Core Insights - The top three companies with the highest short positions are WuXi AppTec (02359), Vanke Enterprises (02202), and Ganfeng Lithium (01772) with short ratios of 16.40%, 14.71%, and 13.17% respectively [1][2] - The company with the largest increase in short positions is Vanke Enterprises (02202), which saw an increase of 1.37% from the previous report [1][2] - Ganfeng Lithium (01772) experienced the largest decrease in short positions, with a reduction of 0.88% [1][3] Short Position Summary - **Top 3 Companies by Short Ratio** - WuXi AppTec (02359): 6,349.45 million shares, 16.40% [2] - Vanke Enterprises (02202): 325 million shares, 14.71% [2] - Ganfeng Lithium (01772): 5,313.62 million shares, 13.17% [2] - **Companies with Largest Increase in Short Positions** - Vanke Enterprises (02202): Increased from 13.34% to 14.71% [2] - COSCO Shipping Holdings (01919): Increased from 12.27% to 13.14% [2] - Yao Cai Securities (01428): Increased from 1.28% to 2.09% [2] - **Companies with Largest Decrease in Short Positions** - Ganfeng Lithium (01772): Decreased from 14.05% to 13.17% [3] - Horizon Robotics-W (09660): Decreased from 1.87% to 1.02% [3] - Hisense Home Appliances (00921): Decreased from 10.94% to 10.14% [3]

Core Viewpoint - Daiwa Research expects Horizon Robotics (09660.HK) to deliver over 4 million Advanced Driver Assistance System (ADAS) chips this year, up from 2.9 million last year, indicating strong growth potential in the smart automotive sector [1] Group 1: Company Performance - Horizon Robotics is projected to ship approximately 1.9 million units of Horizon Mono, 1.9 million units of Horizon Pilot, and 40,000 units of Horizon SuperDrive [1] - The increase in shipments and pricing of Horizon Pilot is anticipated to be the main driver of revenue growth this year [1] Group 2: Financial Outlook - Daiwa has upgraded its target price for Horizon Robotics from HKD 6.5 to HKD 9.6, reflecting confidence in the company's growth trajectory [1] - The net profit forecast for 2026-27 has been revised down by 28% to 57%, due to an expected decrease in the revenue share from licensing and service businesses by 6-7 percentage points [1] Group 3: Industry Context - Despite a more cautious attitude towards ADAS in the domestic automotive industry following an incident involving Xiaomi's SU7, the trend towards smart vehicles is not expected to slow down [1]

Group 1 - Hong Kong chip stocks experienced significant fluctuations, with Horizon Robotics (09660.HK) dropping over 4.4% [1] - Semiconductor Manufacturing International Corporation (00981.HK) fell nearly 3% [1] - Other companies such as Baker Hughes (02149.HK) and Jingmen Semiconductor (02878.HK) also saw declines of over 1% [1]

Core Viewpoint - The "Dongwu Securities 2025 Economic and Investment Summit" successfully gathered over a hundred top listed companies with a total market value of nearly 10 trillion yuan, focusing on macroeconomic trends, technological innovation, and sustainable development [2][3][15]. Group 1: Event Overview - The summit took place on May 7 in Shanghai, featuring 500 representatives from listed companies and investment institutions discussing key market topics [2][3]. - Notable companies such as BYD, SMIC, and Ctrip were recognized as the best listed companies, collectively valued at approximately 10 trillion yuan [2][15]. Group 2: Key Themes and Discussions - The summit's theme was "Pursuing Dreams on the Yangtze River, Striving for Long-term Success," emphasizing the exploration of economic and investment opportunities in the new macro environment [3]. - Keynote speeches highlighted the transition of China's economic growth from factor and investment-driven to innovation-driven, with a focus on governance upgrades and sustainable practices [11]. Group 3: Awards and Recognitions - The "Best Listed Company" and "Best Hong Kong Company" awards were presented, aimed at promoting high-quality development and recognizing companies excelling in ESG practices and brand strength [15][16]. - The evaluation for the "Best Listed Company" included all A-share companies listed before December 31, 2022, assessing their information disclosure quality and sustainability practices [15]. Group 4: Future Initiatives - The "Best Secretary of the Board" award will be launched in May 2025, with discussions on governance and market practices already taking place in various cities [17][19]. - The summit also served as a platform for enhancing communication between listed companies and financial institutions, fostering collaboration and knowledge sharing [18].

Investment Rating - The report maintains a "Buy" rating for Horizon Robotics (9660.HK) with a current stock price of 7.5 HKD [1]. Core Views - The company is focusing on high-end products and a broad customer base, recently launching the L2 urban driving assistance system, Horizon HSD, and announcing collaborations with multiple automotive manufacturers and Tier 1 suppliers [3][5]. - The company is positioned to benefit from the high barriers to entry in the smart driving chip sector, leveraging its extensive mass production experience and strong engineering capabilities [6]. Financial Summary - **Revenue Forecast**: Projected revenues are expected to grow from 1,552 million in 2023 to 10,004 million by 2027, with a year-over-year growth rate peaking at 82.7% in 2027 [4]. - **Net Profit**: The company is forecasted to have a net profit of -6,739 million in 2023, improving to 453 million by 2027 [4]. - **Gross Margin**: The gross margin is expected to decline from 70.5% in 2023 to 54.8% in 2027 [4]. - **Earnings Per Share (EPS)**: EPS is projected to improve from -0.51 in 2023 to 0.03 in 2027 [4]. Market Position and Strategy - The company is advancing its urban driving assistance technology through a combination of hardware and software, with the HSD system set to begin mass production in Q3 2025 [5]. - Horizon Robotics has established partnerships with 20 automotive brands and is expanding its global market presence through collaborations with international Tier 1 suppliers like Bosch and Denso [6]. Financial Ratios - **Revenue Growth Rate**: Expected to be 53.6% in 2024 and 82.7% in 2027 [9]. - **Net Profit Margin**: Projected to improve from -434.3% in 2023 to 4.5% in 2027 [4]. - **Return on Equity (ROE)**: Expected to recover from -22.8% in 2025 to 5.2% in 2027 [9].

Group 1 - The Hang Seng Index rose by 0.12%, gaining 26 points to close at 21,998 points, while the Hang Seng Tech Index increased by 0.81% with a trading volume of HKD 97.3 billion in the morning session [1] - Ant Group plans to invest HKD 28.14 billion to acquire a controlling stake in Yau Tat Securities, leading to a surge in Alibaba-related stocks, with Yau Tat Securities rising by 20% and Alibaba Health increasing by 6% [1] - Meituan-W saw a morning increase of 3.82%, as institutions expect the competition landscape in the food delivery industry to remain stable, suggesting long-term value release for the platform [1] - Longjiang Life Science (00775) rose over 9% after showcasing various cancer vaccine data at AACR 2025 [1] - Horizon Robotics-W (09660) also increased by over 9% following a strategic partnership with Denso, with institutions indicating a positive outlook for the industry chain [1] Group 2 - Zai Lab (09911) increased by 6.48%, driven by significant growth in social business revenue in Q1, and the company is exploring overseas acquisition opportunities [2] - Lao Pu Gold (06181) rose over 6%, as institutions noted that fixed-price gold products benefit from the rising gold prices [3] - Shangmei Co., Ltd. (02145) surged by 8%, reaching a new historical high, with institutions optimistic about the long-term growth potential of the beauty care sector [4] - Tigermed (03347) fell over 2% post-earnings, with Q1 net profit attributable to shareholders decreasing by nearly 30%, although there is still room for improvement in gross margin [4] - Qingdao Beer Co., Ltd. (00168) dropped by 3.7% post-earnings, despite a 7.08% year-on-year increase in net profit for Q1 [4] - Longyuan Power (00916) declined over 6% post-earnings, with Q1 net profit attributable to shareholders decreasing by 21.82% and wind power segment revenue down by 1.89% [4] - Rongchang Bio (09995) fell by 8.21% post-earnings, despite nearly 60% year-on-year revenue growth in Q1, with losses narrowing to CNY 254 million [4]

Group 1: Hong Kong Stock Market Performance - The Hang Seng Index rose by 1.36%, gaining 297 points to close at 22,206 points, while the Hang Seng Tech Index increased by 1.87% [1] - The early trading volume in the Hong Kong stock market reached HKD 116.4 billion [1] Group 2: Real Estate Sector - Foreign institutions are optimistic about the recovery of the Chinese real estate sector, with Citigroup strategists urging investors to increase their holdings in Chinese real estate stocks due to expected improvements in profitability from policy support and better management practices [1] - Kwan Hung Holdings surged over 43%, while other notable gains included Rongxin China up 17%, Greentown China up 5%, CIFI Holdings up 7.88%, Sunac China up 4.22%, and Longfor Group up 6.74% [1] Group 3: AI Medical Sector - AI medical concept stocks saw an uptick as seven departments jointly promoted AI empowerment across the pharmaceutical industry, with institutions optimistic about the accelerated trend in the AI medical industry [1] - Notable stock performances included iFlytek Medical Technology up 7.2%, Yidu Tech up 5.35%, Crystal Tech Holdings up 4.69%, and MicroPort Scientific up 4.07% [1] Group 4: Other Notable Stocks - Horizon Robotics rose over 7% following a strategic partnership with Bosch to develop an upgraded version of Bosch's advanced driver assistance system [2] - KPB Medical surged over 14%, with a cumulative increase of over 95% this week after its core product was approved for sale in China [3] - Xintai Medical increased by 3.88%, although the company indicated uncertainty regarding its sales growth targets [4] - Minmetals Resources rose over 5%, reporting a 76% year-on-year increase in copper production for the first quarter, with potential adjustments to production guidance [5] - Beike-W increased by 4.88%, as the real estate fundamentals became clearer, with institutions suggesting its stock price is entering a value range [6] - Global New Materials International saw a sharp rise of over 20% before settling at a 4% increase after acquiring Merck's global performance solutions business [7]

港股地平线机器人(09660.HK)涨超8%。日前公司公告称与汽车技术与服务供应商博世达成战略合作。 ...

智通财经4月24日电，截至发稿，地平线机器人-W(09660.HK)跌15.21%、越疆(02432.HK)跌1.58%、微 创机器人-B(02252.HK)跌1.24%。 港股机器人概念股多数调整 地平线机器人跌超15% ...

Group 1 - The first Embodied Intelligent Robot Games will be held from April 24 to 26 in Wuxi, with representatives from Yushu and Xiaomi participating in discussions [1] - Tesla CEO Elon Musk announced significant progress in the humanoid robot Optimus, with thousands expected to be operational in Tesla factories by the end of the year [1] - Tesla is increasingly betting on the future of autonomous driving and robotics, including self-driving taxis and humanoid robots [1] Group 2 - Tesla indicated that while it continues to innovate in manufacturing and operational cost reduction, long-term profits related to hardware are expected to accelerate alongside AI, software, and fleet operations profits [1] - New vehicle plans, including more affordable models, are still expected to begin production in the first half of this year, despite reports of potential delays [1] - A report from Open Source Securities highlighted the successful hosting of the world's first humanoid robot half marathon in Beijing, showcasing China's leading position in high-intensity robotic sports [1] Group 3 - According to招商证券, artificial intelligence is a key battleground for major powers, and robots, as the ultimate carriers of AI, are expected to benefit significantly [2] - The report suggests a positive outlook for the humanoid robot sector in the medium to long term, recommending investment opportunities in core components and control systems [2] Group 4 - The related industry chain stocks in Hong Kong include UBTECH (09880), Yujian (02432), Xiaomi Group (01810), SUTENG (02498), Delta Electronics (00179), Horizon Robotics-W (09660), JINLI Permanent Magnet (06680), and Shanghai Electric (02727) [3]