Core Viewpoint - The Chinese chip company Jintieshikong has completed a new round of financing exceeding 600 million RMB to accelerate the commercialization of RISC-V chips [1] Group 1: Financing Details - The B-round financing includes investments from Huaxia Hengtian Capital Management, Beijing Artificial Intelligence Industry Investment Fund, Agricultural Bank of China, Lenovo, and Brizan Ventures [1] - The funds will be used to expand the engineering and R&D team and invest in the supply chain globally [1] Group 2: Government and Industry Context - The Chinese government aims to enhance technological self-reliance in response to risks posed by the U.S. in the chip technology sector [1] - In the second half of last year, the government released plans to accelerate the development of the RISC-V industry, which is an open-source code model for communication between software and semiconductors [1] - U.S. lawmakers urged the Biden administration in 2023 to impose export controls on RISC-V technology to China [1] Group 3: RISC-V Technology and Applications - RISC-V chips are customizable, cost-effective, and suitable for a wide range of applications from small smart devices to high-performance servers [1] - Current industry participants include Alibaba Damo Academy, Chipway Technology, and Chipone Microelectronics [1] - Jintieshikong's first-generation RISC-V AI computing chip, K1, has achieved mass production with over 150,000 units shipped, applied in industrial systems, robotics, and edge computing [1]

Group 1: Company Overview - Longqi Technology is a leading global provider of smart products and services, offering solutions for renowned smart product brands and leading technology companies, including product research, design, manufacturing, and support [2] - The company has established a diverse product portfolio covering smartphones, AIPC, automotive electronics, tablets, smartwatches/wearables, and smart glasses, serving a wide range of core clients such as Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo [2] - According to Frost & Sullivan, Longqi Technology is the second-largest consumer electronics ODM manufacturer globally, with a market share of 22.4% based on ODM shipment volume in 2024, and the largest smartphone ODM manufacturer with a market share of 32.6% [2] Group 2: Financial Performance - Longqi Technology's revenue for the years 2022 to 2024 and the first nine months of 2025 were 29.343 billion RMB, 27.185 billion RMB, 46.382 billion RMB, and 31.332 billion RMB respectively, with corresponding net profits of 562 million RMB, 603 million RMB, 493 million RMB, and 514 million RMB [3] Group 3: Recent Developments - The company has initiated an A+H listing, launching a global offering of 52.2591 million shares, with a maximum share price of 31.00 HKD, and expects to raise approximately 1.521 billion HKD, with 40% allocated for expanding production capacity and 20% for R&D [1] - Longqi Technology has secured a domestic leading client's AI glasses project, indicating early market entry and long-term strategic partnerships, with optimistic sales growth projected for AI glasses in 2025 compared to 2024 [3] - The company has attracted several notable cornerstone investors, including Qualcomm Ventures LLC, Jiangxi Guokong, and Well Semiconductor Hong Kong, with total subscriptions amounting to approximately 440.2 million HKD, representing about 27.17% of the global offering [1]

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.92% to 27,094.31 points, the Hang Seng Tech Index up by 1.54%, and the China Enterprises Index rising by 0.89% [1][10]. Technology and Internet Stocks - Technology stocks showed mixed performance, with Kuaishou and Alibaba both rising over 5%, Bilibili up over 4%, and Baidu increasing by over 2%. Tencent and Lenovo rose over 1%, while Meituan fell over 2% [1][10]. AI Healthcare Sector - The AI healthcare sector demonstrated strong performance, particularly with Alibaba Health surging over 15%. The market analysis indicates that the driving force behind this trend is the clear confirmation of industry trends. Ant Group's AI health assistant "Ant Aifu" quickly surpassed 30 million monthly active users, with daily inquiries exceeding 10 million, highlighting the significant demand and market potential in the health AI sector [3][12]. Cryptocurrency Sector - Cryptocurrency stocks led the gains, with Blueport Interactive rising over 11%. The cryptocurrency market experienced a significant surge, with Bitcoin increasing nearly 5% within 24 hours, surpassing $96,000 and stabilizing around $95,000. Ethereum also rose above $3,300 [4][13]. Chinese Brokerage Stocks - Chinese brokerage stocks saw widespread gains, with Xingsheng International rising over 8%. Bank of America Securities noted that the Chinese government's support for the capital market, along with long-term capital inflows, monetary easing, and relaxed regulations on financing and A-share IPOs, are expected to support brokerage profitability and return on equity (ROE) this year. Leading brokerages' offshore expansion is anticipated to enhance operational leverage and profitability, marking the beginning of a new growth cycle [6][14].

Core Viewpoint - The recent performance of the new stock market has been strong, with companies like Zhaoyi Innovation, Biran Technology, and Zhiyu experiencing significant post-listing gains. Longqi Technology is set to launch its IPO in Hong Kong, following this trend [2]. Group 1: IPO Details - Longqi Technology plans to globally issue approximately 52.26 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international offering. There is an option for an additional 7.84 million shares under an over-allotment option, representing a 15% over-allotment ratio based on the base offering size [2]. - The maximum offer price is set at HKD 31 per share, with expected net proceeds of approximately HKD 1.52 billion if the over-allotment option is not exercised. The funds will be allocated as follows: 40% for expanding production capacity, 20% for R&D, 10% for marketing and customer expansion, 20% for strategic investments or acquisitions, and 10% for working capital [2]. Group 2: Subscription Period and Fees - The subscription period for Longqi Technology is from January 14 to January 19, 2026, with the listing on the Hong Kong Stock Exchange expected on January 22. The minimum investment for one board lot of 100 shares is HKD 3,131.26 [3]. Group 3: Institutional Interest - Longqi Technology's IPO has attracted significant interest from various institutions, including Qualcomm, Jiangxi Guokong, and others, with a total subscription amounting to approximately USD 56.5 million (or about HKD 440 million) [4]. Group 4: Company Overview - Longqi Technology is a leading global provider of smart products and services, offering a full range of solutions from product research and design to manufacturing and support. Its diverse product portfolio includes smartphones, AI PCs, automotive electronics, tablets, smartwatches, and smart glasses, catering to various sectors such as consumer electronics and IoT [5]. - According to Frost & Sullivan, Longqi ranks second globally in the consumer electronics ODM segment with a market share of 22.4%, first in the smartphone ODM segment with a market share of 32.6%, and among the top three in the tablet ODM segment [5]. - The company's revenue for the years 2022 to 2024 and the first three quarters of 2025 are projected to be RMB 29.34 billion, RMB 27.19 billion, RMB 46.38 billion, and RMB 31.33 billion, respectively, with adjusted net profits of RMB 620 million, RMB 672 million, RMB 565 million, and RMB 604 million [5].

Group 1 - The app "Is it dead?" has rapidly gained popularity, achieving a valuation of nearly 100 million yuan within three days, addressing the safety concerns of over 125 million single-person households in China [1] - Baichuan-M3, a domestic medical AI model, has been released with 235 billion parameters, outperforming OpenAI's GPT-5.2 and human doctors in various assessments, aiming to enhance the AI medical ecosystem [1] - Elon Musk's announcement to open-source the AI-driven recommendation algorithm for the X platform indicates a move into the Generative Search Engine Optimization (GEO) space, which is expected to expand the AI advertising market [1] Group 2 - Meta has laid off over 1,000 employees in its Reality Labs, shifting focus from the loss-making metaverse business to AI wearable devices and mobile functionalities [2] - The company Self-Variable Robot has secured 1 billion yuan in financing, marking a significant investment from major internet players like Alibaba, Meituan, and ByteDance, indicating a new phase in the embodied intelligence sector [2] - A new paper by Liang Wenfeng and a team from Peking University introduces a technology called "Engram" aimed at overcoming GPU memory limitations, which could enhance model performance and reasoning capabilities [2] Group 3 - Rising memory prices are causing a surge in consumer electronics prices, with major PC brands increasing prices by approximately 15%, driven by heightened demand from AI applications [2] - OpenAI's first AI hardware, "Sweet Pea," designed by former Apple designer Jony Ive, aims to challenge the dominance of smartphones by providing a seamless technology experience [2] - Alibaba's DAMO Academy has gained recognition for its AI model for early pancreatic cancer screening, showcasing significant advancements in medical AI applications [2] Group 4 - Microsoft is responding to competition from Chinese AI companies that are gaining market share outside the West, highlighting the pressure on U.S. firms in the open-source AI domain [2]

Group 1 - The company plans to globally offer 52.2591 million H-shares, with 5.226 million shares available in Hong Kong and 47.0331 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The company is a leading provider of smart products and services, ranking as the second largest consumer electronics ODM manufacturer globally with a market share of 22.4% and the largest smartphone ODM manufacturer with a market share of 32.6% as of 2024 [1][2] - The company has established a diverse product portfolio including smartphones, AI PCs, automotive electronics, tablets, smartwatches, and smart glasses, supported by a professional team of approximately 5,200 personnel [2] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately $56.5 million (or about HKD 440.2 million) [3] - The expected net proceeds from the global offering, assuming no exercise of the over-allotment option, will be approximately HKD 1.5207 billion, with planned allocations for capacity expansion, R&D support, marketing, strategic investments, and working capital [4]

Core Viewpoint - The company, Lanjian Intelligent, has successfully implemented various intelligent logistics systems, including AGVs, shuttle robots, stackers, and AMRs, in large-scale applications, collaborating with notable enterprises to enhance smart management in warehouses and dark factories [1] Group 1 - The company has developed and applied a range of intelligent logistics systems, including AGVs, shuttle robots, stackers, and AMRs [1] - The company collaborates with leading firms such as Lenovo, CATL, and BYD to support clients in implementing smart warehouse and dark factory management models [1]

环球市场动态 格 陵 兰 岛 争 端 的 潜 在 影 响 股 票 中国市场周一放量大涨，AI 应用引 爆行情；欧洲股市涨跌不一，伊朗 局势紧张和美联储独立性受到指引 引发担忧；美股低开高走，科技股 带领大市回升，中概股表现突出， 阿里巴巴 (BABA US) 大涨 10%。 外 汇 / 商 品 美联储独立性担忧令美元兑主要货 币普遍承压，周一美元兑主要货币 普遍承压，黄金和白银价格再次冲 上纪录高位；投资者担忧伊朗供应 风险，国际油价上涨，触及一个月 高位。 固 定 收 益 周一美国国债小幅下跌，收益率曲 线轻微趋陡。美联储遭司法部传票， 但 3 年期和 10 年期国债标售需求 稳健支撑美债略回稳。周二将有 CPI 数据和 30 年期美债拍卖。日 本假期休市，亚洲市场相对平静。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2026 年 1 月 13 日 ▪ 当地时间 2026 年 1 月 6 日，白宫表示特朗普正在讨论获取格陵兰岛的各种方案，包括可能动用军事手段，其 或有推进地缘战略、加强资源控制与塑造政治遗产的三重动机。在方式上，若美国试图 ...

Market Dynamics - The National Internet Information Office has drafted regulations for personal information collection by apps, requiring clear user consent withdrawal methods and verification of app operators' identities [1] - The National Healthcare Security Administration has initiated a pilot program for "Personal Medical Insurance Cloud" from February to December 2026, aiming to create a smart healthcare management model [1] - The Ministry of Finance and the State Taxation Administration announced the cancellation of VAT export tax rebates for photovoltaic products starting April 1, 2026, and a reduction in the rebate rate for battery products from 9% to 6% until the end of 2026 [2] - The consumer electronics sector is experiencing a price increase due to rising storage costs, with major brands like Lenovo, Dell, and HP raising laptop prices by 500 to 1500 yuan, and domestic smartphones increasing by 100 to 600 yuan [2] - China has applied for frequency resources for over 200,000 satellites, indicating a strategic national interest in satellite technology [2] Company Updates - Defu Technology plans to acquire at least 51% of Huiru Technology through cash purchase and capital increase, focusing on high-performance electrolytic copper foil production [5] - Tianpu Co. announced that it has no artificial intelligence technology or personnel reserves, leading to the resumption of its stock trading [5] - Xinjian Transmission, a first-tier supplier in the humanoid robot industry, has initiated IPO counseling with plans for evaluation between April and May 2026 [6] - Jushi Chemical received a notice of administrative penalty for inflating revenue and profits through false trade practices, with a total penalty amounting to 6.7 million yuan [6] - Huate Gas shareholders plan to reduce their holdings by up to 2% through block trading from February 4 to April 30, 2026, due to personal funding needs [7] - Hangyu Technology plans to sell up to 752,800 repurchased shares within six months, with proceeds aimed at supplementing working capital [8]

Investment Rating - The report assigns an "Accumulate" rating for the robotics industry [3][4]. Core Insights - The CES 2026 highlighted the trend of embodied intelligence scaling, showcasing the strength of Chinese enterprises in this field [2]. - The focus for future investments is on the application of embodied intelligence, particularly in the "perception-decision-execution" loop, which is expected to create new hardware demands [3]. - Human-shaped robots are identified as a key carrier of embodied intelligence, with companies achieving technological breakthroughs and domestic replacements poised for significant growth potential [3]. - The shift from "digital intelligence" to "embodied intelligence" emphasizes the tangible results of AI, with CES 2026 themed "AI Inside Every Hardware" indicating a transition towards physical AI applications [3]. - Major semiconductor companies like NVIDIA, AMD, and Intel showcased new products, indicating a competitive focus on the deployment of edge AI and large-scale AI infrastructure [3]. - The report notes that human-shaped robots have demonstrated operational capabilities in unstructured environments and are beginning to be utilized in factory settings [3]. - The competition landscape is evolving, with over 4,100 exhibitors at CES, including 1,141 from China, highlighting the significant role of Chinese tech companies [3]. - Key players in the human-shaped robot sector, such as Yushun and Zhiyuan, are focusing on self-research and commercialization of core components [3]. - The hardware pathway for embodied intelligence is becoming clearer, with core supply chain segments starting to benefit, although the industry remains in the early stages of commercialization [3]. Summary by Sections Investment Recommendations - The report recommends focusing on companies like Hengli Hydraulic and Changying Precision, which are expected to benefit from the trends in embodied intelligence [3][4]. Market Dynamics - The report emphasizes the importance of two key validation points: the mass production progress and cost control of human-shaped robots like Tesla's Optimus, and whether AI-enabled terminal products can drive consumer demand for upgrades [3]. Financial Projections - Financial forecasts for recommended companies include: - Changying Precision: EPS of 0.48 in 2025E, increasing to 1.22 in 2027E, with a PE ratio decreasing from 92.67 in 2025E to 36.46 in 2027E [4]. - Hengli Hydraulic: EPS of 2.09 in 2025E, increasing to 2.86 in 2027E, with a PE ratio decreasing from 55.12 in 2025E to 40.28 in 2027E [4].