Flash | 09 Feb 2026 01:12:42 ET │ 11 pages China Automation and Machinery Weekly Highlights: Positive Data Points for Construction Machinery and AI PCB Equipment CITI'S TAKE Construction machinery: According to CCMA (China Construction Machinery Association), China domestic excavator shipment/export volume increased by 61%/40% YoY in Jan-26, which we believe could be due to the CNY-led low base in Jan-25. China's tower crane leasing rate index, published by Pangyuan, declined by 6% WoW last week as we are a ...

Vi e w p o i n t | 26 Jan 2026 06:05:22 ET │ 11 pages Joyson (600699.SS / 0699.HK) 2025 Core NP In Line; Buy CITI'S TAKE Joyson released its 2025 preliminary results on 26 January, indicating that 2025 net profit could rise by 40.56% YoY to Rmb1.35bn. Excluding the one- off expense of Rmb160mn relating to (i) asset disposal by its subsidiary Guangdong Senssun and (ii) disposal of overseas factory, 2025 core NP came at Rmb1.5bn (+17.02% YoY), meeting the low-end of investor expectations between Rmb1.5-1.6bn. ...

Flash | 21 Jan 2026 12:00:00 ET │ 12 pages Hengli Hydraulic (601100.SS) Citi Call Takeaways: More Than Just Strong Core Business + Humanoid Robot CITI'S TAKE We hosted IR Mr. Zhou Jiali on 21 January for a pre-blackout business update. We realize that Hengli's growth drivers in 2026 onwards may not only be the growth acceleration of core business and humanoid robot exposure but also the contribution from the aerospace and brain- computer interface. Mr. Zhou guided that revenue growth could accelerate to 20% ...

Tesla's (TSLA) CEO Elon Musk on Tuesday sought to manage investor expectations around two of the company's most anticipated future products, warning that early production of the Cybercab robotaxi and Optimus humanoid robot will be significantly slower than many anticipate. "The speed of the production ramp is inversely proportionate to how many new parts and steps there are," Musk wrote on X (formerly Twitter). He emphasized that for Cybercab and Optimus, “almost everything is new,” so the early productio ...

Tesla (TSLA) shares are trending down on Jan. 20 after the company’s chief executive, Elon Musk, started a poll on X asking whether he should buy Ireland-based Ryanair (RYAAY). The billionaire’s social media poll is an extension of his public spat with the airline’s CEO, Michael O’Leary, over the cost and value of teaming up with Starlink for in-flight WiFi. More News from Barchart Following today’s decline, Tesla stock is down nearly 13% versus its 52-week high. www.barchart.com Why Is the Ryanair N ...

Summary of Moons' Electric (603728.SS) Conference Call Company Overview - **Company**: Moons' Electric (603728.SS) - **Industry**: China Industrial Technology & Machinery Key Points and Arguments 1. **Rating Downgrade**: Moons' Electric has been downgraded from Neutral to Sell with a target price of Rmb41.40, indicating a potential downside of 43.5% from the current price of Rmb73.26 [1] 2. **Market Share Revision**: The expected global market share for Moons' humanoid robot coreless motor product has been revised down from 43% to 23% by 2030E, reflecting a narrowed opportunity due to evolving dexterous hand technology [1][18] 3. **Earnings Forecast Adjustment**: Earnings forecasts for 2026-2030E have been lowered by 22%-38%, indicating a significant reduction in expected profitability [1][21] 4. **Competitive Landscape**: The market is expected to adjust its expectations downwards, particularly due to the upcoming launch of Tesla's Optimus Gen3, which is likely to adopt tendon-driven hands, and increased competition from new entrants in the coreless motor supply chain [1][31] 5. **Stock Performance**: Moons' Electric's stock price increased by 35% over the past year, attributed to competitive products and alignment with humanoid robot technology trends, but the current valuation implies unrealistic shipment expectations of 1.2 million units of robots in the next 12 months [1][35] Financial Data 1. **Revenue Projections**: - 2024: Rmb2,415.9 million - 2025E: Rmb2,764.9 million - 2026E: Rmb3,193.9 million - 2027E: Rmb3,612.6 million [3][14] 2. **Earnings Per Share (EPS)**: - 2025E: Rmb0.22 - 2026E: Rmb0.47 - 2027E: Rmb0.70 [3][21] 3. **Valuation Ratios**: - P/E Ratio for 2026E: 154.9 - P/B Ratio for 2026E: 9.7 [3][9] Industry Dynamics 1. **Dexterous Hand Technology**: The industry is witnessing a coexistence of various dexterous hand technologies, including fully actuated direct-driven hands, tendon-driven hands, and under-actuated linkage hands, which are impacting the market for coreless motors [1][30][33] 2. **Supply Chain Competition**: Increasing competition from domestic automation companies entering the dexhand supply chain is intensifying the market landscape, with several companies already in product verification stages [1][31][34] 3. **Market Share Expectations**: The forecast for Moons' coreless motor market share has been adjusted to 25% for high-spec, 20% for mid-spec, and 20% for low-spec humanoid robots from previous estimates of 50%/33%/33% [1][27] Risks and Upside Potential 1. **Risks**: A slower-than-expected timeline for humanoid robot shipments and intensified competition could pose significant risks to Moons' Electric's market position [1][38] 2. **Upside Potential**: Positive developments in humanoid robot applications or faster-than-expected progress in robotic AI could lead to upside in estimates and market share [1][40][44] Conclusion Moons' Electric is facing significant challenges due to evolving technology and increased competition in the humanoid robot market. The downgrade in rating and revised earnings forecasts reflect a cautious outlook for the company's future performance in this rapidly changing industry.

Ac t i o n | 18 Dec 2025 11:38:03 ET │ 15 pages Hengli Hydraulic (601100.SS) Raise TP to Rmb135 on Stronger Core Business Guidance and Humanoid Robot Rerating CITI'S TAKE We increase our 2025/26/27E earnings forecasts by 2%/7%/11% as mgmt. turned more bullish than before on 2026 outlook due to recent strong order wins on components for both excavator and non-excavator such as agricultural machinery. For excavator components, the orders are mainly from Chinese OEM's overseas sales and the leading US excavato ...

Accessible version Jiangsu Hengli Hydraulic Co., Ltd (A) Sales growth to accelerate in 2026; expansion in HR; raise PO to RMB130 Reiterate Rating: BUY | PO: 130.00 CNY | Price: 112.50 CNY Sales growth to accelerate in 2026 with improving GPM Hengli's planned production has been solid in Nov-Dec, mainly supported by the robust demand for excavator cylinders. Its excavator cylinder business has been operating at full capacity in 4Q25. Looking into 2026, we expect sales growth to accelerate (16% YoY, vs. 13% Y ...

The race to get in on the humanoid robot boom is heating up. In a research note released earlier this month, analysts at Morgan Stanley broke down a list of the 25 companies best positioned to dominate the market for humanoid robots, which the investment bank estimates will be worth more than $5 trillion by 2050.The list focuses on companies with expertise in AI and computing chips, cameras and perception, and sensors and movement technology, the analysts said. They added that the list is intended to help ...

Group 1 - The article highlights significant announcements in the stock market, including "suspension and resumption of trading, shareholding changes, investment wins, acquisitions, performance reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events [1] - The article emphasizes the importance of timely information for investors to discern and find suitable listed companies [1] Group 2 - A company is noted for its technological reserves in the 6G field, possessing self-developed aerospace-grade chips that have been successfully applied [1] - Another company is recognized for its products related to storage chips and PCB, with a self-developed liquid cooling solution already supplied to Alibaba [1] - A company associated with Huawei has achieved mass supply of its electronic skin products [1]