证券日报网讯 英搏尔（300681）11月25日在互动平台回答投资者提问时表示，2025年4月21日，英搏尔 与丰立智能（301368）签署战略合作协议，双方将充分发挥产品优势和技术优势，共同推动在新能源汽 车、关节模组、工程机械、eVTOL、智能制造等领域的深度合作，实现优势互补、互利共赢。依托英 搏尔在电机电控方面的竞争优势，丰立智能在谐波减速器、行星减速器等领域的技术积累，双方形 成"电机+减速器"集成化产品能力，为公司在关节模组领域的布局提供助力，进一步扩展电机电控产品 应用领域，打开新的业务增长空间。相关产品的研发工作当前正按计划有序开展中。公司将根据市场反 馈、技术发展趋势以及自身的战略规划，积极对接客户需求，在合适时机拓展新的业务领域和产品类 型。 ...

Core Viewpoint - Zhengzhou is transforming into a significant hub for the automotive industry, particularly focusing on the development of the new energy vehicle (NEV) sector, with substantial investments and strategic initiatives driving this growth [2][4][8]. Group 1: Industry Development - Zhengzhou has established over 150 automotive parts manufacturers and seven complete vehicle enterprises, with a total production capacity exceeding 2.6 million vehicles and an industry scale surpassing 300 billion yuan [2][6]. - The city aims to create a trillion-yuan-level NEV industrial cluster, having initiated the construction of a fuel cell vehicle demonstration application in the Zhengzhou urban agglomeration [3][4]. Group 2: Strategic Initiatives - Since 2014, Zhengzhou has prioritized the automotive manufacturing industry, focusing on attracting leading NEV companies like BYD and SAIC to establish operations and expand investments [3][4]. - The city has implemented various policies to support the automotive manufacturing industry, including the "Action Plan for Cultivating and Expanding the Automotive Manufacturing Industry Chain (2023-2025)" [4][7]. Group 3: Innovation and Technology - Zhengzhou is enhancing its R&D capabilities by establishing technology centers and collaborating with enterprises and universities to focus on key technology areas in NEVs [6][7]. - The city has built 16 national-level technology platforms and 39 provincial-level key R&D platforms, achieving breakthroughs in critical technologies and products [6]. Group 4: Infrastructure and Support - Zhengzhou has developed over 200,000 charging facilities and 30 hydrogen stations, aiming to create a comprehensive public charging network [7]. - The city is also enhancing financial support for the NEV industry chain and developing a modern automotive logistics base [7][8]. Group 5: Future Goals - Zhengzhou's 2025 development target includes achieving a complete vehicle production capacity of over 3 million units and advancing the industry scale towards a trillion yuan [8]. - The city plans to accelerate the production capacity of major projects and enhance the supply capability of core components, while also promoting various demonstration pilot projects in the NEV sector [8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][20]. Core Insights - The company reported significant growth in both revenue and profit for Q3 2025, with total revenue reaching 989 million yuan, a year-on-year increase of 69.4%, and net profit attributable to shareholders at 112 million yuan, up 580.6% [6][11]. - The company is making substantial progress in the low-altitude sector, including the launch of a joint venture with EHang for eVTOL production and the introduction of a new long-range unmanned aerial vehicle [6][11]. - The financial forecast for 2025 has been adjusted to reflect a net profit of 180 million yuan, up from a previous estimate of 110 million yuan, with EPS projections of 0.7, 0.7, and 1 yuan for 2025-2027 [6][11]. Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 3,293 million yuan, representing a growth rate of 35.5% compared to the previous year [6][10]. - The net profit attributable to shareholders is expected to be 178 million yuan in 2025, reflecting a significant increase of 151.0% year-on-year [6][10]. - The company's gross margin for the first three quarters of 2025 was 15.7%, a slight decrease of 0.7 percentage points compared to the same period in 2024 [6][11]. Market Position and Strategic Developments - The company has established a strategic partnership with Jindi Co., integrating its advantages in electric drive system components with the company's system integration capabilities to enhance competitiveness in both domestic and international markets [6][11]. - The company has a strong production capacity with two major manufacturing bases, enabling it to meet the growing demand in the eVTOL market as it enters a production cycle [6][11].

Summary of Guangyang Co., Ltd. Conference Call Company Overview - Guangyang Co., Ltd. has been expanding since its establishment and went public in 2014, actively transitioning into the electric vehicle (EV) sector, covering 70%-80% of market vehicles, with Volkswagen as the largest customer [2][3][4] Key Business Developments - The company is focusing on the robotics sector, collaborating with leading manufacturers, with products partially in mass production. Key components like reducers, motor controllers, and mechanical transmission parts account for 50%-60% of module costs [2][3][4] - In the intelligent driving sector, Guangyang is developing steer-by-wire, brake-by-wire, and suspension systems, with mass production of active stabilizers expected in September-October, collaborating with Geely and Li Auto [2][3][4] - In H1 2025, the company reported over 20% profit growth and nearly 25% revenue growth, concentrating on core business areas, leading to significant improvements in revenue scale, profit, and cash flow [2][4] Financial Performance - Guangyang's traditional business, focusing on automotive transmission system components, has seen significant growth, with major clients like Volkswagen doubling their revenue contribution, expected to exceed 600 million by 2027 [3][4][9] - The company has improved its operating cash flow from over negative 100 million in 2024 to negative 10 million in 2025, indicating a positive trend in financial health [7] Strategic Investments - Recent investments include acquiring an FPC circuit board factory to expand automotive electronics applications and investing in pressure sensor technology for automotive chassis and robotics [8] - The company is also investing in a Shenzhen tech firm to accelerate strategic implementation in automotive applications [8] Market Position and Future Outlook - Guangyang holds a leading position in the domestic automotive bearing market, with significant growth potential despite competition from international giants [14] - The global bearing industry is valued at approximately 120 billion USD, with 25%-30% for automotive bearings, presenting substantial growth opportunities for Guangyang [14][15] Robotics and Intelligent Driving - The company is optimistic about the robotics market, focusing on humanoid robots and key components like reducers and sensors, with a projected higher market value than automotive [16][17] - Guangyang aims to capture 15%-20% market share in the humanoid robotics sector, leveraging its automotive supply chain expertise [25][26] Global Expansion Plans - Guangyang plans to establish a manufacturing base in Southeast Asia, with a factory in Vietnam expected to be operational by 2026, initially focusing on circuit boards [32][33] - The company is exploring further production bases in Eastern Europe or Mexico to enhance local service and accelerate business development [33] Conclusion - Guangyang Co., Ltd. is strategically positioned for growth in the EV, robotics, and intelligent driving sectors, with a strong focus on innovation, strategic partnerships, and global expansion, indicating a robust outlook for the coming years [2][4][5][6]

Core Viewpoint - The partnership between Shenchi Electromechanical and Dingding aims to create a global collaborative office platform, enhancing digital capabilities for multinational operations and marking a new era of intelligent collaboration for Chinese manufacturing companies [1][4]. Group 1: Company Overview - Shenchi Electromechanical, founded in 1990, has over 30 years of experience in the electromechanical field, becoming a full industry chain enterprise with a focus on brand marketing, product research and development, and intelligent manufacturing [3]. - The company operates multiple R&D and production bases in locations such as Chongqing, Jiangsu, the United States, and Vietnam, employing over 3,500 people and producing more than 2.6 million small motors and 1 million terminal products annually [3]. - Shenchi's products and services reach over 150 countries and regions, serving approximately 40 million end users globally [3]. Group 2: Strategic Partnership - The collaboration with Dingding is intended to address core challenges in Shenchi's global operations, with a focus on creating a digital foundation for business applications and enhancing internal collaboration [4]. - Shenchi aims to leverage Dingding's platform to improve operational efficiency and decision-making processes through scenario-based applications [4]. - The partnership will facilitate real-time collaboration across different time zones by integrating data links between overseas branches and headquarters, enhancing the company's responsiveness in high-profit markets like North America [6]. Group 3: Technological Integration - Dingding, recognized as a six-star diamond service provider, will provide a unified collaborative office platform for Shenchi's over 3,500 employees, enhancing security and integration capabilities [6]. - The collaboration will utilize Dingding's AI capabilities to accelerate Shenchi's digital transformation, creating a proprietary AIGC map for the company [6]. - The partnership is positioned as a deep co-creation of digital paradigms in the manufacturing industry, aiming for a three-in-one intelligent transformation of organization, system, and strategy [6].

Core Points - The China Securities New Energy Vehicle Industry Index rose by 2.22% to 2233.36 points, with a trading volume of 56.581 billion yuan [1] - The index has increased by 6.73% over the past month, 6.70% over the past three months, and 12.35% year-to-date [1] - The index includes 50 listed companies involved in various aspects of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [1] Index Composition - The top ten weighted companies in the index are: CATL (10.04%), Huichuan Technology (9.23%), BYD (8.03%), Changan Automobile (4.73%), Sanhua Intelligent Control (4.71%), Huayou Cobalt (4.44%), EVE Energy (4.23%), Tianqi Lithium (3.34%), Ganfeng Lithium (3.23%), and Gree Environmental (2.53%) [1] - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (83.86%) and the Shanghai Stock Exchange (16.14%) [1] Industry Breakdown - The industry composition of the index shows that 58.17% is in the industrial sector, 22.85% in consumer discretionary, 17.81% in materials, and 1.17% in information technology [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the new energy vehicle sector include several ETFs from Ping An and Huatai-PineBridge [2]

Summary of Weichai Power Conference Call Company Overview - Weichai Power is a core domestic replacement manufacturer for AIDC diesel engine units, with a projected market growth of approximately 30% year-on-year over the next 3-4 years. The global market capacity is expected to double from $25 billion to $50 billion, with a forecasted demand of 15,000 units in 2025 and a long-term ceiling potentially exceeding 30,000 units. Weichai's expected shipment volume for 2025 is 1,100 units, corresponding to a global market share of about 6% [2][3]. Key Insights and Arguments - **Market Growth**: The AIDC diesel engine market is anticipated to maintain a high growth rate, driven by downstream AI-related investments, with Weichai's large bore segment expected to significantly contribute to the company's performance in 2025 [3]. - **Heavy Truck Sector**: In the context of domestic vehicle replacement, while short-term sales of new energy heavy trucks are high, Weichai's natural gas heavy truck engines and the entire heavy truck chain are expected to see cyclical recovery opportunities in the medium to long term. In the first half of 2025, new energy heavy truck sales surged by 190%, nearing 70,000 units, with a penetration rate close to 20% [2][4]. - **Profitability and Valuation**: Weichai is projected to achieve a profit of 12.5 billion in 2025, with a corresponding P/E ratio of approximately 10.5 times. For 2026, profits are expected to reach 15.4 billion, representing a year-on-year growth of 23% and a P/E ratio of about 8 times. The current dividend yield is attractive, and several business segments show promising growth potential [2][6]. Competitive Landscape - The global AIDC diesel engine market is dominated by major players such as Cummins, Caterpillar, and MTU, each holding about 20% market share. Weichai's market share is projected to be around 6-7% in 2025. The competitive landscape is relatively concentrated due to high entry barriers, with limited capacity for large-bore engine production among many companies [4][7]. Performance in New Energy Sector - Weichai's subsidiaries in battery, motor, and electronic control manufacturing have become profitable, with a significant increase in sales of Shaanxi Automobile's new energy heavy trucks, which rose by 270%, capturing an 11.6% market share. In contrast, China National Heavy Duty Truck's natural gas heavy truck sales increased by 250%, achieving a 13% market share. These competitors have minimal impact on Weichai, and the overall value of the new energy supply chain is higher than that of traditional natural gas heavy trucks [5][8]. Risks and Considerations - Potential risks include slower-than-expected global economic growth and significant increases in raw material prices, which could impact profitability [6]. This summary encapsulates the key points from the Weichai Power conference call, highlighting the company's growth prospects, competitive positioning, and performance in the new energy sector.

Core Insights - The development of new energy vehicles (NEVs) is a key engine for industrial innovation, international competition, and social transformation, driving high-quality economic growth and supporting carbon neutrality goals [1][2] - China's NEV exports have significantly increased, surpassing 2 million units for the first time, contributing to a total automotive export volume of 6.41 million units, showcasing China's leading position in the global new energy industry [1] - Shenzhen, as a model for NEV development, has established a comprehensive policy framework and a robust industrial ecosystem, positioning itself as a global leader in the NEV sector [1][2] Shenzhen's NEV Policy Environment - Shenzhen has developed a comprehensive policy system for the NEV industry, focusing on market expansion, infrastructure development, and ecological transition [1][2] - The policy evolution emphasizes strategic progression, system integration, and dual-driven development for sustainable urban growth [2] Key Policies Overview - Various policies have been implemented to stimulate NEV consumption, such as subsidies for scrapping old vehicles and easing application restrictions for new energy vehicle quotas [3][5] - The city aims to achieve a NEV ownership of 1.3 million vehicles by 2025, with a market penetration rate of 70% for new cars [5] NEV Industry Chain in Shenzhen - The NEV industry chain in Shenzhen features a comprehensive layout with strong regional collaboration, focusing on core components like batteries and electric control systems [8][9] - The industry includes over 1,000 enterprises in the battery, motor, and electronic sectors, with a complete lifecycle coverage from R&D to manufacturing and after-sales services [8] Industry Scale and Growth - Shenzhen's NEV production has surged from 300,000 units in 2021 to 2.9 million units in 2024, reflecting a nearly tenfold increase [12] - The city plans to produce over 2 million NEVs annually by 2025, with significant contributions from major manufacturers like BYD [12][16] Investment Opportunities - The NEV sector in Shenzhen is positioned as a global platform for green economic transformation, supported by a robust ecosystem of policies, technology, capital, and spatial resources [32][36] - Key investment areas include advanced battery technologies, vehicle-grade chips, and smart driving systems, with a focus on both technological innovation and practical applications [36][34] Financing Landscape - The financing landscape for Shenzhen's NEV industry is experiencing a structural shift, with significant capital investments directed towards core technologies and innovative applications [27][28] - Major financing activities are concentrated in regions like Guangming and Pingshan, where leading companies are driving technological advancements and capital accumulation [28]

Core Viewpoint - The China Securities New Energy Vehicle Theme Index has shown a decline of 8.57% over the past month and 1.59% over the past three months, reflecting the overall performance of listed companies in the new energy vehicle sector [1][2] Group 1: Index Performance - The China Securities New Energy Vehicle Theme Index reported a value of 2503.75 points [1] - The index was established on December 31, 2014, with a base value of 1000.0 points [1] Group 2: Index Composition - The top ten weighted companies in the index are BYD (13.24%), CATL (9.19%), Huichuan Technology (7.42%), Seres (5.78%), Salt Lake Potash (3.38%), Sanhua Intelligent Control (3.12%), Yiwei Lithium Energy (2.71%), Huayou Cobalt (2.49%), Yutong Bus (1.94%), and Ganfeng Lithium (1.89%) [1] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (74.68%), followed by the Shanghai Stock Exchange (24.94%) and the Beijing Stock Exchange (0.38%) [1] Group 3: Industry Breakdown - The industry composition of the index includes 50.74% in industrials, 28.41% in consumer discretionary, 18.04% in materials, 2.70% in information technology, and 0.11% in healthcare [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]