The report praises Shoucheng's transition from "traditional asset operator" to "smart infrastructure platform" and its dual-track approach of capital + scenarios in robotics. Previously, leading brokerages including CICC, CSC Financial, and GF Securities had also issued positive ratings, commending the company's systematic playbook in robotics, new energy, and medtech. Analysts agree: Shoucheng's integrated model—investment + operation + application—has built a robust, defensible platform that could define smart infrastructure in the Hong Kong market. V. Execution Defines Moat: A Capital Force That Transcends Cycles In a volatile macro and industry environment, Shoucheng shows strong stability from opportunity identification to value realization. Zhao Tianyang and his team are answering the call of our times: industrial capital isn't just about foresight—it's about delivery.