根据框架协议，集团将与绿的谐波携手加速北美市场的拓展。依托集团的全球资源与平台以及绿的谐波 在传动领域方面的技术专长，双方致力于通过优势互补深化在人形机器人关节模组领域的合作，实现产 业联动及互利共赢，从而为双方开辟新的收入来源。 格隆汇2月9日丨敏实集团(00425.HK)发布公告，集团已与绿的谐波(688017.SH)就拟于美国成立合资公 司的主要条款达成框架协议，该合资公司将致力于在北美开展人形机器人关节模组总成的设计、制造及 商业化拓展。 在获得适用监管批准的前提下，加州敏实(即Minth California Inc.，为公司的全资附属公司)与绿的谐波 将成立合资公司并订立合资协议及股东协议。预期加州敏实与绿的谐波将分别持有合资公司60%及40% 的股权。合资公司的初始资本出资总额预计为1000万美元(约合7800万港元)，将由加州敏实与绿的谐波 按其初始持股比例进行出资。 ...

格隆汇2月9日丨敏实集团(00425.HK)发布公告，集团已与绿的谐波(688017.SH)就拟于美国成立合资公 司的主要条款达成框架协议，该合资公司将致力于在北美开展人形机器人关节模组总成的设计、制造及 商业化拓展。 在获得适用监管批准的前提下，加州敏实(即Minth California Inc.，为公司的全资附属公司)与绿的谐波 将成立合资公司并订立合资协议及股东协议。预期加州敏实与绿的谐波将分别持有合资公司60%及40% 的股权。合资公司的初始资本出资总额预计为1000万美元(约合7800万港元)，将由加州敏实与绿的谐波 按其初始持股比例进行出资。 根据框架协议，集团将与绿的谐波携手加速北美市场的拓展。依托集团的全球资源与平台以及绿的谐波 在传动领域方面的技术专长，双方致力于通过优势互补深化在人形机器人关节模组领域的合作，实现产 业联动及互利共赢，从而为双方开辟新的收入来源。 ...

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，概不對因本公告全部或任何 部份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。 MINTH GROUP LIMITED 敏實集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：425） 自願公告 人工智能機器人領域之框架協議 本公告系本公司自願刊發，以使本公司股東及潛在投資者獲悉本集團的最新業務發 展。 本公司欣然宣佈，本集團已與綠的諧波就擬於美國成立合資公司的主要條款達成框 架協議，該合資公司將致力於在北美開展人形機器人關節模組總成的設計、製造及 商業化拓展。 框架協議主要條款之概要載列如下。 有關本集團的資料 本集團主要擁有兩大類業務，即汽車零部件和工裝模具的研發（「研發」）、生產和銷 售。本集團汽車零部件業務主要包括金屬及飾條、塑件、鋁件和電池盒等產品。工 裝模具業務主要包括汽車外飾件、車身結構件在開發、加工和生產過程中的各類模 具、檢具與夾具。本集團亦積極開拓新的賽道和產品，聚力發展第二增長曲線。本 集團聚焦人工智能、機器人、低空經濟、智能出行等新領域的研發和開拓。 ...

Group 1 - The humanoid robot industry is expected to accelerate its commercialization, with 49 A-share humanoid robot companies being intensively researched by institutions since January 2026 [2] - Jingzhi Technology has launched its first full-size humanoid robot, Blot, which achieved a record speed of 10 meters per second, marking the fastest humanoid robot globally [2] - Li Xiang, chairman of Ideal Auto, announced that the upcoming Ideal L9 will transform from a passive tool to an active partner, integrating a complete technology stack for embodied intelligent robotics [2] Group 2 - Faraday Future has entered the robotics field by unveiling its first series of embodied intelligent robots at the National Automobile Dealers Association (NADA) event, including the Futurist, Master, and Aegis series [3] - Analysts from Great Wall Securities predict that 2026 will be a critical year for robot mass production, with leading domestic companies achieving breakthroughs that could resonate across related industries [3] - The robot ETF Huatai-PineBridge (159213) is highlighted as a tool for investors to access the humanoid robot market, with a high concentration of humanoid robots in its index [4] Group 3 - In the robot ETF Huatai-PineBridge, key stocks such as Koryo Technology and Tianzhihang-U have shown significant gains, with Koryo Technology hitting the daily limit and Tianzhihang-U rising over 9% [5]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry [1] Core Insights - The report analyzes the humanoid robot sector, highlighting trading emotions, low trading levels, and rapid rotation, with market trends lasting approximately 2-3 months [6] - It reviews the historical performance of various indices related to the humanoid robot sector and discusses the logic and opportunities for 2025 and 2026 [6] - The report anticipates significant growth in the humanoid robot sector in 2026, driven by macro, meso, and micro factors [6] Summary by Sections 1. Review of 2025 Trading - The humanoid robot sector's performance in 2025 was influenced by trading emotions and low trading levels, with significant events driving market fluctuations [12] - Key events included Tesla's performance announcements and the debut of robots at major events, which significantly impacted trading sentiment [12] 2. Opportunities in 2026 - The report identifies several opportunities for 2026, including: - Macro: Strong transmission and rotation of technology themes, with a clear trend of growth in the robot sector driven by upstream AI [19] - Meso: Expected volume production in humanoid robots, with several companies planning significant production increases [22] - Micro: Specific catalytic events related to major companies and their production plans [25] 3. Key Indices and Components - The report compiles indices for core components of humanoid robots, noting that the screw component outperformed the motor component in 2025 [15] - It highlights the importance of core suppliers and their impact on sector performance, particularly in the screw and motor segments [15] 4. Related Companies and Investment Suggestions - The report suggests monitoring several key companies in the humanoid robot sector, including: - Companies focused on embodied intelligence such as UBTECH and Geek+ [28] - Gear and material suppliers like Harmonic Drive and Keda Li [28] - Motor manufacturers such as Weichuang Electric and Mingzhi Electric [28] - Companies involved in dexterous hands and electronic skin like Hanwei Technology and Nanshan Zhishang [28]

Group 1 - The Robot ETF (562500) opened with a slight dip but maintained a stable low-range consolidation, currently priced at 1.057 yuan, down 1.399% from the opening price [1] - Among the 66 constituent stocks tracked by the ETF, 54 experienced declines, but the overall downturn was moderate, with no significant drops; notable declines included Haozhi Electromechanical and Green Harmony, both down over 3%, while Keri Technology surged over 8% [1] - The trading volume for the Robot ETF reached 419 million yuan, with a turnover rate of 1.69%, indicating moderate trading activity [1] Group 2 - Guolian Minsheng Securities recommends focusing on humanoid robot industry segments that possess cross-scenario and cross-form capabilities, highlighting the potential for higher beta in a non-converged technology landscape [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various sub-sectors including humanoid robots, industrial robots, and service robots, facilitating investor access to the entire robot industry chain [2] - Following the adjustment of constituent stocks, the humanoid robot content in the index tracked by the Robot ETF has increased to nearly 70%, successfully removing underperforming stocks and incorporating quality candidates, achieving a "retain the strong, remove the weak" strategy [2]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [5][10]. Core Insights - Meta's projected capital expenditure for 2026 is expected to reach between $115 billion and $135 billion, nearly double that of the previous year, driven by AI-enhanced advertising business [17]. - Figure's Helix02 humanoid robot has achieved significant breakthroughs in large models and neural networks, enhancing its applicability in household scenarios [3][18]. - The commercial aerospace sector is experiencing intensified competition for orbital resources, with SpaceX applying to deploy a constellation of up to 1 million satellites, which may accelerate advancements in space traffic management technology [2]. Summary by Sections Key Events - Meta's capital expenditure forecast for 2026 is between $115 billion and $135 billion, significantly exceeding analyst expectations [17]. - Figure has launched the Helix02 humanoid robot, which integrates long-range fine manipulation and motion control through a novel three-layer architecture [18]. - SpaceX is seeking approval to deploy a satellite constellation of up to 1 million satellites, enhancing its computational capabilities for advanced AI [2]. Commercial Aerospace Insights - The limited capacity of near-Earth orbit satellites will intensify competition for orbital resources, leading to a "first-come, first-served" effect [2]. - Long-term investment opportunities in commercial aerospace are promising, particularly in the rocket segment, with a focus on key players like SpaceX and domestic companies such as Landspace and CASIC [2]. Humanoid Robotics Insights - The advancements in Figure's Helix02 are expected to unlock new applications in domestic environments as the versatility of humanoid robots increases [3]. - Investment opportunities in humanoid robotics should focus on companies with strong supply chains and market positioning, such as Hengli Hydraulic and Wison Group [3][8]. AI Infrastructure Insights - Meta's capital expenditure forecast indicates a robust outlook for AI infrastructure, particularly in gas turbine and liquid cooling sectors [4]. - Key investment areas include the gas turbine supply chain and high-value segments in liquid cooling systems [4][8]. Company Profit Forecasts - Several companies are rated "Outperform," including: - Green Harmony (688017.SH) with a projected EPS of 0.67 for 2025 and a PE ratio of 342 [10]. - Huichuan Technology (300124.SZ) with an EPS of 2.06 for 2025 and a PE ratio of 36 [10]. - Hengli Hydraulic (601100.SH) with an EPS of 1.87 for 2024 and a PE ratio of 58 [10].

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30] Core Insights - The humanoid robot concept index experienced a decline of 5.69% from January 25 to January 30, 2026, underperforming the CSI 300 index by 5.78 percentage points. However, year-to-date, the humanoid robot index has increased by 3.44%, outperforming the CSI 300 index by 1.79 percentage points [11][15] - Key companies in the humanoid robot sector are showing significant growth, with notable announcements of increased net profits for 2025, such as a projected increase of 39.08% to 63.63% for Boke Technology and 105% to 131% for Lide Harmony [4][27] Weekly Market Review - The humanoid robot index saw a weekly decline of 5.69%, with the largest weekly gain recorded by Zhongwei Semiconductor at +36.57% and the largest loss by Haozhi Electromechanical at -22.44% [11][15] - The report highlights a strong performance in the humanoid robot sector, with significant advancements in technology and product launches, such as Figure AI's Helix 02 robot, which demonstrated advanced capabilities in a kitchen environment [5][21] Weekly Hotspots Review Policy Developments - The Ministry of Civil Affairs issued guidelines to promote technological innovation in civil affairs, emphasizing the application of humanoid robots in elderly care and other critical areas [18] - The Jilin provincial government has prioritized "embodied intelligence" as a key industry direction for 2026, aiming to enhance applications in various sectors [19] - The Guangdong provincial government aims to strengthen emerging industries, including intelligent robots, as part of its economic strategy [20] Product and Technology Iteration - Figure AI launched the Helix 02 humanoid robot, which utilizes a single neural network for full-body control, showcasing its ability to perform complex tasks autonomously [5][21] - Yushun announced the open-source release of UnifoLM-VLA-0, a model aimed at enhancing humanoid robot operations [21] Investment and Financing - Zhejiang Humanoid Robot Innovation Center secured 450 million yuan in Pre-A financing, reflecting strong market confidence in humanoid robotics [24] - Shandong Future Robot completed a multi-hundred million yuan B round financing to enhance its technological capabilities and market reach [26] Key Company Announcements - Boke Technology expects a net profit increase of 39.08% to 63.63% for 2025, driven by robust demand in the robot sector [27] - Lide Harmony anticipates a net profit growth of 105% to 131% for 2025, attributed to significant advancements in its embodied intelligent robot business [28] - Changan Automobile aims to achieve mass production of humanoid robots by 2028, indicating a strategic shift towards robotics [28] - Li Auto confirmed its entry into the humanoid robot sector, restructuring its R&D team to focus on this emerging field [28]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30]. Core Insights - The humanoid robot concept index experienced a decline of 5.69% from January 25 to January 30, 2026, underperforming the CSI 300 index by 5.78 percentage points. However, year-to-date, the humanoid robot index has increased by 3.44%, outperforming the CSI 300 index by 1.79 percentage points [11][15]. - Key companies in the humanoid robot sector are showing significant growth, with notable announcements of increased net profits for 2025, such as a projected increase of 39.08% to 63.63% for Boke Technology and 105% to 131% for Lide Harmony [4][27]. Weekly Market Review - The humanoid robot index saw a weekly decline of 5.69%, with the largest weekly gain recorded by Zhongwei Semiconductor at +36.57% and the largest loss by Haozhi Electromechanical at -22.44% [11][15]. - The humanoid robot industry is witnessing a surge in investment, with Zhejiang Humanoid Robot Innovation Center completing a 450 million yuan Pre-A round financing, and Shandong Future Robot securing several hundred million yuan in B round financing [4][24]. Weekly Hotspots Review Policy Developments - The Ministry of Civil Affairs issued guidelines to promote technological innovation in civil affairs, emphasizing the application of humanoid robots in elderly care and rehabilitation [18]. - Jilin Province has identified "embodied intelligence" as a key industry focus for 2026, aiming to enhance applications in various sectors [19]. - Guangdong Province's government report highlights the importance of developing new industries, including intelligent robots, as part of its economic strategy [20]. Product and Technology Iteration - Figure AI launched the Helix 02 humanoid robot, which can autonomously perform complex tasks in a kitchen environment using a single neural network [5][21]. - Yushun announced the open-source release of UnifoLM-VLA-0, a model aimed at enhancing humanoid robot operations [21]. Investment and Financing - Zhejiang Humanoid Robot Innovation Center's recent financing reflects strong market confidence in humanoid robots' potential in industrial digitalization [24]. - Shandong Future Robot's B round financing will support the development of new core technologies and market expansion [26]. Key Company Announcements - Boke Technology expects a significant increase in net profit for 2025, driven by the growing demand for robots [27]. - Lide Harmony anticipates a substantial growth in its embodied intelligent robot business, contributing to its overall performance [28]. - Changan Automobile aims to achieve mass production of humanoid robots by 2028, indicating a strategic shift towards robotics [28].

Market Overview - The automation equipment sector experienced a decline of 2.01% on February 2, with Dongjie Intelligent leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers in the automation equipment sector included: - Tianzhong Precision (300461) with a closing price of 37.86, up 10.35% and a trading volume of 118,800 shares, totaling 4.52 billion yuan [1] - Guangyun Da (300227) closed at 12.52, up 6.73% with a trading volume of 763,400 shares, totaling 9.63 billion yuan [1] - Lechuang Technology (920425) closed at 24.17, up 6.57% with a trading volume of 82,500 shares, totaling 1.93 billion yuan [1] - Major decliners included: - Dongjie Intelligent (300486) closed at 22.80, down 8.36% with a trading volume of 252,700 shares, totaling 5.90 billion yuan [2] - Saiteng Co. (603283) closed at 47.17, down 6.96% with a trading volume of 163,800 shares, totaling 7.91 billion yuan [2] - Robotech (300757) closed at 354.00, down 6.68% with a trading volume of 82,300 shares, totaling 30.10 billion yuan [2] Capital Flow - The automation equipment sector saw a net outflow of 373 million yuan from institutional investors, while retail investors experienced a net outflow of 137 million yuan [2] - Conversely, speculative funds recorded a net inflow of 510 million yuan [2] Individual Stock Capital Flow - Notable capital flows included: - Zhongkong Technology (688777) with a net inflow of 28.9 million yuan from institutional investors, but a net outflow of 32.2 million yuan from retail investors [3] - Guangyun Da (300227) had a net inflow of 70.39 million yuan from institutional investors, with a net outflow of 62.22 million yuan from retail investors [3] - Lechuang Technology (920425) recorded a net inflow of 21.24 million yuan from institutional investors, with a slight net outflow from retail investors [3]