Core Viewpoint - Dahua Technology Co., Ltd. plans to spin off its subsidiary Zhejiang Huari Technology Co., Ltd. for an independent listing on the Hong Kong Stock Exchange, focusing on machine vision and AMR mobile robots in the industrial internet sector [1] Group 1 - The initial issuance scale for Huari Technology is set to not exceed 25% of the total share capital after the issuance, with an overallotment option of up to 15% of the initial issuance scale granted to global coordinators/bookrunners [1] - The listing on the Hong Kong Stock Exchange is expected to enhance Huari Technology's capital strength and broaden its financing channels, thereby improving its overall competitiveness and profitability [1] - The move aims to accelerate the development of Huari Technology as a specialized entity in the research, production, and sales of core components and solutions for machine vision and mobile robots [1]

Core Viewpoint - The company plans to conclude three fundraising projects and allocate the remaining funds to supplement working capital, totaling approximately 134 million yuan [1] Group 1: Project Conclusions - The company intends to conclude the "Artificial Intelligence Technology Research and Application Project" [1] - The "5G, Internet of Things, and Multi-dimensional Sensing Product Solution R&D Project" will also be concluded [1] - The "Hangzhou Intelligent Manufacturing Base Phase II Construction Project" is set to be concluded [1] Group 2: Remaining Funds Allocation - The total remaining funds amount to approximately 134 million yuan [1] - The remaining amount for the Artificial Intelligence project is 120 million yuan [1] - The remaining amount for the 5G Internet of Things project is 14.2167 million yuan [1] - The remaining amount for the Manufacturing Phase II project is 86,400 yuan [1]

中国国际金融股份有限公司 关于 浙江大华技术股份有限公司分拆所属子公司 浙江华睿科技股份有限公司 至香港联交所主板上市的核查意见 独立财务顾问 2025年11月 1 中国国际金融股份有限公司 关于浙江大华技术股份有限公司分拆所属子公司 浙江华睿科技股份有限公司至香港联交所主板上市的核查意见 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司分拆规则 （试行）》（以下简称"《分拆规则》"），以及浙江大华技术股份有限公司（以下简称 "大华股份"、"上市公司"）于 2021 年 9 月 28 日召开的第七届董事会第二十一次 会议审议通过的《关于筹划控股子公司分拆上市的议案》、于 2025 年 7 月 15 日召 开的第八届董事会第十四次会议及第八届监事会第十次会议审议通过的《关于控股 子公司调整至境外上市的议案》、于 2025 年 11 月 17 日召开的第八届董事会第十八 次会议及第八届监事会第十四次会议审议通过的《关于分拆所属子公司浙江华睿科 技股份有限公司至香港联合交易所有限公司主板上市符合相关法律、法规规定的议 案》《关于分拆所属子公司浙江华睿科技股份有限公司首次公开发行 H 股股票并在 香港联 ...

Market Overview - The computer equipment sector saw a slight increase of 0.02% on November 17, with Zhongfu Information leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Zhongfu Information (300659) closed at 17.82, up 20.00% with a trading volume of 357,300 shares and a transaction value of 605 million [1] - Dahua Intelligent (002512) closed at 5.90, up 10.07% with a trading volume of 2,631,700 shares and a transaction value of 1.519 billion [1] - Meishi Technology (001229) closed at 40.76, up 10.01% with a trading volume of 46,100 shares and a transaction value of 183 million [1] - Other notable performers include Shengshi Technology (002990) up 9.99%, Zhaori Technology (300333) up 7.30%, and Suzhou Keda (603660) up 6.94% [1] Capital Flow - The computer equipment sector experienced a net inflow of 421 million from institutional investors, while retail investors saw a net outflow of 263 million [2] - The main capital inflow and outflow for specific stocks indicate varying investor sentiment, with Dahua Intelligent seeing a net inflow of 333 million from main capital but a net outflow from retail investors [3] Individual Stock Analysis - Dahua Intelligent (002512) had a main capital net inflow of 333 million, representing 21.94% of its total trading, while retail investors had a net outflow of 1.93 billion [3] - Zhongfu Information (300659) had a main capital net inflow of 105 million, accounting for 17.31% of its trading, with retail investors experiencing a net outflow of 659.5 million [3] - Shengshi Technology (002990) saw a main capital net inflow of 119 million, which is 25.30% of its trading, while retail investors had a net outflow of 684.5 million [3]

Core Viewpoint - Dahua Technology Co., Ltd. has experienced a stock price decline of 2.04% on November 17, 2023, with a current price of 19.16 CNY per share, while the company has seen a year-to-date stock price increase of 23.26% [1] Financial Performance - For the period from January to September 2025, Dahua Technology achieved a revenue of 22.913 billion CNY, representing a year-on-year growth of 2.06%, and a net profit attributable to shareholders of 3.535 billion CNY, reflecting a significant year-on-year increase of 38.92% [2] - The company has distributed a total of 9.098 billion CNY in dividends since its A-share listing, with 5.172 billion CNY distributed over the past three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Dahua Technology is 186,700, a decrease of 0.48% from the previous period, with an average of 11,335 circulating shares per shareholder, which is an increase of 0.67% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 28.2665 million shares, and Huaxia CSI Robot ETF, which also increased its holdings by 10.1767 million shares [3]

Core Viewpoint - Dahua Technology (002236.SZ) continues to repurchase shares in the secondary market, signaling confidence in its future development and value recognition [2][3] Share Repurchase - As of November 12, 2025, Dahua has repurchased approximately 33.3 million shares, accounting for 1.01% of its total share capital, with a total transaction amount of about 655 million yuan [2][3] - The company previously announced a repurchase plan with a budget of 300 million to 500 million yuan, with a maximum repurchase price of 27.72 yuan per share [3] - The latest repurchase included 19.82 million shares from August 30 to October 27, 2023, with a total amount of approximately 420 million yuan [4] Dividend Distribution - Dahua has actively returned profits to shareholders, with a cash dividend distribution of 1.85 yuan per 10 shares in Q3 2025, totaling 602 million yuan, which is 17.03% of the company's net profit [5] - Since its listing in 2008, Dahua has distributed a total of 9.7 billion yuan in cash dividends, with significant distributions in 2022 and 2023 [5] Research and Development Investment - Dahua has invested heavily in R&D, with a total of 155.15 billion yuan from 2021 to 2024, and 30.67 billion yuan in the first three quarters of 2025 [8][9] - The company focuses on enhancing its "five full" capabilities: full perception, full intelligence, full connection, full computation, and full ecology, while also emphasizing AI as a core strategy [9] - Dahua's R&D spending has increased significantly over the years, with a notable rise from 0.52 billion yuan in 2008 to over 42 billion yuan in 2024 [8][9] Financial Performance - In the first three quarters of 2025, Dahua achieved revenues of 22.91 billion yuan and a net profit of 3.54 billion yuan, representing year-on-year growth of 2.06% and 38.92%, respectively [7] - The company's overall performance has shown resilience, recovering from previous declines in 2021 and 2022 [6][7]

Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology and hardware advancements [7][8]. Key Insights - **Opportunities in AI GPU and ASIC Servers**: There are significant opportunities in upgrading AI GPU and ASIC server designs, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [7][8]. - **AMD Helios Server Rack**: The AMD Helios server rack project is gaining traction, indicating a positive trend in server hardware demand [7]. - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [7]. - **Power Solution Upgrades**: Transitioning to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key upgrades [7]. - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [7]. - **Data Network Improvements**: Upgrades in data and power interconnects are anticipated to improve data network transmission speed and capacity [7]. - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [7]. - **Upcoming Foldable iPhone Models**: Anticipation for the release of foldable iPhone models in the second half of 2026 is noted as a potential market driver [7]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, Hon Hai/FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek [7]. - Edge AI: Xiaomi, Lenovo, Luxshare [7]. Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as price, target price, EPS, P/E ratio, P/B ratio, and ROE [8]. - Notable companies included: - **Lite-On Tech**: Current price at 162.50, target price at 150.00, with a P/E ratio of 23.3 for 2025 [8]. - **Delta Electronics**: Current price at 922.00, target price at 1288.0, with a P/E ratio of 38.9 for 2025 [8]. - **Hon Hai**: Current price at 241.00, target price at 317.0, with a P/E ratio of 16.4 for 2025 [8]. - **Foxconn Tech**: Current price at 66.80, target price at 54.00, with a P/E ratio of 26.0 for 2025 [8]. Additional Considerations - The report emphasizes the importance of considering Morgan Stanley Research as one of several factors in investment decision-making, acknowledging potential conflicts of interest [4][5].

Core Viewpoint - The A-share market experienced a strong rebound on November 13, particularly in the hard technology sector, with the Robot ETF Fund (159213) rising over 1% and attracting significant net inflows of 9 million yuan on the same day, following a total of over 30 million yuan in net inflows over the previous five days [1][3]. Group 1: Market Performance - The Robot ETF Fund (159213) ended the day with a gain of over 1%, marking the end of a three-day decline [1]. - The fund has seen continuous strong capital inflow, with a total of over 30 million yuan in net inflows over the last five days [1]. - Key component stocks of the Robot ETF Fund showed positive performance, with several stocks, including Dahua Technology and Zhongkong Technology, rising by over 2% and 1% respectively [3]. Group 2: Component Stocks - The top ten component stocks of the Robot ETF Fund include: - Huichuan Technology (300124) with a gain of 1.26% and an estimated weight of 10.22% - Keda Xunfei (002230) with a gain of 0.63% and an estimated weight of 9.25% - Dahua Technology (002236) with a gain of 2.20% and an estimated weight of 5.26% [4]. Group 3: Industry Developments - Yushu Technology launched a full-stack solution for humanoid robot data collection training, featuring the G1-D robot, which is designed for various applications [5]. - UBTECH announced the mass production of its Walker S2 humanoid robots, with a delivery target of 500 units this year, contributing to a cumulative order amount exceeding 800 million yuan for the Walker series [5]. - Industry experts predict that 2026 will mark a significant turning point for the humanoid robot industry, akin to the "iPhone moment," leading to large-scale production and benefiting companies across the supply chain [6]. Group 4: Future Outlook - The robot sector is expected to enter a phase of validation and consolidation after significant adjustments in October, with key developments from companies like Tesla and others supporting market expectations [7]. - Domestic robot companies are accelerating their capitalizations, with notable IPO plans from Yushu Technology and Leju Robotics, indicating a critical moment for the industry [8]. - Major tech players are intensifying their focus on humanoid robots, with expectations for significant production increases by 2026, potentially reaching a shipment volume of "ten thousand units" for domestic robots [8].

Core Viewpoint - The global AI industry is experiencing a bearish impact due to recent negative comments, while the domestic AI sector shows resilience, particularly in application stocks [1] Group 1: Market Performance - The AI ETF (515070) saw a slight decline of 0.8%, but stocks like Beijing Junzheng rose over 4%, with other companies such as Stone Technology, Deepin Technology, Qihoo 360, and Dahua Technology performing well [1] - In the third quarter, public funds and northbound capital reached a historical high in their holdings of the communication sector, with AI computing power being a significant contributor to this increase [1] Group 2: Industry Developments - On November 10, Intel's AI infrastructure head Sachin Katti moved to OpenAI, indicating an intensifying competition for AI talent globally [1] - Meituan launched its first AI programming assistant, CatPaw, which focuses on agent collaboration and large-scale code generation, marking a significant step in the domestic "AI + software engineering" sector [1] Group 3: Investment Recommendations - With the decline in inference costs driven by open-source models like DeepSeek, there is a simultaneous release in demand for domestic 1.6T optical modules, liquid-cooled servers, and AI power supplies [1] - It is recommended to pay attention to leading companies in the infrastructure segments such as IDC, servers, and domestic computing chips [1] Group 4: ETF Composition - The AI ETF (515070) tracks the CS AI theme index (930713), selecting component stocks that provide technology, basic resources, and application end stocks, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks include leading domestic technology companies such as Zhongji Xuchuang, Xinyi Sheng, Cambrian, Zhongke Shuguang, iFlytek, OmniVision, Hikvision, Lanke Technology, Kingsoft, and Unisplendour [2]

Core Viewpoint - Dahua Technology (002236) announced on November 12 that it has repurchased a total of 33,300,901 shares through a dedicated securities account via centralized bidding, with the repurchase period ending on November 12, 2025 [1] Summary by Category - **Company Actions** - The company has engaged in a share repurchase program, accumulating 33,300,901 shares [1]