2月23日，港股市场迎来马年第二个交易日，机器人概念板块（887755.WI）表现亮眼，截至午盘大涨 1.76%。成分股中，ASMPT（05522.HK）大涨5.27%，华虹半导体（1347.HK）大涨4.83%，耐世特、金 力永磁、天工国际等个股跟涨。 春晚带来的热度直接传导至消费端，各大电商平台机器人产品销量迎 来爆发式增长。据抖音电商官方数据显示，2月16日至18日，抖音电商机器人产品GMV（商品交易总 额）同比大幅增长1680%，订单量同比增长655%。（21世纪经济报道） ...

Group 1 - The robotics sector in the Hong Kong stock market has shown strong performance, with the robotics concept index rising by 1.76% as of the midday session on February 23 [1][2] - Notable stocks in the sector include ASMPT, which increased by 5.27%, and Huahong Semiconductor, which rose by 4.83% [1][2] - The previous trading day saw significant gains in robotics stocks, with Yujian closing up 21.4% and Sutech rising by 9.24% [3] Group 2 - The surge in the robotics sector is attributed to the prominent display of robots during the 2026 CCTV Spring Festival Gala, where several domestic robotics companies showcased their products [3][4] - The performances included advanced robotic capabilities, such as the first-ever robot Airflare and synchronized speech and facial movements [4] - The event has been interpreted as a significant step for the industry, moving from experimental phases to mainstream visibility, thus accelerating commercialization expectations [4] Group 3 - The Spring Festival Gala has led to a dramatic increase in robot product sales on e-commerce platforms, with Douyin reporting a 1680% year-on-year increase in GMV for robot products [5] - JD.com also experienced a surge in robot-related searches and orders, with a 300% increase in search volume and a 150% increase in order volume within two hours of the gala's broadcast [5] - The robotics industry is seeing positive developments, with companies like Sutech forecasting a net profit of at least 60 million RMB for Q4 2025, marking a new phase in their business development [5] Group 4 - Analysts from Guohai Securities highlight that the wave of electrification and intelligence in robotics is expected to open up broader market opportunities, suggesting a significant investment opportunity in the humanoid robotics sector [6] - Dongwu Securities notes that Tesla's Optimus is on track for mass production in 2026, indicating a narrowing supply chain focus on key components [6] - The report emphasizes the importance of technological iteration and cost reduction in the robotics sector, with specific attention to advancements in dexterous hands and lightweight materials [6]

消息面上，2月18日，特斯拉宣布首辆Cybercab在美国德州超级工厂下线，标志着Robotaxi开始向实车落 地阶段迈进，并将为其大规模铺开Robotaxi服务奠定基础。 智通财经APP获悉，智驾概念股表现亮眼，截至发稿，浙江世宝(01057)涨16.88%，报7.2港元；耐世特 (01316)涨3.88%，报8.03港元；均胜电子(00699)涨2.61%，报17.7港元；敏实集团(00425)涨1.49%，报 46.22港元。 东方证券发布研报称，随着实车落地完成，预计后续Cybercab按既定计划量产及后续爬坡的确定性较 高。根据特斯拉规划，Cybercab产量增长将遵循S曲线，长期目标产量将远超特斯拉所有其他车型总 和，预计进入Cybercab配套体系的汽零公司将有望持续迎来增量配套机会。 ...

Group 1: Market Updates - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding CATL, Luoyang Molybdenum, and Laopu Gold [1] - The Dow Jones Industrial Average rose by 48.95 points to 49,500.93, a gain of 0.1%, while the S&P 500 increased by 3.41 points to 6,836.17, a rise of 0.05%. The Nasdaq Composite fell by 50.48 points to 22,546.67, a decline of 0.22% [2] - Gold and silver futures both rose over 2%, with gold prices surpassing $5,000, closing at $5,063.80 per ounce, and silver at $77.27 per ounce [3] Group 2: Regulatory Developments - The State Administration for Market Regulation issued the "Antitrust Compliance Guidelines for Internet Platforms," aimed at clarifying the boundaries of competitive behavior for platform operators [4] - The Financial Regulatory Bureau, in conjunction with the Market Regulation Bureau and the People's Bank of China, held discussions with six travel platform companies regarding compliance in lending practices [5] - The People's Bank of China and the Financial Regulatory Bureau released a list of 21 systemically important banks, categorized into five groups based on their importance scores [6] Group 3: Industry Performance - In January, the national port equipment operating rate was 33.85%, an increase of 2.97 percentage points year-on-year, indicating strong demand in foreign trade [7] - SF Holding reported a total revenue of 26.86 billion yuan in January, a year-on-year increase of 2.22%, driven by growth in supply chain and international logistics [9] - Sands China Limited reported a net profit of $896 million for 2025, a decrease of 14.3%, while total revenue increased by 5.1% to $7.44 billion [10] Group 4: Technological Advancements - MIKRON Heart Technology announced that its new generation implantable cardioverter-defibrillator (ICD) is entering the special review process for innovative medical devices, potentially becoming the first domestically approved MRI-safe ICD [8] - The release of the national certification standard for automotive steering systems is seen as a significant step towards the mass production of steer-by-wire technology, which offers advantages such as improved cabin space and enhanced driving comfort [11]

Investment Highlights - The SW Auto Parts Index increased by 1.69% this week, ranking 3rd among SW Auto sectors, with a year-to-date increase of 4.94% [3][12] - The latest PE (TTM) for SW Auto Parts is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile [3][35] - The trading activity in the auto parts sector has shown a gradual increase since February [3][30] Robotics Sector Review - The Wande Robotics Index rose by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the SW Auto Parts sector by 0.58% [4][12] - The latest PE (TTM) for the robotics sector is at the 73.90% percentile for the past year, and the PB (LF) is at the 78.31% percentile [4][46] - The trading heat in the robotics sector is at a low point since 2025 [4][40] Key Company Developments - Sensible Group will establish a joint venture in North America with Green Harmony for robotic joint modules [5] - Top Group forecasts 2025 revenue between 28.75 billion to 30.35 billion yuan, with a net profit of 2.6 billion to 2.9 billion yuan [5] - Feilong Co. increased its investment in Longtai Company by 732 million yuan [5] - New Spring established a wholly-owned subsidiary in Shanghai [5] Top Performers of the Week - The top five gainers this week include: - Precision Forging Technology +28.98% - Sensible Group +17.05% - Naisite +16.22% - Yinlun Co. +7.73% - Changhua Group +7.34% [6][54] Major Events - The release of the world's first warehouse robot Gino 1 by Jizhi Jia [8] - Xiaomi open-sourced its first-generation robot VLA large model [8] - UBTECH and the humanoid robot innovation center launched the full-size research humanoid robot "Tiangong Walker DEX" [8] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on companies expanding capacity in Europe, North America, and Southeast Asia [9] - For robotics, look for certainty in opportunities, especially with the anticipated release of Optimus V3 in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yuzhu, and Zhiyuan [9] - Recommended stocks based on EPS include: Fuyao Glass, Xingyu Co., Sensible Group, Junsheng Electronics, and Xingyuan Zhuomei, with New Spring as a focus [9] - Recommended stocks based on PE include: Top Group, Junsheng Electronics, Shuanghuan Transmission, Sensible Group, Yinlun Co., and Feilong Co., with a focus on Yapu Co. and Daimai Co. [9]

Core Viewpoint - 2026 is projected to be the year of mass production for steer-by-wire (SBW) technology, aligning with the trend of autonomous driving, leading to an industry upgrade. The target price is set at HKD 10.2 based on an 18x PE valuation for 2026, with a buy rating [1]. Group 1: Industry Trends - The steering system in automobiles is transitioning from electric power steering (EPS) to steer-by-wire (SBW), with average selling prices (ASP) increasing from C-EPS at 1,000 yuan to R-EPS at 2,000 yuan, and further to SBW at 4,000 yuan [1]. - Currently, EPS remains the mainstream technology in the industry, with a domestic penetration rate reaching 99% [1]. Group 2: Company Developments - The company has seen a growing number of clients and orders for its steer-by-wire technology, being the exclusive supplier for Tesla's robotaxi and the supplier for the Li Auto L9 Livis, both set for mass production in the first half of the year [1]. - Tesla's Cybercab is a key vehicle for achieving Level 4 autonomous driving, aiming to eliminate human intervention through a combination of pure vision FSD solutions and steer-by-wire chassis [1]. Group 3: Regulatory Environment - The legal status of steer-by-wire technology has been clarified with the release of the national certification standard "Basic Requirements for Automotive Steering Systems," effective from July 1, 2026. This standard emphasizes safety requirements and introduces functional safety terminology and verification methods [3]. - The new regulations remove the mandatory mechanical connection between the steering wheel and the steering system, establishing the legal status of SBW and setting strict safety redundancy and failure response standards [3].

Market Overview - The market performance is generally poor before major holidays due to concerns about potential issues during the break, with the Hang Seng Index dropping by 1.72% [1] - The U.S. non-farm payroll data exceeded expectations, causing the probability of a Fed rate cut in March to plummet from 20% to 8%, which could negatively impact the stock market if the upcoming CPI data is also unfavorable [1] - The Nasdaq experienced a significant drop of over 2% due to AI-related fears, leading to a chain reaction where investors sold gold to cover margin calls, despite no fundamental deterioration in gold [1] AI and Technology Sector - The subscription service GLM Coding Plan by Zhihui (02513) announced a price increase due to strong market demand, with user growth and usage volume rapidly increasing [2] - Zhihui's GLM-5 model ranks first in three major agent evaluation benchmarks, and its coding capabilities are approaching those of Claude Opus 4.5, indicating a strong competitive position [2] - MiniMax+ (00100) also saw a rise of over 15%, both companies reaching historical highs, with expectations of foreign capital focusing on driving up stock prices after the Spring Festival [2] Automotive Industry - The Ministry of Industry and Information Technology is soliciting opinions on mandatory national standards for intelligent connected vehicles, which will replace the previous recommended standards [3] - The new standards will introduce safety guarantees and certification systems, establishing product access conditions and detailing technical indicators and simulation testing requirements [3] - Companies in the intelligent driving sector, such as Nari Technology (01316) and Zhejiang Shibao (01057), experienced stock price increases following the announcement [3] Robotics Sector - MicroPort Robotics-B (02252) reported that its core product, the Tumi laparoscopic surgical robot, has surpassed 200 global commercial orders, with successful surgeries conducted in nearly 10 countries [4] - The company has achieved a 100% success rate in nearly 800 remote surgeries, leading to a stock price increase of over 11% [4] - Other companies in the robotics field, such as Yujia Technology (02515) and UBTECH (09880), also saw stock price increases following MicroPort's announcement [4] Metals Sector - Reports indicate that Trump is considering reducing tariffs on aluminum products, which could provide opportunities for the aluminum sector during the adjustment period [5] - The aluminum sector experienced a notable drop, but the current aluminum premium in the U.S. indicates that tariff costs are primarily borne by American consumers rather than foreign producers [6] - Potential tariff reductions could positively impact U.S. aluminum demand, suggesting a neutral to slightly bullish outlook for the aluminum sector [6] Consumer Sector - China Duty Free Group (01880) reported strong sales data following the opening of Hainan's duty-free market, with sales reaching 1.106 billion yuan during the Spring Festival [7] - The company is set to implement zero-tariff policies for daily consumer goods and has planned multiple promotional activities to boost sales [7] - A significant acquisition of DFS in the Greater China region and strategic investment from LVMH is expected to enhance the company's market position and resource access [7]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 10.2 based on a 2026 PE of 18 times [1][3][7]. Core Insights - The year 2026 is projected to be the year of mass production for the company's steer-by-wire (SBW) technology, aligning with the trend towards autonomous driving and industry upgrades [2][3]. - The average selling price (ASP) of steering systems is expected to increase from C-EPS at RMB 1,000 to R-EPS at RMB 2,000, and further to SBW at RMB 4,000 [2]. - The company is the exclusive supplier of SBW systems for Tesla's robotaxi and is also supplying for the Li Auto L9 Livis, both set for mass production in the first half of the year [2]. - The new national standard for automotive steering systems, effective from July 1, 2026, has clarified the legal status of SBW, enhancing safety requirements and eliminating the mandatory mechanical connection between the steering wheel and the steering system [3]. Financial Summary - Sales revenue is projected to grow from USD 4.207 billion in FY 2023 to USD 5.425 billion in FY 2027, with a compound annual growth rate (CAGR) of approximately 9% [5]. - Net profit is expected to increase significantly from USD 37 million in FY 2023 to USD 222 million in FY 2027, reflecting a growth rate of 22% [5]. - The gross margin is anticipated to improve from 9% in FY 2023 to 13% in FY 2026 and FY 2027 [5]. - The price-to-earnings (P/E) ratio is projected to decrease from 63.4 in FY 2023 to 10.5 in FY 2027, indicating a more attractive valuation over time [5].

线控转向量产将至 2026 年是耐世特线控转向量产元年，顺应自动驾驶大浪潮，转向行业将迎来产业 升级。我们以 2026 年 18 倍 PE 为估值参考，目标价 10.2 港元，买入评级。 报告摘要 26 年线控转向迎来商业化落地。汽车的转向系统处在从电控转向（EPS）向线控 转向(SBW)升级中，ASP 从 C-EPS 的 1000 元至 R- EPS 的 2000 元至 SBW 的 4000 元持续提升。当前 EPS 仍为行业主流，国内渗透率已达 99%。耐世特的线 控转向客户与订单在不断增多，耐世特是特斯拉 robotaxi 的独家线控转向供应商， 也是理想 L9 Livis 的供应商，这两款车型将于上半年量产交付。Cybercab 是特斯 拉实现 L4 级自动驾驶商业化的核心载体，旨在通过去除人为干预装置（方向盘、 踏板），通过纯视觉 FSD 方案与线控底盘的结合，实现车辆的完全解耦。特斯拉 的线控转向技术在 Cybertruck 上已实现量产，并将在 Cybercab 上进一步迭代。 其线控转向技术的应用不再是为了驾驶手感，而是为了适应无物理连接的自动控 制需求，结合车速与行驶状态控制车轮，反应速度远 ...

Group 1 - Several smart driving concept stocks experienced a rise in early trading, with Zhejiang Shibao (01057) increasing by 9.20% to HKD 6.05 [1][3] - Nexperia (01316) saw a gain of 7.17%, trading at HKD 7.77 [1][3] - Youjia Innovation (02431) rose by 2.75%, reaching HKD 13.81 [1][3] - Minth Group (00425) increased by 3.21%, with a price of HKD 43.70 [1][3]