Core Insights - Recently, Lens Technology (Changsha) Co., Ltd. was established with a registered capital of 100 million yuan [1] - The company's business scope includes manufacturing virtual reality devices, wholesale and retail of electronic components, and manufacturing of electronic components [1] - Lens Technology (300433) holds 100% ownership of the newly established company [1]

Group 1 - On September 18, Lens Technology experienced a 2.15% decline in stock price with a trading volume of 5.071 billion yuan, and a net financing outflow of approximately 22.1 million yuan [1] - As of September 18, the total margin balance for Lens Technology was 2.405 billion yuan, with a financing balance of 2.396 billion yuan, accounting for 1.53% of the circulating market value, indicating a high level compared to the past year [1] - The company repaid 35,800 shares of margin loans on September 18, with a remaining margin balance of 914.03 million yuan, also at a high level compared to the past year [1] Group 2 - Lens Technology, established on December 21, 2006, and listed on March 18, 2015, specializes in the research, production, and sales of protective panels for electronic products, primarily mobile phone screens [2] - The company's revenue composition includes 82.48% from smartphones and computers, 9.60% from smart automotive and cockpit, 5.00% from smart headsets and wearables, and 1.82% from other business [2] - For the first half of 2025, Lens Technology reported a revenue of 32.96 billion yuan, a year-on-year increase of 14.18%, and a net profit attributable to shareholders of 1.143 billion yuan, up 32.68% year-on-year [2] Group 3 - Since its A-share listing, Lens Technology has distributed a total of 9.465 billion yuan in dividends, with 4.452 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and E Fund's various ETFs, with notable changes in shareholding [3]

Core Viewpoint - The 22nd China-ASEAN Expo showcased the Rokid Glasses, a smart eyewear developed by Lens Technology and Rokid, highlighting China's advancements in smart manufacturing and innovation [1] Group 1: Product Features - Rokid Glasses weigh only 49 grams and achieve 100% domestic production from core components to assembly [3] - The product utilizes diffraction waveguide display technology, ensuring high transparency and clarity, and runs on Rokid's self-developed YodaOS, supporting various AI models with over 20 functionalities including real-time translation and object recognition [3] - It is optimized for the ASEAN region with translation capabilities in 12 languages, promoting cultural exchange [3] Group 2: Manufacturing and Design - Lens Technology has established a self-controlled supply chain for the glasses, enhancing the manufacturing process through lightweight materials and achieving breakthroughs in key technical indicators such as weight, battery life, and display quality [3] - The packaging incorporates traditional Chinese lacquer craftsmanship, showcasing a blend of traditional art and modern technology [3] Group 3: Market Reception and Impact - Rokid Glasses are the only AI hardware product selected as a VIP commemorative item at the expo, indicating strong market recognition with over 400,000 sales orders across all channels [3] - The launch of Rokid Glasses represents a microcosm of China's manufacturing transformation, with Lens Technology driving the aggregation of upstream and downstream industries in the AR sector, contributing to the establishment of a billion-level AR industry cluster in Hunan [4] - The glasses have been applied in fields such as medical assistance and industrial inspection, reflecting the development direction of technology serving the public [4]

Core Insights - The company has a long-term partnership with a major North American client, spanning ten years, and is recognized as a primary core supplier [1] - The company holds a significant market share in smart cockpit modules, including central control, B-pillar, and charging pile components [1] - In the humanoid robot sector, the company has delivered various modules, including head modules, joint modules, dexterous hands, torso shell structural components, and complete assembly to multiple clients [1] - The company is collaborating with its North American client to develop humanoid robot-related modules, although specific details are confidential due to client privacy requirements [1]

Core Viewpoint - The company, Lens Technology, has established a deep ten-year partnership with a major North American client, positioning itself as a primary core supplier in various sectors, including smart cockpit modules and humanoid robots [2]. Group 1: Business Segments Growth Outlook - **Smartphones and Computers**: The company is expected to benefit significantly from a new innovation cycle initiated by major clients, focusing on exterior and structural components, which will enhance assembly operations and profit margins [2]. - **Smart Automotive and Cockpit**: Continuous introduction of new products such as wireless charging modules and communication modules, along with breakthroughs in multi-functional ultra-thin laminated automotive glass, will increase the per-vehicle value significantly [2]. - **Smart Glasses and Wearables**: The company has successfully applied its developed exterior, structural components, and optical lenses in several high-end AI glasses and headsets, with growth in smart watch components maintaining momentum [2]. - **Other Smart Devices**: Beyond the embodied intelligence market, the company has made new business breakthroughs in smart home, medical devices, high-end gimbals, and premium pet electronics, leveraging its lean manufacturing capabilities [3].

Group 1 - The company has a long-term partnership with a major North American client, spanning over ten years, and serves as a primary core supplier in the smart cockpit module sector, holding a significant market share in components such as central control, B-pillar, and charging stations [2] - In the humanoid robot segment, the company has delivered various modules, including head modules, joint modules, dexterous hands, torso shell structures, and complete assembly to multiple humanoid robot clients [2] - The company is collaborating with its North American client to develop humanoid robot-related modules, although specific details are not disclosed due to client confidentiality requirements [2]

Group 1: Hong Kong Capital Market Developments - Hong Kong Chief Executive John Lee announced measures to support technology companies from mainland China in raising funds in Hong Kong, enhancing financial support for national technological development [1] - The Hong Kong IPO market has seen a resurgence, with 62 new listings raising a total of HKD 144.16 billion this year, surpassing the total fundraising of the past two years [1][2] - The "A+H" listing trend is accelerating, with 11 A-share companies achieving dual listings, covering sectors like hard technology, new consumption, and biomedicine [1][2] Group 2: A+H Listing Expansion - A-share companies accounted for the top five fundraising amounts in the Hong Kong IPO market this year, with a total of HKD 916.89 million raised [2] - CATL's IPO raised HKD 410.06 million, marking the largest IPO in Hong Kong in nearly four years, with significant oversubscription [2] - As of September 17, 2025, there are 161 A+H listed companies, with over 51 A-share companies in the pipeline for Hong Kong listings [2][3] Group 3: Innovative Listing Methods - New listing methods such as share swap mergers and privatization followed by introduction listings are becoming popular, simplifying the process and reducing costs [3][4] - Zhejiang Huhangzhou announced a share swap merger with Zhenyang Development, aiming for A+H dual listing [3] - New Hope Group plans to privatize New Hope Energy and list on the Hong Kong Stock Exchange through an introduction method [3] Group 4: Support for Technology Companies - The Hong Kong Stock Exchange launched the "Tech Company Fast Track" to facilitate the listing process for technology and biotech companies [6] - The recent listing of Hesai Technology marked the largest IPO in the global lidar industry and the largest return of a Chinese concept stock to Hong Kong in four years [6] - The Chief Executive's commitment to optimizing the "dual-class share" listing regulations is expected to further facilitate the return of Chinese concept stocks [6][7] Group 5: Regulatory Considerations - Current regulations for companies with different voting rights structures are seen as stringent, with calls for further relaxation to attract high-growth tech companies [7][8] - Recommendations include easing requirements for companies with a market cap over HKD 100 billion and allowing for more flexible voting rights structures [8][9] - Experts suggest that relaxing dual-class share restrictions could enhance Hong Kong's international competitiveness and alleviate delisting pressures on Chinese concept stocks [8][9]

Market Performance - The humanoid robot concept index increased by 1.82%, ranking 8th among concept sectors, with 225 stocks rising [1] - Notable gainers included Lihexing with a 20% limit up, Haoneng Co., Dongmu Co., and Junsheng Electronics also hitting the limit up, while Haoneng Electric, Huayi Technology, and Changying Precision saw increases of 14.22%, 12.48%, and 12.44% respectively [1] - The biggest decliners were Nanshan Zhishang, Naxinwei, and Shenghong Technology, which fell by 4.35%, 3.78%, and 3.78% respectively [1] Capital Flow - The humanoid robot sector experienced a net outflow of 2.917 billion yuan, with 147 stocks receiving net inflows, and 24 stocks exceeding 100 million yuan in net inflows [2] - The top net inflow stock was Jinfakeji with 1.026 billion yuan, followed by Lansi Technology and Luxiao Technology with net inflows of 705 million yuan and 427 million yuan respectively [2] Stock Performance - In terms of capital inflow ratios, Luxiao Technology, Yunnan Tourism, and Haoneng Co. led with net inflow ratios of 41.74%, 17.71%, and 15.74% respectively [3] - The humanoid robot sector's top stocks by performance included Jinfakeji with a 10% increase, Lansi Technology with a 5.94% increase, and Luxiao Technology with a 9.97% increase [3]

Market Performance - The flexible screen (foldable screen) concept increased by 2.13%, ranking fourth among concept sectors, with 87 stocks rising [1] - Leading stocks included Lihexing with a 20% limit up, and Dongmu Co., Del Future, and Kesen Technology also hitting the limit up, with respective increases of 14.66%, 11.40%, and 8.14% [1] - The worst performers in the sector were Woge Optoelectronics, Huasheng Co., and Lingyi Technology, which fell by 4.58%, 3.00%, and 2.41% respectively [1] Capital Inflow - The flexible screen concept saw a net inflow of 369 million yuan from main funds, with 62 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2] - The top stock for net inflow was Lens Technology, with 705 million yuan, followed by Defu Technology, Huagong Technology, and O-film Technology with net inflows of 174 million yuan, 173 million yuan, and 148 million yuan respectively [2] Capital Flow Ratios - The highest net inflow ratios were seen in Del Future, Lihexing, and Lens Technology, with ratios of 54.68%, 14.09%, and 13.50% respectively [3] - The flexible screen concept's capital inflow leaderboard included Lens Technology with a 5.94% increase and a turnover rate of 3.35% [3][4] - Other notable stocks included Defu Technology with a 4.52% increase and a turnover rate of 13.35% [4] Overall Sector Trends - The flexible screen concept was among the top-performing sectors today, alongside lithography machines and copper cable high-speed connections, while sectors like duty-free shops and pork saw declines [2] - The overall market sentiment appears positive for the flexible screen sector, driven by significant capital inflows and strong stock performances [2][3]

Group 1 - The Tonghuashun Fruit Index concept rose by 2.32%, ranking second among concept sectors, with 14 stocks increasing in value [1][2] - Leading gainers included Zhongshi Technology, Changying Precision, and Lens Technology, which rose by 14.09%, 12.44%, and 5.94% respectively [1][2] - The stocks with the largest declines were Lingyi iTech, Pengding Holdings, and Luxshare Precision, which fell by 2.41%, 0.74%, and 0.73% respectively [1][2] Group 2 - The concept sectors with the highest daily gains included lithography machines at 3.30% and copper cable high-speed connections at 2.18% [2] - The Tonghuashun Fruit Index experienced a net outflow of 1.472 billion yuan, with 8 stocks seeing net inflows, and 5 stocks receiving over 30 million yuan in net inflows [2][3] - The top net inflow stock was Lens Technology, with a net inflow of 705 million yuan, followed by Wentai Technology and Dongshan Precision with net inflows of 244 million yuan and 212 million yuan respectively [2][3] Group 3 - In terms of net inflow ratios, Lens Technology, Wentai Technology, and Desay Battery led with net inflow rates of 13.50%, 11.95%, and 4.29% respectively [3] - The trading volume and turnover rates for the top stocks included Lens Technology with a turnover rate of 3.35% and Changying Precision with a turnover rate of 18.89% [3][4] - Stocks such as Lingyi iTech and Luxshare Precision had significant net outflows, with Lingyi iTech experiencing a net outflow of 689 million yuan and Luxshare Precision a net outflow of 1193 million yuan [4]