Zhitong Hong Kong Stock Exchange Unravels | Economic development still depends on high-tech, Musk Grok3 is unshakable DS

[Anatomy Dashboard]

Hong Kong stocks hit another high today, reaching a high of 23,141 points, 100 points short of the high of 23,241 on October 7 last year. The closing price rose 1.59%, but the volume shrank to 338.6 billion yuan. If you can't keep up with breaking through the high points, be careful of adjustments.

Since the US stock market was closed for one day on the “anniversary of Washington's birth,” Hong Kong stocks continued to follow their own pace. This wave of the Hang Seng Index is highly independent. Foreign investors are generally bullish. Coupled with domestic technology catching up, bears have basically no reason to go short.

US stocks are now in turmoil because the dividends of the Trump 2.0 era are running out, and there are also quite a few internal problems. On February 17, local time, Elon Musk, head of the US “Department of Government Efficiency,” posted on social media hinting that he might review the largest treasury in the US, Fort Knox, Kentucky. According to market price estimates, the value of gold stored in Fort Knox exceeds 425 billion US dollars. There have been many rumors in the US that Fort Knox gold has been stolen.

UBS (UBS) once again raised its target price for gold to $3,200. Goldman Sachs also raised its forecast price for gold at the end of 2025 from $2,890 to $3,100 an ounce on Monday, citing continued strong demand for gold from central banks around the world. Are there any subtle connections between these? Today, China Gold International (02099) rose more than 4%.

If US stocks are to strengthen, we can only hope for the end of the Russian-Ukrainian conflict. On February 18, local time, Russian and American delegations met in Riyadh, Saudi Arabia. The reason for choosing Saudi Arabia is because the relationship between Saudi Arabia and Russia is also very good. Another point is that the US is also expected to have a conversation with Saudi Arabia this time, because America's ultimate goal is energy, and Saudi Arabia must cooperate. It is estimated that the negotiations will take a long time. Currently, the US and Russia need to have good talks first, and then with Europe. China is also happy to see war move towards peace, which is good for the world economy.

Yesterday (17th), the Beijing Private Enterprise Symposium emphasized that the Party and state's basic guidelines and policies for the development of the private economy have been incorporated into the socialist system with Chinese characteristics and will be consistently upheld and implemented, and cannot be changed or changed. The prospects for private economic development in the new era and the new journey are broad and promising. The time is right for the vast majority of private enterprises and private entrepreneurs to make a big difference. Zheng Bei, Deputy Director of the National Development and Reform Commission: Adopt precise policies and real help on difficult issues raised by private enterprises, and put into practice various policies and measures. This has greatly boosted the confidence of private enterprises. The private enterprises participating in the discussion this time are different from before. They mainly focus on the high-tech industry, including Huawei and Xiaomi in the electronics industry, Vail shares in the semiconductor industry, Yushu Technology in the robotics industry, and BYD, a new energy company. Of course, they also have new hopes for traditional agriculture.

The biggest highlight is that Yushu Technology is in an important position. Coupled with the YuShu robot's performance at the Spring Festival Gala, the CCTV endorsement highlights the importance the country attaches to this industry. The background represents recognition of advanced manufacturing and driving a large number of industrial chains. The popularity of the low-altitude economy last year actually meant this, but the volume and consumption level of low altitude are relatively lacking, and now the potential of robots, whether on the B-side or C-side, is quite huge, and application prospects can be radiated to all aspects of production and life. It is no exaggeration to say that the future world measures whether its countries are advanced, and it is estimated that it will be measured by the amount of robots used.

On February 18, 2025, Yushu Technology announced that its G1 humanoid robot has been upgraded to smoothly complete complex dance movements such as clapping, twisting, and crossing steps, and can independently learn new dance moves according to the rhythm of the music, showing a “silky” performance effect, laying the foundation for commercialization in educational and entertainment scenarios. It is rumored that META will also cooperate with Yuuki to develop software and sensor technology.

The most authentic humanoid robot company in the Hong Kong stock market is Preferential Choice (09880), and the company was selected as one of the top 100 humanoid robots in the world. There was a decline in the early stages due to the impact of the lifting of the ban, but recently, funds are being actively compensated. Currently, the company is verifying the effectiveness of DeepSeek technology in humanoid robot application scenarios, such as multi-modal human-computer interaction, command understanding in complex environments, and task decomposition and planning in industrial scenarios. If a technological breakthrough occurs, it is expected to expand on the B-side. Today's increase is nearly 10%.

Also, let's take a look at Xiaomi (01810), which participated in the conference. In 2025, Xiaomi will launch two new cars, the Xiaomi SU7 Ultra and the SUV model Xiaomi Yu7. As Xiaomi's high-end product of the year, the Xiaomi Mi 15 Ultra and the Xiaomi SU7 Ultra will be released at the same time at the end of February. Earlier, Xiaomi said that Xiaomi's SUV model, the Xiaomi YU7, is expected to be officially launched in June and July of this year.

According to market sources, the Xiaomi YU7 may be launched early. At the beginning of 2025, Xiaomi said that the target delivery target for the full year of 2025 is 300,000 vehicles, and production capacity will continue to be expanded in the new year. Currently, orders for Xiaomi cars are quite strong. It is estimated that the increase in automobile valuations will continue to rise, and today it will rise by more than 7%.

Today's market focus is Musk's latest launch of Grok3, which claims to be the “smartest AI in history.” The presentation at the press conference showed that in terms of performance in various aspects such as mathematical reasoning and scientific logic reasoning, the Grok3 and Grok-3 mini surpassed or were comparable to rivals such as Gemini, DeepSeek, and ChatGPT. In addition, XAI also launched a more powerful Grok3 Thinking reasoning model.

Of course, the presentation was carefully prepared. It presented the best side, and only after a period of actual use would a comprehensive and objective evaluation be made. You need to know that behind this big model, it relies on a large amount of computing power. xAI doubled the data center capacity in just three months and used 200,000 Nvidia H100 GPUs to create the best AI.

The development of big models is changing rapidly, and until the end, no one knows which one is the best in the end. Competition is very tough, and if it fails, it means that the investment will go to waste. What lies behind it is strong financial resources. If you don't have enough strength, you'll feel pressured. For example, Dark Side of the Moon decided to drastically reduce the product launch budget, including suspending multiple Android channel launches and cooperation with third-party advertising platforms. Looking at it so far, DeepSeek's position is still stable because it is the most economical, saves money, and works quite well. Even though Musk spent so much computing power, it only slightly surpassed DeepSeek, and did not show a disruptive transcendence.

Therefore, the market continues to hype the AI concept. Keling AI, a subsidiary of Kuaishou (01024), previously launched a “multi-image reference” model to the world. This innovative feature further consolidated Kuaishou's leading position in AI video generation. According to reports, the newly launched “multi-image reference” model can understand and integrate different subjects in multiple images and creatively generate integrated videos based on user text descriptions, further overcoming the problem of consistency in AI video generation. Today, Kuaishou (01024) surged 9.61%, and Meitu (01357) once again surged more than 10%.

Game direction, Dream World (01119) recently announced the completion of DeepSeek deployment. Through “AI+ Gaming” and “AI+ Platform” two-wheel drive, it has formed a differentiated advantage in terms of the Fanbook platform ecosystem, “Kalapichu” AI NPC development, AI emotional companionship, and internal cost reduction and efficiency improvement, or will use the AI technology wave to achieve a new round of value growth. The bottom surged by more than 12%. “Heartbeat Town”, a subsidiary of Xindong (02400), has kept its version updated, and recently the ranking has picked up. Taptap's monthly activity has returned to growth, rising more than 10% today.

On February 18, Blizzard CEO Johanna Faries (Johanna Faries) visited China for the first time and met with NetEase after one year in office. On February 19, the third game “Overwatch” national uniform will officially return. NetEase (09999) rose nearly 3%.

According to the Hong Kong Stock Exchange, on January 15, Chairman and CEO Wang Xuning increased his holdings of JS Global Life (01691) by 266 million shares, worth about HK$404 million. On January 23, Wang Xuning increased her holdings of JS Global Life by 140 million shares, worth about HK$223 million. After two increases in holdings, the holding ratio has risen to 70.86%. It is worth mentioning that the company's partner Vesync previously announced that the company with the majority shareholder proposed privatization through an agreement arrangement. The cash price was HK$5.6 per share, which was a 33.3% premium over the closing price before the company suspended trading. It surged more than 12% today. Stay tuned for further news.

[Section Focus]

According to Baichuan Yingfu App, on February 18, the domestic refrigerant R142b reference price was 24,000 yuan/ton, an increase of 26.32% compared with the previous working day. Currently, the refrigerant R142b market is operating strongly. Domestic trade quotas have been clearly cut, supply tension has escalated, enterprises are hesitant to sell, and many bids are not reported. Prices are expected to remain strong and upward in the near future.

Dongyue Group (00189) is a leader in China's fluorosilicon industry. It has 4th domestic HFCs quota and 1st domestic R22 quota in 2025, and has an important position in the refrigerant industry. As the price of R142b rises, the company's sales revenue and profit are expected to increase, directly improving the company's profitability.

[Individual Stock Mining]

Preferred Choice (09880): Humanoid robots included in the MSCI Global Small Cap Index accelerate mass production

MSCI (MSCI) announced the results of the February index review. Among them, Preferred Choice (9880) was included in the MSCI Global Small Cap Index, and the adjustments will take effect after closing on February 28. The company was selected as one of the top 100 humanoid robots in the world, and the only Chinese humanoid robot company on the list. Recently, the humanoid robot performance program appeared on the CCTV Spring Festival Gala stage in the Year of the Snake and attracted widespread attention. Preferred Choice has appeared at the Spring Festival Gala four times.

Comment: The company has entered the MSCI Global Standard Index series, which means it will receive a large amount of passive money tracking. The company was selected as one of the top 100 humanoid robots in the world and is currently one of the listed companies “closest to the pure humanoid robot concept” in the world. According to the data, Preferential Choice has applied for 59 humanoid robot patents in the US in the past five years, ranking second in the world, after Boston Dynamics, far surpassing international giants such as Sony (48) and Google (39).

The company's humanoid robots are speeding up mass production. The company launched the first commercialized large-scale humanoid robot Walker, and is one of the few companies in the world that can mass-produce servo drives with different torques. In 2024, Baidu and YoubiChuan announced that they have reached a strategic cooperation. YoubiChuan's humanoid robot Walker S will connect to Baidu Wenxin's large model through the Baidu Smart Cloud Qianfan AppBuilder platform to develop task scheduling applications, making the robot's execution capabilities more detailed.

In terms of functional progress, Preferential Choice entered the NIO factory for the first time and has already begun to apply car signs, indicating that the robot's functional progress has exceeded expectations. Last year, Yubi officially released the new generation of industrial humanoid robot Walker S1, and has already entered actual training in automobile factories.

At present, Preferential Walker S1 has entered the BYD factory to carry out practical training for handling tasks, and has achieved the world's first collaborative operation with humanoid robots, unmanned logistics vehicles, unmanned forklifts, industrial mobile robots, and intelligent manufacturing management systems, helping to achieve unmanned and large-scale commercial implementation in indoor and outdoor logistics scenarios. Preferred Choice has reached cooperation with companies such as BYD, Dongfeng Liuqi, and Geely. In addition to this, Preferred Choice has also gone beyond the field of new energy vehicles and has entered the fields of logistics and 3C precision intelligent manufacturing.

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