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，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 自願性公告 有關與UQI優奇簽署 戰略合作協議 本公告乃 Digital China Holdings Limited（神州數碼控股有限公司* ）（「本公司」, 連同 其附屬公司統稱「本集團」）的自願性公告。 本公司董事會（「董事會」）欣然通知本公司股東（「股東」）及潛在投資者，當前 本集團正以供應鏈場景為核心戰略立足點，深度依託大數據與 AI 技術構建業務賦能體 系，並積極踐行「客戶 + 生態」雙輪驅動戰略。在這一戰略指引下，2025 年內本集團 已成功與 12 家核心客戶及生態夥伴達成戰略共識並簽署戰略合作協議，持續夯實供應 鏈領域生態佈局。與此同時，本集團聚焦 「Data x AI 」戰略升維，將高質量數據作為 核心生產要素，以 AI 技術為驅動引擎，持續推動供應鏈領域的技術融合與業務創新， 實現供應鏈運營全鏈路的智能化升級。 基於上述戰略佈局與業務基礎，本公司旗下智慧供應鏈子公司北京科捷物流有限 ...

Core Insights - The report by Future Asset Global Investment (Hong Kong) highlights the strong growth potential of the Global X China Robotics and AI ETF (02807), focusing on humanoid robots and Robotaxi as key AI application areas benefiting from orders, financing, and policy support [1][2] Group 1: Humanoid Robots - The commercialization of humanoid robots in China is accelerating, with major companies like ZhiYuan, YuShu, and UBTECH announcing multi-million dollar orders, including UBTECH's record order of 250 million yuan in September [1] - Financing conditions for humanoid robots remain robust, with YuShu completing a Series C funding round at a valuation of 12 billion yuan and initiating an IPO process [2] - Major tech companies such as Alibaba and JD.com are investing in the humanoid robot sector, further supporting its growth [2] Group 2: Policy Support - Humanoid robots have been designated as a strategically important industry by the central government, with local governments like Beijing and Zhejiang setting targets to deploy 10,000 to 20,000 humanoid robots by 2027, offering subsidies of up to 30% of robot prices [2] Group 3: Robotaxi - The commercialization of Robotaxi is accelerating, with China leading globally and operating a fleet of over 2,000 vehicles, including approximately 1,000 from Baidu's Apollo Go [2] - The unit profitability of Robotaxi is improving, with expected increases in daily order volume and average order price, while costs related to remote assistance and hardware are projected to decline [2] Group 4: ETF Composition - The Global X China Robotics and AI ETF invests in leading Chinese robotics and AI companies, with 40% of its components involved in the humanoid robot supply chain, covering areas from AI brains (Baidu, iFlytek) to robot components (Inovance, Shuanghuan, Zhaowei) and integrators (UBTECH) [2] - The ETF also strategically includes core companies in the Robotaxi sector, such as Horizon Robotics, Pony AI, and WeRide, to capture the wave of AI applications in China [2]

Group 1 - The report highlights that the Global X China Robotics and Artificial Intelligence ETF (02807) focuses on leading Chinese companies in the robotics and AI sectors, particularly benefiting from the commercialization of humanoid robots and Robotaxi applications [1][2] - The commercialization of humanoid robots in China is accelerating, with major companies like UBTECH Robotics announcing significant orders, including a record order of 250 million yuan in September [1][2] - The financing environment for humanoid robots remains robust, with companies like Yushun Technology completing a Series C funding round at a valuation of 12 billion yuan, and major tech firms like Alibaba and JD.com investing in the humanoid robotics sector [1][2] Group 2 - Policy support is a crucial driver for the humanoid robotics industry, with the central government designating it as a strategically important sector, and local governments setting ambitious deployment targets for humanoid robots by 2027 [2] - The Robotaxi sector is experiencing accelerated commercialization, with China leading globally and operating a fleet of over 2,000 vehicles, including around 1,000 from Baidu's Apollo Go [2] - The Global X China Robotics and Artificial Intelligence ETF invests in leading companies across the humanoid robot supply chain, with 40% of its holdings involved in this sector, while also strategically positioning itself in core Robotaxi companies [2]

Core Insights - The Chinese embodied intelligence robot market is rapidly growing, with the market size for solutions expected to reach 28.7 billion yuan in 2024, accounting for 35% of the global market [1][6] - The increasing demand for elderly care due to population aging is anticipated to drive further growth in the industry [1][6] Overview - Embodied intelligence robots are defined as intelligent systems with a physical form that can interact with their environment in real-time, integrating perception, cognition, decision-making, and action [2][4] - These robots combine various disciplines, including artificial intelligence, robotics, and sensor technology, and can be categorized into humanoid, wheeled, tracked, quadruped, and bionic robots [2][4] Development History - The concept of embodied intelligence dates back to Turing's 1950 paper, but significant breakthroughs were not achieved until the 2010s with the rise of deep learning technologies [4] - The first mention of "embodied intelligence" in the Chinese government work report occurred in 2025, marking it as a key future industry alongside biomanufacturing and 6G [4][6] Industry Chain - The upstream of the embodied intelligence robot industry includes components such as chips, sensors, controllers, and energy management systems [5] - The midstream involves research and manufacturing, while the downstream encompasses applications in various sectors, including industrial manufacturing, healthcare, and public safety [5] Market Policies - The Chinese government has issued multiple policies to support the development of the robotics industry, including initiatives to promote innovation and equipment upgrades [5][6] Current Market Status - The embodied intelligence robot market in China is experiencing rapid growth, with significant government support and a projected market size of 28.7 billion yuan in 2024 [1][6] Competitive Landscape - The market is highly fragmented, with numerous companies competing, including major players like Zhiyuan Robotics, UBTECH, and Fourier Technology [7][8] - Zhiyuan Robotics, founded in 2023, focuses on AI and robotics integration and has achieved significant milestones in mass production [8] - UBTECH, established in 2012, is a leader in humanoid robots and has reported revenues of 622 million yuan in the first half of 2025 [9] Future Trends - Future developments in embodied intelligence will involve closer integration with advanced technologies, enhancing perception and decision-making capabilities [10][11] - The application of embodied intelligence robots is expected to expand across various industries, driving overall smart upgrades [10][11]

Core Insights - The collaboration between Shenzhou Holdings' subsidiary KJ and UQI aims to create a new ecosystem of embodied intelligence in logistics, aligning with China's 15th Five-Year Plan to advance high-tech industries over the next decade [1][2] - The partnership will focus on three main areas: technology, application scenarios, and ecosystem development, including the establishment of a logistics embodied intelligence laboratory and the creation of intelligent logistics operation scenarios [1][2] Technology Development - KJ will provide the "smart brain" support through its self-developed "KingKoo Intelligent Chain" logistics supply chain model and "Little Gold" intelligent body cluster, integrating over 20 years of industry experience [2] - UQI will contribute its "execution terminal" capabilities with its self-developed robot operating system UPilot and core controller ACU, utilizing industrial mobile robots and autonomous logistics vehicles for high-precision physical tasks [2] Industry Impact - The strategic cooperation is expected to address labor shortages and operational efficiency challenges in the logistics sector, significantly contributing to the digital and intelligent transformation of the industry [2] - This partnership is seen as a practical demonstration of the forward-looking layout of embodied intelligence and future industries as outlined in the national development recommendations [2]

Core Insights - Shenzhou Holdings' subsidiary KJ and UBTECH's subsidiary UQI signed a strategic cooperation agreement at CeMAT ASIA 2025 to enhance logistics automation and intelligence [1][4] - The collaboration focuses on three levels: technology, scenario, and ecosystem, aiming to address key challenges in logistics such as labor shortages and operational efficiency [2][3] Technology Collaboration - The partnership will establish a "Logistics Embodied Intelligence Laboratory" to tackle critical technologies like multimodal cargo recognition [1][2] - KJ will provide a "smart brain" through its proprietary "KingKoo Intelligent Chain" logistics supply chain model and "Xiao Jin" intelligent agent cluster, leveraging over 20 years of industry experience [3] Scenario Development - The focus will be on creating unmanned logistics operation scenarios in sectors such as fast-moving consumer goods, beauty, IT, and 3C, aiming to overcome the "last 10 meters" bottleneck in warehousing [1][2] Ecosystem Building - The companies will jointly develop an open protocol for logistics intelligent agent communication and scheduling, and publish an industry white paper to foster a developer ecosystem [1][3] Strategic Alignment - This collaboration aligns with the Chinese government's 14th Five-Year Plan, emphasizing the development of future industries like embodied intelligence [4] - Shenzhou Holdings aims to integrate big data and AI technologies into its supply chain strategy, having formed strategic partnerships with 12 core clients and ecosystem partners by 2025 [3]

Core Insights - Shenzhou Holdings' subsidiary KJ and UBTECH's subsidiary UQI signed a strategic cooperation agreement at CeMAT ASIA 2025 to enhance logistics automation and intelligence [1][4] Group 1: Strategic Cooperation - The cooperation will advance in three areas: technology, scenario, and ecosystem [1] - A "Logistics Embodied Intelligence Laboratory" will be established to tackle key technologies such as multimodal cargo recognition [1] - Focus industries include fast-moving consumer goods, beauty, IT, and 3C, aiming to create unmanned logistics operation scenarios [1] Group 2: Technological Framework - The partnership will leverage a "Cloud Brain + End Brain" dual-core technology architecture to address labor shortages and operational efficiency issues in the logistics sector [3] - KJ will provide the "smart brain" support with its self-developed "KingKoo Intelligent Chain" logistics supply chain model and "Little Gold" intelligent agent cluster [3] - UQI will contribute its "execution terminal" advantages through its self-developed robot operating system UPilot and core controller ACU [3] Group 3: Strategic Goals - Shenzhou Holdings positions supply chain scenarios as a core strategic focus, integrating big data and AI technologies [3] - By 2025, the company aims to establish strategic partnerships with 12 core clients and ecosystem partners, creating a competitive supply chain ecosystem [3] - The ongoing "Datax AI" strategy emphasizes high-quality data and AI technology to drive intelligent upgrades across the supply chain [3] Group 4: Policy Alignment - This collaboration responds to the Central Committee's call for forward-looking layouts in future industries such as embodied intelligence [4] - The joint innovation model of "technology co-construction + scenario co-creation + ecosystem sharing" aims to establish a benchmark for intelligent supply chain operations [4]

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in investor sentiment and market dynamics [1][2][3] Net Inflow Summary - Meituan-W (03690) leads with a net inflow of 653 million, representing a 12.11% increase in its closing price to 100.600 [2] - Semiconductor Manufacturing International Corporation (00981) follows with a net inflow of 590 million, with an 8.04% increase in its closing price to 80.000 [2] - China National Offshore Oil Corporation (00883) has a net inflow of 570 million, showing a 0.50% increase in its closing price to 20.020 [2] - Other notable inflows include Tencent Holdings (00700) with 374 million and a 0.71% increase, and Horizon Robotics-W (09660) with 349 million and a 6.35% increase [2] Net Outflow Summary - CSPC Pharmaceutical Group (01093) experiences the highest net outflow of 650 million, with a 3.90% decrease in its closing price to 7.890 [2] - Pop Mart International (09992) follows with a net outflow of 642 million, down 0.86% to 230.400 [2] - UBTECH Robotics (09880) sees a net outflow of 295 million, with a 6.81% increase in its closing price to 142.700 [2] - Other significant outflows include BYD Electronic (00285) with 249 million and a 1.97% increase, and Jingtai Holdings (02228) with 184 million and a 2.98% increase [2] Net Inflow Ratio Summary - China Merchants Port (00144) leads with a net inflow ratio of 69.84%, closing at 15.210 with a 0.40% increase [3] - Greentown Service (02869) follows with a 64.68% net inflow ratio, closing at 4.680 with a 1.30% increase [3] - Tong Ren Tang Technologies (03613) has a net inflow ratio of 63.56%, closing at 8.710 with a 0.80% decrease [3] Net Outflow Ratio Summary - E Fund Hang Seng ESG (03039) shows a net outflow ratio of -100.00%, closing at 3.902 with a 0.88% increase [3] - 康诺亚-B (02162) has a net outflow ratio of -58.25%, closing at 59.100 with a 2.80% decrease [3] - SF Express (06936) follows with a -56.29% net outflow ratio, closing at 36.860 with a 0.54% decrease [3]

Market Overview - On October 28, the Hang Seng Index fell by 0.33% with a total southbound trading volume of HKD 1,046.44 billion, comprising HKD 534.51 billion in buy transactions and HKD 511.93 billion in sell transactions, resulting in a net buy of HKD 22.58 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total trading volume of HKD 390.98 billion, with buy transactions at HKD 197.72 billion and sell transactions at HKD 193.26 billion, leading to a net buy of HKD 4.46 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading volume of HKD 655.45 billion, with buy transactions at HKD 336.79 billion and sell transactions at HKD 318.67 billion, resulting in a net buy of HKD 18.12 billion [1] Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total trading volume of HKD 88.06 billion, followed by Alibaba-W at HKD 76.62 billion and Xiaomi Group-W at HKD 44.38 billion [1] - In terms of net buying, China Mobile led with a net buy of HKD 5.13 billion, closing up by 0.41%, followed by Huahong Semiconductor with a net buy of HKD 3.96 billion and Pop Mart with HKD 3.23 billion [1] - The stock with the highest net sell was Alibaba-W, with a net sell of HKD 5.23 billion, closing down by 1.50%, followed by Tencent Holdings and Li Auto-W with net sells of HKD 3.56 billion and HKD 2.92 billion respectively [1] Continuous Net Buying - Two stocks, SMIC and Huahong Semiconductor, experienced continuous net buying for more than three days, with SMIC having a net buy of HKD 30.18 billion over six days and Huahong Semiconductor with HKD 14.52 billion over three days [2]

Core Insights - Yang Jifeng, former head of AI Lab at Great Wall Motors, has joined UBTECH as a technical partner and co-CEO of its logistics subsidiary UQI, leveraging his AI and mass production experience in the automotive industry for humanoid robot commercialization, particularly in smart logistics scenarios [1][3][4] Group 1: Background of Yang Jifeng - Yang Jifeng entered the autonomous driving field in 2014, holding significant positions at FAW-Volkswagen Audi, Shenzhen Yicheng Autonomous Driving, and the China Electric Vehicle Hundred People Association Innovation Center [3] - After joining Great Wall Motors in 2021, he served as Senior Director of the Intelligent Center, overseeing the implementation of smart cockpit and AI assistant products, and later led the establishment of Great Wall Motors AI Lab, focusing on AI model development [3][4] - He also served as CTO of Caresoft Global, managing a research team of over 2,000 and establishing R&D and data centers in multiple countries [3] Group 2: UBTECH and UQI's Strategic Focus - UQI, the smart logistics subsidiary of UBTECH, aims to efficiently and cost-effectively transform existing technology into stable and reliable commercial products, with a focus on B-end scenarios [3][4] - The logistics and "pan-logistics" sectors, including warehousing, sorting, and factory transportation, are viewed as promising application areas for humanoid robots, with UQI tasked with executing UBTECH's initiatives in this domain [3][4] Group 3: Technological Synergy - Humanoid robots in logistics require advanced capabilities in environmental perception, autonomous navigation, dynamic obstacle avoidance, and collaborative decision-making, aligning closely with Yang Jifeng's previous work in the "Coffee Intelligent Driving" project [4] - Yang Jifeng's experience in implementing complex AI projects in the automotive sector will support UQI in advancing its smart logistics initiatives [4] - The recruitment of executives with substantial mass production experience reflects a trend of convergence between the smart automotive and humanoid robot sectors, facilitating the application of automotive AI mass production experience to humanoid robots in logistics scenarios [4]