Group 1 - The core point of the article is the recent business changes at Anhui Mojia Zhichuang Robot Technology Co., Ltd, which has added new shareholders and increased its registered capital to 104 million yuan [1] - The newly added shareholders include Zhiyuan Innovation (Shanghai) Technology Co., Ltd, Bertley (603596), and Fuchun Dyeing and Weaving (605189) [1] - Mojia Robot is a brand under Chery Group, focusing on the research and application of embodied intelligence [1]

Investment Rating - The report provides a "Buy" rating for several companies in the automotive sector, indicating an expected performance that will exceed the market by more than 10% over the next 12 months [5][22]. Core Insights - The change in subsidy policies has led to the disappearance of the tail effect in Q4 2025, resulting in a reduction of demand overdraw for 2026. In December 2025, the number of insured vehicles was 2.278 million, down 16.4% year-on-year but up 13.6% month-on-month. The total number of insured vehicles for the year reached 23.047 million, a slight increase of 0.6% year-on-year, with the penetration rate of new energy vehicles rising to 54.0%, an increase of 7.1 percentage points year-on-year [4][7][16]. Summary by Sections 1. Changes in Subsidy Policies - The report highlights that the changes in subsidy policies have caused consumers to adopt a wait-and-see approach, leading to a decrease in demand overdraw for 2026. The expectation is that as replacement subsidy application channels open, pent-up demand will materialize, and the domestic terminal market will trend towards "price increase and stable volume" [4][7]. 2. PHEV Market Share Tracking - The focus is on the performance of PHEV market shares, particularly for BYD and Geely, as the "mid-level assisted driving equity" leads to share differentiation. The report emphasizes the importance of monitoring configuration adjustments and terminal discount changes to understand further market share differentiation [9][16]. 3. Recent Report Insights - The report notes that the passenger vehicle inventory saw a slight reduction in December 2025, with an estimated 1.5 million vehicles in demand waiting to be fulfilled. The overall industry theme for 2025 was "emerging from deflation," with a judgment of "stable volume and slow price increase" being validated. The outlook for 2026 remains "price increase and stable volume," differing from market consensus due to regulatory changes and risk-return assessments [16][17]. 4. Investment Recommendations - The report suggests a "shelf-style" investment approach, recommending various companies across the passenger vehicle chain. Right-side targets include Geely, BYD, and others, while left-side targets include Great Wall Motors and Changan Automobile. In the commercial vehicle chain, recommended companies include China National Heavy Duty Truck Group and Weichai Power [17].

Group 1 - Bertli's stock price increased by 5.38% to 58.81 CNY per share, with a trading volume of 1.102 billion CNY and a turnover rate of 3.21%, resulting in a total market capitalization of 35.669 billion CNY [1] - Bertli Automotive Safety Systems Co., Ltd. specializes in the research, development, production, and sales of automotive brake systems, with its main business revenue composition being: intelligent electronic control products 45.59%, mechanical brake products 44.77%, mechanical steering products 5.63%, and other products 2.92% [1] Group 2 - Ruiyuan Fund's Ruiyuan Growth Value Mixed A (007119) is among Bertli's top ten circulating shareholders, having increased its holdings by 126,100 shares to a total of 5.4139 million shares, representing 0.89% of circulating shares, with an estimated floating profit of approximately 16.2417 million CNY [2] - Ruiyuan Growth Value Mixed A (007119) was established on March 26, 2019, with a latest scale of 19.127 billion CNY, achieving a year-to-date return of 1.81% and a one-year return of 72.79% [2] Group 3 - The fund manager of Ruiyuan Growth Value Mixed A (007119) is Fu Pengbo, who has a tenure of 17 years and 11 days, with the fund's total asset scale at 21.087 billion CNY, achieving a best return of 429.69% during his tenure [3] - Zhu Lin, the co-manager, has a tenure of 6 years and 306 days, with the same fund scale of 21.087 billion CNY, achieving a best return of 97.8% during his tenure [3]

Group 1 - The article discusses the recent policy measures issued by Guangdong province aimed at promoting high-quality development in transportation through artificial intelligence [4][5] - The policy encourages enterprises to focus on core technology breakthroughs and innovation in areas such as end-to-end remote driving, intelligent decision-making, and precise prediction and control [4][5] - The initiative aims to create high-quality data sets, toolchains, and algorithm libraries to facilitate the application of large models in autonomous driving [4][5] Group 2 - The article lists various companies involved in the development of key technologies related to autonomous driving, including 威帝股份, 凯众股份, and 大华股份 [6] - It highlights the importance of advanced systems such as steer-by-wire systems, vehicle-mounted cameras, and heads-up displays (HUD) in the context of intelligent driving [6]

Summary of Conference Call Records Industry Overview - The records pertain to the automotive industry, specifically focusing on heavy trucks, motorcycles, and automotive components. Key Companies and Insights 1. **博俊科技 (BoJun Technology)** - Location: Suzhou Kunshan - Date: January 20 - Core Insight: Focus on stamping parts, with strong performance and low valuation, leading to steady market capitalization growth [1] 2. **伯特利 (Bertley)** - Location: Wuhu - Date: January 20 - Core Insight: Domestic leader in line control braking, with EMB set to lead in production this year and extensive layout in robotics [1] 3. **春风动力 (Chunfeng Power)** - Format: Online meeting via Tencent - Date: January 20 - Core Insight: Anticipation of a significant year for all-terrain vehicles with new product launches; recovery in motorcycle exports and domestic business; continuous growth in extreme core products [1] 4. **瑞鹄模具 (Ruihu Mould)** - Location: Wuhu - Date: January 21 - Core Insight: Domestic equipment business leader, high-quality supplier, successful shipment of collaborative robots [1] 5. **海安集团 (Hai'an Group)** - Location: Fujian Putian - Date: January 22 - Core Insight: Deep ties with major clients like Zijin and Jiangxi Copper, with a gross margin exceeding 45% and a return on equity (ROE) of over 22% [1] 6. **中国重汽A (China National Heavy Duty Truck Group A)** - Format: Online available - Date: January 28 - Core Insight: Focus on international expansion, elimination of National IV standards, and progress in new energy initiatives [1] 7. **中国重汽H (China National Heavy Duty Truck Group H)** - Format: Online available - Date: January 28 - Core Insight: Emphasis on international expansion and high dividends, alongside the elimination of National IV standards and advancements in new energy [2] 8. **潍柴动力 (Weichai Power)** - Location: Weifang - Date: January 29 - Core Insight: Core player in the heavy truck supply chain, benefiting from domestic demand and international expansion; steady revenue and gross margin growth in forklift and supply chain sectors; large displacement engines and SOFC expected to benefit from AI data center demand [2] Additional Important Insights - The records highlight a trend of companies in the automotive sector focusing on international markets and new energy solutions, indicating a shift towards sustainability and global competitiveness. - The emphasis on strong financial metrics such as gross margins and ROE suggests a focus on profitability and operational efficiency within the industry.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese heavy truck market's total sales for 2025 reached 1.145 million units, marking a 27% increase from the previous year [5][13] - The China Automobile Association forecasts total automobile sales in 2026 to be 34.75 million units, a 1% year-on-year growth [15] - The demand for high-end luxury passenger cars in China is exceeding expectations, with a favorable competitive landscape [7] Industry News - Tesla will stop selling Full Self-Driving (FSD) after February 14, transitioning to a monthly subscription model [14] - Shanghai aims to achieve large-scale application of high-level autonomous driving scenarios by 2027 [16] - Great Wall Motors launched the world's first native AI all-power platform "Guiyuan," supporting multiple power systems [17] - Canada has reduced tariffs on Chinese electric vehicles to 6.1%, eliminating the previous 100% additional tax [18] Market Performance - The A-share automotive sector outperformed the market with a weekly increase of 0.71%, ranking 8th among A-share primary industries [25] - The passenger vehicle index decreased by 1.87%, while the commercial vehicle index increased by 5.53% [6] - The automotive parts index rose by 1.26%, with notable gains in the electric control systems and lightweight components [6][35] Investment Recommendations - For passenger vehicles, recommended stocks include JAC Motors and Seres, with beneficiaries being Geely Automobile [7] - In the parts sector, recommended stocks include Desay SV Automotive, Zhejiang Xiantong, and Meili Technology, with beneficiaries being Weichai Power and others [7]

Core Viewpoint - Bertli's stock price has shown fluctuations, with a recent decline of 2.00% and a total market capitalization of 33.81 billion yuan, while the company has experienced significant revenue growth year-on-year [1][2]. Group 1: Stock Performance - As of January 14, Bertli's stock price is 55.75 yuan per share, with a trading volume of 765 million yuan and a turnover rate of 2.22% [1]. - Year-to-date, Bertli's stock has increased by 8.74%, with a 2.18% decline over the last five trading days, a 20.67% increase over the last 20 days, and a 19.79% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Bertli achieved a revenue of 8.357 billion yuan, representing a year-on-year growth of 27.04%, and a net profit attributable to shareholders of 891 million yuan, reflecting a growth of 14.58% [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 [3]. Group 3: Shareholder Information - As of September 30, 2025, Bertli has 34,800 shareholders, a decrease of 13.00% from the previous period, with an average of 17,428 circulating shares per shareholder, an increase of 14.94% [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 [3].

Group 1 - The core viewpoint of the news is that Bertli's stock has shown significant growth, with a 12.42% increase since the beginning of the year and a notable rise in revenue and profit for the first nine months of 2025 [2][3] - As of January 13, Bertli's stock price reached 57.64 CNY per share, with a market capitalization of 34.96 billion CNY and a trading volume of 1.08 billion CNY [1] - The company has a diverse revenue stream, with intelligent electronic control products accounting for 45.59%, mechanical braking products 44.77%, and other products making up the remainder [2] Group 2 - Bertli's revenue for the first nine months of 2025 was 8.36 billion CNY, reflecting a year-on-year growth of 27.04%, while the net profit attributable to shareholders was 891 million CNY, up 14.58% [2] - The company has distributed a total of 664 million CNY in dividends since its A-share listing, with 499 million CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 13% to 34,800, while the average number of tradable shares per person increased by 14.94% to 17,428 shares [2]

Investment Rating - The investment rating for the automotive industry is "Positive" and maintained [9] Core Insights - The wholesale sales of passenger vehicles in Q4 2025 are expected to be approximately 8.76 million units, a year-on-year decrease of 1% but a quarter-on-quarter increase of 14%. The profitability in Q4 may show differentiation compared to the same period last year, with expectations for a quarter-on-quarter improvement [2][5] - The revenue from automotive parts is anticipated to grow steadily quarter-on-quarter, but profitability may face pressure due to factors such as raw material costs and exchange rates [2][5] - The wholesale sales of heavy trucks are projected to be 314,000 units in Q4 2025, representing a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [2][5] - The overall sales of buses are expected to see a significant quarter-on-quarter increase during the peak season, with sales of large and medium buses reaching 44,000 units, a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [2][5] - The total sales of motorcycles are estimated to be around 4.73 million units in Q4 2025, reflecting a year-on-year increase of 11.0% but a quarter-on-quarter decrease of 6.2% [2][6] Summary by Sections Passenger Vehicles - Q4 2025 wholesale sales are expected to be about 8.76 million units, down 1% year-on-year but up 14% quarter-on-quarter. New energy vehicle sales are projected at 4.84 million units, up 13% year-on-year and 21% quarter-on-quarter [5] Automotive Parts - Revenue is expected to grow steadily quarter-on-quarter, but profitability may be pressured by raw material and exchange rate factors [5] Heavy Trucks - Q4 2025 wholesale sales are projected at 314,000 units, with a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5% [5] Buses - Large and medium bus sales are expected to reach 44,000 units in Q4 2025, with a year-on-year increase of 8.8% and a quarter-on-quarter increase of 42.2% [5] Motorcycles - Total motorcycle sales are estimated at 4.73 million units in Q4 2025, reflecting an 11.0% year-on-year increase but a 6.2% quarter-on-quarter decrease [6]

Core Viewpoint - Bertli plans to invest 35 million RMB in its affiliate, Chery Automobile's subsidiary, Anhui Mojia Intelligent Robot Technology Co., Ltd., while Chery will not participate in the capital increase [2][3]. Group 1: Investment Details - The total investment from other parties in the capital increase amounts to approximately 41.67 million RMB, with six investors participating [2]. - After the capital increase, the registered capital of Mojia Robot will rise to 104,166,666.67 RMB [2]. Group 2: Company Background - Anhui Mojia Intelligent Robot Technology Co., Ltd. was established on January 7, 2025, with a registered capital of 10 million RMB and is fully owned by Chery Automobile [3]. - The company focuses on the development of intelligent robots, industrial automation control systems, and artificial intelligence software [3]. - As of September 30, 2025, Mojia Robot reported total assets of 107.83 million RMB and liabilities of 12.93 million RMB, resulting in a debt-to-asset ratio of 11.99% [3]. Group 3: Bertli's Recent Activities - Bertli has been active in external investments, including the establishment of a joint venture, Zhejiang Berjian Transmission, with a registered capital of 100 million RMB, where Bertli holds a 60% stake [4].