing Development and Reform Commission plans to enhance non-capital function relocation, support Xiong'an New Area construction, and improve public services in the region [8]

Investment Rating - The report assigns a "Strong Buy" rating to the company for the first time, with a target price of HKD 61.44, representing a 37% upside from the current price of HKD 44.72 [3][11]. Core Insights - The company is expected to launch the A+D series models in 2026 to expand its product matrix, with projected sales of 600,000, 1,010,000, and 1,280,000 vehicles for 2025-2027, reflecting year-on-year growth of +105%, +69%, and +28% respectively [2][9]. - The company has established a strong cost control strategy, which is central to its competitive advantage in the domestic market, allowing it to achieve significant sales growth and become the top seller among new energy vehicle brands in China by 2025 [7][39]. - The partnership with Stellantis is expected to enhance the company's international market presence, with a target of exporting 100,000 to 150,000 vehicles by 2026, marking a significant growth opportunity [9][24]. Financial Summary - The company's total revenue is projected to grow from HKD 32.16 billion in 2024 to HKD 151.75 billion in 2027, with year-on-year growth rates of 92.1%, 102.9%, 75.9%, and 32.2% respectively [3][11]. - The net profit attributable to shareholders is expected to turn positive in 2025, reaching HKD 628 million, and further increasing to HKD 8.695 billion by 2027, with growth rates of 122.3%, 723.5%, and 68.2% respectively [3][11]. - The earnings per share (EPS) is forecasted to improve from a loss of HKD 1.98 in 2024 to a profit of HKD 6.12 by 2027 [3][11]. Market Position and Strategy - The company has successfully differentiated itself in the competitive landscape by focusing on high cost-performance vehicles, which has led to a significant increase in sales volume [7][39]. - The strategic collaboration with Stellantis, which includes a joint venture for overseas operations, is expected to provide the company with valuable resources and market access, enhancing its growth potential in international markets [9][24]. - The company plans to leverage its unique supply chain capabilities and cost advantages to maintain its competitive edge against traditional automotive giants like BYD and Geely [10][12].

Group 1: Manufacturing and Innovation - The "Xiyi" shield tunneling machine, a significant achievement in high-end equipment manufacturing, will be used in the construction of the Taihu Tunnel connecting Wuxi and Yixing, showcasing Hunan's manufacturing capabilities [1][2] - Hunan has established a new development pattern of "technology-industry-ecology" to overcome the bottleneck of relying on imports for high-end hydraulic components and core control systems in the engineering machinery sector [2][4] - The Hunan Beidou Industrial Park has gathered over 170 upstream and downstream enterprises, forming a complete ecosystem from component research and development to satellite manufacturing and application [3][4] Group 2: Cultural and Tourism Development - Changde's Hejie Street has become a living museum of intangible cultural heritage, showcasing 87 projects and attracting tourists with local delicacies and performances [5][6] - The "Xiangchao" league has successfully integrated traditional culture with modern entertainment, significantly boosting tourism and cultural engagement in Hunan [5][6] - The province's forest coverage rate has remained stable at 54.11%, contributing to the sustainable appeal of Hunan's cultural tourism [6] Group 3: Open Economy and Trade - The Huaihua International Land Port has transformed into a logistics hub, significantly reducing shipping times and costs, and facilitating the growth of local industries [8][9] - Hunan's total import and export volume reached 541.41 billion yuan in 2025, with exports to African countries hitting a record high of 58 billion yuan, marking a 10.8% increase since 2020 [9][10] - The province aims to enhance its open economy by building an "open cooperation belt" and strengthening strategic interactions with surrounding regions [10]

Group 1 - Haidilao increased by 5.943% [1] - HSBC Holdings rose by 5.469% [1] - Longfor Group saw a rise of 4.596% [1] - Master Kong Holdings increased by 3.758% [1] Group 2 - Leap Motor declined by 3.712% [1] - Tongcheng Travel dropped by 4.973% [1] - SenseTime-W fell by 5.364% [1]

24日，广州市白云区四处项目现场热潮涌动——湾区时尚产业园、白云人工智能科技园、兆强磁流体和 碳氮化钛新材料科研智造基地、宁家服务广州直营体验中心项目同日动工，以"开局即冲刺"的姿态，正 式拉开了白云区2026年"项目筹建年"的序幕。 本次动工的四个项目总投资额14亿元，覆盖时尚智造、人工智能、战略性新材料、新能源汽车四大前沿 领域，是白云区推动产业转型升级、夯实高质量发展根基的重要落子。其中，宁家服务广州直营体验中 心项目正式入驻广州日报印务中心并开工建设，标志着白云区新能源产业赛道再添一支重要"生力军"。 该项目由宁德时代携手三马名车联合运营，是宁德时代从全球领先电池制造商向"制造+服务"一体化解 决方案供应商转型的战略落子，也是目前其在华南地区唯一布局的直营项目。 它们的同步动工，不仅展现了区域经济的强劲活力，更是"拿地即开工"白云速度的生动体现。据悉， 2026年是白云区的"项目筹建年"。为确保优质产业项目"来之即落、落之即建"，白云区以前所未有的力 度推进整套筹建体系"版本升级"。在人工智能科技园工地，裕廊发展集团总裁曹国伟介绍："项目2月9 日正式摘地，'节前拿地、节后动工'凸显了招商引资与项目落 ...