Zhitong Hong Kong Stock Exchange Unravels | High positions are disrupted by negative positions, and adjustment humanoid robots are popular

[Anatomy Dashboard]

When the general index reaches a high level, it is easily disturbed by bearish factors. Today, after reaching 19301 points, the Hang Seng Index began to decline. The closing price fell 0.22%. The overall decline was quite moderate.

Agile (03383) announced that due to liquidity pressure faced by the company, the company had not paid interest relating to the 2020 note on the announcement date. The grace period for interest payment on the note expires on May 13, 2024, and it is expected that it will be unable to meet all payment obligations under foreign debts.

There is also a lot of flexibility in the rise of such types of real estate, but after all, there are still problems with fundamentals, so once the payment point is reached, the days are sad. Therefore, when it comes to investing in real estate stocks, you must enter and exit quickly; don't fall in love with war; only those with good performance are worth taking. Weakening real estate stocks had a big impact, including insurance.

On the 13th local time in the US, Yellen once again hyped up the so-called “China overcapacity theory,” saying that the US has no intention of “decoupling” economically from China, and that the reconfigured tariffs on China will be “more strategic.” Subsequent tariff increases are inevitable. There are rumors that tariffs on Chinese electric vehicles will be raised from 27.5% to 102.5%, and other industries will double or triple.

In fact, the sales volume of Chinese tram cars in the US is very limited. The focus of going overseas has shifted to Europe, the Middle East, and Southeast Asia. For example, Great Wall Motors (02333) and Zero Sports (09863) have risen well today, all with an increase of 7 points. Zero Run International will first start selling in Europe in September 2024. It plans to expand Zero Run International's sales outlets in Europe to 200 by the end of this year. The rise in Xiaomi (01810) today is due to Xiaomi Auto's demand from upstream suppliers to increase the supply of parts. In addition, related reports indicate that the company plans to start producing and selling an SUV similar to the Tesla Model Y as soon as 2025.

As to whether increasing tariffs will cause so-called “trade frictions,” I don't really feel like it, because the US approach is a “targeted” local goal, and they also have to weigh the pros and cons. Today, the volume of trade between China and the US is huge, and no one dares to do it easily. Moreover, the Biden election is in a crisis phase, and if the economy deteriorates again, it will be difficult to bear the consequences.

At 10 a.m. local time on May 13, OpenAI released an iterative version of GPT-4, GPT-4o, at the spring press conference. According to reports, GPT-4o is twice as fast as the previous generation, and is more user-friendly: voice calling, real-time conversation, no registration required, and free to use. OpenAI said GPT-4O and its text and image capabilities will begin to be rolled out to APIs and users from now on, and voice and video capabilities will soon be launched.

The media reported an example of OpenAI GPT-4O tutoring math problems: a student shared the iPad screen with GPT-4O, and the AI talked and interacted with him in real time. GPT-4O was very patient, gave timely encouragement and guidance, and guided the students step by step. This function is really powerful, and it can be used as a tutor. There are changes in education and training stocks today. AI may bring about changes in the industry. Looking at fundamentals, there are also quite a few research reports that the fundamentals of the industry are improving, such as China Science Training (01890) and China Education Holdings (00839).

Apple's next-generation iPhone operating system plans to release new features based on LLM (Large Language Model). Apple is looking for third party partners in this regard. Negotiators include Google and OpenAI. At the moment, Apple and OpenAI seem to be more compatible. Wedbush analyst Danives anticipates that Apple will officially announce the partnership with OpenAI at the WWDC conference on June 10 and launch an AI chatbot based on Apple's LLM. Apple is anxious now. Under pressure from its strong rival Huawei, demand is constantly breaking through. Future AI phones, if combined with OpenAI, will indeed be their killer. Therefore, fruit chains are worth paying attention to, such as Shunyu Optics (02382) at the bottom.

Nvidia's new earnings report is about to be released. HSBC analyst Frank Lee raised Nvidia's target price from $1,050 to $1,350, which is 49.3% higher than the overnight closing price of $904. Nvidia will continue to demonstrate strong pricing capabilities through its NVL36/NVL72 server systems and GB200 processor platforms. With the development of AI until now, the demand for hardware is still very strong, because this is a high-ground contest, and no one can stop it. There are rumors that they want to buy domestic chips; in fact, the key problem is that high-end people don't sell them at all. In particular, after the introduction of GPT-4o, the gap will definitely widen, and the support of computing power and cloud services will be needed even more. Everyone can explore the relevant individual stocks on their own.

Overnight, US meme stocks started shorting the market one after another. Game Station (GME), which was the core target of the rollout war three years ago, once surged close to 120% in the Monday session. At least six times during the day, it triggered a meltdown due to excessive fluctuations, and eventually closed up 74%. S3 Partners data shows that GME bears have lost a total of 1 billion US dollars due to Monday's intraday surge.

The net profit of Tencent (00700) in the first quarter rose 62% year-on-year to 41,889 billion yuan, better than expected. The highlight is that total game turnover in the international market increased by 34% year-on-year during the period; total game turnover in the local market increased by 3%. Tencent's stock price has risen by about 44% from a phased low in January. The company plans to double its share repurchases in 2024 to more than HK$100 billion (about US$12.8 billion). According to some analytical data, Tencent has bought back about one-quarter of its shares. This practice was learned from Apple, and the big repurchase was a sign of confidence.

Other individual game stocks have been stimulated. Institutions expect NetEase (09999) revenue to increase 4% year-on-year in the first quarter. It is expected that the launch of the new Bilibili (09626) game in the first quarter will boost game business performance. The advertising business is expected to maintain good growth, benefiting from the release of advertising inventory and efficiency improvements. Today, it is up more than 4 points. NetDragon (00777) has both game education attributes and is up 5.56% today.

US President Joe Biden signed a bill on the 13th prohibiting the US from importing unirradiated low-enriched uranium produced in Russia. According to market estimates, the import ban signed by Biden may further stimulate the prices of related products to continue to rise. Up to now, international uranium prices have reached a new high in 16 years. According to the latest data from the Global Economic Index Network, international uranium prices rose above 92 US dollars/pound on May 14. Compared with the beginning of 2023, the cumulative increase reached 88.7%. CGN Mining (01164) rose nearly 5 points.

ESR (01821) resumed trading surged 26%, and was privatized by groups such as Starwood Capital. Its logistics properties drove a number of related stocks, such as the May Gold Stock Exchange (02057), which jumped more than 4 points. Kerry Logistics (00636) and JD Logistics (02618) all rose at the same time.

On May 14, Foreign Ministry Spokesman Wang Wenbin presided over a regular press conference. Wang Wenbin explained that at the invitation of President Xi Jinping, Russian President Vladimir Putin will pay his first state visit to China from May 16 to 17 after starting a new term. In conjunction with the 8th China-Russia Expo, it will be held in Harbin from May 16 to 21, 2024. The types of relevant benefits of trade between China and Russia are worth exploring.

[Section Focus]

On May 13, YuShu Technology announced a new humanoid robot called Unitree G1 on WeChat. This robot has an extremely large joint motion angle and up to 34 joints. It also combines force position mixing control technology to simulate precise operation by human hands. In terms of pricing, the market price of the Unitree G1 basic model is around 99,000 yuan. Humanoid robots are expected to become disruptive products after computers, smart phones, and new energy vehicles, and will profoundly transform human production and lifestyle.

According to Musk, the future humanoid robot will probably cost 20,000 US dollars. Well, Yushu Technology's price of 99,000 yuan is undoubtedly very attractive. However, this humanoid robot is still at a very elementary level, and it is still far from what a real household should be, but no one has already pioneered humanoid robots, and the related stock participation category is directly topped by A-shares. Examples include Shengtong Co., Ltd. (002599.SZ) and Jingxing Paper (002067.SZ).

The most authentic humanoid robots in the Hong Kong stock market are mainly Preferential Choice (09880). Other robots include minimally invasive robots (02252) and innovative robots (02121).

[Individual Stock Mining]

Shunyu Optical Technology (02382): The automotive business is growing steadily, and core products have been mass-produced

The company shipped about 102 million pieces of mobile lenses in April, down 9.8% from the previous month and up 6.4% from the previous year; the number of mobile phone camera modules shipped was 45.683 million pieces, up 9% from the previous month, down 1.1% year on year. The launch of Apple's Vision Pro is expected to drive innovation and development in the XR industry. In '23, Sunyu Optics' XR business revenue was 1.87 billion yuan, YOY -9.3%.

Comment: Shunyu Optical Technology's automotive optics/XR opens up a new round of growth space for the industry. The company further deepened strategic cooperation with VR customers around the world and successfully achieved mass production of key projects. In addition, the company has also become the preferred supplier of next-generation perception and interaction modules for a world-renowned VR customer. The continued growth of the company's automotive lenses reflects the determination of the trend of automotive intelligence, and the automotive business is gradually becoming an important source of contribution to the company's performance.

In terms of in-vehicle modules, the company's 8-megapixel in-vehicle modules have received targeted projects from the world's largest automotive OEMs, further consolidating the number one global market share position for 8-megapixel automotive modules. Revenue from the automotive module business is expected to increase by 20%-30% year-on-year in 2024.

In the emerging field of automotive optics, the company added 3 new lidar mass production projects in 2023, mass production of PGU modules using the digital light processing (DLP) technology route, and obtained a number of fixed-point projects for high-pixel headlight products. Among them, the core products of mega-pixel headlights have already been mass-produced. The company will obtain orders for the Huawei P70 series, and module orders are expected to improve further. In other incremental areas, automotive business lenses and modules all maintain high gross profit margins. Although the VR industry is bad, the revenue growth rate is expected to exceed 20% year-on-year, and the machine vision direction is also an important revenue growth point.

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