Group 1 - The stock of Greentec Harmonic fell by 5.15% on January 7, closing at 189.51 CNY per share, with a trading volume of 1.473 billion CNY and a turnover rate of 4.15%, resulting in a total market capitalization of 34.743 billion CNY [1] - Greentec Harmonic Transmission Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on January 13, 2011. The company went public on August 28, 2020, and specializes in the research, design, production, and sales of precision transmission devices [1] - The main revenue composition of Greentec includes harmonic reducers and metal components at 78.33%, mechatronic products at 16.56%, intelligent automation equipment at 3.24%, and others at 1.87% [1] Group 2 - According to data from the top ten holdings of funds, one fund under ICBC Credit Suisse holds Greentec Harmonic as a major investment. The ICBC Specialized and Innovative Mixed A Fund (015135) held 33,900 shares in the third quarter, accounting for 4.18% of the fund's net value, making it the largest holding [2] - The estimated floating loss for the ICBC Specialized and Innovative Mixed A Fund today is approximately 348,900 CNY [2] - The ICBC Specialized and Innovative Mixed A Fund was established on August 1, 2022, with a current scale of 121 million CNY. Year-to-date returns are 3.03%, ranking 4142 out of 8823 in its category, while the one-year return is 48.14%, ranking 2236 out of 8083 [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The report covers the **China Industrials** sector, specifically focusing on **Automation & Robotics**, **Construction Machinery**, **Heavy-duty Trucks**, and **New Energy** stocks that may influence share prices in the near future [1][2]. Core Insights and Arguments - **Automation Sector**: - Monthly new order intake growth and industrial robot production are expected to be reported at the beginning and mid-month respectively [5][6]. - Shenzhen Inovance Technology anticipates approximately **20% year-on-year growth** in new orders for January-February 2026, driven by a modest capital expenditure recovery and market share gains [8][9]. - **Heavy-duty Trucks (HDT)**: - Monthly sales volume data will be released at the beginning of each month [5]. - Negative growth is expected in the domestic HDT market for 1Q26 due to front-loading in 2025 and a **5% increase in NEV purchase tax** in 2026, although export growth is projected to remain resilient [9][11]. - **Construction Machinery**: - Monthly excavator sales volume will be reported at the beginning of each month, with expectations that export growth will offset high base pressure from domestic sales in January-February [8][9]. Company-Specific Catalysts - **Beijing Geekplus Technology Co., Ltd. (2590.HK)**: - Inclusion in the Southbound Stock Connect program is expected in **February 2026**, following its addition to the Hang Seng Composite Index [7]. - Launch of a wheel-based humanoid robot is anticipated, which could enhance its position as an unmanned warehouse solution provider [7]. - **Jiangsu Hengli Hydraulic Co., Ltd. (601100.SS)**: - Anticipated updates on Tesla's Optimus Gen 3 in 1Q26, which may lead to a revision of sales outlook for 2026 [7][8]. - **Wuxi Lead Intelligent (300450.SZ)**: - Expected improvement in liquid LiB equipment orders in 1Q26, driven by strong demand for energy storage systems [7]. - **Sany Heavy Industry Co., Ltd. (600031.SS)**: - Expected growth in excavator sales, with export growth anticipated to mitigate domestic sales pressures [8]. - **Zoomlion Heavy Industry (000157.SZ)**: - Anticipated cyclical recovery in non-excavator machinery sales, supported by solid export growth [8]. Additional Important Insights - **Market Conditions**: - Concerns remain regarding growth momentum amid an anti-involution and deflationary environment, alongside margin pressures from the NEV powertrain business [9]. - **Chinese Hyperscalers**: - Potential acceleration in AI capital expenditure for Chinese hyperscalers is expected, which should support demand for cooling solutions [11]. - **Profit Alerts**: - Estun Automation is expected to issue a profit alert in January, indicating a return to profitability after a net loss in 2024 [9]. Conclusion The conference call highlights significant catalysts and trends within the China Industrials sector, with a focus on automation, heavy-duty trucks, and construction machinery. Key companies are positioned to leverage upcoming developments, although challenges such as market conditions and regulatory changes remain pertinent.

Group 1 - The company has collected over 1 million hours of data from more than 3,000 households using Gen DAS Gripper and the industry's first large-scale data production line, Gen ADP, accelerating the development of the embodied industry [1] - The overall industry volume and individual skill scale are the largest, with a cumulative duration exceeding 10,000 hours and a total data scale of over 1 million clips, ensuring each skill has the highest data volume in the industry [1] - The data collection focuses on 10 common household scenarios and 30 skills, ensuring quality by avoiding excessive dispersion [1] Group 2 - The data includes multi-modal, high-quality information such as large FOV raw images, trajectories, annotations, and joint actions, with industry-leading accuracy and quality [1] - The first phase of data has been uploaded, covering 12 skills across 4 major scenario tasks, with plans to complete the remaining skills and provide support for data format conversion and usage [2] - The data is available for download at a specified link, and users are encouraged to provide feedback and suggestions for additional scenarios and skills to be digitized [2]

Group 1 - The automation equipment sector experienced a slight decline of 0.01% on January 6, with Robotech leading the drop [1] - The Shanghai Composite Index closed at 4083.67, up 1.5%, while the Shenzhen Component Index closed at 14022.55, up 1.4% [1] - Notable gainers in the automation equipment sector included Haixi Communications, which rose by 16.85% to a closing price of 29.61, and Xingchen Technology, which increased by 11.87% to 25.82 [1] Group 2 - The automation equipment sector saw a net outflow of 1.546 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.103 billion yuan [2] - Key stocks with significant net inflows from retail investors included Haixi Communications and Xingchen Technology, with net inflows of 651,500 yuan and 865,100 yuan respectively [3] - The overall trading volume in the automation equipment sector was highlighted, with Haixi Communications achieving a transaction amount of 321 million yuan [1]

Group 1 - The Robot ETF (562500) has risen by 0.29% as of 10:02 AM, showing strong buying interest after an initial dip, indicating robust trading sentiment in the sector [1] - Key holdings include Keri Technology leading with a 3.95% increase, followed by Green Harmony rising 3.40%, with other stocks like Xinjie Electric and Mingzhi Electric also experiencing gains [1] - The trading volume exceeded 460 million yuan within the first 30 minutes of opening, reflecting high market activity and continued validation of the sector's strong growth potential [1] Group 2 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots, facilitating investor access to the entire robot industry chain [2]

Group 1 - The core viewpoint is that the robot sector is entering a significant commercialization phase, particularly with the anticipated launch of Tesla's humanoid robot in 2026, marking a long-term upward cycle for the industry [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion, covering various segments such as humanoid robots, industrial robots, and service robots, providing investors with a comprehensive investment opportunity in the robot industry chain [2] - Key stocks within the Robot ETF are showing strong upward momentum, with notable gains from companies like Green Harmony and Keri Technology, indicating a positive market sentiment towards the sector [1] Group 2 - Nvidia's CEO Jensen Huang highlighted the robot sector's pivotal moment during the CES 2026 keynote, introducing a series of open-source "physical AI" models, which could further drive innovation and investment in robotics [1] - The trading volume for the Robot ETF surpassed 600 million, with a turnover rate exceeding 2%, indicating strong liquidity and providing investors with flexible adjustment opportunities in a fluctuating market [1] - The report suggests focusing on key companies within the domestic supply chain and specific application scenarios such as logistics, packaging, and sanitation, which are expected to drive growth in the robot sector [2]

Group 1 - The company Yuanxing Zhixun (Shanghai) Technology Co., Ltd. has recently been established with a registered capital of 10 million yuan [2] - The business scope of the company includes research and development of intelligent robots, manufacturing of wearable smart devices, manufacturing of intelligent basic manufacturing equipment, and general application systems for artificial intelligence [2] - The company is jointly held by Green's Harmonic's wholly-owned subsidiary, Green's Harmonic (Shanghai) Transmission Technology Co., Ltd., and Shanghai Juti Enterprise Management Partnership (Limited Partnership) [2]

Group 1 - The National Robot Industry Index (980022) has shown a slight increase of 0.11% as of December 31, 2025, with notable gains from companies such as Boke Co., Ltd. (688160) up by 9.51% and iFlytek (002230) up by 2.68% [1] - The Ministry of Industry and Information Technology, along with three other departments, has issued the "Implementation Plan for Digital Transformation in the Automotive Industry," which aims to accelerate the application of artificial intelligence in key areas, promoting the large-scale use of intelligent robots in processes like welding, spraying, and assembly [1] - Huajin Securities indicates that by 2025, humanoid robots will enter a critical stage of industrialization, transitioning from the "0-1" phase to the "1-10" phase, with the demand for complex scene interactions driving an increase in component requirements [1] Group 2 - The top ten weighted stocks in the National Robot Industry Index (980022) as of November 28, 2025, include companies such as Double Ring Transmission (002472) and Ecovacs (603486), collectively accounting for 40.47% of the index [2] - The Robot ETF Penghua (159278) closely tracks the National Robot Industry Index, reflecting the price changes of listed companies related to the robot industry on the Shanghai and Shenzhen stock exchanges [1][3]

Summary of Key Points Core Viewpoint - As of December 30, the total market financing balance reached 2.54 trillion yuan, reflecting a slight increase from the previous trading day, indicating ongoing investor interest in the market [1]. Financing Balances - The financing balance for the Shanghai Stock Exchange was 1.28 trillion yuan, up by 43.20 million yuan, while the Shenzhen Stock Exchange saw a decrease of 6.16 million yuan to 1.25 trillion yuan. The Beijing Stock Exchange's financing balance decreased by 2.17 million yuan to 79.91 million yuan [1]. Individual Stock Performance - On December 30, 1,835 stocks received net financing purchases, with 508 stocks having net purchases exceeding 10 million yuan. Notably, 37 stocks had net purchases over 100 million yuan, with C Qiang Yi leading at 549.13 million yuan [1][2]. - Other significant net purchases included Sanhua Intelligent Controls at 376.82 million yuan and Zhaoyi Innovation at 265.87 million yuan [2]. Industry Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan were electronics, machinery, and defense, with 11, 5, and 3 stocks respectively [1]. - The distribution of large net purchase stocks included 23 from the main board, 9 from the ChiNext board, and 5 from the Sci-Tech Innovation board [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to market value for stocks with significant net purchases was 4.78%. C Qiang Yi had the highest ratio at 9.98%, followed by Dianguang Media at 9.51% and Xichuang Data at 8.38% [2].

Core Viewpoint - The A-share market has seen a strong performance in the reducer sector, with several companies leading the gains, indicating a growing interest and potential in automation-related technologies. Group 1: Company Highlights - Xinshi Da (002527.SZ) reported a stock price of 17.15 yuan with a daily increase of +10.01%. The company specializes in planetary reducers primarily used in the automation industry, having achieved mass production [1]. - Haozhi Electromechanical (300503.SZ) has a stock price of 63.80 yuan and a daily increase of +18.59%. The company possesses complete and fully independent design, manufacturing, and testing technology for harmonic reducers, overcoming key technical challenges [2]. - Henggong Precision (301261.SZ) has a stock price of 98.09 yuan with a daily increase of +13.11%. The technical team has made breakthroughs in core components of RV reducers and has begun small batch supply [3]. - Lide Harmonic (688017.SH) has a stock price of 191.10 yuan and a daily increase of +9.19%. It is a leading domestic company in harmonic reducers, having completed technology development for industrial robot harmonic reducers and achieved large-scale production [4]. - Siling Smart Drive (301550.SZ) has a stock price of 135.39 yuan with a daily increase of +8.92%. The company plans to cover various fields including industrial robots and humanoid robots, with harmonic reducers in the early stages of mass production preparation [5]. - Zhongdali De (002896.SZ) has a stock price of 92.15 yuan and a daily increase of +7.73%. The company leads in the domestic market for micro-reduction motors, with significant sales in precision planetary reducers and RV reducers, and has achieved small batch production of harmonic reducers for industrial robots [6]. - Shuanghuan Transmission (002472.SZ) has a stock price of 47.25 yuan with a daily increase of +6.59%. The company is a leader in domestic robot reducers, having developed a full series of RV reducers for industrial robots and successfully applied new high-load and high-power-to-weight ratio reducers [7]. - Yokogawa Precision (300539.SZ) has a stock price of 43.50 yuan with a daily increase of +6.44%. The company has successfully developed various harmonic reducers and is actively expanding its market and customer base in the reducer field [8].