Q&A 伯特利在在线控制底盘领域的最新进展和未来前景如何？ 伯特利在在线控制底盘领域有显著的迭代升级空间。其下一代线控制动产品 EMB（电子机械制动）已成功配套理想 L9 LeVeS 车型，这一产品不仅有望提 升伯特利的平均销售价格（ASP），还可能进一步拓展其市场份额。EMB 摒弃 了传统液压系统，通过电力直接指挥机械，实现更快、更灵敏的响应速度，达 到 50 毫秒甚至更低，相较于当前主流的 EHB（电子液压驱动）系统，其响应 速度优势明显。 EMB 在紧急制动时能够缩短刹车距离，提升安全性，并且更 适应高等级自动驾驶指令。此外，EMB 作为全电控系统，可以与其他底盘系统 如转向和减震实现更好的联动，从而为未来更高级别自动驾驶功能提供支持。 伯特利成为市场上最早应用 EMB 产品的供应商之一，对其市场地位具有重要意 义。理想 L9 车型定价约 55 万元，采用了包括线控转向、后轮转向和 EMB 在 内的一系列先进技术。这款车是首批真正量产应用 EMB 技术的车型之一，其发 布标志着伯特利在这一领域的重要突破。 目前，伯特利 One Box 产品在国内 市场份额约为 15%，尽管存在进一步提升空间，但由于博世 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [2] Core Insights - In January 2026, the heavy truck market showed a strong wholesale performance with approximately 100,000 units sold, marking a significant increase of about 39% compared to the same month last year [5][13] - The terminal sales for heavy trucks are expected to decline by 5% to 10% year-on-year, with a severe drop of over 85% in the new energy truck segment [5][13] - NIO is projected to achieve an adjusted operating profit of 700 million to 1.2 billion RMB in Q4 2025, marking its first positive quarterly adjusted operating profit [17] - The automotive sector is experiencing a shift towards high-end luxury vehicles, with domestic demand exceeding expectations [7] - The automotive parts sector is expected to see an upward turning point in profitability due to industry consolidation and downstream expansion [7] Summary by Sections Industry Key News - In January 2026, the heavy truck market's wholesale sales reached around 100,000 units, with terminal sales expected to decline year-on-year [5][13] - NIO anticipates an adjusted operating profit of 700 million to 1.2 billion RMB for Q4 2025 [17] - BYD plans to localize 50% of its parts manufacturing in Brazil by the end of 2026 [19] - Tesla is transitioning to humanoid robot production, with a long-term business value projected at 25 trillion USD [20] Market Performance - The A-share automotive sector outperformed the broader market with a weekly increase of 0.47%, ranking 10th among major sectors [24] - The commercial vehicle index rose by 1.34%, led by Jinlong Automobile and Foton Motor [6][29] - The automotive parts sector saw a 0.58% increase, with significant gains from companies like Xingmin Zhitong and Yinlun [6][32] Investment Recommendations - For passenger vehicles, high-end domestic brands like JAC Motors and Seres are recommended due to strong demand and favorable competition [7] - In the automotive parts sector, companies such as Desay SV and Zhejiang Xiantong are highlighted for their growth potential [7]

本报告导读： 近一周，申万汽车指数相对持平，新能源整车指数上涨 2%，汽车零部件指数相对持 平，商用车指数相对持平。全新理想 L9 Livis 引领线控底盘新阶段。 投资要点： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 股票研究 /[Table_Date] 2026.02.08 全新理想 L9 Livis 引领线控底盘新阶段 [Table_Industry] 汽车 汽车行业周报（2026/1/30-2026/2/6） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 汽车《AI 应用重要阵地，Robotaxi 还看中国》 202 ...

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张予名(研究助理) | 021-23154145 | zhangyuming@gtht.com | S0880125042241 | 本报告导读： 近一周，申万汽车指数相对持平，新能源整车指数上涨 2%，汽车零部件指数相对持 平，商用车指数相对持平。全新理想 L9 Livis 引领线控底盘新阶段。 投资要点： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 股票研究 /[Table_Date] 2026.02.08 全新理想 L9 Livis 引领线控底盘新阶段 [Table_Industry] 汽车 汽车行业周报（2026/1/30-2026/2/6） 汽车《AI 应用重要阵地，Robotaxi 还看中国》 2026.02.04 汽车《特斯拉加速 AI 转型，将发布第三代人形 机器人 Optimus》2026. ...

Investment Rating - The industry investment rating is Neutral (maintained) [6] Core Insights - The upcoming release of Tesla's Optimus V3 is expected to catalyze the industry, with a focus on companies involved in the humanoid robot supply chain and those with significant advancements in autonomous driving technology [9] - The demand for gas turbines and generator sets is anticipated to surge due to increased overseas data center construction, benefiting companies in the gas turbine and robotics supply chains [9] - Companies with strong alpha characteristics in the automotive and parts sector are expected to withstand industry risks and achieve revenue and profit growth [3] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to resist industry risks and achieve revenue and profit growth; focus on advanced autonomous driving supply chains, data center liquid cooling, and gas turbine industries [3] - Suggested companies to watch include: - Humanoid robot-related: Xinquan Co., Ltd. (603179, Buy), Top Group (601689, Buy), Yinlun Co., Ltd. (002126, Buy), and others [4] - Gas turbine-related: Yinlun Co., Ltd. (002126, Buy) [4] - Liquid cooling-related: Yingweike (002837, Not Rated), Yinlun Co., Ltd. (002126, Buy), Top Group (601689, Buy), and others [4] - Autonomous driving-related: Jingwei Hengrun-W (688326, Buy), Bertley (603596, Buy), Desay SV (002920, Buy) [4]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 国家知识产权局信息显示，芜湖伯特利汽车安全系统股份有限公司取得一项名为"一种具备多轴承的空 气弹簧及汽车悬架"的专利，授权公告号CN223881610U，申请日期为2025年4月。 专利摘要显示，本实用新型公开了一种具备多轴承的空气弹簧及汽车悬架，包括轴承安装座和下安装 座，下安装座设在轴承安装座底部，轴承安装座外部设有车身安装座，轴承安装座顶部设有第一轴承， 轴承安装座与车身安装座之间设有第二轴承，采用本实用新型的具备多轴承的空气弹簧，满足空气弹簧 承受侧向力与扭转力的设计需求，密封性能可靠。 天眼查资料显示，芜湖伯特利汽车安全系统股份有限公司，成立于2004年，位于芜湖市，是一家以从事 汽车制造业为主的企业。企业注册资本60651.082万人民币。通过天眼查大数据分析，芜湖伯特利汽车 安全系统股份有限公司共对外投资了18家企业，参与招投标项目22次，财产线索方面有商标信息9条， 专利信息463条，此外企业还拥有行政许可30个。 ...

2月2日，伯特利跌3.95%，成交额9.47亿元。两融数据显示，当日伯特利获融资买入额1.04亿元，融资 偿还7808.00万元，融资净买入2612.11万元。截至2月2日，伯特利融资融券余额合计10.48亿元。 责任编辑：小浪快报 截至9月30日，伯特利股东户数3.48万，较上期减少13.00%；人均流通股17428股，较上期增加14.94%。 2025年1月-9月，伯特利实现营业收入83.57亿元，同比增长27.04%；归母净利润8.91亿元，同比增长 14.58%。 分红方面，伯特利A股上市后累计派现6.64亿元。近三年，累计派现4.99亿元。 机构持仓方面，截止2025年9月30日，伯特利十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股3913.44万股，相比上期增加66.12万股。南方中证500ETF（510500）位居第九大流通股东， 持股622.22万股，相比上期减少11.23万股。睿远成长价值混合A（007119）位居第十大流通股东，持股 541.39万股，相比上期增加12.61万股。兴全趋势投资混合(LOF)（163402）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。 ...

证券代码：603596 证券简称：伯特利 公告编号：2026-005 转债代码：113696 转债简称：伯25转债 芜湖伯特利汽车安全系统股份有限公司关于可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 二、可转债本次转股情况 公司本次发行的"伯25转债"转股期为：2026年1月7日至2031年6月30日。 （一）自2026年1月7日至2026年1月31日期间，累计已有人民币73,000元"伯25转债"已转换为公司股 票，因转股形成的股份数量为1,387股。截至2026年1月31日，累计转股股份数为1,387股，占"伯25转 债"转股前公司已发行股份总额的0.0002% 重要内容提示： ● 累计转股情况：截至2026年1月31日，累计已有人民币73,000元"伯25转债"已转换为公司股票，累计转 股股份数为1,387股，占"伯25转债"转股前公司已发行股份总额的0.0002%。 ● 未转股可转债情况：截至2026年1月31日，尚未转股的"伯25转债"金额为人民币2,801,927,000元， 占" ...

累计转股情况：截至 2026 年 1 月 31 日，累计已有人民币 73,000 元"伯 25 转债"已转换为公司股票，累计转股股份数为 1,387 股，占"伯 25 转债"转股前公 司已发行股份总额的 0.0002%。 未转股可转债情况：截至 2026 年 1 月 31 日，尚未转股的"伯 25 转债"金 额为人民币 2,801,927,000 元，占"伯 25 转债"发行总量的比例为 99.9974%。 | 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2026-005 | | --- | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 25 | 转债 | | 芜湖伯特利汽车安全系统股份有限公司 关于可转债转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本季度转股情况：自 2026 年 1 月 7 日至 2026 年 1 月 31 日期间，累计已有 人民币 73,000 元"伯 25 转债"已转换为公司股票，因转股形成的股份数量为 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The automotive sector is experiencing a significant shift with the introduction of Tesla's Robotaxi strategy, focusing on a dual-seat Cybercab to address 90% of travel scenarios [5][13] - Tesla has disclosed that approximately 1.1 million Full Self-Driving (FSD) paid users account for about 12% of its total vehicle sales, with a year-on-year growth of 38% [14] - The Shanghai government has introduced a subsidy for replacing old vehicles with new energy vehicles, offering an 8% subsidy on the purchase price, capped at 15,000 yuan [14] - The National Energy Administration plans to establish 28 million charging facilities by the end of 2027, expected to drive over 200 billion yuan in investments [15] - The global humanoid robot shipment is projected to increase by 508% in 2025, with Chinese manufacturers leading the market [20][22] Market Performance - The automotive sector underperformed the market, with the A-share automotive index declining by 4.67%, ranking 29th among primary industries [6][25] - The passenger vehicle index fell by 1.84%, while the commercial vehicle index decreased by 1.21% [6] - The automotive parts index saw a decline of 6.82%, with various segments experiencing different levels of performance [6] Investment Recommendations - For passenger vehicles, there is an unexpected demand in the domestic high-end luxury market, with recommendations for Jianghuai Automobile and Seres, while Geely Automobile is identified as a beneficiary [7] - In the automotive parts sector, profitability is expected to improve, with recommendations for Desay SV, Zhejiang Xiantong, Meili Technology, and others, while Weichai Power and others are seen as beneficiaries [7]