Core Viewpoint - Cloudwise Technology (01037) has seen a significant stock price increase of over 23%, currently trading at 0.85 HKD, with a transaction volume of 20.31 million HKD, following the announcement of a potential strategic cooperation with UBTECH (09880) [1] Company Summary - Cloudwise Technology's wholly-owned subsidiary, Cloudwise Shenzhen, has signed a memorandum of understanding with UBTECH, which outlines that Cloudwise Shenzhen will be responsible for the global sales, marketing, and after-sales service of humanoid robot products [1] - UBTECH will handle the research, development, manufacturing, and technical support for the humanoid robot products [1] - Cloudwise Technology is associated with Foxconn Technology Group, indicating a strong backing and potential for growth in the robotics sector [1] Industry Summary - The collaboration between Cloudwise and UBTECH is expected to lead to the first batch of humanoid robot orders from Foxconn, as UBTECH's humanoid robots have already been integrated into Foxconn's factory training [1]

Core Insights - On October 9, Shanghai Electric made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 2.11 billion HKD and a net buying amount of 106 million HKD, resulting in a price increase of 17.40% on that day [2]. Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on October 9 was 86.688 billion HKD, accounting for 40.59% of the total trading amount, with a net selling amount of 3.176 billion HKD [2]. - The top traded stock was SMIC, with a trading volume of 22.663 billion HKD, followed by Alibaba-W at 21.901 billion HKD and Hua Hong Semiconductor at 9.591 billion HKD [2]. - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 16 times, indicating strong interest from Hong Kong Stock Connect investors [2]. Individual Stock Performance - Shanghai Electric's trading performance on October 9 included a trading volume of 2.112 billion HKD and a net buying amount of 106 million HKD, with a significant price increase of 17.40% [2]. - Other notable stocks included Tencent Holdings with a trading volume of 5.707 billion HKD and a slight decrease of 0.07%, and SMIC with a trading volume of 22.663 billion HKD and a decrease of 6.70% [2].

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.29% and the Hang Seng Tech Index dropping by 0.66% [1] Group 1: Semiconductor Sector - The semiconductor sector saw a collective downturn, with notable declines including Huahong Semiconductor and SMIC both dropping over 6%, InnoCare falling over 5%, and Shanghai Fudan decreasing over 4% [1] Group 2: Other Notable Stocks - Smoore International experienced a significant drop of over 12%, while Gilead Sciences and UBTECH Robotics both fell by over 9% [1] - Conversely, ZTE Corporation rose by over 12%, China Gold International increased by over 9%, and Luoyang Molybdenum gained over 7% [1]

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 深圳市優必選科技股份有限公司（於中華人民共和國註冊成立之股份有限公司） 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 内資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 70,665,977 RMB | | | 1 RMB | | 70,665,977 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 70,665,977 RMB | | | 1 RMB | | 70,665,977 | | 2. ...

来源：市场资讯 大市点评 美国联邦政府周三中午正式停摆，逾 60 万公务员无薪休假，劳动和财政数据发布或将延迟，市场对失 业率短期攀升的担忧急速升温。此举进一步加剧对美国经济增长动能和联储局货币政策走向的不确定 性。惠誉指美国政府停摆短期内不会对美国主权评级产生影响；标普方面则指美政府停摆每周或拖累 GDP 0.1-0.2 个百分点。而美国副总统万斯不认为政府关门会持续很长时间。 港股通周二录得净流入 154 亿港元，其中阿里巴巴(09988.HK)净流入最多，达 36 亿港元，其次是盈富 基金(02800.HK)。另一方面，优必选(09880.HK)录得最大净流出，达 0.63 亿，其次是晶泰控股 (02228.HK)。 来源：凯基证券 （来源：真灼财经） ...

Core Insights - On September 30, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 8.849 billion, 4.310 billion, and 3.283 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also led the trading volume, with amounts of 5.056 billion, 3.306 billion, and 2.030 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 8.849 billion, net inflow of 1.509 billion - SMIC (00981): Trading amount of 4.310 billion, net inflow of 0.656 billion - Tencent Holdings (00700): Trading amount of 3.283 billion, net inflow of 0.811 billion - Xiaomi Group-W (01810): Trading amount of 3.092 billion, net inflow of 0.716 billion - Huahong Semiconductor (01347): Trading amount of 2.642 billion, net inflow of 0.231 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 5.056 billion, net inflow of 2.120 billion - SMIC (00981): Trading amount of 3.306 billion, net outflow of 0.423 billion - Xiaomi Group-W (01810): Trading amount of 2.030 billion, net inflow of 0.339 billion - Huahong Semiconductor (01347): Trading amount of 1.961 billion, net inflow of 0.704 billion - Tencent Holdings (00700): Trading amount of 1.400 billion, net inflow of 0.323 billion [2]

Market Overview - The Hong Kong stock market experienced a rebound, with the Hang Seng Index rising by 0.87% to close at 26,855.56 points, and a total trading volume of HKD 314.93 billion [1] - The Hang Seng Index increased by 7.09% for the month, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index rose by 6.79% and 13.95%, respectively [1] Investment Insights - According to China Merchants Securities International, the short-term volatility in the Hong Kong market is expected, but the long-term upward trend remains intact, with a focus on AI technology and non-ferrous metals as key investment themes [1] - Everbright Securities noted that despite the continuous rise in the Hong Kong market over recent months, overall valuations remain low, indicating a high cost-performance ratio for long-term investments [1] Blue-Chip Performance - Kuaishou Technology (01024) reached a three-year high, closing up 7.22% at HKD 84.6, contributing 26.93 points to the Hang Seng Index [2] - WuXi AppTec (02359) rose by 8.11% to HKD 118.7, contributing 6.26 points, while Sunny Optical Technology (02382) increased by 5.6% to HKD 90.45, contributing 5.37 points [2] Sector Performance - Technology stocks saw a collective rise, with Kuaishou up over 7%, Bilibili up over 6%, and Alibaba and NetEase both up over 2% [3] - Semiconductor stocks performed strongly, with Hua Hong Semiconductor rising nearly 11% to HKD 80 [3] - The pharmaceutical sector continued its upward trend, with WuXi AppTec up over 8% [3] AI and Technology Developments - DeepSeek announced the release of its new language model, DeepSeek-V3.2-Exp, which significantly reduces service costs by over 50% for developers [4][5] - The AI application sector is gaining traction, with companies like Huya Technology (01860) rising by 10.25% [4] Pharmaceutical Sector Insights - The pharmaceutical sector remains strong, with WuXi AppTec and other companies like HAPO (02142) and Zai Lab (09688) showing significant gains [5] - The impact of potential tariffs on patented drugs by the U.S. is considered limited for China's innovative drug industry [6] Non-Ferrous Metals Sector - The non-ferrous metals sector is active, with Jiangxi Copper (00358) rising by 8.85% to HKD 30.5, and Ganfeng Lithium (01772) up by 8.66% to HKD 43.14 [5] - The Ministry of Industry and Information Technology's plan for the non-ferrous metals industry aims for an average annual growth of around 5% from 2025 to 2026 [7] Airline Sector Performance - Major airlines saw collective gains, with China Eastern Airlines (00670) up 6.73% to HKD 3.33 [7] - The domestic flight ticket bookings for the upcoming National Day and Mid-Autumn Festival have surpassed 10.19 million, indicating strong demand [8] Notable Stock Movements - MicroPort Medical (00853) rose by 5.27% following the announcement of a restructuring in its cardiac management business [9] - Sanhua Intelligent Controls (02050) increased by 6.62% as Tesla plans to expand its humanoid robot production [10] - UBTECH Robotics (09880) saw an 8.98% rise, attributed to significant new orders and a positive outlook from Morgan Stanley [11] New IPO Highlights - Xipuni (02583) surged by 258.11% on its debut, closing at HKD 106, focusing on gold watch design and manufacturing [12] - Zijin Gold International (02259) rose by 68.46% to HKD 120.6, marking the second-largest IPO in Hong Kong this year [14]

Group 1 - The core viewpoint of the report is that there is a high interest in AI-driven robots and smart driving technologies, with a ranking of focus areas being robots > smart driving > complete vehicles and components [1] - The recommended companies in the humanoid robot sector include UBTECH Robotics (09880) and the supply chain is optimistic about Minth Group (00425) [1] - In the smart driving chain, key recommendations include Horizon Robotics-W (09660), Hesai Technology (HSAI.US), and SUTENG JUCHUANG (02498) [1] Group 2 - For complete vehicles and components, recommended companies are Geely Automobile (00175), XPeng Motors-W (09868), and Fuyao Glass (03606) [1] - The target price for UBTECH has been raised from HKD 155 to HKD 172, reflecting a forecasted price-to-sales ratio of 26.7 times for the fiscal year 2026, driven by sustained order growth [1] - UBTECH's Walker series humanoid robots have accumulated contract amounts nearing CNY 430 million, with a significant order of CNY 250 million received in September, marking the largest humanoid robot order globally [1] - The report anticipates that UBTECH's recent orders and deliveries will accelerate its technological iterations, with BOM costs expected to decrease by 20-30% by year-end and potentially by 30-50% next year, indicating a strong outlook for cost reduction and scalability [1]

Group 1 - The core viewpoint of the report is that there is a strong interest in AI-driven robots and smart driving technologies, with a ranking of focus areas being robots > smart driving > complete vehicles and components [1] - The report highlights the recommended companies in the humanoid robot chain, with a top pick being UBTECH Robotics (09880) and a favorable outlook on the supply chain company Minth Group (00425) [1] - In the smart driving chain, key recommendations include Horizon Robotics-W (09660), Hesai Technology (HSAI.US), and SUTENG JUCHUANG (02498) [1] Group 2 - For complete vehicles and components, the report recommends Geely Automobile (00175), XPeng Motors-W (09868), and Fuyao Glass (03606) [1] - The target price for UBTECH has been raised from HKD 155 to HKD 172, reflecting a projected price-to-sales ratio of 26.7 times for the fiscal year 2026, driven by sustained order growth [1] - UBTECH's Walker series humanoid robots have accumulated contract amounts nearing CNY 430 million, with a significant order of CNY 250 million received in September, marking the largest humanoid robot order globally [1] - The report anticipates that UBTECH's recent orders and deliveries will accelerate its technological iterations, with expectations of a 20-30% reduction in BOM costs by year-end and a further 30-50% reduction next year, indicating a significant potential for cost decline and large-scale application [1]

智通财经APP获悉，摩根大通发布研报称，优必选(09880)股价自7月以来上涨71%，对比恒指同期上涨 11%，受惠于连续3个重大订单，迅速提升其作为行业商业化领导者的形象。该行称，在强劲执行和正 面行业延伸背景下，将优必选目标价从159港元上调至178港元，反映对优必选成长轨迹和合约动能的更 乐观展望，评级"增持"。 该行指，公司最近合约包括破纪录的2.5亿元人民币Walker S2交易，以及3,000万元人民币Miracle物流自 动化订单，已使今年累计合约总值达4.3亿元人民币，超过其出货目标及该行全年分部预估。今年工博 会进一步强化优必选势头，供应商如Leader Drive强调优必选的营运准备度和行业领导地位，行业反馈 则指出政府支持强劲，以及工厂和物流场景的采用加速。 ...