Market Overview - On February 4, the motorcycle and other sectors rose by 0.92%, with Chuanfeng Power leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Stock Performance - Chuanfeng Power (603129) closed at 258.07, with a gain of 2.25% and a trading volume of 16,400 shares, amounting to a transaction value of 420 million [1] - Aima Technology (603529) closed at 29.35, up 1.98%, with a trading volume of 62,800 shares and a transaction value of 183 million [1] - Other notable stocks include: - TaoTao Vehicle (301345) at 221.00, up 1.58% [1] - Zhonglu Co. (600818) at 9.90, up 1.33% [1] - Jiuqi Co. (300994) at 16.85, up 0.96% [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 7.6091 million from main funds, while retail funds saw a net outflow of 46.5012 million [2] - Speculative funds had a net inflow of 54.1103 million [2] Individual Stock Capital Flow - TaoTao Vehicle (301345) had a main fund net inflow of 37.0876 million, with a retail net outflow of 50.4477 million [3] - Chuanfeng Power (603129) saw a main fund net inflow of 6.0441 million, with a retail net outflow of 10.9097 million [3] - Aima Technology (603529) had a main fund net inflow of 5.5853 million, but a retail net inflow of 3.6145 million [3]

Investment Rating - The report assigns an "Accumulate" rating for the industry [6] Core Insights - The report highlights a differentiated demand structure within the industry, with specific focus on export-oriented consumer enterprises that possess global manufacturing layouts, brand output capabilities, and channel integration advantages. These companies are expected to achieve sustained growth amid changing external environments and policy dynamics [4][7] - Key companies recommended for investment include: Juxing Technology, Yindu Co., Taotao Vehicle, Honghua Digital Science, and Jack Co. The report also mentions related companies such as Haoyang Co. [7][18] Summary by Relevant Sections Cost Tracking - The report notes a slight depreciation of the USD against the RMB, with the exchange rate at 6.95 as of January 30, 2026, reflecting a 1.30% increase from January 23, 2026. Additionally, shipping costs have decreased year-on-year across various routes, with the overall container freight index down by 16.92% year-on-year [7][15] Industry High-Frequency Data Tracking - The report provides insights into the U.S. restaurant industry, indicating a decrease in the Restaurant Performance Index (RPI) to 99.2 in November 2025, down 0.4% from October 2025. The U.S. housing market index also shows a significant year-on-year decline of 21.28% as of January 2026 [7][10][11] - In the motorcycle industry, the report notes a year-on-year increase in export volume by 15.83% despite a month-on-month decline of 2.73% in December 2025 [5] - The golf cart industry experienced a year-on-year export increase of 7.66% in December 2025, with total export value reaching $0.43 billion for the month [7][5]

Investment Rating - The report assigns an "Accumulate" rating for the industry [6] Core Insights - The report highlights a differentiated demand structure within the industry, with specific focus on export-oriented consumer enterprises that possess global manufacturing layouts, brand output capabilities, and channel integration advantages [4][7] - It emphasizes the importance of companies with diversified capacity allocation, stable customer loyalty, and pricing power to achieve sustained growth amid changing external environments and policy negotiations [7] - The report recommends specific companies such as Juxing Technology, Yindu Co., Taotao Vehicle, Honghua Digital Technology, and Jack Co. as key investment targets, while also mentioning Haoyang Co. as a related stock [7][18] Summary by Relevant Sections Cost Tracking - The report notes a slight depreciation of the USD against the RMB, with the exchange rate at 6.95 on January 30, 2026, reflecting a 1.30% increase from January 23, 2026 [7] - Shipping costs have decreased year-on-year across various routes, with the overall container freight index (CCFI) at 1175.59, down 16.92% year-on-year and 2.74% month-on-month [7] Industry High-Frequency Data Tracking - The report provides insights into the U.S. restaurant industry, indicating a decrease in the Restaurant Performance Index (RPI) to 99.2 in November 2025, down 0.4% from October 2025 [7] - The U.S. housing market index showed a year-on-year decline of 21.28% in January 2026, with a current index of 37, reflecting a 5.13% month-on-month decrease [7] - The golf cart industry experienced a year-on-year export increase of 7.66% in December 2025, with an export value of $0.43 billion for the month and a total of $3.63 billion for the year [7]

Core Viewpoint - TaoTao Automotive has shown significant growth in both revenue and net profit, indicating strong market performance and investor interest [2][3]. Group 1: Stock Performance - On February 3, TaoTao Automotive's stock rose by 3.29%, with a trading volume of 569 million yuan [1]. - The financing buy-in amount for the day was 39.70 million yuan, while the financing repayment was 26.77 million yuan, resulting in a net financing buy-in of 12.93 million yuan [1]. - As of February 3, the total financing and securities lending balance for TaoTao Automotive was 215 million yuan, with the financing balance accounting for 3.31% of the circulating market value, indicating a high level of investor engagement [1]. Group 2: Financial Performance - For the period from January to September 2025, TaoTao Automotive achieved a revenue of 2.773 billion yuan, representing a year-on-year growth of 24.89% [2]. - The net profit attributable to the parent company for the same period was 607 million yuan, showing a remarkable year-on-year increase of 101.27% [2]. Group 3: Shareholder Information - As of January 20, the number of shareholders for TaoTao Automotive reached 11,300, an increase of 12.67% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.24% to 2,580 shares [2]. - The company has distributed a total of 708 million yuan in dividends since its A-share listing [3]. Group 4: Institutional Holdings - As of September 30, 2025, notable institutional shareholders include Yongying Ruixin Mixed A, which is the second-largest shareholder with 1.0247 million shares, and several new institutional investors have entered the top ten shareholders list [3].

证券日报网讯 2月2日，涛涛车业（301345）在互动平台回答投资者提问时表示，受欧美四季度销售旺 季结束和国内一季度春节放假等影响，公司一季度销量相对较少。 ...

证券日报网讯 2月2日，涛涛车业（301345）在互动平台回答投资者提问时表示，目前北美电动高尔夫 球车竞争格局整体稳定。公司将通过继续深化"北美制造+中国、东南亚补充"三地产能联动布局，不断 提高电动高尔夫球车产品力，持续拓展销售渠道和优化全流程售后服务体系，多维度夯实竞争力，稳步 提升市场份额。 ...

Core Viewpoint - The company, Taotao Automotive (301345), has indicated that the rising prices of battery cells have a limited impact on its profitability due to the relatively low proportion of battery cell procurement costs in the overall vehicle manufacturing expenses and the good gross margin of its products [1] Group 1 - The company assembles various models and configurations of battery packs for electric mobility products, with battery cell procurement being a minor cost component in the overall manufacturing process [1] - The company has established a mature mechanism to respond to fluctuations in raw material prices, which helps mitigate the impact of sustained price increases on profitability [1] - The company possesses strong bargaining power on the sales side, allowing it to effectively counteract the effects of rising raw material costs on its profitability [1]

浙商证券股份有限公司 2025 年度持续督导现场检查报告 | 保荐人名称：浙商证券股份有限公司 | 被保荐公司简称：涛涛车业 | | | --- | --- | --- | | 保荐代表人姓名：冉成伟 | 联系电话：0571-87902572 | | | 保荐代表人姓名：王永恒 | 联系电话：0571-87902572 | | | 现场检查人员姓名：冉成伟、王永恒 | | | | 现场检查对应期间：2025 年度 | | | | 现场检查时间：2026 年 1 月 28 日至 29 日 | | | | 一、现场检查事项 现场检查意见 | | | | （一）公司治理 是 | 否 | 不适用 | | 现场检查手段： | | | | （一）对上市公司董事、高级管理人员进行访谈； | | | | （二）查看公司章程和公司治理制度； | | | | （三）查阅公司股东大会、董事会和监事会相关会议文件； | | | | （四）现场查看公司主要管理场所； | | | | （五）对有关文件及其他资料或者客观状况进行查阅、复制、记录。 | | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | | 2.公司章程和 ...

Core Viewpoint - The company has been expanding its sales scale through new product launches, sales channel expansion, and enhancing brand influence, while maintaining high gross margins and strong pricing power to mitigate impacts from raw material price increases and exchange rate fluctuations [1] Group 1 - The company has continuously launched new products and actively expanded sales channels to increase sales scale [1] - The company’s products have a high gross margin level and strong pricing power, enabling it to cope with rising raw material prices and exchange rate volatility [1] - The company closely monitors exchange rate trends and employs foreign exchange hedging and forward foreign exchange settlement to reduce the impact of exchange rate fluctuations, ensuring stable operations and enhancing profit stability [1]

Group 1 - The core point of the article is that Taotao Automotive (301345) reported a total of 11,261 shareholders as of January 20, 2026 [1]