Core Insights - Huawei is launching a "Wheelchair Mode" for its active ring feature, aimed at enhancing accessibility for wheelchair users globally [1][3] - The company has achieved over 200 million cumulative global wearable shipments and ranked first in global wearable device shipments in the first half of this year [4] - Huawei's brand value has significantly increased, moving to 39th position in the 2025 Kantar BrandZ Top 100 Most Valuable Global Brands list [5] Product Innovation - The "Wheelchair Mode" will scientifically assess wheelchair users' activity by tracking wheelchair pushes, exercise duration, and calorie consumption [3] - Huawei emphasizes user-centric innovation, responding to diverse consumer expectations with products like smartphones, tablets, and wearable devices [8] Market Position - Huawei's continuous product innovation and rising market share demonstrate its ability to navigate global market challenges [5] - The company is focusing on wearable devices in the sports and health sector, with initiatives like the "Active Rings" themed activities in various global cities [9] Global Strategy - Huawei is committed to globalized innovation and industrial cooperation, collaborating with over 150 research institutions worldwide [10] - The company aims to provide comprehensive customer service, with support in over 30 languages and more than 3,000 customer service centers globally [11] Future Outlook - Huawei plans to maintain a consumer-centric approach, fostering connections with global users and local communities [12]

Core Insights - Nokia Corporation is a global leader in telecommunications and technology, known for its contributions to mobile networks, digital health, and recent ventures into AI and defense technologies [1] - The company faces competition from tech giants like Ericsson and Huawei but continues to innovate and expand its market presence [1] Financial Performance - As of the latest trading, Nokia's stock is priced at $5.98, reflecting a slight decrease of 0.99% with a change of $0.06 [4] - The stock has fluctuated between a low of $5.92 and a high of $6.21 during the day, with a yearly range of $4.00 to $8.19 [4] - Nokia's market capitalization is approximately $32.14 billion, with a trading volume of 37.68 million shares [5] Analyst Outlook - An analyst from New Street set a price target of $6.57 for Nokia, suggesting a potential upside of about 10.28% from the current trading price of approximately $5.96 [2] - This optimistic outlook aligns with Nokia's strategic moves, particularly its partnership with NestAI [2][6] Strategic Partnerships - Nokia's collaboration with NestAI focuses on AI-powered defense and critical infrastructure solutions, with an investment of €100 million alongside Tesi [3] - The partnership aims to develop advanced AI technologies for unmanned vehicles and autonomous operations, impacting sectors like logistics, surveillance, and defense [3][6]

Nvidia's (NVDA) China business faltered in the AI chipmaker’s third quarter as a trade war with the US rolled on. Nvidia recorded just $50 million in sales of its H20 chips — less powerful versions of its Hopper GPUs designed for the China market to comply with tightening US export controls — during the three months through Oct. 26. “Sizable purchase orders never materialized in the quarter due to geopolitical issues and the increasingly competitive market in China,” said Nvidia CFO Colette Kress during ...

Apple's (AAPL) resurgence in China is turning heads, as the iPhone 17 series accounts for one in four smartphones sold in the world's largest mobile market. The 37% year-over-year (YoY) sales jump in October marks the first time Apple has hit this milestone since 2022, when competition in the premium segment was considerably weaker. Every iPhone 17 model, from the base version to the Pro Max, is outperforming its iPhone 16 predecessor by double-digit percentages, validating CEO Tim Cook's confidence that ...

Core Insights - The 27th China Hi-Tech Fair (CHTF) showcased over 5,000 new products and technologies, attracting more than 450,000 professional visitors and generating over RMB 170 billion in intended deals and financing, reaffirming its status as "China's No.1 Tech Show" [1] Group 1: Major Exhibits and Innovations - CNOOC presented Asia's first cylindrical floating production, storage, and offloading (FPSO) facility, Haikui 1, highlighting China's capabilities in deep-sea energy development [2] - China General Nuclear (CGN) showcased its indigenous third-generation nuclear technology, Hualong One, along with advanced new-energy equipment [3] - APT Satellite introduced groundbreaking innovations, including the world's first satellite-communication ultra-long-distance robotic surgery system and the EH216-S unmanned passenger aircraft [4] Group 2: Robotics and AI Technologies - Leju Robotics demonstrated its humanoid robot Kuavo and the GeneoX inspection robot dog, showcasing advancements in embodied intelligence and multi-brand integration [5] - Humanoid robots exhibited advanced capabilities such as front flips and L4 autonomous-driving adaptation, emphasizing technological sophistication [5] - Meituan's fourth-generation drone showcased low-altitude logistics by delivering 2.4 kg over a 5-km radius in 10 minutes [5] Group 3: Thematic Exhibitions and Ecosystem - The fair featured themed exhibitions on the OpenHarmony ecosystem and China's home-grown AI ecosystem, demonstrating how technology is reshaping everyday life [6] - Shenzhen's deep innovation ecosystem, established as a pilot SEZ in 1980, has transformed the city into a tech hub for major companies like Huawei and Tencent [7] - Policy support and industrial-chain strengths in the Greater Bay Area facilitate rapid commercialization and agile manufacturing, enabling quick prototype development [8] Group 4: Entrepreneurial Landscape - The new generation of entrepreneurs is redefining product categories, enhancing global competitiveness while avoiding IP risks [9]

China Semiconductors Horizon Robotics Rating Outperform Price Target Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com 9660.HK 15.00 HKD HK$12 HK$10 HK$8 HK$6 HK$4 11/24 02/25 05/25 08/25 11/25 1200 1300 1400 1500 1600 1700 1800 9660.HK ASIAX Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Horizon Robotics: The first vehicle equipped with HSD L2++ hardware and software solution open for order The first vehicle equipped with the Horizon Ur ...

Core Insights - The 27th China Hi-Tech Fair (CHTF) opened on November 14, 2025, focusing on empowering industries through technology and fostering future collaboration [1] - The event features over 5,000 enterprises and international organizations, showcasing cutting-edge products and innovations from more than 100 countries [3] Industry Overview - CHTF serves as a significant platform for global innovation exchange and technology commercialization, highlighting China's commitment to high-level opening-up in high-tech sectors [4] - The exhibition spans 400,000 square meters and includes 22 specialized zones covering areas such as artificial intelligence, semiconductors, and commercial aerospace [6][7] Regional and International Collaboration - The Fair promotes regional cooperation and resource integration, with participation from over 30 regional delegations across the Greater Bay Area [10] - A "Belt and Road International Cooperation Zone" and an "International Friendship City Technology Zone" are featured, attracting innovators from various global regions [18] Innovation Highlights - The Ascend AI Ecosystem Pavilion showcases significant advancements in AI computing, including Huawei's 384 Super Node and China's open-source CANN architecture [9] - Notable exhibitors include Zhejiang Strong Brain Technology, presenting non-invasive brain-computer interface technology, and Hangzhou Gaoxi Technology, showcasing innovations in graphene oxide [12] Economic Impact - Over 40 state-owned enterprises and more than 30 top universities and research institutes are participating, demonstrating breakthroughs in national projects and cutting-edge research [14][15] - The event is expected to attract over 30,000 professional buyers and 1,000 procurement delegations, facilitating direct cooperation between global buyers and Chinese suppliers [19][20] Legacy and Future Outlook - CHTF has evolved into a key stage for innovation, contributing to the journey of Chinese technology from follower to global leader [24][25] - The Fair will host over 200 events, including product launches and investment forums, with a significant number of new products making their debut [22][23]

Core Insights - Agentic AI is emerging as a significant driver for autonomous network operations, with 41% of Communication Service Providers (CSPs) identifying network management as its primary area of impact [1][3][4] - The shift towards Agentic AI represents a broader automation-led transformation, enabling autonomous diagnostics, optimization, and fault resolution at scale [3][4] - While 48% of CSPs anticipate that Agentic AI will first enhance customer experience, the focus on network management indicates a more fundamental evolution in infrastructure [3][4] Industry Trends - The report emphasizes the need for CSPs to deploy out-of-the-box Agentic solutions while developing internal expertise to maintain control over data and development [4] - Telecom vendors are advised to prioritize transparency, flexibility, and portability in their Agentic offerings to foster customer trust and long-term adoption [5] - Leading telecom IT vendors, including Amdocs, Ericsson, Huawei, Nokia, Salesforce, and ServiceNow, are integrating Agentic capabilities into their platforms, reflecting a growing momentum towards automation and AI-driven operations [7]

Group 1 - The report highlights concerns regarding the intelligence sharing between Chinese firms, such as Alibaba, and the Chinese Communist Party, which is mandated by national security laws [1][2] - Alibaba, as a major global cloud provider, has access to sensitive data that could be of interest to security services, raising questions about the implications of this access [2] - The U.S. government is likely to take actions to limit Alibaba's activities in the U.S., particularly concerning defense and government contracts, which may involve executive or legislative measures [4][5] Group 2 - The discussion includes the competitive landscape of AI, with concerns that Chinese firms like Alibaba are striving to match U.S. firms in this area, leading to an AI arms race [5][6] - There are reports indicating that Chinese intelligence services are utilizing U.S. AI technologies, raising concerns about the use of modern technology for economic warfare and espionage [7] - Companies are increasingly making risk assessments regarding the use of Chinese technology in their operations, focusing on how to segment global operations to mitigate risks associated with China [9]

Core Insights - NVIDIA's stock has historically faced significant volatility, with drops exceeding 30% occurring on multiple occasions, leading to substantial market value loss [1][7] - The company's stock has surged due to high demand for AI hardware, but this growth brings new competitive risks and supply chain vulnerabilities [3][10] Financial Performance - NVIDIA's revenue growth has been impressive, with a last twelve months (LTM) growth rate of 71.6% and a three-year average growth rate of 92.0% [10] - The company has demonstrated strong cash generation capabilities, with a free cash flow margin of approximately 43.6% and an operating margin of 58.1% LTM [10] - The current price-to-earnings (P/E) ratio for NVIDIA stock stands at 52.6, indicating a high valuation relative to earnings [10] Competitive Landscape - Increased competition is emerging from major hyperscalers like Google, Amazon, and Meta, which are developing their own custom AI chips to reduce reliance on NVIDIA [10] - Competitors such as AMD and Intel are advancing their chip technologies, with AMD projecting revenue growth of over 35% in the next three to five years, particularly in AI data centers [10] Market Risks - NVIDIA's market share in China is expected to decline due to U.S. export restrictions and rising competition from local companies like Huawei [10] - Historical performance indicates that NVIDIA is not immune to market downturns, with significant declines observed during past financial crises [7][8]