Market Overview - The Hong Kong stock market opened higher on January 14, with the Hang Seng Index rising by 0.46% to 26,971.97 points, the Hang Seng Tech Index up by 0.42% to 5,894.63 points, the State-Owned Enterprises Index increasing by 0.46% to 9,328.05 points, and the Red Chip Index gaining 0.25% to 4,156.46 points [1] Company News - Q Technology (01478.HK) expects a net profit growth of approximately 400% to 450% for the year ending December 31, 2025 [2] - China Coal Energy (01898.HK) anticipates a 10.2% decrease in coal sales volume to approximately 256 million tons for 2025, with December sales down by 23% year-on-year to 21.88 million tons [2] - Zhixing Technology (01274.HK) has been selected as a supplier for a Korean automotive group's driver assistance solutions for four vehicle models [2] - Country Garden (00832.HK) projects a total property contract sales amount of 8.467 billion yuan for 2025, a decrease of 16.3% year-on-year [3] - Hopson Development (00754.HK) expects total contract sales of approximately 15.607 billion yuan for 2025, down 6.15% year-on-year [4] - Chuangjie Tong (01588.HK) anticipates a profit attributable to the parent company between 76 million and 85 million yuan for 2025, representing a year-on-year increase of 127% to 154% [4] - SUTENG (02498.HK) forecasts laser radar product sales of approximately 912,000 units for 2025 [5] - Xiaocaiyuan (00999.HK) plans to establish a joint venture to develop an online mall and "community ready-to-eat stores" [6] - GDS Holdings (09698.HK) has recovered approximately 95% of the investment principal from DayOne, with an investment return rate of nearly 6.5 times [7] - China Biologic Products (01177.HK) intends to acquire 100% of Hejiya for a maximum base price of 12 million yuan to accelerate the development of its siRNA liver delivery platform [7] - Innovent Biologics (02696.HK) has had its Biologics License Application for Hanbeitai® (Bevacizumab Injection) accepted by the FDA [7] - Xiaomi Group (01810.HK) repurchased 4 million shares for 152 million HKD at prices between 37.94 and 38.04 HKD [8] - Tencent Holdings (00700.HK) repurchased 1.012 million shares for 636 million HKD at prices between 623 and 638 HKD [9] - Sunny Optical Technology (02382.HK) repurchased 640,000 shares for 41.7878 million HKD at prices between 64.55 and 65.8 HKD [10] Institutional Insights - Dongwu Securities suggests that the window for the Federal Reserve to cut interest rates this year is limited, and the impact of fiscal policies on the economy is still forthcoming. If the Fed does not cut rates in the first quarter, the rebound pace of the Hong Kong stock market will depend more on fundamental factors. The overall allocation strategy for Hong Kong stocks remains a barbell strategy, recommending a controlled allocation while waiting for more news [11] - Wanlian Securities highlights that policy opinions indicate a push to accelerate the industrialization and commercialization of brain-computer interfaces. The global competitive landscape in this sector shows the U.S. leading in invasive methods while China leads in non-invasive methods, focusing on key elements such as electrodes, chips, and algorithms [11][12]

Core Viewpoint - SUTENG JUCHUANG (02498.HK) announced that its robot lidar sales will exceed 303,000 units in 2025, representing a year-on-year increase of over 1,100% and ranking first globally [1] Group 1 - The company has established partnerships with leading industry clients such as Weilan Continent, Kuka Technology, New Stone Age, and Zhiyuan [1]

格隆汇1月13日丨速腾聚创(02498.HK)公告，集团于截至2025年12月31日止年度内在新产品推出及激光 雷达产品销售方面取得重大突破。 全线认可的根基，在于独特的技术路径。 机器人对感知硬件的要求极为苛刻：必须在严苛的成本、功 耗与尺寸限制下，实现车规级的可靠与高性能。速腾聚创的 "自研芯片+全数字化架构" 提供了最优 解。该技术使其能快速适配从割草机到人形机器人的千百种应用，显著降低了客户的集成与开发门槛。 当市场爆发时，拥有最成熟、最适配解决方案的供应商，自然成为首选。 30万颗的领先，其战略价值远大于数字本身。 相较于2024年，其机器人业务出货量增长超11倍。这标 志着速腾聚创在一条增长更快、毛利率更高、且远期潜力可能达车载市场十倍的赛道上，建立了显著的 先发优势与客户壁垒。机器人业务的领先，不仅意味着当下的份额，更意味着掌控了下一个确定性的增 长曲线。 随着高增长、高毛利的机器人业务收入占比快速提升，公司将直接优化整体盈利模型，并赢得关键的战 略窗口期。在资本审视成长性的逻辑里，一条陡峭攀升的"未来曲线" 所创造的价值，完全可能迅速覆 盖并超越一条已进入平缓期的 "现状曲线"。 更大的未来在 ...

截至2025年12月31日止年度，本集团的激光雷达产品、用于ADAS应用的激光雷达产品及用于机器人及 其他的激光雷达产品的销量分别约为91.2万台、60.9万台及30.3万台。 智通财经APP讯，速腾聚创(02498)发布公告，本集团于截至2025年12月31日止年度内在新产品推出及激 光雷达产品销售方面取得重大突破。 于2025年第四季度，本集团的激光雷达产品、用于ADAS应用的激光雷达产品及用于机器人及其他的激 光雷达产品的销量分别约为45.96万台、23.84万台及22.12万台。 ...

截至2025年12月31日止年度，本集团的激光雷达产品、用于ADAS应用的激光雷达产品及用于机器人及 其他的激光雷达产品的销量分别约为91.2万台、60.9万台及30.3万台。 速腾聚创(02498)发布公告，本集团于截至2025年12月31日止年度内在新产品推出及激光雷达产品销售 方面取得重大突破。 于2025年第四季度，本集团的激光雷达产品、用于ADAS应用的激光雷达产品及用于机器人及其他的激 光雷达产品的销量分别约为45.96万台、23.84万台及22.12万台。 ...

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產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 ROBOSENSE TECHNOLOGY CO., LTD （於開曼群島註冊成立的有限公司） （股份代號：2498） 速騰聚創科技有限公司 董事會主席、執行董事兼首席科學家 邱純鑫博士 深圳，2026年1月13日 於本公告日期，執行董事為邱純鑫博士、劉樂天先生及邱純潮先生；非執行董事為朱曉蕊博士；及獨立非執行董 事為劉民先生、吳育強先生及楊日昕女士。 速騰聚創科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）欣然 宣佈本集團截至2025年12月31日止年度的若干業務更新及未經審核運營數據。本集團於截至 2025年12月31日止年度內在新產品推出及激光雷達產品銷售方面取得重大突破。 於2025年第四季度，本集團的激光雷達產品、用於ADAS應用的激光雷達產品及用於機器人及 其他的激光雷達產品的銷量分別約為459,600台、238,400台及221,200台。 截至2025年12月3 ...

Core Insights - The 2026 International Consumer Electronics Show (CES) showcased groundbreaking technologies and products, highlighting the advancements in AI, robotics, and smart living, with a significant presence of Chinese manufacturing companies [1][2][10]. Group 1: Event Overview - CES 2026 featured over 4,500 companies from more than 150 countries, focusing on AI, chips, automotive, and robotics, with a notable emphasis on the integration of AI and hardware [2]. - Chinese exhibitors numbered 942, accounting for 22% of the total, reflecting a new landscape of "full industry chain coverage" and increased global influence of Chinese manufacturing [2]. Group 2: Key Exhibitors and Technologies - Cloudwalk Technology showcased its UP robot, marking the first large-scale service by a Chinese service robot at a global landmark [4]. - Yushun Technology presented a series of humanoid robots, including the G1 combat robot, which drew significant attention for its agility and performance [4]. - Hesai Technology displayed its upgraded ATX laser radar, featuring enhanced performance metrics, including a range of 230 meters and a point frequency of 3.84 million points per second [7][8]. Group 3: Market Position and Growth - Hesai Technology announced plans to double its laser radar production capacity from 2 million units in 2025 to 4 million units in 2026, with a new factory in Bangkok expected to start production in early 2027 [8]. - Black Sesame Intelligence demonstrated its A2000 driving assistance chip and showcased its multi-dimensional intelligent computing platform, emphasizing its role in the smart automotive sector [9]. Group 4: Industry Trends and Future Outlook - The collective presence of Chinese tech firms at CES 2026 signifies a shift from "individual efforts" to "ecosystem collaboration," showcasing a higher maturity and openness in global operations [10]. - The report indicates that by 2025, China's overseas sales of automobiles, particularly electric vehicles, are expected to reach 2.32 million units, marking a 52% year-on-year increase [11]. - The global market for humanoid robots is projected to see over 13,300 units shipped in 2025, with Chinese manufacturers contributing over 90% [11]. Group 5: Capital and Investment - The success of Chinese tech firms at CES 2026 is attributed to long-term capital support, with 90% of companies on the Sci-Tech Innovation Board receiving venture capital investments [13]. - The Chinese government is focusing on integrating technology innovation with industrial development, emphasizing early and sustained investment in hard tech [13][14]. - Kun Yuan Asset has supported 95 companies in entering capital markets, with a significant portion in the hard tech sector, demonstrating a strong ecosystem effect [14].

投资建议：该行预计公司2026-2027年实现营业收入35.70/42.18亿元，归母净利润0.91/4.20亿元。对应PS 分别为4.73/4.01倍，首次覆盖，给予"买入"评级。 风险提示：智驾及机器人产业进展不及预期、原材料成本大幅波动、市场竞争加剧。 2014年公司成立，现已形成R、M、E、EM四大平台的激光雷达产品，应用于ADAS、机器人等多个场 景；近期公司也正加快发展"创新业务"，主要产品为具身智能相关的机器人之眼AC1/2、灵巧手等。 智驾产业持续推进，公司ADAS雷达已与海内外多家车企合作 2025年国家加强对辅助驾驶的管理，2025年上半年L2以上渗透率同比提高12.3个百分点，带动激光雷达 出货量同步提升。公司ADAS雷达客户涵盖国内外多家车企，2021-2024年期间公司ADAS雷达交付量由 0.4万台增至52.0万台，2025年前三季度交付37.1万台。2025年机器人及其他激光雷达销量及收入同比高 增：公司机器人及其他激光雷达可用于多个场景，如具身智能、无人配送、割草机器人、Robotaxi、清 洁机器人等，客户包括宇树、智元、新石器、白犀牛、小马智行等。公司机器人及其他激光雷达交 ...

智驾产业持续推进，公司ADAS雷达已与海内外多家车企合作 智通财经APP获悉，财通证券发布研报称，速腾聚创(02498)是国内优质激光雷达厂商，雷达产品种类多 且覆盖汽车和机器人两大核心场景，随着创新业务逐渐贡献收入，公司后续业绩有望保持高速增长。首 次覆盖，给予"买入"评级。 财通证券主要观点如下： 公司激光雷达种类丰富，加快发展"创新业务" 2014年公司成立，现已形成R、M、E、EM四大平台的激光雷达产品，应用于ADAS、机器人等多个场 景；近期公司也正加快发展"创新业务"，主要产品为具身智能相关的机器人之眼AC1/2、灵巧手等。 2025年国家加强对辅助驾驶的管理，2025年上半年L2以上渗透率同比提高12.3个百分点，带动激光雷达 出货量同步提升。公司ADAS雷达客户涵盖国内外多家车企，2021-2024年期间公司ADAS雷达交付量由 0.4万台增至52.0万台，2025年前三季度交付37.1万台。2025年机器人及其他激光雷达销量及收入同比高 增：公司机器人及其他激光雷达可用于多个场景，如具身智能、无人配送、割草机器人、Robotaxi、清 洁机器人等，客户包括宇树、智元、新石器、白犀牛、小马智行 ...

Group 1 - Two Hong Kong companies, Hidi Intelligent Driving (03881.HK) and Sutonju Chuang (02498.HK), announced a strategic partnership during the CES exhibition to promote safer, more efficient, and smarter autonomous driving solutions [1] - The collaboration aims to leverage Hidi's expertise in commercial vehicle intelligent driving and Sutonju's technological advantages in digital lidar to enhance the operational efficiency and stability of unmanned mining trucks and logistics vehicles [1][2] - Hidi's CEO, Dr. Hu Sibo, emphasized the importance of this partnership in accelerating the large-scale implementation of intelligent driving technology across various scenarios, including mining, closed parks, and smart cities [1] Group 2 - Hidi Intelligent Driving has extensive experience in the unmanned mining truck sector, focusing on both autonomous driving and vehicle-to-everything (V2X) technologies, contributing to operational safety and cost efficiency [2] - Sutonju Chuang has established partnerships with over 310 automotive manufacturers and suppliers globally, providing products and solutions to more than 3,400 clients across 40 countries [2] - The strategic collaboration is positioned as a starting point for deepening technological synergy and expanding cooperation boundaries to build a more competitive intelligent driving ecosystem [2]