5月13日恒生指数下跌1.87%，南向资金全天合计成交金额为930.16亿港元，其中，买入成交476.39亿港 元，卖出成交453.77亿港元，合计净买入金额22.62亿港元。具体来看，港股通（深）累计成交金额 338.96亿港元，买入成交161.62亿港元，卖出成交177.34亿港元，合计净卖出金额15.72亿港元；港股通 （沪）累计成交金额591.20亿港元，买入成交314.77亿港元，卖出成交276.43亿港元，合计净买入金额 38.33亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是小米集团-W，合计成交额72.30亿港 元，阿里巴巴-W、腾讯控股成交额紧随其后，分别成交66.97亿港元、59.64亿港元。以净买卖金额统 计，净买入的个股共有6只，建设银行净买入额为5.79亿港元，净买入金额居首，该股收盘股价上涨 0.15%，阿里巴巴-W净买入额为5.33亿港元，中国海洋石油净买入额为3.53亿港元。净卖出金额最多的 是腾讯控股，净卖出6.64亿港元，该股收盘股价下跌2.22%，中芯国际、泡泡玛特遭净卖出2.27亿港 元、1.91亿港元。 今日上榜个股中，阿里巴巴-W、中国海洋石油、 ...

5月13日恒生指数下跌1.87%，报收23108.27点，全天南向资金通过港股通渠道合计净买入22.62亿港 元。 证券时报•数据宝统计，5月13日港股通全天合计成交金额为930.16亿港元，成交净买入22.62亿港元。 具体来看，沪市港股通成交金额591.20亿港元，成交净买入38.33亿港元；深市港股通成交金额338.96亿 港元，成交净卖出15.72亿港元。 | 代码 | 简称 | 类型 | 成交金额 | 成交净买入 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | （万港元） | （万港元） | （%） | | 01810 | 小米集团-W | 港股通(沪) | 485516.45 | 7265.68 | -3.85 | | 09988 | 阿里巴巴-W | 港股通(沪) | 425630.03 | 91593.15 | -3.89 | | 00700 | 腾讯控股 | 港股通(沪) | 347434.97 | 15048.31 | -2.22 | | 00700 | 腾讯控股 | 港股通(深) | 248938.00 | -81413.69 ...

智通财经APP获悉，2025年5月13日当天，小米集团-W(01810)、阿里巴巴-W(09988)、腾讯控股(00700) 位居沪港通（南向）成交额前3位，成交额分别为48.55 亿元、42.56 亿元、34.74 亿元；腾讯控股 (00700)、阿里巴巴-W(09988)、小米集团-W(01810) 位居深港通（南向）成交额前3位，成交额分别为 24.89 亿元、24.41 亿元、23.74 亿元。 沪港通（南向）十大活跃成交公司 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 24.89 亿元 | -8.14 亿元 | | 阿里巴巴-W(09988) | 24.41 亿元 | -3.83 亿元 | | 小米集团-W(01810) | 23.74 亿元 | -2.22 亿元 | | 美团-W(03690) | 16.85 亿元 | -1.90 亿元 | | 优必选(09880) | 9.81 亿元 | -4925.75 万元 | | 中芯国际(00981) | 9.75 亿元 | -9197.52 万元 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - Huawei and the company signed a comprehensive cooperation agreement to advance humanoid robots and their application in various scenarios [2] - The company's group intelligence technology is crucial for the large-scale implementation of humanoid robots in industrial settings [3] - Continuous breakthroughs in key technologies such as visual navigation and motion control are enhancing the adaptability and precision of humanoid robots [4] - The partnership with Huawei is expected to leverage the company's full-stack technology advantages, accelerating the commercialization of humanoid robots [5] Financial Summary - Revenue projections for the company are as follows: 2025: 20.16 billion, 2026: 28.23 billion, 2027: 37.05 billion [5] - The company is expected to experience a revenue growth rate of 54.40% in 2025, followed by 40.08% in 2026 and 31.22% in 2027 [5] - The projected net profit for 2025 is -1.03 billion, improving to -0.75 billion in 2026 and -0.24 billion in 2027 [5] - The latest diluted EPS is projected to improve from -2.32 in 2025 to -0.55 in 2027 [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - Huawei and the company signed a comprehensive cooperation agreement to advance humanoid robots and their application in various scenarios [2] - The company's group intelligence technology is crucial for the large-scale implementation of humanoid robots in industrial settings [3] - Continuous breakthroughs in key technologies such as visual navigation and motion control support the iterative upgrade of humanoid robots [4] - The partnership with Huawei is expected to leverage the company's full-stack technology advantages, accelerating the commercialization of humanoid robots [5] Financial Summary - Revenue projections for the company are as follows: 2025: 20.16 billion, 2026: 28.23 billion, 2027: 37.05 billion [5] - The company is expected to experience a revenue growth rate of 54.40% in 2025, 40.08% in 2026, and 31.22% in 2027 [5] - The projected net profit for 2025 is -1.03 billion, improving to -0.75 billion in 2026 and -0.24 billion in 2027 [5] - The latest diluted EPS is projected to improve from -2.32 in 2025 to -0.55 in 2027 [5] - The current market capitalization corresponds to a price-to-sales ratio of 18 for 2025, 13 for 2026, and 10 for 2027 [5]

Group 1 - The Hong Kong stock market opened slightly lower on May 13, with the Hang Seng Index down over 1% and the Hang Seng Tech Index down 0.70% [1] - The Hong Kong Tech 30 ETF (513160) initially rose over 1% but later decreased to a 0.45% increase, with a turnover rate exceeding 13% and transaction volume surpassing 1 billion [1] - Among the constituent stocks, UBTECH Robotics rose over 10%, with other stocks like Meitu, Kingsoft, and China Communications Services also experiencing gains [1] Group 2 - A comprehensive cooperation agreement was signed between Huawei and UBTECH Robotics on May 12, focusing on embodied intelligence and humanoid robots [2] - The collaboration aims to leverage Huawei's technological innovations and UBTECH's full-stack humanoid robot technology to enhance efficiency and application in industrial and household scenarios [2] - Zhaoyin International suggests that with recent external disturbances easing and positive earnings reports from overseas tech leaders, the risk appetite in the Hong Kong market is expected to improve, recommending focus on high-growth segments such as AI mobile upgrades, AI glasses, AI server upgrades, and accelerated smart driving penetration [2]

Group 1 - The Hang Seng Index opened down 0.23% and the Tech Index opened down 0.29% [1] - UBTECH (09880.HK) opened up 14.9% following the signing of a comprehensive cooperation agreement with Huawei [1]

Market Overview - The AI and robotics sectors experienced strong gains on May 12, 2025, with the Sci-Tech AI ETF Huaxia (589010) rising by 1.75%, led by a 19.99% increase in Zhongyou Technology, followed by Stone Technology and Lingyun Light [1] - The Robotics ETF (562500) saw a 2.87% increase, with TuoSiDa leading the charge at 20.01%, along with gains in Xinjie Electric and Keli'er [1] - The total trading volume reached 1.138 billion yuan, making it the most active ETF in its category [1] Key Developments - A joint statement from the high-level China-U.S. economic and trade talks was released, agreeing to significantly reduce bilateral tariff levels, with the U.S. canceling 91% of additional tariffs and China reciprocating with a similar reduction [2] - ByteDance's Seed team announced the technical details of their latest vector model Seed1.5-Embedding, achieving state-of-the-art results in both Chinese and English on the MTEB evaluation list, with API access to be opened soon [2] - Huawei and UBTECH signed a comprehensive cooperation agreement focusing on embodied intelligence and humanoid robotics, aiming to enhance efficiency and application in industrial and home settings [3] Institutional Insights - CITIC Securities noted that the robotics sector has rebounded after a month of volatility, driven by improved market liquidity and risk appetite, with ongoing high industry enthusiasm and expectations from Tesla orders [4] - The firm maintains that the industry trend and company fundamentals require further catalysts or expectation fulfillment, suggesting that the market may enter a verification phase amid fluctuations [4] Popular ETFs - The Robotics ETF (562500) is the largest robotics-themed ETF in the market, facilitating investor access to the Chinese robotics industry [5] - The Sci-Tech AI ETF Huaxia (589010) is described as the "brain" of robotics, with a 20% fluctuation range and the ability to capture pivotal moments in the AI industry [5]

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

Core Viewpoint - Huawei and UBTECH Robotics signed a comprehensive cooperation agreement to innovate in the fields of embodied intelligence and humanoid robots, focusing on product technology development, application scenarios, and industrial systems [1] Group 1: Partnership Details - The agreement aims to leverage Huawei's Ascend, Kunpeng, Huawei Cloud, and large model capabilities alongside its experience in R&D and production supply [1] - UBTECH's full-stack humanoid robot technology will be combined with Huawei's AI infrastructure to enhance efficiency and facilitate the transition of humanoid robots from laboratory innovation to industrial and home applications [1] Group 2: Innovation and Development - Huawei will support UBTECH in establishing an embodied intelligence innovation center and will collaborate on creating a "humanoid robot + smart factory" joint demonstration plan [1] - The partnership will focus on developing household service humanoid robots, including both bipedal and wheeled humanoid robots [1]