Ac t i o n | 07 Jan 2026 13:19:54 ET │ 15 pages Leader Drive (688017.SS) A Key Beneficiary of Humanoid Robot and Physical AI Era; Raise TP to Rmb233 CITI'S TAKE With NVIDIA (NVDA.O) demonstrating at CES 2026 again how its open- source platforms (e.g., Omniverse, Issac Sim, Cosmos) can help train robots in physically based virtual environments, we are more confident that humanoid robots' mass production and commercialization are around the corner, echoing mgmt.'s recent comment that Leader Drive's (LD) human ...

Action | 07 Jan 2026 10:23:57 ET │ 15 pages Aluminum Corporation of China (2600.HK) Benefit from Hiking Aluminum Price, Maintain as Top Pick CITI'S TAKE We update our Chalco model to factor in updated aluminum and alumina price forecast. We revise our 2025E/26E/27E net profit forecast by +2%/+4%/+7% to Rmb14.0/19.1/21.9bn and revise TP for H-share to HK$15.94 (from HK$12.41). We expect Chalco to benefit from higher for longer aluminum price and aluminum margin. Maintain as Top Pick. We will host a 2026 busi ...

7 January 2026 | 4:00PM HKT Equity Research Hua Hong (1347.HK): CFO visit; 12 inch expanding towards 28/22nm; Strong UT rate supporting product mix optimization and ASP increase We hosted Hua Hong CFO in our China Semis Tour in Shanghai on Jan 7. Management expects solid demand across the company's technology platforms, supporting their UT rate to maintain at high levels. Management will optimize product mix and increase pricing, and along with continuous cost management methods, the company is positive on ...

7 January 2026 | 12:16PM HKT Equity Research Kematek (301611.SZ): Chairman and Suzhou factory visit: Integrated ceramic manufacturing with in-house tools, riding on strong demand; We met Kematek's Chairman & CFO and visited the Suzhou factory on Jan 6th. Key discussions were on capacity expansion, ceramic components/ devices manufacturing, and local SPE client demand. Overall, management is positive on local and global SPE clients' demand on both ceramic structural component and devices (ceramic heater etc. ...

January 7, 2026 03:47 PM GMT Tracking China's Semi Localization | Asia Pacific Read-across from CXMT and SMIC funding; Nvidia H200 impact on local chip demand We summarize recent news flow and our industry checks regarding China's progress in semi localization. CXMT files for Shanghai listing to fund DRAM expansion: ChangXin Memory Technologies Corp. (CXMT) plans to raise 29.5 billion yuan ($4.22 billion) through an initial public offering of 10.6 billion shares in Shanghai (link). Our analysis: While CXMT ...

7 January 2026 | 9:09PM HKT Equity Research AMEC (688012.SS): China Semis Tour: Advanced node capacity expansion to drive growth; Migrating to platform solution; Buy We hosted AMEC management during our China Semis Tour in Shanghai on Jan 7. Key discussions focused on (1) product development progress, (2) competition edges; (3) logic/ memory end demand. Overall, management is positive on the rising demand from advanced logic, NAND and DRAM in the long term, driven by capacity expansion of advanced node, alt ...

Read across: Management's positive tone on GaN applications echoes our positive view on rising compound semis industry, with improving costs and hence becoming more competitive to silicon-based devices, and better performance (e.g., smaller in size, stronger in energy efficiency). AI data centers are one of the key drivers to compound semis, echoing our positive view on rising AI infrastructure cycle with rising power consumption, driving supply chain to enjoy specification upgrades. Buy: SICC (global leade ...

7 January 2026 | 10:41AM HKT Equity Research China PCB: Victory Giant Chairman visit: High-end AI servers to drive PCB demand; Scale advantages with high operational efficiency Company profile: Victory Giant (300476.SZ) is a global leading PCB supplier offering MLPCB, HDI, single / double layer PCB, FPC (flexible printed circuit), etc., covering diversified end markets, such as AI data center, automobile, telecom, and smart terminals, with a global footprint in mainland China, Malaysia, Vietnam, and Thailan ...

石头科技 20260107 摘要 石头科技推出带轮足结构的扫地机器人，突破上台阶和越障难题，虽预 计售价 6,000 元，但旨在提升品牌调性，展示其在具身智能方向的创新， 被视为过渡型产品。 Sora 20 系列采用小型轮组方案，实现连续越障，吸力达 35,000 帕， 预计 1 月 20 日前上市；Sora 20 Sunny 采用平板震动拖布和升降 LDS 方案，提供差异化选择。 石头科技正朝着具身智能机器人方向发展，技术迭代迅速，应用场景广 泛，是该领域的重要标杆，但当前市值被严重低估，预计 2026 年市值 应达 600 亿以上。 石头科技计划在 2026 年第一季度推出性价比机型（P 系列/Q 系列）新 品，将 G 系列功能下沉，并推出至少两款滚筒产品，覆盖不同消费层级 市场需求。 石头科技展示了首款激光雷达割草机器人，具备四驱系统，可克服 80% 斜坡和 8 厘米障碍，并改进了边缘割草功能，预计售价 1,500-2000 美 元，适用于不同面积。 Q&A 石头科技在 2026 年 CES 展会上推出了哪些新品？这些新品有哪些亮点和创 新？ 石头科技正朝着具身智能机器人方向发展，这是一个非常热门且前景 ...

盛新锂能木龙锂矿的开发进展、产能规模、成本水平及投产时间如何？公司近 期对该矿的增持是否彰显了对后续开发的信心？未来是否有进一步股权增厚的 可能性？ 木龙锂矿是盛新锂能目前非常核心的资源布局之一。木龙矿资源品位为 1.62%，是川西地区品位最高的矿。2024 年 10 月，公司已取得自然资源部颁 发的采矿证，采矿规模为 300 万吨，是川西地区非常大的产能规模。目前整体 进度是 2025 年重点推进用地、发改备案、拆迁安设和环评等相关手续，2026 年将启动大规模基建。生产规模按照自然资源部给出的采矿权证为 300 万吨原 矿，约 8 万吨碳酸锂当量。预计不含税成本约在 4 万元左右，由于川西地区地 质条件复杂，预计在 2028 年投入生产。 公司目前穿透后的股比为 88%，剩 余股权在一个产业基金手中，公司计划继续增加对木龙矿山的控股比例，以大 幅提升自供比例。木龙矿山建成后，公司整体自供比例将大幅提升，国内自供 盛新锂能 20260107 摘要 盛新锂能已获得木龙矿山采矿证，该矿为川西地区高品位锂矿，计划 2028 年投产，年产约 8 万吨碳酸锂当量，不含税成本预计 4 万元/吨。 公司拟增持木龙矿山股权 ...