Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][11]. Core Insights - The company is expected to see significant growth in HSD (High-level Driving System) in 2026, with the demand for Level 3 (L3) autonomous driving solutions anticipated to increase, suggesting a strong market opportunity [7][9]. - The company has a robust product portfolio that includes multiple solutions for mid to high-level autonomous driving, actively expanding its partnerships with automotive manufacturers [7][9]. - The report forecasts net profits for the company to reach -57.7 million RMB in 2025, -29 million RMB in 2026, 2 million RMB in 2027, and 21 million RMB in 2028, with corresponding EPS of -0.39, -0.20, 0.01, and 0.14 RMB respectively [9][10]. Summary by Sections Company Overview - The company operates in the machinery and equipment industry, with a current H-share price of 8.16 HKD as of February 26, 2026, and a market capitalization of 0 billion [3]. Recent Ratings - The last rating update was on June 24, 2025, with a closing price of 6.37 HKD and a "Buy" recommendation [4]. Financial Projections - The projected net profit for 2024 is 2,347 million RMB, with subsequent years showing a decline into losses before returning to profitability in 2027 and 2028 [10]. - Revenue from product sales is expected to grow from 2,384 million RMB in 2024 to 18,543 million RMB in 2028, indicating a strong upward trend in sales [12]. Market Trends - The report highlights that the penetration rate of vehicles equipped with urban NOA (Navigation on Autopilot) reached 15.1% in 2025, up by 5.6 percentage points from 2024, reflecting a growing acceptance of advanced driving technologies [9]. - The commercial rollout of L3 autonomous driving technology is expected to accelerate, with a projected market size for autonomous driving chips exceeding 100 billion RMB [9].

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2026 年 2 月 27 日 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(港币) | 10.2 | 公司基本资讯 | 产业别 | | 机械设备 | | | | --- | --- | --- | --- | --- | | H 股价(2026/02/26) | | | | 8.16 | | 恒生指数(2026/02/26) | | 26,381.0 | | | | 股价 12 个月高/低 | | 10.81/4.62 | | | | 总发行股数(百万) | | 14,651.88 | | | | H 股数(百万) | | 12,527.50 | | | | H 市值(亿元) | | | | 0.00 | | | 恒泰信托(香港) | | | | | 主要股东 | | 有限公司 | | | | | | (16.53%) | | | | 每股净值(元) | | | | 0.82 | | 股价/账面净值 | | | | 9.92 | ...

（图片来源：摄图网） 马年新春，当宇树科技的人形机器人在春晚舞台上完成后空翻、精准挥舞棍术时，全球观众见证的不仅是一 场科技表演，更是一个时代的序章。短短一年，从2025年扭秧歌的笨拙可爱，到2026年展现武术功底的灵活 矫健，国产人形机器人的运动能力与智能水平实现了跨越式提升。这个曾经只存在于科幻电影中的钢铁伙 伴，正以惊人的速度从实验室走向工厂，从科技前沿走向日常生活。 近日，清华大学智能产业研究院院长张亚勤预测，未来10年机器人数量会超过人类数量，替代人类的一些工 作。人类未来一周只需工作2天，工资不会减少甚至还会变高。 张亚勤表示："在2035年，就是10年，我们的机器人数目会超过人类的数目，超过70亿80亿，它代替了工 作，然后也会创造很多新的一些工作，我乐观认为，再过10年可能我们工作两天一周，拿的薪水不能减少， 薪水还是更高，这是一个前提。" 张亚勤预测背后折射出的是人形机器人产业正以指数级速度重构人类生产生活方式的深层现实。这种速度首 先体现在技术迭代的颠覆性节奏上——曾经需要数十年才能成熟的工业技术，如今在人工智能与高端制造的 交叉领域被压缩至以月为单位进化，机器人的运动控制能力从蹒跚学步到 ...

Core Viewpoint - The report from China Merchants Securities highlights the significant presence of robotics companies at the recent Spring Festival Gala, showcasing advancements in motion control and autonomy, indicating a strong governmental support phase for the robotics industry this year [1][2] Group 1: Industry Trends - The Spring Festival Gala featured a notable increase in the number of humanoid robots, reflecting the government's commitment to strengthening the humanoid robotics sector, similar to the initial phase of the new energy vehicle industry [1] - The technology demonstrated this year at the gala was more complex than in previous years, with improved group performance and coordination among robots, showcasing advancements in collective control capabilities [2] Group 2: Investment Opportunities - China Merchants Securities recommends focusing on several companies in the robotics sector, including UBTECH (09880), Yujin (02432), Geek+ (02590), and Minth Group (00425), as well as companies in the broader robotics field such as Hesai Technology (02525), SUTENG (02498), and Horizon Robotics (09660) [1] - The report anticipates a policy environment characterized by national strategic guidance and local support, which is expected to foster growth in the robotics industry [1]

Core Viewpoint - The report from China Merchants Securities highlights the significant advancements in robotics showcased during the Spring Festival Gala, indicating a strong governmental push towards the development of humanoid robots and related technologies this year [1][2]. Group 1: Industry Trends - Multiple robotics companies made a prominent appearance at the Spring Festival Gala, showcasing enhanced motion control and autonomy capabilities [1]. - The event reflects a shift in national policy towards supporting the humanoid robotics industry, similar to the initial phase of the new energy vehicle industry [1]. - The number of robots participating in the gala increased significantly compared to previous years, indicating a growing emphasis on robotics in national strategy [1]. Group 2: Company Focus - Key companies to watch in the robotics sector include UBTECH (09880), Yujian (02432), Geek+ (02590), and Minth Group (00425), along with firms in the broader robotics field such as Hesai (02525), SUTENG (02498), and Horizon Robotics (09660) [1]. - The report notes that the technical difficulty of the robot performances this year was higher than in previous years, with improved group control capabilities and zero-error execution [2]. - For instance, Yushun's robots demonstrated a 5 to 10 times increase in agility compared to last year, laying the groundwork for future service-oriented robots [2].

Market Overview - The Hang Seng Index closed down by 1.82% at 26,590.32, with a decline of 491.59 points and a trading volume of 251 billion [2] - The Hang Seng Tech Index fell by 2.13% to 5,270.70, decreasing by 114.65 points with a trading volume of 68.9 billion [2] - The Hang Seng Biotech Index dropped by 3.34% to 15,654.19, down by 541.42 points with a trading volume of 11 billion [2] - The Hang Seng China Enterprises Index decreased by 2.06% to 9,007.86, down by 189.52 points with a trading volume of 90 billion [2] - The Hang Seng Composite Index fell by 1.69% to 4,078.66, down by 70.08 points with a trading volume of 178.1 billion [2] Sector Performance - Technology stocks experienced widespread declines, with notable drops including SenseTime and Tencent Music falling over 5%, Meituan and Kingsoft down over 4%, and Ctrip and Tencent Holdings down over 3% [2] - Other major tech companies such as Kuaishou, Alibaba, Baidu, SMIC, Xiaomi, and JD Health all saw declines exceeding 2% [2] Individual Stock Movements - Kingdee International saw a significant drop of 7.77% to 9.970, with a trading volume of 721 million [3] - SenseTime fell by 5.78% to 2.610, with a trading volume of 2.326 billion [3] - Tencent Music decreased by 5.62% to 57.100, with a trading volume of 170 million [3] - Meituan dropped by 4.24% to 81.400, with a trading volume of 5.524 billion [3] - Kingsoft fell by 4.23% to 26.740, with a trading volume of 424 million [3] - Ctrip Group decreased by 3.83% to 406.800, with a trading volume of 2.044 billion [3] - Tencent Holdings fell by 3.35% to 520.000, with a trading volume of 18.829 billion [3] - Other notable declines included Alibaba Health down 2.94%, Kuaishou down 2.77%, Alibaba down 2.76%, SMIC down 2.39%, Xiaomi down 2.24%, and JD Health down 2.15% [3] Robotics Sector - The robotics sector collectively weakened, with UBTECH falling over 8%, Sanhua Intelligent Control down over 6%, and Horizon Robotics down 2% [5][6]

证券研究报告 智能汽车主线周报： 特斯拉首辆Cybercab下线，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月24日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2026.2.9-2026.2.13 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-0.5%，智能汽车指数（除特斯拉）+5.7%，智能汽车指数（除整车） +3.9%。截至2026年2月13日，智能汽车指数PS(TTM）为14.8x，该估值位于2023年初以来98%分位数；智能汽车指数（除 特斯拉）PS(TTM）为6.2x，该估值位于2023年初以来88%分位数；智能汽车指数（除整车）PS(TTM）为10.5x，该估值位于 2023年初以来86%分位数。智能汽车指数标的耐世特、曹操出行、地平线机器人、千里科技、希迪智驾涨幅前五。 （ ◼ 本周行业核心变化：1）工信部公开征求《智能网联汽车自动驾驶系统安全要求》等五项强制性国家标准的意见，也即L3和L4 国标开启征求意见稿；2）中国最高人民法院2月13日首次发布道路交通 ...

2026 年 2 月 23 日│中国内地 动态点评 汽车 增持 (维持) | 宋亭亭 | 研究员 | | --- | --- | | SAC No. S0570522110001 | songtingting021619@htsc.com | | SFC No. BTK945 | +(86) 21 2897 2228 | | 张硕* | 研究员 | | SAC No. S0570524110001 zhangshuo023124@htsc.com | | | | +(86) 21 2897 2228 | 郭春麟* 联系人 SAC No. S0570124110001 guochunlin@htsc.com +(86) 21 2897 2228 证券研究报告 汽车 国产机器人亮相春晚有望点燃市场热情 ——智驾&机器人双周报 2 华泰研究 行业走势图 (15) (6) 3 12 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | ...

今日早参 2026 年 2 月 24 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：美国高院驳回"特朗普关税"后的波折与推演 继美国国际贸易法院与联邦巡回上诉法院先后裁定"特朗普关税"违法后 （参见《法院裁决能阻止特朗普加征关税吗？》，2025/5/30），当地时间 2026 年 2 月 20 日（周五），美国最高法院判定特朗普依据《国际紧急经济 权力法》（IEEPA）征收的"对等关税"和"芬太尼关税"违法。如我们此前 预测，最高法院判决后，特朗普政府当日提出替代性关税政策，表示将依据 美国《1974 年贸易法》第 122 条在常规关税基础上对全球商品加征 10%的 关税，并很快次日在社交媒体 Truth Social 上表示将对部分国家关税上调至 15%，但未公布具体国家列表（参见《最高法院挑战"特朗普关税"后续如 何？》，2025/11/12）。然而，我们认为特朗普关税风波并不会由此平息，不 仅后续关税政策仍有变数，围绕已征收的大量关税返还的机制和体量也仍悬 而未决。IEEPA 关税被驳回彰显了美国"三权分立"体 ...

Group 1 - The core viewpoint is that the Spring Festival marks a turning point for the widespread adoption of AI among consumers, with applications evolving from Chat to Agent [1][2] - The competition among internet giants for AI traffic entry is intensifying, and the integration of multiple business lines along with AI empowerment may drive performance and valuation [1][2] - Recommended companies include Alibaba-W and Baidu Group-SW, which are expected to benefit from the continuous improvement of open-source model capabilities and the rapid growth of domestic AI chips [2][5] Group 2 - OpenAI's revenue is projected to exceed its previous target, with a potential valuation of $850 billion following a $100 billion funding round [3] - Google's Gemini3.1Pro has significantly improved its performance in abstract reasoning tests, surpassing competitors like GPT-5.2 and Claude Opus4.6 [3] - Domestic AI companies like Zhiyu and MiniMax have seen substantial stock price increases, reflecting market recognition of their new large models [4] Group 3 - The investment recommendation emphasizes the commercialization of AI and the expansion of application scenarios, with a focus on companies benefiting from IT spending in state-owned enterprises [5] - In the automotive and autonomous driving sectors, the approval of domestic L3-level pilot licenses is expected to accelerate the commercialization of advanced driving technologies [5]