Group 1 - The article reports that during the G20 summit in Johannesburg, Chinese Premier Li Qiang will not meet with Japanese Prime Minister [1] - The Chinese Foreign Ministry spokesperson Mao Ning confirmed there are no arrangements for a meeting between the two leaders [1]

Group 1: Economic Overview - The Hong Kong stock market showed weakness in November, with the Hang Seng Index falling by 1.85%, the Hang Seng China Enterprises Index down by 2.09%, and the Hang Seng Tech Index decreasing by 2.82% [2] - In October, China's industrial production maintained growth, with a year-on-year increase of 4.9% and a month-on-month increase of 0.17%. The equipment manufacturing and high-tech manufacturing sectors performed particularly well, growing by 8.0% and 7.2% respectively [3][4] - The retail sales of consumer goods increased by 2.9% year-on-year, while fixed asset investment decreased by 1.7%, primarily due to a decline in real estate investment [4] Group 2: Company Analysis - Shoujia Technology - Shoujia Technology, established in 1991 and listed in Hong Kong in 1992, is a leading producer of steel wire for tires in China, with plans to expand its production capacity to over 300,000 tons [6] - The company is entering the new market of robotic tendons, leveraging its existing production technology for steel wire. It has initiated a joint research and development project with Stardust Intelligent [6] - Financial forecasts indicate that Shoujia Technology's revenue will reach HKD 2.42 billion, HKD 2.58 billion, and HKD 2.79 billion from 2025 to 2027, with net profit expected to grow significantly [7] Group 3: Investment Recommendation - Shoujia Technology is recognized as a leading player in the steel wire industry with strong shareholder backing and unique capabilities in transitioning to robotic tendon production [7] - A comparison with A-share company Daye Co., which has a projected PE ratio of 45.3, shows Shoujia Technology's PE at 32.1, indicating potential undervaluation [7] - The estimated market value of Shoujia Technology is HKD 2.61 billion, suggesting a target share price of HKD 4.9, with a recommended buy rating [7]

2025.11.17-11.30 机器人及人工智能相关活动预告 1 全国电力机器人高峰论坛 机器人产业蓬勃发展，正极大改变着人类生产和生活方式，为经济社会发展注入强劲动能。2023年年初， 工业和信息化部联合十六大部委印发《"机器人+"应用行动实施方案》，目标到2025年，制造业机器人密 度较2020年实现翻番，服务机器人、特种机器人行业应用深度和广度显著提升，机器人促进经济社会高质 量发展的能力明显增强。11月12日工业和信息化部又印发《人形机器人创新发展指导意见》，提出人形机 器人有望成为继计算机、智能手机、新能源汽车后的颠覆性产品，并明确2025年实现批量生产。 各项政策加持，热度非凡，行业活动也层出不穷，小编通过网络搜集整理了 未来两周国内外机器人及人工 智能领域行业活动活动榜单 ，供大家参考。 时间： 2025.11.18 地点： 上海新国际博览中心M47会议室 主办单位： 中国机电一体化技术应用协会、EP电力展 2 第16届IFAC人机系统国际会议 时间： 2025.11.18-11.21 地点： 北京国际会议中心一层 主办单位： 国际自动化控制联合会、中国自动化学会 3 人形机器人机遇与挑战青年 ...

Core Viewpoint - The recent announcement of the postponement of the releases of "Crayon Shin-chan: The Hot Spring Dancer" and "Cells at Work" indicates potential shifts in the animation industry and may impact related market segments [1]. Group 1 - The films "Crayon Shin-chan: The Hot Spring Dancer" and "Cells at Work" were originally scheduled for release but have now been postponed [1].

Core Viewpoint - Guozheng International has initiated coverage on Shoujia Technology (00103), identifying it as a leading enterprise in China's steel cord industry with strong shareholder backing and the unique capability to upgrade its steel cord products to robotic tendons. The target price is set at HKD 5.0, with an initial rating of "Buy" [1][5]. Company Overview - Shoujia Technology, established in 1991 and listed on the Hong Kong Stock Exchange in 1992, is one of the first steel cord manufacturers in China. Its products are widely used in the automotive tire sector, maintaining long-term stable partnerships with leading domestic and international tire companies. The company plans to expand its steel cord production capacity to over 300,000 tons by upgrading existing facilities and exploring overseas acquisition opportunities [2]. New Business Development - The company aims to develop robotic tendons by leveraging its existing steel cord production technology and investing in specialized robotic tendon production equipment by 2025. Shoujia Technology has already initiated a joint research and development collaboration with Xingchen Intelligent for tendon production. The company is expected to benefit from strong support from Shougang Group, which has extensive investments in the robotics sector [3]. Financial Forecast - Guozheng International projects Shoujia Technology's revenue to reach HKD 2.42 billion, HKD 2.58 billion, and HKD 2.79 billion from 2025 to 2027, reflecting year-on-year growth of 0.9%, 6.8%, and 8.0% respectively. The net profit attributable to shareholders is expected to be HKD 56.86 million, HKD 70.86 million, and HKD 87.41 million, with growth rates of 79.7%, 24.6%, and 23.4% (excluding acquisitions) [4]. Investment Recommendation - The company is recognized as a leader in the steel cord industry with strong shareholder support and the capability to transition to robotic tendon production. Compared to A-share counterpart Daye Co., Ltd. (603278), which has a projected PE of 45.3 for 2025, Shoujia Technology's PE is significantly lower at 32.1. A DCF valuation estimates the company's market value at HKD 2.61 billion, corresponding to a share price of HKD 4.9, indicating a 43% upside potential from the current price. Therefore, the initial rating is "Buy" [5].

Core Viewpoint - 首佳科技 is a leading enterprise in the steel cord industry in China, with strong shareholder backing and the unique capability to upgrade its steel cord products to robotic tendons [1][4] Group 1: Company Overview - 首佳科技 was established in 1991 and is headquartered in Hong Kong, being one of the first steel cord manufacturers listed on the Hong Kong Stock Exchange in 1992 [1] - The company has established long-term stable partnerships with leading tire manufacturers, and plans to expand its steel cord production capacity to over 300,000 tons [1] Group 2: New Business Development - The company is focusing on developing robotic tendons by leveraging its existing steel cord production technology and investing in specialized production equipment [2] - A collaboration has been established with 星尘智能 for joint research and development in tendon technology, supported by the extensive investment in the robotics sector from its parent company, 首钢集团 [2] Group 3: Financial Forecast - Revenue projections for 首佳科技 from 2025 to 2027 are estimated at HKD 2.42 billion, 2.58 billion, and 2.79 billion, reflecting year-on-year growth of 0.9%, 6.8%, and 8.0% respectively [3] - The net profit attributable to shareholders is expected to reach HKD 56.86 million, 70.86 million, and 87.41 million, with significant growth rates of 79.7%, 24.6%, and 23.4% (excluding acquisitions) [3] Group 4: Investment Recommendation - The company is compared with A-share listed 大业股份, with 首佳科技 having a lower projected PE ratio of 32.1 compared to 45.3 for 大业股份 [4] - A DCF valuation estimates 首佳科技's market value at HKD 2.61 billion, corresponding to a share price of HKD 4.9, indicating a potential upside of 43% from the current price [4]

Core Viewpoint - The company, Xinwanda, confirmed that its battery products can be applied in robots and robotic dogs, and they can ship according to customer needs [2] Group 1 - The company responded to an investor inquiry regarding the application of its batteries in robotic products [2] - The company is flexible in its production and can customize shipments based on client requirements [2]

Core Insights - Recent departures of key executives from Tesla's Model Y and Cybertruck projects indicate a significant shift in the company's strategic focus away from automotive business towards emerging fields like artificial intelligence and robotics [2][5] - Tesla's automotive division is facing multiple challenges, including a drastic decline in Cybertruck sales, which fell approximately 63% year-over-year in Q3 2025, with only about 5,400 units sold compared to a previous target of 250,000 annual sales [5] - The company has experienced a severe talent drain in 2023, with 13 core executives leaving across various departments, highlighting the challenges Tesla is currently facing [6] Business Performance - Despite achieving record high total revenue, Tesla's profits have declined for four consecutive quarters, indicating a situation of "increased revenue without increased profit" [5] - Model Y, while still a best-seller globally, has seen a slight retail volume decrease of 0.3% in China for the first half of 2025 compared to the same period in 2024, marking the first overall sales decline this year [5] - The company has faced significant recall issues, with seven recalls occurring this year due to various problems, contributing to inventory pressure and financial burdens [5] Future Outlook - Elon Musk's $1 trillion compensation plan has been approved, which may align his interests closely with Tesla's performance and future growth [6] - The ongoing strategic shift and executive turnover raise questions about Tesla's ability to recover and achieve performance targets in the future [6]

Group 1 - The company is exploring applications of electromagnetic wire in robot motors and is currently testing samples with some downstream motor enterprises, but has not yet achieved sales [1] - Future supply and volume will depend on the development and cooperation with downstream customers, indicating uncertainty in this area [1] - The company does not plan to engage in the solid-state battery sector [1]

Industry Overview - The report rates the industry as "Leading the Market - A" indicating a positive outlook for investment opportunities in the sector [1]. Key Investment Themes - The report emphasizes the ongoing global competition in technology, particularly in the computer industry, with a focus on AI and robotics as key growth areas [2][3]. - The domestic production process in critical areas such as chips, operating systems, and databases is expected to accelerate, creating opportunities for companies with lower levels of localization [3]. AI and Robotics - The AI and robotics sectors are highlighted as having vast development potential, with rapid iterations of various models and applications in both China and the US [3]. - The report identifies the need for standard upgrades in the robotics industry, presenting both challenges and investment opportunities [3]. Quantum Technology - Quantum computing is anticipated to bring disruptive innovations in computing power, with applications in quantum secure communication and anti-quantum encryption gaining traction [3][58]. - The report outlines the potential of quantum technology across four main areas: computing, communication, measurement, and anti-quantum encryption, each showing significant growth prospects [58][59]. Database Market - The database market is projected to grow significantly, with the global market size expected to exceed $100 billion in 2023, and China's market reaching approximately 74.1 billion yuan [11]. - The report forecasts a compound annual growth rate (CAGR) of 12.23% for China's database market, reaching 93.03 billion yuan by 2028 [11]. R&D Software and Measurement Instruments - The R&D design software and electronic measurement instruments sectors are characterized by high barriers to entry, strong business models, and low localization rates, indicating a favorable environment for domestic manufacturers [5]. - The report suggests that the push for technological self-sufficiency will lead to sustained growth in these sectors [5]. Cybersecurity and Encryption - The introduction of new regulations in cybersecurity is expected to drive the growth of the encryption industry, with specific guidelines enhancing the demand for secure communication solutions [21][23]. - The report highlights the importance of establishing a robust regulatory framework to support the development of the cybersecurity sector [21]. AI Glasses and Edge AI - AI glasses are identified as a promising entry point for edge AI applications, with global sales expected to reach 90 million units by 2030, reflecting a CAGR of approximately 97.42% from 2024 to 2030 [36]. - The report notes the increasing integration of AI capabilities into consumer products, enhancing user interaction and experience [36]. Recommended Companies - The report lists several companies to watch in various sectors, including R&D software (e.g., Huada Jiutian, Gacron Electronics), cybersecurity (e.g., Sanwei Xinan, Xinan Century), and quantum technology (e.g., IonQ, Rigetti) [78][80].