Summary of Conference Call Records Industry and Company Overview - **Industry**: Robotics, Military, Automotive Bearings - **Key Companies**: - **Magic Bearing (魔阳轴承)**: Focuses on automotive bearings and components, including military vehicle bearings - **Hua Wu Co., Ltd. (华伍股份)**: Specializes in industrial braking systems and military drone maintenance Core Insights and Arguments Magic Bearing - The company is a major producer of automotive bearings and components, recognized for its brand "ZXY" in the automotive sector, having received multiple national honors [2] - It has a strong domestic sales network with 28 branches and 14 distribution centers, and has expanded internationally through the acquisition of Poland's KFLT [2] - The company is the exclusive supplier of military vehicle bearings for Dongfeng and has developed high-efficiency, low-vibration, and thin-walled bearing technologies applicable to robotic reducers [2] Hua Wu Co., Ltd. - The company is involved in the research, manufacturing, and sales of industrial braking devices and control systems, with a significant presence in the wind power sector, holding over 40% market share [3] - It has a subsidiary engaged in military drone maintenance, making it one of the few private companies in this field [3] - The company has obtained military confidentiality qualifications and is actively exploring opportunities in the aviation sector, including participation in civil aircraft projects [3] Market Dynamics - The market showed strong performance with the ChiNext index leading gains, and total trading volume reaching 1.31 trillion yuan, an increase of 116.4 billion yuan from the previous trading day [1] - Key sectors experiencing growth included military, robotics, and consumer electronics, while innovative pharmaceuticals faced a downturn [1] Institutional Activity - Institutional participation decreased slightly, with 16 stocks seeing net buy/sell amounts exceeding 10 million yuan, split evenly between buys and sells [1] - Notable net buys included: - **Zhongjian Technology**: 111 million yuan - **Xiangyang Bearing**: 109 million yuan - **Hongbaoli**: 52.26 million yuan [1] Additional Important Information - The military and robotics sectors are highlighted as significant growth areas, with companies like Magic Bearing and Hua Wu Co., Ltd. positioned to benefit from increased demand in these fields [2][3] - The overall market sentiment remains positive, with a notable increase in stock prices for companies involved in military and robotics applications [1][6]

Group 1 - Morgan Stanley predicts gold prices may reach $6,000 per ounce by 2029, up from approximately $3,300, driven by U.S. policies and limited supply [1] - Hedge funds have increased bullish bets on Chinese stocks due to optimistic sentiment surrounding U.S.-China trade negotiations, particularly among U.S. hedge funds [1] - Goldman Sachs expects Germany's defense spending to rise from 2.1% of GDP in 2024 to 3% by 2027, benefiting the defense industry significantly [2] Group 2 - Goldman Sachs warns that if interest rate cuts do not materialize, short-term U.S. Treasury yields may face upward pressure due to a lack of supporting economic data [3] - Bank of America reports that global investors are reducing their exposure to the U.S. dollar, driven by concerns over the U.S. fiscal outlook [5] - BlackRock notes that recent U.S.-China trade talks have yielded significant progress, which is expected to boost confidence in Chinese markets [4] Group 3 - Canadian Imperial Bank of Commerce indicates that tariffs may initially raise U.S. inflation before negatively impacting economic growth, potentially delaying Federal Reserve rate cuts [6] - Capital Economics predicts that OPEC+'s strategic shift will continue to exert downward pressure on oil prices until the end of 2026 [8] - BMO Capital Markets highlights an increased likelihood of a rate cut by the Bank of Canada in June due to disappointing employment data [9] Group 4 - CITIC Securities suggests that strengthened export controls on strategic metals may lead to a revaluation of these assets, with prices expected to rise [7] - CITIC Securities also notes a recovery in risk appetite, with a focus on high-growth sectors and new themes following the release of Q1 reports [8] - Huatai Securities emphasizes the importance of implementing monetary policies introduced in May, while considering both domestic and U.S. economic factors [9] Group 5 - Huatai Securities is optimistic about the passenger vehicle sector maintaining high growth in Q2, driven by demand from trade-in policies and consumer incentives [10] - Huatai Securities anticipates a structural recovery in the home appliance sector in Q2, supported by domestic demand and export recovery [12] - China Galaxy Securities recommends focusing on "technology narrative" opportunities in the A-share market, alongside stable dividend-paying sectors [13]

对标研究、求信咨询、吉图咨询、361ci 目录 CONTENT 01 02 03 汽车市场整体概况 国产乘用车市场分析 进口乘用车市场分析 04 商用车市场分析 01 汽车市场概况 -11.94% 52.81% 15.26% -20.54% -39.25% 49.53% 43.3k 26.3k 39.4k 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 国产乘 进口乘 国产商 环 比 同 比 销 量 同 比 销 量 43.3k 69.7k 109.0k 1月 1-2月 1-3月 1-4月 1-5月 1-6月 1-7月 1-8月 1-9月 1-10月 1-11月 1-12月 -11.94% 4.85% 8.38% 本期月度销量国产89.35%，进口2.09%，商用8.56%。 本期累计销量国产89.35%，进口2.09%，商用8.56%。 2025年累计 2024年累计 2024年 求信咨询 吉图咨询 P4 月度销量中，国产车占 89.35%、进口车占 2.09%、商用车占 8.56% 。1 月销量 43.3k ，2 月环比降 20.54% 至 26.3k ，3 月环比增 49.5 ...

| 辅 导 对 象 珠海格莱利摩擦材料股份有限公司 | | | | | | --- | --- | --- | --- | --- | | 成立日期 | | 2002-11-11 | | | | 注册资本 | | 9,800.00万元 | 法定代表人 | 刘宇超 | | 注册出址 | | 珠海市斗门区斗门镇龙山工业区龙山三路6号 | | | | 控股股东及 持 股 比 例 | | 控股股东为刘翌辉、王杨,持股比例分别为14.12%、14.00% | | | | 行业分类 | | C36 汽车制造业 | 在其他交易场 所(申请)挂牌 或上市的情况 | 无 | | 备 | 注 | 元 | | | 瑞财经 王敏 5月12日，珠海格莱利摩擦材料股份有限公司（以下简称"格莱利"）在广东证监局进行IPO辅导，辅导机构为申万宏源证券。 格莱利成立于2002年11月11日，注册资本9800万元，法定代表人为刘宇超。公司是一家集制造生产、销售、研发、服务于一体的专业化摩擦材料企业，是国 内唯一一家进入国际配套体系、为全球最大的制动器厂采埃孚天合（ZF-TRW）、德国大陆汽车（Continental）供应前装配套刹车片产品的民营 ...

Group 1: Trade Relations - The governments of China and the United States recognize the importance of sustainable and mutually beneficial bilateral trade relations [1][2] - Both countries have agreed to modify tariffs on each other's goods, with a 24% tariff on Chinese goods being suspended for the first 90 days, while retaining a 10% tariff [1][2] - A mechanism will be established for ongoing consultations regarding trade relations, with representatives from both sides designated for these discussions [2] Group 2: Corporate Developments - ByteDance's Seed team has released the Seed1.5-Embedding model, achieving state-of-the-art results in Chinese and English on the MTEB benchmark [5] - Meituan has led a multi-billion yuan Series A funding round for the embodied intelligence company, Self-Variable Robotics, which aims to accelerate the development of its intelligent models and robotic applications [13] - Nissan plans to lay off over 10,000 employees globally due to ongoing poor performance, which is part of a broader strategy to reduce its workforce by approximately 15% [6] Group 3: Economic Policies - The Chinese government is accelerating the construction of a cross-border asset management center in the Guangdong-Hong Kong-Macao Greater Bay Area [7] - The Ministry of Commerce is committed to providing more support for foreign trade enterprises amid complex external challenges [8] - The Finance Ministry and the Ministry of Industry and Information Technology are launching pilot programs for the digital transformation of small and medium-sized enterprises in about 34 cities by 2025 [9]

【要闻报道】 中美首轮谈判发布联合声明：90天关税暂停，中美经济重新审视互补性 中美在瑞士日内瓦举行经贸高层会谈，双方在经贸领域达成一系列重要共识。当地时间5月12日上午9： 00，双方发布《中美日内瓦经贸会谈联合声明》。 联合声明发布后，引发了金融市场强烈反应。富时中国A50指数期货一度涨超2%；离岸人民币兑美元 一度大涨超400点。美股三大期指亦快速拉高。与此同时，外资机构对中国资产的后市展望愈发乐观。 在中美日内瓦经贸会谈联合声明发布前夕，花旗银行报告称，假设中美就关税问题谈判取得进展，上调 恒生指数今年底目标价2%至25000点，并予明年上半年目标价26000点。 相关解读：中信建投解读中美会谈：2点超预期3大影响 牛弹琴：中美日内瓦会谈，最大亮点有三个 商务部：严打战略矿产走私出口，加大口岸查验和打击查处力度 今天，商务部新闻发言人就开展打击战略矿产走私出口专项行动应询答记者问。 问：我们注意到，近日国家出口管制工作协调机制办公室部署开展了打击战略矿产走私出口专项行动， 请问专项行动是出于什么考虑？还将开展哪些工作？ 答：加强战略矿产资源出口管制事关国家安全和发展利益。我们对部分战略矿产实施出口管制 ...

动态来看，CPI续涨的动力仍在。数据显示，具有通胀风向标意义的日本东京4月份核心CPI同比上涨 3.4%，长达44个月远离政策目标高位；更为重要的是，由工资上涨推动的服务产品价格上升趋势可能 进一步得到强化。继去年基本工资涨幅达到30多年来的最高水平，今年前3个月日本企业员工名义现金 收入连续上涨，平均增幅达到2.53%，创下33年来的最大增幅，而经过"春斗"谈判后，日本最大的工会 组织对外表示，其成员工会今年平均加薪将达到6.09%，再次创下30多年来最大幅度的加薪纪录。表面 上看，工资涨幅依然赶不上或者接近通胀升幅，但增量工资对消费的刺激从而拉升通胀之力的确存在。 以最新3月份的数据为例，剔除通胀因素，当月日本家庭支出同比增长2.1%，远超市场预期的0.2%，且 这种趋势未来几个月可能继续演绎，进而为日本央行的加息选择注入积极因素。 再看经济指标。据日本内阁府公布的最新数据，截至去年第四季度日本GDP连续三个季度保持增长，由 此拉动日本经济年度大幅增长2.9%，尤其是在去年创下了40年来最大增幅的经常账户盈余规模后，今 年前三个月日本出口再次先后同比增长7.3%、11.4%和3.9%，且出口创下了连续6个 ...

序号股东名称持股比例1江苏瑞翔新能源集团有限公司100% 经营范围含汽车销售；新能源汽车整车销售；汽车零配件批发；汽车零配件零售；汽车拖车、求援、清 障服务；汽车零部件再制造；汽车装饰用品销售；新能源汽车电附件销售；小微型客车租赁经营服务； 新能源汽车换电设施销售；机动车修理和维护；汽车装饰用品制造；洗车服务；二手车交易市场经营； 二手车经纪；机动车鉴定评估；机动车充电销售；轮胎销售；电车销售；集中式快速充电站；充电桩销 售；电池销售；电池零配件销售；蓄电池租赁；插电式混合动力专用发动机销售；代驾服务；新能源汽 车生产测试设备销售；电动汽车充电基础设施运营；会议及展览服务；商务代理代办服务；停车场服 务；特种设备销售；特种设备出租；日用百货销售（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动） 天眼查App显示，近日，常州市瑞翔鸿越汽车销售服务有限公司成立，法定代表人为孙建华，注册资本 1000万人民币，由江苏瑞翔新能源集团有限公司全资持股。 企业名称常州市瑞翔鸿越汽车销售服务有限公司法定代表人孙建华注册资本1000万人民币国标行业制造 业>汽车制造业>汽车整车制造地址江苏省常州市武进区湖塘镇常武中 ...

Summary of Leap Motor Conference Call Company Overview - **Company**: Leap Motor - **Industry**: Electric Vehicle (EV) Manufacturing Key Points and Arguments Sales Performance - In April 2025, Leap Motor sold 41,000 vehicles, maintaining the top position in wholesale sales among new force car manufacturers for two consecutive months, with a month-on-month increase of 4,000 units, primarily due to the complete delivery of the B10 model and significant growth in overseas sales, which reached 6,086 units, the highest among new forces [2][5] - During the May Day holiday, Leap Motor set a new record for order volume, with over 18,000 total orders from May 1 to May 5, and a single-day order exceeding 3,700 units on May 5, indicating strong market demand and potential for future sales growth [2][5] Product Development - The second new car from the B platform, the B01, was unveiled at the Shanghai Auto Show, positioned as a compact pure electric sedan with a competitive price and a range of 650 kilometers, equipped with advanced technologies including LIP3.5 architecture and high-performance chips [2][6] - The new C10 model has started pre-sales, featuring an improved range of 605 kilometers and a price range of 129,800 to 149,800 yuan, enhancing market competitiveness through price reduction and added features [2][6] Strategic Partnerships - Leap Motor signed a strategic cooperation memorandum with China FAW Group, focusing on joint development of new energy passenger vehicles and integration of component technologies, which is expected to positively impact the company's performance through authorized service income [2][7] Financial Projections - For 2025, Leap Motor anticipates sales of 500,000 to 600,000 vehicles, with revenue exceeding 60 billion yuan, and projections for 2026 reaching 100 billion yuan. The expected gross margin is between 10% and 12%, although actual performance typically exceeds guidance [4][12] - The company expects significant improvements in gross margin due to scale effects and cost reductions from the LIP3.5 platform, which is designed to lower production costs [3][12] Market Outlook - The company maintains a positive outlook for future sales, expecting stable monthly sales of 10,000 to 15,000 units for the B10 model and several thousand units for the B01 after its launch in July [4][8] - The new C10 model is projected to maintain strong sales momentum, supported by competitive pricing and enhanced features [9][10] Competitive Positioning - Leap Motor's products are positioned competitively against rivals such as BYD and XPeng, with the B01's range and pricing strategy aimed at capturing market share in the compact EV segment [6][11] Cost Management - The LIP3.5 platform is expected to reduce costs significantly through design optimizations and negotiations with suppliers, contributing to better profitability despite a competitive market environment [12] Additional Important Information - Leap Motor's overall sales strategy includes accelerating overseas expansion, with a focus on high-end models and localizing production to mitigate market disruptions [8][11] - The company has a robust pipeline of new models, including the B05 expected to debut at the Chengdu Auto Show in August 2025, which will further enhance its market presence [11]

证券研究报告 | 宏观深度报告 | 中国宏观 从需求端来看，消费假期效应消退走弱，固投整体下行，出口仍有韧性。 从价格端来看，本周物价边际承压，系统性回升有待需求侧反弹。 ❑ 风险提示 经济结构转型，传统指标对经济的拟合度下降； 地缘政治博弈强度超预期。 经济周周看：本周经济景气度略有回落 ——宏观经济周度高频前瞻报告 核心观点 基于前期报告《经济周周看：整体向上，生产偏强，需求涨跌互现——宏观经济周度 高频前瞻报告》中构建的生产端景气周度跟踪框架，我们进一步编制 GDP 周度高频 景气指数，更好地综合把握经济景气强度及变化方向。 从我们构建的 GDP 周度高频景气指数历史回溯来看，GDP 周度高频景气指数在趋势、 节奏上与月度 GDP 的趋势节奏有较好的拟合度，例如 2024 年二季度的回落、三季度 筑底与四季度的大幅改善得到较好拟合，在拐点上有较好提示。未来随着高频数据质 量的进一步完善，有望更好地拟合周度 GDP，使其在弹性强度上更为准确。 GDP 周度高频景气指数本周（截至 5 月 10 日）为 5.4%，与上周修订值 5.7%略有回 落，或表征经济增长景气有所放缓。我们认为，随着关税冲击，GDP 周 ...