除了在核心主业上稳步发展，涛涛车业亦展现出面向未来的战略视野，积极培育新兴增长曲线。公司正 积极探索将人工智能等前沿技术系统性融入主营业务，并布局人形机器人及无人驾驶等新兴领域。2025 年，公司制造了首台人形机器人样机，并先后与K-SCALE、开普勒机器人、宇树科技等企业达成战略 合作，旨在销售拓展、场景探索与产品二次开发等方面协同推进。公司采取"国内研发基地+海外创新 支点"的联动模式，在国内成立上海极帜智能科技有限公司，计划设立研发院，同时在美国组建前沿技 术孵化团队，旨在链接全球精英人才与技术资源。这种布局战略一方面利用自身在美国市场成熟的渠道 与本土化运营能力，赋能国内机器人企业出海；另一方面则通过技术融合反哺主业，为其智能电动低速 车等核心产品注入智能化升级的新动力。太平洋证券在研报中明确指出，涛涛车业智能电动低速车与电 动自行车多品类拓展，与开普勒、宇树科技等企业达成战略合作，有望开辟新成长空间。 涛涛车业在2025年预计实现的近乎翻倍的净利润增长，是其过去数年间在战略布局、产品创新、渠道建 设和产能规划上厚积薄发的集中体现。公司不仅通过全球产能的巧妙布局构建了坚实的运营护城河，更 以爆款产品成 ...

6 证券研究报告 点评报告 2026 年 1 月 6 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 1 月 5 日美国 CES 展开始举行，英伟达 CEO 黄仁勋在 CES 演讲上展示了英伟达新一 代 AI 平台 Rubin，其中 Rubin GPU 芯片搭载第三代 Transformer 引|擎，FP4 推理 算力 50PFLOPS，是 Blackwell 的 5 倍。黄仁勋表示 Rubin 平台已进入全面生产阶 段，产品将于 2026 年下半年面市，表明下一代的 AI 芯片进展正常。除了 AI 芯片 外，本届 CES 展的主要技术动态还包括英伟达、高通都发布了机器人芯片套件， 谷歌下属的 Deep Mind 公司也与波士顿动力的 Atlas 人型机器人合作，因此我们 认为黄仁勋所说的机器人领域已经迎来"ChatGPT"时刻的正确性很高，继续看好 今年芯片、人工智能和机器人的产业景气度提升。 1 月 5 日中国证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会。 证监会主席、最高人民法院、最高人民检察院、国家发展改革委、公安部、司法 部、财政部、中国人民银行、国务院国资委 ...

分红方面，绿通科技A股上市后累计派现3.33亿元。 机构持仓方面，截止2025年9月30日，绿通科技十大流通股东中，广发策略优选混合（270006）位居第 九大流通股东，持股215.10万股，为新进股东。 责任编辑：小浪快报 12月31日，绿通科技跌0.29%，成交额3414.33万元。两融数据显示，当日绿通科技获融资买入额200.09 万元，融资偿还393.74万元，融资净买入-193.65万元。截至12月31日，绿通科技融资融券余额合计1.07 亿元。 融资方面，绿通科技当日融资买入200.09万元。当前融资余额1.07亿元，占流通市值的4.08%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，绿通科技12月31日融券偿还600.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量1.06万股，融券余额29.13万元，超过近一年90%分位水平，处于高位。 资料显示，广东绿通新能源电动车科技股份有限公司位于广东省东莞市洪梅镇河西工业区，成立日期 2004年5月11日，上市日期2023年3月6日，公司主营业务涉及场地电动车的研发、生产和销售。主营业 务收入构成为：高尔夫球车 ...

Core Insights - The report maintains a strong market rating for the home appliance sector, emphasizing the shift in consumer behavior towards a more present-focused consumption mindset, driven by the new generation of consumers [1] - The report highlights the expected leadership of the new consumption sector in 2025, while traditional consumption sectors are anticipated to show lackluster performance [4] Macro Consumption Trends - The report notes a significant transformation in consumer attitudes, moving from a culture of saving to one of cautious spending and living in the moment, which is expected to create new investment opportunities [4][11] - It identifies a structural opportunity in consumption, with the main drivers shifting from broad-based recovery to specific demographic groups, particularly the elderly and single-person households [32] Global Economic Landscape - The report emphasizes the importance of global emerging markets, suggesting that Chinese companies are well-positioned to lead in new product categories with significant growth potential [4] - It points out that the export structure is evolving towards innovation-driven categories, enhancing resilience against geopolitical risks [4] Domestic Consumption Dynamics - The report indicates that domestic consumption is entering a phase of refinement, with strong companies benefiting from the changing consumption landscape [4] - It highlights the ongoing growth in the pet economy and health supplements, suggesting that companies with e-commerce capabilities will be favored [4] Export Opportunities - The report discusses the resilience of exports, noting a shift from reliance on developed markets to emerging markets, with significant growth in exports to countries like India and Indonesia [49] - It highlights the importance of diversifying export markets and supporting new business models such as cross-border e-commerce [49] Sector-Specific Insights - The report identifies specific sectors poised for growth, including cleaning appliances, which are expected to benefit from government subsidies and increasing consumer demand [53] - It suggests that the pet economy and health products will continue to thrive, driven by changing consumer preferences and increased awareness [4] Consumer Income and Spending - The report notes that while income growth is stabilizing across different income groups, the spending power of high-income households is expected to drive consumption growth [35] - It emphasizes the importance of asset conditions, particularly housing, in influencing consumer behavior and spending patterns [35] Rural Consumption Potential - The report highlights the growing consumption potential in rural areas, where income growth is outpacing urban areas, suggesting a shift in focus towards rural markets [39] - It notes that rural high-income groups are likely to lead in spending on services, healthcare, and entertainment [39]

摘要 美国高尔夫球车市场需求持续增长，受益于高尔夫运动年轻化、多样化 趋势，以及球场外商用（酒店、露营地）和家用场景的拓展，预计到 2033 年市场规模将达 25.6 亿美元，年复合增长率超 5%。 美国郊区短途出行需求增加，推动电动高尔夫球车（LSV）市场爆发式 增长，已承担超过 20%的家庭出行里程，近 50%的居民每周使用 LSV 超过 3 次，超过 40%的居民有购买意愿。 中国企业在美国低速车辆市场占据主导地位，疫情后凭借供应链和性价 比优势迅速扩张，2024 年出口量达 22 万辆，占据 80%以上份额，但 面临美国反倾销和反补贴调查。 未来几年，美国低速车辆市场预计保持快速增长，家用市场关注售后服 务和产品质量，商用市场锂电技术和价格优势是关键，高端多座位车型 及锂电池比例提升将推高均价。 涛涛车业凭借海外产能布局、双品牌战略（Dinago 和 Tacco）和完善 的零售渠道网络（沃尔玛、Costco、亚马逊等）迅速抢占市场份额，产 品价格比三大巨头便宜 20%-30%。 Q&A 涛涛车业在美国市场的高尔夫球车需求情况如何？其使用场景和相对优势是什 么？ 涛涛车业在美国市场的高尔夫球车需求呈现爆 ...

投资建议：高尔夫球车应用场景正由球场内向球场外延伸，市场空间和潜力巨大，并且双反和关税促使 产能出清和格局优化。涛涛车业一方面受益于东南亚+北美多地产能布局领先，另一方面凭借高品质产 品、经销商网络完善、品牌影响力和口碑提升，快速抢占市场，长期空间巨大，有望实现数十万台销量 和百亿级别收入规模。此外，对比春风等行业巨头，涛涛全地形车仍有较大成长空间，人形机器人和无 人驾驶业务也能复用公司渠道、生产、品牌能力。预计公司2025-2027年实现归母净利润 8.03/11.14/14.29亿元，EPS为7.38/10.22/13.10元，当前股价对应PE为34.29/24.72/19.28倍，维持"买入"评 级。 风险提示：海外需求和渗透率提升不及预期、市场竞争加剧风险、产能爬坡及本土化推进不及预期、品 牌建设与产品质量风险。 竞争格局会如何变化？供给端由三巨头稳定产能走向多极扩张，中国厂商在双反与关税背景下加速海外 建厂以贴近美国市场。球场内客户关系与品牌粘性强，仍是寡头格局；球场外渠道高度分散、门店销量 门槛低，多品牌共存为新品牌进入提供机会。美国对华低速车双反并追溯征税后，中小企业出清，具有 海外产能与渠道能 ...

Core Insights - The article emphasizes the strengthening of cooperation between China and ASEAN, highlighting the resilience of their partnership amid global uncertainties and challenges [1][2]. Economic Cooperation - ASEAN has become China's largest trading partner, with trade volume reaching 6.82 trillion yuan, a year-on-year increase of 8.5% [2]. - In the first ten months of the year, trade in agricultural and food products between China and ASEAN amounted to 51.3 billion USD, growing by 8.9% [2]. - The China-ASEAN Free Trade Area has been upgraded to version 3.0, covering nine areas including digital economy, green economy, and supply chain connectivity [4][5]. Cultural Exchange - The China-ASEAN Cultural Exchange Year concluded successfully, with nearly 200 high-level events held to promote mutual understanding and social connections [6]. - Initiatives such as visa exemptions between China and several ASEAN countries have facilitated easier travel and cultural exchange [6]. Future Outlook - Looking ahead to 2026, there is optimism for further strengthening of the comprehensive strategic partnership between China and ASEAN, aiming for a peaceful and prosperous region [7].

Group 1 - The commercial aerospace industry is experiencing a triple resonance opportunity with satellite manufacturing moving towards mass production and rocket launches entering a reusable phase [1] - Key sectors are outlined from rocket assembly to space computing, indicating a comprehensive overview of core companies in the industry [1] Group 2 - A specific company has seen a revenue surge of 934% in golf carts, maintaining a strong position as the second-largest exporter of all-terrain vehicles [1] - The company is also strategically positioning itself in the humanoid robotics sector, indicating a promising growth trajectory [1] - Projections suggest that the company's net profit could reach 1.26 billion by 2027 [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industry**: Outbound Supply Chain, E-commerce Logistics, Manufacturing, Home Appliances, Cement, Pet Food - **Companies**: Financial Securities, Jitu Express, Beibu Gulf Port, Xiaogoods City, Zhongchong Co., Ltd. Core Points and Arguments - **Outbound Supply Chain Growth**: Financial Securities recommends leading companies in the outbound supply chain due to benefits from U.S. fiscal expansion, capital inflow from emerging markets, and a shift in policy focus towards manufacturing, which will drive growth through increased industry concentration and global demand recovery [1][3][4] - **"Running Horse 50" Portfolio**: The portfolio is constructed using the RCA competitive advantage index to select export-advantaged products, resulting in an excess return of approximately 4% since its launch [1][5] - **Jitu Express Performance**: Jitu Express is experiencing significant growth in Southeast Asia and Latin America, particularly driven by e-commerce platforms like TikTok, with package growth rates reaching 79% in Q3 [1][6][7] - **Beibu Gulf Port Growth**: The port has seen a 22.7% increase in cargo throughput and double-digit growth in container throughput, benefiting from trade with ASEAN countries [1][7] - **Focus on Mechanical Products**: In the current interest rate cut cycle, attention is drawn to mechanical products with significant alpha attributes, particularly tools and pet sales, which are showing signs of recovery [1][8][9] - **Home Appliance Export Trends**: The home appliance export chain is expected to show a trend of internal stability and external strength by 2026, with emerging markets projected to achieve double-digit growth [1][13][14] - **Xiaogoods City Export Performance**: Xiaogoods City reported a 26% year-on-year increase in import and export scale, with exports reaching 550 billion yuan [1][19][21] - **Cement Industry Opportunities**: The cement industry is focusing on overseas expansion, particularly in Southeast Asia and Africa, where per capita cement demand is still low [1][16][17] - **Zhongchong Co., Ltd. Global Supply Chain**: The company has established factories in various countries, benefiting from tariff exemptions under trade agreements, and is expected to see significant production value growth in the coming years [1][22][23] Other Important but Possibly Overlooked Content - **Market Adjustment Factors**: The market is experiencing adjustments due to unresolved overseas liquidity issues and uncertainties regarding future monetary policy, with the Shanghai Composite Index seen as a potential bottoming point around 3,800 [2] - **Emerging Market Investment**: Emerging markets like Mexico are benefiting from capital outflows from the U.S., leading to increased local employment and consumption [1][4] - **Pet Food Market Growth**: The global pet food market is valued at $150 billion, with significant growth potential for Chinese brands in overseas markets [1][23]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is positioned for growth driven by the expansion of smart low-speed electric vehicles and proactive engagement in the humanoid robot sector [4][5]. - The company is expected to achieve significant revenue growth, with projections of 38.08 billion, 49.38 billion, and 58.5 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 27.94%, 29.66%, and 18.47% [5][6]. Summary by Sections Company Overview - Established in 2015, the company focuses on smart low-speed electric vehicles and special vehicles, suitable for various age groups and scenarios. It plans to gradually enter the robotics field by 2025 [4][19]. - As of Q3 2025, the controlling shareholder holds 67.41% of the company's shares, indicating stable ownership. The management team has a strong engineering background, fostering innovation in product development [4][19]. Short-term Outlook - The company is expected to leverage its overseas production capacity and the anticipated high growth of golf carts. It aims to capture market share in the C-end family market and gradually expand into B-end clients [4][5]. - Compared to traditional competitors in North America, the company benefits from a high-quality supply chain and efficient production processes, which enhance its competitive edge [4]. Mid-term Outlook - The company is focused on product upgrades and market expansion, with optimistic growth expectations for all-terrain vehicles (ATVs). It ranks second in ATV exports in the first half of 2025 [4][5]. - The company is developing larger displacement products and has begun mass production of 350cc ATVs, with 500cc ATVs in small batch trials, targeting the North American market [4][5]. Long-term Outlook - The company is actively exploring opportunities in the robotics sector, aiming to integrate robotics into its manufacturing processes to address high labor costs in the U.S. [4][5]. - Strategic partnerships with leading companies in the robotics industry are being pursued to enhance growth potential in this area [4][5]. Industry Analysis - The global electric low-speed vehicle market is projected to grow significantly, with a compound annual growth rate (CAGR) of 25.3% from 2024 to 2029, driven by increasing demand in North America [11][44]. - The company is well-positioned to capitalize on this growth, particularly in the golf cart segment, which is expected to see substantial demand due to the increasing number of golf courses and the shift towards electric vehicles [11][44]. Financial Projections - Revenue is projected to grow from 29.77 billion yuan in 2024 to 38.08 billion yuan in 2025, with a year-on-year growth rate of 27.94% [5][6]. - The net profit attributable to the parent company is expected to reach 8.08 billion yuan in 2025, reflecting a year-on-year increase of 87.3% [5][6].