天博智能是行业内知名的汽车热管理系统零部件制造商，并拓展了汽车声学部件等业务，公司主营产品 主要应用于汽车领域。凭借数十年的行业深耕与积累，公司客户已覆盖国内大部分主机厂，拥有广泛且 优质的客户资源和较强的品牌影响力，2024年中国汽车销量前十位的车企集团均是公司的当期客户。在 储能、AI 数据中心服务器等非汽车领域，公司热管理产品近年来亦有所拓展，与行业内部分知名企业 建立了合作关系。 锐石创芯是一家专注于射频前端芯片及模组的高科技创新企业，致力于突破射频通信领域的核心关键技 术，主营业务为射频前端模组及射频分立器件的研发、设计、制造和销售。公司产品及技术布局完整， 全面覆盖射频滤波器(含双工器、多工器、SAW Bank)、功率放大器、射频开关及低噪声放大器等全品 类核心射频器件，并具备高集成度射频前端模组的快速研发与持续迭代能力。 韬盛科技专注于半导体测试接口领域，主要产品包括芯片测试接口、探针卡等，主要为下游芯片设计、 晶圆制造、封装测试等产业链各环节客户提供关键测试硬件方案。公司是境内最早独立研发芯片测试接 口并实现规模化量产的企业之一，实现了高端芯片测试接口的国产替代和自主可控。公司坚守自主创新 发 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][10]. Core Insights - The company is a leader in thermal management and is accelerating its globalization process, with its robotics business opening new growth ceilings [3][7]. - The company achieved a total revenue of 24.03 billion RMB in Q3 2025, a year-on-year increase of 17%, and a net profit attributable to shareholders of 3.24 billion RMB, with a growth rate exceeding 40% [7][27]. - The report forecasts net profits of 4.253 billion RMB, 4.650 billion RMB, and 5.099 billion RMB for 2025, 2026, and 2027, respectively, with growth rates of 37.2%, 9.4%, and 9.6% [10][11]. Summary by Sections 1. Globalization and Business Expansion - The company has successfully listed in both A and H shares, enhancing its global competitiveness and financing channels [7][42]. - The company has a strong market position in traditional refrigeration components and automotive thermal management, with significant revenue contributions from both sectors [9][28]. 2. Mature Business: Strong Position in Refrigeration and Automotive Components - The traditional refrigeration business remains robust, contributing 64% of total revenue in H1 2025, while the automotive components business has rapidly increased its share to 36% [28][34]. - The company has maintained a leading market share in key refrigeration components, with electronic expansion valves and microchannel heat exchangers showing significant growth [50][58]. 3. Emerging Business: Energy Storage and Robotics - The energy storage and robotics sectors are expected to drive future growth, with the company leveraging its existing technology to enter these markets [9][12]. - The robotics division has been established to focus on high-value electromechanical actuators, with plans for mass production in collaboration with global clients [9][12]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 24.56 billion RMB, 27.95 billion RMB, and 31.91 billion RMB from 2023 to 2025, with corresponding growth rates of 15.0%, 13.8%, and 14.2% [8][10]. - The report estimates a reasonable market capitalization of 1,433 billion RMB, indicating a potential upside of 12.3% from the current H-share market value [10][11].

（编辑 丛可心） 证券日报网讯 12月16日，苏奥传感在互动平台回答投资者提问时表示，公司目前主营产品包括传感器 及配件、燃油系统附件、汽车内饰件及新能源部件及汽车热管理系统零部件。未来公司将依托控股股东 产业资源与平台优势深化产业协同，拓宽业务发展空间。回报投资者方面，公司将聚焦主业提升经营质 量，并严格依照法律法规及公司章程要求，制定实施合理的利润分配方案，切实保障股东权益。具体信 息请以公司发布的正式公告为准。 ...

Market Performance - The major indices experienced a high and then a pullback this week, with the Shanghai Composite Index down 1.30% to 3820.09 points, while the Shenzhen Component Index rose 1.14% to 13070.86 points, and the ChiNext Index increased by 2.34% to 3091.00 points [1][2] - All major indices reached new highs this week, with the Shanghai Composite Index hitting a peak of 3899.96 points before adjusting [2] - The ChiNext Index showed the strongest performance with a weekly increase of 2.34%, marking a seven-week consecutive rise [2] Sector Performance - The consumer sector, including tourism and hotel dining, showed resilience, with the tourism sector rising by 2.55% during a significant market adjustment [4] - The home appliance components sector saw a rise of over 10%, with companies like Sanhua Intelligent Controls and Hongchang Technology leading the gains [4] - The automotive thermal management technology is expanding its application beyond traditional vehicles into emerging fields such as data centers and energy storage systems, indicating a broad market potential [5] External Influences - The U.S. Federal Reserve announced a 25 basis point cut in the federal funds rate, which is expected to improve global liquidity and enhance investor appetite for equity assets, particularly benefiting emerging markets [3]

Core Viewpoint - The recent investment activity by prominent trader Chen Xiaoqun in Sanhua Intelligent Control has sparked mixed reactions among retail investors, highlighting a cautious market sentiment and a shift in investment behavior [3][4]. Company Overview - Sanhua Intelligent Control is a leading manufacturer of refrigeration control components and automotive thermal management systems, with a stable demand for its traditional refrigeration parts and significant interest in its automotive thermal management systems, particularly in the electric vehicle sector [4]. - The company has established itself as a key supplier for major automotive manufacturers such as Tesla and BYD, benefiting from the global trend towards automotive electrification [4]. - Sanhua Intelligent Control has a market capitalization of 165.12 billion yuan and a price-to-earnings ratio of 44.69, indicating a solid financial performance and strong cash flow [3]. Market Sentiment - Despite some investors calling for a sell-off, Sanhua Intelligent Control opened high at 40.99 yuan on September 17, continuing its upward trend [3]. - The investment community is observing a unique phenomenon where many retail investors are jokingly expressing intentions to "run away" rather than follow the lead of top traders, reflecting a cautious and self-protective mindset [3][5]. - The behavior of retail investors can be attributed to past experiences of being caught in high-risk situations, leading to a psychological response to avoid becoming "the last buyer" [4][5].

Core Viewpoint - The article discusses the recent investment activity of prominent trader Chen Xiaoqun in Sanhua Intelligent Control, highlighting the mixed reactions from retail investors and the underlying market dynamics. Group 1: Investment Activity - On September 16, Chen Xiaoqun purchased Sanhua Intelligent Control shares worth 201 million yuan, which quickly became a hot topic in the investment community [4] - Despite some investors calling for a sell-off, Sanhua Intelligent Control opened high at 40.99 yuan on September 17, continuing its upward trend [4] - Chen Xiaoqun's recent investment history includes a significant loss of approximately 70 million yuan from a previous investment in Shenghong Technology, which has made some investors wary [4] Group 2: Company Fundamentals - Sanhua Intelligent Control is a leading manufacturer of refrigeration control components and automotive thermal management systems, with a stable demand for its traditional products [5] - The company has become a key supplier for major automotive manufacturers like Tesla and BYD, benefiting from the global shift towards electric vehicles [5] - As of September 16, the company's stock price was 39.23 yuan, with a market capitalization of 165.12 billion yuan and a price-to-earnings ratio of 44.69, indicating strong fundamentals and cash flow [4][5] Group 3: Market Sentiment and Retail Investor Behavior - Retail investors are exhibiting caution, with many opting to "run away" rather than follow the lead of top traders, reflecting a learned response to past experiences of being caught in high-risk situations [6][7] - This behavior is characterized as a form of self-preservation, where investors attempt to avoid being left holding the bag in case of a downturn [7] - The article suggests that investors should focus on understanding the companies themselves rather than merely following market trends, advocating for a more long-term investment approach [7]

Group 1 - MAHLE Group's delegation visited Suzhou Zhongjie Automotive Parts Co., Ltd. to discuss advanced technologies and strategic collaboration in the context of "working together for a smart future" [1][3] - The visit aimed to deepen the consensus on intelligent and green manufacturing, laying a solid foundation for the joint development of next-generation thermal management products [3][4] - Zhongjie Automotive showcased its comprehensive capabilities in digitalization and intelligent manufacturing, including a fully automated production system and an integrated industrial internet platform [3][4] Group 2 - MAHLE Group is one of the four major global players in automotive thermal management systems, achieving sales of €4.591 billion in 2023, accounting for 35.82% of its total revenue [6] - The collaboration between Zhongjie Automotive and MAHLE signifies the integration of Chinese component manufacturers into the global high-end automotive supply chain, driven by technological strength and intelligent manufacturing capabilities [6] - Zhongjie Automotive maintains long-term partnerships with global tier-one suppliers and its products are widely used in major automotive brands such as Mercedes-Benz, BMW, Audi, Tesla, BYD, General Motors, and Toyota [6]

Core Viewpoint - Tenglong Co., Ltd. (603158.SH) experienced a significant decline in stock price, closing down 6.99% at 11.05 yuan, with a trading volume of 996 million yuan and a market capitalization of 5.423 billion yuan [1] Company Overview - Tenglong Co., Ltd. primarily operates in two business segments: automotive thermal management system components and energy-saving environmental protection components for automotive engines [1] - The company provides a wide range of automotive parts applicable to traditional internal combustion engine vehicles, hybrid vehicles, and pure electric vehicles [1] Shareholder Activity - The company's controlling shareholder, along with concerted actors, is set to reduce their holdings by 250,000 shares on August 28, 2025 [1]

Core Viewpoint - Tenglong Co., Ltd. (603158.SH) announced unusual fluctuations in stock trading, indicating potential market interest or concern regarding its performance and shareholder actions [1] Company Overview - The company primarily engages in two business segments: automotive thermal management system components and energy-saving environmental protection components for automotive engines [1] - Tenglong provides a wide range of automotive parts applicable to traditional internal combustion engine vehicles, hybrid vehicles, and pure electric vehicles [1] Shareholder Activity - The company's controlling shareholder, Jiang Yilin, along with concerted parties, reduced their holdings by 250,000 shares on August 28, 2025 [1]

Core Viewpoint - Tenglong Co., Ltd. (603158.SH) announced an unusual fluctuation in stock trading, indicating potential market interest or concern regarding the company's performance and shareholder actions [1] Company Overview - The company primarily engages in two business segments: automotive thermal management system components and energy-saving environmental protection components for automotive engines [1] - Tenglong provides a wide range of automotive parts applicable to traditional internal combustion engine vehicles, hybrid vehicles, and pure electric vehicles [1] Shareholder Activity - The company's controlling shareholder, Jiang Yilin, reduced her stake by selling 250,000 shares on August 28, 2025 [1]