**Market Analysis** Yesterday's post-market AI positive news significantly boosted Hong Kong stock sentiment in early trading, but the situation reversed sharply in the afternoon, closing down 1.27%. Trump's move to dismiss Federal Reserve Governor Lisa Cook has caused considerable turmoil, with Cook refusing to compromise and indicating she will appeal. This event demonstrates that the US government can gradually "purge" hawkish voices from the FOMC and lean toward approving candidates more aligned with its policy objectives, fundamentally altering FOMC voting patterns and paving the way for long-term accommodative policies. The aftereffects are expected to gradually manifest, driving 30-year US Treasury yields to 4.9%; UK bonds of similar maturity approached 27-year highs; Japanese bond yields also neared record levels. Gold continues to be favored, with China Gold International (02099) and China Minmetals (01258) both rising over 2%.

New problems are emerging as the US suspends duty-free treatment for imported packages valued at $800 or less starting August 29, requiring small packages to pay all applicable taxes and fees. According to statistics from the Universal Postal Union on August 26, due to uncertainties related to transportation services under the new US regulations, 25 member countries have announced suspension of package deliveries to the US. This event has massive implications - US customs data shows approximately 1.36 billion packages entered under the "de minimis" policy in 2024, valued at $64.6 billion. This policy saved American consumers approximately $11-13 billion annually. Suspension will severely disrupt people's lives, preventing large volumes of goods from reaching the US, while transportation costs for remaining shipments will inevitably be passed to consumers, continuously increasing US inflation pressure. Additionally, this tariff abuse severely damages US credibility and creates massive supply chain disruptions globally. These negative impacts will eventually backfire on US stock markets, with overseas markets inevitably affected.

This US approach will ultimately result in an increasingly closed domestic economy while other countries become more determined to pursue independent domestic demand development. China previously announced additional tariffs on various US agricultural products, reducing agricultural imports and potentially boosting domestic agricultural demand. October Rice Field (09676) rose nearly 10% today, while rare earth permanent magnet companies like JL Mag (06680) remain worth watching for potential retaliatory measures.

Domestically, Cambricon Technologies Corporation Limited (688256.SH) continued strengthening today, surging nearly 10% intraday with share prices reaching 1,464 yuan, temporarily surpassing Kweichow Moutai Co.,Ltd. as the new "stock king." Some believe this triggers a curse: stocks exceeding Kweichow Moutai prices face short-term "death or injury," which seemed somewhat true today as afternoon weakness negatively impacted markets. However, technology stocks ultimately surpassing "sauce-flavored technology" represents an irreversible major trend - a liquor stock cannot perpetually maintain the market's highest price.

Additionally, yesterday evening's news about Sinolink Securities adjusting financing margin ratios drew market attention. According to the announcement, adjustments only apply to financing contracts for securities (excluding Beijing Stock Exchange) opened on or after that day, raising financing margin ratios from 80% to 100%, while existing contracts opened before August 27, 2025, maintain original margin ratios under a "new-old separation" policy. Market concerns about deleveraging appear overblown - this represents individual brokerage behavior without widespread adjustments. Although A-share financing balances have exceeded 2 trillion yuan for 12 consecutive trading days since August 11, both financing balance-to-A-share market cap and financing transaction-to-A-share turnover ratios remain at historical median levels, far below 2015 peaks. Therefore, comprehensive cooling cannot be claimed - this appears aimed at controlling pace for a slow bull market. Securities companies like Shenwan Hongyuan (06806) fell over 5% today.

Today's major market highlight was the State Council's "Opinion on Deeply Implementing 'AI+' Actions" mentioned in yesterday's sector focus. AI sectors generally performed well, particularly SenseTime (00020) surging nearly 9%, Fourth Paradigm (06682) rising nearly 6%, Fudan University (01385) and Mafic Technology (02556) gaining over 3%, while SMIC (00981) showed considerable intraday gains before being dragged down by overall market weakness.

Consumer electronics showed considerable activity as Apple released iPhone17/Pro series event invitations early August 27. This year's event begins at 1:00 AM Beijing time on September 10 with the theme "Wonderlust." iPhone 17 series may feature significant design changes including horizontal camera modules similar to Google Pixel phones on the back. Upgrades are expected in SoC chip AI capabilities, heat dissipation, FPC flexible circuits, batteries, and back covers with increased value content. Beyond iPhones, Apple Watch and AirPods will also receive updates. iPhone 17 series has entered large-scale production, with recent media reports indicating Foxconn, Apple's main contract manufacturer, is conducting peak season recruitment at its Zhengzhou facilities.

Apple's latest fiscal Q3 2025 results showed total revenue of $94.036 billion, up 10% year-over-year, representing the strongest quarterly growth since December 2021 and exceeding market expectations of $89.53 billion. Net profit reached $23.43 billion, up 9% year-over-year, with earnings per share of $1.57 surpassing expected $1.43.

Notably, Huawei officially announced today it will hold a Mate XTs Extraordinary Master and All-Scenario New Product Launch on September 4, releasing a new tri-fold screen phone. Huawei's earlier timing than Apple aims to capture market share first. Core supplier Lens Technology (06613) delivered strong interim results, rising nearly 8% today, while Goertek Electronics (01415) gained nearly 2%.

Other catalysts include reports of expanded government subsidies covering 3C digital products under 6,000 yuan with 15% subsidies; Luxshare Precision is reportedly pursuing Hong Kong listing with IPO fundraising expected to exceed $1 billion for global strategic expansion. TCL Electronics (01070) reported first-half revenue of HK$54.777 billion, up 20.4% year-over-year, with attributable net profit of HK$1.09 billion, up 67.8%, rising nearly 7% today.

**Sector Focus** Automotive manufacturers are entering the robotics race, with Huawei's Smart Car Solution BU CEO emphasizing connections between autonomous driving and robotics innovations. XPENG-W provided a production timeline for humanoid robots during its earnings call earlier this month - XPENG humanoid robots are expected to enter mass production in H2 2026, with next-generation robots debuting at the 1024 XPENG Tech Day.

According to incomplete statistics, over 20 domestic and international automakers have disclosed robotics ventures, including Xiaomi, SAIC, GAC, Seres, BYD, Toyota, and Tesla. Unitree's new R1 humanoid robot is priced at just $5,900, standing 4 feet tall with optional dexterous hands, 24-40 degrees of freedom, and upgradeable NVIDIA Jetson Orin GPU for various autonomous models - currently the lowest-priced known humanoid robot product.

Key companies include UBTECH ROBOTICS (09880) and HORIZONROBOT-W (09660); cross-sector players worth noting include XPENG-W (09868), JOHNSON ELEC H (00179), MINTH GROUP (00425), and LK TECH (00558).

**Individual Stock Analysis** HORIZONROBOT-W (09660): Partnering to Drive Robotics Intelligence with Strong H1 Revenue Growth

Recently, Horizon signed cooperation agreements in Beijing with Orbbec and its subsidiary DiGua Robotics to jointly promote technological innovation and applications in the robotics industry. In H1 2025, the company recorded revenue of 1.567 billion yuan, up 67.6% year-over-year, with gross margin of 65.4%.

Commentary: This partnership represents strong collaboration - Orbbec provides robotic "eyes" (3D visual perception) while Horizon (DiGua Robotics) provides robotic "brains" and "neural networks" (computing chips, underlying software, and decision control). Horizon Robotics achieved strong H1 revenue growth, establishing itself as a pioneer in mid-to-high-level assisted driving algorithms, driving industry transformation through software-defined vehicles.

During the reporting period, the company licensed algorithms and software to over 30 automakers and ecosystem partners, providing design and technical services to help clients shorten product development cycles and reduce upfront costs. Licensing and services revenue reached 738 million yuan, up 6.9% year-over-year, maintaining steady growth.

Recently, Horizon launched the latest version of its HSD (Horizon SuperDrive™) system - a major assisted driving upgrade. The new HSD adopts true end-to-end architecture with strong defensive driving capabilities, performing very similarly to professional drivers and advancing assisted driving into a new era of humanized experiences.

Horizon HSD is entering mass production countdown, set to debut this year on Chery Sterra Era E05 for mass delivery. Additionally, Horizon has reached cooperation intentions with nearly 10 global automotive brands, bringing safe, professional, and comfortable HSD full-scenario assisted driving experiences to more users.

Notably, Horizon received the world's first and only ISO 8800 Road Vehicle AI Functional Safety Certification, serving as a "safety trust passport" to global markets. Data shows Horizon has over 5 million household validations, over 10 billion kilometers of safe travel verification, and over 1.5 million kilometers of field testing data across 50+ countries overseas.

Product-wise, Journey 6B processing hardware has successfully lit up. Journey 6B features highly integrated design, doubling front-view integrated ADAS system performance while significantly reducing system costs, power consumption, and size. Currently, Journey 6 series processing hardware forms complete product portfolios covering high, medium, and low processing capabilities, simultaneously serving mainstream and premium markets, establishing solid foundations for future revenue growth.