Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.70%, Green Power Environmental (01330) at 70.03%, and China Shenhua (01088) at 68.18% [1] - Tencent Holdings (00700), Alibaba-W (09988), and Kuaishou-W (01024) saw the largest increases in holding amounts over the last five trading days, with increases of +2.39 billion, +2.11 billion, and +1.60 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 -7.82 billion, Hang Seng China Enterprises (02828) at -4.88 billion, and China Mobile (00941) at -1.34 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 10.368 billion shares, 74.70% holding ratio [1] - Green Power Environmental (01330): 0.283 billion shares, 70.03% holding ratio [1] - China Shenhua (01088): 2.303 billion shares, 68.18% holding ratio [1] - Other notable companies include Tianjin Chuangye Environmental (01065) at 64.43% and New天绿色能源 (00956) at 63.76% [1] Recent Increases in Holdings (Last 5 Trading Days) - Tencent Holdings (00700): +2.39 billion, +4.2595 million shares [1] - Alibaba-W (09988): +2.11 billion, +18.1194 million shares [1] - Kuaishou-W (01024): +1.60 billion, +20.1638 million shares [1] - Other companies with significant increases include China Shenhua (01088) and China Life (02628) [1] Recent Decreases in Holdings (Last 5 Trading Days) - Tracker Fund of Hong Kong (02800): -7.82 billion, -30.82404 million shares [1] - Hang Seng China Enterprises (02828): -4.88 billion, -5.35312 million shares [1] - China Mobile (00941): -1.34 billion, -1.54265 million shares [1] - Other companies with notable decreases include Southbound Hang Seng Technology (03033) and Guotai Junan International (01788) [1]

Core Insights - The 2025 China Embodied Intelligent Robot Industry Conference and Exhibition will take place from August 13 to August 15 in Shanghai, attracting over 200 brands and more than 10,000 attendees, aiming to enhance the embodied intelligence industry chain [1] - The global robot industry has seen significant growth over the past decade, with advancements in intelligent capabilities, application boundaries, and innovation factors [2][3] Industry Growth - In the first half of this year, China's robot industry revenue grew by 27.8%, with industrial and service robot production increasing by 35.6% and 25.5% respectively, maintaining its position as the largest industrial robot application market globally for 12 consecutive years [3] - The global first embodied intelligent robot 4S store, Robot Mall, opened in Beijing, integrating traditional automotive sales models into the robot industry [3] Commercialization and Market Forecast - 2025 is projected to be the year of mass production for humanoid robots, with companies like UBTECH and Tesla planning significant production and delivery of humanoid robots for various applications [4] - The global market for humanoid robots is expected to exceed $20 billion by 2030, with the Chinese market reaching around $5 billion, and optimistic forecasts suggest a potential market size of $154 billion by 2035 [4] Investment Opportunities - Wanlian Securities highlights the potential for humanoid robots to achieve large-scale application, emphasizing the importance of reducing costs for commercialization [5] - Companies with core component technology and those benefiting from the large-scale application of humanoid robots are recommended for investment [5] Related Companies - UBTECH has launched a full-size humanoid robot for educational purposes, with significant orders already in place, and is expanding production capacity to meet demand [6] - Horizon Robotics is projected to achieve a compound annual growth rate of 57.5% from 2025 to 2027, with a target price set by analysts [7] - SUTENG has showcased its new Active Camera platform at the 2025 World Robot Conference, holding the top market share in the global lidar sector [7]

Group 1 - MSCI China Index added 14 new stocks, including companies like 3SBio (01530), CITIC Financial Assets (02799), Horizon Robotics (09660), and others, reflecting strong performance in sectors such as technology, innovative pharmaceuticals, and new consumption [1][2] - The changes will take effect after the market closes on August 26, with 17 stocks being removed from the index, including Hisense Home Appliances (00921) and Zhongsheng Holdings (00881) [2][5] - The new additions are expected to attract more incremental capital to the related listed companies [1] Group 2 - The MSCI Global Standard Index added 42 stocks and removed 56 stocks, with the largest new additions in developed markets being Rocket Lab (USA), SoFi Technologies (USA), and Affirm Holdings (USA) [8] - In the emerging markets index, the top three new constituents include CITIC Bank, Dian Swastatika Sentosa, and Laopuhuangjin [8]

Core Viewpoint - MSCI announced the results of its August index quarterly review, which includes the addition and removal of several stocks in the MSCI China Index, reflecting recent strong performance in sectors such as technology, innovative pharmaceuticals, and new consumption [1]. Summary by Category Additions to MSCI China Index - 14 stocks were added to the MSCI China Index, including notable companies such as: - Lao Pu Gold (06181) - WuXi AppTec (02268) - Meitu (01357) - NetEase Cloud Music (09899) - 3SBio (01530) - Horizon Robotics (09660) - Global Data (09698) - Kintor Pharmaceutical (06990) - 5 additional A-shares including: - Zhinan (300803.SZ) - CITIC Bank (601998.SH) - Giant Network (002558.SZ) - Ailis (688578.SH) - Jingwang Electronics (603228.SH) [1][3][5]. Removals from MSCI China Index - 17 stocks were removed from the MSCI China Index, including: - Hisense Home Appliances (00921) - Zhongsheng Holdings (00881) - Yingjia Wine (603198.SH) - Oriental Yuhong (002271.SZ) - 13 additional stocks including: - Supor (002032.SZ) - Chihong Zn & Ge (600497.SH) - Morning Light Co. (603899.5H) - and others [1][3][5]. Global Index Changes - The MSCI Global Standard Index added 42 stocks and removed 56 stocks, with the largest new additions being Rocket Lab (USA), SoFi Technologies (USA), and Affirm Holdings (USA) [5]. - The top three new additions to the MSCI Emerging Markets Index include CITIC Bank, Dian Swastatika Sentosa, and Lao Pu Gold [5].

Group 1 - The top three stocks with net inflow of southbound funds are Yingfu Fund (02800) with 6.292 billion, Hang Seng China Enterprises (02828) with 1.618 billion, and Southern Hang Seng Technology (03033) with 0.956 billion [1] - The top three stocks with net outflow of southbound funds are China Mobile (00941) with -0.289 billion, Jitu Express-W (01519) with -0.185 billion, and Horizon Robotics-W (09660) with -0.152 billion [1] - In terms of net inflow ratio, Anjii Food (02648), Pacific Shipping (02343), and Yuehai Investment (00270) lead the market with 55.07%, 54.09%, and 53.58% respectively [1] Group 2 - The top ten stocks with the highest net inflow include Yingfu Fund (02800) at 6.292 billion, Hang Seng China Enterprises (02828) at 1.618 billion, and Southern Hang Seng Technology (03033) at 0.956 billion [2] - The top ten stocks with the highest net outflow include China Mobile (00941) at -0.289 billion, Jitu Express-W (01519) at -0.185 billion, and Horizon Robotics-W (09660) at -0.152 billion [2] - The top three stocks with the highest net inflow ratio are Anjii Food (02648) at 55.07%, Pacific Shipping (02343) at 54.09%, and Yuehai Investment (00270) at 53.58% [3]

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7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8月6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 ...

Group 1: Economic and Market Overview - The U.S. non-farm payroll data for July showed only 73,000 new jobs added, significantly below the market expectation of 100,000, raising recession concerns [1] - The downward revision of 258,000 jobs for the previous two months led to a drop in the 10-year U.S. Treasury yield from 4.4% to 4.2%, and an increase in expectations for a rate cut in September from 37.7% to nearly 85% [1] - The Hang Seng Index fell below 25,000 points, with the 24,000 point level now facing scrutiny amid ongoing U.S.-China tensions and unfavorable market conditions [1] Group 2: Robotics Industry Developments - The World Robot Conference will open on August 8 in Beijing, showcasing over a hundred new products, with companies eligible for subsidies of up to 250,000 yuan for purchasing robots [2] - OpenAI's CEO announced that GPT-5 will launch in August with various versions, which is expected to impact related applications [2] Group 3: Horizon Robotics Financial Outlook - Goldman Sachs anticipates Horizon Robotics' revenue for the first half of 2025 to grow by 58% year-on-year to 1.5 billion yuan, driven by increased deliveries of the J6 series chips [3] - The automotive product revenue is projected to reach 708 million yuan, a 218% increase year-on-year, while the overall gross margin is expected to decline to 65% [4] - Horizon Robotics is set to begin mass production of its integrated hardware and software solution, Horizon Super Driving (HSD), which will enhance vehicle value and strengthen competitive advantages [4] Group 4: Coal Industry Developments - China Shenhua announced plans to acquire coal and related assets from the State Energy Group, with the transaction expected to significantly increase the company's resource scale [7] - The acquisition includes assets with a total coal production capacity of at least 22.89 million tons and power generation capacity of at least 18.18 million kilowatts [7] - The coal business is anticipated to reach a turning point amid strict regulations on overproduction and a reduction in coal imports, which may positively influence stock performance of leading coal companies [8]

Group 1 - The Hang Seng Index closed down 0.08%, while the Tech Index rose by 0.56% [1] - Li Auto (02015.HK) saw an increase of over 9%, China Biologic Products (01177.HK) rose by over 6%, and Horizon Robotics (09660.HK) increased by nearly 5% [1] - Chow Tai Fook (01929.HK) experienced a decline of over 3.5%, and Baidu (09888.HK) fell by over 3% [1]

Core Viewpoint - The 2025 World Artificial Intelligence Conference (WAIC) will be held in Shanghai from July 26 to July 28, focusing on AI infrastructure, intelligent terminals, and AI-enabled new industrialization among other key areas [1][2]. Group 1: Event Overview - The WAIC will feature an unprecedented exhibition scale, with over 70,000 square meters of exhibition space and participation from more than 800 companies, over 50% of which are from outside China [1]. - The event will showcase over 3,000 cutting-edge exhibits, including 40 large models, 50 AI terminal products, and 60 intelligent robots, marking the largest scale in the history of the conference [1]. Group 2: Product Launches and Innovations - The conference will highlight innovative products in three main areas: model applications, embodied intelligence, and smart hardware, with numerous first-time launches [2]. - Notable product launches include Siemens' Industrial Copilot, Tesla's Tesla Bot, and various AI applications from major companies like Google, Alibaba, and Tencent [2]. Group 3: Industry Insights - Analysts from Dongwu Securities and Guojin Securities indicate that AI applications are experiencing rapid growth, with significant cost reductions and increasing penetration rates, suggesting a transition into a fast growth phase for the industry [3][4]. - The emergence of AI Agents is seen as a pivotal moment in the software revolution, reshaping various aspects of work and life [4]. Group 4: Company Developments - Baidu has announced the open-sourcing of its Wenxin large model series, marking a significant advancement in the large model field [5]. - Alibaba is collaborating with China FAW to develop a dedicated large model for the automotive industry, aiming to enhance efficiency and drive business transformation [5]. - SenseTime plans to launch its new productivity tools and an embodied intelligence platform during the conference [5]. Group 5: Market Predictions - Horizon Robotics is projected to achieve a compound annual growth rate of 57.5% from 2025 to 2027, with expectations of reaching breakeven by 2028 [6]. - The company is anticipated to capture 54% of the market share for advanced driver-assistance systems (ADAS) in China by 2027, leveraging local automotive chip advantages [6].

Investment Rating - The automotive industry is rated as "Neutral" for the next six months, indicating expected performance in line with the market [53]. Core Insights - In June, retail sales of passenger vehicles increased by 18.1% year-on-year, with new energy vehicles seeing a growth of 30% [4][44]. - The automotive sector experienced a decline of 0.41% from July 7 to July 11, 2025, underperforming the CSI 300 index by 1.23 percentage points [10][44]. - The overall PE-TTM for the automotive industry as of July 11 is 25.83, down by 0.12 from the previous week [11][44]. Summary by Sections Market Overview - The automotive sector's performance from July 7 to July 11 showed a decline across various segments, with the passenger vehicle segment down by 1.43% and commercial vehicles down by 0.99% [10][44]. - The automotive services sector, however, increased by 3.13%, outperforming the CSI 300 index [10][44]. Valuation Levels - As of July 11, the PE-TTM for passenger vehicles is 25.11, for commercial vehicles is 36.01, and for automotive parts is 24.33 [11][44]. - The passenger vehicle segment saw a decrease of 0.37% in valuation, while the automotive parts segment increased slightly by 0.02% [11][44]. New Models and Industry News - 尚界汽车 has released a teaser for its first SUV model, which is expected to launch in the fall of 2025 [3][44]. - A total of 29 new and updated vehicle models were launched during the week of July 7 to July 11 [40][41]. Sales Performance - In June, the total retail sales of passenger vehicles reached 2.084 million units, marking an 18.1% increase year-on-year [7][44]. - Cumulative retail sales for the first half of the year reached 10.901 million units, up 10.8% compared to the same period last year [7][44].