Investment Rating - The report rates the automotive industry as "Overweight," indicating that it is expected to outperform the overall market [2][3]. Core Insights - The automotive industry is experiencing significant divergence in performance, with the vehicle manufacturing sector facing profit pressure due to intensified competition. In contrast, the auto parts sector shows positive signals driven by new business initiatives, particularly in smart technology and robotics [3][4]. - The report emphasizes the importance of focusing on technological advancements, particularly in smart technology and international expansion, as key investment themes moving forward [3][4]. Summary by Relevant Sections 1. Half-Year Report Summary - The automotive industry shows a marked divergence in performance, with vehicle manufacturers under pressure from competition, while the auto parts sector benefits from new business initiatives [3]. - Investment focus should remain on technology, particularly in smart technology and robotics, as well as international expansion [3]. 2. Company Updates - **Sensata Technologies**: Actively expanding into robotics, low-altitude economy, and liquid cooling, with a dedicated team of 60-80 people for robotics [4]. - **Koboda**: Expected to report revenues of 11-11.5 billion yuan and net profits of 1.45-1.5 billion yuan in the upcoming year, with strong growth potential in domain control [6]. - **Fuda**: Recognized for its dual layout in screw and cycloidal gear reducers, with mature mass production processes [7]. - **Longsheng Technology**: Anticipates a turning point in the second half of the year, with significant value increase in products for the Seris M7 [9]. - **Baolong Technology**: Transitioning from automotive sensors to robotics, with expected growth in the third quarter [9]. 3. Jianghuai Automobile - Jianghuai Automobile is transitioning from traditional manufacturing to high-end intelligent vehicle production, with projected revenues of 42.2 billion yuan and a net loss of 1.784 billion yuan in 2024 [10]. - The company is collaborating with Huawei to launch the high-end model "Zun Jie S800," targeting luxury markets [11]. - Expected sales for the Zun Jie S800 are projected at 12,099 units in 2025, stabilizing at 20,000 units annually thereafter, indicating significant profit recovery potential [11]. 4. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in smart technology like Jianghuai Automobile and Seris [2][3]. - It also suggests monitoring state-owned enterprise consolidations and parts manufacturers with strong growth prospects, such as Fuyao Glass and New Spring [2][3].

科博达技术股份有限公司 2025年第三次临时股东大会 科博达技术股份有限公司 2025 年第三次临时股东大会 会议资料 中国 上海 二〇二五年九月 科博达技术股份有限公司 2025年第三次临时股东大会 目 录 | 一、2025 | 年第三次临时股东大会会议议程 | 1 | | --- | --- | --- | | 二、2025 | 年第三次临时股东大会会议须知 | 3 | | 三、2025 | 年第三次临时股东大会审议议案 | | | 1. | 关于购买股权暨关联交易的议案 | 5 | | 2. | 关于未来三年股东回报规划（2025-2027 年）的议案 22 | | 科博达技术股份有限公司 2025年第三次临时股东大会 科博达技术股份有限公司 2025 年第三次临时股东大会会议议程 现场会议时间：2025 年 9 月 26 日（星期五）下午 14:30 网络投票时间：2025 年 9 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东大会召 ...

Group 1: New Stock Issuances - Cash option declaration period for *ST Tianmao (000627) is from September 15 to September 19, 2025[1] - *ST Zitian (300280) has 11 trading days remaining until the last trading day during the delisting arrangement period[1] - *ST Dongtong (300379) has reported severe abnormal fluctuations in stock price[1] Group 2: Market Alerts - Jiushi Media (601929) has experienced significant abnormal fluctuations in stock price[1] - Xian Dao Intelligent (300450) has reported severe abnormal fluctuations in stock price[1] - Hangke Technology (688006) has issued a notice regarding stock performance[1] Group 3: Trading Notifications - Shanghai Construction (600170) has issued a trading notification on September 18, 2025[1] - Junsheng Electronics (600699) has issued a trading notification on September 18, 2025[1] - ST Changyuan (600525) has issued a trading notification on September 18, 2025[1]

Core Viewpoint - The digital economy theme index and related stocks have shown strong performance, driven by advancements in AI technology and domestic chip production [1][2]. Group 1: Market Performance - As of September 18, 2025, the CSI Digital Economy Theme Index (931582) rose by 3.66%, with key stocks like Dahua Technology (002236), Rockchip (603893), and Keda Technology (603786) each increasing by 10.00% [1]. - The Digital Economy ETF (560800) increased by 3.51%, with a latest price of 1.06 yuan, and a trading volume of 19.89 million yuan [1]. - The average daily trading volume of the Digital Economy ETF over the past week was 40.59 million yuan [1]. Group 2: Industry Developments - The 2025 Tencent Global Digital Ecosystem Conference highlighted advancements in AI technology and products, with Tencent announcing full compatibility with mainstream domestic chips [1]. - The trend towards domestic chip production is expected to continue due to security concerns, especially following the U.S. listing of several Chinese semiconductor companies on the entity list [1]. - The demand for computing power driven by AI is significantly increasing, enhancing the value of components such as servers, AI chips, optical chips, memory, and PCBs [2]. Group 3: GPU Market Insights - The domestic GPU market is projected to grow significantly, with Nvidia's revenue in mainland China for 2024 estimated at approximately 17.1 billion USD, translating to over 100 billion yuan [2]. - The domestic GPU market is expected to reach a scale of over 100 billion yuan, with production ramping up [2].

Group 1 - The smart driving concept experienced a significant surge in early trading on September 18, with multiple companies seeing substantial gains [1] - Dezhong Automobile reached the daily limit up, indicating strong investor interest and confidence in the sector [1] - Other companies such as Kobot, China Automotive Technology and Research Center, Guangyang Co., and others also hit the daily limit up, reflecting a broad rally in the smart driving industry [1]

Group 1 - The stock of Kebo Da has hit the daily limit up for three consecutive trading days, with a current price of 84.17 yuan and a trading volume of 1.8264 million shares, amounting to a transaction value of 154 million yuan [2] - During the consecutive limit-up period, the stock has increased by 33.10%, with a cumulative turnover rate of 4.45% [2] - The latest total market capitalization of A-shares has reached 33.993 billion yuan [2] Group 2 - As of September 17, the margin trading balance for Kebo Da is 261 million yuan, with a financing balance of 260 million yuan, reflecting a day-on-day increase of 87.68 million yuan, a growth of 50.96% [2] - Over the past three days, the margin trading balance has increased by 98.4628 million yuan, representing a growth of 61.06% [2] - The stock has appeared on the Dragon and Tiger list due to a cumulative deviation of 20% in its price over three trading days, with institutional net purchases amounting to 55.1916 million yuan [2] Group 3 - Kebo Da reported a revenue of 3.047 billion yuan for the first half of the year, marking a year-on-year growth of 11.10%, and a net profit of 451 million yuan, which is a 21.34% increase year-on-year [2] - The basic earnings per share are reported at 1.1245 yuan, with a weighted average return on equity of 8.22% [2] - Kebo Da Technology Co., Ltd. was established on September 12, 2003, with a registered capital of 403.8567 million yuan [2]

Core Insights - In August 2025, the automotive production and sales reached 2.815 million and 2.857 million units respectively, with month-on-month growth of 8.7% and 10.1%, and year-on-year growth of 13% and 16.4% [2][3] - For the week of September 1-7, 2025, retail sales of passenger cars were 304,000 units, a year-on-year decrease of 10% and a month-on-month decrease of 4%, while wholesale sales were 307,000 units, a year-on-year decrease of 5% but a month-on-month increase of 9% [2][3] Weekly Market Performance - During the week of September 8-12, 2025, the CS automotive index rose by 0.21%, while the CS passenger vehicle index fell by 0.37%, and the CS commercial vehicle index decreased by 1.06% [2] - The CS automotive parts index increased by 0.72%, and the CS automotive sales and service index rose by 4.23%, while the electric vehicle index fell by 0.08% and the smart vehicle index increased by 1.36% [2] - The Shanghai Composite Index rose by 1.66% and the CSI 300 Index increased by 1.93%, indicating that the CS automotive index underperformed these indices by 1.72 percentage points and 1.45 percentage points respectively, with a year-to-date increase of 23.76% [2] Cost Tracking and Inventory - As of September 10, 2025, the prices of float glass, aluminum ingots, and zinc ingots changed year-on-year by -9.4%, +7.1%, and -5.2% respectively, and month-on-month by -6%, +0.5%, and -1.1% [3] - The inventory warning index for automotive dealers in August was 57.0%, showing a year-on-year increase of 0.8 percentage points and a month-on-month decrease of 0.2 percentage points [3] Market Focus - Key developments include partnerships in autonomous driving, such as Horizon Robotics collaborating with Hello to accelerate Robotaxi deployment, and the launch of new models like the all-new Wanjie M7, which saw over 100,000 pre-orders within an hour [3] - The Ministry of Industry and Information Technology and other departments issued a joint plan for stabilizing growth in the automotive industry for 2025-2026 [3] Investment Recommendations - In the medium to long term, the focus is on opportunities in incremental components driven by the rise of domestic brands and electric intelligence [4] - Recommended companies include Leap Motor, JAC Motors, and Geely for strong new product cycles, and companies like Kobot, Huayang Group, and Junsheng Electronics for smart technology [4]

Core Viewpoint - The stock of Kebo Technology Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from September 15 to September 17, 2025, prompting the company to disclose relevant information [2][3]. Group 1: Stock Trading Abnormality - The company's stock price deviation was noted as exceeding 20% over three consecutive trading days, which is classified as abnormal trading behavior according to the Shanghai Stock Exchange rules [2][3]. - The company confirmed that its production and operational activities are normal, and there have been no significant changes in the external business environment or industry policies [4]. Group 2: Major Events - The company is in the process of planning a convertible bond issuance, which is still in the preliminary stage and carries significant uncertainty [5]. - On September 5, 2025, the company announced a plan to acquire 60% of the equity of Shanghai Kebo Intelligent Technology Co., Ltd., which is pending approval from the shareholders' meeting [5]. Group 3: Other Relevant Information - The company has not identified any media reports, market rumors, or hot concepts that could significantly impact its stock price [7]. - The actual controller of the company has a plan to reduce holdings of up to 3,200,000 shares, which is approximately 0.7924% of the total share capital, but this plan has not yet been implemented [8].

（编辑 任世碧） 证券日报网讯 9月17日晚间，科博达发布公告称，公司股票于2025年9月15日、2025年9月16日、2025年 9月17日连续3个交易日内日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动。经公司自查， 公司目前正在筹划向不特定对象发行可转换公司债券（简称"可转债"）事项，该事项尚处于前期筹划阶 段，存在重大不确定性。除此之外，公司不存在其他应披露未披露的重大事项。目前公司生产经营活动 一切正常。后续公司将根据相关规定，对可转债事项进展情况持续进行披露。公司日常经营情况及外部 经营环境均未发生重大变化。敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 ...

格隆汇9月17日丨科博达(603786.SH)公布股票交易异常波动公告，基于公司发展现状及未来的资金需求，公司正在商议筹划可转债事项。截至本公告披露日，公司可转债事项尚处在筹划阶段 ...