Core Viewpoint - The company announced its profit distribution plan for the first half of 2025, detailing a cash dividend of RMB 1.00 per 10 shares for all shareholders, with no stock bonus or capital reserve conversion [1] Summary by Sections Profit Distribution Plan - The profit distribution plan is based on a total share capital of 4,982,732,391 shares, excluding 7,593,878 shares held in the company's repurchase account, resulting in a base of 4,975,138,513 shares for the distribution [1] - The cash dividend will be RMB 1.00 per 10 shares, which includes tax [1] - The record date for the dividend distribution is set for October 27, 2025, and the ex-dividend date is October 28, 2025 [1] Adjustments - Any changes in the total share capital or the base for this profit distribution due to share repurchases will lead to corresponding adjustments in the total distribution amount while maintaining the distribution ratio [1]

Market Performance - The Hong Kong stock market indices showed a slight narrowing of gains in the afternoon but maintained an overall upward trend, continuing the rebound from the previous day [1] - The Hang Seng Index closed at 26,027.55, up 0.65%, while the Hang Seng China Enterprises Index rose by 0.76% to 9,302.66, and the Hang Seng Tech Index increased by 1.26% to 6,007.94 [2] Sector Performance - Major technology stocks experienced a collective narrowing of gains, with Alibaba rising by 2%, while JD, Tencent, and Baidu had gains within 0.7%. Meituan turned negative, and Xiaomi fell by 1.44% [2] - Apple stocks reached a historical high overnight, which positively impacted Apple-related stocks, with companies like Highpower International rising nearly 6% and Hongteng Precision and Lens Technology increasing by 5% [2] - Semiconductor, insurance, paper, Chinese brokerage, and heavy machinery stocks maintained a generally upward trend despite a narrowing of gains in the afternoon [2] Other Notable Events - Gold and silver prices experienced significant corrections, leading to a decline in gold stocks, with China Silver Group dropping over 6% and Zijin Mining falling more than 4% [3] - Domestic retail, consumer electronics, gas, and coal stocks showed weak performance [3] - The debut of Jushuitan saw a substantial increase of 23.86%, with the Hong Kong public offering receiving nearly 1,953 times subscription [3]

Group 1 - Apple's stock price reached an all-time high, closing at $262.24, with a single-day increase of 3.94%, resulting in a market capitalization of $3.89 trillion, surpassing Microsoft to become the second-highest valued company in the U.S. after Nvidia [3] - The A-share and Hong Kong stock markets showed strong performance in the Apple supply chain, with notable increases in stocks such as Lianxu Electronics and Foxconn, reflecting positive market sentiment [2] - Counterpoint Research reported that iPhone 17 series sales in the first ten days after launch increased by 14% compared to the iPhone 16, with significant growth in both the Chinese and U.S. markets [2] Group 2 - Analysts suggest that the long-term investment value of Hong Kong stocks is becoming apparent, presenting an opportunity for investors who previously struggled to find entry points [4] - The Chief Investment Officer of DBS Bank highlighted that Chinese tech companies are still significantly undervalued compared to their U.S. counterparts, indicating substantial potential for capital inflow into the Chinese stock market [5] - Currently, China's stock market accounts for 3% of global market capitalization, while the U.S. accounts for 60%, suggesting that even a small reallocation of funds from the U.S. to China could significantly boost the Chinese market [5]

人民财讯10月21日电，港股午间收盘，恒生指数涨1.65%，恒生科技指数涨2.6%。科网股表现强势，哔 哩哔哩涨超10%；苹果概念涨幅居前，蓝思科技涨近8%；芯片股走高，中芯国际涨近6%。 转自：证券时报 ...

Core Insights - The Apple supply chain experienced significant gains, with stocks such as Universal Scientific Industrial hitting the daily limit, Luxshare Precision rising over 8%, and a trading volume exceeding 11 billion yuan [1][2]. Group 1: Stock Performance - Universal Scientific Industrial's stock price reached 21.29 yuan, with a rise of 10.03% [2]. - Luxshare Precision's stock price was 61.98 yuan, increasing by 8.45% [2]. - Lens Technology and Xinwei Communication saw their stock prices rise by over 7%, reaching 29.54 yuan and 30.10 yuan respectively [2][3]. Group 2: Hong Kong Market Performance - In the Hong Kong market, Apple-related stocks also saw upward movement, with GoerTek rising over 7% to 34.44 HKD [4]. - Other notable gains included Cowell e Holdings at 15.20 HKD (up 6.22%) and BYD Electronics at 40.92 HKD (up 5.57%) [4].

Core Viewpoint - The Apple supply chain is experiencing a strong upward trend, with significant stock price increases among key players in the industry, indicating positive market sentiment and potential growth opportunities. Group 1: Stock Performance - On October 21, stocks in the Apple supply chain surged, with companies like Huanxu Electronics hitting the daily limit, Luxshare Precision rising over 8%, and trading volume exceeding 11 billion yuan [1] - The Apple Index (884116) recorded a rise of 2.53%, reaching 6820.97 points [2] - Specific stock performances include: - Huanxu Electronics: 21.29 yuan, up 10.03% - Luxshare Precision: 61.98 yuan, up 8.45% - Lens Technology: 29.54 yuan, up 7.30% - Xinyi Communication: 30.10 yuan, up 7.27% [2] Group 2: Hong Kong Market Performance - In the Hong Kong market, Apple-related stocks also saw gains, with notable increases including: - Gao Wei Electronics: 34.44 HKD, up 7.29% - Qiu Tai Technology: 15.20 HKD, up 6.22% - BYD Electronics: 40.92 HKD, up 5.57% - AAC Technologies: 41.42 HKD, up 5.50% [3][4]

Core Viewpoint - The robotics sector is experiencing significant growth, driven by recent positive developments such as major orders and new product launches, leading to a notable increase in stock prices within the industry [3][4]. Group 1: Market Performance - The Robotics Concept Index rose by 1.67% on October 20, with 16 constituent stocks hitting their daily limit up, including Zhongwei Electronics, Huarui Co., and Feiwo Technology [1]. - The recent surge in stock prices is attributed to favorable news, including a major order of 126 million yuan for UBTECH and the launch of the new humanoid robot Unitree H2 by Yushutech [3][4]. Group 2: Key Developments - UBTECH announced it won a bid for a project worth 126 million yuan, involving its latest autonomous humanoid robot Walker S2, which is the first of its kind to feature autonomous battery swapping [3]. - Yushutech introduced the Unitree H2, a humanoid robot that stands 180 cm tall and weighs 70 kg, showcasing advanced movements and a bionic face, enhancing its human-like appearance [4]. Group 3: Industry Outlook - The robotics concept index has increased over 50% in the past year, significantly outperforming the broader market, with companies like UBTECH and Yushutech gaining considerable attention [4]. - Analysts predict that the humanoid robot market could reach a scale of 140 billion yuan by 2030, with domestic companies poised to benefit from the growing demand for core components and the potential for mass production [5][6].

Summary of Lens Technology Investor Meetings Company Overview - **Company**: Lens Technology (6613.HK) - **Date of Meetings**: 15 October 2025 - **Market Cap**: HK$169,718 million (US$21,829 million) [6] Key Industry Insights Humanoid Robots - Lens Tech's humanoid robot factory is set to begin operations in November with a designed capacity of 20,000 units per day [2] - The company plans to supply 3,000 humanoid robots and 20,000 robot dogs in 2025, with a projection of at least 20,000 humanoid robots in 2026 [1][2] - Lens Tech is the largest supplier of dexterous hands in terms of shipment [2] - Breakeven is expected if annual production reaches 100,000 units of humanoid robots [2] Server-Related Revenue - Expected revenue from server-related products is projected to be tens of millions in 2025 and Rmb5 billion in 2026, primarily from metal structural parts [1][3] - The content value for metal structural parts is estimated between US$3,000-8,000 per chassis and US$800-1,000 for liquid cooling modules [3] Smartphone and PCs - Anticipated content value for a key foldable phone model in 2H26 is US$150, with management optimistic about favorable pricing and shipment [1][4] - Lens Tech is likely to benefit from supplying cover glass and touch sensors for iOS notebooks adopting touch panels [4] Automotive Sector - The company will have glass capacity to support 1.5 million vehicles in 2026, with plans to expand capacity for a US EV customer's Shanghai factory [5] - Additional revenue projections include Rmb10 billion from glass, communication modules, and domain controllers, plus Rmb2 billion from smart cockpit solutions in 2026 [1][5] XR (Extended Reality) - Lens Tech aims to support 300,000 Rokid AI glasses in 2025 and 1-2 million in 2026 [8] - The first glasses assembly line is expected to undergo customer acceptance in November [1][8] Financial Projections - **Target Price**: HK$31.00, representing a potential return of 16.8% and a total expected return of 18.7% including a 1.9% dividend yield [6][9] - **Valuation**: Target price based on 23.0x 2026E EPS, reflecting a 25% discount to A-share P/E target multiple [9][11] Risks - Key risks include potential delays in the foldable iOS smartphone launch, lower-than-expected growth in global smartphone, tablet, automotive, XR, and AI smart glasses markets, and FX volatility due to macro uncertainties [10][12] Conclusion - Lens Technology is positioned for growth across multiple sectors, including humanoid robots, automotive, and XR technologies, with significant revenue potential projected for 2026. However, investors should remain cautious of the outlined risks that could impact performance.

Index Performance - The CSI A500 Index decreased by 3.31% this week, closing at 5392.97 points on October 17 [5] - The average daily trading volume for the week was 8521.04 billion yuan, reflecting a 22.20% decrease compared to the previous week [5] Top Performers - The top ten gainers in the CSI A500 index included: 1. Shanghai Pudong Development Bank (600000.SH) with a gain of 12.50% 2. Agricultural Bank of China (601288.SH) with a gain of 11.57% 3. Huatian Technology (002185.SZ) with a gain of 10.02% 4. Shanghai Jahwa United Co., Ltd. (600315.SH) with a gain of 9.42% 5. Hainan Airport (600515.SH) with a gain of 8.96% 6. Shaanxi Coal and Chemical Industry (601225.SH) with a gain of 8.61% 7. Jiangsu Bank (600919.SH) with a gain of 8.60% 8. Tongwei Co., Ltd. (600438.SH) with a gain of 8.31% 9. Air China (601111.SH) with a gain of 7.63% 10. China Pacific Insurance (601319.SH) with a gain of 7.32% [2] Bottom Performers - The top ten losers in the CSI A500 index included: 1. Shengquan Group (605589.SH) with a loss of 18.04% 2. Wentai Technology (600745.SH) with a loss of 17.17% 3. Betta Pharmaceuticals (300558.SZ) with a loss of 16.98% 4. Leo Group (002131.SZ) with a loss of 16.55% 5. Jinlang Technology (300763.SZ) with a loss of 15.40% 6. Tongfu Microelectronics (002156.SZ) with a loss of 14.98% 7. Yake Technology (002409.SZ) with a loss of 14.35% 8. Lens Technology (300433.SZ) with a loss of 14.26% 9. Zhongding Sealing Parts (000887.SZ) with a loss of 13.99% 10. Robot Technology (300757.SZ) with a loss of 13.95% [2] Fund Performance - All 40 CSI A500 ETFs experienced declines, with notable drops in Huatai-PB's CSI A500 Enhanced ETF and Guolian's A500 Enhanced ETF, both falling over 4% [5] - The total scale of the CSI A500 ETFs fell below 200 billion yuan, with Huatai-PB's fund at 249.03 billion yuan, Guotai's at 226.56 billion yuan, and E Fund's at 221.29 billion yuan [5] Market Insights - Pacific Securities research team suggests a balanced allocation towards low-position sectors, particularly banks and insurance with dividend protection attributes, as well as coal and agriculture sectors benefiting from domestic demand recovery [6] - Guohai Securities research team indicates that uncertainties from trade frictions may lead to a rotation in market styles, with a shift from overvalued growth sectors to undervalued sectors [6]

财通证券（601108）股份有限公司研究员张益敏、黄梦龙10月9日发布研报《蓝思科技：精密制造龙头 多元布局开启成长周期》称，给予蓝思科技"增持"评级。 中国经济网北京10月17日讯蓝思科技（300433）(300433.SZ)今日收报27.35元，跌幅4.34%。 蓝思科技自10月10日至17日，6个交易日中仅15日股价上涨。 ...