本周SW汽零指数+0.34%（2026年初至今+3.20%），在SW汽车中排名第4；以2010年-2026.2.6 数据为基准，最新交易日SW汽零PE(TTM)处于历史的83.10%分位；PB(LF)处于历史的77.55% 分位。 未经许可，不得转载或者引用。 投资要点 零部件本周复盘总结： 机器人本周复盘总结： 本周万得机器人指数-0.21%（2026年初至今+0.27%），较SW汽零超额收益为-0.55%；最新交 易日万得机器人PE(TTM)处于近一年的67.47%分位，PB(LF)处于近一年的77.11%分位。 核心覆盖标的周度变化： 本周涨幅前五名为： 【银轮股份】+17.13%、【星宇股份】+8.65%、【岱美股份】+6.67%、【亚普股份】+3.71%、【瑞玛 精密】+2.74%。 本周大事： 2月4日，马斯克再次公开对Optimus发表高度评价；2月8日，智元将举办全球首个大型机器人 晚会。 1）新泉对拜仁新泉增资1亿美元，并设立马来西亚新泉与开封新泉； 2）精锻科技设立德国精锻。 投资建议： 1）零部件—寻找结构性机会 ：优选产品型公司+内生外延切入高价值赛道提高ASP的公司+优 先布局欧洲/ ...

Core Viewpoint - Xingyuan Zhuomei experienced a decline of 5.88% in stock price on January 26, with a trading volume of 182 million yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On January 26, the financing buy amount for Xingyuan Zhuomei was 21.62 million yuan, while the financing repayment was 13.41 million yuan, resulting in a net financing buy of 8.21 million yuan [1]. - As of January 26, the total financing and securities lending balance for Xingyuan Zhuomei was 10.4 million yuan, which constitutes 4.46% of its circulating market value, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, 100 shares were repaid on January 26, with no shares sold, and the securities lending balance was 38.19 million yuan, which is above the 90th percentile of the past year, suggesting a high level of short interest [1]. Business Performance - As of September 30, the number of shareholders for Xingyuan Zhuomei increased by 18.95% to 15,900, while the average circulating shares per person decreased by 15.93% to 2,109 shares [2]. - For the period from January to September 2025, Xingyuan Zhuomei reported a revenue of 292 million yuan, reflecting a year-on-year growth of 1.48%, while the net profit attributable to shareholders decreased by 19.63% to 45.07 million yuan [2]. Dividend and Shareholding Structure - Since its A-share listing, Xingyuan Zhuomei has distributed a total of 83.2 million yuan in dividends [3]. - As of September 30, 2025, notable institutional shareholders include CITIC Jiantou Rotation Mixed A, which is the second-largest shareholder with 384,100 shares, and Penghua Carbon Neutral Theme Mixed A, the third-largest with 338,500 shares, both of which are new shareholders [3].

证券代码：301398 证券简称：星源卓镁 公告编号：2026-001 转债代码：123260 转债简称：卓镁转债 2、本次投资项目的具体建设计划、建设内容及规模可能根据外部政策环境 变化、公司业务发展需要等情况作相应调整。 3、公司预计该项目不会对本年度业绩产生重大影响。 一、对外投资概述 宁波星源卓镁技术股份有限公司（以下简称"公司"）分别于 2023 年 11 月 10 日、2023 年 11 月 27 日召开第二届董事会第十二次会议、第二届监事会第十 一次会议和 2023 年第二次临时股东大会审议通过了《关于对外投资并设立全资 子公司的议案》，并授权公司管理层办理子公司有关筹办、设立、工商登记等全 部 事 宜 。 具 体 内 容 详 见 于 2023 年 11 月 11 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露的《关于对外投资并设立全资子公司的公告》 （公告编号：2023-036）。 宁波星源卓镁技术股份有限公司 关于全资子公司竞得土地使用权 并签署项目建设协议暨对外投资进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、 ...

Core Viewpoint - The A-share market is experiencing a surge in autonomous driving concept stocks, driven by positive developments in regulatory approvals for Tesla's Full Self-Driving (FSD) technology [1][2]. Group 1: Stock Performance - Ruichuang Micro-Nano (688002) reached a 20% limit up, with a total market capitalization of 56.8 billion and a year-to-date increase of 22.33% [2]. - Jingwei Hengrun (688326) rose by 16.7%, with a market cap of 17.3 billion and a year-to-date increase of 22.61% [2]. - Hanxin Technology (920092) increased by 10.72%, with a market cap of 2.854 billion and a year-to-date increase of 22.81% [2]. - Siwei Tuxin (002405) saw a rise of 9.98%, with a market cap of 26.6 billion and a year-to-date increase of 24.75% [2]. - Other notable performers include Huayi Technology (688071) up by 9.75%, Jiu Zhi Yang (300516) up by 9.32%, and Jingjin Electric (688280) up by 8.61% [2]. Group 2: Market Trends - The overall trend in the A-share market indicates a strong interest in autonomous driving technologies, as evidenced by the significant price increases in related stocks [1]. - Tesla CEO Elon Musk's announcement at the Davos World Economic Forum regarding the potential approval of FSD in Europe and China has likely contributed to the bullish sentiment in the market [1].

Core Viewpoint - The magnesium alloy is increasingly being applied in high-end fields such as humanoid robot joints and aerospace components, with several listed companies prioritizing these projects for future development [1] Industry Developments - Companies like Yian Technology and Xusheng Group have begun small-scale production of magnesium alloys for advanced applications [1] - Baowu Magnesium Industry, Yian Technology, and Xingyuan Zhuomag have started to receive bulk orders for lightweight magnesium alloy components in the electric vehicle sector [1] Market Trends - The application base for magnesium alloys in emerging fields like aerospace and humanoid robotics is currently low, but even a small percentage of replacement could lead to significant demand growth [1] - Due to supply contraction and driven by demand and policy expectations, magnesium ingot and alloy prices have seen a notable increase this month, with domestic magnesium alloy prices rising from 18,300 yuan/ton to 19,200 yuan/ton [1] - Magnesium ingot prices reached as high as 17,000 yuan/ton this month, with the highest increase exceeding 1,000 yuan [1]

Core Viewpoint - Xingyuan Zhuomai (301398) currently does not have any products applied in the aerospace field [1] Company Summary - As of January 16, the company responded to investor inquiries on its interactive platform [1]

Core Viewpoint - The company, Xingyuan Zhuomei (301398.SZ), currently does not have any products applied in the aerospace sector as of January 16 [1] Group 1 - An investor inquired whether the company's die-casting products are used in aerospace applications [1]

Core Viewpoint - Magnesium-aluminum price ratio has dropped to historical lows, and with technological breakthroughs, the economic and performance advantages of magnesium alloys are becoming evident, opening up space for replacing aluminum materials [1][2]. Group 1: Price Dynamics and Market Outlook - The magnesium-aluminum ratio is at a historical low of 0.75, which is only 0.4% of its historical range, indicating that magnesium alloys will have cost-effectiveness when the ratio is below 1.2-1.3 [2]. - The demand for aluminum is expected to increase significantly by 2025 due to steady growth in comprehensive demand, limited domestic capacity, insufficient overseas expansion, and various project disruption risks [2]. Group 2: Technological Advancements - Traditional disadvantages of magnesium alloys, such as poor corrosion resistance and immature processing equipment, are being addressed with advancements in semi-solid forming technology [3]. - Domestic manufacturers like Yizhiming are developing large-scale semi-solid forming equipment, which can produce magnesium alloy products with mechanical and corrosion properties comparable to die-cast aluminum alloys [3]. Group 3: Application Growth in Key Industries - The application of magnesium alloys in the automotive sector is accelerating, with major manufacturers like Mercedes-Benz, Ford, SAIC, and FAW increasing their use in vehicle body and chassis systems [4]. - Global demand for magnesium alloys in the automotive sector is projected to grow from 950,000 tons in 2024 to 5.12 million tons by 2030, representing a 4.4-fold increase with a CAGR of 32% [4]. - The humanoid robot industry is expected to experience explosive growth in magnesium alloy demand as several manufacturers begin mass production of commercial robots in 2026 [4]. Group 4: Investment Recommendations - The magnesium industry is entering a "singularity moment" as the penetration rate of magnesium alloys in the automotive and humanoid robot sectors increases, leading to accelerated order releases from leading manufacturers [5]. - Recommended investment targets include Baowu Magnesium Industry and Xingyuan Zhuomai [5].

Investment Rating - The report maintains a "Positive" investment rating for the magnesium industry [7]. Core Viewpoints - The magnesium industry is approaching a "singularity moment" as the penetration of magnesium alloys in the electric vehicle and humanoid robot sectors accelerates, with leading manufacturers expected to see a rapid release of orders [4][14]. - The magnesium-aluminum ratio is at a historical low, opening up cost-effective opportunities for magnesium to replace aluminum in various applications [10][12]. - Technological advancements are addressing the corrosion resistance and processing challenges of magnesium alloys, facilitating broader application [10][11]. Summary by Sections 1. Lightweight Cycle Review - The penetration rate of magnesium alloys has lagged behind expectations, particularly in the electric vehicle sector, where the aluminum usage per vehicle is significantly higher than that of magnesium [23][24]. 2. Low Magnesium-Aluminum Ratio - The magnesium-aluminum ratio has dropped below 1, indicating that magnesium alloys are becoming more economically viable compared to aluminum [10][12]. - The supply of aluminum remains tight due to high overseas electricity prices and operational challenges, while the magnesium supply is gradually stabilizing [34][46]. 3. Technological Breakthroughs - Advances in semi-solid forming technology are improving the mechanical properties and corrosion resistance of magnesium alloys, thus expanding their application potential [10][11][32]. - The demand for lightweight materials in electric vehicles and humanoid robots is increasing, with projections indicating a significant rise in magnesium alloy usage [10][12][41]. 4. Summary - The magnesium industry is expected to experience growth driven by increasing demand and supply optimization policies, benefiting leading magnesium refining companies [54][56]. 5. Listed Companies - Key investment targets include Baowu Magnesium Industry (002182, Buy) and Xingyuan Zhuomag (301398, Not Rated), both of which are positioned to benefit from the industry's growth [4][14].

Core Viewpoint - Xingyuan Zhuomei (301398) emphasizes the advantages of magnesium alloy materials, including low density, high specific strength, excellent heat dissipation, and significant cost advantages [1] Group 1: Company Insights - The company is committed to continuously monitoring technological developments in the robotics industry [1] - The company will adhere to information disclosure rules and fulfill disclosure obligations promptly if there are relevant business developments [1]