Group 1: Market Overview - The Hang Seng Index fell by 0.61%, down 161 points, closing at 26,544 points, while the Hang Seng Tech Index dropped by 2.28% [1] - The Hong Kong stock market saw a morning trading volume of HKD 91.7 billion [1] Group 2: Robotics Sector - The robotics sector performed well, with First Journey Holdings (00697) rising over 11% as three invested robotics companies were featured in the 2026 Spring Festival Gala [1] - SUTENG (02498) saw a morning increase of over 9%, achieving its first quarterly profit in Q4 due to strong growth in its robotics business [1] - Hesai Technology (02525) rose by 6.7%, with two humanoid robots featured in the Spring Festival Gala equipped with Hesai's JT128 lidar [1] - Yuejiang (02432) surged by 19%, and UBTECH (09880) increased by 6.9% [1] Group 3: Oil Sector - Oil stocks were among the top gainers, driven by concerns over the Middle East situation potentially disrupting shipping in the Strait of Hormuz, with international oil prices reaching a six-month high [1] - PetroChina (00857) rose by 4.58%, CNOOC (00883) increased by 3.34%, and CNOOC Services (02883) gained 3.92% [1][2] Group 4: Semiconductor Sector - The semiconductor sector faced declines, with Hua Hong Semiconductor (01347) falling by 3.8% and SMIC dropping over 1.65% [7] Group 5: AI and Technology Sector - Zhiyuan (02513) surged by 19% after SothisAI, a subsidiary of Zhongke Shuguang, integrated with Zhiyuan's GLM-5 [3] - Aixin Yuanzhi (00600) rose over 19%, being the world's largest provider of high-end visual edge AI inference chips [4] - MiniMax (00100) increased by over 10% [3] - Extreme Intelligence (02590) saw a reverse market trend, rising over 3% after Zhao Hao, one of Tsinghua's "Five Outstanding Figures," was appointed as Chief Scientist [5] Group 6: Other Notable Movements - Stone Pharmaceutical Group (02005) fell by 5.96%, with an expected profit decline of approximately 45% to 60% year-on-year for the fiscal year 2025 [6]

Core Viewpoint - The company, Geekplus Technology (极智嘉-W), has seen its stock price rise over 9% in a bearish market, indicating positive investor sentiment following strategic developments in its research and development efforts [1] Group 1: Company Developments - Geekplus has appointed Zhao Hao, an assistant professor at Tsinghua University's Intelligent Industry Research Institute, as the Chief Scientist of its embodied intelligence subsidiary, signaling a commitment to enhancing its technological capabilities [1] - The appointment aims to tackle challenges in applying physical AI in unstructured environments, thereby building core technological leadership for the company [1] Group 2: Academic Collaboration - Tsinghua University is recognized as a central hub for embodied intelligence research in China, with Zhao Hao being part of a group of prominent scholars known as the "Five Heroes of Tsinghua Embodied Intelligence" [1] - Following his appointment, Zhao Hao will focus on integrating cutting-edge research outcomes, such as Sim-to-Real, zero-shot generalization, and world models, into industrial applications to facilitate technological advancements for Geekplus [1]

Core Viewpoint - The Hong Kong stock market saw a significant rise in robotics concept stocks, driven by the showcase of humanoid robots during the Spring Festival Gala, leading to increased consumer interest and sales in related products [1][2]. Group 1: Market Performance - Robotics stocks such as Yujian surged over 18%, Suton Jichuang increased by over 11%, and Shoucheng Holdings rose by 9% [1]. - Other notable gains included Youbixuan with nearly 9%, Yunjie, Sanhua Intelligent Control, and Jizhi Jia-W each rising over 6%, while MicroPort Scientific and Lijin Technology increased by over 5% [1]. - The total market capitalization for these companies varied, with Youbixuan at 757.12 billion, and Shoucheng Holdings at 189.48 billion [2]. Group 2: Sales Growth - During the Spring Festival period from February 16 to 18, Douyin e-commerce reported a 1680% year-on-year increase in GMV for robot products, with order volume rising by 655% [1]. - The "Spring Festival Gala" effect contributed to the popularity of related products, as several emerging humanoid robot startups showcased their innovations during the event [1].

智通财经APP获悉，全球智能机器人引领者极智嘉(Geek+, 02590)今日正式宣布，聘请清华大学智能产 业研究院 (AIR) 助理教授、博士生导师、智源学者 (BAAI Scholar) 赵昊，出任其具身智能子公司首席 科学家。 此举旨在通过引入顶级学界大脑，攻克物理AI在非结构化环境中的应用难题，构建核心技术领导力， 更是极智嘉持续加码具身智能研发投入的明确信号。 赵昊履新后，将把Sim-to-Real、零样本泛化以及世界模型等前沿成果直接注入工业场景，重点聚焦三大 维度助力极智嘉实现技术跃迁： 1.重构机器人的"全场景感知大脑"，利用前沿3D视觉技术，破解复杂工况下的精准识别难题，让机器人 具备更强的环境适应性。 2.推动"生成式仿真"与世界模型落地，利用神经渲染与生成式AI技术，构建高保真虚拟场景，将具身智 能模型的迭代速度提升百倍。 3.搭建"科研-产业"的高速转化桥梁：延续其在"天空工场"的孵化经验，将最前沿算法转化为可落地的具 身智能方案，释放商业化潜力。 位列"清华具身五杰" 场景理解领航者 在当下中国具身智能的学术版图中，清华大学无疑是核心策源地。赵昊与来自交叉信息研究院(姚班)的 高阳、 ...

Group 1 - The stock of Geek+ (02590.HK) increased by over 4%, specifically rising by 4.53% to reach HKD 27.7 [1] - The trading volume for Geek+ was reported at HKD 88.862 million [1]

消息面上，极智嘉近日发布全球首款面向仓储场景的通用机器人Gino 1。据悉，Gino 1 不仅在可靠性和 效率表现上能满足客户要求，更具备卓越的成本效益，让客户更愿意进行商业化部署，从而加速产品实 现真正的商业化应用。目前，该产品现已具备成熟的量产能力，可快速投入规模化部署，为全流程无人 仓的广泛落地奠定了基础。 信达国际认为，考虑到集团在仓储履约行业已累积丰富的经验及客户关系，Gino 1有望在短期内投入应 用。该行表示，集团是具有清晰应用场景及丰富客户资源的具身智能企业，现价相当于7.4倍的2026年 市销率(P/S)，倘Gino 1获客户认可，加上盈利能力逐步改善，估值有望获向上重估。 智通财经APP获悉，极智嘉-W(02590)涨超4%，截至发稿，涨4.53%，报27.7港元，成交额8886.2万港 元。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Geekplus Technology (极智嘉-W), which increased by 4.53% to HKD 27.7, with a trading volume of HKD 88.862 million [1] - Geekplus recently launched the Gino1, the world's first general-purpose robot designed for warehouse scenarios, which meets customer demands in reliability and efficiency while offering excellent cost-effectiveness, encouraging commercial deployment [1] - The Gino1 is now capable of mass production and rapid large-scale deployment, laying the foundation for the widespread implementation of fully automated warehouses [1] Group 2 - Cinda International believes that given the company's extensive experience and customer relationships in the warehousing fulfillment industry, Gino1 is expected to be applied in the short term [1] - The company is characterized as an embodiment of intelligent enterprises with clear application scenarios and rich customer resources, with the current price reflecting a price-to-sales ratio (P/S) of 7.4 times for 2026 [1] - If Gino1 gains customer acceptance and profitability gradually improves, the company's valuation is likely to be reassessed upwards [1]

Group 1 - The core viewpoint of the news is that the global leader in intelligent robotics, Geekplus (02590), has launched its sixth-generation Warehouse Execution System (WES 6.0), emphasizing a multi-industry and multi-scenario approach with a focus on comprehensive openness and intelligent driving technology strategy [1] - WES 6.0 achieves deep compatibility with the entire series of robotic solutions and enhances operational optimization and cost efficiency through innovative applications of open interfaces, configurable processes, and intelligent decision engines [1] - The system's robust, reliable, and scalable nature will be validated through rapid global replication and application of Geekplus's robotic solutions, showcasing the company's strong hardware-software integration and AI algorithm capabilities [1] Group 2 - The company's long-term development prospects are viewed positively by institutions, with reports highlighting the potential of the Gino 1 universal warehouse robot to expand picking and packaging scenarios [2] - Analysts from Morgan Stanley express optimism about Geekplus's opportunities to increase its global market share and successfully transition into a provider of unmanned warehouse solutions through other embodied intelligent products [2] - As a high-value and scarce "AI + robotics" stock in the Hong Kong market, the influx of capital post-listing is expected to align the company's valuation system with leading global tech firms, significantly enhancing its market attention and liquidity [2]

Group 1 - The core idea of the news is the launch of the sixth-generation intelligent warehouse execution system WES6.0 by the global leader in intelligent robotics, Geekplus, which emphasizes a "one system covering multiple industries and scenarios" approach [1] - WES6.0 achieves significant improvements in business adaptability, technical openness, and intelligent decision-making precision, enabling operational optimization and cost efficiency across various scenarios [1] - The system is designed to be deeply compatible with the entire range of the company's robotic solutions, featuring open interfaces, configurable processes, and innovative applications of intelligent decision engines [1] Group 2 - The long-term development prospects of the company are viewed positively by institutions, with reports highlighting the potential of the newly launched Gino1 universal warehouse robot to expand picking and packaging scenarios [2] - Analysts from Morgan Stanley express optimism about the company's opportunities to increase its global market share and successfully transition into a provider of unmanned warehouse solutions through other embodied intelligent products [2] - The company is recognized for its high technical barriers and strong customer loyalty, with significant growth potential in the penetration of AMR solutions, positioning it to benefit as a market leader [2]

Investment Rating - The report maintains a "BUY" rating for Geekplus, indicating potential for over 15% return in the next 12 months [1][17]. Core Insights - Geekplus has officially launched Gino 1, the world's first general-purpose robot designed for warehousing, which is expected to enhance its position in the warehouse automation market [1]. - The company is projected to experience significant revenue growth, with estimates of RMB 2,409 million for FY24, RMB 3,176 million for FY25, and RMB 4,316 million for FY26, reflecting year-on-year growth rates of 12.4%, 31.9%, and 35.9% respectively [2]. - The revenue from AMR solutions is expected to grow significantly, with a projected increase of 70.3% in FY24 and 32.0% in FY25 [13]. Financial Summary - For FY23, Geekplus reported revenue of RMB 2,143 million, with a year-on-year growth of 47.6% [2]. - Adjusted net profit is expected to turn positive by FY25, reaching RMB 112 million, and further increasing to RMB 401.6 million in FY26 [2]. - The company’s gross profit margin is projected to improve from 30.8% in FY23 to 39.0% by FY27 [15]. Market Position and Strategy - Geekplus is positioned to capitalize on the increasing penetration of warehouse fulfillment AMRs, with 80% of its revenue coming from overseas markets in the first half of FY25 [7]. - The company aims to expand its solutions offering by integrating embodied intelligence, which includes AI-powered robotic arms for picking and packaging tasks [7]. Share Performance - The stock has shown strong performance, with a 1-month increase of 11.3% and a 6-month increase of 50.2% [6]. - The current market capitalization of Geekplus is approximately HK$ 37.88 billion [4]. Target Price - The target price for Geekplus is set at HK$ 26.70, indicating a downside of 4.4% from the current price of HK$ 27.94 [3].