香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等內容而 引致的任何損失承擔任何責任。 本公告僅供參考之用，並不構成收購、購買或認購本公告所述證券的邀請或要約。證券將不會在香港、 美國或任何其他司法管轄區公開發售。 本公告並非亦不擬作為於美國或其他地方要約出售證券或招攬購買證券的要約。本公告所述證券概無 及將不會根據經修訂 1933 年美國證券法（「證券法」）或美國任何州份或其他司法權區的證券法登 記。本公告所述證券將依照證券法 S 規例（「S 規例」）在美國境外發售及出售，且除根據證券法及 適用州份或地方證券法的登記規定獲豁免或屬不受該等登記規定所規限的交易外，證券不可在美國境 內或美國人（定義見證券法 S 規例）提呈發售或出售。本公告及上市文件及其中所載資料不得直接或 間接在或向美國派發。證券將不會於美國或提呈發售受限制或被禁止的任何其他司法權區進行公開發 售。本公告或其中包含的資料沒有招攬任何金錢、證券或其他對價，如果為回應本公告或其中包含的 資料而發送，將不被接受。 於香港聯合交易 ...

本公告僅供參考之用，並不構成收購、購買或認購本公告所述證券的邀請或要約。 本公告及其內容並非任何合約或承諾的根據。本公告並非亦不擬作為於美國或其他地方要約出售本公 司證券或招攬購買本公司證券的要約。本公告所述證券概無及將不會根據經修訂 1933 年美國證券法 （「證券法」）或美國任何州份或其他司法權區的證券法登記。本公告所述證券將依照證券法 S 規例 （「S 規例」）在美國境外發售及出售，且除根據證券法及適用州份或地方證券法的登記規定獲豁免 或屬不受該等登記規定所規限的交易外，證券不可在美國境內（定義見證券法 S 規例）提呈發售或出 售。本公告及上市文件及其中所載資料不得直接或間接在或向美國派發。證券將不會於美國或提呈發 售受限制或被禁止的任何其他司法權區進行公開發售。本公告或其中包含的資料沒有招攬任何金錢、 證券或其他對價，如果為回應本公告或其中包含的資料而發送任何該對價，將不被接受。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等內容而 引致的任何損失承擔任何責任。 茲提述本公司日 ...

Investment Rating - The report suggests a positive outlook for the company, recommending active attention to its developments [4]. Core Insights - The company is actively investing in multiple leading robotics enterprises, aiming to create a comprehensive service provider across the entire industry chain [1][4]. - The investment portfolio includes key assets in robotics, with a reported return exceeding 3 times as of June 2025 [2]. - The company is facilitating the acceleration of robotics applications through strategic partnerships and ecosystem development, enhancing the integration of robotics technology into urban and public services [3]. - A global first "robotics comprehensive experience store" is being established to provide full-cycle services to robotics companies, supporting their market expansion [4]. Summary by Sections Investment Activities - The company has made additional investments in several robotics firms, including Xinhai Map and others, following previous investments [1]. - The investment portfolio encompasses high-quality companies across various advanced fields such as embodied intelligence, industrial robotics, medical robotics, and low-altitude aircraft [2]. Industry Collaboration - The company has signed agreements with over 50 robotics firms to promote applications in key areas like smart healthcare and urban operations, which will help in the practical deployment of robotics technologies [3]. Service Development - The establishment of the "robotics comprehensive experience store" aims to provide diverse support for robotics companies, including sales representation and supply chain assistance, facilitating their entry into broader markets [4].

Key Points - The article highlights significant stock movements in the Hong Kong and US markets, with various companies experiencing notable gains and losses due to recent developments and announcements [1][2][3][4][5] Hong Kong Market Highlights - China Rare Earth Holdings (03788) surged nearly 20%, with a year-to-date increase of 320%, as the company proposed a spin-off of its gold segment for independent listing on the Hong Kong Stock Exchange [1] - Innovent Biologics (09969) rose nearly 4% after announcing the clinical approval of its new ADC innovative drug ICP-B794 [1] - North Sea Kangcheng - B (01228) increased over 50%, with its stock price doubling in three days, marking it as a rare disease stock in the Hong Kong market [1] - Hong Kong Travel (00308) saw a rise of over 24%, achieving a year-to-date stock price doubling, driven by market speculation on stablecoin cross-border payment scenarios [1] - CSPC Pharmaceutical Group (01093) gained nearly 3% after receiving drug registration approval for Mesalazine enteric-coated tablets, enhancing its product line in the immune system treatment sector [1] - Ruian Real Estate (00272) rose over 4%, with a cumulative contract property sales amount for the first six months increasing by 457% year-on-year [1] - Cornerstone Pharmaceuticals - B (02616) increased over 3%, planning to raise HKD 467 million for clinical research on CS2009 [1] - Q Technology (01478) rose over 7%, with mobile camera module sales of 32.648 million units in June, a year-on-year increase of 1.5% [1] - Dekang Agriculture and Animal Husbandry (02419) increased by 6%, with a new cycle logic continuing to strengthen, and Tianfeng Securities set a target price of HKD 154 [1] - Contemporary Amperex Technology (03750) rose over 3%, reaching a new high since its listing, following a deepened strategic cooperation agreement with Geely Automobile [2] - Gaming stocks continued to rise, with Wynn Macau (01128) up 6.49%, New World Development (00200) up 6.15%, and others showing similar gains [2] - Gold stocks faced declines, with Golden Resources (GORO.US) dropping nearly 10% and others following suit [4] US Market Highlights - Stablecoin concept stocks continued to rise, with Tiger Brokers (TIGR.US) increasing over 8% [4] - Trump Media & Technology Group (DJT.US) rose over 2% as the company seeks SEC approval for a blue-chip cryptocurrency ETF [4] - Wolfspeed (WOLF.US) continued to rise, with stock prices increasing over 9% [4] - Intel (INTC.US) rose over 7% after announcing company-wide layoffs [4] - JD.com (JD.US) increased over 2% as it launched its "Double Hundred Plan" for its delivery service [4]

《每日经济新闻》获悉，近期具身智能赛道迎来新一轮融资高潮。 7月9日，具身智能机器人公司星海图官宣接连完成A4轮及A5轮战略融资，两轮合计融资金额超过1亿美元。其中，A4轮融资由今日资 本、美团龙珠联合领投，A5轮由美团龙珠、美团战投联合领投。 无独有偶，近日"杭州六小龙"之一的云深处科技也宣布完成近5亿元人民币的新一轮融资，由达晨财智、国新基金等联合领投，北京机 器人产业发展投资基金、前海母基金、央视融媒体基金、富浙基金、华映资本、物产中大投资等机构跟投，老股东继续加持。 另外，上市公司首程控股近期发布公告称，旗下首程资本所管理的北京机器人产业发展投资基金（以下简称北京机器人基金）完成对宇 树科技的追加投资，这也是该机构继2024年首次投资宇树科技后的再次出手。7月7日，具身智能企业星动纪元宣布完成近5亿元A轮融 资。再往前，6月下旬，国内具身智能机器人企业银河通用官宣11亿元融资。 有第三方数据显示，今年中国具身智能行业投资热度持续攀升，融资额突破230亿元，已经超过了2024年全年的总和。而根据CVSource 投中数据，今年以来具身智能赛道融资达到亿元级别的项目超过40个，大额融资频现江湖。 在采访中 ...

本公司董事會欣然宣佈，近日，本集團所屬首程資本旗下公司（本公司之全資附屬公司） 所管理的北京機器人產業發展投資基金（有限合夥）(「北京機器人基金」)投資星海圖 （北京）人工智能科技有限公司(「星海圖公司」),本次投資是繼2025年3月投資之後的 追加投資，將進一步促進被投企業加大研發投入和產品迭代升級，鞏固並提升其在全球 具身智能賽道的領先地位。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而産生或因倚賴該等內容而引致的任何損失承擔任何責任。 自願公告 北京機器人基金投資星海圖公司 本公告乃由首程控股有限公司（「本公司」，連同其附屬公司「本集團」）自願發出。 香港，2025年7月9日 星海圖公司是一家專注於具身智能基礎模型及具身智能機器人研發的人工智能公司，堅 持人工智能算法與本體協同研發的發展思路，從技術的邊界和場景的需求出發定義本體 形態，自主設計並製造本體。此次投資將有助於星海圖公司加速具身基礎模型的研發和 迭代升級，進一步加速通用具身智能產業的商業閉環，成為全球領先的具身智能企業。 本集團未 ...

本公司董事會欣然宣佈，近日，本集團所屬首程資本旗下公司（本公司之全資附屬公司） 所管理的北京機器人產業發展投資基金（有限合夥）(「北京機器人基金」)投資杭州雲 深處科技有限公司(「雲深處科技」),本次投資將進一步促進被投企業產品研發與迭代 升級，進一步鞏固並提升其在四足機器人領域的領先地位。 雲深處科技是具身智能創新技術與行業應用引領者，始終錨定人形機器人、四足機器人 及其核心零部件的自主研發、精益生產、全球銷售與專業服務，在電力巡檢、應急救援 等B端應用領域已處於行業領先地位。此次投資將為雲深處科技在產品研發、商業場景 拓展、團隊建設等方面提供更大動能，進一步擴大其在四足機器人領域的領先優勢，並 加快其人形機器人、輪足機器人等新產品的商業化落地。 本集團未來將堅定不移地持續加大在機器人產業的投資佈局，尤其是與細分領域的行業 龍頭持續加深合作，致力於通過資本賦能和產業協同，並依託其獨特的生態系統，推動 被投企業產業加速商業閉環和開拓更多落地場景，助力人工智能與具身智能產業升級。 承董事會命 首程控股有限公司 主席 趙天暘 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完 ...

Group 1 - The REITs market is transitioning from a "standardized path" to a "diversified approach," encompassing traditional infrastructure and emerging asset types like data centers and green energy [1][2] - Shoucheng Holdings (0697.HK) promotes the concept of "everything can be REITs," exploring new asset types that are "operable, priceable, and securitizable" [1][2] - The company has been active in the market since the REITs pilot program began, and is now advancing financialization attempts for new infrastructure as the regulatory framework improves [1] Group 2 - In June 2025, Shoucheng Holdings participated as a strategic investor in the Southern Wanguo Data Center REIT and Southern Runze Technology REIT, marking a breakthrough in the securitization of data centers [1] - The company is leveraging the flexibility of the REITs system and its operational capabilities to expand the boundaries of "securitizable" assets [2] - Shoucheng Holdings' approach to asset value reconstruction involves identifying original assets, reshaping operational models, and designing financial products, which is expected to broaden asset boundaries in the REITs market [2]

中金发布研报称，维持首程控股(00697)2025-2026年归母净利润预测6.04亿港元及7.06亿港元不变(同比 +47%及+17%)，维持跑赢行业评级，考虑到公司机器人布局进一步深化，该行提高目标价4%至2.60港 元，目标价对应2.0倍2025年市净率，较当前股价隐含56%的上行空间。公司当前交易于1.3倍2025年市 净率和1.2倍2026年市净率。 中金主要观点如下： 公司近况 2025年以人形机器人为代表的具身智能产品进入场景验证期，该行看好工业、商用部署潜力。首程控股 目标为全链条服务商，在机器人领域积极有为： 投资端：2024年1月19日，首程控股发布公告，公司与北京国管旗下公司共同成立北京机器人基金，管 理规模100亿元，至今已投资人形机器人本体、具身智能算法、脑机接口等创新领域。其中，宇树机器 人为全球四足机器人龙头公司，2024年全球市占率70%(按销量，高工机器人统计)，该行认为公司此次 追加投资有望享受优质资产发展红利。 运营端：首城机器人科技产业有限公司2025年2月成立，聚焦机器人销售代理、融资租赁、供应链管理 等，为初创企业提供产业运营经验，该行认为有望2025年贡献规模化收 ...

Core Viewpoint - The article highlights the increasing investor interest in high-dividend, undervalued assets in the Hong Kong stock market, with Shoucheng Holdings (697.HK) positioned as a strong candidate due to its strategic investments in data center REITs, providing a dual value of "defense + growth" [1][2]. Group 1: Investment Strategy - Shoucheng Holdings has made strategic investments in Southern Universal Data Center REIT and Southern Runze Technology REIT, optimizing its asset portfolio and enhancing its high dividend characteristics [1]. - The company’s focus on data center REITs, which offer stable rental income and controllable operating costs, supports a continuous cash flow, thereby increasing the potential for future dividends [1][2]. - The company is currently undervalued compared to similar infrastructure REITs, despite having superior asset quality and cash flow stability [1][2]. Group 2: Financial Performance - The company’s total dividend scale for 2024 is projected to exceed 200% of the net profit attributable to shareholders, indicating strong future dividend capabilities [2]. - The expansion of the Chinese REITs market allows Shoucheng Holdings to diversify its asset allocation, further mitigating risks and enhancing revenue stability [2][3]. Group 3: Operational Strengths - Shoucheng Holdings operates on a "dual-wheel drive" model of "industry + capital," enabling it to identify, acquire, and manage high-quality infrastructure assets effectively [3]. - The company’s deep involvement in REITs projects enhances its ability to maximize asset returns and improve liquidity and return rates [3]. - The focus on standardizing, securitizing, and liquidating assets transforms stable assets into efficient capital operation tools, thereby continuously enhancing shareholder returns [3]. Group 4: Market Positioning - In a global market increasingly favoring "certainty," Shoucheng Holdings' model of "infrastructure + high dividends" is highly attractive, providing predictable cash dividends while exploring high-growth assets [4]. - The ongoing securitization of data centers, urban renewal, and green energy assets will diversify the company’s cash flow sources and dividend capabilities [4]. - As a rare high-dividend infrastructure platform in the Hong Kong market, Shoucheng Holdings offers a unique value proposition of stable operational income and clear capital return pathways, establishing a strong competitive moat [4].