Group 1 - The core viewpoint of the article highlights the milestone of Shenzhen reaching 600 listed companies, showcasing the strong capital vitality of the Shenzhen market, particularly in the hard technology sector [1] - HBN, a skincare brand focusing on efficacy, has submitted its listing application to the Hong Kong Stock Exchange, representing a new addition to Shenzhen's innovative landscape [1][10] - HBN's founder, Yao Zhenan, has a background in both technology and aesthetics, which has influenced the brand's commitment to genuine efficacy in skincare [3] Group 2 - HBN has established itself as a pioneer in the A-retinol anti-aging segment, with its products ranking first in sales within the category for three consecutive years from 2022 to 2024 [4] - The brand is recognized as the youngest among the top ten domestic skincare brands in China, and it leads the market for improvement-oriented skincare products [4] - HBN's research team consists of 103 members with expertise in various fields, contributing to its innovative product development and industry-leading results [6] Group 3 - HBN is the only skincare brand in China that has undergone efficacy testing by an international authority for its entire product line, reinforcing its commitment to genuine efficacy [8] - The brand has accumulated over 4.6 million repeat customers, with average repurchase rates on platforms like Tmall and Douyin significantly exceeding industry averages [8] - Financially, HBN achieved total revenue of 2.083 billion yuan in 2024, with net profit rising to 129 million yuan, indicating a healthy growth trajectory [9] Group 4 - HBN's upcoming listing on the Hong Kong Stock Exchange marks a new development phase, leveraging its commitment to rigorous research and user trust to set a differentiated path in the beauty and broader consumer sectors [10]

Core Insights - Shenzhen has officially surpassed 600 listed companies with the recent IPOs of Zhuozheng Medical and Dazhu CNC on February 6, marking a significant milestone in the city's financial landscape [1] Group 1: Market Performance - Zhuozheng Medical's stock closed at 80.8 HKD per share, up 34.89%, while Dazhu CNC's stock closed at 113 HKD per share, up 17.95% on their first trading day [1] - The total market capitalization of Shenzhen's listed companies exceeds 19 trillion CNY, with domestic companies accounting for 12.59 trillion CNY, maintaining the second position among major cities in China [3] Group 2: Company Growth and Innovation - The emergence of star enterprises has driven the growth and quality of Shenzhen's listed companies, with notable examples including Beixin Life, Dapu Micro, and Huike Co., which have achieved significant milestones in their respective sectors [3] - Shenzhen's listed companies reported a cumulative operating revenue of 5.2 trillion CNY and a net profit of 457.8 billion CNY for the first three quarters of 2025, reflecting year-on-year growth of 7.36% and 3.98% respectively, with manufacturing contributing 99.87% to revenue [3] Group 3: Technological Advancements - Approximately 80% of newly listed companies in Shenzhen are from the Sci-Tech Innovation Board and the Growth Enterprise Market, indicating a strong focus on hard technology [5] - Shenzhen's strategic emerging industries have a research and development intensity of 7%, with BYD leading with over 54 billion CNY in R&D investment, and a significant number of companies exceeding 10% in R&D intensity [5] Group 4: Industry Expansion - Shenzhen has seen a continuous expansion of its overseas listing landscape, with 38 new companies listed abroad in the past three years, raising a total of 29.57 billion HKD in initial public offerings [3] - The city is actively promoting the development of frontier industries, with companies like UBTECH and Huichuan Technology making strides in robotics and automation, contributing to the transformation of traditional manufacturing into smart production [6]

致：香港交易及結算所有限公司 公司名稱: 速騰聚創科技有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.2.0 FF301 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02498 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | USD | | 0.0001 | USD | | 80,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 800,000,000 | USD | | 0.0001 | ...

除核心部件外，速腾聚创还在算法、自研大模型等方面持续攻坚，构建起全栈AI技术能力，推出首个 具身智能解决方案。目前，该方案已支持即时配送超长程任务操作，未来还将在物流、工业、商业服务 等场景展开商业化探索。 速腾聚创将发挥软硬一体化的产品体系优势与成熟的规模化量产经验，携手全球产业伙伴，加速人形机 器人在更多场景中的深度应用与商业化进程。 速腾聚创 @ robosense 览沃科技 L IVOX SLAMTEC 思岚科技 C HESAI 禾赛科技 数据来源:中国机器人网，2026年1月 注：以上数据基于中国机器人网2025年全年人形机器人领域激光雷达市场专项研究，结合中国主流人形机器人 品牌网络宣传及其感知方式披露和相关技术数据统计分析得出；于2026年1月完成调研；部分企业不方便提供 相关信息或不参与排行,故未列入排行榜中。 G 條隆汇 近日，凭借数字化激光雷达E1R、Airy等产品展现的领先性能优势，RoboSense速腾聚创在中国机器人 网发布的《2025年中国人形机器人激光雷达销量排行》榜单中问鼎行业第一。在人形机器人领域，速腾 聚创已经与宇树、智元、众擎等超20家顶尖创新企业建立合作关系，共同探索机 ...

Core Insights - The humanoid robot industry is focusing on practical applications beyond entertainment, with companies like Yushutech and Magic Atom announcing their participation in the Spring Festival Gala, while also facing criticism about the need for numerous dancing robots [1] - Companies are advancing humanoid robots into real-world scenarios, achieving significant milestones, such as Zivariable Robotics completing a 1 billion yuan financing and demonstrating autonomous food delivery using their self-developed VLA end-to-end model [1] - The end-to-end embodied large model technology aims to enable robots to make continuous decisions in real environments, but it is not a lightweight or highly certain technical path, requiring substantial funding and resources [2] Company Strategies - Zivariable Robotics is one of the early adopters of the end-to-end embodied large model technology, focusing on continuous decision-making from perception to action execution [1][2] - Sooteng Juchuang showcases a different approach with its VTLA-3D model, which integrates laser radar 3D point clouds and tactile feedback to enhance spatial understanding, reducing reliance on large-scale data during training [2] - The industry is divided into two main paths: one emphasizes immediate usability through multi-modal sensing, while the other focuses on long-term general intelligence through pure visual models [3] Engineering Approaches - A more engineering and delivery-oriented route is emerging, focusing on structured tasks and modular capabilities, allowing robots to perform reliably within defined task boundaries [3][4] - This engineering-focused approach offers high controllability and stability, making it suitable for semi-structured environments like industrial applications, but it struggles with adaptability to significant changes in tasks or environments [4] Industry Outlook - The humanoid robot industry is attempting to overcome several practical barriers to large-scale deployment, including safety coexistence, continuous operation, dexterous manipulation, and cost control [4] - Industry experts believe that while there is potential for breakthroughs in core capabilities within the next five years, achieving truly generalized humanoid robots will require time and accumulation of experience [5]

Macro and Strategy - The report discusses the "anti-involution" policy aimed at addressing overcapacity and disorderly competition, marking a significant shift in the construction of a unified national market [6][8] - The policy evolution is divided into three phases, with the current phase focusing on systematic implementation to eliminate local protectionism and market segmentation [6][7] - The report emphasizes the need for administrative coordination to break down local protection and industry barriers, while also advocating for a long-term focus on reasonable profit margins for enterprises [8][9] Industry and Company - The electronic industry report highlights the rapid emergence of AI applications, with a focus on the computing power chain becoming a central investment theme [16] - The automotive industry report notes that the penetration rate of NOA (Navigation on Autopilot) in urban areas has exceeded 20%, with significant investments in autonomous driving technologies [23][24] - The agricultural sector report indicates a rise in potassium fertilizer contract prices and increased demand for phosphate rock driven by energy storage needs [3] - The real estate sector in Hong Kong shows signs of recovery, with a 21% increase in private residential transaction volume in 2025, marking the second-highest level since 2013 [33][34] - The report on public REITs indicates a continued divergence in performance across different asset types, with a strong long-term allocation value expected as the market matures [10][11] Investment Strategies - The report suggests focusing on sectors benefiting from policy support and strong fundamentals, such as affordable housing and new infrastructure related to digital economy upgrades [10][11] - In the automotive sector, recommendations include investing in companies with strong new product cycles and those involved in intelligent driving technologies [26][29] - The report advises on maintaining a balanced asset allocation strategy, particularly in light of potential market volatility and economic recovery signals [12][13]

法国巴黎，2026年2月3日，全球领先智能割草机器人品牌未岚大陆今日宣布，其独家搭载RoboSense全固态数字化 LiDAR的三大产品线正式上市，涵盖了主打均衡性能与智能避障的H2系列以及专注高效覆盖的i2 LiDAR型号，构建了 完整的家庭与商用解决方案。 芯片级集成：搭载全球首款激光雷达接收处理一体化SPAD-SoC芯片和业内唯一可量产的2D VCSEL发射芯片，内部高 度集成，点云质量高，算法融合友好，为高性能打下坚实基础。 车规级品质：从核心芯片全系满足AEC-Q102车规认证，到整机产品通过超60项可靠性测试，在高低温、雨水、沙尘 等严苛环境下仍能稳定运行。 速腾聚创车规级全固态数字化激光雷达 E1R，凭借全栈自研的断代技术领先成为未岚大陆新品的核心感知之选，为割 草机器人带来全方位性能跃迁： 精准感知与建图：凭借超密集 3D 点云输出能力，在同一FOV内分辨率高达传统激光雷达的4倍。建图导航高效精准， 实时还原庭院环境。 全天候稳定作业：主动式探测技术使其在易遮挡、易碰撞的窄径等复杂环境中，仍能保持厘米级定位表现，信号稳定 不中断；无惧弱光、强光、明暗交替等复杂场景，全天候高效作业。 卓越避障： ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [6]. Core Insights - The penetration rate of NOA (Navigation on Autopilot) in urban areas exceeded 20% in November, with Waymo completing a new round of financing amounting to 160 billion yuan [1][17]. - The report highlights significant advancements in smart driving technologies, with L2 and above penetration rates for passenger vehicles reaching 38% in November, a year-on-year increase of 22 percentage points [3]. - Key companies recommended for investment include XPeng Motors, JAC Motors, and Geely for complete vehicles, while Pony.ai and WeRide are recommended for L4 technologies [4]. Summary by Sections Industry News - Waymo completed a new round of financing of 160 billion yuan [1][17]. - Pony.ai partnered with Aitbot to develop high-end Robotaxi services [1]. - WeRide launched its self-developed general simulation platform, WeRide GENESIS [1]. - HoloMatic delivered unmanned mining trucks in bulk [1]. - Hesai Technology led the market in 3D LiDAR shipments for lawnmowers [1]. - XPeng Motors' AD Pro received a major upgrade, becoming the first to mass-produce based on a single Journey® 6M chip [1]. High-Frequency Core Data Updates - The penetration rate of 8MP cameras in passenger vehicles reached 51% in November 2025, up 31 percentage points year-on-year [2]. - NVIDIA's driving chip market share increased to 54.3% [2]. - The penetration rate of LiDAR in passenger vehicles reached 16.6%, a year-on-year increase of 10 percentage points [2]. Smart Driving - The penetration rate of passenger vehicles with L2 and above functions reached 38% in November, with urban NOA at 20.6% [3]. - Sensor penetration rates for front-view cameras, forward millimeter-wave radar, and LiDAR were 69.0%, 58.4%, and 16.6%, respectively [3]. - The penetration rate of driving domain controllers reached 37.2%, a year-on-year increase of 19 percentage points [3]. Investment Recommendations - Recommended companies for complete vehicles include XPeng Motors, JAC Motors, and Geely [4]. - For L4 technologies, recommended companies are Pony.ai and WeRide [4]. - Recommended component suppliers include SUTENG for data acquisition and Horizon Robotics for data processing [4].

Core Viewpoint - Daiwa has reiterated a "Buy" rating for SUTENG JUCHUANG (02498) and raised the 12-month target price from HKD 56 to HKD 60 based on price-to-sales ratio, while increasing revenue forecasts for the next two years by 8% to 12% [1] Group 1 - The forecast for non-ADAS LiDAR shipments this year has been raised from 450,000 units to 746,600 units, and the 2027 forecast has been increased from 650,000 units to 1,200,000 units, reflecting solid business progress with Robotaxi operators and unmanned delivery vehicle operators [1] - The company is positioned increasingly favorably in the commercialization of L4 autonomous driving technology, leveraging its SPAD-based 520-line digital LiDAR (EM4) and the industry's first mass-produced solid-state blind spot LiDAR (E1) [1] - The 520-line LiDAR is becoming increasingly popular among Robotaxi operators, having secured over 200,000 orders for unmanned delivery vehicles [1]

Core Viewpoint - Daiwa has reiterated a "Buy" rating for SUTENG JUCHUANG (02498) and raised the 12-month target price from HKD 56 to HKD 60 based on the price-to-sales ratio, while also increasing revenue forecasts for the next two years by 8% to 12% [1] Revenue Forecasts - The forecast for non-ADAS lidar shipments this year has been raised from 450,000 units to 746,600 units, and the 2027 forecast has been increased from 650,000 units to 1,200,000 units, reflecting solid business progress with Robotaxi operators and unmanned delivery vehicle operators [1] Product Development - The company is positioned increasingly favorably in the commercialization of L4 autonomous driving technology, leveraging its SPAD-based 520-line digital lidar (EM4) and the industry's first mass-produced solid-state blind spot lidar (E1) [1] Market Penetration - The 520-line lidar is becoming increasingly popular among Robotaxi operators, with over 200,000 orders for unmanned delivery vehicles secured [1]