本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 请仔细阅读在本报告尾部的重要法律声明 2 证券研究报告 汽车/行业深度报告 领先大市（维持） 线控底盘：解锁高阶智驾，迈入放量周期 智能驾驶专题系列（一） 分析师：黄程保 SAC执业证书编号：S0910525040002 2026年2月27日 u 线控底盘是实现高阶智驾的必备技术之一，在智驾加速渗透中放量在即。线控底盘成为智能电动汽车实现差异化体验与 技术迭代的关键，推动汽车从机械向线控驱动变革，其核心价值在于突破传统机械底盘的性能边界，借助传感器实时感 知、算法动态决策与执行机构精准响应，为高阶智能驾驶提供精准可靠的执行能力。根据亿欧智库预计，2025年中国乘 用车智能底盘市场规模将达到466亿元，2030年将达到1171亿元，2025-2030CAGR为20.24%，呈现快速渗透态势。 u 在线控底盘中，重点关注线控制动/转向。在线控底盘的五大系统中，线控制动、转向、悬架开发难度高，外资占据主导 地位。从市场渗透率看，线控驱动已经接近标配水平，线控转向、线控悬架渗透率尚处起步阶段，线控制动、线控换挡 正处于大规模商业 ...

经济观察网 根据2026年2月27日的市场数据，拓普集团（601689.SH）股价下跌主要与板块整体表现、 资金流向及公司近期基本面因素相关。 板块变化情况 当日汽车零部件板块表现疲软。截至午盘，汽车零部件（申万）指数下跌1.00%，拓普集团所属的细分 板块普遍承压，其股价同步下跌2.25%，跌幅略高于行业平均水平。板块内多家龙头公司如潍柴动力 （跌超5%）、福耀玻璃（跌超1%）均出现调整，反映出行业短期情绪偏谨慎。 资金面情况 股价情况 股价近期跌破20日均线（72.44元），MACD指标显示空头趋势延续，短期支撑位关注65.88元附近。5日 累计跌幅达6.63%，表现弱于大盘及行业指数，反映出市场信心不足。 以上内容基于公开资料整理，不构成投资建议。 拓普集团当日主力资金净流出约2.55亿元，其中超大单净流出1.88亿元，大单净流出0.67亿元。资金大 幅流出对股价形成直接压力，同时融资余额虽处于近一年较高水平（29.72亿元），但市场抛压集中释 放可能加剧了波动。 业绩经营情况 公司2025年业绩预告显示，营收预计增长8.08%-14.10%，但归母净利润同比下降3.35%-13.35%。华金证 券指出 ...

融券方面，拓普集团2月26日融券偿还2400.00股，融券卖出3400.00股，按当日收盘价计算，卖出金额 23.55万元；融券余量14.52万股，融券余额1005.80万元，低于近一年50%分位水平，处于较低位。 资料显示，宁波拓普集团股份有限公司位于浙江省宁波市北仑区大碶街道育王山路268号，成立日期 2004年4月22日，上市日期2015年3月19日，公司主营业务涉及汽车零部件及配件的研发、生产和销售。 主营业务收入构成为：内饰功能件33.76%，底盘系统28.66%，减震器15.77%，汽车电子8.31%，热管理 系统7.58%，其他(补充)5.86%，电驱系统0.06%。 2月26日，拓普集团跌1.03%，成交额16.06亿元。两融数据显示，当日拓普集团获融资买入额2.01亿 元，融资偿还1.81亿元，融资净买入2073.14万元。截至2月26日，拓普集团融资融券余额合计29.82亿 元。 融资方面，拓普集团当日融资买入2.01亿元。当前融资余额29.72亿元，占流通市值的2.47%，融资余额 超过近一年60%分位水平，处于较高位。 机构持仓方面，截止2025年9月30日，拓普集团十大流通股东中，香 ...

行业研究丨深度报告丨汽车与汽车零部件 [Table_Title] 智驾平权系列六：AI 智能涌现新阶段，智驾 VLA 与世界模型之争 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 通用人工智能大模型迎来跨越式发展，模型规模、训练范式与推理能力持续突破，为各类 AI 应 用构建了坚实的底层技术底座。智能驾驶本质是"物理 AI"的应用，因此注定了往大模型方面 演进。通用大模型能力涌现，赋能智驾模型基座，智驾模型架构持续进阶，逐步进入 VLA 和世 界模型的物理 AI 时代，迈向智能涌现新阶段。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 汽车与汽车零部件 cjzqdt11111 [Table_Title 智驾平权系列六： 2] AI 智能涌现新阶段，智驾 VLA 与世界模型之争 [Table_Summary2] 引 ...

2026 年 02 月 25 日 公司研究●证券研究报告 | | | 拓普集团（601689.SH） 公司快报 2025 年业绩预告点评：全年业绩符合预期，机 器人、液冷蓄势待发 投资要点 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 19,701 | 26,600 | 29,735 | 36,521 | 44,111 | | YoY(%) | 23.2 | 35.0 | 11.8 | 22.8 | 20.8 | | 归母净利润(百万元) | 2,151 | 3,001 | 2,768 | 3,467 | 4,347 | | YoY(%) | 26.5 | 39.5 | -7.8 | 25.3 | 25.4 | | 毛利率(%) | 23.0 | 20.8 | 19.3 | 19.7 | 20.2 | | EPS(摊薄/元) | 1.24 | 1.73 | 1.59 | 2.00 | 2.50 | | ROE(%) | 15.6 | 15. ...

2026 年 2 月 23 日│中国内地 动态点评 汽车 增持 (维持) | 宋亭亭 | 研究员 | | --- | --- | | SAC No. S0570522110001 | songtingting021619@htsc.com | | SFC No. BTK945 | +(86) 21 2897 2228 | | 张硕* | 研究员 | | SAC No. S0570524110001 zhangshuo023124@htsc.com | | | | +(86) 21 2897 2228 | 郭春麟* 联系人 SAC No. S0570124110001 guochunlin@htsc.com +(86) 21 2897 2228 证券研究报告 汽车 国产机器人亮相春晚有望点燃市场热情 ——智驾&机器人双周报 2 华泰研究 行业走势图 (15) (6) 3 12 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | ...

Group 1: Weichuang Electric / Automation Equipment - The company is strengthening collaborations to promote technological innovation and market expansion in the robot-driven component business [4] - Plans to establish a joint venture in Thailand with Zhejiang Rongtai to expand the smart robot electromechanical integration market, with both parties holding 50% shares [4] - The company aims to deepen industry demand and continue global expansion, focusing on regions like Asia, Africa, and Latin America while enhancing product offerings [5] - Revenue projections for 2025-2027 are estimated at 1.977 billion, 2.444 billion, and 3.108 billion yuan, with net profits of 288 million, 346 million, and 419 million yuan respectively [6] Group 2: Lenovo Group / Computer Equipment - Lenovo reported FY2026Q3 revenue of approximately 22.204 billion USD, an 18% year-on-year increase, with a net profit of 546 million USD, down 21% year-on-year [7][8] - The adjusted net profit increased by 36% year-on-year, driven by efficiency optimization and a high-end product mix [8] - The Infrastructure Solutions Group (ISG) is undergoing strategic restructuring, expected to accelerate the return to profitability in FY2027 [9] Group 3: Shipping and Ports Industry - National import and export total reached 45.47 trillion yuan in 2025, with a 3.8% year-on-year growth [13] - Container throughput at major coastal ports reached 31.198 million TEUs, a 7% year-on-year increase [15] - The Baltic Dry Index (BDI) rose by 135.95% year-on-year, indicating a significant increase in dry bulk shipping rates [19] Group 4: Google-A / Overseas - Google reported Q4 2025 revenue of 113.828 billion USD, an 18% year-on-year increase, with a net profit of 33.455 billion USD, up 30% year-on-year [25] - Search advertising revenue grew by 17% year-on-year, driven by AI innovations enhancing user experience and monetization efficiency [26] - Google Cloud revenue surged by 48% year-on-year, reaching 17.7 billion USD, with a significant increase in annual recurring revenue [27] Group 5: Yutong Technology / Packaging Printing - The company plans to acquire 51% of Huayan Technology for 449 million yuan, aiming to enhance its capabilities in precision manufacturing [32][34] - The acquisition is expected to leverage industry synergies and empower the second growth curve, focusing on high-profile clients like Google and Samsung [34] - Revenue projections for 2025-2027 are estimated at 19.069 billion, 21.001 billion, and 23.077 billion yuan, with net profits of 1.608 billion, 1.798 billion, and 1.980 billion yuan respectively [34] Group 6: NetEase-S / Gaming - NetEase reported Q4 2025 revenue of 27.5 billion yuan, a 3% year-on-year increase, with a net profit of 6.2 billion yuan, down 28.8% year-on-year [36][37] - The gaming segment showed resilience with a revenue of 22 billion yuan, driven by strong performance from popular IPs and new game launches [38] - The company is focusing on AI-driven strategies to enhance operational efficiency and optimize its business structure [39] Group 7: Aidi Pharmaceutical / Biopharmaceuticals - The company is advancing its international product launch and received GMP certification from Tanzania, facilitating entry into the African market [43] - Revenue for 2025 is projected at 721 million yuan, a 72.57% year-on-year increase, with a focus on HIV innovative drug sales [43] - Multiple new drug pipelines are actively progressing, with significant clinical trial approvals received [44] Group 8: Meituan-W / Local Life Services - Meituan is projected to achieve total revenue of 916 billion yuan in Q4 2025, with a core local business revenue of 648 billion yuan, reflecting a competitive landscape [45][46] - The company is strategically increasing investments in marketing and rider incentives to enhance operational efficiency amid fierce competition [46] - Long-term growth potential is anticipated through refined operations in instant delivery and overseas expansion [49] Group 9: Huahong Semiconductor / Semiconductors - Huahong Semiconductor reported Q4 2025 revenue of 660 million USD, a 22.4% year-on-year increase, with a wafer shipment of 1.45 million pieces [50]

Key Insights - The global AI industry is advancing through a collaborative push in computing power, models, and applications, laying a foundation for the scaling of AI video generation technology and the practical deployment of humanoid robots [2][3] - Major AI companies are announcing substantial long-term capital expenditure plans, with OpenAI projecting around $600 billion in computing power spending by 2030, indicating a significant commitment to infrastructure development [3][4] - The recent launch of Seedance 2.0 at the Spring Festival Gala demonstrates the potential of domestic AI models in cultural content creation, marking a significant step towards industrialization in the video generation sector [5][6] Computing Power and Infrastructure - There is a notable acceleration in global AI capital expenditures, with OpenAI initiating a financing round potentially exceeding $100 billion to support its computing power goals [3][4] - In India, Google announced a $15 billion investment in infrastructure, while OpenAI collaborates with Tata to build a 1000 MW data center, showcasing the global expansion of computing resources [3] - Domestic AI companies, such as Moonlight Dark Side, have secured over $1.2 billion in financing, reflecting strong market confidence in Chinese AI enterprises [4] Model Technology - Recent advancements in model technology include the transition to multimodal architectures and cost-effective intelligent models, enhancing performance while restructuring cost frameworks [4][5] - Alibaba's release of the Qwen3.5-Plus model marks a significant upgrade, shifting from pure text training to native multimodal unified modeling, improving performance in long text and multimodal reasoning scenarios [5] - The competitive landscape is shifting from parameter scale competition to architecture efficiency optimization, as demonstrated by Anthropic's Claude Sonnet 4.6 achieving flagship model performance at a lower price point [5] Application Layer - The application of AI in real-world scenarios is advancing, as evidenced by the successful integration of AI video generation technology in the Spring Festival Gala, validating the industrial potential of domestic models [5][6] - Humanoid robots are transitioning from demonstration phases to real-world task execution, with platforms like Volcano Engine and Doubao participating in the Gala, showcasing their capabilities [5] - The AI application landscape is moving towards commercial validation, with content generation and physical execution paths entering a critical phase of market readiness [6] Industry Trends - The AI industry is expected to maintain its upward trajectory, with favorable market conditions supporting a second phase of spring market activity [6] - The successful application of AI during the Spring Festival Gala may act as a catalyst for the current market rally, reinforcing the importance of practical AI applications [6]

中新社曼谷2月23日电 (李映民 刘宇博)泰国投资委员会秘书长那里·特斯迪拉素迪23日表示，该委员会已 批准5家中国企业在泰投资设厂，生产人形机器人结构框架及关节、手臂和手指控制系统。 这5家公司首期投资总额超过100亿泰铢，计划聘用逾1000名泰国高技能人才。项目投产后，预计每年在 泰采购原材料及零部件金额将超过450亿泰铢。 那里·特斯迪拉素迪表示，当前正值泰国培育未来经济新增长引擎的关键阶段。在电动汽车、半导体与 高端电子、数字产业及生物产业等领域已有全球企业加快布局的基础上，人形机器人核心零部件制造正 成为新的投资热点。这不仅有助于扩大泰国既有工业零部件制造优势，也将为未来机器人及自动化产业 集群奠定基础。(完) 这5家企业分别为杭州新剑机电传动股份有限公司、东莞贝特科技股份有限公司、浙江三花智控股份有 限公司、宁波拓普集团股份有限公司和宁波旭升集团股份有限公司。 据介绍，上述企业将生产高精度金属部件、运动系统及高效传动组件，主要客户为特斯拉，同时还将为 苹果、三星、华为等企业供货。 ...

2月23日，港股市场迎来马年第二个交易日，机器人概念板块（887755.WI）表现亮眼，截至午盘大涨 1.76%。成分股中，ASMPT（05522.HK）大涨5.27%，华虹半导体（1347.HK）大涨4.83%，耐世特、金 力永磁、天工国际等个股跟涨。 | < W | [HK]人形机器人指数(887755) | | | | --- | --- | --- | --- | | | 1743.45 30.20 +1.76% | | | | 済設 | 成分 | 资讯 | 相关基金 | | 名称 | 现价 | | 涨跌幅÷ | | ASMPT | 110.900 | | 5.72% | | 0522.HK | | | | | 农虹未营体 | 98.700 | | 4.83% | | 1347.HK | | | | | 中芯国际 | 70.750 | | 4.51% | | 0981.HK | | | | | 耐世特 | 8.020 | | 3.75% | | 1316.HK | | | | | 比亚迪电子 | 33.500 | | 3.46% | | 0285.HK | | | | | 三一国际 | 15.410 ...