在上市后首个基石解禁期关键时点，"全球仓储机器人第一股"极智嘉Geek+(股票代码：2590.HK)凭借数 个亿元级订单和基石投资者坚定持股承诺，为市场注入强劲信心。今日股价表现抢眼，盘中一度涨超 7%，解禁压力下尽显龙头韧性。 电商巨头锁定每年数亿元采购额+中标东欧2亿大单，进一步打开全球增量空间 机构共识聚焦稀缺价值 成长逻辑穿越周期 极智嘉的增长前景，也得到了投资市场的高度认同。多家头部券商对其长期价值判断高度一致，目标价 最高给到38港元。 近日，华泰证券、招商证券国际等积极覆盖，其中，华泰证券表示，公司具备"高成长赛道、强技术壁 垒、盈利拐点确立"三大核心投资价值，25H1已初见盈利拐点，表示看好公司的业绩弹性和持续性。招 商证券则强调极智嘉凭借软硬一体的高技术壁垒、高客户粘性及成熟的全球化布局，充分受益于行业高 增长红利，预计2026年实现规模化盈利。 综合来看，对极智嘉而言，全球大单与全球化龙头地位印证了其扎实的市场竞争力，基石锁仓与港股通 预期构建了稳固的资金面缓冲。多重积极因素的叠加清晰表明，短期股份流通变化并未扰动其长期投资 叙事，作为中国科技出海与AI赋能实体产业的标杆，极智嘉正沿着清晰 ...

近日，"全球仓储机器人第一股"极智嘉（Geek+，2590.HK）与全球头部电商企业正式签署战略合作协 议。根据协议，该客户承诺在合作期内每年向极智嘉采购数亿元人民币的产品与服务。同时，双方将携 手展开全球范围的项目复制和市场开拓，形成高黏性的长期价值共生。 此次战略合作，是极智嘉全球化业务迈入高确定性增长与跨区域复制新阶段的关键信号。 据悉，2025年度该客户就已与极智嘉签订多笔亿级订单。当前的订单爆发叠加长期刚性需求，意味着极 智嘉已深度嵌入客户企业的供应链核心，其产品具备如基础设施的不可替代性，也因此为公司的收入和 未来增长带来极高确定性。在当前宏观环境下，这种兼具爆发力与安全边际的确定性，是资本市场最为 稀缺的资产。 此次合作颇具想象空间的增量，还在于双方的全球业务战略协同。极智嘉的这种伴随巨头"跨海"复制的 模式，不仅证明了其解决方案已经具备极强的跨区域普适性与标准化能力，也体现了头部企业对其将单 一市场成功经验快速复制到全球的充分信任。这种可复制的增长逻辑，将为极智嘉打开全球市场的广阔 增量空间。 ...

近日，全球仓储机器人领军企业极智嘉(2590.HK)携手全球物流服务商 Arvato 在其位于波兰波兹南、面 积约 4.8 万平方米的物流中心，完成一套"货架到人"机器人系统部署，实现了拣选全流程自动化，显著 提升作业效率和仓储空间利用率。 该项目进一步深化了极智嘉在欧洲市场的渗透力，也反映出其领先的全球化交付能力。不久前，公司宣 布在欧洲完成单仓近千台规模的智能仓项目交付，可见其欧洲市场的商业化落地呈现加速放量态势。 公司近期亦连续获得多笔亿元级项目，大单获取能力持续增强，为未来业绩增长提供了高度确定性支 撑。 券商观点也在强化其"商业化兑现"的全球叙事。光大证券在近期首次覆盖报告中指出，极智嘉全球 AMR 龙头地位稳固，全栈AI技术构筑竞争壁垒，全球化成效显著且盈利拐点临近，并将具身智能视作 公司中长期增量方向，给予其"买入"评级。中金公司则在首次覆盖中，认为极智嘉已演进为具备"AI+场 景化能力"的"综合智能体"，AI赋能有望显著增厚其发展天花板。 ...

Core Viewpoint - The article highlights various companies' initiatives and collaborations aimed at expanding their international presence and leveraging technology, particularly AI, to enhance their operations and market reach [5][6][8][10][12]. Group 1: Company Initiatives - The video blogger team "影视飓风" has entered the B2B overseas platform Alibaba International Station, utilizing AI Agents to expand into international markets, receiving cooperation intentions from over 30 countries [5]. - The company "智动力" has successfully entered and is servicing key markets in Vietnam and India, establishing strong partnerships and making overseas business a significant part of its operations [5]. - "出门问问" launched the world's first 4G AI recording headset, TicNote Pods, which operates independently of a smartphone and is designed for various dialogue scenarios [5]. Group 2: Collaborations and Partnerships - Temu signed a memorandum of understanding with Belgian postal operator bpost group to enhance cross-border e-commerce supply chain capabilities and logistics systems in Europe and North America [6]. - Riyadh Airlines and Huawei signed a cooperation memorandum to create a new generation of digital aviation ecosystem, focusing on enhancing digital capabilities for seamless travel experiences [8]. - "北斗智联" completed a strategic financing round to accelerate its overseas expansion and product development in AI and low-altitude economy sectors, with a focus on Europe, North America, and Southeast Asia [12]. Group 3: Market Expansion and Investments - "新凤鸣" plans to invest approximately $280 million in a 360,000-ton/year functional fiber project in Egypt, aiming to enhance local textile industry capabilities [10]. - "Airwallex" completed a $330 million Series G financing round, raising its valuation to $8 billion, which will support its expansion in the U.S. and other key markets [10]. - "快造科技" achieved a record-breaking crowdfunding amount for its 3D printer, indicating strong market interest and potential for significant revenue growth [10].

中金主要观点如下： 仓储环节具备领先AI落地优势 据灼识咨询，全球仓储AMR(自主移动机器人系统)解决方案市场空间2029年或超千亿元，中企优势明 显。结合AI，该行认为仓储AMR具有高度标准化、数据积累清晰、自动化基础完善等特征，是AI+工业 落地重要市场。亚马逊已结合生成式大模型推出AI基础模型DeepFleet，为行业引航。 （原标题：中金：首予极智嘉-W(02590)跑赢行业评级 目标价32.8港元） 智通财经APP获悉，中金发布研报称，预计极智嘉-W(02590)2025-2026年EPS分别为0.06/0.17元。该行 认为极智嘉布局AI智慧仓储行业具有场景领先落地、格局清晰特征，公司PS估值介于工业与人形机器 人之间，给予公司2026年10x的P/S，对应目标价格32.8港元，涨幅空间32%，首次覆盖给予"跑赢行 业"评级，该行认为公司已成为具备AI+场景化能力的综合智能体。 潜在催化剂：公司盈利扭亏、加入恒生综合指数及港股通。 fund 智慧仓储新范式国内引领者 1)公司基于三个专有技术平台，软硬件全自研，为AI融入仓储路径规划、供应链优化、数字孪生等提供 底层打通基础;2)三大仓储方案+三大 ...

Core Insights - The company, Geek+, has achieved a significant breakthrough in commercialization by successfully delivering nearly 1,000 robots for a single warehouse project in Europe, showcasing its technological strength and leading position in large-scale commercialization in the robotics field [1][2]. Group 1: Technological Capabilities - The core competitiveness of the warehouse robotics industry lies not only in the performance of individual robots but also in the ability to coordinate large-scale operations in complex scenarios. The successful deployment of nearly 1,000 robots in a single warehouse serves as a rigorous test of the company's comprehensive capabilities [2]. - Geek+ has developed a full-stack AI technology architecture over ten years, which includes the Hyper+ core algorithm platform and the Robot Matrix universal technology platform. This architecture supports the parallel operation of over 5,000 robots in a single warehouse, providing a strong foundation for large-scale project implementation [2]. Group 2: Global Expansion and Market Leadership - The successful project in Europe marks a phase of "scalable replication" in the European market, with deep recognition from leading clients. This is part of Geek+'s broader global market expansion strategy, including partnerships with logistics giants like Maersk and DHL [3]. - According to the latest report by Interact Analysis, Geek+ has maintained its position as the global leader in the autonomous mobile robot (AMR) market for the seventh consecutive year, with significant market shares in Europe, the Middle East, and Africa, as well as strong positions in the Asia-Pacific and Americas regions [3]. Group 3: Financial Performance and Growth Potential - The company has demonstrated high customer retention, with an overall repurchase rate exceeding 80% and a key customer repurchase rate of 84.3%, significantly above the industry average. This strong customer base is expected to drive a positive cycle of project implementation, order conversion, and scale expansion [4]. - In the first half of this year, Geek+ reported a revenue increase of 31.0%, reaching 1.025 billion yuan, leading the Hong Kong-listed robotics companies. The adjusted EBITDA turned positive for the first time, indicating a turning point in the company's operations [4]. - The company has secured multiple large orders across various industries, including e-commerce, fast-moving consumer goods, food and beverage, and retail, positioning itself for a virtuous cycle of scale effect release [4][5].

Core Insights - SoftBank's total market value of U.S. stock holdings reached $26 billion for Q3 2025, up 4% from $24.9 billion in the previous quarter [1][2] - The top ten holdings accounted for 95.94% of the total portfolio value [2] Holdings Activity - New Purchases: 4 stocks [2] - Added to Existing Positions: 2 stocks [2] - Sold Out of: 2 stocks [2] - Reduced Holdings in: 4 stocks [2] Top Holdings - T-Mobile US (TMUS) is the largest holding with approximately 45.17 million shares valued at about $10.81 billion, representing 41.64% of the portfolio, with a decrease of 29.26% in shares held [3][5] - NVIDIA (NVDA) is the second-largest holding with approximately 32.11 million shares valued at $6 billion, accounting for 23.07% of the portfolio, with an increase of 5.19% in shares held [3][5] - Intel (INTC) is a new addition with approximately 86.96 million shares valued at $2.92 billion, making up 11.23% of the portfolio [3][6] - Symbotic (SYM) holds approximately 39.83 million shares valued at $2.15 billion, representing 8.27% of the portfolio, with no change in shares held [3][6] - Webtoon Entertainment (WBTN) has approximately 31.43 million shares valued at $610 million, accounting for 2.35% of the portfolio, with no change in shares held [4][6] Recent Transactions - SoftBank sold all its shares in NVIDIA, cashing out approximately $5.8 billion [3] - New positions were established in Klarna Group, Ambiq Micro, and Concorde International Group [6] - SoftBank completely exited positions in Cipher Mining and Oracle [6] - Significant reductions were made in holdings of Nu Holdings, Metsera, and Lemonade, while a substantial increase was noted in Full Truck Alliance [6][8]

Core Viewpoint - The warehouse robotics industry is experiencing intense competition, with Geek+ demonstrating strong competitiveness in the global market through a significant reduction in losses in the first half of 2025 [1] Financial Performance - In the first half of 2025, Geek+ reported a revenue increase of 31.0% year-on-year, reaching 1.025 billion RMB, driven by higher sales of core robotic solutions and ongoing expansion in global markets, particularly outside of China [2] - The core business of Geek+ focuses on intelligent robotic solutions, primarily applied in warehouse logistics and manufacturing logistics, with warehouse fulfillment revenue of 963 million RMB, up 33.4%, contributing 93.9% to total revenue [2][3] - Gross profit increased by 43.1% year-on-year to 360 million RMB, improving the gross margin from 32.1% to 35.1%, attributed to a better revenue mix and effective cost control [4] Business Highlights - Geek+'s global market strategy has been successful, with non-mainland China revenue accounting for 79.5% of total revenue and a gross margin of 46.2% in this segment, indicating strong recognition in developed markets [7] - The customer base is robust, with over 850 total clients, including more than 65 Fortune 500 companies, and a repurchase rate exceeding 80%, reflecting strong customer loyalty [8] Emerging Forces - In July 2025, Geek+ established a wholly-owned subsidiary focused on embodied intelligence, launching innovative solutions for warehouse scenarios, significantly enhancing picking efficiency [12] Industry Growth and Competition - The Chinese government has initiated policies to promote the development of intelligent robots, providing growth opportunities for leading companies like Geek+ [14] - The global AMR solutions market is projected to grow at a compound annual growth rate of over 33% from 2024 to 2029, with Geek+ positioned to benefit from this growth due to its technological advancements and customer base [14] Comparison with Competitors - Geek+ reported a revenue of 1.025 billion RMB, while its competitor Hikvision Robotics achieved 3.138 billion RMB, with Geek+ holding a market share of 6.2% compared to Hikvision's 7.2% [15] - Geek+ has a higher overseas revenue proportion at 79.5% compared to Hikvision's 36.89%, showcasing its success in high-value international markets [15][16] Stock Price Movement - As of September 1, 2025, Geek+ shares have increased by 26.98% since their listing on July 9, 2025, although there was a decline of 3.51% on September 1 [17]

Core Viewpoint - "Magic Warehouse Robot" has completed a new round of financing amounting to several tens of millions, with funds aimed at product iteration, capacity enhancement, and international expansion [4][5]. Company Overview - Founded in 2023 in Suzhou, "Magic Warehouse Robot" focuses on providing integrated software and hardware solutions for smart manufacturing enterprises, specifically addressing the "last hundred meters" of logistics between production workshops and warehouses [4][5]. - The company emphasizes "light delivery, high space utilization, and strong scene adaptability" as its core technological principles, with applications across various industries including pharmaceuticals, food cold chain, automotive manufacturing, new energy, and logistics parks [4][5]. Market Challenges - Despite high automation in production processes, the material handling and internal storage between workshops and warehouses still heavily rely on manual labor, with traditional solutions proving inefficient [5]. - Automated storage and retrieval systems (AS/RS) offer some efficiency improvements but come with high transformation costs (3 to 5 times that of traditional solutions) and limited space utilization improvements (typically around 50%), deterring many enterprises from adopting them [5]. Strategic Approach - The founder of "Magic Warehouse Robot," Cheng Changshun, highlights the need for cost-effective, minimally invasive solutions that can adapt to existing scenarios. The company adopts a focused "1+4" strategy, which deconstructs the essence of warehousing logistics by emphasizing movement in three-dimensional space (XYZ axes) [5][6]. - The product lineup includes the MagicAnt ground handling robot for horizontal movement (XY axis), the MagicCarpet vertical storage robot for efficient operation within warehouses (XYZ axis coordination), and the MagicLift vertical handling robot for vertical movement (Z axis) [6]. Product Features - The MagicVision software platform integrates and manages the entire digital process from order execution to inventory, enabling intelligent coordination among various robots [6][7]. - The solutions provided by "Magic Warehouse Robot" can reduce average storage costs by 30% to 50% compared to traditional systems, significantly enhancing space utilization even in warehouses up to 30 meters high [6][7]. Development Direction - The company aims to enhance the intelligence of its products, moving towards embodied robotics that can perceive their environment and make autonomous decisions within small ranges, thereby improving system efficiency and stability [8]. Investment Insights - Investors express confidence in the growth potential of "Magic Warehouse Robot," noting the significant market opportunity in the logistics sector, which is transitioning from automation to intelligence [10][11][12]. - The company has successfully delivered approximately 20 projects, with notable clients including JD Logistics and major pharmaceutical companies, demonstrating its capability in enhancing warehouse efficiency and reducing costs [7][10].

Group 1: High-end Manufacturing - The report highlights that cycloidal reducers possess advantages such as high torque, impact resistance, and precision, making them a promising new solution for humanoid robot joint transmission [1] - Companies with relevant technology reserves or existing products in cycloidal reducers, such as Zhongdali De, Haoneng Co., Shuanghuan Transmission, Keda Li, and Hechuan Technology, are recommended for attention [1] Group 2: Overseas TMT - The report identifies Geekplus as the leading global AMR warehouse robot manufacturer, emphasizing its comprehensive platform technology and global service network as competitive advantages [2] - The company offers a range of AMR solutions, including shelf-to-person and pallet-to-person picking, and has served over 800 clients across more than 40 countries, with a key customer repurchase rate of 84.3% [2] - Financially, the company is expected to see a decrease in expense ratios and the release of scale effects from 2022 to 2024, indicating a potential profitability turning point [2] Group 3: Petrochemical - China Petroleum Engineering has won a total contract project in Iraq worth $2.524 billion, marking a significant breakthrough in overseas market expansion [3] - The projected net profits for the company from 2025 to 2027 are estimated at 738 million, 825 million, and 929 million yuan respectively, maintaining an "accumulate" rating [3] - Sinopec Oilfield Services has secured a total contract project worth 3.597 billion yuan from the National Oil and Gas Pipeline Group, indicating a major breakthrough in the domestic market [4] - The expected net profits for Sinopec from 2025 to 2027 are projected at 810 million, 1 billion, and 1.228 billion yuan respectively, with an "accumulate" rating for both A and H shares [4] Group 4: Internet Media - Kuaishou is expected to benefit from improvements in advertising business due to optimized deployment and enhanced AI capabilities, leading to a stable upward performance [6] - The adjusted net profit forecasts for Kuaishou from 2025 to 2027 are 20.15 billion, 24.19 billion, and 27.76 billion yuan respectively, with an increased target price of 84.3 HKD and a "buy" rating [6] Group 5: Home Appliances - Ninebot Company is focusing on short-distance transportation and robotics, with strong growth momentum in two-wheeled vehicles and lawnmowers [7] - The net profit forecasts for Ninebot from 2025 to 2027 have been raised to 2 billion, 2.7 billion, and 3.5 billion yuan respectively, with a current PE ratio of 21, 16, and 12 times, maintaining an "accumulate" rating [7]