Public industry information shows that during the 2026 Paris International Motor Show, the Chairman of XPeng Inc. delivered a keynote speech and officially launched its smart vehicle solution business, "XPENG AI ENGINEERING". XPeng will open smart vehicle technology cooperation to global partners.

According to the Economic Information Daily, the intelligent transformation of the automotive industry marked by intelligent driving assistance and "AI+" applications is accelerating. Targeting the new industry trend of cross-border collaboration, automakers in Chongqing are speeding up the introduction of cutting-edge intelligent technologies and integrating them deeply with advanced manufacturing. On September 4, Changan Automobile released Tianshu Pilot, the first self-developed intelligent driving assistance solution by a central SOE, offering a practical example for the automotive industry to achieve independent control over core intelligent technologies.

XPENG-W (09868.HK) Focuses on the full-stack in-house R&D and large-scale deployment of end-to-end autonomous driving foundational models for mass-produced vehicles. Its proprietary XNGP (Advanced Driver Assistance System) has completely decoupled from high-definition maps, demonstrating exceptional generalization capabilities in complex urban NOA (Navigation Guided Pilot) scenarios. The activation rate of advanced ADAS and the mileage penetration rate among users of newly delivered models remain at the industry forefront, providing a highly deterministic benchmark for vehicle-side AI application delivery.

On the news front, the company has no recent news of its own; within the sector, on 15 October 2026, media reports indicated that semiconductor supply chain price increases continued into the fourth quarter of 2026, spreading from upstream photoresists and silicon epitaxial materials to chip segments including microcontrollers, analogue chips, processors and power devices, as well as passive components such as multi-layer ceramic capacitors, semiconductor packaging and testing and downstream panels. Citing supply chain sources, the reports also said that chip design houses in Taiwan, China, are preparing a second round of price increases, with power management ICs, driver ICs and microcontrollers set to adjust quotes from late 2026 to early 2027 by between 5% and double-digit percentages.

In addition, on 15 October 2026, the 2026 Bay Area Semiconductor Industry Ecosystem Expo opened in Shenzhen, with domestic electronic design automation software, high-end testing instruments and Chiplet advanced packaging technologies presented systematically, and multiple domestic equipment makers exhibiting metrology, inspection and wafer fabrication equipment.

SG MICRO (03661.HK) listed on the Main Board of the Hong Kong Stock Exchange on 26 June 2026 at an offer price of HKD 85.20, with 54,001,200 shares issued.

Regarding its shareholding structure, the lock-up period of all 26 cornerstone investors of the company is six months, with the nearest release date falling on 26 December 2026, when a total of 26,941,300 shares held by 26 cornerstone investors including GIC, JPMorgan Asset Management and CPE Ginkgo will be released from lock-up, representing 49.89% of the shares under the global offering and approximately 3.99% of the company's total issued share capital immediately following completion of the global offering. In addition, under the lock-up undertakings of the company's controlling shareholders (Chongqing Hongshun Xiangtai Enterprise Management Co., Ltd., Chongqing Baoli Hongya Enterprise Management Co., Ltd., Power Trend International Development Limited and Dr. Zhang Shilong, together holding 221,512,150 shares, or 32.82% of total issued share capital), the first six-month period expired on 25 December 2026, and the second six-month period is expected to expire in late June 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 29 August 2026. For the first half of 2026, revenue was RMB 2.595 billion, up 42.70% year on year; gross profit was RMB 1.345 billion, up 47.47% year on year; gross margin was 51.84%, up about 1.7 percentage points from a year earlier; net profit attributable to shareholders was RMB 420 million, up 109.28% year on year; net profit excluding non-recurring gains and losses was RMB 356 million, up 164.56% year on year; R&D investment was RMB 617 million, accounting for 23.77% of revenue; and net cash flow from operating activities was RMB 382 million. As of 30 June 2026, the company had cash and cash equivalents of RMB 4.630 billion and a debt-to-asset ratio of 16.64%. The company declared no interim dividend.

SG MICRO (03661.HK) focuses on the research, development and sale of high-performance, high-quality analogue integrated circuits, with a product matrix covering signal chain, power management, sensors and memory and more than 7,200 sellable products as at mid-2026. Its products are widely used in industrial and energy, automotive, network and computing, and consumer electronics applications, serving more than 6,000 transacting customers in 2025. The company listed on the ChiNext market of the Shenzhen Stock Exchange in June 2017 (300661.SZ) and on the Main Board of the Hong Kong Stock Exchange on 26 June 2026.

DONGHAI SECURITIES believes that semiconductor demand remained relatively buoyant in September 2026 with chip prices fluctuating at high levels, that demand continues to be strong on AI drivers while upstream wafer foundry capacity is tight, and that the supply-demand balance is expected to remain tight in October; on pricing, increases have spread from memory, CPUs and consumer electronics to power, analogue and microcontroller segments, with localisation rates across the supply chain continuing to rise.

J.P. MORGAN believes that demand in the analogue chip segment is improving across industrial, aerospace, defence and data centre applications although customers have yet to begin broad restocking; product price increases are expected to become a new earnings growth driver for analogue chip companies in the second half of 2026 and 2027, with Analog Devices already implementing additional price rises and Texas Instruments planning increases on some products in the fourth quarter of 2026 and expanding to more analogue chips, power management chips and microcontrollers in 2027.

On the news front, the company has no recent news of its own; within the sector, on 15 October 2026, market research firm Sigmaintell forecast that average capacity utilisation across major global wafer fabs will reach about 91% in the fourth quarter of 2026, with utilisation at foundries generally high and wafer foundry prices trending upwards amid rising energy and material costs. Among process nodes, 8-inch lines remain at full load on demand for AI-related power management ICs and power devices, with order visibility generally approaching six months, and the 48V high-voltage power management ICs used in AI servers still predominantly produced on 8-inch processes; on the supply side, manufacturers such as TSMC and Samsung have cut some 8-inch capacity, and global 8-inch wafer foundry capacity is expected to decline about 6% year on year in 2026 and a further 2% in 2027. On pricing, nodes at 55 nanometres and above have stronger upward momentum on AI peripheral application demand, while price increases at 28-nanometre and 40-nanometre nodes are relatively moderate.

In addition, on 14 October 2026, GLOBALFOUNDRIES announced that it has been selected as the technology provider and operator of two new wafer fabs under a joint US-Japan initiative, expanding with two 12-inch fabs next to its existing site in Malta, New York, with a total investment ceiling of about USD 21 billion and expected additional annual capacity of 1.8 million wafers. GLOBALFOUNDRIES also reached an agreement with the US government to reallocate USD 955 million in subsidies for silicon photonics, silicon germanium and advanced packaging capacity at its Malta, New York and Burlington, Vermont sites to address communications infrastructure and data centre demand.

CLSA believes that China's semiconductor industry continued to be driven by AI demand and the localisation trend in the third quarter of 2026, with order growth at AI PCB, wafer foundry, equipment and AI computing chip companies remaining solid, capacity utilisation high and profitability continuing to improve; while tight upstream component supply and lengthening lead times are dragging on near-term delivery, the upstream supply-demand balance is expected to improve gradually from the fourth quarter through 2027. Within that, wafer foundry capacity utilisation remains high and average selling prices are rising quarter by quarter on AI-related chip demand, overseas order reshoring and local manufacturing, but new capacity investment and rising depreciation at advanced nodes will constrain further margin improvement.

GUOSEN SECURITIES believes that domestic AI computing chips are entering a phase of volume ramp-up, and that analogue chips and power devices based on mature nodes with relatively diversified downstream demand are in a cyclical recovery, both benefiting from AI-related power demand.

HUA HONG GRACE (01347.HK) Specializes in specialty process wafer foundry, offering customized manufacturing of power discretes, embedded non-volatile memory, analog and power management ICs. Its 8-inch and 12-inch production lines serve automotive, industrial control and data center power management applications. The company holds multiple automotive-grade quality certifications and provides mass production foundry services to various domestic and international automotive clients. Its overall capacity utilization has remained high over an extended period.

On the news front, the company has no recent news of its own; within the sector, on 14 October 2026, media reports indicated that China is poised to lead a humanoid robot market worth USD 5 trillion. Citing data, the reports noted that Chinese companies accounted for 97% of global humanoid robot shipments in the first half of 2026, and that Morgan Stanley expects the humanoid robot market to potentially exceed USD 5 trillion by 2050 as the workforce shrinks and ages and AI applications surge. The reports also noted that LinkerBot, a dexterous hand maker, holds more than 80% of the global market for the most advanced robotic hands deployed, with customers already including Samsung Electronics, Meta and Siemens, and that the company plans to double monthly capacity to 10,000 hands; a Morgan Stanley analysis showed that removing Chinese components from Tesla's Optimus humanoid robot supply chain would almost triple its cost.

In addition, on 15 October 2026, the first phase of the 140th China Import and Export Fair (Canton Fair) opened in Guangzhou. This phase, themed "advanced manufacturing", covers an exhibition area of 520,000 square metres with more than 25,000 booths and over 12,000 exhibitors, showcasing five major sections across 19 exhibition zones including consumer electronics and home appliances, industrial automation, lighting and electrical equipment, hardware and tools, and new energy vehicles and smart mobility, and focusing on procurement hotspots such as new energy, smart manufacturing and embodied intelligence, with 17 emerging future-industry zones covering service robots, drones and display technology. This edition of the Canton Fair coincides with the 70th anniversary of its founding, with an overall exhibition area of 1.55 million square metres held in three phases, drawing 32,000 exhibitors, including more than 11,000 high-quality enterprises such as specialised and sophisticated firms and manufacturing champions.

HUALONG SECURITIES believes that humanoid robot companies are seeing intensive financing and other moves, with capacity building and new business formats on the market side continuing to advance; the global humanoid robot market maintained rapid growth in the first half of 2026, with shipments exceeding 22,000 units and year-on-year growth approaching 300%, with AgiBot ranking first globally with 9,700 units, followed by Unitree Robotics, Galbot, UBTECH and Leju Robotics, the top five together accounting for 86%.

GUOYUAN SECURITIES believes that the construction of embodied intelligence training grounds in China continues to advance, with more than 70 already built and operational and over 40 under construction or planned, forming three core clusters in the Yangtze River Delta, Beijing-Tianjin-Hebei and the Pearl River Delta; large volumes of training data are being gathered and fed into real-machine training, and some humanoid robots can already complete complex tasks such as switching electrical cabinets and opening and closing industrial valves, with training grounds becoming important infrastructure connecting model development with commercial application.

EXCELLAND ROBOT (03231.HK) focuses on the development, manufacturing and commercial deployment of commercial service robots, with products covering indoor delivery, high-capacity indoor transfer, delivery within enclosed parks, indoor and outdoor cleaning and unattended retail. The company also provides industry-applied AI vision model solutions and serves customers including hotels, office buildings, shopping malls, hospitals and industrial parks under Robot-as-a-Service (RaaS) and leasing arrangements. Based on 2025 revenue, the company is China's third largest supplier of commercial service robot products with a market share of 8.9%, and had cumulatively delivered more than 114,600 robots to over 5,100 customers worldwide as of 31 March 2026.

Looking at recent trends, TONGGUAN GOLD's share price moved in a wide range over the past week (October 9 to 15, including today's intraday price). Over the past five trading days, the share price rose about 1.88% cumulatively from the October 8 close of HKD 2.390, with market capitalisation rising from about HKD 12.67 billion to HKD 12.91 billion, an increase of about HKD 240 million; during the period, the stock rose 9.21% on October 9 and fell 5.36% on October 12.

It is understood that on September 7, 2026, a new round of regular Stock Connect adjustment took effect. The number of Hang Seng Composite Index constituents rose from 534 to 580, and TONGGUAN GOLD (00340.HK) was included and accordingly admitted to Stock Connect. The Shanghai and Shenzhen stock exchanges released the adjusted Stock Connect eligible securities lists on September 4 and September 7 respectively.

Public information shows that TONGGUAN GOLD listed on the Main Board of HKEX on March 26, 1997 at an offer price of HKD 1.05. The company was not originally a gold miner; it was renamed China Mining Resources Group Limited in February 2007, began transforming into gold mining through a series of acquisitions from 2017, and its stock short name was changed to TONGGUAN GOLD from June 11, 2018 following the company's renaming. In July 2023, the company completed the acquisition of 100% equity in North East Mining, extending its business from Tongguan, Shaanxi Province to Subei, Gansu Province. It has about 5.303 billion issued shares as at October 2026.

At present, the share price peaked at HKD 4.066 intraday over the past 52 weeks (March 2, 2026), and the close on that day valued the company at HKD 20.78 billion, which had fallen to about HKD 12.91 billion as at October 15, a drawdown of about 40.1% from the 52-week high. Since being admitted to Stock Connect on September 7, 2026, the share price has fallen 25.8%; on the effective date itself, the stock closed at HKD 3.280, down 7.61% on the day, with turnover of HKD 245 million, more than double the previous trading day's HKD 99.18 million.

It is understood that Hang Seng Indexes Company announced on August 21, 2026 the semi-annual review results as at June 30, 2026, under which TONGGUAN GOLD was included in the Hang Seng Composite Index, with constituent changes effective from September 7, 2026. The company issued a voluntary announcement on its inclusion on August 24.

TONGGUAN GOLD's basis for inclusion lies first in its inclusion in the Hang Seng Composite Index, which gives it the index identity of a Stock Connect eligible security. Second, the company's market capitalisation around the June 30, 2026 review cut-off remained within the market capitalisation coverage range for inclusion in the Hang Seng Composite Index. In addition, the company had previously been included in the MSCI Global Small Cap Index (August 2025) and the FTSE Global Equity Index Series (March 2026); this inclusion in the Hang Seng Composite Index marks its third inclusion in a major global index within two years, and the gold and precious metals sector it belongs to is in an upcycle, consistent with the direction of this round of increased attention on resource stocks.

(The above is an inference based on public rules and data, not an official determination by the exchanges. The specific reasons for inclusion are subject to the exchange announcements.)

Although TONGGUAN GOLD's admission to Stock Connect provides institutional conditions for broadening the company's channels for southbound capital participation and improving liquidity, the share price performance since inclusion has diverged from the strength in gold prices, with the stock declining rather than rising since admission.

Public information shows that TONGGUAN GOLD is mainly engaged in gold exploration, mining, processing and sales, selling mined gold including gold concentrate, gold ingots and related products, and also operates a small gold recycling business; gold mining contributed 99.79% of total revenue in the first half of 2026. The company has two core gold mining bases in Tongguan, Shaanxi Province and Subei, Gansu Province, with Xiangshun Mining as the main producing asset in the Tongguan area and Tongxin, Dexing and Tongjin Mining providing support for future output growth; as at the end of 2025, the company held 77.6 tonnes of gold metal at an average grade of 6.45 grams per tonne.

Financially, the company's revenue growth has accelerated markedly: revenue in 2023 to 2025 was HKD 1.497 billion, HKD 1.605 billion and HKD 2.396 billion respectively, and net profit attributable to shareholders was HKD 51.45 million, HKD 211.1 million and HKD 830.4 million respectively. In the first half of 2026, revenue was HKD 1.575 billion, up 53% year on year, and net profit attributable to shareholders was HKD 522.7 million, up 53% year on year. The average selling price of mined gold rose from about RMB 666 per gram in the year-ago period to RMB 965, with sales volume of 1.43 tonnes; selling costs rose only 17%, and the gross margin of the gold mining business widened from 51.5% to 62.9%. During the period, the company recorded a one-off tax expense of about HKD 95 million, as a Subei mining subsidiary's 2025 high and new technology enterprise tax preferential status had not been finally confirmed by the competent authority and tax had to be paid at the 25% rate. As at the end of June, the company held cash and cash equivalents of HKD 760.1 million, with a debt-to-asset ratio of 33.95%.

On product and business developments, TONGGUAN GOLD continued to advance capacity and resource reserve work during the year: at the interim results briefing on August 25, the company gave 2026 gold production guidance of 3.3 to 3.7 tonnes and 2027 guidance of 3.8 to 4.4 tonnes; the intelligent ore-dressing system at the North East mining area was rolled out in the first half, lifting processing capacity by about 5%; and Tongxin Mining's exploration right was successfully converted into a mining right in the first half, while exploration-to-mining right conversion at Dexing Mining is under way.

The gold industry is in an upcycle driven jointly by central bank gold buying and safe-haven demand. According to the World Gold Council, global gold demand was worth about USD 380 billion in the first half of 2026, a record high; central banks net-purchased 289 tonnes in the second quarter, up 62% year on year and a record for any second quarter; the LBMA quarterly average gold price in the second quarter was USD 4,506 per ounce, 37% higher than a year earlier. In China, demand for gold bars and coins surged 31% year on year to 314 tonnes in the first half, the strongest half-year on record; as at the end of June, the People's Bank of China had increased its gold holdings for 20 consecutive months, adding 40 tonnes in the first half.

KAIYUAN SECURITIES noted in a research report that TONGGUAN GOLD focuses on gold exploration, mining and recycling, holds two core gold mining bases in Tongguan, Shaanxi Province and Subei, Gansu Province, enjoys excellent resource endowment, and with exploration-to-mining right conversion continuing to advance, its gold production and sales volume are expected to keep growing.

On October 14, 2026, the three major Hong Kong indices opened lower and rallied before paring gains in the afternoon, with the Hang Seng TECH Index up 0.91%, the Hang Seng China Enterprises Index up 0.10% and the Hang Seng Index down 0.13%. Full-day turnover on the Hang Seng Index reached HKD 193.5 billion, up from HKD 187.6 billion a day earlier.

On the board, among Stock Connect constituent stocks, LIULIUMEI rose 21.84%, PATEO rose 14.48%, ILUVATAR COREX rose 8.83%, IMPACT THERAP-B rose 8.47% and CR BLDG MAT TEC rose 7.81%; on the downside, GON TECHNOLOGY fell 28.46%, TH MEDICAL-B fell 22.63%, HQVT fell 19.57%, HIPINE fell 14.97% and MICOT PHARMA-B fell 14.65%. Internet and consumer names strengthened, while innovative drug and semiconductor names weakened.

Southbound capital recorded net selling of HK$135 million on the day, comprising net selling of HK$81 million via Stock Connect (Shanghai) and net selling of HK$54 million via Stock Connect (Shenzhen), with both channels selling on a net basis.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. PATEO Rises 14.48% as Shareholders Voluntarily Extend Lock-up Periods

On October 14, PATEO (02889.HK) closed up 14.48% at HKD 62.050, with turnover of HK$98 million. On October 13, the company's board announced that it had received voluntary lock-up undertakings from shareholders Guangzhou Ping An Consumer Equity Investment Partnership and Sanfeng Holdings Management: Guangzhou Ping An extended its lock-up from 12 months to 18 months from the listing date, while Sanfeng Holdings undertook a six-month lock-up from the date of signing, with the two together holding 6,159,817 shares, about 3.69% of total issued shares. The 18-month lock-up undertakings given by two cornerstone investors announced in March 2026 remain in effect.

2. ALIBABA-W Attracts HK$1.190 Billion of Southbound Net Buying, Topping Turnover at HK$5.388 Billion

On October 14, ALIBABA-W (09988.HK) closed up 3.08% at HKD 110.500, with southbound turnover of HK$5.388 billion, the highest among Stock Connect stocks on the day, and southbound net buying of HK$1.190 billion, the largest net buy of the session. TENCENT (00700.HK) drew HK$193 million of southbound net buying and MEITUAN-W (03690.HK) drew HK$278 million. Hong Kong internet stocks rallied together, with the Hang Seng TECH Index up as much as 2.6% intraday before closing 0.91% higher; XIAOMI-W (01810.HK) rose 5.35%.

3. Southbound Net Selling Reaches HK$135 Million as Both Channels Sell

On October 14, southbound capital recorded net selling of HK$135 million, comprising net selling of HK$81 million via Stock Connect (Shanghai) and net selling of HK$54 million via Stock Connect (Shenzhen), with both channels selling on a net basis. At the stock level, southbound funds sold a net HK$785 million of SMIC (00981.HK), HK$493 million of YOFC (06869.HK), HK$487 million of XIAOMI-W (01810.HK) and HK$338 million of KB LAMINATES (01888.HK), while buying a net HK$772 million of AKESO (09926.HK) and HK$278 million of MEITUAN-W (03690.HK).

4. Innovative Drug Names Pull Back as HK Stock Connect Health Care ETFs Fall Together

On October 14, Hong Kong innovative drug names extended their correction, and HK Stock Connect-related innovative drug ETFs in the A-share market fell across the board: Huatai-PB Hang Seng Innovative Drugs ETF(QDII) (520500) fell 3.24%, Penghua CNI HK Equities Innovative Drugs ETF (159286) fell 3.21%, China Southern CNI HK Equities Innovative Drugs ETF (159297) fell 3.14%, ICBCCS CNI HK Equities Innovative Drugs ETF (159217) fell 3.12% and China Universal CNI HK Equities Innovative Drugs ETF (159570) fell 3.04%. On the news front, the European Society for Medical Oncology (ESMO) congress will be held on October 23, with more than 90 late-breaking abstract titles already published on its website, including pipeline assets from Chinese developers such as Akeso's ivonescimab. On the day, AKESO (09926.HK) drew HK$772 million of southbound net buying.

5. HK Stock Connect-related A-share ETFs Diverge as Internet and Oil and Gas Themes Rise and Semiconductor Theme Falls

On October 14, HK Stock Connect-related A-share ETFs in the A-share market diverged. On the upside, Invesco Great Wall NASDAQ Technology Market Capitalization Weighting ETF(QDII) (159509) rose 3.87%, Fullgoal S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (513350) rose 3.64%, China Universal CNI HK Equities Internet ETF (159280) rose 3.00%, Harvest S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (159518) rose 2.95% and Harvest CSI Overseas China Internet 30 ETF(QDII) (159607) rose 2.86%. On the downside, Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) (513310) fell 3.86%. By turnover, the Huatai-PB semiconductor ETF led with RMB 8.871 billion, followed by GF CSI HK Innovative Drugs Industry ETF(QDII) (513120) at RMB 4.936 billion and the Invesco Great Wall NASDAQ Technology ETF at RMB 2.849 billion.

On October 14, 2026, the three major Hong Kong indices opened lower and rallied before paring gains in the afternoon. The Hang Seng TECH Index rose 0.91% to 4,174.47, having been up as much as 2.6% during the session; the Hang Seng China Enterprises Index rose 0.10% to 8,183.17; and the Hang Seng Index fell 0.13% to 24,314.17. Full-day turnover on the Hang Seng Index reached HKD 193.5 billion, up from HKD 187.6 billion a day earlier. AI concept stocks gained broadly, with 7 of the 20 names closing higher; internet and domestic computing power names advanced while memory chips and autonomous driving names pulled back.

In the LLM space, MEITUAN-W (03690.HK) rose 6.64%, BABA-W (09988.HK) rose 3.08%, KUAISHOU-W (01024.HK) rose 1.23% and BIDU-W (09888.HK) rose 0.49%; TENCENT (00700.HK) fell 0.42%, MINIMAX-W (00100.HK) fell 3.68% and Z.AI (02513.HK) fell 4.83%.

In the AI Chips space, performance diverged: ILUVATAR COREX (09903.HK) rose 8.83%, the top gainer among AI concept stocks, and BIRENTECH (06082.HK) rose 0.35%, while GIGADEVICE (03986.HK) fell 1.17%, SMIC (00981.HK) fell 2.25%, HUA HONG GRACE (01347.HK) fell 2.41% and MONTAGETECH (06809.HK) fell 6.04%.

In the Autonomous Driving space, names pulled back broadly: PONY-W (02026.HK) fell 1.65%, HORIZONROBOT-W (09660.HK) fell 2.11%, ROBOSENSE (02498.HK) fell 3.12%, WERIDE-W (00800.HK) fell 4.76% and BLACK SESAME (02533.HK) fell 6.45%, the worst performer among AI concept stocks.

In the Embodied AI space, XIAOMI-W (01810.HK) rose 5.35%, while UBTECH ROBOTICS (09880.HK) fell 0.30%.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 14, 2026.

III. AI Industry & Corporate Developments

1. ILUVATAR COREX Tops the Gainers with an 8.83% Rise as the Tiangai 300 IXL144 Supernode Debuts at the Industry Expo

On October 14, ILUVATAR COREX (09903.HK) closed up 8.83% at HKD 92.400, the top gainer among AI concept stocks. The 2026 China International Industry Fair was held in Shanghai from October 12 to 16, where the Tiangai 300 IXL144, the first solution in the company's systematic supernode layout, made its debut. The solution integrates 144 GPUs and 18 CPUs in a single cabinet with about 10.1TB of memory, the industry's highest-density single-cabinet GPU supernode. Its proprietary general-purpose GPU architecture and in-house software stack are compatible with the CUDA ecosystem, allowing customers to reuse existing models and mainstream frameworks; the cost per million effective Tokens is estimated to be 40% lower than that of mainstream international solutions.

2. XIAOMI-W Rises 5.35% as Locked Orders for the Pengcheng Series Top 70,000 in Its First Month

On October 14, XIAOMI-W (01810.HK) closed up 5.35% at HKD 26.380. Locked orders for the Xiaomi Auto Pengcheng series exceeded 70,000 units in the first month on the market. Hong Kong smartphone supply chain stocks rose across the board on the day, and the company's "Human x Car x Home" ecosystem continued to generate business synergies, with smartphones, autos and AIoT devices all strengthening.

3. MEITUAN-W Rises 6.64% as Hong Kong Internet Stocks Rally Together

On October 14, MEITUAN-W (03690.HK) closed up 6.64% at HKD 77.100; BABA-W (09988.HK) rose 3.08%, KUAISHOU-W (01024.HK) rose 1.23% and BIDU-W (09888.HK) rose 0.49%. Hong Kong internet stocks rallied together, with the Hang Seng TECH Index up as much as 2.6% intraday before closing 0.91% higher. Chasing interest faded in the afternoon and TENCENT (00700.HK) reversed to a 0.42% loss. Consumer, oil and shipping names also strengthened.

4. Memory Chip Stocks Continue to Slide as MONTAGETECH Falls 6.04%

On October 14, MONTAGETECH (06809.HK) closed down 6.04% at HKD 227.200; GIGADEVICE (03986.HK) fell 1.17%, HUA HONG GRACE (01347.HK) fell 2.41% and SMIC (00981.HK) fell 2.25%. The three major US indices closed lower overnight, with the Dow Jones Industrial Average down 0.35% and the Nasdaq down 0.15%, and US semiconductor stocks weakened. A sharp overnight decline in South Korean equities continued to weigh on the memory chip segment, leaving Hong Kong memory-related names soft.

5. Z.AI Falls 4.83% as Zhipu AI Releases GLM-Legal, a Legal-sector Vertical Model

On October 14, Z.AI (02513.HK) closed down 4.83% at HKD 572.000, while MINIMAX-W (00100.HK) fell 3.68%. On October 13, Zhipu AI released GLM-Legal, a vertical large model built for legal industry workflows. The model is built on the GLM-5.3-Flash underlying architecture and covers legal practice scenarios including contract review, evidence analysis, compliance review and cross-border business.

IV. Profiles of Representative AI Concept Stocks

On the market, by industry. Themes such as consumer discretionary retail, defense, and oil & petrochemicals led the gains. Themes such as electrical equipment, chemicals, and pharmaceuticals & biotechnology led the declines.

Of which, 37 constituent stocks of the Hang Seng Index rose and 54 fell. On the downside, INNOVENT BIO fell 4.2%, LONGFOR GROUP fell 4.1%, and CATL fell 3.8%. On the upside, MEITUAN-W rose 6.6%, XIAOMI-W rose 5.4%, and MENGNIU DAIRY rose 3.6%.

Among the Hang Seng TECH Index constituents, 16 rose and 12 fell. On the upside, ILUVATAR COREX rose 8.8%, ALIBABA-W rose 3.1%, and NIO-SW rose 2.6%. On the downside, BILIBILI-W fell 4.9%, Z.AI fell 4.8%, and MINIMAX-W fell 3.7%.

Among Hong Kong Stock Connect constituents, LIULIUMEI soared 21.8%, PATEO soared 14.5%, and IMPACT THERAP-B rose 8.5%. On the downside, GON TECHNOLOGY plunged 28.5%, TH MEDICAL-B plunged 22.6%, and HQVT fell 19.6%.

Wanlian Securities Co., Ltd. pointed out that in terms of macro liquidity, according to CME FedWatch, the probability of a Fed rate hike in October has declined, and domestic macro liquidity remains loose. Southbound funds are currently maintaining a net inflow trend, and attention needs to be paid to the impact of changes in the monetary policies of major global central banks on Hong Kong stock liquidity. In terms of sector allocation, it suggests paying attention to: (1) high-dividend and dividend assets with current valuation advantages. (2) Pro-cyclical industries benefiting from improving fundamentals and improved prosperity under supply constraints. (3) Continued allocation to leading companies in the AI industry chain as the medium- to long-term main line. (Source: "Strategy Tracking Report: Hong Kong Stock Trading Hours May Be Extended, Expected to Boost Market Activity" by Wanlian Securities Co., Ltd., 20261012)

The market's leading direction was concentrated in AI and internet themes. Samsung CSI China Dragon Internet ETF (2812.HK), managed by Samsung Asset Management, rose 2.27% to top the gainers, tracking the CSI Global China Internet Index; ICBC UBS HK-Global Artificial Intelligence ETF (3587.HK), managed by ICBC UBS Asset Management (International), gained 1.42%; Ping An of China Trust - Ping An Technology Select ETF (3406.HK), managed by Ping An of China Asset Management (Hong Kong), rose 1.25%, tracking the Wind Technology Select Index (HKD, Net Return); CSOP Hang Seng HK-US TECH ETF (3442.HK), managed by CSOP Asset Management, added 1.17%, tracking the Hang Seng HK-US Technology Index; Harvest Tech 50 ETF (3169.HK), managed by Harvest Global Investments, rose 1.16%; CSOP MAG Seven ETF (3454.HK), managed by CSOP Asset Management, gained 1.15%, tracking the Solactive Magnificent Seven Index; and ChinaAMC HK-US AI ETF (3140.HK), managed by China Asset Management (Hong Kong), rose 1.10%.

In addition, Pando Innovation ETF (3056.HK), managed by Pando Limited, rose 1.66%; Global X K-Pop and Culture ETF (3158.HK), managed by Mirae Asset, gained 1.63%, tracking the Solactive K-Pop and Culture Index; and Xtrackers MSCI Korea UCITS ETF (2848.HK), managed by DWS Investment S.A., added 1.04%.

On the downside, ChiNext, STAR 50, 5G, semiconductor and biotech products pulled back sharply. Bosera SZSE ChiNext Daily (2x) Leveraged Product (7234.HK), managed by Bosera Asset Management (International), fell 5.96% — a daily 2x leveraged product on the ChiNext Index; CSOP Yinhua CSI 5G Communications Theme ETF (3193.HK), managed by CSOP Asset Management, dropped 4.03%, tracking the CSI 5G Communications Theme Index; and the same manager's CSOP STAR 50 Index ETF (3109.HK) declined 4.00%, tracking the STAR 50 Index.

Gold-miner and semiconductor themes weakened. E Fund (HK) Solactive Global Gold Miner Select Index ETF (2824.HK), managed by E Fund Management (Hong Kong), fell 3.73%; Global X China Semiconductor ETF (3191.HK), managed by Mirae Asset, declined 3.49%, tracking the FactSet China Semiconductor Index.

Biotech and ChiNext themes fell broadly. ChinaAMC Hang Seng Biotech ETF (3069.HK), managed by China Asset Management (Hong Kong), dropped 3.29%, tracking the Hang Seng Biotech Index; CSOP SZSE ChiNext ETF (3147.HK), managed by CSOP Asset Management, fell 3.22%, tracking the ChiNext Index; and the same manager's CSOP Hang Seng Biotech ETF (3174.HK) declined 3.09%, tracking the Hang Seng Biotech Index.

STAR 50 and little-giant themes also declined. Premia China STAR50 ETF (3151.HK), managed by Premia Partners, fell 2.96%, tracking the STAR 50 Index; Global X China Little Giant ETF (2815.HK), managed by Mirae Asset, declined 2.91%, tracking the Solactive China Little Giant Index.

Among Southbound (Stock Connect) ETFs, technology themes rose modestly while biotech led the declines, broadly in line with the overall market direction on the day. The top five gainers were: Ping An of China Trust - Ping An Technology Select ETF (3406.HK), up 1.25% to lead; CSOP Hang Seng HK-US TECH ETF (3442.HK), up 1.17%; CMS Hang Seng Tech Index ETF (3423.HK), up 0.81%; CSOP Hang Seng Tech Index ETF (3033.HK), up 0.79%; and ChinaAMC Hang Seng Tech Index ETF (3088.HK), up 0.76%.

The top five losers were: ChinaAMC Hang Seng Biotech ETF (3069.HK), down 3.29% to lead; CSOP Hang Seng Biotech ETF (3174.HK), down 3.09%; iShares Core MSCI China Index ETF (2801.HK), down 0.43%; CSOP FTSE ETF Connect East-West Succession Equity Select Index ETF (3441.HK), down 0.29%; and Ping An of China CSI HK Dividend ETF (3070.HK), down 0.23%.

Data from NewTimeSpace Research Institute shows a structural feature on October 14 characterized by "strength in AI applications with a pullback in hard tech and biopharma." The upside was led by AI, internet and Hong Kong-US technology themes, with the highest gain at 2.27% and all other gainers within 1.7%; the downside was concentrated in ChiNext, STAR 50, 5G, semiconductor and biotech directions, with all top-ten decliners down at least 2.91%, and Bosera SZSE ChiNext Daily (2x) Leveraged Product falling 5.96% in a single day. A gap formed between the two ends, with the top loser and top gainer differing by more than 8 percentage points. On the Southbound side, technology themes rose modestly while biotech led the declines, broadly consistent with the overall market direction.

I. Daily Price Change Statistics for Recently Listed Hong Kong Stocks

On October 14, 2026, recently listed Hong Kong stocks showed mixed performance. On the upside, LIULIUMEI rose 21.84% to top the gainers; PATEO gained 14.48%, SHEIN-W 10.30%, ILUVATAR COREX 8.83% and IMPACT THERAP-B 8.47%. These stocks are concentrated in consumer, smart cockpit, cross-border e-commerce, semiconductors and biopharmaceuticals.

On the downside, GON TECHNOLOGY fell 28.46%, TH MEDICAL-B 22.63%, HQVT 19.57%, MICOT PHARMA-B 14.65% and NUOBIKAN 12.37%. The decliners span new materials, healthcare, smart hardware and artificial intelligence.

Rank	Stock Code	Stock Name	Change (%)
Gainers Top 1	06658.HK	LIULIUMEI	21.84
Gainers Top 2	02889.HK	PATEO	14.48
Gainers Top 3	00625.HK	SHEIN-W	10.30
Gainers Top 4	09903.HK	ILUVATAR COREX	8.83
Gainers Top 5	07630.HK	IMPACT THERAP-B	8.47
Decliners Bottom 5	02635.HK	NUOBIKAN	-12.37
Decliners Bottom 4	02335.HK	MICOT PHARMA-B	-14.65
Decliners Bottom 3	01392.HK	HQVT	-19.57
Decliners Bottom 2	02697.HK	TH MEDICAL-B	-22.63
Decliners Bottom 1	02768.HK	GON TECHNOLOGY	-28.46
Data source/compilation: Choice/NewTimeSpace Research, as of October 14, 2026 close

II. Liquidity Watch

As of the October 14 close, Z.AI recorded turnover of HKD 2.248 billion with a turnover rate of 1.47%, ranking first among recently listed stocks in terms of trading scale; CATL recorded turnover of HKD 1.488 billion with a turnover rate of 1.44%; ZJ INNOLIGHT recorded turnover of HKD 1.055 billion with a turnover rate of 1.94%; MINIMAX-W recorded turnover of HKD 970 million with a turnover rate of 1.72%; ILUVATAR COREX recorded turnover of HKD 898 million with a turnover rate of 1.31%.

Rank	Stock Code	Stock Name	Daily Turnover(HKD 10,000)	Daily Turnover Rate(%)
Liquidity Top 1	02513.HK	Z.AI	224,772.62	1.47
Liquidity Top 2	03750.HK	CATL	148,766.31	1.44
Liquidity Top 3	03308.HK	ZJ INNOLIGHT	105,543.78	1.94
Liquidity Top 4	00100.HK	MINIMAX-W	97,016.53	1.72
Liquidity Top 5	09903.HK	ILUVATAR COREX	89,797.38	1.31
Data source/compilation: Choice/NewTimeSpace Research, as of October 14, 2026 close

III. Lock-up Releases for Recently Listed Stocks

1.Lock-up Releases This Week

As of October 14, there were no lock-up releases for recently listed stocks this week. SIGENERGY will release 6.7604 million shares on October 16, 2026; GPIXEL will release 32.6452 million shares on October 17, 2026; MANYCORE TECH will release 59.6470 million shares on October 17, 2026.

No.	Stock Code	Stock Short Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	06656.HK	SIGENERGY	2026/4/16	2026/10/16	676.04
2	03277.HK	GPIXEL	2026/4/17	2026/10/17	3,264.52
3	00068.HK	MANYCORE TECH	2026/4/17	2026/10/17	5,964.70

2.Next Week Lock-up Release Preview

Two recently listed stocks will see lock-up releases next week. VGT will release 37.2201 million shares on October 21, 2026; HUAQIN will release 29.2501 million shares on October 23, 2026. The unlock volume of both stocks exceeds 20 million shares.

No.	Stock Code	Stock Short Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	02476.HK	VGT	2026/4/21	2026/10/21	3,722.01
2	03296.HK	HUAQIN	2026/4/23	2026/10/23	2,925.01

On the news front, the Company published a notice of board meeting on 9 October 2026, announcing that a board meeting will be held on Thursday, 22 October 2026 to consider and approve the quarterly results of the Company and its subsidiaries for the nine months ended 30 September 2026 and their publication, and to transact any other business.

On the lock-up arrangement, according to the Allotment Results Announcement previously disclosed by the Company, the 13 cornerstone investors hold an aggregate of 67,495,500 H shares, representing 45.14% of the total number of offer shares, and the final day of the relevant lock-up undertakings is 22 December 2026, with the shares becoming tradable from 23 December 2026.

According to publicly available information, SENIOR MATERIAL (06067.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on 23 June 2026 at an offer price of HKD 8.98, under a global offering of 149,523,500 H shares, comprising 14,952,500 H shares under the Hong Kong public offering and 134,571,000 H shares under the international offering; gross proceeds amounted to approximately HKD 1.343 billion and net proceeds to approximately HKD 1.281 billion, with a board lot of 500 shares. The number of issued shares at the time of listing was 1,495,234,139. The Company's H shares have been included in the Stock Connect (Southbound) stock lists under Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect since 23 June 2026.

In terms of performance, the Company's 2026 interim report for its H shares was published on 27 August. According to the interim report (prepared under International Financial Reporting Standards), the Company recorded revenue of RMB 2.631 billion in the first half of 2026, up 39.90% year on year; profit for the period was RMB 164 million, of which profit attributable to owners of the Company was RMB 137 million and profit attributable to non-controlling interests was RMB 27 million. Overseas sales revenue was RMB 820 million, up 233.2% year on year, accounting for 31.2% of revenue.

On the institutional view, in its results review report published on 11 September 2026, GUOSEN SECURITIES assigned the Company an "Outperform" rating, noting that profitability of the Company's core separator business is improving steadily, with the gross margin of the separator business rising 4.40 percentage points year on year to 29.24% in the first half of 2026, and overseas revenue growing 234% year on year to account for 31% of total revenue; its products are supplied in volume to battery makers including LG Energy Solution, Samsung SDI, Envision AESC, SK On and Murata; through the acquisition of Bangci Electronics, the Company has entered the piezoelectric ceramics industry to tap the semiconductor equipment and components market, which is expected to form a second medium- to long-term growth curve.

On the news front, according to previous disclosures, 6 cornerstone investors collectively hold 4.0006 million H shares, with lock-up periods all ending on December 25, 2026 and official unlocking from December 26, 2026, corresponding to a market value of approximately HKD 243 million based on the offer price. The cornerstone lineup involves China Orient Enhanced Income Fund, Harvest International Asset Management, Qianhai International Fund, Guohui (Hong Kong) Holdings, Huatai Capital Investment and Minsheng International Investment (Hong Kong).

According to public information, WENGE AI (01956.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 26, 2026 at an offer price of HKD 60.70, with a global offering of 14.8346 million H shares; gross proceeds were approximately HKD 901 million and net proceeds approximately HKD 827 million; the Hong Kong public offering was 5,966.78 times subscribed and the international offering 20.70 times subscribed.

In terms of performance, the company disclosed its first interim results after listing in August 2026, posting revenue of RMB 173 million for the first half of 2026, up 46.0% year on year; the adjusted net loss for the period was RMB 52.90 million, narrowed by 29.5% year on year.

GTHT noted that as a leader in the domestic enterprise-level large model-driven decision intelligence sector, WENGE AI has built a full-stack decision AI product system covering data, models, AI agents and decisions based on the DOMA architecture, with rich experience in implementing complex scenarios, and faster platformization is expected to enhance product reusability.

Founded in 2017 by a team of scientists from the Institute of Automation of the Chinese Academy of Sciences, WENGE AI (01956.HK) focuses on the research and development of enterprise-level large model-driven decision intelligence operating systems and services. Using its self-developed decision intelligence operating system DIOS as the technology base, the company has formed a DOMA architecture product system covering data, models, AI agents and decisions, self-developed the Yayi large model, and launched the general decision large model Decitron decision machine, with products applied in public governance, finance, media convergence and industrial sectors.

On the news front, on 10 October 2026, media reports indicated that Apple had made structural adjustments to its orders for the 2026 autumn new products: orders for its first foldable phone, the iPhone Duo, were raised by 30%, iPhone 18 Pro Max orders were increased by 10% to 15%, and iPhone 18 Pro orders were cut by 10% to 15%, leaving total shipments broadly flat, with iPhone Duo volumes after the increase still not exceeding 10 million units. LINGYI ITECH is a supplier to the iPhone Duo, providing Apple with core precision parts including hinge precision structural parts, display support plates and ultra-thin vapour chambers, with higher content value per unit than bar-type models. It also consistently supplies the iPhone 18 Pro Max with precision structural parts for the mainframe, customised VC vapour chambers, camera decorative rings and die-cut functional parts, covering both the foldable model and the high-end bar-type flagship through full-process manufacturing capabilities spanning die-cutting, stamping, CNC machining and metal injection moulding.

In addition, on 13 October 2026, media reports noted that Apple's first foldable phone, the iPhone Duo, will open for pre-orders on 16 October and go on sale on 23 October at a starting price of RMB 15,999; as of 14:00 on 12 October, more than 2.06 million people had signed up to snap one up on JD.com. The report, citing research data, also said first-week sales of the iPhone 18 Pro series in the Chinese market rose 12% from the same period of the previous generation, and that Apple's entry is expected to accelerate the foldable phone segment from a niche category to the mainstream, lifting the value content of key links including flexible OLED, hinges, precision structural parts and heat dissipation.

LINGYI ITECH (01688.HK) listed on the Main Board of the Hong Kong Stock Exchange on 26 June 2026 at an offer price of HKD 10.18, with 811,811,880 shares issued.

Regarding its shareholding structure, the lock-up period of all cornerstone investors of the company is six months, with the nearest release date falling on 26 December 2026, when a total of 313,241,280 shares held by 20 cornerstone investors including GF Fund, Kaide Global Investment and Qube will be released from lock-up, representing 38.59% of the shares under the global offering and approximately 3.86% of the company's total issued share capital immediately following completion of the global offering. In addition, under the lock-up undertakings of the company's controlling shareholders (Ms. Zeng Fangqin and Lingsheng Investment (Jiangsu) Co., Ltd., together holding 4,248,060,867 shares, or 52.32% of total issued share capital), the first six-month period expired on 25 December 2026, and the second six-month period is expected to expire in late June 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 28 August 2026. For the first half of 2026, revenue was RMB 25.149 billion, up 6.45% year on year; gross profit was RMB 4.206 billion, up 18.07% year on year; gross margin was 16.73%, up 1.65 percentage points from a year earlier; net profit attributable to shareholders was RMB 764 million, down 17.88% year on year; net profit excluding non-recurring gains and losses was RMB 389 million, down 35.83% year on year; basic earnings per share was RMB 0.11; and net cash flow from operating activities was RMB 1.71 billion, up 2.20% year on year. The company proposed a cash dividend of RMB 0.2 per 10 shares (tax inclusive).

LINGYI ITECH (01688.HK) focuses on high-precision smart manufacturing for electronic equipment, providing global customers with one-stop manufacturing services and solutions including precision functional parts, structural parts and modules, with products covering AI phones and foldable phones, AI PCs and tablets, AI glasses and XR wearables, AI servers, robots, automotive and low-altitude economy, thermal management (heat dissipation), imaging display, battery power, sensors and related modules, materials and boutique assembly. The company has built a comprehensive solution and smart manufacturing service system spanning core components, functional modules and boutique assembly, and its A shares are listed on the Shenzhen Stock Exchange (002600.SZ).

SHENGANG SECURITIES believes that competition in foldable display technology has shifted towards thinness and lightweight design, low creasing and long-term reliability, and that crease improvement no longer relies solely on hinges or a single material but is moving towards the coordinated design of ultra-thin flexible glass (UTG), optically clear adhesive (OCA), OLED modules and support structures, controlling stress distribution in the bending area through matching material modulus, thickness distribution and stacking positions.

CHINA GALAXY SECURITIES believes that, under the dual catalysts of "foldable screens plus on-device AI", the valuation of the consumer electronics supply chain needs to be reassessed, and that the per-unit value content of Apple's first foldable phone is significantly higher than that of bar-type models, making related foldable supply chain segments worth close attention.

Yichi 06, the robotaxi under Baidu Apollo Go, has launched demonstration operations in multiple cities worldwide. The vehicle is manufactured by Jiangling Group New Energy Automobile Co., Ltd. Its "brain" is powered by cutting-edge algorithms, and the vehicle body is produced at the Nanchang production base.

According to the Economic Information Daily, the CPC Central Committee and the State Council issued the Opinions on Developing New Quality Productive Forces, proposing to "build a national integrated computing power network and a national blockchain network". Industry insiders noted that the national integrated computing power network is not a simple accumulation of computing resources. Instead, it connects computing power, electricity, data, models and scenarios to form an infrastructure network for the intelligent economy. The network can effectively support diverse scenarios including large AI model training, autonomous driving, smart finance and low-altitude economy. Through the "East Data, West Computing" project and cross-regional computing power scheduling, it better matches green power resources in western China with computing demands in eastern regions, lowering computing costs and boosting the consumption of renewable energy.

BIDU-W (09888.HK) Focuses on the R&D of L4 autonomous driving algorithms and the commercialization of unmanned Robotaxis. Leveraged by the ERNIE foundational model and optimized by the Qianfan compute base, its "Apollo Go" autonomous ride-hailing service has achieved large-scale, normalized commercial operations across multiple core cities in China, with cumulative autonomous test mileage exceeding hundreds of millions of kilometers. Through high-frequency, high-confidence real-world road test data cleansing, the company continues to solidify the most robust data asset and algorithmic moat within the HKEX autonomous driving sector.

On the news front, the company has no recent news of its own; within the sector, on 13 October 2026, Huawei held a Kirin chip technology briefing in Shanghai, where Xu Songyu, head of product management for wireless terminal chips at Huawei's semiconductor business, disclosed that the Kirin 9050 series chips have entered successful mass production and that the series is the first to commercialise "logic folding" technology. Rather than simply stacking multiple dies, the chip is designed from the outset from a three-dimensional perspective, coordinating the logic circuit layout with multiple dies to shorten signal routing and raise transistor density: the chip contains more than 50 million hybrid bonds and over 5 million effective signal interconnects, with transistor density up 53.5%, while the Kirin 9050 Pro delivers a 41% improvement in CPU large-core energy efficiency and a 140% increase in NPU computing power. The hybrid bonding pitch currently stands at 1.5 micrometres, which Huawei plans to reduce to 1 micrometre in 2027, and samples of the next-generation Kirin 2027 chip are already under testing.

In addition, on 13 October 2026, Barclays' memory market research report showed that, as of October 2026, contract prices for DDR4 memory chips rose 4% month on month and 24% over the past three months, while DDR5 contract prices rose 3% month on month and 20% over three months, with the older specification outpacing the newer one. The report noted that the persistent memory shortage is prompting manufacturers to adopt longer-term supply agreements, but that the pricing mechanism in such agreements is moving closer to real-time market supply and demand, weakening the previously set price floors and ceilings and shifting pricing risk to buyers. Separate market research forecasts that the overall supply gap in the DRAM and NAND flash markets will persist until 2028, with DRAM supply-demand imbalance peaking in the fourth quarter of 2027 at a 13.9% shortfall and the NAND gap topping out in the first quarter of 2028 at 8.3%. As manufacturers prioritise more capacity for DRAM lines needed for high bandwidth memory (HBM), capacity constraints on NAND flash are further aggravated.

GUOYUAN SECURITIES believes that the AI hardware chain is undergoing a phase of correction, and that investors may prioritise watching the validation of prosperity in the storage and advanced packaging segments.

J.P. MORGAN believes that AI infrastructure investment remains at a high level, that the semiconductor supply chain is broadly tight on supply, and that the cyclical recovery in non-AI end markets is broadening, with third-quarter results for most covered companies expected to be solid and fourth-quarter and 2027 guidance biased to the positive; the market's focus this quarter will shift from well-recognised demand strength towards supply-side constraints, with bottlenecks in advanced-node foundry, memory and advanced packaging, as well as the pace of new capacity release, being the key variables. The bank maintains an overweight stance on the semiconductor equipment sector and expects the global wafer fab equipment market to grow 31%, 38% and 17% year on year in 2026, 2027 and 2028 respectively.

ASMPT (00522.HK) Engages in R&D and global sales of semiconductor assembly and packaging equipment, advanced packaging equipment, and surface mount technology. Its 2.5D/3D advanced packaging tools, such as thermo-compression bonding (TCB) machines, have been delivered to multiple leading OSATs, IDMs, and memory manufacturers worldwide for volume production of HBM and chiplet-based chips. The company has publicly disclosed multiple follow-on orders from AI-compute related customers.

On the news front, the company has no recent news of its own robot; within the sector, on 12 October 2026, Xinjian Transmission, a core supplier to Tesla's robot programme, disclosed in its reply to a Shenzhen ChiNext listing review inquiry that Tesla's robot design is close to finalisation and about to enter a mass-production cycle. Xinjian Transmission mainly produces planetary roller screws and linear electric drive joints, with products used in automotive, humanoid robot and drone applications. In April 2026, Tesla said its third-generation humanoid robot was expected to start formal production in July to August 2026, and that it had converted the former Model S/Model X production line at its Fremont plant for mass production, with a long-term capacity target of one million units a year.

In addition, on 13 October 2026, ASD (002403.SZ) held its 2026 ecosystem partner conference in Shanghai, at which its Smart Valley embodied intelligence innovation centre was officially unveiled and its self-developed humanoid robot ASD-S2 made its debut. ASD announced that it positions itself as a full-stack enabling platform in the embodied intelligence sector, providing companies with manufacturing capabilities from core components to complete machine delivery.

CSC believes that the humanoid robot sector has moved from thematic investment to a mass-production expectation phase, that index performance is mainly driven by progress in the Tesla supply chain, and that investment should focus on core Tesla supply chain segments, high-certainty domestic manufacturing segments and sub-sectors such as sensors and dexterous hands, with 2026 expected to be a breakout year for vertical scenario expansion.

WANLIAN SECURITIES believes that the humanoid robot industry is at the dawn of moving from technological breakthroughs to commercialisation at scale; on the supply side, companies such as Tesla are steadily advancing mass-production pace, while on the demand side, population ageing and rising labour costs provide a long-term driver, making 2026 a key window for mass-production validation and scenario deployment.

XIAOMI-W (01810.HK) Leverages its massive AIoT ecosystem network and full-stack proprietary AI algorithms to advance the collaborative deployment of consumer- and industrial-grade embodied AI devices. Algorithms for its CyberOne humanoid robot and CyberDog bionic quadruped robot undergo continuous iteration. The underlying multi-modal machine vision, force-control algorithms, and automated scheduling logic are deeply integrated into the "dark factory" operations and flexible manufacturing workflows of Xiaomi's smart factories, establishing a complete closed-loop model of "algorithm + hardware + proprietary manufacturing application scenarios."

On the news front, on the evening of October 12, HAIDILAO released a connected transaction announcement disclosing that the company has entered into a loan agreement with Zhang Yong, its controlling shareholder, executive Director, Chairman of the Board and Chief Executive Officer, agreeing to grant him a HKD loan facility with a principal amount of up to the equivalent of RMB 100 million, for a term of one month (i.e., 30 days), at an interest rate of one-month HIBOR plus 60 basis points. The loan is unsecured and will be disbursed in a single lump sum to an account designated by Zhang Yong within three business days after the agreement is signed; it may only be used for his personal financial arrangements and may not be used for any illegal activity, the purchase of HAIDILAO shares, the provision of loans, guarantees or financial assistance to any third party, or any purpose that violates the Listing Rules or regulatory requirements; overdue amounts are subject to a late payment charge calculated at the borrowing rate plus 2%. The announcement stated that the loan will be funded from the Group's internal resources, is expected to generate interest income for the company, and carries an interest rate higher than the company's prevailing HKD deposit rate. The announcement did not disclose the reason for Zhang Yong's borrowing.

In a report issued subsequently, Citi noted that the loan comes about five weeks after the controlling shareholder's share sale on September 8, and that the market may rekindle concerns over the controlling shareholder's funding needs, with investor sentiment expected to turn negative in the short term.

Previously, on September 9, HAIDILAO released an announcement disclosing that SP NP Ltd., a member of the controlling shareholder group, had sold 259 million shares of the company at HKD 10.62 per share through a block trade on September 8, representing approximately 4.65% of the total issued shares and raising about HKD 2.751 billion. After the sale was disclosed, HAIDILAO's share price fell more than 9% on September 9.

The announcement disclosed that SP NP Ltd. is wholly owned by UBS Trustees (B.V.I.) Limited in its capacity as trustee of Rose Trust, through UBS Nominees Limited (in its capacity as nominee of the trustee of Rose Trust). Rose Trust is a discretionary trust established by Shu Ping, as settlor and protector, for the benefit of herself, Zhang Yong and their family. Public listing documents show that Zhang Yong has also established Apple Trust, with Zhang Yong acting as settlor and protector and UBS Trustees (B.V.I.) Limited as trustee, holding interests in HAIDILAO through the BVI holding vehicle ZY NP Ltd. Both trusts were established on August 22, 2018. According to public reports, Zhang Yong and Shu Ping became Singapore citizens before the company's listing; the prospectus submitted by the company to HKEX in 2018 shows that the nationality and address of both individuals are in Singapore. This fact has been reported by media including The Paper and Cailian Press.

According to the announcement, following the sale, the controlling shareholders collectively held interests in 2,535,384,370 issued shares, representing approximately 45.49% of the total issued shares, and are entitled to control approximately 45.49% of the voting rights at the company's general meetings, exceeding 30%; the controlling shareholders will remain the controlling shareholders of the company, with control and management remaining unchanged. The controlling shareholder group comprises Zhang Yong, Shu Ping, ZY NP Ltd. and SP NP Ltd.

On the institutional front, Morgan Stanley previously described the share sale as "surprising" and estimated that the proceeds were equivalent to about 31% of the dividends received by Zhang Yong and Shu Ping since the company's listing, suggesting the move may be related to the offshore trust tax rules recently introduced in the mainland; that association has not been confirmed by the company or regulators.

On the policy front, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust—establishment, existence and termination—into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, the interim results released on August 25 show that in the first half of 2026 HAIDILAO recorded revenue of RMB 22.337 billion, up 7.9% year on year; core operating profit of RMB 2.513 billion, up 4.4% year on year; and net profit attributable to shareholders of RMB 1.767 billion, up 0.5% year on year. The table turnover rate of self-operated HAIDILAO restaurants rose to 3.9 times per day from 3.8 times per day a year earlier, while average spending per customer edged down to RMB 97.0 from RMB 97.9. The delivery business was the fastest-growing segment, with first-half revenue of RMB 2.051 billion, up 121.2% year on year, and its revenue share rising to 9.2% from 4.5% a year earlier. As at the end of June, the HAIDILAO brand operated a total of 1,389 restaurants, including 1,290 self-operated restaurants and 99 franchise restaurants, with self-operated restaurants down 32 net from a year earlier; the Group also operated 183 restaurants across 21 F&B sub-brands, with first-half revenue from other restaurants of RMB 1.271 billion, up 113.1% year on year.

Citi believes that, based on the company's communications with investors, the table turnover rate was flat year on year in September, an improvement from the low-single-digit year-on-year decline in August, and that the table turnover rate during the seven-day National Day Golden Week of 2026 (October 1 to 7) edged up year on year compared with the eight-day Golden Week of 2025 (October 1 to 8), indicating initial signs of stabilisation in the business; as market expectations are relatively low, further signs of stabilisation in operations in October and November should be positive for the share price.

Data show that MING YUAN CLOUD's share price faced continued pressure over the past week. Across five trading days, the share price fell about 6.40% from HKD 0.860 to HKD 0.805, while market capitalisation declined from about HKD 1.619 billion to HKD 1.515 billion. The intraday low of HKD 0.800 on the day marked a new 52-week low.

Over a longer horizon, MING YUAN CLOUD fell about 26.15% over the past month, about 40.37% over the past three months and about 73.67% over the past 52 weeks. The share price has kept falling from its historical peak in the early period after its 2020 listing, and current market capitalisation is less than 40% of the HKD 4 billion threshold under the Stock Connect small-cap removal rules.

On September 7, 2026, the Hang Seng Composite Index adjustment took effect. MING YUAN CLOUD (00909.HK) was removed from the Hang Seng Composite Index and was accordingly removed from Stock Connect. From the effective date, mainland Stock Connect investors may only sell and cannot open new positions.

It is understood that MING YUAN CLOUD listed on the Main Board of HKEX on September 25, 2020 at an offer price of HKD 16.5. The company is directly listed on the HKEX Main Board and does not have an A+H share structure. On November 13, 2020, Hang Seng Indexes Company announced the quarterly review results as at September 30, 2020, under which MING YUAN CLOUD was included in the Hang Seng Composite Index and was admitted to Stock Connect from December 7, 2020. It has about 1.882 billion issued shares as at October 2026.

Looking at the historical share price trend, the company was admitted to Stock Connect on December 7, 2020, closing at HKD 44.5 that day with market capitalisation of about HKD 85.76 billion. The share price has since declined continuously as the real estate industry entered a period of deep adjustment, and market capitalisation fell from about HKD 85.76 billion at the time of admission to HKD 1.515 billion at present, a cumulative drawdown of about 98.2%.

CICC previously published a report predicting that MING YUAN CLOUD would be removed because its market capitalisation coverage ranking had fallen below the 96% coverage line of the Hang Seng Composite Index. That prediction was confirmed in the review results announced on August 21, 2026.

Public information shows that MING YUAN CLOUD's main business is real estate digitalisation solutions, providing SaaS subscription and ERP system services to real estate developers and industry chain participants through its two segments of cloud services and on-premise software and services. In the first half of 2026, cloud services revenue was RMB 451 million, accounting for 85.8% of total revenue and down 14.1% year on year; revenue from on-premise software and services was RMB 74.7 million, accounting for 14.2% of total revenue and down 7.9% year on year.

In the first half of 2026, the company's revenue was RMB 525 million, down 13.3% year on year. Operating quality nevertheless showed structural improvement: operating loss narrowed 20.6% year on year to RMB 52.05 million, total expenses fell 17.9% year on year, and selling, R&D and administrative expenses declined 20.2%, 15.7% and 13.7% respectively. Gross margin remained high at 79.2%. Customer value per account for the Yunke and project construction businesses rose 1.9% and 9.0% respectively against the trend.

On AI commercialisation, MING YUAN CLOUD's self-developed Qiming large model completed filing, and in the first half of 2026 contracted value for Yunke AI products reached about RMB 40 million, with cross-industry output including contracts with industrial customers such as CHERY AUTO. The overseas business has entered a stage of strategic focus, with a product matrix centred on the smart metering product VeriReader and the real estate marketing product AI Virtual Tour; overseas product contract value in the first half was about RMB 20 million. On cash reserves, as at June 30, 2026 the company held cash and cash equivalents, time deposits and restricted cash totalling about RMB 3 billion, with a current ratio of 4.90 times, a net cash position.

On product and business developments, MING YUAN CLOUD continued to advance the productisation of its AI capabilities during the year: the AI Cost Database for project management products has been commercialised; AI customer service can independently handle nearly 40% of work orders with 92% accuracy, and AI-assisted coding tools raised R&D team efficiency by 30%; the asset management and operations product line had covered 300 state-owned platform companies as at June 30; and the overseas business entered into cooperation with North America's Turing AI.

ZHONGTAI SECURITIES noted in a research report that MING YUAN CLOUD has established developed countries and regions as key future markets, in principle no longer entering new developing-country markets, and will prioritise replicating and expanding VeriReader in developed markets globally.

Looking at recent trends, MANYCORE TECH's share price moved in a one-way decline over the past week. Across the past five trading days, the share price fell about 20.63% from HKD 7.15 to HKD 5.675, while market capitalisation dropped from HKD 12.342 billion to HKD 9.796 billion, a decline of about HKD 2.546 billion.

It is understood that on September 7, 2026, a new round of regular Stock Connect adjustment took effect. The number of Hang Seng Composite Index constituents rose from 534 to 580, and MANYCORE TECH (00068.HK) was included and accordingly admitted to Stock Connect.

Public information shows that MANYCORE TECH listed on the Main Board of HKEX on April 17, 2026 at an offer price of HKD 7.62, offering about 160.6 million shares globally and raising gross proceeds of about HKD 1.224 billion. The company is directly listed on the HKEX Main Board, with its Hong Kong public offer over 1,590 times oversubscribed and its international offering 14.46 times oversubscribed. Nine cornerstone investors, including Taikang Life Insurance, Sunshine Life Insurance, GF Fund, Redwood under Hony Capital, Mirae Asset, Wusong Capital, Hesai HK, Guohui Hong Kong and CR CONSTRUCTION, subscribed for about HKD 455 million in aggregate.

On its first trading day, the share price opened 171.65% higher and closed at HKD 18.60, giving total market capitalisation of HKD 31.62 billion. The next trading day it rose a further 101.29% to close at HKD 37.44. In only two trading days, the share price gained about 391.3% over the offer price.

At present, since its listing on April 17, 2026, the share price has risen from the offer price of HKD 7.62 to a peak of HKD 48.50, and has now fallen more than 88% from that peak. Since being admitted to Stock Connect on September 7, 2026, the share price has fallen 54.5%. In terms of market capitalisation, peak market capitalisation in the early post-listing period was about HKD 83.7 billion, which had fallen to HKD 9.796 billion as at October 13, 2026.

It is understood that Hang Seng Indexes Company announced on August 21, 2026 the semi-annual review results as at June 30, 2026, under which MANYCORE TECH was included in the Hang Seng Composite Index, with constituent changes effective from September 7, 2026.

MANYCORE TECH's basis for inclusion lies first in its inclusion in the Hang Seng Composite Index, which gives it the index identity of a Stock Connect eligible security. Second, the company's market capitalisation around the June 30, 2026 review cut-off remained within the market capitalisation coverage range for inclusion in the Hang Seng Composite Index, with newly listed companies listed for less than 12 months having market capitalisation calculated on their actual time since listing. In addition, securities admitted in this adjustment are concentrated in artificial intelligence, advanced hardware, robotics and automation and other directions, and MANYCORE TECH, as a spatial intelligence sector play, is consistent with this structural direction.

(The above is an inference based on public rules and data, not an official determination by the exchanges. The specific reasons for inclusion are subject to the exchange announcements.)

Although MANYCORE TECH's admission to Stock Connect this time provides institutional conditions for broadening the company's channels for southbound capital participation and improving liquidity, the company's slowing revenue growth and sharp share price retreat have occurred at the same time.

It is worth noting that MANYCORE TECH will face a large six-month lock-up expiry window on October 16, 2026, with 1.5991 billion shares released from lock-up, accounting for as much as 94% of the restricted shares upon listing; the shares will be released for trading on October 19, 2026. The release accounts for 92.64% of total share capital, putting additional pressure on the short-term share price.

Public information shows that MANYCORE TECH's core product Kujiale is China's largest spatial design software provider, with a 23.2% market share by 2024 revenue, and its overseas version Coohom covers more than 200 countries and regions worldwide. In recent years the company has extended from spatial design tools to spatial intelligence, forming a three-layer business structure of spatial editing tools, spatial data and spatial large models, with a physical data engine SpatialVerse, a spatial intelligence platform Aholo and an AI video creation platform LuxReal. It has established strategic cooperation with AgiBot, Galbot, Noematrix, HESAI-W and other companies, with application scenarios extending from spatial design to embodied intelligence training and other fields.

Financially, the company's revenue has maintained steady growth: revenue in 2023 to 2025 was RMB 664 million, RMB 755 million and RMB 820 million respectively. Losses for the year over the same period were RMB 646 million, RMB 513 million and RMB 428 million respectively, with losses narrowing year by year; adjusted net profit in 2025 was RMB 57.127 million, a return to profit, with gross margin rising from 76.8% to 82.2%. Revenue in the first half of 2026 was RMB 405 million, up 1.5% year on year, with gross margin rising further to 83.0%. After listing, the debt-to-asset ratio in the first half of 2026 was 37.12%, and cash and cash equivalents at the end of the period were RMB 1.115 billion.

On product and business developments, MANYCORE TECH's spatial intelligence business accelerated its ramp-up during the year: the self-developed 3D generation model Lux3D has been released and internal testing of a world model product has begun; SpatialVerse recorded order value of RMB 6.8 million in the first half, exceeding the full-year 2025 level; and revenue from new AI applications and products was RMB 31 million, up 177% year on year.

Spatial design software is in transition from tool-type software to a spatial intelligence platform. According to Hua Chuang Securities, the global spatial design software market was about RMB 19.2 billion in 2024 and is expected to reach RMB 31.7 billion by 2029, a compound annual growth rate of about 10.5%. China's market is growing faster, with a compound annual growth rate of about 14.9% estimated for 2024 to 2029, expanding from RMB 3.3 billion to RMB 6.6 billion.

GUOSHENG FINANCE noted in a research report that MANYCORE TECH's spatial intelligence business has initially formed a growth flywheel of models, platforms and applications, with SpatialLM, SpatialGen and Lux3D covering spatial understanding, scene generation and 3D asset generation respectively; the traditional spatial design business is driven in the short term by overseas expansion, with the company focusing on markets including South Korea, Southeast Asia, Japan, India and the United States.

On October 13, 2026, the three major Hong Kong indices recovered from intraday lows, with the Hang Seng Index up 0.31%, the Hang Seng China Enterprises Index up 0.08% and the Hang Seng TECH Index down 0.79%, after falling as much as 2.85% during the session. Full-day turnover on the Hang Seng Index reached HKD 187.6 billion, up from HKD 162.6 billion a day earlier.

On the board, among Stock Connect constituent stocks, HIPINE rose 17.08%, CHINA EAST EDU rose 9.84%, YUE YUEN IND rose 6.93%, LIFETECH SCI rose 6.69% and SHOUGANG LANZA rose 5.98%; on the downside, ABLE DIGITAL fell 31.07%, LIULIUMEI fell 27.46%, XUNCE fell 16.36%, GON TECHNOLOGY fell 16.25% and YUNJI fell 15.89%. Pharmaceutical and semiconductor names declined, while dividend and oil and gas themes held up relatively well.

Southbound capital recorded net selling of HK$457 million on the day, comprising net buying of HK$44 million via Stock Connect (Shanghai) and net selling of HK$501 million via Stock Connect (Shenzhen), a divergence between the two channels.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. Hong Kong CRO Concept Stocks Retreat Sharply as GENSCRIPT BIO Falls 15.61%

On October 13, GENSCRIPT BIO (01548.HK) closed down 15.61% at HKD 35.560, with turnover of HKD 2.982 billion. Hong Kong CRO concept stocks fell across the board: Pharmaron and Joinn Laboratories dropped more than 7%, Tigermed and WUXI BIO fell more than 6%, Frontage Holdings and Viva Biotech fell more than 5%, WuXi AppTec fell more than 4% and Asymchem fell more than 3%.

2. HIPINE Tops Stock Connect Gainers with a 17.08% Rise as Southbound Holdings Rise 1.89% Over Five Sessions

On October 13, HIPINE (02583.HK) closed up 17.08% at HKD 52.500, the top gainer among Stock Connect stocks on the day, with turnover of HKD 232 million. Stock Connect holding data show that over the most recent five sessions with available statistics, Stock Connect holdings in HIPINE rose 1.89% in percentage terms, among the largest increases in that period.

3. SMIC Sees HK$976 Million of Southbound Net Selling as a Global Semiconductor Selloff Weighs on Chip Stocks

On October 13, SMIC (00981.HK) recorded southbound turnover of HK$2.744 billion and southbound net selling of HK$976 million, the largest net sell that day; HUA HONG GRACE (01347.HK) saw HK$303 million of southbound net selling. Overseas, South Korea's KOSPI index fell as much as 6.8% intraday to 5,950 points, with Samsung Electronics and SK Hynix down more than 8% and 9% respectively, their fifth straight session of declines. In Hong Kong, optical communication, chip semiconductor and smartphone supply chain names fell across the board, with the Hang Seng TECH Index down as much as 2.85% intraday.

4. Southbound Net Selling Reaches HK$457 Million as the Shenzhen Channel Sells HK$501 Million

On October 13, southbound capital recorded net selling of HK$457 million, comprising net buying of HK$44 million via Stock Connect (Shanghai) and net selling of HK$501 million via Stock Connect (Shenzhen), a divergence between the two channels. At the stock level, southbound funds bought a net HK$262 million of CIG (06166.HK) and HK$172 million of KB LAMINATES (01888.HK), while selling a net HK$976 million of SMIC (00981.HK), HK$429 million of YOFC (06869.HK) and HK$303 million of HUA HONG GRACE (01347.HK).

5. HK Stock Connect-related A-share ETFs Diverge as Dividend and Oil and Gas Themes Rise While Health Care Themes Fall

On October 13, HK Stock Connect-related A-share ETFs in the A-share market diverged. On the upside, Fullgoal S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (513350) rose 1.82%, Harvest S&P Oil & Gas Exploration and Production Selected Industry ETF(QDII) (159518) rose 1.38%, ChinaAMC CSI HK Equities Central Enterprise Dividends ETF (513910) rose 1.31% and GF CSI Guoxin HK Equities Central Enterprise Dividends ETF (520900) rose 1.10%. On the downside, China Universal NASDAQ Biotechnology Technology ETF(QDII) (513290) fell 3.97%, China Universal CSI HK Equities Health Care Theme ETF (526010) fell 3.77% and E Fund CSI HK Equities Health Care Theme ETF (520850) fell 3.68%. By turnover, Huatai-PB China Securities Han Stock Exchange China Korea Semiconductor ETF(QDII) (513310) led with RMB 12.880 billion, followed by GF CSI HK Innovative Drugs Industry ETF(QDII) (513120) with RMB 6.153 billion.

On October 13, 2026, the three major Hong Kong indices recovered from intraday lows, with the Hang Seng Index up 0.31% at 24,345.22, the Hang Seng China Enterprises Index up 0.08% at 8,174.72, and the Hang Seng TECH Index down 0.79% at 4,136.63, after falling as much as 2.85% during the session. Full-day turnover on the Hang Seng Index reached HKD 187.6 billion, up from HKD 162.6 billion a day earlier. AI concept stocks declined broadly, with 3 of the 20 names closing higher; AI chips and autonomous driving names pulled back.

In the LLM space, MEITUAN-W (03690.HK) rose 0.70%, while TENCENT (00700.HK) fell 0.14%, BIDU-W (09888.HK) fell 0.18%, KUAISHOU-W (01024.HK) fell 0.34%, BABA-W (09988.HK) fell 0.92%, MINIMAX-W (00100.HK) fell 0.93% and Z.AI (02513.HK) fell 2.91%.

In the AI Chips space, all six names closed lower: SMIC (00981.HK) fell 1.16%, ILUVATAR COREX (09903.HK) fell 3.52%, GIGADEVICE (03986.HK) fell 4.10%, MONTAGETECH (06809.HK) fell 5.10%, HUA HONG GRACE (01347.HK) fell 5.29% and BIRENTECH (06082.HK) fell 5.55%.

In the Autonomous Driving space, HORIZONROBOT-W (09660.HK) rose 1.00%; BLACK SESAME (02533.HK) fell 2.16%, ROBOSENSE (02498.HK) fell 2.54%, WERIDE-W (00800.HK) fell 3.28% and PONY-W (02026.HK) fell 8.60%, the worst performer among AI concept stocks.

In the Embodied AI space, XIAOMI-W (01810.HK) rose 2.12%, the top gainer among AI concept stocks, while UBTECH ROBOTICS (09880.HK) fell 0.44%.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 13, 2026.

III. AI Industry & Corporate Developments

1. XIAOMI-W Tops the Gainers with a 2.12% Rise as Xiaomi Phone Marks Its 15th Anniversary with an AI Strategy Push

On October 13, XIAOMI-W (01810.HK) closed up 2.12% at HKD 25.040, the top gainer among AI concept stocks. October 13 marked the 15th anniversary of Xiaomi smartphones. Group president Lu Weibing said in a message that fully embracing artificial intelligence has become a key path for the company's strategic upgrade and that sustained investment will ensure competitiveness in the AI era. In March this year, the company said its AI investment over the next three years would exceed RMB 60 billion.

2. Global Semiconductor Stocks See Panic Selling as Hong Kong Chip and Smartphone Supply Chain Names Fall

On October 13, a selloff in global semiconductor stocks intensified. South Korea's KOSPI index fell as much as 6.8% intraday to 5,950 points, its lowest since July 31, while Japan's Nikkei 225 fell nearly 3%. Samsung Electronics and SK Hynix dropped more than 8% and 9% respectively, their fifth straight session of declines, with foreign investors selling more than USD 6 billion of Korean equities in October. In Hong Kong, optical communication, chip semiconductor and smartphone supply chain names fell across the board: HUA HONG GRACE (01347.HK) fell 5.29%, MONTAGETECH (06809.HK) fell 5.10%, GIGADEVICE (03986.HK) fell 4.10% and BIRENTECH (06082.HK) fell 5.55%. The Hang Seng TECH Index fell as much as 2.85% intraday before paring losses to 0.79% at the close.

3. PONY-W Falls 8.60%, the Worst Performer, as Autonomous Driving Names Extend Declines

On October 13, PONY-W (02026.HK) closed down 8.60% at HKD 43.560, the worst performer among AI concept stocks. Within the same space, WERIDE-W (00800.HK) fell 3.28%, BLACK SESAME (02533.HK) fell 2.16% and ROBOSENSE (02498.HK) fell 2.54%. Industry reports showed that Hong Kong autonomous driving concept stocks had already corrected broadly over the combined Mid-Autumn and National Day holidays, with WeRide, Black Sesame, Pony.ai and Seyond all among the biggest decliners in that period.

4. Alibaba Cloud AI Revenue Tops RMB 35 Billion in Annualised Terms, Passing 30% of External Revenue for the First Time

Industry data show that Alibaba Cloud's AI-related revenue exceeded RMB 35 billion in annualised run-rate terms, passing 30% of external revenue for the first time, with AI cloud and computing services revenue up 45% year on year. Tencent Cloud has reached profitability at scale and on October 10 introduced its open-source agent tool TeamAI. Internet platforms are further integrating AI with e-commerce, social, search, advertising and cloud computing scenarios.

5. IDC: Global Humanoid Robot Shipments Reached Nearly 25,000 Units in the First Half, Up 432%

Data from market research firm IDC show that global humanoid robot shipments reached nearly 25,000 units in the first half of 2026, up 432% year on year, as the industrialisation of embodied AI continues to accelerate. Earlier industry tallies showed that more than 30 robot-related companies are listed in the A-share and Hong Kong markets, although commercialisation progress varies widely among complete-machine and solution providers.

IV. Profiles of Representative AI Concept Stocks

On the market, by industry. Themes such as oil & petrochemicals, real estate investment, and transportation led the gains. Themes such as semiconductors, chemicals, and consumer discretionary retail led the declines.

Of which, 62 constituent stocks of the Hang Seng Index rose and 31 fell. On the upside, SHENZHOU INTL rose 3.9%, PETROCHINA rose 3.7%, and SANDS CHINA LTD rose 3.4%. On the downside, HUA HONG GRACE fell 5.3%, LENOVO GROUP fell 3.8%, and JD-SW fell 3.3%.

Among the Hang Seng TECH Index constituents, 12 rose and 17 fell. On the downside, ILUVATAR COREX fell 3.5%, Z.AI fell 2.9%, and NETEASE fell 1.8%. On the upside, XIAOMI-W rose 2.1%, TENCENT MUSIC-SW rose 1.3%, and TRIP.COM-S rose 1.1%.

Among Hong Kong Stock Connect constituents, HIPINE rose 17.1%, CHINA EAST EDU rose 9.8%, and YUE YUEN IND rose 6.9%. On the downside, ABLE DIGITAL plunged 31.1%, LIULIUMEI plunged 27.5%, and XUNCE fell 16.4%.

Zheshang International Financial Holdings stated in its Hong Kong stock market outlook: Fundamentals: bottoming out and stabilizing, but domestic demand and financing demand still need further improvement. Policy: continued efforts provide support for economic growth. Liquidity: US inflation came in lower than expected, coupled with a weakening job market, and expectations for a wait-and-see stance in October monetary policy are rising. Sentiment: after a phase of correction, risk appetite has turned cautious, and the market may continue to see choppy and structural moves in the short term.

In terms of sector allocation, it favors innovative drugs and AI semiconductors, which have relatively high industry prosperity and are backed by industry trends and policy catalysts; at the same time, it pays attention to the state-owned and central enterprise dividend sectors with stable earnings and low valuations; against the backdrop of high overseas interest rates, telecommunications, utilities, and some high-dividend local financial stocks still hold defensive value. (Source: "Hong Kong Stock Market Strategy Weekly Report" by Zheshang International Financial Holdings, 20261012)

The leading advancer was the STAR 50 theme. CSOP STAR 50 Index ETF (3109.HK), managed by CSOP Asset Management, rose 4.56% to top the gainers list, tracking the STAR 50 Index.

5G and India themes also performed. CSOP Yinhua CSI 5G Communications Theme ETF (3193.HK), managed by CSOP Asset Management, rose 1.68%, tracking the CSI 5G Communications Theme Index; iShares Core S&P BSE SENSEX India ETF (2836.HK), managed by BlackRock, gained 1.55%, tracking the S&P BSE SENSEX 50 Index; and Xtrackers Nifty 50 India Swap UCITS ETF (3015.HK), managed by DWS Investment S.A., added 1.49%, tracking the NIFTY 50 Index.

Gold-miner and resources themes edged higher. E Fund (HK) Solactive Global Gold Miner Select Index ETF (2824.HK), managed by E Fund Management (Hong Kong), rose 1.39%; Guotai Haitong Global Strategic Resources ETF (3197.HK), managed by Haitong International Asset Management (Hong Kong), gained 1.18%, tracking the CCX Global Strategic Resources Index.

Dividend and regional themes also advanced. CSOP FTSE ETF Connect East-West Succession Equity Select Index ETF (3441.HK), managed by CSOP Asset Management, rose 1.25%, tracking the FTSE ETF Connect East-West Succession Equity Select Index; the same manager's CSOP Nomura FTSE HK-Japan Equity Cash Flow Focus Index ETF (3535.HK) added 1.24%; and Bosera China Reform Hong Kong Central-SOEs High Dividend Yield Index ETF (Listed Class) (3437.HK), managed by Bosera Asset Management (International), gained 1.22%, tracking the China Reform Hong Kong Central-SOEs High Dividend Index.

Additionally, Global X China Little Giant ETF (2815.HK), managed by Mirae Asset, rose 1.07%, tracking the Solactive China Little Giant Index.

On the downside, Korean themes plunged across the board. Xtrackers MSCI Korea UCITS ETF (2848.HK), managed by DWS Investment S.A., fell 6.96%; CSOP KOSPI 200 ETF (3121.HK), managed by CSOP Asset Management, dropped 6.91%; Global X KOSPI 200 ETF (3408.HK), managed by Mirae Asset, declined 6.56%, tracking the KOSPI 200 Index; and CSOP KOSPI 200 Covered Call Active ETF (3537.HK), managed by CSOP Asset Management, fell 6.09%. Global X K-Pop and Culture ETF (3158.HK), managed by Mirae Asset, dropped 4.49%, tracking the Solactive K-Pop and Culture Index. Korean-related ETFs took five of the top ten spots on the losers list.

Hong Kong new-stock and AI themes fell sharply. Phillip HK Newly Listed Equities Index ETF (2835.HK), managed by Phillip Capital Management, dropped 9.45% — the steepest decline of the day — tracking the Solactive Hong Kong Newly Listed Equities Index; CSOP Solactive Asia AI Bottleneck Index ETF (3499.HK), managed by CSOP Asset Management, fell 6.05%.

Optical-communication and Asian-semiconductor themes weakened. Value Partners Optical Communication Active ETF (2811.HK), managed by Value Partners Hong Kong, dropped 4.72%; Global X Emerging Markets Asia Active ETF (3104.HK), managed by Mirae Asset, fell 4.69%; and the same manager's Global X Asia Semiconductor ETF (3119.HK) declined 4.55%, tracking the FactSet Asia Semiconductor Index.

Among Southbound (Stock Connect) ETFs, dividend and broad-based products rose modestly while Hong Kong-Korea tech and AI-themed products led the declines, broadly in line with the overall market direction on the day. The top five gainers were: CSOP FTSE ETF Connect East-West Succession Equity Select Index ETF (3441.HK), up 1.25% to lead; Bosera China Reform Hong Kong Central-SOEs High Dividend Yield Index ETF (Listed Class) (3437.HK), up 1.22%; Ping An of China CSI HK Dividend ETF (3070.HK), up 0.94%; iShares Core Hang Seng Index ETF (3115.HK), up 0.83%; and Global X Hang Seng High Dividend Yield ETF (3110.HK), up 0.68%.

The top five losers were: CSOP FTSE HK-Korea Tech+ Index ETF (3431.HK), down 3.08% to lead; E Fund (HK) FTSE AI Select Index ETF (3489.HK), down 2.20%; CSOP Hang Seng Biotech ETF (3174.HK), down 1.97%; ChinaAMC Hang Seng Biotech ETF (3069.HK), down 1.96%; and Ping An of China Trust - Ping An Technology Select ETF (3406.HK), down 1.51%.

Data from NewTimeSpace Research Institute shows a two-pole divergent pattern on October 13 characterized by "STAR 50 alone advancing while Korean themes plunged." The upside was dispersed across STAR 50, India, gold miners and dividend directions, with the highest gain at 4.56% and all other gainers within 1.7%; the downside was highly concentrated in Korean themes and AI-related directions, with all top-ten decliners down at least 4.49%, Korean-related ETFs taking five of those spots and Phillip HK Newly Listed Equities Index ETF topping the losers at 9.45%. The gap between the top gainer and top loser exceeded 14 percentage points. On the Southbound side, dividend and broad-based products rose modestly while Hong Kong-Korea tech and AI-themed products led the declines, consistent with the broader market direction.

I. Daily Price Change Statistics for Recently Listed Hong Kong Stocks

On October 13, 2026, recently listed Hong Kong stocks showed mixed performance. On the upside, REFIRE rose 11.78% to top the gainers; EACON gained 11.03%, SHEIN-W 6.05%, SHOUGANG LANZA 5.98% and CREALIGHTS 5.31%. These stocks are concentrated in hydrogen energy, autonomous driving, cross-border e-commerce and semiconductors.

On the downside, ABLE DIGITAL fell 31.07%, LIULIUMEI 27.46%, XUNCE 16.36%, GON TECHNOLOGY 16.25% and YUNJI (New) 15.89%. The decliners span education technology, consumer, artificial intelligence and robotics.

Rank	Stock Code	Stock Name	Change (%)
Gainers Top 1	02570.HK	REFIRE	11.78
Gainers Top 2	07687.HK	EACON	11.03
Gainers Top 3	00625.HK	SHEIN-W	6.05
Gainers Top 4	02553.HK	SHOUGANG LANZA	5.98
Gainers Top 5	01191.HK	CREALIGHTS	5.31
Decliners Bottom 5	02670.HK	YUNJI (New)	-15.89
Decliners Bottom 4	02768.HK	GON TECHNOLOGY	-16.25
Decliners Bottom 3	03317.HK	XUNCE	-16.36
Decliners Bottom 2	06658.HK	LIULIUMEI	-27.46
Decliners Bottom 1	02687.HK	ABLE DIGITAL	-31.07
Data source/compilation: Choice/NewTimeSpace Research, as of October 13, 2026 close

II. Liquidity Watch

As of the October 13 close, Z.AI recorded turnover of HKD 1.845 billion with a turnover rate of 1.17%, ranking first among recently listed stocks in terms of trading scale; CIG recorded turnover of HKD 1.783 billion with a turnover rate of 17.41%, showing notable trading activity; ZJ INNOLIGHT recorded turnover of HKD 1.705 billion with a turnover rate of 3.07%; MINIMAX-W recorded turnover of HKD 1.475 billion with a turnover rate of 2.63%; CATL recorded turnover of HKD 1.050 billion with a turnover rate of 0.99%.

Rank	Stock Code	Stock Name	Daily Turnover(HKD 10,000)	Daily Turnover Rate(%)
Liquidity Top 1	02513.HK	Z.AI	184,482.40	1.17
Liquidity Top 2	06166.HK	CIG	178,301.81	17.41
Liquidity Top 3	03308.HK	ZJ INNOLIGHT	170,451.98	3.07
Liquidity Top 4	00100.HK	MINIMAX-W	147,491.72	2.63
Liquidity Top 5	03750.HK	CATL	105,030.24	0.99
Data source/compilation: Choice/NewTimeSpace Research, as of October 13, 2026 close

III. Lock-up Releases for Recently Listed Stocks

1.Lock-up Releases This Week

As of October 13, there were no lock-up releases for recently listed stocks this week. SIGENERGY will release 6.7604 million shares on October 16, 2026; GPIXEL will release 32.6452 million shares on October 17, 2026; MANYCORE TECH will release 59.6470 million shares on October 17, 2026.

No.	Stock Code	Stock Short Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	06656.HK	SIGENERGY	2026/4/16	2026/10/16	676.04
2	03277.HK	GPIXEL	2026/4/17	2026/10/17	3,264.52
3	00068.HK	MANYCORE TECH	2026/4/17	2026/10/17	5,964.70

2.Next Week Lock-up Release Preview

Two recently listed stocks will see lock-up releases next week. VGT will release 37.2201 million shares on October 21, 2026; HUAQIN will release 29.2501 million shares on October 23, 2026.

No.	Stock Code	Stock Short Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	02476.HK	VGT	2026/4/21	2026/10/21	3,722.01
2	03296.HK	HUAQIN	2026/4/23	2026/10/23	2,925.01

On the news front, according to the Company's previously disclosed "Allotment Results Announcement", the nine cornerstone investors hold an aggregate of 15,413,600 H shares, the final day of the relevant lock-up undertakings is December 16, 2026, and the shares will become transferable from December 17, 2026. The cornerstone investors comprise Sunwoda Treasury (Hong Kong) Limited, Hong Kong Longwei International Trading Limited, Oakwise Growth Fund SPC — Greater China Fund SP, Tembusu Limited, Andrew Y. Yan, RIME Capital Limited, Thalassa Capital Dynamics SPC (on behalf of Thalassa Horizon SP), Chample International Limited, and Libra Stable Value and Fixed Income Segregated Portfolio Company (on behalf of Libra Fixed Income One SP); among them, Hong Kong Longwei International Trading Limited is a close associate of existing shareholder Shanghai Baolong Automotive Corporation.

According to publicly available information, SENASIC (06675.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 17, 2026 at an offer price of HKD 18.36, under a global offering of 53,407,000 H shares, comprising 5,340,800 H shares under the Hong Kong public offering, which was 5,144.97 times subscribed, and 48,066,200 H shares under the international offering, which was 4.44 times subscribed; gross proceeds amounted to approximately HKD 981 million and net proceeds to approximately HKD 913 million. The over-allotment option was subsequently partially exercised on July 12, 2026, involving 2,855,800 H shares, which were allotted and issued on July 15, 2026, generating additional net proceeds of approximately HKD 50.86 million; the number of issued shares at listing was 379,041,820, rising to 381,897,620 after the partial exercise, with a board lot of 200 shares. The Company's H shares have been included in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect stock lists with effect from September 7, 2026.

In terms of performance, the Company disclosed its first post-listing interim results on August 26, 2026. In the first half of 2026, it recorded revenue of RMB 214 million (the same below), up 36.5% year on year; gross profit of RMB 69.413 million, up 63.1% year on year, with the gross margin rising from 27.1% in the prior-year period to 32.4%. By product line, intelligent tire chip revenue reached RMB 111 million, up 21.7% year on year; intelligent battery cell chip revenue was RMB 52.9 million, up 114.5%; and intelligent general-purpose sensor chip revenue was RMB 48.7 million, up 23.4%. R&D costs for the period were RMB 43.227 million, versus RMB 35.758 million a year earlier; the loss for the period was RMB 1.394 billion, mainly attributable to the change in the carrying amount of financial instruments issued to investors, while the adjusted loss for the period (a non-HKFRS measure) excluding such factors was RMB 6.026 million, compared with RMB 15.704 million a year earlier; as at June 30, 2026, the Company had cash and cash equivalents of RMB 1.13 billion. From 2023 to 2025, the Company's revenue was RMB 223 million, RMB 348 million and RMB 478 million respectively, with losses for the year of RMB 356 million, RMB 351 million and RMB 331 million respectively, and gross margins of 16.6%, 20.3% and 28.0% respectively.

At the industry level, according to Frost & Sullivan data cited in the prospectus, by 2025 revenue the Company is the world's third-largest and China's largest automotive wireless sensing SoC company, with a market share of 8.5%; the global automotive wireless sensing SoC market grew from RMB 1.9 billion in 2021 to RMB 6.8 billion in 2025 and is expected to further grow to RMB 53.8 billion in 2030, a compound annual growth rate of 53.4% from 2026 to 2030, with the China market expected to grow from RMB 2.5 billion in 2025 to RMB 28.9 billion in 2030.

On the institutional view, in its initiation report "Anchoring Physical AI On-Device Sensing and Computing, wBMS Drives Accelerating Growth" published on September 24, 2026, Guotai Haitong Securities assigned the Company an "Overweight" rating with a target price of HKD 43.12, noting that the Company has built a product matrix spanning intelligent battery cell chips, intelligent tire chips and intelligent general-purpose sensor chips around wireless sensing SoC, and has established first-mover advantages in segments such as TPMS, BPS and wireless BMS; its intelligent battery cell and wBMS SoC businesses are expected to become core growth engines, benefiting from rising battery safety requirements for new energy vehicles and expanding energy storage demand.

On the news front, according to previous disclosures, 3 cornerstone investors collectively hold 24.681 million H shares, with lock-up periods all ending on December 23, 2026 and official unlocking from December 24, 2026, corresponding to a market value of approximately HKD 449 million based on the offer price. The cornerstone lineup involves Qiyuan Hong Kong, EVEREST MED and Shunming Capital.

According to public information, MICOT PHARMA-B (02335.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 24, 2026 at an offer price of HKD 18.20, with a global offering of 58.0544 million H shares; gross proceeds were approximately HKD 1.057 billion and net proceeds HKD 989 million; the Hong Kong public offering was 1,181.46 times subscribed and the international offering 2.52 times subscribed.

In terms of performance, the company disclosed its first interim results after listing in August 2026, with R&D expenses of approximately RMB 128 million for the first half of 2026, up 215.9% year on year; the adjusted net loss for the period was approximately RMB 112 million, widened by 128.5% year on year.

GUOSEN SECURITIES noted that MICOT PHARMA is a leading enterprise in China's peptide drug field; represented by its core product MT1013 (a dual-target receptor agonist peptide targeting CaSR and OGP receptors), the company has built an innovative drug pipeline covering metabolic diseases and cardiovascular and cerebrovascular diseases, with MT1013 in a Phase III clinical trial in China and expected to complete the study and submit a pre-NDA by the end of 2026.

Founded in 2007 and headquartered in Xi'an, MICOT PHARMA-B (02335.HK) is a biotechnology company focusing on the discovery, development and commercialization of bispecific/multi-specific peptide drugs, with a key focus on metabolic diseases and cardiovascular and cerebrovascular diseases.

On the news front, the company has no recent news of its own; within the sector, on 12 October 2026, INNOCARE (09969.HK) announced that its self-developed bispecific antibody ICP-B161, targeting TL1A and IL-23p19, has been approved by the relevant national authorities to commence clinical trials for the treatment of autoimmune diseases including inflammatory bowel disease. The drug can achieve an ultra-long half-life and support subcutaneous administration; preclinical studies showed that, in a TNBS-induced mouse colitis model, its in vivo efficacy at the same dose was superior to the corresponding TL1A monoclonal antibody, IL-23p19 monoclonal antibody and similar bispecific antibodies. There is currently no bispecific antibody targeting TL1A and IL-23p19 on the market worldwide.

In addition, on 13 October 2026, Ark Biosciences announced that the US Food and Drug Administration has approved the investigational new drug application for its self-developed long-acting anti-influenza drug-Fc conjugate AK0406, allowing the drug to directly enter a Phase II clinical trial for influenza prevention in the United States. The drug has shown broad-spectrum, highly active inhibition against both influenza A and B viruses in preclinical studies.

HJ SCIENCE-B (06132.HK) listed on the Main Board of the Hong Kong Stock Exchange on 23 June 2026 at an offer price of HKD 81.80, with 13,600,000 shares issued.

Regarding its shareholding structure, the lock-up period of all six cornerstone investors of the company is six months, with the nearest release date falling on 23 December 2026, when a total of 6,227,800 shares held by six cornerstone investors including Foresight Fund, Kaibo Future and LBC HK will be released from lock-up, representing 45.79% of the shares under the global offering and 8.46% of the company's total issued share capital immediately following completion of the global offering. In addition, the 12-month lock-up undertakings of the company's controlling shareholders (Dr Ji Jianxin, Chengdu Wenshao Enterprise Management Centre and Suzhou Jishitang Enterprise Management Centre, together holding 34,493,443 shares, or 46.87%) and its pre-IPO investors are expected to be released from lock-up in late June 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 28 August 2026. For the first half of 2026, revenue was RMB 1.943 million, up 118.1% year on year; R&D expenses were RMB 46.255 million, up 13.1% year on year; loss for the period was RMB 73.475 million, widening 38.8% year on year; adjusted loss was RMB 47.302 million, narrowing 10.7% year on year; and basic and diluted loss per share was RMB 1.21. During the reporting period, the Phase II clinical trial of HJ787 for atopic dermatitis completed patient enrolment, and the pivotal Phase IIb clinical trial of HJ891 for non-small cell lung cancer also completed patient enrolment. As of 30 June 2026, the company had cash and cash equivalents of RMB 1.107 billion, up substantially from RMB 3.72 million at the end of 2025, mainly from the proceeds of the global offering. The company declared no interim dividend.

HJ SCIENCE-B (06132.HK) focuses on the research and development of small-molecule innovative therapies in immunology, metabolism and oncology as a clinical-stage biotechnology company. It has three core products, HJ787, HJ178 and HJ891, all self-developed Class 1 innovative drugs: HJ787 is a selective TYK2 inhibitor for topical and oral treatment of atopic dermatitis, acne vulgaris, neurodermatitis and psoriasis; HJ178 is an oral GLP-1 and GIP receptor agonist for type 2 diabetes and potentially overweight or obesity; and HJ891 is an oral KRAS G12C inhibitor for non-small cell lung cancer harbouring KRAS G12C mutations. In addition, the company has one other clinical-stage candidate, HJ197, and five preclinical candidates.

On October 9, RoboSense released its LiDAR shipment data for Q3 2026. Total LiDAR shipments reached 595,600 units in the third quarter, rising 220.9% year-on-year and 53.1% quarter-on-quarter. Among the total, shipments for ADAS hit 450,400 units, representing a 200.1% year-on-year increase.

According to Xinhua News Agency, the 2026 Paris International Motor Show opened on October 12 at Paris Porte de Versailles Exhibition Centre in France. The week-long event draws over 100 exhibitors worldwide. Chinese automakers hit a new record in exhibition scale. A total of 16 Chinese carmakers brought 25 brands to the show, including Leapmotor, BYD, XPeng, Geely, Dongfeng and GAC. Multiple new models made their European debut, showcasing innovative achievements in power batteries, ultra-fast charging, intelligent driving and artificial intelligence.

RoboSense(02498.HK) Focuses on the scaled mass production and delivery of LiDAR and core perception solutions for the autonomous driving perception layer. As a leading tier-1 supplier in the intelligent driving hardware supply chain, it has secured massive design wins across a wide range of models from global mainstream automakers and new energy vehicle (NEV) startups. The company maintains industry-leading growth in single-quarter automotive LiDAR shipments. Through process optimization and economies of scale, it continuously drives down per-unit hardware costs, solidifying its market share in the core perception infrastructure for autonomous driving.

On the news front, on 12 October 2026, supply chain sources indicated that Intel, Qualcomm and AMD, three major processor makers, are raising prices in succession, with CPUs at the centre of this round of increases. Intel has applied differentiated price increases to PC processors since 1 September, with top-end Panther Lake products seeing the largest rise of 15% to 20% and Meteor Lake and Arrow Lake up about 5% to 10%; Qualcomm has raised shipment prices for PC processors including Snapdragon X/X2 Elite by about 10% since 1 October; and AMD plans to raise chip prices by about 10% in the fourth quarter of 2026, covering AI accelerator chips, consumer GPUs and motherboard chipsets. The report noted that this round of increases stems from a combination of the AI infrastructure construction boom, surging AI PC demand, rising advanced-node costs and higher wafer foundry quotes.

In addition, on 12 October 2026, at the integrated circuit exhibition set up for the first time as a standalone show at the 26th China International Industry Fair, Huahong Group signed strategic cooperation agreements with NAURA, AMEC, ACMSH and HWATSING respectively. The four companies cover core front-end equipment segments including deposition, etching, single-wafer cleaning and chemical mechanical polishing. Among them, AMEC exhibited its newly released ultra-high-aspect-ratio etching equipment and a 12-inch atomic layer deposition molybdenum tool.

CCSC believes that, with the successive launch of several personal AI agents, workloads are shifting from compute-intensive to control-intensive, branch-intensive and input/output-intensive, and that the CPU-to-GPU ratio is moving from 1:4-1:8 towards close to 1:1; the semiconductor industry remains in an upcycle, with strong server CPU demand and tight supply likely to usher in a new round of price increases.

CSC believes that the localisation rate of complete semiconductor equipment in China is already about 35%, that components and materials have become the "last mile" of the industrial chain, and that, with about 70% of the third phase of the integrated circuit industry investment fund directed to equipment and core materials, import substitution is entering an accelerating phase.

SMIC (00981.HK) provides IC wafer foundry and related technical services. It is the largest pure-play wafer foundry in China by capacity and offers the broadest coverage of process nodes. Its mature and select advanced process lines address applications including smart terminals, IoT, and computing chips. Based on its periodic disclosures, wafer shipments, capacity utilization, and revenue are at historically high levels.

On the news front, on 9 October 2026, UBTECH ROBOTICS (09880.HK) and Xiamen C&D Inc. held a strategic cooperation signing ceremony in Xiamen. Under the agreement, the two parties will jointly establish a joint venture as the operating entity of the "UBTech Eco-Technology Centre Fujian Headquarters", taking on functions of regional industrial coordination, resource integration and ecosystem services, integrating capabilities such as operation and maintenance support, talent training, scenario application R&D, equipment sharing and leasing, and event operation, and plan to jointly achieve a sales target of no less than 10,000 UBTECH humanoid robots by 2030. The two parties will also cooperate on robot applications in supply chain operations and real estate development, advancing deployment in scenarios including logistics warehousing, security inspection and urban public space services.

In addition, on 12 October 2026, KUKA, a subsidiary of MIDEA GROUP (000333.SZ), launched the "KAI" intelligent platform at the 26th China International Industry Fair and unveiled the industrial wheeled humanoid robot MIRO, which can carry 20 kilogrammes and operate for more than six hours; its Welling robot components unit simultaneously released four new products—a new-generation force-controlled integrated joint module, a frameless torque motor, a humanoid-specific harmonic reducer and the Welling RV&MC cycloidal reducer—among which the humanoid-specific harmonic reducer halves in weight and maintains precision for up to 10,000 hours. Welling's production line currently has an automation rate of more than 80% and can deliver 200,000 reducers, 60,000 joint modules and 210,000 servo motors a year.

SCS believes that Tesla's Optimus Gen3 is about to be launched and will be brought to market in 2027, that product, order and capital-side progress at humanoid robot companies is accelerating, that 2026 is a mass-production transition period with 2027 the key year for volume, and that core suppliers in the Tesla supply chain are favoured.

CHINA FORTUNE SECURITIES believes that Optimus capacity is ramping up rapidly and that, with policy support and catalysts from domestic players such as Unitree and XPeng, the humanoid robot sector is expected to see a certain market rally, with priority given to certain targets in the Tesla and domestic supply chains.

UBTECH ROBOTICS (09880.HK) focuses on humanoid robot complete machine R&D, full-stack motion control algorithms, and commercial deployment across industrial and logistics scenarios. Its core product, the Walker S series humanoid robot, has deeply integrated into the final assembly lines of multiple leading NEV manufacturers, executing on-site operations such as the flexible handling of automotive components, precision assembly, and intelligent quality inspection. The company pioneers the leap from laboratory prototypes to real-world industrial automation and mass production applications, holding immense technological scarcity and a definitive premium as a pure-play robotics asset.

On October 12, 2026, the three major Hong Kong indices diverged, with the Hang Seng Index up 0.25%, the Hang Seng TECH Index down 0.67%, and the Hang Seng China Enterprises Index up 0.25%. Full-day turnover on the Hang Seng Index reached HKD 162.6 billion, down sharply from HKD 209.2 billion a day earlier.

On the board, among Stock Connect constituent stocks, YUNJI rose 18.56%, SERES rose 15.22%, HQVT rose 14.05%, SEYOND rose 12.75% and HIPINE rose 9.85%; on the downside, TH MEDICAL-B fell 50.41%, JOHNSON ELEC H fell 20.09%, UISEE TECH fell 15.76%, BIOCYTOGEN-B fell 12.43% and BRAINAURORA-B fell 11.98%. Robot, copper clad laminate and new energy vehicle supply chain names were active, while pharmaceutical and optical communication names came under pressure.

Southbound capital recorded net buying of HK$2.603 billion on the day, comprising net buying of HK$1.955 billion via Stock Connect (Shanghai) and net buying of HK$649 million via Stock Connect (Shenzhen).

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. YUNJI Tops Stock Connect Gainers with an 18.56% Rise as Holiday Robot Service Tasks Reach 19.785 Million

On October 12, YUNJI (02670.HK) closed up 18.56% at HKD 8.750, the top gainer among Stock Connect stocks on the day. Data released by the company on robot service operations during the Mid-Autumn Festival and National Day holidays showed that its robot service agents completed a cumulative 19.785 million service tasks and travelled 1.689 million kilometres, while AI voice calls reached 2.026 million, up 110.37% year on year. In the first half of 2026, YUNJI posted total revenue of RMB 188 million, up 71.6% year on year, with subscriptions to AI digital systems such as HDOS up 621%.

2. SERES Rises 15.22% After Signing a Deepened Long-term Strategic Cooperation Agreement with CATL

On October 12, SERES (09927.HK) closed up 15.22% at HKD 38.920. On October 10, SERES and CATL signed a deepened long-term strategic cooperation agreement in Chongqing. Under the agreement, the two will accelerate the second phase of the in-factory plant at the SERES super factory, which has planned annual capacity of 10GWh to 12GWh and will lift combined phase-one and phase-two capacity to more than 20GWh. They will also build an ultra-fast charging ecosystem and jointly expand into overseas markets including Europe, the Middle East and Central Asia. All AITO models have used CATL batteries since the brand was founded, with cumulative deliveries exceeding 1.2 million units.

3. CIG Falls 11.44% on a Plan to Raise More Than HK$6.5 Billion via H-share Placement and Convertible Bonds

On October 12, CIG (06166.HK) fell 11.44% to HKD 92.900, with southbound turnover of HK$1.516 billion. The company earlier announced a plan to place new H shares and issue convertible bonds, raising more than HK$6.5 billion in net proceeds, of which about 55% will fund expanded optical module capacity and about 30% will be used for strategic investment in upstream companies.

4. Southbound Net Buying Reaches HK$2.603 Billion as XIAOMI-W Attracts HK$974 Million

On October 12, southbound capital recorded net buying of HK$2.603 billion, comprising net buying of HK$1.955 billion via Stock Connect (Shanghai) and HK$649 million via Stock Connect (Shenzhen). At the stock level, southbound funds bought a net HK$974 million of XIAOMI-W (01810.HK), HK$729 million of AIA (01299.HK) and HK$20 million of TENCENT (00700.HK), while selling a net HK$570 million of YOFC (06869.HK), HK$434 million of SMIC (00981.HK) and HK$348 million of KB LAMINATES (01888.HK).

5. Robot Industry News Flow Builds as AMD Acquires World Labs for About USD 8.2 Billion to Step Up Physical AI

At the industry level, robot-related developments were dense recently. AMD acquired World Labs for about USD 8.2 billion to step up physical artificial intelligence; Amazon announced plans to build a robot factory; and Tesla lifted Optimus capacity roughly tenfold. In China, AgiBot deployed 100 Lingxi X2 robots across 100 Aishida stores for retail deployment, while DEEP Robotics' humanoid robot DR02 completed a real traffic scenario test in the Xihu District of Hangzhou. Market reports also said regulators are adjusting the listing pace of some humanoid robot companies.

On October 12, 2026, Hong Kong's three major indices diverged, with the Hang Seng Index up 0.25% at 24,271.20, the Hang Seng China Enterprises Index up 0.25% at 8,168.57, and the Hang Seng TECH Index down 0.67% at 4,169.57. Full-day turnover on the Hang Seng Index reached HKD 162.6 billion, down sharply from HKD 209.2 billion a day earlier. AI concept stocks declined broadly, with 7 of the 20 names closing higher; the autonomous driving space led gains while AI chips and embodied AI names pulled back.

In the LLM space, BABA-W (09988.HK) rose 1.12%, MINIMAX-W (00100.HK) rose 0.47%, MEITUAN-W (03690.HK) rose 0.42% and TENCENT (00700.HK) rose 0.24%; BIDU-W (09888.HK) fell 1.45%, KUAISHOU-W (01024.HK) fell 2.79% and Z.AI (02513.HK) fell 3.51%.

In the AI Chips space, all six names closed lower: ILUVATAR COREX (09903.HK) fell 0.34%, SMIC (00981.HK) fell 2.52%, BIRENTECH (06082.HK) fell 3.55%, GIGADEVICE (03986.HK) fell 4.82%, HUA HONG GRACE (01347.HK) fell 4.97% and MONTAGETECH (06809.HK) fell 5.00%.

In the Autonomous Driving space, WERIDE-W (00800.HK) rose 7.11%, the top gainer among AI concept stocks; BLACK SESAME (02533.HK) rose 6.80% and PONY-W (02026.HK) rose 5.02%; ROBOSENSE (02498.HK) fell 0.80% and HORIZONROBOT-W (09660.HK) fell 2.92%.

In the Embodied AI space, XIAOMI-W (01810.HK) fell 5.55% and UBTECH ROBOTICS (09880.HK) fell 5.64%, the two worst performers among AI concept stocks, with XIAOMI-W, the previous session's top gainer, pulling back sharply.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 12, 2026.

III. AI Industry & Corporate Developments

1. WERIDE-W Tops the Gainers with a 7.11% Rise as GAC Aion Sets Ray7 Pre-sale for October 17

On October 12, WERIDE-W (00800.HK) closed up 7.11% at HKD 12.810, the top gainer among AI concept stocks. GAC Aion will launch pre-sales of the Ray7 on October 17. Built on the AEP pure electric platform, the model adopts WeRide's L4-derived large model algorithms for intelligent driving, equipped with 27 automotive-grade full-view sensors including a 192-line LiDAR and three 4D millimeter-wave radars, and supports features such as locating parking spots without navigation.

2. PONY-W Rises 5.02% as Its Seventh-generation Robotaxis Head to London for Road Testing

On October 12, PONY-W (02026.HK) closed up 5.02% at HKD 47.660. On October 8, Pony.ai and Uber announced that they will bring Pony.ai's seventh-generation Robotaxis to London, with road testing expected to begin within weeks. In August, the two companies expanded their partnership with a plan to deploy more than 2,000 Robotaxis across five European cities. According to its financial report, Pony.ai's Robotaxi fleet reached 1,975 vehicles as of June 30, 2026.

3. Z.AI Falls 3.51% as AWS Bedrock Integrates GLM-5.3 on a Revenue-sharing Basis

On October 12, Z.AI (02513.HK) fell 3.51% to HKD 619.000. Industry reports said Amazon Web Services has integrated Zhipu's GLM-5.3 on Amazon Bedrock, its large model platform, with AWS sharing revenue with Zhipu based on model call volumes, adding a new case of hosting-based revenue-sharing cooperation between Chinese LLM developers and global cloud providers. Zhipu has also released GLM-5.3-FlashX, improving inference speed on domestic computing platforms.

4. Memory Price Pressure Persists as the Fourth Round of Smartphone Price Hikes Lands This Year

Since October, rising memory chip prices have continued to pass through to end devices. After Huawei, Xiaomi and Honor collectively raised prices on multiple models on September 1, Huawei's nova 16 series and the Xiaomi 17 Ultra saw price increases on the same day on October 9, the fourth round of smartphone price hikes this year. Industry data show that the share of memory in a device's bill of materials has climbed from 10-15% in the past to more than 30-40%; in the fourth quarter, DRAM contract prices are expected to rise another 10-15%, with NAND flash increases widening to 15-20%. Driven by surging AI computing demand, memory giants such as Samsung and SK Hynix have shifted advanced capacity toward HBM, squeezing the supply of consumer-grade memory.

5. Robotaxi Commercialization Accelerates as XPeng's Youyou Debuts and New Players Scale Up Fleets

At the industry level, large-scale commercialization of Robotaxis keeps advancing. In October, XPeng's Youyou officially debuted as China's first fully in-house developed, front-installed mass-produced robotaxi, developed on the flagship GX model. XPeng earlier obtained Guangzhou's remote testing qualification for intelligent connected vehicles in August, allowing driverless road tests with no safety driver on first, second and third class test roads in the city. Among new entrants, Hellobike has said it aims to cover more than 10 cities in 2026 with a fleet targeting the 10,000-vehicle level, and expects to deploy more than 50,000 Robotaxis by 2027.

IV. Profiles of Representative AI Concept Stocks

On the market, by industry. Themes such as banking, industrial trade & commerce, conglomerates, and environmental protection led the gains. Themes such as hardware equipment, semiconductors, and non-ferrous metals led the declines.

Among them, 35 constituent stocks of the Hang Seng Index rose and 58 fell. On the upside, OOIL rose 4.4%, CM BANK rose 3.1%, and JD-SW rose 2.8%. On the downside, LAOPU GOLD fell 7.9%, XIAOMI-W fell 5.5%, and HUA HONG GRACE fell 5.0%.

Among the Hang Seng TECH Index constituents, 12 rose and 18 fell. On the downside, Z.AI fell 3.5%; HORIZONROBOT-W fell 2.9%, and SUNNY OPTICAL fell 2.8%. On the upside, LEAPMOTOR rose 4.3%, TENCENT MUSIC-SW rose 3.1%; and NETEASE rose 2.9%.

Among Hong Kong Stock Connect constituents, YUNJI rose 18.6%, SERES rose 15.2%, and HQVT rose 14.1%. On the downside, TH MEDICAL-B plunged 50.4%, JOHNSON ELEC H fell 20.1%, and UISEE TECH fell 15.8%.

CGS stated that expectations for the reform of the Hang Seng TECH Index are expected to keep fermenting, the prosperity of the AI industry chain is supported by substantive orders, and coupled with the post-holiday return of southbound funds, the structural window for going long remains. However, the US CPI/PPI data are about to be released, and high US Treasury yields are suppressing valuations, so position flexibility needs to be maintained. It is suggested to pay attention to: (1) the technology sector. Strong AI demand drives both volume and price increases in PCBs, and the shortage-driven price increases of upstream copper-clad laminates continue; NVIDIA's new-generation AI system has been put into production and application, and the prosperity of the industry chain is supported by substantive orders. Pay attention to optical modules/optical fibers, PCBs, high-speed interconnects, AI servers, domestic AI chips and wafer foundry, power supporting facilities, and the progress of major companies' models. (2) The innovative drugs and CXO sector. The window period of the ESMO Annual Congress in October (23rd to 27th) is a clear catalyst, and the core data of many Chinese innovative drug companies will be disclosed in a concentrated manner. (3) Low-volatility dividends. Banking, utilities, telecommunications, and energy serve as defensive base positions to hedge against the interest rate risk of US inflation data exceeding expectations. (Source: "Can Hong Kong Stocks Sustain the Rebound Under Interest Rate Disturbances?" by CGS, 20261010)

I. Daily Price Change Statistics for Recently Listed Hong Kong Stocks

On October 12, 2026, recently listed Hong Kong stocks showed mixed performance. On the upside, YUNJI (New) rose 18.56%, extending the momentum of the robotics sector; SERES gained 15.22%, HQVT 14.05%, NEW GONOW RV 12.01% and INNOGEN-B 9.44%. These stocks are concentrated in robotics, new energy vehicles, smart hardware and biopharmaceuticals.

On the downside, TH MEDICAL-B fell 50.41%, JIANGXI BIO 18.26%, UISEE TECH 15.76%, BRAINAURORA-B 11.98% and CIG 11.44%. The decliners span healthcare, biopharmaceuticals, autonomous driving and communication equipment.

Rank	Stock Code	Stock Name	Change (%)
Gainers Top 1	02670.HK	YUNJI (New)	18.56
Gainers Top 2	09927.HK	SERES	15.22
Gainers Top 3	01392.HK	HQVT	14.05
Gainers Top 4	00805.HK	NEW GONOW RV	12.01
Gainers Top 5	02591.HK	INNOGEN-B	9.44
Decliners Bottom 5	06166.HK	CIG	-11.44
Decliners Bottom 4	06681.HK	BRAINAURORA-B	-11.98
Decliners Bottom 3	01511.HK	UISEE TECH	-15.76
Decliners Bottom 2	06915.HK	JIANGXI BIO	-18.26
Decliners Bottom 1	02697.HK	TH MEDICAL-B	-50.41
Data source/compilation: Choice/NewTimeSpace Research, as of October 12, 2026 close

II. Liquidity Watch

As of the October 12 close, CATL recorded turnover of HKD 1.563 billion with a turnover rate of 1.43%, ranking first among recently listed stocks in terms of trading scale; CIG recorded turnover of HKD 1.540 billion with a turnover rate of 17.48%, showing notable trading activity; Z.AI recorded turnover of HKD 1.374 billion with a turnover rate of 0.84%; ZJ INNOLIGHT recorded turnover of HKD 1.290 billion with a turnover rate of 2.22%; MINIMAX-W recorded turnover of HKD 1.128 billion with a turnover rate of 1.94%.

Rank	Stock Code	Stock Name	Daily Turnover(HKD 10,000)	Daily Turnover Rate(%)
Liquidity Top 1	03750.HK	CATL	156,266.20	1.43
Liquidity Top 2	06166.HK	CIG	153,976.00	17.48
Liquidity Top 3	02513.HK	Z.AI	137,401.34	0.84
Liquidity Top 4	03308.HK	ZJ INNOLIGHT	128,981.05	2.22
Liquidity Top 5	00100.HK	MINIMAX-W	112,783.62	1.94
Data source/compilation: Choice/NewTimeSpace Research, as of October 12, 2026 close

III. Lock-up Releases for Recently Listed Stocks

1.Lock-up Releases This Week

Three recently listed stocks will see lock-up releases this week. SIGENERGY will release 6.7604 million shares on October 16, 2026; GPIXEL will release 32.6452 million shares on October 17, 2026; MANYCORE TECH will release 59.6470 million shares on October 17, 2026.

No.	Stock Code	Stock Short Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	06656.HK	SIGENERGY	2026/4/16	2026/10/16	676.04
2	03277.HK	GPIXEL	2026/4/17	2026/10/17	3,264.52
3	00068.HK	MANYCORE TECH	2026/4/17	2026/10/17	5,964.70

2.Next Week Lock-up Release Preview

Two recently listed stocks will see lock-up releases next week. VGT will release 37.2201 million shares on October 21, 2026; HUAQIN will release 29.2501 million shares on October 23, 2026. The unlock volume of both stocks exceeds 20 million shares.

No.	Stock Code	Stock Short Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	02476.HK	VGT	2026/4/21	2026/10/21	3,722.01
2	03296.HK	HUAQIN	2026/4/23	2026/10/23	2,925.01

The leading advancers were concentrated in non-tech and value/theme areas. Global X Copper Miners ETF (3014.HK), managed by Mirae Asset, rose 1.95% to top the list, tracking the Solactive Copper Miners Index; ChinaAMC MSCI India ETF (3404.HK), managed by China Asset Management (Hong Kong), gained 1.87%; Samsung Blockchain Technologies ETF (3171.HK), managed by Samsung Asset Management (Hong Kong), added 1.72%; and Global X AI Infrastructure ETF (3401.HK), managed by Mirae Asset, advanced 1.44%.

India and regional themes also featured. Global X India Select Top 10 ETF (3184.HK), managed by Mirae Asset, rose 1.28%; Fubon ICE FactSet Taiwan Core Semiconductor Index ETF (3076.HK), managed by Fubon Asset Management (Hong Kong), gained 1.15%; Ping An of China CSI HK Dividend ETF (3070.HK), managed by Ping An of China Asset Management (Hong Kong), added 1.14%; Global X China Life Franklin HK-US Equity Select ETF (3428.HK), managed by Mirae Asset, rose 1.13%; iShares Core MSCI Asia ex Japan ETF (3010.HK), managed by BlackRock, advanced 1.09%; and CSOP FTSE Vietnam 30 ETF (3004.HK), managed by CSOP Asset Management, closed up 0.97%.

Hong Kong Equity ETFs — Top 10 Gainers (October 12, 2026)
Rank	Code	Name	Change (%)	Underlying Index	Manager
1	03014.HK	Global X Copper Miners ETF	1.95	Solactive Copper Miners Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong) Limited
2	03404.HK	ChinaAMC MSCI India ETF	1.87	MSCI India Net Total Return (USD)	China Asset Management (Hong Kong) Limited
3	03171.HK	Samsung Blockchain Technologies ETF	1.72	Nasdaq Blockchain Economy Index	Samsung Asset Management (Hong Kong) Limited
4	03401.HK	Global X AI Infrastructure ETF	1.44	Mirae Asset AI Infrastructure V2 Index	Mirae Asset Global Investments (Hong Kong) Limited
5	03184.HK	Global X India Select Top 10 ETF	1.28	Mirae Asset India Select Top 10 Index	Mirae Asset Global Investments (Hong Kong) Limited
6	03076.HK	Fubon ICE FactSet Taiwan Core Semiconductor Index ETF	1.15	ICE FactSet Taiwan Core Semiconductor Index	Fubon Asset Management (Hong Kong) Co., Limited
7	03070.HK	Ping An of China CSI HK Dividend ETF	1.14	CSI Hong Kong Dividend Index	Ping An of China Asset Management (Hong Kong) Company Limited
8	03428.HK	Global X China Life Franklin HK-US Equity Select ETF	1.13	CSI Select Market Moderate Index	Mirae Asset Global Investments (Hong Kong) Limited
9	03010.HK	iShares Core MSCI Asia ex Japan ETF	1.09	MSCI All Country Asia ex Japan Index	BlackRock Asset Management North Asia Limited
10	03004.HK	CSOP FTSE Vietnam 30 ETF	0.97	FTSE Vietnam 30 Price Index	CSOP Asset Management Limited
Source/Compilation: Wind / NewTimeSpace, as of the close on October 12, 2026. Coverage: HKD-denominated equity ETFs listed in Hong Kong only.

Technology and growth themes led the declines. CSOP STAR 50 Index ETF (3109.HK), managed by CSOP Asset Management, fell 6.36% to lead all Hong Kong equity ETFs lower, tracking the STAR 50 Index; Bosera SZSE ChiNext Daily (2x) Leveraged Product (7234.HK), managed by Bosera Asset Management (International), dropped 5.14%; and CSOP KOSPI 200 Covered Call Active ETF (3537.HK), managed by CSOP Asset Management, declined 4.23%.

5G and semiconductor themes also weakened. CSOP Yinhua CSI 5G Communications Theme ETF (3193.HK), managed by CSOP Asset Management, fell 3.31%, tracking the CSI 5G Communications Theme Index; Huatai-PCG HKEX KRX Semiconductor Index ETF (3569.HK), managed by Huatai-PCG Asset Management, dropped 3.03%; and Bosera HKEX KRX Semiconductor Index ETF (3516.HK), managed by Bosera Asset Management (International), declined 2.89%, both tracking the HKEX KRX Semiconductor Index.

Korea-tech and ChiNext products rounded out the losers. Global X China Core TECH ETF (3448.HK), managed by Mirae Asset, fell 2.81%; Global X China Semiconductor ETF (3191.HK), managed by Mirae Asset, dropped 2.71%; CSOP FTSE HK-Korea Tech+ Index ETF (3431.HK), managed by CSOP Asset Management, declined 2.51%; and CSOP SZSE ChiNext ETF (3147.HK), managed by CSOP Asset Management, fell 2.42%, tracking the ChiNext Index.

Hong Kong Equity ETFs — Top 10 Losers (October 12, 2026)
Rank	Code	Name	Change (%)	Underlying Index	Manager
1	03109.HK	CSOP STAR 50 Index ETF	-6.36	STAR 50 Index	CSOP Asset Management Limited
2	07234.HK	Bosera SZSE ChiNext Daily (2x) Leveraged Product	-5.14	SZSE ChiNext Index	Bosera Asset Management (International) Co., Limited
3	03537.HK	CSOP KOSPI 200 Covered Call Active ETF	-4.23	KOSPI 200 Index	CSOP Asset Management Limited
4	03193.HK	CSOP Yinhua CSI 5G Communications Theme ETF	-3.31	CSI 5G Communications Theme Index	CSOP Asset Management Limited
5	03569.HK	Huatai-PCG HKEX KRX Semiconductor Index ETF	-3.03	HKEX KRX Semiconductor Index	Huatai-PCG Asset Management Limited
6	03516.HK	Bosera HKEX KRX Semiconductor Index ETF	-2.89	HKEX KRX Semiconductor Index	Bosera Asset Management (International) Co., Limited
7	03448.HK	Global X China Core TECH ETF	-2.81	Mirae Asset China Tech Top 30 Index	Mirae Asset Global Investments (Hong Kong) Limited
8	03191.HK	Global X China Semiconductor ETF	-2.71	FactSet China Semiconductor Index	Mirae Asset Global Investments (Hong Kong) Limited
9	03431.HK	CSOP FTSE HK-Korea Tech+ Index ETF	-2.51	FTSE HK-Korea Tech+ Index (net total return version)	CSOP Asset Management Limited
10	03147.HK	CSOP SZSE ChiNext ETF	-2.42	ChiNext Index	CSOP Asset Management Limited
Source/Compilation: Wind / NewTimeSpace, as of the close on October 12, 2026. Coverage: HKD-denominated equity ETFs listed in Hong Kong only.

Among Southbound (Stock Connect) ETFs, the top five gainers were: Ping An of China CSI HK Dividend ETF (3070.HK), up 1.14% to lead; E Fund (HK) MSCI Asia Pacific Select High Dividend Index ETF (3483.HK), up 0.82%; CSOP FTSE Hong Kong Stock ETF (3443.HK), up 0.68%; Global X MSCI China ETF (3040.HK), up 0.43%; and CSOP Hang Seng Index ETF (3037.HK), up 0.40%.

The top five losers were: iShares Hang Seng Tech ETF (3067.HK), down 0.51%; ChinaAMC Hang Seng Tech Index ETF (3088.HK), down 0.56%; Global X Hang Seng TECH ETF (2837.HK), down 0.58%; E Fund (HK) FTSE AI Select Index ETF (3489.HK), down 1.24%; and CSOP FTSE HK-Korea Tech+ Index ETF (3431.HK), down 2.51% to lead the declines.

Within Southbound ETFs, dividend and broad-based Hong Kong/China products led the gains while Hang Seng TECH and AI-themed products led the declines, broadly in line with the overall market direction on the day.

Southbound (Stock Connect) ETFs — Gainers and Losers (October 12, 2026)
Rank	Code	Name	Change	Underlying Index	Manager
Gain 1	03070.HK	Ping An of China CSI HK Dividend ETF	1.14	CSI Hong Kong Dividend Index	Ping An of China Asset Management (Hong Kong) Company Limited
Gain 2	03483.HK	E Fund (HK) MSCI Asia Pacific Select High Dividend Index ETF	0.82	MSCI AC Asia Pacific Select High Dividend Index	E Fund Management (Hong Kong) Co., Limited
Gain 3	03443.HK	CSOP FTSE Hong Kong Stock ETF	0.68	FTSE Hong Kong Stock Index	CSOP Asset Management Limited
Gain 4	03040.HK	Global X MSCI China ETF	0.43	MSCI China Index	Mirae Asset Global Investments (Hong Kong) Limited
Gain 5	03037.HK	CSOP Hang Seng Index ETF	0.40	Hang Seng Index	CSOP Asset Management Limited
Loss 5	03067.HK	iShares Hang Seng Tech ETF	-0.51	Hang Seng TECH Index (net total return version)	BlackRock Asset Management North Asia Limited
Loss 4	03088.HK	ChinaAMC Hang Seng Tech Index ETF	-0.56	Hang Seng TECH Index	China Asset Management (Hong Kong) Limited
Loss 3	02837.HK	Global X Hang Seng TECH ETF	-0.58	Hang Seng TECH Index	Mirae Asset Global Investments (Hong Kong) Limited
Loss 2	03489.HK	E Fund (HK) FTSE AI Select Index ETF	-1.24	FTSE AI Select Index (HKD, Net Return)	E Fund Management (Hong Kong) Co., Limited
Loss 1	03431.HK	CSOP FTSE HK-Korea Tech+ Index ETF	-2.51	FTSE HK-Korea Tech+ Index (net total return version)	CSOP Asset Management Limited
Source/Compilation: Wind / NewTimeSpace, as of the close on October 12, 2026. Coverage: HKD-denominated equity ETFs listed in Hong Kong only.

Data from NewTimeSpace Research Institute shows a sharp rotation on October 12. After a period of strength, technology and growth themes reversed decisively: CSOP STAR 50 Index ETF dropped 6.36% to lead all Hong Kong equity ETFs lower, with leveraged ChiNext and Korea/semiconductor products also among the steepest decliners, underscoring the elevated sensitivity of leveraged and single-theme growth products to momentum reversals. On the upside, leadership rotated to resources (copper), India, blockchain, AI infrastructure, Taiwan semiconductors and Hong Kong dividend products — a defensive-to-cyclical barbell that sheltered the gainers list from the broad tech sell-off. Southbound flows mirrored the same divide, with dividend and broad-based Hong Kong/China ETFs advancing while Hang Seng TECH and AI-themed products lagged.

On the news front, according to previous disclosures, 15 cornerstone investors collectively hold 43.1609 million H shares, with lock-up periods all ending on December 4, 2026 and official unlocking from December 5, 2026, corresponding to a market value of approximately HKD 2.866 billion based on the offer price. The cornerstone lineup involves CPE Juniper Investment Limited, Taikang Life Insurance, ICBC Wealth Management and others.

According to public information, DAJIN (01081.HK) listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 5, 2026 at an offer price of HKD 66.40, with a global offering of 100.0106 million H shares and gross proceeds of HKD 6.641 billion and net proceeds of HKD 6.465 billion; the Hong Kong public offering was 134.39 times subscribed and the international offering 10.68 times subscribed.

In terms of performance, the company disclosed its first interim results after its H-share listing in August 2026, posting revenue of RMB 3.253 billion for the first half of 2026, up 14.48% year on year; net profit attributable to shareholders was RMB 601 million, up 9.89% year on year; net profit attributable to shareholders excluding non-recurring items was RMB 589 million, up 4.57% year on year.

Citi noted that with strong growth in European offshore wind installations, combined with the incremental room brought by its shipbuilding business, DAJIN's leading position in the global offshore wind foundation equipment sector is expected to be further consolidated.

Founded in 2003, DAJIN (01081.HK) is a leading global supplier of core offshore wind equipment, providing one-stop "construction + transportation + delivery" solutions for wind power foundation equipment to large global offshore wind developers, with core businesses covering the research and development and manufacturing of offshore wind equipment, ocean special transport, ship design and construction, and wind power mother port operations.

On the news front, according to the company's previously disclosed Allotment Results Announcement, cornerstone investors hold a total of 7.0904 million H shares, and the last day of the relevant lock-up undertaking is December 4, 2026; as the following day and the day after are Saturday and Sunday respectively, the shares will become transferable from December 7, 2026 (Monday). The cornerstone investors include OrbiMed Genesis, The Biotech Growth Trust, TruMed, Shanghai Gaoyi Asset Management, Shanghai Ruijun Asset Management, Rui Yuan, Fullgoal Fund Management, Value Partners and Yuanfeng Yuanjing Growth Fund, among others; of these, Shanghai Gaoyi Asset Management, Shanghai Ruijun Asset Management and Yuanfeng Yuanjing Growth Fund subscribed through swap arrangements with Huatai Capital Investment and China Galaxy International Investment respectively.

In terms of the latest developments, the company issued an announcement on October 9, 2026 proposing to amend its Articles of Association. The amendments include: reflecting the changes in the company's registered share capital and shareholding structure following the full exercise of the over-allotment option, and adjusting the registered capital, total number of shares, number of H shares and other figures in the relevant articles; and amending Article 69 to make the articles better aligned with the applicable domestic laws and regulations.

The over-allotment option has been fully exercised, with a total of 2.12895 million H shares issued, increasing the company's total number of issued shares to 76,322,100 (of which 75,059,218 are H shares); the initial offer shares were listed on June 5, 2026 and the over-allotment shares were listed on July 6, 2026. The above amendments will only take effect upon approval by the company's extraordinary general meeting by way of special resolution; until then, the existing Articles of Association will remain in force.

The company will hold an extraordinary general meeting at 4:00 p.m. on Friday, October 30, 2026 at Room 302, Building 88, No. 887 Zuchongzhi Road, Zhangjiang Hi-Tech Park, Pudong New Area, Shanghai, to consider the two special resolutions mentioned above. The company will suspend the registration of share transfers from October 27 to October 30, 2026, and holders of H shares must complete the transfer of shares by 4:30 p.m. on October 26 in order to attend and vote at the meeting.

According to public information, LONGBIO-B (01779.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 5, 2026 at an offer price of HKD 96.06, offering a total of 14.19315 million H shares under the global offering, including 1.41935 million shares under the Hong Kong public offering, which was 4,762.58 times subscribed, and 12.7738 million shares under the international offering, which was 10.94 times subscribed; gross proceeds amounted to approximately HKD 1.363 billion and net proceeds to approximately HKD 1.255 billion. The company's H shares have been included in the eligible securities lists of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect since September 7, 2026.

In terms of financial performance, the company announced its first interim results after listing on August 21, 2026: for the first half of 2026, R&D expenses were RMB 108 million (RMB, the same below), compared with RMB 67.291 million a year earlier; administrative expenses were RMB 24.622 million, compared with RMB 11.349 million a year earlier; the loss for the period was RMB 135 million, compared with a loss of RMB 94 million a year earlier. As at June 30, 2026, the company had cash and cash equivalents of RMB 904 million and time deposits of RMB 304 million. The company has no products approved for marketing and has not generated any revenue from product sales; its losses for the years 2024 and 2025 were RMB 137 million and RMB 176 million respectively.

In terms of business progress, according to the interim report, the core product LP-003 is a self-developed anti-IgE antibody; its Phase III clinical trial in China for the treatment of seasonal allergic rhinitis has met the primary endpoint, and its biologics licence application was accepted by the National Medical Products Administration (NMPA) in August 2026; its clinical trial application for the treatment of peanut allergy was approved by the U.S. FDA in July 2026, and data from its head-to-head Phase II clinical trial for the treatment of chronic spontaneous urticaria showed a complete response rate superior to that of omalizumab. Another major product, LP-005, is a bifunctional complement fusion protein targeting C3b and C5; its Phase II extension-stage clinical trial for the treatment of paroxysmal nocturnal haemoglobinuria (PNH), as well as its Phase II clinical trials for the treatment of complement-mediated kidney diseases and periodontitis, have all been initiated.

In terms of institutional views, in its initiation of coverage report dated September 18, 2026, titled "LONGBIO-B (01779.HK): An innovative biotech with dual allergy and complement platforms, with a superior anti-IgE novel drug moving towards commercialisation", GUOSHENG FINANCE gave the company a "Buy" rating, noting that the company, leveraging its high-affinity antibody discovery platform and bifunctional antibody development platform, has built a differentiated pipeline covering monoclonal antibodies, bispecific antibodies and fusion proteins, with its core management team led by Dr. Sun Naichao, the principal inventor of omalizumab; LP-003 has demonstrated superiority over omalizumab in head-to-head clinical trials, and its biologics licence application for the seasonal allergic rhinitis indication has been accepted by the NMPA, positioning it to potentially become the world's second and China's first anti-IgE antibody drug to be approved for marketing.

According to China Business Journal, the 2026 Paris International Motor Show will run from 12 October to 18 October. Information released on the official website of the Paris Motor Show shows that the exhibition will host its first public on-road experience activity for intelligent assisted driving. Only two companies are participating in this event: China’s XPeng and the United States’Tesla. No local European carmakers are on the participant list for this special programme.

People’s Daily Online cited data from the China Association of Automobile Manufacturers: China exported 1.01 million complete vehicles in August this year, a year-on-year rise of 65.3%. New energy vehicle exports stood at 526,000 units, surging 134.6% year on year. Data from the Ministry of Industry and Information Technology indicates that since 2026, the market penetration rate of new passenger vehicles equipped with integrated advanced driver assistance systems has reached 70%, while models fitted with Navigation on Autopilot (NOA) have a penetration rate above 30%. The expansion of industrial scale and improvement in technological capabilities lay a solid foundation for greater say in setting industry standards.

XPENG-W (09868.HK) Focuses on the full-stack in-house R&D and large-scale deployment of end-to-end autonomous driving foundational models for mass-produced vehicles. Its proprietary XNGP (Advanced Driver Assistance System) has completely decoupled from high-definition maps, demonstrating exceptional generalization capabilities in complex urban NOA (Navigation Guided Pilot) scenarios. The activation rate of advanced ADAS and the mileage penetration rate among users of newly delivered models remain at the industry forefront, providing a highly deterministic benchmark for vehicle-side AI application delivery.

On the news front, on 8 October 2026, CREALITY's flagship new product, the K3 multi-colour 3D printer, opened for pre-sale on JD.com at a launch price of RMB 4,599. The model adopts an independent four-channel, four-nozzle architecture and the self-developed KliTek multi-nozzle changing technology, with nozzle switching completed in as little as about five seconds, saving about 80% of printing time and reducing consumable waste by about 85% compared with conventional single-nozzle multi-colour 3D printers, and supports CMYK full-colour mixing and mixed printing of soft and hard TPU. The multi-colour printer SPARKX i8 launched by the company in September has gone live on the overseas crowdfunding platform Indiegogo, with crowdfunding proceeds exceeding USD 3.7 million as of 7 October 2026.

In addition, on 11 October 2026, peer manufacturer Flashforge launched the CJ270 full-colour 3D printer at a price of RMB 34,999. The model uses multi-jet printing technology, with seven printheads jetting six build materials — cyan, magenta, yellow, black, white and transparent — plus one water-soluble support material, cured layer by layer with UV, supporting more than 10 million colour combinations with a nominal layer thickness of 7 micrometres.

CREALITY (03388.HK) listed on the Main Board of the Hong Kong Stock Exchange on 29 May 2026 at an offer price of HKD 18.80, with 73,427,550 shares issued.

Regarding its shareholding structure, the lock-up period of all 15 cornerstone investors of the company is six months, with the nearest release date falling on 29 November 2026, when a total of 36,639,000 shares held by 15 cornerstone investors including Taikang Life, CITIC Industrial International and CPE Greater China Enterprises Growth Fund will be released from lock-up, representing 49.90% of the shares under the global offering and approximately 7.85% of the company's total issued share capital immediately following completion of the global offering. In addition, the 12-month lock-up undertakings of the company's controlling shareholders (the single largest shareholder group) and its other existing shareholders are expected to be released from lock-up in late May 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 26 August 2026. For the first half of 2026, revenue was RMB 1.626 billion, up 12.9% year on year; gross profit was RMB 500 million, up 0.9% year on year; gross margin was 30.8%, down 3.6 percentage points from a year earlier; net loss for the period was RMB 59.1 million, compared with a net profit of RMB 107.5 million a year earlier; and basic and diluted loss per share was RMB 0.15. Among these, revenue from 3D printers was about RMB 842 million, up 0.1% year on year, consumables revenue was about RMB 277 million, up 48.3% year on year, and revenue from 3D scanners and laser engravers was about RMB 326 million, up 16.7% year on year. As of 30 June 2026, the company had cash and cash equivalents of about RMB 1.452 billion and total assets of RMB 3.901 billion against total liabilities of RMB 1.556 billion. The company declared no interim dividend.

CREALITY (03388.HK) focuses on consumer-grade 3D printing products and services, with products and services mainly comprising 3D printers and consumables, 3D scanners, laser engravers and related accessories, as well as 3D printing content and related services offered through its Creality Cloud platform; it also launched Nexbie, an overseas e-commerce platform focused on 3D creative products, in August 2025. Its business covers 140 countries and regions worldwide. By 2024 shipment volume, it ranked first in the global consumer-grade 3D printer market with a 27.9% share; by GMV, its consumer-grade 3D scanners held a 45.3% global share in 2025, ranking first worldwide.

HTSC believes that rising shipments of consumer-grade 3D printing equipment are expected to drive continued growth in demand for consumables; under the FDM route, PLA and PETG are expected to benefit first, penetration of flexible materials and engineering plastics is expected to rise gradually as printing scenarios expand, while the photopolymerisation route is expected to bring incremental demand for acrylate-based formulation raw materials on the back of demand growth in certain professional scenarios.

On the news front, on 9 October 2026, GLOBALFOUNDRIES launched FDX Fusion, a next-generation fully depleted silicon-on-insulator (FD-SOI) technology platform for physical AI, with production planned in Dresden, Germany in 2028; the expansion project involves a total investment of EUR 1.1 billion and is expected to lift annual capacity to more than 1 million wafers after completion by the end of 2028, which would make it Europe's largest wafer foundry base.

In addition, on 12 October 2026, market research firm TrendForce estimated that the scope of mature-node price increases may widen further in 2027, with UMC, Vanguard International and Powerchip expected to move from volume growth to simultaneous growth in volume and price; Omdia data showed that global semiconductor revenue rose 31.4% quarter on quarter in the second quarter of 2026, a record quarterly high.

WESTERN SECURITIES believes that the power semiconductor industry is shifting from capacity expansion and price declines towards supply-demand improvement, price recovery and structural upgrading, and that, as 8-inch mature-node capacity growth slows and inventories are digested, alongside improving demand from AI servers, new energy vehicles, energy storage and industrial electrification, domestic and overseas power semiconductor makers have successively raised prices, with the industry's price cycle reaching an inflection point.

BERNSTEIN believes that, driven by AI computing demand, capacity in the semiconductor manufacturing segment remains tight and customers have accepted 2027 price increases, with advanced-node increases in the high single digits to low teens and mature-node increases in the mid single digits, and expects the effect to show in financial statements from the first half of 2027.

HUA HONG GRACE (01347.HK) specializes in specialty process wafer foundry, offering customized manufacturing of power discretes, embedded non-volatile memory, analog and power management ICs. Its 8-inch and 12-inch production lines serve automotive, industrial control and data center power management applications. The company holds multiple automotive-grade quality certifications and provides mass production foundry services to various domestic and international automotive clients. Its overall capacity utilization has remained high over an extended period.

On the news front, on 9 October 2026, the relevant national authorities issued the "Opinions on Developing New Quality Productive Forces". The document sets out 19 key measures across five areas — scientific and technological innovation, industrial innovation, development model innovation, institutional and mechanism innovation, and talent work mechanism innovation — and calls for fully implementing the "AI+" initiative, accelerating the application of new-generation smart terminal scenarios such as intelligent connected new energy vehicles, AI phones and computers and humanoid robots, and lists embodied intelligence among the future industries to be laid out in advance.

In addition, on 12 October 2026, the "Shanghai Action for Accelerating the Development of New-Generation Smart Manufacturing" was officially launched at the opening ceremony of the 26th China International Industry Fair. Shanghai will implement four major projects and 19 key tasks, targeting 500 advanced-level smart factories and more than 2,000 AI application scenarios in manufacturing by 2028, and will lift industrial robot density to 600 units per 10,000 workers and put 8,000 humanoid robots to work in factories.

SINOLINK SECURITIES believes that, with embodied intelligence written into the top-level document on new quality productive forces, policy support at the national level is expected to be further strengthened, and that, as overseas giants accelerate their entry, industry iteration remains in an accelerating phase and sentiment in the robot sector is picking up.

ZHESHANG SECURITIES believes that commercialisation is accelerating and that humanoid robots have entered a phase of mass-production validation; on the overseas side, Tesla has released signals of orders and capacity expansion, making the fourth quarter a key validation period for the capacity ramp-up of its humanoid robots, while domestically the consumer-grade robots PrimeBot Q1 and PrimeBot T1 have officially started sales, with the Chinese robot supply chain expected to resonate with overseas supply chains.

EXCELLAND ROBOT (03231.HK) focuses on the development, manufacturing and commercial deployment of commercial service robots, with products covering indoor delivery, high-capacity indoor transfer, delivery within enclosed parks, indoor and outdoor cleaning and unattended retail. The company also provides industry-applied AI vision model solutions and serves customers including hotels, office buildings, shopping malls, hospitals and industrial parks under Robot-as-a-Service (RaaS) and leasing arrangements. Based on 2025 revenue, the company is China's third largest supplier of commercial service robot products with a market share of 8.9%, and had cumulatively delivered more than 114,600 robots to over 5,100 customers worldwide as of 31 March 2026.

I. Weekly Changes: BAIGE DIGITAL Up 27.36%, CHINA SANDI Down 45.83%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

Among the recent listings with the largest weekly gains, BAIGE DIGITAL rose 27.36% for the week, DIRECT DRIVE TECH rose 27.35%, YUNJI rose 19.42%, GLORY FLAME rose 18.00%, and BONJOUR HOLD (Old) rose 15.65%. On the decline side, CHINA SANDI fell 45.83% for the week, SINO ENGY CONS fell 39.41%, BRETON fell 34.90%, TH MEDICAL-B fell 34.55%, and CENTURY GP INTL (Old) fell 25.70%.

II. Review of Lock-up Expiries This Week: None

No recent listing completed a lock-up expiry this week (October 5 – October 11).

III. Next Week’s Lock-up Expiry Preview:

Three recent listings will see their lock-up restrictions lifted next week, with a total of 99.0526 million shares unlocked. SIGENERGY will see 6.7604 million shares released from lock-up on October 16, 2026; MANYCORE TECH will see 59.647 million shares released from lock-up on October 17, 2026; and GPIXEL will see 32.6452 million shares released from lock-up on October 17, 2026.

IV. Liquidity Observations:

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

The liquidity rankings shifted this week. Z.AI had an average daily turnover of HK$208,939.70 ten thousand, or approximately HK$2.089 billion, with an average daily turnover rate of 1.2036%; MINIMAX-W had an average daily turnover of HK$134,565.55 ten thousand, or approximately HK$1.346 billion, with an average daily turnover rate of 2.2536%; CATL had an average daily turnover of HK$107,874.12 ten thousand, or approximately HK$1.079 billion, with an average daily turnover rate of 1.0159%; ZHONGJI INNOLIGHT had an average daily turnover of HK$94,508.79 ten thousand, or approximately HK$945 million, with an average daily turnover rate of 1.4813%; and INSILICO had an average daily turnover of HK$69,439.52 ten thousand, or approximately HK$694 million, with an average daily turnover rate of 2.3219%, the highest among the top five. Among the bottom-ranked stocks, GF HEALTHCARE (Old) had an average daily turnover of HK$106.0, CAPITAL IND FIN (Old) HK$873.4, BIOSTAR PHARM-B HK$1,384.0, AUGROUP HK$1,404.0, and JINYAN KAOLIN HK$1,429.5.

V. Deviation from IPO Price: DEEPZERO Up 1,071.17% Ranks First, REFIRE Down 96.89%

Source: Choice / NewTimeSpace Research Institute, as of the close on October 9, 2026

Compared with the issue price, DEEPZERO closed at HK$650.00, deviating 1,071.17% from its issue price of HK$55.50, ranking first; QIYUNSHAN FOOD deviated 1,060.00%, NEW GONOW RV 883.46%, Z.AI 452.07%, and BAIGE DIGITAL 375.96%. On the issue-price-break side, REFIRE closed at HK$4.565, deviating -96.89% from its issue price of HK$147.00, making it the recent listing with the largest decline below its issue price; GUOFUHEE deviated -94.89%, ZG GROUP-W -93.35%, HESAI-W -92.62%, and CIDI -92.44%.

Matters to Watch Next Week

1. Lock-up expiry: next week, SIGENERGY will see 6.7604 million shares released from lock-up on October 16, 2026, MANYCORE TECH 59.647 million shares on October 17, 2026, and GPIXEL 32.6452 million shares on October 17, 2026, a total of 99.0526 million shares.

2. Liquidity: Z.AI had an average daily turnover of HK$208,939.70 ten thousand, or approximately HK$2.089 billion, with an average daily turnover rate of 1.2036%, ranking Liquidity TOP1; MINIMAX-W had an average daily turnover of HK$134,565.55 ten thousand, or approximately HK$1.346 billion, with an average daily turnover rate of 2.2536%.

3. Weekly change and deviation: BAIGE DIGITAL topped the list with a weekly gain of 27.36%, while CHINA SANDI ranked last with a weekly decline of 45.83%; DEEPZERO topped the list with a deviation of 1,071.17% from its issue price, while REFIRE topped the list with a decline of 96.89% below its issue price.

Note: This report defines newly listed stocks as HK-listed targets listed for less than 24 months. Note that YUNJI (02670.HK) had a capital reorganisation involving parallel old and new share codes during the period; its weekly change is presented on the adjusted basis of the data source.

Summary:

Hong Kong recent listings diverged this week, with BAIGE DIGITAL up 27.36%; CHINA SANDI down 45.83%; Z.AI led turnover at HK$2.089 billion; REFIRE slid 96.89%.