MSZJSHI@EC2610A

Citibank downgrades Sihu Intelligent Control to neutral

Schroders PLC sells 325,900 shares of Sanhua Smart Control

Goldman Sachs: Global Humanoid Robot Shipments in 2022 Likely Reached 15,000 to 20,000 Units, Suggesting Investors to Pay Attention to Sanhua Intelligent Control

Three Flowers Intelligent Control Executives Plan to Sell Up to 10.2037 Million A-Share Stocks

Zhonghuan Intelligent Control Actively Expanding Liquid-Cooled Server Business

Schroders PLC reduces holdings in Sanhua Smart Control by 3.6481 million shares

Schroders reduced 3.022 million shares of Sanhua Intelligent Control

Sanhua Smart Control Completes Share Repurchase

Zhisheng Intelligent Control Spent 48,471,500 Yuan to Repurchase 909,700 A-shares

Sanhua Intelligent's revenue growth during the 14th Five-Year Plan period

GIC Private Limited reduces holdings in Sanhua Smart Control by 2,017,300 shares

Sanhua Smart Control Repurchased 1,027,100 A-shares for 49.936 Million Yuan

Kunyi Securities Predicts Zhejiang Shunfeng's Future Performance and Gives a 'Buy' Rating

Sanhua Smart Control repurchased 664,200 A-shares for RMB 29.8768 million

Sanhua Smart Control Predicts 2025 Net Profit Growth of 25% to 3.874 Billion Yuan

Baillie Gifford sold 4.1415 million shares of Sanhua Smart Control

GIC Private Limited Increases Holdings in Sanhua Smart Control

Schroders PLC Increases Stake in Sanhua Smart Control to 15.07%

Sanhua Intelligent Control Repurchased 3,064,700 Shares

Investor Asks Sanhua Intelligent Control About Energy Storage Business and Stock Repurchase

CCOE

STARCOIN GROUP

ONEFORCE HLDGS

ROYAL DELUXE

STELUX HOLDINGS

TE HEALTHCARE

ASIAPAC FIN INV

WELIFE TECH

DRINDA

TIMELESS

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09660

002050

02050

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Hong Kong's robotics sector experienced a downturn as several key stocks saw declines. According to Jin10, UBTECH Roboticsfell by over 4%, while Sanhua Intelligent Controlsdropped more than 2%. Other companies such as Horizon Roboticsand MicroPort Roboticsalso followed the downward trend. The market volatility reflects broader concerns impacting the robotics industry in the region.

CoinLive

UBTECH ROBOTICS

HORIZONROBOT-W

Sanhua

SANHUA

MircroPort Medbot-B

Hong Kong Robotics Stocks Decline Amid Market Volatility

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KNOWLEDGE ATLAS(02513) rose 12.14%, with a trading turnover 3.2 Billion HKD, and a year-to-date rose 440.4%. GIGADEVICE(03986) rose 11.91%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 166.8%. CTG DUTY-FREE(01880) fell 10.51%, with a trading turnover 837.2 Million HKD, and a year-to-date rose 4.2%. SANHUA(02050) fell 6.62%, with a trading turnover 947.8 Million HKD, and a year-to-date fell 6.6%.

Top Gainers & Losers

KNOWLEDGE ATLAS

GIGADEVICE

WEICHAI POWER

DONGFANG ELEC

MONTAGE TECH

CTG DUTY-FREE

SINO BIOPHARM

LAOPU GOLD

HANSOH PHARMA

Top 5 HK Stock Gainers/Losers (>100B) (2.24)

00100

00390

06160

06618

09888

01347

01698

KNOWLEDGE ATLAS(02513) rose 42.72%, with a trading turnover 3.2 Billion HKD, and a year-to-date rose 523.9%. MINIMAX-WP(00100) rose 14.52%, with a trading turnover 3.5 Billion HKD, and a year-to-date rose 487.9%. JD HEALTH(06618) fell 6.27%, with a trading turnover 341.2 Million HKD, and a year-to-date rose 2.4%. BIDU-SW(09888) fell 6.25%, with a trading turnover 2.5 Billion HKD, and a year-to-date fell 1.9%.

- The Hang Seng Index fell by 1.1%, with a year-to-date increase of 3.1%, while the Hang Seng Tech Index decreased by 2.91% and is down 5.5% year-to-date.  
- Notable stocks include Zhizhi (02513), which rose by 42.72% with a turnover of 3.24 billion HKD, and MINIMAX-WP (00100), which gained 14.52% with a turnover of 3.53 billion HKD.  
- Conversely, JD Health (06618) and Baidu-SW (09888) declined by 6.27% and 6.25%, respectively, with year-to-date performances of 2.4% and -1.9%.

MINIMAX-WP

CHINA RAILWAY

BEONE MEDICINES

JD HEALTH

BIDU-SW

HUA HONG SEMI

TME-SW

Top 5 HK Stock Gainers/Losers (>100B) (2.20)

01208

06613

02259

01772

00753

00670

01055

MMG(01208) rose 11.48%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 19.6%. Lens(06613) rose 9.36%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 25.9%. MINIMAX-WP(00100) fell 4.81%, with a trading turnover 300.5 Million HKD, and a year-to-date rose 127.9%. AIR CHINA(00753) fell 4.28%, with a trading turnover 234.0 Million HKD, and a year-to-date rose 1.3%.

Lens

ZIJIN GOLD INTL

GANFENGLITHIUM

AIR CHINA

CHINA EAST AIR

CHINA SOUTH AIR

Top 5 HK Stock Gainers/Losers (>100B) (1.23)

Goldman Sachs research report points out that the AI robotics industry is developing towards commercial deployment for specific purposes, with expected shipment targets to grow several times in the next two years. Last year, global humanoid robot shipments were about 15,000 to 20,000 units, mainly from Chinese manufacturers. It is expected that by 2026 and 2027, shipment targets will reach several thousand to tens of thousands of units. Goldman Sachs has given Sanhua a "Buy" rating, with a target price of 43.1 yuan

AASTOCKS

Goldman Sachs expects the shipment target of humanoid robot companies to grow several times, urging a buy on Sanhua

TSLA

We take a deep dive into dexterous robot hands. Dolphin Research will address four key questions.Why do dexterous hands matter? Where are the industry's bottlenecks?What risks and opportunities arise as these bottlenecks are solved? What are the future directions and potential commercialization paths?

Humanoids: Why Dexterous Hands Are the Bottleneck?

GOOGL

GOOG

NVDA

MSFT

In the previous report, we reviewed Sanhua Intelligent Controls’ growth trajectory and core product lines.In this piece, we look ahead to assess Sanhua’s runway in data-center thermal management and humanoid robotics.

Sanhua: In the AI robotics era, do cross-industry incumbents laugh last?

Sanhua announced that as of December 31, it repurchased 7.15 million A shares through centralized bidding, accounting for 0.1699% of the company's total share capital; the price per share ranged from RMB 22.69 to 54.25, with a total transaction amount of approximately RMB 303 million. This repurchase plan has been completed

Sanhua has repurchased a total of 7.15 million A-shares for a total amount of 303 million RMB

Any deep dive into the humanoid robot supply chain has to cover Sanhua Intelligent Controls. To unpack its core capabilities, we mapped the company in detail; as the first note in the series, we focus on its growth trajectory and exactly what it makes. Think of this as a concise 'running log' to set the groundwork for studying this manufacturing leader.

Sanhua Intelligent Controls: Unflashy biz — how does it keep riding every boom?

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According to the Hong Kong Stock Connect data, Zijin Mining had a net outflow of HKD 683 million, and Tencent had a net outflow of HKD 646 million. In contrast, SMIC had a net inflow of HKD 392 million, SANHUA had a net inflow of HKD 209 million, and Alibaba had a net inflow of HKD 100 million. In the Hong Kong Stock Connect (Shanghai), CM Bank had a net inflow of HKD 724 million, while Zijin Mining had the highest net outflow of HKD 590 million. The total net outflow for the day in the southbound trading was HKD 0, with a total transaction amount of HKD 54.056 billion, accounting for 45.44% of the total market transaction amount

Zijin Mining

ZIJIN MINING

China Merchants Bank

CM BANK

SMIC

Tencent

Tencent Holdings Limited

TENCENT

Net outflow of HKD 683 million for Zijin Mining through Hong Kong Stock Connect

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The main indices of the Hong Kong stock market weakened across the board, with the Hang Seng Index, Hang Seng Tech Index, and the National Enterprises Index all recording declines of over 0.9%. There was significant sector differentiation, with the retail sector under pressure overall, but individual stocks such as Derun Holdings and Yiyuan Wine Industry saw substantial intraday gains. The internet and semiconductor sectors experienced increased volatility, with Tencent Holdings and Alibaba both declining. Overall, affected by fluctuations in consumer confidence, cautious market sentiment, and sector rotation, some specific stocks attracted short-term speculative funds, leading to active trading

- The Hong Kong stock market saw all three major indices decline, with the Hang Seng Index dropping 0.9% to 25,621.23 points.  
- Retail and internet sectors faced downward pressure, attributed to weak consumer confidence, despite some stocks like Delin Holdings and Yiyuan Spirits showing significant gains.  
- Macro indicators showed a 5.3% year-on-year increase in retail sales and mild inflation at 1.2%, suggesting potential economic recovery, although market sentiment remains cautious.

Market Heartbeat

KUAISHOU-W

BABA-W

JD-SW

MNSO

INNOSCIENCE

DL HOLDINGS GP

INSILICO

GRACEWINE

GP LOGISTICS

Alibaba

Hong Kong stock market intraday | The three major indices opened lower, with the Hang Seng Index down 0.9%, the technology index retreating, and the retail sector under significant pressure

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SANHUA(02050) rose 12.53%, with a trading turnover 2.3 Billion HKD, and a year-to-date rose 71.6%. BIDU-SW(09888) rose 8.9%, with a trading turnover 3.1 Billion HKD, and a year-to-date rose 56.8%. LAOPU GOLD(06181) fell 5.62%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 181.3%. POP MART(09992) fell 4.55%, with a trading turnover 3.1 Billion HKD, and a year-to-date rose 115%.

- The Hang Seng Index increased by 0.86%, with a year-to-date gain of 28.9%, while the Hang Seng Tech Index rose by 1.74%, accumulating a 24.8% increase this year.  
- Three Flowers Smart Control (02050) saw a jump of 12.53% with a trading volume of 2.28 billion HKD, resulting in a cumulative gain of 71.6% for the year.  
- Baidu-SW (09888) climbed 8.9%, with a turnover of 3.13 billion HKD and a year-to-date rise of 56.8%, while Old Paved Gold (06181) and Pop Mart (09992) experienced declines despite significant annual gains.

CHALCO

POP MART

CONCH CEMENT

CGN POWER

MIXUE GROUP

Top 5 HK Stock Gainers/Losers (>100B) (12.30)

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INNOSCIENCE(02577) rose 15.35%, with a trading turnover 833.2 Million HKD, and a year-to-date rose 150.1%. DOBOT(02432) rose 13.45%, with a trading turnover 873.5 Million HKD, and a year-to-date rose 62.3%. SANHUA(02050) rose 12.53%, with a trading turnover 2.3 Billion HKD, and a year-to-date rose 71.6%.

DOBOT

EASY SMART GP

NUOBIKAN

MARKETINGFORCE

GUAN CHAO HLDGS

PHANCY

Top 10 HK Stock Gainers (12.30)

BIDU

On the settlement day of Hong Kong stock index futures, the Hang Seng Index closed at 25,854 points, up 219 points or 0.9%. Baidu's stock price rose by 8.9%, with the market optimistic about its Kunlun chip concept. Robotics concept stocks performed strongly, with INNOSCIENCE and SANHUA rising by 15.4% and 12.5%, respectively. Yuejiang suggested listing on the A-share market, with its stock price rising by 13.5%. The total market turnover was HKD 199.769 billion

Baidu

"Hong Kong Stocks" Hang Seng Index futures settlement day rises 219 points, Baidu surges 9%, robotics concept stocks soar

The Hong Kong stock market closed today with all three major indices rising. The Hang Seng Index increased by 0.86%, and the Hang Seng Tech Index rose by 1.74%. The semiconductor and internet sectors led the gains, with the enthusiasm for tech stocks continuing to rise, driving significant increases in core leading stocks. Baidu rose by 8.90%, and INNOSCIENCE increased by 15.35%. The retail sector showed divergence, with individual stocks fluctuating. On the macro front, the annual retail sales rebound and external volatility influenced investment focus, which continues to concentrate on technology, consumption, and export-related sectors

- Hong Kong's stock indices rose across the board, with the Hang Seng Index closing at 25,854.6 points, an increase of 0.86%.  
- The semiconductor sector saw significant gains, driven by funds and policy support, while retail showed mixed performance amid cautious investment sentiment.  
- Overall, despite signs of recovery in retail sales, uncertainties in the broader market remain, suggesting investors should focus on structural opportunities in consumption and exports.

DATA UNION CAP

CIPRUN TECH

XIAOMI-W

MEITUAN

Hong Kong stocks closed higher | Three major indices rose, with strong performance in semiconductors and technology, Baidu up 8.90%, INNOSCIENCE up 15.35%

Robot

Deep Research

Tesla

Alphabet

Meta Platforms

Alphabet - C

NVIDIA

Microsoft

Entering 2025, three years into the OpenAI-led AI cycle, the industry remains in a full-on AI investment phase. Based on our recent work, Dolphin Research sees 2026 hinging on compute cost-down and on AI capex translating into deployments across software and hardware.The rollout of new hardware is the true incremental driver. Meanwhile, mass production of Tesla's Optimus is drawing closer, and humanoid robots could become the primary AI form factor, reshaping human interaction and productivity.On this premise, Dolphin Research is launching coverage on the robotics supply chain. This is Part 1.

MSZJSHI@EC2610A(23703.HK)

Hong Kong Robotics Stocks Decline Amid Market Volatility

Top 5 HK Stock Gainers/Losers (>100B) (2.24)

Top 5 HK Stock Gainers/Losers (>100B) (2.20)

Top 5 HK Stock Gainers/Losers (>100B) (1.23)

Goldman Sachs expects the shipment target of humanoid robot companies to grow several times, urging a buy on Sanhua