Flash | 16 Nov 2025 21:08:44 ET │ 11 pages Horizon Robotics (9660.HK) What's New from Citi 2025 China Conference: 2026E Outlook CITI'S TAKE We hosted management update meeting with Horizon Robotics on Nov 14 during the Citi 2025 China Conference, with key takeaways as below. Mgmt. expects 2026 high-end shipment (HSD) at 300-500k units (vs 10- 15k units guided for 2025), mid-end shipment around 3mn units and low- end shipment around 2mn units. Among its expected 2026 high-end shipment (HSD), mgmt. anticipate ...

Asia Pacific Equity Research 17 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. ESS Battery AIDC ESS expert call takeaways rebecca.y.wen@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Alan Ho ...

Who do you think has the best chance of challenging Nvidia. >> The other black swan that I think is missing in the equation today, my early prediction for 2026 is Huawei, where I think that there's lithography technology that exists in China that is not publicly discussed that is going to be deployed in Huawei and all these fabs that they're building in mainland China. And Huawei can create at a very low cost, probably very high volume, and probably in reasonably short order chips that can start to rival fo ...

Group 1 - The AI industry is experiencing a bubble, with insiders acknowledging the irrational exuberance in valuations and expectations compared to actual capabilities [4][5][6][26] - Nvidia reported a significant revenue increase of 62% in the last quarter, with a forecast of 65% year-over-year growth, indicating strong demand for its products [10] - Despite Nvidia's strong earnings, there are concerns about the sustainability of high valuations in the AI sector, as many companies are raising capital at inflated valuations [7][8][31] Group 2 - Google has regained its position as a leader in AI, with its new model Gemini 3 achieving top performance benchmarks and driving investor interest [31][32][34] - The launch of Gemini 3 has coincided with a resurgence in Google's stock price, reaching all-time highs, as the company effectively integrates AI into its products [31][34] - Google's custom chips (TPUs) are being utilized to enhance the performance of its AI models, providing a competitive edge over rivals [32][34][57] Group 3 - The rise of Chinese AI companies poses a significant threat to Nvidia and the broader AI market, as these companies are rapidly developing competitive models at lower costs [67][76] - The shift towards open-source AI models in China contrasts with the proprietary models favored by Western companies, potentially leading to a competitive disadvantage for U.S. firms [82][84] - Investors may be underestimating the risks posed by China's advancements in AI technology and its implications for U.S. companies like Nvidia [76][78][80]

The H 200. Remind us. Where does this chip fall in invidious current lineup.Yeah. So this is the prior generation. The generations most powerful chip are significantly more powerful and faster than the H20, which today they are allowed to ship, but buyers are not lining up to buy that chip.Significantly higher ASP than the H20, almost 1.5% to 2 x higher. So a license for this chip would be huge for Nvidia, as you pointed out. Not the Blackwell, though.And I'm just curious about how how powerful this is, rig ...

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]