China's industrial artificial-intelligence developers will benefit from first-mover advantage in the sector, HSBC analysts write in a note. HSBC sees fast adoption of AI in industrial automation, given decent value add and quality data available, they write. The development of large AI models could eventually translate into demand for more robots that improve work efficiencies in areas like assembly and anomaly detection, they say. AI should also accelerate dexterous-hand training, benefiting supplier Shenzhen Zhaowei Machinery, they add. HSBC initiates coverage on Zhaowei's Hong Kong-listed shares at buy with a target price of 105 Hong Kong dollars. It has a hold rating on its A shares and trims its target price to 90 yuan from 114 yuan. Zhaowei's H shares closed at HK$56.85 while its A shares closed at 95.38 yuan. (kimberley.kao@wsj.com)