Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.15%, Green Power Environmental (01330) at 69.21%, and China Shenhua (01088) at 67.95% [1] - Alibaba-W (09988), Horizon Robotics-W (09660), and Meituan-W (03690) saw the largest increases in holding amounts over the last five trading days, with increases of +8.316 billion, +3.294 billion, and +2.859 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -1.974 billion, Kuaishou-W (01024) at -1.353 billion, and China Telecom (00728) at -1.284 billion [3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 10.014 billion shares, representing 72.15% [1] - Green Power Environmental (01330) has a holding of 0.280 billion shares, representing 69.21% [1] - China Shenhua (01088) has a holding of 2.295 billion shares, representing 67.95% [1] Recent Increases in Holdings - Alibaba-W (09988) increased by +8.316 billion, with a change of +58.233 million shares [1] - Horizon Robotics-W (09660) increased by +3.294 billion, with a change of +32.610 million shares [1] - Meituan-W (03690) increased by +2.859 billion, with a change of +28.108 million shares [1] Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased by -1.974 billion, with a change of -73.655 million shares [3] - Kuaishou-W (01024) decreased by -1.353 billion, with a change of -18.241 million shares [3] - China Telecom (00728) decreased by -1.284 billion, with a change of -21.994 million shares [3]

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company achieved a revenue of 1.57 billion yuan in H1 2025, representing a year-on-year growth of 67.1% [1][8] - The net profit for H1 2025 was -5.23 billion yuan, with an adjusted operating loss of -1.11 billion yuan [1][8] - The automotive solutions revenue reached 1.516 billion yuan, up 66.1% year-on-year, driven by a 250% increase in automotive product solutions revenue [1][9] - The company has a strong order backlog for its Journey 6 series chips, with over 20 mainstream OEMs having adopted the technology [3][30] Revenue and Profitability - The gross margin for H1 2025 was 65.36%, a decrease of 13.7 percentage points year-on-year, while the net margin improved by 209.6% [2][16] - The automotive product solutions gross margin was 45.6%, up 3.9 percentage points year-on-year [2][17] - The company’s three expense ratios decreased by 15% year-on-year, indicating improved operational efficiency [2][23] Product and Market Position - The company delivered 1.98 million sets of automotive-grade Journey series hardware in H1 2025, doubling the previous year's volume [2][28] - The company has secured nearly 400 new model approvals, with over 100 models featuring highway-assisted driving capabilities [2][28] - The Journey 6 series chips are expected to support over 100 smart models, with significant international expansion efforts underway [3][30] Financial Forecast - Revenue projections for 2025-2027 are estimated at 3.39 billion, 5.34 billion, and 7.45 billion yuan respectively, with net profits expected to improve from -1.87 billion to 790 million yuan [4]

Group 1 - Horizon Robotics-W (09660) saw a rise of over 6%, reaching a new high of HKD 10.45, and is currently trading at HKD 10.18 with a transaction volume of HKD 21.66 million [1] - The Hang Seng Index Company announced the results of its quarterly review on August 22, which became effective on September 8, maintaining the number of constituents in the Hang Seng Tech Index at 30 [1] - CICC estimates that due to the reset of the individual stock weight limit of 8%, passive fund inflows will take the longest time for Horizon Robotics-W and BYD (002594), with expected inflows of approximately USD 560 million and USD 500 million, respectively, taking 3.4 days and 0.9 days to materialize [1] Group 2 - On August 29, Horizon Journey officially announced that its vehicle-mounted intelligent chip production has officially surpassed 10 million units [1] - Horizon Robotics has become the first domestic autonomous driving technology company to achieve a shipment milestone of 10 million units [1] - The founder and CEO of the group, Yu Kai, expressed optimism about the annual shipment volume, projecting around 4 million units for the year, with low-end and mid-to-high-end products each accounting for half of the total [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a significant stock price increase, reaching a new high of 10.45 HKD, with a current trading price of 10.18 HKD and a trading volume of 21.66 million HKD [1] Group 1: Stock Performance - Horizon Robotics-W's stock rose over 6%, achieving a peak of 10.45 HKD, marking a new listing high [1] - As of the latest update, the stock is trading at 10.18 HKD, reflecting a 3.77% increase [1] Group 2: Market Impact - The Hang Seng Index Company announced its quarterly review results on August 22, which became effective on September 8 [1] - The number of constituents in the Hang Seng Tech Index remains unchanged at 30 [1] - CICC estimates that the changes due to the 8% weight cap reset will lead to passive fund inflows, with Horizon Robotics-W and BYD expected to attract approximately 560 million and 500 million USD, respectively, over 3.4 and 0.9 days [1] Group 3: Company Milestones - On August 29, Horizon Robotics announced that its vehicle-mounted intelligent chip production has officially surpassed 10 million units [1] - The company is the first domestic autonomous driving technology firm to reach this milestone [1] - The founder and CEO, Yu Kai, expressed optimism about the annual shipment volume, projecting around 4 million units for the year, with low-end and mid-to-high-end products each accounting for half of the total [1]

Group 1 - The core viewpoint of the articles highlights a significant shift in the technology sector, which has been a major driver of stock market gains in the US, Hong Kong, and A-shares, but has recently experienced a sharp decline [2][4] - The A-share market's Sci-Tech 50 Index fell over 6% on September 4, with a cumulative drop of nearly 10% over three trading days, while the Hang Seng Tech Index also declined by nearly 2% [2] - Notable individual stocks such as Tianfu Communication and Cambrian have seen declines exceeding 15%, indicating a broader sell-off in the tech sector [2][4] Group 2 - In contrast, sectors such as photovoltaic, energy storage, tourism, and banking in the A-share market have shown significant strength, with Agricultural Bank of China rising over 5% to reach a new high [4] - Despite a slight recovery in tech indices on September 5, the volatility in tech stocks suggests a divergence in market sentiment and potential selling pressure [4][5] - Institutions are optimistic about the future market, with expectations of interest rate cuts by the Federal Reserve, which could benefit fixed asset investment and manufacturing activities in the US [5][6] Group 3 - Recommendations from institutions include focusing on physical assets like industrial metals and capital goods, as well as sectors benefiting from domestic demand recovery [6][7] - The market is expected to see a rotation between growth and balanced styles, with TMT and cyclical sectors being highlighted for investment opportunities [6][7] - Overall, there is a consensus among institutions that the market's rally is not over, although there are differing opinions on which sectors to focus on moving forward [7]

Core Viewpoint - Horizon Robotics-W (09660) experienced a significant stock increase, rising over 8% in early trading, reflecting positive market sentiment following the announcement of major production milestones and strong financial performance [1] Group 1: Production Milestones - Horizon Robotics announced that its Journey series automotive intelligent chips have officially surpassed 10 million units in production and shipment, making it the first domestic smart driving technology company to reach this milestone [1] - The company's founder and CEO, Yu Kai, expressed optimism about the annual shipment volume, projecting around 4 million units for the year, with low-end and mid-to-high-end products each accounting for half of the total [1] Group 2: Financial Performance - For the first half of the year, the company's revenue from products and solutions reached 778 million yuan, representing a year-on-year increase of 350% [1] - Revenue from software and licensing services was 738 million yuan, showing a year-on-year growth of 6.9% [1] - The delivery volume of products and solutions nearly reached 2 million units, marking a year-on-year growth of approximately 100%, driven by the mass production of the Journey 6 series [1] Group 3: Product Segmentation - Mid-to-high-end products accounted for 49.5% of total shipments, with a total of 980,000 units shipped, reflecting a sixfold year-on-year increase [1] - Mid-to-high-end products contributed over 80% of the revenue from the products and solutions business [1] - The average selling price of automotive products and solutions reached 1.7 times that of the same period last year [1]

Core Viewpoint - Horizon Robotics-W (09660) has seen a significant stock price increase, rising over 8% in early trading, attributed to the announcement of surpassing 10 million units in production and delivery of its automotive intelligent chips [1] Group 1: Company Performance - Horizon Robotics officially announced on August 29 that it has achieved a production and delivery milestone of over 10 million automotive intelligent chips, becoming the first domestic autonomous driving technology company to reach this level [1] - The company's founder and CEO, Yu Kai, expressed optimism about the annual shipment volume, projecting around 4 million units for the year, with low-end and mid-to-high-end products each accounting for half of the total [1] Group 2: Financial Results - In the first half of the year, the company's revenue from products and solutions reached 778 million yuan, representing a year-on-year increase of 350% [1] - Revenue from software and licensing services was 738 million yuan, showing a year-on-year growth of 6.9% [1] - The delivery volume of products and solutions nearly reached 2 million units, marking a year-on-year growth of approximately 100%, driven by the mass production of the Journey 6 series [1] - Mid-to-high-end product shipments totaled 980,000 units, accounting for 49.5% of total shipments, with a year-on-year increase of six times [1] - Mid-to-high-end products contributed over 80% of the revenue from the products and solutions business [1] - The average selling price of automotive products and solutions has reached 1.7 times that of the same period last year [1]

Market Overview - On September 4, the Hang Seng Index fell by 1.12%, with total southbound trading amounting to HKD 1,470.86 billion, including buy transactions of HKD 738.96 billion and sell transactions of HKD 731.90 billion, resulting in a net buying amount of HKD 7.06 billion [1] Southbound Trading Details - Southbound trading through the Stock Connect (Shenzhen) recorded a total trading amount of HKD 569.41 billion, with buy transactions of HKD 281.30 billion and sell transactions of HKD 288.11 billion, leading to a net selling amount of HKD 6.80 billion [1] - Southbound trading through the Stock Connect (Shanghai) had a total trading amount of HKD 901.45 billion, with buy transactions of HKD 457.66 billion and sell transactions of HKD 443.79 billion, resulting in a net buying amount of HKD 13.86 billion [1] Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total trading amount of HKD 120.58 billion, followed by SMIC and Tencent Holdings with trading amounts of HKD 99.57 billion and HKD 49.79 billion, respectively [1] - In terms of net buying, the top stocks included UBTECH with a net buying amount of HKD 8.28 billion, Xiaomi Group-W with HKD 7.03 billion, and Alibaba-W with HKD 5.50 billion [1] - The stock with the highest net selling was SMIC, with a net selling amount of HKD 11.58 billion, followed by Hua Hong Semiconductor and Kuaishou-W with net selling amounts of HKD 6.88 billion and HKD 5.41 billion, respectively [1] Continuous Net Buying and Selling - Two stocks, Alibaba-W and Yangtze Optical Fibre and Cable, experienced continuous net buying for more than three days, with Alibaba-W having a total net buying amount of HKD 173.78 billion over ten days [2] - The stocks with the highest continuous net selling were SMIC and Hua Hong Semiconductor, with total net selling amounts of HKD 23.06 billion and HKD 21.09 billion, respectively [2]

Core Insights - The Hong Kong stock market saw a net inflow of 706 million HKD from Northbound trading on September 4, with a net buy of 1.386 billion HKD from the Shanghai Stock Connect and a net sell of 680 million HKD from the Shenzhen Stock Connect [1] Group 1: Stock Performance - The top net bought stocks included UBTECH (09880), Xiaomi Group-W (01810), and Alibaba-W (09988) [1] - The most sold stocks were SMIC (00981), Hua Hong Semiconductor (01347), and Tencent Holdings (00700) [1] Group 2: Detailed Stock Transactions - Alibaba-W had a net buy of 4.042 billion HKD and a sell of 3.633 billion HKD, resulting in a net inflow of 409 million HKD [2] - UBTECH received a net buy of 1.437 billion HKD and a sell of 860 million HKD, leading to a net inflow of 577 million HKD [2] - Xiaomi Group-W had a net buy of 1.057 billion HKD and a sell of 911 million HKD, resulting in a net inflow of 146 million HKD [2] Group 3: Company Announcements - UBTECH announced a procurement contract worth 250 million RMB for humanoid robots, expected to start delivery within the year [6] - Xiaomi reported over 30,000 vehicle deliveries in August and plans to open 32 new stores in September to meet demand [6] - Alibaba's cloud business revenue reached 33.398 billion RMB, with significant increases in capital expenditure and cloud revenue exceeding expectations [7] Group 4: Market Sentiment - SMIC and Hua Hong Semiconductor faced significant net sells of 11.58 billion HKD and 6.88 billion HKD, respectively, amid a positive outlook for the semiconductor industry driven by AI and domestic substitution [9] - Meituan-W and Changfei Optical Cable received net buys of 5.27 billion HKD and 1.06 billion HKD, while Tencent faced a net sell of 3.37 billion HKD [10]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Horizon Robotics 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,124,389,270 | USD | 0.0000025 | USD | | 5,310.97 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,124,389,270 | USD | 0.0000025 | USD | | 5,310.97 | | 2. 股份 ...