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。 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"。 ...

Group 1: Hong Kong Stocks - China Metallurgical Group (01618) rose nearly 7%, with institutions stating that the value of this resource-rich construction company needs urgent reassessment [1] - Rongchang Bio (09995) increased over 5%, as its innovative ophthalmic drug RC28 has been submitted for listing, following a partnership with Santen China [1] - Laikang Pharmaceutical-B (02105) surged nearly 6%, with a cumulative increase of 36% over the last three trading days, driven by positive preliminary results from the Phase I clinical MAD study of LAE102 [1] - UBTECH Robotics (09880) rose over 5%, with a report from CMB International recommending UBTECH as the top pick in the humanoid robot sector and raising its target price [1] - Innovent Biologics (09969) increased over 6%, as the company announced the first prescriptions for Tanshitumomab in several provinces [1] - BrainCo-B (06681) surged over 16%, benefiting from policy catalysts in the brain-computer interface industry, with its cognitive impairment digital therapy product having a first-mover advantage [1] - Yaoshi Bang (09885) rose over 10%, with high-margin business accelerating growth and POCT devices expected to see increased deployment in the second half of the year [1] - DCH Holdings (00179) fell over 7%, as Citigroup downgraded its investment rating from "Buy" to "Neutral," citing limited upside potential for the stock [1] - Minmetals Resources (01208) rose over 2%, planning to issue $500 million zero-coupon convertible bonds maturing in 2030 for overseas debt refinancing [1][2] Group 2: US Stocks - Alibaba (BABA.US) rose 4.65%, with Morgan Stanley reiterating an "Overweight" rating and raising the ADR target price from $165 to $200 [3] - Li Auto (LI.US) increased 3.57%, as the Li One officially commenced delivery at the Changzhou smart manufacturing base, with a report indicating that the i6 model's sales performance is expected to outperform the i8 [3] - JD.com (JD.US) rose 0.15%, announcing that the 2025 Double 11 shopping festival will start on October 9 at 8 PM, two days earlier than last year [3] - Xpeng Motors (XPEV.US) increased 1.76%, with the company announcing that the Xpeng MONA M03 has delivered a total of 180,000 units [3] - New Oriental (EDU.US) rose 4.38%, with a report indicating that the overall business development of the group is stabilizing [3] - Merus (MRUS.US) surged 35.97%, following an agreement with Danish biotech company Genmab for a cash acquisition at $97 per share [3] - Novo Nordisk (NVO.US) fell 0.20%, as Morgan Stanley downgraded its rating to "Sell" and reduced the target price from $99 to $47 [4] - MoonLake (MLTX.US) plummeted 89.93%, with trial results for its therapeutic drug falling far below expectations, leading to a significant target price cut by RBC [4] - TSMC (TSM.US) fell 0.05%, reaffirming that it has not engaged in discussions regarding potential investments or collaborations with any companies [4] - Micron Technology (MU.US) rose 4.22%, with Morgan Stanley predicting that the storage industry price increase cycle may continue into next year [4]

在强劲执行和正面行业延伸背景下，该行将优必选目标价从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"。 摩根大通发表报告指，优必选股价自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。该行指，公司最近合约包括破纪录的2.5亿元Walker S2 交易，以及3000万元Miracle物流自动化订单，已使今年累计合约总值达4.3亿元，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。 ...

招商证券国际发表报告指，人形机器人链整机首推优必选。该行上调优必选目标价，由155港元升至172 港元，相当预测2026财年市销率的26.7倍，反映持续订单催化提估值，维持盈利预测不变。目前优必选 Walker系列人形机器人累计合同金额已近4.3亿元，其中9月获得的2.5亿元大单仍为全球最大人形机器人 订单。该行认为优必选近期订单、交付持续兑现，将加速其技术叠代，预计年底BOM成本降低20- 30%，明年有望再降30-50%，成本下降趋势以及规模化应用前景巨大，维持行业首选。 优必选(09880)再涨超5%，高见151.8港元创去年7月以来新高。截至发稿，涨6.01%，报149.9港元，成 交额11.58亿港元。 消息面上，9月29日，"优必选科技"微信公众号发消息称，日前，优必选智慧物流子公司UQI优奇与天 奇自动化工程股份有限公司正式签订采购合同。天奇股份（002009）将采购总价3000万元的优必选工业 人形机器人Walker S系列，该笔采购将于2025年12月31日前完成交付。优必选表示，加上本次订单，截 至目前，优必选Walker系列人形机器人已获得近4.3亿元合同。其中，不包括今年3月优必选与北 ...

智通财经APP获悉，优必选(09880)再涨超5%，高见151.8港元创去年7月以来新高。截至发稿，涨 6.01%，报149.9港元，成交额11.58亿港元。 消息面上，9月29日，"优必选科技"微信公众号发消息称，日前，优必选智慧物流子公司UQI优奇与天 奇自动化工程股份有限公司正式签订采购合同。天奇股份将采购总价3000万元的优必选工业人形机器人 Walker S系列，该笔采购将于2025年12月31日前完成交付。优必选表示，加上本次订单，截至目前，优 必选Walker系列人形机器人已获得近4.3亿元合同。其中，不包括今年3月优必选与北京人形机器人创新 中心联合推出的全尺寸科研教育人形机器人天工行者的订单。 招商证券国际发表报告指，人形机器人链整机首推优必选。该行上调优必选目标价，由155港元升至172 港元，相当预测2026财年市销率的26.7倍，反映持续订单催化提估值，维持盈利预测不变。目前优必选 Walker系列人形机器人累计合同金额已近4.3亿元，其中9月获得的2.5亿元大单仍为全球最大人形机器人 订单。该行认为优必选近期订单、交付持续兑现，将加速其技术叠代，预计年底BOM成本降低20- 30%， ...

9月29日，人形机器人上市公司优必选（09880.HK）宣布，公司智慧物流子公司UQI优奇与天奇股份 （002009.SH）正式签订采购合同。天奇股份将采购总价3000万元的优必选工业人形机器人Walker S系 列，该笔采购将于2025年12月31日前完成交付。 除去订单和渠道外，优必选的合作消息亦不少。 9月21日，优必选与鸿海富士康科技集团的关联上市公司云智汇科技（01037.HK）签署全球战略合作协 议，明确2025年—2027年，双方将携手推进优必选人形机器人在中国和全球各厂域，以及生态战略联盟 合作伙伴中的制造、落地与交付。 公开信息显示，天奇股份为A股知名自动化制造业解决方案供应商，客户涵盖比亚迪、吉利、蔚来、赛 力斯、理想、特斯拉、福特等国内外众多主流车企。天奇股份与优必选是关联紧密的产业伙伴，两公司 自2020年设立合资开始持续维持紧密合作，探索机器人在工业领域的应用。 业内知情人士指出，此举标志着双方的合作进入规模化新阶段。 值得注意的是，优必选自从2025年中报发布以来便不断披露获订信息，截至目前，今年公司新获人形机 器人订单金额合计超4.3亿元，其中包括上半年已经交付的5000万元订单 ...

编辑丨包芳鸣 记者丨赵云帆 （资料图） 值得注意的是，优必选自从2025年中报发布以来便不断披露获订信息，截至目前，今年公司新获人形机 器人订单金额合计超4.3亿元，其中包括上半年已经交付的5000万元订单。 在不断的订单与合作助攻之下，近期优必选二级市场股价也势如破竹。截至9月29日，9月以来，优必选 股价累计上涨47.75%，总市值已经来到667.31亿港元。 人形机器人订单接踵而至 2025年中报披露期过后，优必选开始陆续披露获得订单进展。 9月3日，优必选称获得某国内知名企业2.5亿元具身智能人形机器人产品及解决方案采购合同，该合同 以人形机器人Walker S2（具备自主热插拔换电系统）为主。优必选将在今年内启动该合同交付。该合 同也被认为是全球最大的单笔人形机器人合同。 无独有偶，更早些时候，今年7月，根据中国招标投标公共服务平台发布的《机器人设备采购项目中标 公示》，优必选成功中标觅亿（上海）汽车科技有限公司总额9051.15万元的机器人设备采购项目，主 要采购优必选的Walker S工业人形机器人系列产品。 值得注意的是，尽管优必选主要专注于工业场景的解决方案，但今年优必选全尺寸科研教育人形机 ...

Core Viewpoint - The article highlights the significant growth and strategic partnerships of UBTECH Robotics, particularly in the humanoid robot sector, showcasing a surge in orders and collaborations that indicate a scaling phase for the company and the industry as a whole [3][5][9]. Group 1: Orders and Contracts - UBTECH's subsidiary UQI signed a procurement contract with Tianqi Co., totaling 30 million yuan for the Walker S series humanoid robots, to be delivered by December 31, 2025 [3]. - Since the mid-2025 interim report, UBTECH has disclosed new orders exceeding 430 million yuan, including a notable 250 million yuan contract for the Walker S2 robot [5]. - The company has also secured a 90.51 million yuan contract with Miyi (Shanghai) Automotive Technology for its Walker S series [5]. Group 2: Strategic Partnerships - UBTECH entered a global strategic cooperation agreement with Foxconn's subsidiary Cloud Intelligence Technology, aiming to advance humanoid robot deployment from 2025 to 2027 [6]. - The company has engaged in extensive trials and collaborations with major automotive manufacturers, including BYD, Geely, and Tesla, indicating a strong foothold in the automotive sector [6]. Group 3: Market Performance - UBTECH's stock price surged by 47.75% in September, with a market capitalization reaching 66.731 billion HKD as of September 29 [3]. - The management has revised its forecast for industrial robot orders from 300-500 units to over 500 units for 2025, with total orders expected to reach around 800 units [9]. Group 4: Technological Advancements - The company is addressing challenges in humanoid robot capabilities, with improvements in the Walker S series through the integration of NVIDIA's high-performance computing platforms [8]. - UBTECH is transitioning from CNC processing to mold-based manufacturing for certain components, enhancing production efficiency and cost reduction [10].

Core Insights - The company UBTECH Robotics has signed a procurement contract with Tianqi Co., Ltd. for the purchase of industrial humanoid robots worth 30 million yuan, to be delivered by December 31, 2025 [2] - UBTECH has reported a total of over 430 million yuan in new orders for humanoid robots this year, including a 50 million yuan order delivered in the first half of the year [2] - The stock price of UBTECH has surged by 47.75% in September, reaching a market capitalization of 66.731 billion HKD [2] Order and Contract Developments - UBTECH secured a 250 million yuan contract for humanoid robot products and solutions from a well-known domestic enterprise, which is considered the largest single contract for humanoid robots globally [3] - In July, UBTECH won a procurement project worth 90.5115 million yuan from Miyi (Shanghai) Automotive Technology Co., Ltd. for its Walker S industrial humanoid robot series [3] - The company has also launched its full-size humanoid educational robot, Tian Gong Xing Zhe, on JD.com [3] Strategic Partnerships - UBTECH signed a global strategic cooperation agreement with Foxconn's subsidiary, Yunzhi Technology, to promote humanoid robots in manufacturing and delivery from 2025 to 2027 [4] - The company has engaged in extensive trials and collaborations with various manufacturers, including major automotive companies like Dongfeng Liuzhou, Geely, and BYD [4] - Collaborations with logistics firms such as SF Express are also in progress, with potential for substantial order conversions [4] Technological Advancements - UBTECH has upgraded its Walker S series robots, enhancing their capabilities through NVIDIA's high-performance computing platforms [5] - The company is addressing two main challenges in humanoid robotics: the decoupling of training data from the robot's physical body and the improvement of the VLA model capabilities [4][5] - The management has indicated that the production efficiency and cost reduction are being achieved through standardized mold manufacturing for certain components [6] Market Outlook - The company has revised its forecast for industrial robot orders from 300-500 units to over 500 units for 2025, with a total of around 800 orders expected for all humanoid robots [6] - UBTECH anticipates that humanoid robot shipments will reach 2,000-3,000 units in 2026, driven by strong customer demand [6] - Despite claims of scaled production in the industry, UBTECH emphasizes that true mass production is still in its early stages [6]

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]