豫北转向主要从事汽车转向系统及其关键零部件的研发、生产和销售。豫北转向为专业从事汽车转向系 统产品研发生产的一级汽车零部件供应商，并拥有良好的经营效益、优质的客户基础和扎实的技术底 蕴，其主要产品电子助力转向系统、液压助力转向系统、转向系统部件与公司现有汽车转向产品在技 术、市场、规模等方面形成显著的协同效应。本次投资合作一方面将整合双方的技术优势和资源优势， 丰富和完善公司在汽车安全系统领域的产品线，提升公司的客户服务能力和市场竞争优势；另一方面本 次收购具有良好的经济效益，将进一步增强公司的盈利能力。本次收购符合公司发展战略及公司、股东 的整体利益。 本次收购完成后，伯特利成为豫北转向的控股股东；豫北转向将在收购完成后纳入伯特利的合并报表范 围。 格隆汇2月25日丨伯特利(603596.SH)公布，公司拟与豫北转向之股东峻鸿实业、宁波奉元、合肥华芯、 合肥产投等相关方共同签署《股份转让协议》，收购峻鸿实业所持豫北转向30.4365%的股份，收购宁 波奉元所持豫北转向15.0817%的股份，收购合肥华芯所持豫北转向3.6364%的股份，收购合肥产投所持 豫北转向1.8182%的股份，合计收购各转让方所持豫北 ...

Investment Rating - The report maintains a "Buy" rating for the automotive sector [3] Core Insights - The automotive sector is expected to stabilize and recover due to the introduction of local subsidies for vehicle replacement and the upcoming launch of new models after the Spring Festival [2][12] - The report highlights key investment opportunities in various segments, including passenger vehicles, automotive parts, and motorcycles, with specific company recommendations [2][19][34] Summary by Sections 1. Passenger Vehicles - The introduction of the 2026 vehicle replacement subsidy is expected to stimulate domestic demand positively [14] - The subsidy structure will improve the model mix, with new energy vehicles receiving 12% of the vehicle price as a subsidy (up to 20,000 yuan) and fuel vehicles receiving 10% (up to 15,000 yuan) [15][16] - Recommended companies include Geely, Xpeng, and BYD, with a focus on the left side of the demand bottom [2][19] 2. Automotive Parts - The report emphasizes the growth potential in the automotive parts sector, particularly in intelligent driving and new energy vehicle supply chains [19][23] - Recommended companies include Bertel, Horizon Robotics, and Top Group, focusing on the H and T chains [2][19] 3. Motorcycles - The report suggests a focus on mid-to-large displacement motorcycle manufacturers, with companies like Chunfeng Power and Longxin General recommended [31][34] - The market for mid-to-large displacement motorcycles is expected to expand, driven by supply and export efforts from leading manufacturers [34] 4. Commercial Vehicles - The heavy truck market is projected to recover due to the continuation of the vehicle replacement subsidy policy, with recommendations for Weichai Power and China National Heavy Duty Truck [35][36] 5. Tires - The tire industry is expected to benefit from ongoing globalization and the optimization of production structures, with recommendations for Sailun Tire and Senqilin [37][39]

Summary of Bertli's Conference Call Company Overview - Bertli is a significant player in the Electromechanical Brake (EMB) product market, particularly in areas where traditional giants like Bosch do not hold absolute advantages, indicating potential for substantial market share expansion [2][4]. Core Insights and Arguments - EMB technology allows for direct mechanical control via electricity, achieving response times as fast as 50 milliseconds, which is superior to mainstream Electronic Hydraulic Brake (EHB) systems. This technology effectively shortens braking distances, enhances safety, and supports advanced autonomous driving features [2][4]. - The Ideal L9 model, priced at approximately 550,000 yuan, is one of the first mass-produced vehicles to utilize Bertli's EMB technology, marking a significant breakthrough for the company in this field [2][4]. - By 2030, EMB is expected to capture 10% of the passenger vehicle market, providing Bertli with considerable market opportunities to offset limitations in the domestic market share of its One Box products [2][5]. - Bertli has made progress in lightweight solutions in collaboration with overseas clients, with limited impact from rising aluminum prices. The company has also achieved system designations in online control steering and air suspension, which are expected to contribute to revenue growth [2][5]. - Despite high penetration rates for products like One Box and EPP, the domestic production rate is only 40%, indicating ample room for domestic substitution and growth potential for Bertli [2][5]. Financial Outlook - The compound annual growth rate (CAGR) for Bertli's performance is projected to approach 25% over the next two years. The current valuation is approximately 20 times earnings (including convertible bonds), which is considered low, maintaining a positive outlook for the company [3][5]. - Risks to this outlook include potential economic growth falling short of expectations and significant increases in raw material prices [3][5].

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]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][16]. Core Insights - The new Li Auto L9 Livis is leading a new phase in steer-by-wire chassis technology, which is expected to drive upgrades in related component manufacturers [2][15]. - The report highlights a significant growth in demand for AIDC power generation equipment and recommends Weichai Power for its diversified layout in diesel, gas generator sets, and SOFC [16]. - The report notes that liquid cooling is a promising area for automotive components, recommending Silver Wheel Holdings for its comprehensive efforts in digital power [16]. - The export of passenger vehicles to Europe is anticipated to grow rapidly under carbon reduction policies, with recommendations for XPeng Motors and SAIC Motor [16]. - The intelligent driving supply chain is expected to benefit from advancements in L3 testing, with recommendations for Nexperia and China Automotive Research [16]. - The humanoid robot sector is highlighted, recommending Delta Electronics and Ningbo Huaxiang based on long-term strategic capabilities [16]. Industry Performance Overview - In the week of January 30 to February 6, 2026, the automotive index remained flat, while the new energy vehicle index increased by 2% [2][7]. - Over the past month, the automotive index decreased by 1%, and the new energy vehicle index fell by 2% [8][9]. - The report indicates that the automotive sector has shown mixed performance, with some stocks like Kailong High-Tech and Weichai Power seeing significant gains, while others like Tianpu and Suoling experienced declines [10][12]. Sales Data - For the period of January 1-18, 2026, retail sales of passenger vehicles in China totaled 679,000 units, a year-on-year decrease of 28% [14]. - The new energy vehicle market saw retail sales of 312,000 units during the same period, reflecting a 16% year-on-year decline [14]. Recommendations for Key Companies - The report recommends several companies based on their market positions and growth potential: - Weichai Power [18] - Silver Wheel Holdings [18] - XPeng Motors [18] - SAIC Motor [18] - Nexperia [18] - Delta Electronics [18] - Ningbo Huaxiang [18]

| [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]

Core Insights - Wuhu Berteli Automotive Safety Systems Co., Ltd. has obtained a patent for a "multi-bearing air spring and automotive suspension" with authorization number CN223881610U, applied on April 2025 [1] - The patent describes a design that includes a bearing mounting seat and a lower mounting seat, which meets the design requirements for lateral and torsional forces while ensuring reliable sealing performance [1] Company Overview - Wuhu Berteli Automotive Safety Systems Co., Ltd. was established in 2004 and is located in Wuhu City, primarily engaged in the automotive manufacturing industry [1] - The company has a registered capital of 606.51 million RMB [1] - Wuhu Berteli has invested in 18 companies and participated in 22 bidding projects, with 9 trademark records and 463 patent records, in addition to holding 30 administrative licenses [1]

Core Viewpoint - Bertli experienced a decline of 3.95% in stock price on February 2, with a trading volume of 947 million yuan, indicating market volatility and investor sentiment towards the company [1]. Financing Summary - On February 2, Bertli had a financing buy amount of 104 million yuan, with a net financing purchase of 26.12 million yuan after repaying 78.08 million yuan [1]. - The total financing and securities balance for Bertli reached 1.048 billion yuan, with the financing balance accounting for 3.48% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, Bertli repaid 800 shares and sold 2,100 shares on February 2, with a selling amount of 104,200 yuan, while the remaining securities lending balance was 221.07 million yuan, which is low compared to the past year [1]. Company Overview - Wuhu Bertli Automotive Safety Systems Co., Ltd. was established on June 25, 2004, and listed on April 27, 2018, focusing on the research, production, and sales of automotive brake system-related products [1]. - The company's main business revenue composition includes intelligent electronic control products (45.59%), mechanical brake products (44.77%), mechanical steering products (5.63%), and other products (7.01%) [1]. Financial Performance - As of September 30, Bertli reported a total revenue of 8.357 billion yuan for the period from January to September 2025, reflecting a year-on-year growth of 27.04%, while the net profit attributable to shareholders was 891 million yuan, up 14.58% year-on-year [2]. - The company has distributed a total of 664 million yuan in dividends since its A-share listing, with 499 million yuan distributed over the past three years [2]. Shareholder Information - As of September 30, the number of Bertli shareholders decreased by 13% to 34,800, while the average circulating shares per person increased by 14.94% to 17,428 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 39.1344 million shares, an increase of 661,200 shares compared to the previous period, while Southern CSI 500 ETF reduced its holdings by 112,300 shares [2].

Core Viewpoint - The announcement details the conversion results of the "Ber25 Convertible Bonds" issued by Wuhu Berteli Automotive Safety Systems Co., Ltd, highlighting the limited conversion activity and the remaining outstanding bonds. Group 1: Conversion Status - As of January 31, 2026, a total of RMB 73,000 of "Ber25 Convertible Bonds" has been converted into company shares, resulting in 1,387 shares, which represents 0.0002% of the total shares issued before conversion [2][5]. - The amount of "Ber25 Convertible Bonds" that has not been converted as of January 31, 2026, is RMB 2,801,927,000, accounting for 99.9974% of the total issuance [2][5]. Group 2: Bond Issuance Overview - The company issued a total of RMB 280,200,000 in convertible bonds on July 1, 2025, with a maturity of six years and a face value of RMB 100 per bond, totaling 28,020,000 bonds [3]. - The coupon rates for the bonds are set to increase over the years, starting from 0.1% in the first year to 2.0% in the sixth year [3]. Group 3: Conversion Period - The conversion period for the "Ber25 Convertible Bonds" is from January 7, 2026, to June 30, 2031, with an initial and current conversion price of RMB 52.42 per share [4][5].