MBHESAI@EC2608A

CCOE

STARCOIN GROUP

ONEFORCE HLDGS

ROYAL DELUXE

STELUX HOLDINGS

TE HEALTHCARE

ASIAPAC FIN INV

WELIFE TECH

DRINDA

TIMELESS

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00HSI

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The Hang Seng Index rebounded today, closing at 26,630 points, up 249 points or 0.95%. Northbound capital net inflow was HKD 14.997 billion, while southbound funds saw a net outflow of HKD 576 million this week. The market is digesting corporate quarterly results and awaiting U.S. economic data, with total turnover reaching HKD 288.42 billion. After the adjustment of the MSCI China Index constituents, HESAI and SenseTime's stock prices rose by 4.4% and 4.9%, respectively

AASTOCKS

FI2 CSOP HSI

SHK PPT

Hang Seng Index

TRACKER FUND

FL2 CSOP HSI

HESAI-W

Market Review: Hang Seng Index rebounds, northbound capital flows in nearly HKD 15 billion, New World Development rises over 7%

MCHI

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00020

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HSAI

The MSCI China Index will undergo a constituent adjustment after the market closes on the 27th, adding 37 stocks including Hesai, PONY-W, SENSETIME, and YOFC, while removing 16 stocks. Hesai's stock price rose 3.4% to 217.6 yuan, PONY-W rose 6.8% to 115 yuan, SENSETIME rose 4.1% to 2.54 yuan, and YOFC rose 7.9% to 145.9 yuan

iShares MSCI China

PONY-W

SENSETIME-W

YOFC

Hesai

SenseTime, YOFC, and Hesai rose over 3% to 7% after the market closed and will be included in the MSCI China Index

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On the first trading day of Hong Kong stocks today, despite the market decline, robotics concept stocks rose against the trend. UBTECH ROBOTICS and HESAI-W each rose by 7%, while DOBOT surged nearly 20%. Several technology companies showcased robot performances during the Spring Festival Gala, attracting widespread attention, with a significant increase in search volume and order volume for related robots on the JD platform. The overall trading volume was HKD 71.82 billion

DOBOT

UBTECH ROBOTICS

"Spring Festival Gala Robot" concept stocks rise against the market trend, UBTECH ROBOTICS and HESAI-W each up 7%, DOBOT surges nearly 20%

HUMN

IBOT

ARKQ

BOTZ

Two humanoid robots from Yushu Technology showcased high-level coordinated movements during the CCTV Spring Festival Gala, equipped with Hesai JT128 laser radar. As a result, Hesai (HSAI) saw its stock price rise in the U.S. market, reaching a high of $28.21 on Tuesday and closing at $26.77, an increase of nearly 4%. The delivery volume of the Hesai JT series laser radar has exceeded 200,000 units, widely used in smart robot products

Stheadline

Roundhill Humanoid Robotics ETF

VanEck Robotics ETF

ARK Autonomous Tech & Robotics ETF

Global X Robotics & Artificial

Yushuren humanoid robot equipped with Hesai LiDAR, Spring Festival effect boosts stock price

ROBO

GRAB

HAIL

Grab Holdings (GRAB) has been selected as the exclusive distributor for Hesai Technology's lidar products in Southeast Asia, enhancing its focus on autonomous mobility. Despite a recent share price increase, Grab's valuation remains a topic of debate, with a fair value estimated at $8.20 compared to its current price of $4.26. The company has shown positive revenue growth and profitability, but its high P/E ratio of 142.7x raises concerns about valuation risks. Investors are encouraged to explore further opportunities in undervalued stocks and resilient companies.

Simplywall

ROBO Global Robotics

Grab

SPDR S&P Kensho Smart Mobility ETF

Assessing Grab Holdings (NasdaqGS:GRAB) Valuation After Exclusive Hesai Lidar Distribution Deal

Grab Holdings Ltd. has announced a strategic partnership with Hesai Technology, becoming the exclusive distributor of Hesai-Lidar products in Southeast Asia. Grab will be responsible for the distribution, customer support, and marketing of the sensors in the region.

Reuters

Grab Holdings Ltd. wird exklusiver Vertriebspartner für Hesai-Lidar in Südostasien

BOTT

Grab Holdings Ltd. has partnered with Hesai Technology to become the exclusive distributor of Hesai’s lidar products in Southeast Asia. This collaboration will enhance sales, customer support, and marketing of advanced lidar sensors in the region, targeting industries like robotics and autonomous mobility. The partnership aims to meet the rising demand for AI-driven automation by utilizing Grab’s distribution network to provide high-quality lidar solutions.

Themes Humanoid Robotics ETF

Grab Named Exclusive Southeast Asia Distributor for Hesai Lidar Sensors

China Post Securities initiates coverage on Hesai, giving it a "Buy" rating, and expects a nearly 62% growth in net profit for 2023. Hesai ranks first in the global market share for automotive LiDAR, ADAS LiDAR, and L4 autonomous driving LiDAR. The company significantly reduces costs through self-developed chip technology, with projected revenues of 3.09 billion, 4.1 billion, and 5.41 billion yuan from 2025 to 2027, and GAAP net profits of 420 million, 680 million, and 920 million yuan, respectively

In "Major Banks," China Post Securities initiates coverage on Hesai with a "Buy" rating, expecting a nearly 62% increase in net profit this year

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The Hang Seng Index opened higher this morning, rising over 240 points to surpass 27,000 points, currently reported at 27,010 points, an increase of 0.9%. However, autonomous driving-related stocks such as Hesai, ROBOSENSE, and HORIZONROBOT faced pressure against the market trend, with Hesai's U.S. stock plummeting 10.1%, and the Hong Kong stock opening down 8.7% before falling nearly 10%. ROBOSENSE and HORIZONROBOT also experienced declines, while Baidu-SW dropped 1.5%

ROBOSENSE

HORIZONROBOT-W

The Hang Seng Index rose over 240 points in the early session, climbing back above the 27,000 mark. Stocks related to intelligent driving faced pressure against the market trend, with Hesai previously dropping nearly 10%

Hesai Group has scheduled an extraordinary general meeting for March 3, 2026, in Suzhou, China, to seek shareholder approval for a comprehensive amendment of its Memorandum and Articles of Association. The proposal includes redesignating 50 million shares into Class B ordinary shares, increasing the total to 950 million. This move aims to enhance the company's capital-raising flexibility and strengthen its dual-class share structure. The latest analyst rating for Hesai Group (HK:2525) is a Buy, with a price target of HK$265.00.

Tip Ranks

Hesai Group Calls 2026 EGM to Overhaul Articles and Expand Class B Share Capacity

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Hesai Group has announced an extraordinary general meeting scheduled for March 3, 2026, in Suzhou Industrial Park, Jiangsu Province, China. The meeting will focus on voting for special resolutions as detailed in the EGM notice. This announcement was originally published via the Issuer Information Service by the Hong Kong Stock Exchange on January 26, 2026.

Guotai CSI 800 Automobile and Parts ETF

HFT CSI Auto Components Thematic ETF

Ping An CSI Auto Components Thematic ETF

ChinaAMC CSI Auto Components Thematic ETF

E Fund CSI Auto Components Thematic ETF

Hesai Group Announces Date for Upcoming Extraordinary General Meeting

Zijin Mining's drop over the past two days has been a bit absurd. Gold prices just plunged without warning. The A-share market can still hold up, but the Hong Kong market got hammered directly. Although investment banks are still talking it up, after this wave of volatility, I'm feeling a bit mentally drained. Even if the holdings in hand are based on conviction, they can't withstand the market being so turbulent. Hesai Technology just got included in the MSCI index and opened high, but then followed with an adjustment… Even positive news gets digested into volatility. The new energy and autonomous driving concepts are changing day by day now, and actual trading is getting more and more confusing. Kind of want to put the phone down and pretend nothing's happening to the account...

ZIJIN MINING

Zijin Mining

Tesla

Deep Research

The current market capitalization is still acceptable. If there are no more R&amp;D results, the market capitalization will continue to increase. Then it's a bit hard to say. Personally, I think Tesla's current price is still a bit overvalued.

TSLA at $1.5tn: priced for the future, or still undervalued as an AI crown jewel?

Agilent Tech

Uber Tech

Alphabet - C

Alphabet

Apple

ZEEKR Intelligent Tech

NVIDIA

From Cars to Dreams: Is AI TSLA at RMB 1.5tn overvalued?

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.

Fulai New Material

Orbbec

Honeywell

W-Ibeda

SANHUA

Sanhua

Keli

Lingyun Ind

BOSCH

Hanwei Electronics

XDLK

XPeng

XPENG-W

Humanoid Robots: AI's Best Hope?

Today’s Key News Recap

1125 | Dolphin Research Focus: 🐬 Stock 1, $Alphabet(GOOGL.US) It is reported that Meta is negotiating with Google to use TPU chips worth billions of dollars in its data centers by 2027, and plans to rent chips from Google Cloud next year. Although TPUs are not as flexible as NVIDIA GPUs, they have lower development costs and consume less power when running at full capacity. If TPUs are successfully supplied externally, it marks intensified competition in the AI chip market, potentially impacting NVIDIA's market share and pricing power. For Google...

Xiaomi HK SDR 2to1

XIAOMI-W

Meta Platforms

Amazon

XIAOMI-WR

Xiaomi Corporation

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Direxion Daily AMZN Bull 2X Shares

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Google's TPU Sales Challenge Nvidia Dominance; Xiaomi Rallies on Lei Jun's Stake Boost. ｜Today's Important News Review

1124 | Dolphin Research Focus: 🐬 Macro/Industry 1. On November 21st, Hang Seng Indexes Company announced the results of its quarterly review, with the changes to be implemented after the market closes on December 5, 2025, and effective from December 8, 2025. Among the changes, Dolphin Research is particularly interested in Leapmotor being included in the Hang Seng TECH Index, and Hesai Technology being added to the Hang Seng Composite Index. Inclusion in the indices will bring passive capital inflows to both companies, enhancing stock liquidity and market attention. Leapmotor rose nearly 6% today, while Hesai increased by over 8%...

LEAPMOTOR

OpenAI

BABA-W

BILIBILI-W

BABA-WR

Alibaba

Bilibili

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

NIO-SW

Alibaba HK SDR 5to1

NIO Inc. USD OV

NIO Inc

Ali Qianwen surpasses ten million downloads; Hang Seng Index adjusts, Leapmotor and Hesai surge｜Today's Important News Recap

禾赛科技

Why do stock prices and performance show opposite trends?

Eaton Vance Municipal Income Term Trust

GEELY AUTO

BYD COMPANY

Geely Auto

GEELY AUTO-R

BYD COMPANY-R

BYD Company Limited

BYD Company

GraniteShares 2x Short TSLA Daily ETF

Direxion Daily TSLA Bull 2X Shares

AXS TSLA Bear Daily ETF

XI2CSOPTSLA-U

XL2CSOPTSLA

XI2CSOPTSLA

GraniteShares 2x Long TSLA Daily ETF

EMX Royalty

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

BYD HK SDR 10to1

Hesai's Plunge: What Went Wrong?

Conference Minutes

The collaboration with BYD currently covers more than ten models, and more new models will gradually achieve mass production from 2025 to 2026.

Bloomage Biotech

Renaissance Ipo

Hello

Pony AI

HKEX

JD LOGISTICS

JD-SW

HKEX-R

Hong Kong Exchanges and Clearing (HKEX)

JD.com

JD-SWR

JD HK SDR 10to1

Hesai (3Q25 Minutes): Lidar shipments are expected to reach at least 2 million to 3 million units by 2026

ATX continues to increase volume in shipments!

Huawei

SIASUN

Aridis Pharmaceuticals

Hesai: Tesla 'Disdain'? Still Growing Wildly Towards the Sun

Hesai 3Q25 Quick Interpretation: Overall, Hesai has once again delivered an impressive report card this quarter. The third-quarter performance exceeded expectations, continuing the high growth trend. Additionally, Hesai has raised its full-year performance guidance. Specifically: ① The third-quarter performance continued the high growth trend, mainly driven by the accelerated shipment of the low-cost ATX: Third-quarter revenue reached 800 million yuan, maintaining a high growth trend of 47.5% year-on-year, also exceeding the market expectation of 780 million yuan. The key to the revenue exceeding expectations this quarter was the lidar shipment volume significantly surpassing market expectations, primarily driven by the accelerated shipment of Hesai's low-cost ATX passenger car radar. This quarter, lidar shipments reached 440,000 units, continuing a high growth trend of 229% year-on-year, also exceeding the market expectation of 400,000 units. The low-cost ATX continues to increase in volume, driving the proportion of passenger car lidar in Hesai's shipment structure to 86.3% (Dolphin Research estimates that ATX accounted for 71% in the third quarter). From the price perspective, the unit price this quarter remained stable quarter-on-quarter. Although the proportion of low-cost ATX continued to rise quarter-on-quarter (replacing the old AT128), it is expected that due to the higher-priced Robotaxi radar starting to increase in volume this quarter, the final lidar unit price was 1,988 yuan, exceeding the market expectation of 1,900 yuan. From the net profit perspective, Hesai's net profit this quarter also significantly exceeded expectations. Third-quarter net profit reached 260 million yuan, far exceeding the market expectation of 60 million yuan, with the net profit margin increasing from 6.2% in the previous quarter to 32.2% this quarter. The significantly exceeded net profit margin was mainly due to a 170 million yuan gain from the sale of equity investments in a startup company recognized in the third quarter. Excluding this one-time impact, the third-quarter net profit margin would be 10.8%, also higher than the market expectation of 7.3%, mainly due to: 1) Third-quarter gross margin was 42.1%. The market originally expected the gross margin to decline from 42.5% in the previous quarter to 40.9% in the third quarter due to the increase in low-cost ATX shipments. Despite the reduction in high-margin non-recurring engineering service revenue, Hesai maintained a high gross margin level through technological cost reduction and large-scale shipments; 2) Continued strong cost control capability, with the three expenses only increasing by 0.1 billion yuan quarter-on-quarter while revenue increased by 0.9 billion yuan quarter-on-quarter. The three expense ratio also continued to decline by 3.5 percentage points quarter-on-quarter from 43.2% in the second quarter to 39.7%. ② Hesai continues to raise full-year performance guidance: Due to the dual exceedance of expectations in lidar delivery volume and net profit in the third quarter, Hesai provided fourth-quarter revenue guidance of 1-1.2 billion yuan. If the fourth-quarter shipment unit price is predicted to remain flat quarter-on-quarter, it implies that fourth-quarter lidar shipments will reach 500,000-600,000 units, and the full-year 2025 lidar delivery volume will reach 1.49-1.59 million units, exceeding Hesai's previous guidance of 1.2-1.5 million units. Additionally, due to the third-quarter net profit performance exceeding expectations, Hesai continues to raise full-year net profit guidance to 350-450 million yuan (originally 200-350 million yuan), implying fourth-quarter net profit of 70-170 million yuan (third-quarter net profit excluding one-time equity gain was 90 million yuan). Based on the midpoint of fourth-quarter revenue and net profit guidance, the fourth-quarter net profit margin will reach 11%, continuing to maintain a very good net profit margin level.$Hesai(HSAI.US) $HESAI-W(02525.HK)

MBHESAI@EC2608A(25971.HK)

Market Review: Hang Seng Index rebounds, northbound capital flows in nearly HKD 15 billion, New World Development rises over 7%

SenseTime, YOFC, and Hesai rose over 3% to 7% after the market closed and will be included in the MSCI China Index

"Spring Festival Gala Robot" concept stocks rise against the market trend, UBTECH ROBOTICS and HESAI-W each up 7%, DOBOT surges nearly 20%

Yushuren humanoid robot equipped with Hesai LiDAR, Spring Festival effect boosts stock price

Assessing Grab Holdings (NasdaqGS:GRAB) Valuation After Exclusive Hesai Lidar Distribution Deal