Core Viewpoint - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating which companies have seen the largest increases and decreases in ownership percentages over recent trading days [1][2][3]. Summary by Category Recent Changes in Holdings - GX Hengsheng High Dividend (03110) saw an increase of 0.22% in its Hong Kong Stock Connect holding percentage, bringing it to 2.09% [2] - The largest decrease was observed in Southern Hengsheng Technology (03033), which dropped by 0.31% to 59.93% [2] Five-Day Changes - The most significant increase in holdings over the last five trading days was for Dazhong Public Utilities (01635), which rose by 8.30% to 67.37% [3] - Conversely, Kingsoft Cloud (03896) experienced the largest decrease, falling by 2.65% to 25.92% [3] Twenty-Day Changes - Over the past twenty days, Dazhong Public Utilities (01635) also led with a substantial increase of 34.28%, reaching a holding percentage of 67.37% [4] - The largest decrease was recorded for Yisou Technology (02550), which fell by 13.04% to 33.85% [4]

Group 1: Hong Kong Stocks - Fu Bo Group (03738) rose over 5% after OpenAI released the latest audio and video generation model Sora2, which has topped the iOS free chart in the US since October 3 [1] - Lenovo Group (00992) increased by over 5% as the acquisition plan for Infinidat is progressing smoothly, with completion expected by the end of the year [1] - Luoyang Molybdenum (03993) surged over 6% following a warning from the President of the Democratic Republic of the Congo about a permanent ban on companies violating new cobalt export quota regulations [1] - Black Sesame Intelligence (02533) rose over 7% after announcing a partnership with Chery and Taibao Insurance, with plans to launch a new robotics product line [1] - JD Logistics (02618) increased over 3% after announcing a business transfer agreement with JD.com [1] - Hua Hong Semiconductor (01347) rose over 7% as local supply chain acceleration is expected to rapidly expand domestic foundry demand [1] - Mixue Group (02097) surged over 8% after announcing a cross-industry investment in fresh beer brand Fu Lu Jia, aiming for a "tea + coffee + fresh beer" strategy [1] - Shanghai Electric (02727) increased over 13% with recent positive developments in the controllable nuclear fusion sector [1] Group 2: US Stocks - Tesla (TSLA.US) rose 1.29% after updating the order information for Model Y and Model 3, with Model Y's starting price reduced by about 11% [3] - TSMC (TSM.US) increased by 3.57% as the pricing for 2nm process foundry services is expected to rise by about 15%-20% compared to 3nm [3] - Oracle (ORCL.US) rose 1.54% following a partnership with SoftBank to provide secure and compliant cloud and AI services for Japanese enterprises [3] - AMD (AMD.US) surged 11.37% after announcing an investment from OpenAI, leading to target price upgrades from several major banks [3] - Confluent (CFLT.US) increased by 7.57% as it explores a potential sale with an investment bank [3] - Futu Holdings (FUTU.US) rose 4.52% as Morgan Stanley reported no significant impact on customer acquisition after halting new account openings for mainland clients [4] - Dell Technologies (DELL.US) increased by 9.05% as it nearly doubled its revenue and profit growth expectations for the next four years, driven by AI product demand [4] - Micron Technology (MU.US) rose 5.84% as major DRAM manufacturers in South Korea and the US have paused quotes to enterprise customers for a week [4]

Core Viewpoint - Black Sesame Intelligence (02533) has seen a significant stock price increase following a strategic partnership with Chery Commercial Vehicles and China Pacific Insurance, focusing on integrating advanced driving assistance technology with insurance mechanisms to enhance safety and operational efficiency in new energy commercial vehicles [1] Group 1: Strategic Partnership - Black Sesame Intelligence, Chery Commercial Vehicles, and China Pacific Insurance have formed a strategic collaboration to explore an innovative "technology + insurance" model [1] - The partnership aims to create a linkage mechanism between risk reduction and premium discounts, enhancing safety upgrades and operational efficiency for new energy commercial vehicles [1] Group 2: Technological Advancements - Black Sesame Intelligence will leverage its core technological advantages to provide Chery's entire range of new energy vehicles with the PA2.0 commercial vehicle active safety system, covering both pre-installation and post-installation scenarios [1] - The Chief Marketing Officer of Black Sesame Intelligence, Yang Yuxin, anticipates a market explosion in cross-domain integration, predicting that L3 autonomous driving technology will reach maturity within the next three to five years [1] Group 3: Market Outlook - The industry is expected to see a more organized division of labor along the entire supply chain, with manufacturers that have mature mass production experience, sustainable technology iteration, and customer recognition standing out [1] - Black Sesame Intelligence is set to launch a robotics product line, aiming to transfer its accumulated technology, successful experiences, and ecosystem from the automotive sector to new markets [1]

Core Viewpoint - Black Sesame Intelligence (2533.HK) experienced a significant intraday increase of over 9%, reaching HKD 21.38, driven by insights shared at the 7th World New Energy Vehicle Conference regarding the upcoming market explosion in cross-domain integration and the maturation of L3 autonomous driving technology within the next three to five years [1] Group 1: Company Developments - The Chief Marketing Officer, Yang Yuxin, highlighted that the entire industry chain will become more organized, with manufacturers that possess mature mass production experience, sustainable technology iteration, and customer recognition standing out [1] - Black Sesame Intelligence has developed two major chip series, Huashan and Wudang, to cover different computing power needs, achieving breakthroughs from technology to mass production [1] - The company plans to launch a robotics product line, aiming to transfer the technology, successful experiences, and ecosystem accumulated in the automotive sector to new markets [1] Group 2: Industry Insights - The next three to five years are expected to be critical for the maturation of L3 autonomous driving technology, indicating a pivotal moment for the industry [1] - The integration of smart automotive technology and robotics is anticipated to accelerate, with high-performance, energy-efficient automotive-grade AI chips at the core of this transition [1]

Core Insights - Wuhan is witnessing a surge in companies preparing for IPOs, with two notable firms, Juxin Microelectronics and Lantu Automotive, recently submitting their listing applications [2] - The emergence of these "seed enterprises" reflects the growing recognition of Wuhan's innovative companies by the capital market, indicating a shift from accumulation to aggregation of innovation capabilities [2] Group 1: IPO Developments - Juxin Microelectronics has had its IPO application accepted by the Hong Kong Stock Exchange, with projections indicating it will rank third globally in market share for optical sensors by 2024 [2] - Lantu Automotive has officially submitted its IPO application to the Hong Kong Stock Exchange [2] - Both companies are categorized as unicorns, which are crucial for the city's future IPO pipeline [2] Group 2: Unicorn Ecosystem - Wuhan has established a nurturing matrix for unicorns, consisting of 8 existing unicorns, 13 potential unicorns, and 32 seed unicorns [3] - The unicorn matrix in Wuhan showcases a comprehensive AI layout, covering key areas such as AI chips, algorithms, hardware, and applications, thus creating a complete ecosystem from R&D to industrial application [3] - Recent announcements include the second batch of unicorns receiving municipal rewards, including Changjiang Storage Technology and NIO Energy Investment [3] Group 3: Innovation and Economic Indicators - Unicorn companies serve as a barometer for regional innovation activity and business environment, outlining the growth roadmap for urban industrial upgrades [4]

Core Insights - Wuhan has announced the results for the recognition of unicorn cultivation enterprises for 2025, forming a matrix of "8 unicorns + 13 potential unicorns + 32 seed unicorns," totaling 53 cultivated enterprises, with a net increase of 26 companies compared to last year, primarily from potential and seed unicorns [1][2] Group 1: Unicorn Enterprises - The total number of unicorn cultivation enterprises in Wuhan has reached 53, with 26 new additions compared to the previous year, highlighting the growth of the innovation ecosystem [1] - The newly added seed unicorns account for 19 of the total new enterprises, indicating a robust pipeline of innovative companies [1] Group 2: Definitions and Criteria - Unicorns are defined as privately held startups founded within the last 10 years with a valuation exceeding $1 billion [1] - Potential unicorns are those that have received private investment and have a post-investment valuation of over $100 million if founded within 5 years, or over $500 million if founded between 5 to 9 years [1] - Seed unicorns are defined as companies founded within 5 years that have received private investment and have a post-investment valuation exceeding 10 million RMB [1] Group 3: Market Recognition and Future Prospects - Several former unicorns from Wuhan have successfully gone public, with companies like Yika Technology listed in 2022 and Lotus and Hezhima Intelligence expected to list in 2024 [2] - The recognition of unicorn enterprises reflects the capital market's deep acknowledgment of Wuhan's innovative enterprises and indicates a transition from "quantitative accumulation" to "potential aggregation" in the city's innovation capabilities [2]

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: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02533 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 638,014,974 | | 0 | | 638,014,974 | | 增加 / 減少 (-) | | | 1,473,113 | | 0 | | | | 本月底結存 | | | 639,488,087 | | 0 | | 639,488,087 | 公司名稱: 黑芝麻智能國際控股有限公司 呈交日期: 2025年10月8日 I. 法 ...

股票市场从来不缺故事，去年炒卖炽烈的人工智能，今年这股热风已吹到机器人股，几家业内龙头已接 连在港上市，股价亦节节高升。看到这个风口，专注于移动操作机器人的合肥优艾智合机器人股份有限 公司，近日已递交香港上市申请。 优艾智合是工业具身智能科技公司，所谓"具身智能"，是指有行动的一种智能系统，主要基于物理实 体，能够与物理世界进行感知和交互。 在"具身智能"下，又分为智能机器人及人形机器人，前者主要是具有物理的身体，并能够与物理世界构 成感知、思考、交互和行动的能力。它可以是轮式、轮带式、复合型、甚至机械臂类型的机器人。后者 是除了制造得像人外，功能和思考行为都模拟人的一种机器人，是具身智能体的最佳载体。 来源：市场资讯 （来源：BBW咏竹坊） 在国家致力扶持下，机器人产业成为资本市场关注焦点，优艾智合也不甘人后申港上市 重点： 刘智恒 优艾智合则主力发展具身智能的移动机器人，主攻工业范畴。公司由90后张朝辉成立，张是西安交通大 学博士毕业生，2017年带着几位师弟南下深圳创业。经过一番探索，张朝辉决定主力针对智能制造领域 和智能巡检领域，成为半导体及电子制造、电力行业、能源冶炼等多个场景的解决方案供应商。 花 ...

[Supplementary Announcement Overview](index=1&type=section&id=Supplementary%20Announcement%20Overview) This section provides an overview of the supplementary announcement, detailing its purpose and background [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement provides supplementary information for Black Sesame International Holding Limited's annual report for the year ended December 31, 2024, ensuring comprehensive disclosure - This announcement supplements the company's annual report for the year ended December 31, 2024, providing additional information[3](index=3&type=chunk)[12](index=12&type=chunk) [Corporate Governance Measures](index=1&type=section&id=Corporate%20Governance%20Measures) This section outlines corporate governance measures implemented to manage potential conflicts of interest with the single largest shareholder [Measures Related to the Single Largest Shareholder](index=1&type=section&id=Measures%20Related%20to%20the%20Single%20Largest%20Shareholder) The company has implemented corporate governance measures to protect all shareholders' rights, especially minority shareholders, and prevent potential conflicts of interest with Mr. Shan, the single largest shareholder (holding approximately 21.68% of voting rights); independent non-executive directors confirmed no conflicts during the reporting period - Mr. Shan controls approximately **21.68%** of the total issued shares as of December 31, 2024, making him the company's single largest shareholder[4](index=4&type=chunk) - The company has implemented corporate governance measures, including internal control mechanisms for related party transactions, annual reviews by independent non-executive directors for conflict assessment, and disclosure of decisions per listing rules[4](index=4&type=chunk) - Independent non-executive directors confirmed, after reviewing information provided by Mr. Shan, that there were no conflicts of interest between the Group and Mr. Shan during the reporting period[4](index=4&type=chunk) [Post-IPO Share Scheme](index=2&type=section&id=Post-IPO%20Share%20Scheme) This section details the Post-IPO Share Scheme, including total issuable shares, participant entitlement limits, and conditions for granting, exercising, and vesting options and awards [Total Number of Shares Issuable](index=2&type=section&id=Total%20Number%20of%20Shares%20Issuable) The company disclosed the total number of shares issuable under the Post-IPO Share Scheme and confirmed no options or awards were granted from the listing date to the annual report date - No options and/or awards were granted by the Board to any participants under the Post-IPO Share Scheme from the listing date to the annual report date[6](index=6&type=chunk) Total Number of Shares Issuable Under Post-IPO Share Scheme | Indicator | Quantity/Ratio | | :--- | :--- | | **Maximum Total** | 56,916,925 shares | | Percentage of Total Issued Shares as of December 31, 2024 | Approximately 10.00% | | Percentage of Total Issued Shares as of Latest Practicable Date | Approximately 9.02% | [Cap on Entitlement for Each Participant](index=2&type=section&id=Cap%20on%20Entitlement%20for%20Each%20Participant) The share scheme stipulates that if the total shares granted to a single participant exceed 1% of the issued share capital within 12 months, separate shareholder approval is required, with connected persons abstaining from voting - If the total number of shares granted to a single participant exceeds **1%** of the total issued shares within 12 months, separate approval by shareholders in a general meeting is required[7](index=7&type=chunk) - If the participant is a connected person, they and their close associates must abstain from voting[7](index=7&type=chunk) [Grant of Options and Awards](index=2&type=section&id=Grant%20of%20Options%20and%20Awards) Upon accepting Post-IPO options or awards, grantees generally are not required to pay, unless the Board determines a purchase price for awards, considering factors like closing price, scheme objectives, and participant characteristics - Grantees are not required to pay any amount upon acceptance of a Post-IPO option offer[8](index=8&type=chunk) - Grantees are generally not required to pay any amount upon acceptance of a Post-IPO award offer, unless otherwise determined by the Board[8](index=8&type=chunk) - Any purchase price for a specific Post-IPO award, if any, is determined at the Board's discretion, considering factors such as the closing price of shares, scheme objectives, and participant characteristics[8](index=8&type=chunk) [Exercise Period and Exercise Price of Options](index=3&type=section&id=Exercise%20Period%20and%20Exercise%20Price%20of%20Options) The exercise period for Post-IPO options is determined by the Board or Remuneration Committee, not exceeding ten years from the grant date, with the exercise price being at least the higher of the closing price on the offer date or the average closing price over the five preceding business days - The exercise period for Post-IPO options is determined solely at the discretion of the Board or Remuneration Committee and shall not exceed **ten years** from the grant date[9](index=9&type=chunk) - The exercise price for Post-IPO options shall be at least the higher of: (i) the closing price on the Stock Exchange on the offer date; and (ii) the average closing price on the Stock Exchange for the **five business days** immediately preceding the offer date[9](index=9&type=chunk) [Vesting of Options and Awards](index=3&type=section&id=Vesting%20of%20Options%20and%20Awards) The vesting period for Post-IPO options and awards is generally not less than 12 months, but the Board may grant shorter periods under specific circumstances such as new hires, termination due to death/disability, administrative compliance, blended/accelerated vesting, or performance-based conditions [Vesting Period for Post-IPO Options](index=3&type=section&id=Vesting%20Period%20for%20Post-IPO%20Options) The vesting period for Post-IPO options shall not be less than 12 months, but the Board may grant shorter periods under specific circumstances like new hires, termination due to death/disability, administrative compliance, blended/accelerated vesting, or performance-based conditions - The vesting period for Post-IPO options shall not be less than **12 months**[10](index=10&type=chunk) - The Board may, at its discretion, grant a shorter vesting period under specific circumstances such as compensation for new hires, termination of employment due to death/disability, administrative and compliance reasons, blended or accelerated vesting schedules, or adoption of performance-based vesting conditions[10](index=10&type=chunk) [Vesting Period for Post-IPO Awards](index=3&type=section&id=Vesting%20Period%20for%20Post-IPO%20Awards) The vesting period for Post-IPO awards shall also not be less than 12 months, with similar exceptions allowing the Board to discretionarily shorten the vesting period - The vesting period for Post-IPO awards shall not be less than **12 months**[11](index=11&type=chunk) - The Board may, at its discretion, grant a shorter vesting period under specific circumstances such as compensation for new hires, termination of employment due to death/disability, administrative and compliance reasons, blended or accelerated vesting schedules, or adoption of performance-based vesting conditions[11](index=11&type=chunk) [Other Information](index=4&type=section&id=Other%20Information) This section provides additional information regarding the composition of the company's Board of Directors [Board Composition](index=4&type=section&id=Board%20Composition) As of the announcement date, the Board comprises three executive directors, one non-executive director, and three independent non-executive directors, including Mr. Shan Jizhang, Chairman, Executive Director, and CEO - As of the announcement date, the Board comprises **three executive directors**, **one non-executive director**, and **three independent non-executive directors**[14](index=14&type=chunk) - Executive directors include Mr. Shan Jizhang (Chairman, Executive Director, and Chief Executive Officer), Mr. Liu Weihong, and Mr. Zeng Daibing[13](index=13&type=chunk)[14](index=14&type=chunk) - Independent non-executive directors include Professor Li Qingyuan, Professor Long Wenmao, and Professor Xu Ming[14](index=14&type=chunk)

Core Viewpoint - The smart driving chip industry is experiencing a shift towards "urban NOA," with a trend of "explosive demand but technological convergence," leading to a concentration of players towards the top tier [2][6]. Group 1: Market Expansion - Black Sesame Intelligence is focusing on three main directions for market expansion in 2025: deepening cooperation with existing clients, accelerating the introduction of new platforms and customer reserves, and promoting an overseas strategy [5]. - The company is enhancing collaboration with existing clients, transitioning from early product shipments to new projects with the Wudang series chips, which have gained customer recognition [5]. - The A2000 chip is set to provide samples to clients soon, with many clients having completed preliminary designs, indicating a rapid transition to project phases after chip delivery [5]. - Black Sesame's collaboration with Chery has officially started, with more vehicle projects expected to follow [5]. Group 2: Technological Path - The industry is showing a significant trend of convergence, with a decreasing number of participants and a unification of technology paths [6][8]. - The rapid iteration of smart driving technology has raised industry entry barriers, requiring chip companies and solution providers to possess strong technical capabilities and deep collaboration with clients [8]. - The focus of next-generation technology is shifting towards urban NOA, with mainstream technical routes becoming more aligned [8]. Group 3: Brand Strategy - Black Sesame Intelligence is not pursuing a direct consumer brand strategy but is instead focusing on empowering B-end clients, recognizing the challenges of building a consumer brand in the automotive sector [9][10]. - The company aims to concentrate resources on product development and customer service rather than on consumer brand building until its core strategic direction is fully realized [10]. - The differentiation from competitors lies in its commitment to an open platform strategy while maintaining a core focus on being a chip company [10][12].