Core Viewpoint - The trend of A-share companies "going south" to list on H-shares is gaining momentum in early 2026, driven by a combination of policy support, financing needs, and internationalization strategies [1][2][3] Group 1: Companies Going Public - Six A-share companies, including Jucheng Co., Penghui Energy, and Zhengtai Electric, have announced plans for H-share listings from January 1 to January 8, 2026 [1] - Four additional companies, including Jingwang Electronics and Yifang Bio, have submitted prospectuses to the Hong Kong Stock Exchange [1] - The trend is primarily led by technology companies, with a focus on sectors such as semiconductor design, energy storage, and smart mobility [1] Group 2: Market Dynamics - The 2026 "southbound" trend is a continuation of the 2025 A+H listing boom, with a significant increase in active listing applications in Hong Kong [2] - In 2025, 19 A-share companies listed on the Hong Kong market, raising a total of approximately 139.99 billion HKD, nearly half of the total IPO amount for the year [2] - The average time for A+H listings in 2025 was reported to be 4 to 6 months, with the fastest taking only about 3 months [2] Group 3: Strategic Motivations - A-share companies are pursuing H-share listings to raise funds for global expansion and enhance their competitive position in international markets [3][4] - Companies like Jucheng Co. and Penghui Energy emphasize that listing in Hong Kong will help them build a diversified capital operation platform and support overseas business development [3] - The need for substantial foreign currency funding for overseas production and supply chain establishment is a key driver for these companies [4] Group 4: Regulatory Environment - The favorable regulatory environment, including cooperation measures between mainland and Hong Kong regulatory bodies, has made cross-border listings more feasible [4] - The Chinese Securities Regulatory Commission has expressed support for leading mainland companies to list in Hong Kong, facilitating a quicker approval process for qualified firms [4] - The current valuation of Hong Kong stocks is perceived to be lower than that of A-shares, prompting some companies to accept lower valuations to secure international funding and prepare for stricter overseas disclosure standards [4] Group 5: Market Expectations - The IPO market in Hong Kong is expected to perform well in 2026, with projections of over 300 billion HKD in IPO scale and 150 to 200 projects [4] - The growth in the MSCI China Index's earnings is anticipated to reach 14% or higher, driven by sectors such as high-end manufacturing and companies with global expansion capabilities [4]

Core Insights - The article highlights the advancements of Daotong Technology in integrating AI technology into various vertical scenarios, particularly in the fields of embodied intelligence and energy management solutions showcased at CES 2026 [1][6]. Group 1: Embodied Intelligence in Infrastructure - Daotong Technology showcased its embodied intelligence solutions for infrastructure, including automated charging robots for fleets and inspection robots designed for critical scenarios such as energy and transportation [2]. - The intelligent charging robot can autonomously connect and disconnect charging guns, significantly reducing reliance on human labor and enhancing operational consistency, particularly for autonomous vehicle fleets [2]. - The inspection robots are designed for high-frequency inspections in key areas such as campuses, energy stations, and transportation infrastructure, demonstrating the company's commitment to engineering solutions in embodied intelligence [2]. Group 2: Future City Concept - Daotong Technology presented a "Future City Panorama" at CES, illustrating the integration of embodied intelligence and AI scheduling logic in urban infrastructure, showcasing energy supply, facility inspection, and urban operation [3]. - The company has established Shenzhen Daohengtongtai Robot Co., Ltd. to focus on the development and implementation of embodied intelligence capabilities in smart transportation, smart parks, and smart energy [3]. Group 3: Smart Charging Network - The company introduced its V2G home products and direct current charging product matrix, emphasizing a comprehensive capability from energy supply to operational management, leading the development of smart charging network solutions [4]. - The V2G technology allows electric vehicles to not only draw power from the grid but also return power to homes or the grid, optimizing energy management through AI scheduling strategies [4]. - Daotong Technology also showcased its cloud-based operational management capabilities, providing integrated management from deployment to revenue optimization, transitioning charging operations to intelligent management [4]. Group 4: Addressing AI Energy Demand - Daotong Technology is contributing to building a more resilient and efficient energy supply network, addressing the "AI electricity shortage" issue in North America with its integrated storage and charging solutions [5]. Group 5: Strategic Focus on AI Integration - The company is focusing on three core business areas: AI diagnostics, AI charging, and AI robotics, aiming to deepen the integration of AI technology with business scenarios and become a leader in the commercialization of AI applications [6]. - This strategic approach is expected to translate into steady performance growth for the company as it addresses real industrial challenges through its AI initiatives [6].

Core Viewpoint - The company showcased its integration of AI into vertical scenarios at CES 2026, emphasizing its commitment to becoming a leader in the commercialization of AI large models [1][3]. Group 1: AI Integration and Product Offerings - The company presented two main capabilities: embodied intelligence for engineering implementation and a new generation of smart charging network systems [1][2]. - The smart charging robot can automate key actions like plugging and unplugging, significantly reducing reliance on human labor and enhancing operational consistency [2]. - The wheel-based inspection robot is designed for critical scenarios such as campuses and energy facilities, providing continuous monitoring and forming a closed-loop capability with cloud AI analysis [2]. Group 2: Business Strategy and Market Position - The company aims to deepen the integration of AI technology with business scenarios and organizational changes, striving to become a leader in AI large model commercialization [3][4]. - The company has three main business systems: intelligent maintenance terminals, energy intelligence hubs, and embodied intelligent robots, focusing on practical solutions for real-world problems [3]. - In the first three quarters of 2025, the company achieved revenue of 3.496 billion yuan, a year-on-year increase of 24.69%, and a net profit of 718 million yuan, reflecting the effective transformation of AI capabilities into stable business growth [4].

Group 1 - Lenovo and NVIDIA announced a collaboration to launch the "Lenovo AI Cloud Super Factory," which aims to significantly reduce the "time to first token" for AI deployment and scale up to 100,000 GPUs to support trillion-parameter AI models [2] - Datong Technology is advancing partnerships in the autonomous driving sector, showcasing a smart charging robot capable of automated charging tasks, and introducing a new generation of intelligent charging network systems at CES 2026 [2] - Zhiyuan Robotics released the Genie Sim 3.0, an open-source simulation platform driven by a large language model, which integrates 3D reconstruction and visual generation, allowing for rapid scene generation and a comprehensive evaluation system covering over 100,000 scenarios [2] Group 2 - Roborock, a Chinese vacuum cleaner manufacturer, unveiled the Saros Rover, a stair-climbing vacuum cleaner equipped with AI and motion sensors, demonstrating its ability to navigate stairs and uneven surfaces [2]

Core Viewpoint - Daotong Intelligent has initiated the IPO process again, aiming to enhance its governance structure and internal controls while competing against DJI in the drone market [1][5]. Group 1: Company Overview - Daotong Intelligent, established in 2014, is a leading provider of drone digital solutions with a global presence, including subsidiaries and R&D bases in the US, Germany, Italy, Singapore, and Vietnam [1]. - The company was recognized as a unicorn at the 7th World Drone Conference and is classified as a national-level "specialized and innovative" small giant enterprise [1]. Group 2: IPO Process - Daotong Intelligent has resumed its IPO process with Guotai Junan Securities as the counseling institution, following a previous attempt in 2021 that was terminated after five rounds of counseling [1][5]. - The company aims to complete the IPO within the year, which would mark the second IPO for founder Li Hongjing [5]. Group 3: Competitive Landscape - DJI holds over 70% of the global consumer drone market and leads in industrial applications, while Daotong Intelligent seeks to differentiate itself through customized solutions in professional surveying and inspection [2]. - The competition between Daotong Intelligent and DJI has involved legal disputes, including patent infringement lawsuits initiated by DJI in 2016, leading to a prolonged legal battle [2][3]. Group 4: Financial Performance - Daotong Technology, the parent company of Daotong Intelligent, plans a secondary listing on the Hong Kong Stock Exchange, with reported revenue of 2.345 billion RMB and a profit of 455 million RMB for the first half of 2025 [6]. - In the first nine months of 2025, Daotong Technology achieved revenue of 3.496 billion RMB, a year-on-year increase of 24.69%, and a net profit of 733 million RMB, up 35.49% [6].

Core Viewpoint - Daotong Technology is advancing collaboration with leading companies in the global autonomous driving sector to develop an automatic charging network, focusing on providing driverless taxi services that are already operational in multiple locations across the United States [1] Group 1: Collaboration and Partnerships - Daotong Technology is partnering with a company whose core business involves offering driverless taxi services [1] - The collaboration aims to enhance the automatic charging network for autonomous vehicles [1] Group 2: Product Launch and Innovations - At CES 2026, Daotong Technology unveiled its smart charging robot, capable of automatic plug-in and retrieval of charging guns, operating under a cloud-based scheduling and station control system [1] - The company showcased its "next-generation smart charging network" capabilities, including the V2G AC Compact Gen 2 and the MaxiCharger DC50, along with a charging cloud platform [1]

Group 1 - The company held its 29th meeting of the 4th Board of Directors on December 31, 2025, with all 7 directors present, ensuring compliance with relevant laws and regulations [2] - The board approved the proposal to conclude the fundraising project and permanently supplement working capital with the surplus funds of 101.4947 million yuan [3][9] - The surplus funds will be used for the company's daily operations, enhancing the efficiency of fund utilization [10][11] Group 2 - The fundraising project concluded is the "Construction of Daotong Technology R&D Center and R&D Project for New Generation Intelligent Maintenance and Comprehensive Solutions for New Energy" [8] - The actual amount of surplus funds will be determined based on the balance in the dedicated account on the day of transfer [8] - The proposal was reviewed and approved by the Audit Committee prior to the board meeting [4][9]

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 可转债转股结果暨股份变动公告 经上交所"自律监管决定书〔2022〕201 号"文同意，公司 128,000.00 万元可 转换公司债券于 2022 年 7 月 28 日起在上交所挂牌交易，债券简称"道通转债"，债 券代码"118013"。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 累计转股情况：截至 2025 年 12 月 31 日，"道通转债"累计共有人民币 318,000 元已转换为公司股票，累计转股数量 13,674 股，占"道通转债"转股前公司已发行 股份总额的 0.0020%。 ● 未转股可转债情况：截至 2025 年 12 月 31 日，"道通转债"尚未转股的可转 债金额为 1,279,682,000 元，占"道通转债"发行总量的 99.9752%。 ● 本季度转股情况：自 ...

| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2026-004 | | --- | --- | --- | | | 转债简称：道通转债 | | | 转债代码：118013 | | | 深圳市道通科技股份有限公司 关于 2024 年员工持股计划锁定期届满的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 万股于 2025 年 1 月 2 日非交易过户至"深圳市道通科技股份有限公司－2024 年员工持股计划"证券专用账户，过户价格为 26.58 元/股。具体内容详见公司 于 2025 年 1 月 4 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 2024 年员工持股计划非交易过户完成的公告》（公告编号：2025-002）。 因公司实施 2024 年年度权益分派，截至本公告披露日，"深圳市道通科技 股份有限公司－2024 年员工持股计划"证券专用账户持有公司股份 6,886,929 股，占公司总股本的比例为 1.03%。 二、本期员工持股计划的锁定期安排 根据公司《2 ...

(1) r to the result of ER A and and 0 为规范推进相关事宜，道通科技审议通过了《关于募投项目结项并将节余募集资金永久补充流动资金的议案》。公司董事会认为，将节余募集资金永久补充 流动资金符合公司发展需求，上述事项在董事会审批权限范围内，无需提交公司股东会审议。 据悉，道通科技于2022年7月14日完成可转换公司债券发行，募集资金总额128,000万元，净额126,187.37万元。其中，"道通科技研发中心建设暨新一代智能 维修及新能源综合解决方案研发项目"承诺使用募集资金90,000万元。截至2025年12月30日，该项目实际使用募集资金81,888.15万元（含累计已投入金额、 已签订合同待支付及待置换金额），扣除相关支出后募集资金实际剩余8,111.85万元，加上利息收入和理财产品投资收益扣除手续费后的净额2,037.63万元， 最终形成节余募集资金10,149.47万元。 1月1日，道通科技发布公告称，公司2022年向不特定对象发行可转换公司债券募投项目"道通科技研发中心建设暨新一代智能维修及新能源综合解决方案研 发项目"已顺利结项，节余募集资金10,149.47万元 ...