February 13, 2026 02:20 AM GMT China Industrials | Asia Pacific Catalyst Driven Idea - Tesla Optimus Gen 3 Launch Tesla's Gen 3 Optimus is likely to be unveiled in 1Q26. We anticipate that enhancements in hand dexterity and body structure could benefit the China humanoid value chain. What and when is the catalyst? Tesla (covered by Andrew Percoco) has signaled an upcoming Gen 3 Optimus unveil by 1Q26. The China supply chain is highly sensitive to Optimus updates, as indicators of broader industry progress, ...

Group 1: Industry Trends - The high-tech manufacturing PMI is at 52.0%, indicating a sustained positive development trend in related industries such as electronics, software, and communication services [1] - Policies aimed at boosting domestic demand are being implemented, including a focus on promoting consumption of durable goods like automobiles and home appliances [1] - There is a shift from "involution" competition to value-oriented competition, creating investment opportunities in sectors like energy metals and specialty steel [1] Group 2: Investment Opportunities - The top five sectors with net inflows include shipbuilding, military industry, film and television, automotive parts, and semiconductors [1] - The leading concepts with net inflows are military groups, liquid-cooled servers, large fund concepts, drones, and Tencent-related stocks [1] - The top ten individual stocks with net inflows include Light Media, Bona Film Group, Invec, Daily Interaction, Hailanxin, China Shipbuilding, Huafeng Technology, Northern Huachuang, Zhongji Xuchuang, and Wangsu Technology [1] Group 3: AI and Technology Developments - The AI healthcare market in China is projected to reach 97.6 billion yuan by 2028, with significant applications in areas like consultation and medical report generation [3] - The global AI computing power center is experiencing explosive growth, leading to a scarcity of transformers, with delivery times in the U.S. extending from 50 weeks to 127 weeks [3] - Domestic large model manufacturers are leveraging major holiday events to enhance user engagement and accelerate commercialization in AI applications [5] Group 4: Market Overview - The overall market trend is weak, with limited new capital entering and a weak profit-making effect [7] - The Shanghai Composite Index saw a nearly 20% increase over the past year, but the market remains challenging for traders [11] - The valuation metrics indicate that the stock market is relatively low compared to historical averages, with the overall A-share index PE at 23.3 [11]

Humanoid robot startup Apptronik has now raised $935M at a $5B+ valuation https://t.co/gymdK4HLV6 ...

杭州曦诺未来科技有限公司成立于2024年12月，法定代表人为夏宇轩，经营范围包括智能机器人的研 发、智能机器人销售、工业机器人制造等。股东信息显示，该公司现由夏长亮、夏宇轩及上述新增股东 等共同持股。官网显示，该公司是一家人形机器人领域的核心零部件供应商。 天眼查App显示，近日，杭州曦诺未来科技有限公司发生工商变更，新增小米旗下瀚星创业投资有限公 司、宁德时代（300750）参投的福建时代泽远股权投资基金合伙企业（有限合伙）等为股东，同时，注 册资本由500万人民币增至约598.8万人民币。 ...

Group 1: Humanoid Robots in Industry - The concept of humanoid robots capable of walking, talking, and interacting with humans has been a long-standing fascination, with companies now integrating robotics and AI to make this a reality [1] - Morgan Stanley predicts that by 2050, 10% of U.S. households could own a humanoid robot, with an average price of $50,000, although initial adoption may occur in industrial settings rather than consumer markets [2] - Hyundai plans to deploy its Atlas robot in its Savannah, Georgia car factory by 2028, starting with simple tasks and expanding to more complex activities by 2030 [4] Group 2: Hyundai's Atlas Robot - The Atlas robot, developed by Hyundai's Boston Dynamics, won the best robot award at CES 2026, noted for its naturalistic walking and design [3] - Atlas is designed to be trainable for most tasks in under a day and can lift up to 110 pounds, featuring advanced joints and sensors suitable for industrial use [5] - Since the announcement of the Atlas robot, Hyundai's stock has increased by approximately 60% [5] Group 3: Toyota's Involvement in Humanoid Robotics - Toyota has partnered with Boston Dynamics to enhance the capabilities of Atlas robots, utilizing large behavior model AI to improve learning [6] - A demonstration video shows the Atlas robot performing various factory tasks, including crouching, bending, lifting, and handling items like boxes [7]

Core Insights - The Zhejiang University Hangzhou International Science and Technology Innovation Center has officially launched the full-sized humanoid robot named Bolt, which is currently the fastest humanoid robot in the world, capable of running at a speed of 10 meters per second [1] Group 1 - The development of Bolt was a collaborative effort between the Innovation Center, Jingzhi Technology, and Kaierda [1]

天眼查App显示，近日，北京人形机器人创新中心有限公司发生工商变更，新增北京百度网讯科技有限 公司、北京市人工智能产业投资基金（有限合伙）等为股东，同时，注册资本由4.6亿人民币增至约6 亿。北京人形机器人创新中心有限公司成立于2023年11月，法定代表人为熊友军，经营范围包括工业机 器人制造、智能机器人的研发、智能机器人销售、工业机器人销售等。股东信息显示，该公司现由北京 小米机器人技术有限公司、北京行者天工机器人有限公司及上述新增股东等共同持股。 ...

Group 1 - Midea Group is a leading technology-driven enterprise, having invested over 7 billion yuan to build the Shanghai Midea Global Innovation Park, which is set to be completed in July 2025, with nearly 2,000 people already settled in, covering cutting-edge fields such as artificial intelligence, humanoid robots, and smart healthcare [2] - Midea Group is the absolute leader in China's home appliance industry, having been listed in the Fortune Global 500 for ten consecutive years, and is the only home appliance company in China with revenue exceeding 400 billion yuan, demonstrating significant global commercial influence [3] - The park is located in the core area of the Xihongqiao Business District in Qingpu District, Shanghai, adjacent to the National Exhibition and Convention Center, and is Midea's second global innovation and R&D base in China after Shunde, Foshan, with a total construction area of approximately 400,000 square meters, accommodating 8,000 to 10,000 high-end R&D talents [5] Group 2 - The building is designed by the Beijing Institute of Architectural Design's Ma Long Studio, with the core concept of "a technology park above the forest," featuring two L-shaped towers that form a super-scale circular building with a side length of approximately 240 meters [6] - The project employs a pioneering "group tube - large-span cable-stayed" structural system, with a maximum span of 70 meters and a maximum cantilever of 45 meters, making it the largest in domestic civil architecture with 172 cable-stayed steel cables, the largest diameter reaching 214 millimeters, and a breaking force exceeding 4,000 tons [11] - The building facade utilizes a double-layer curtain wall system, with the outer layer of white perforated metal panels that can intelligently adjust according to the angle of sunlight, and the roof integrates approximately 20,000 square meters of photovoltaic panels, expected to meet 20% of the park's annual electricity consumption, achieving efficient use of green energy [13] Group 3 - As the core of the digital economy industrial belt in Qingpu District, the park collaborates with Huawei's Lianqiuhui and NetEase's eSports Industrial Park, becoming a highland for ecological and green integrated development in the Yangtze River Delta, aiding Midea's acceleration towards becoming a globally leading technology group [15]

Summary of the Conference Call on China Humanoid Supply Chain Industry Overview - The report focuses on the **China Humanoid Supply Chain** within the **Asia Pacific** industrial sector, highlighting the dynamics between integrators and component suppliers [1][3][8]. Key Insights - A **widening gap** is observed between **leaders** and **laggards** among both integrators and suppliers, which is expected to increase as the industry transitions to mass production [1][4]. - Leading component suppliers identified include **Leaderdrive** and **Hengli**, which are preferred for investment [1][5]. Integrators and Suppliers - Meetings were held with various integrators (Fourier, Kepler, MagicBot) and component suppliers (Leaderdrive, Hengli, Shuanglin, Zhenyu, Fulai, Wolong, Sling) during the supply chain trip [3]. - Integrators are expected to see **multifold growth** in 2026, with significant contributions from government-backed projects [11][15]. - Specific growth targets include: - A leading domestic integrator expects to grow from over **5,000 units** in 2025. - Fourier aims for **2,000 units** (up from **400-500** in 2025). - MagicBot targets **1,000 units**. - Kepler plans to increase from **70-80 units** to **300 units** [15]. Component Suppliers' Performance - **Leaderdrive** anticipates exponential growth in shipments of humanoid harmonic reducers, potentially contributing **50%** of its total revenue in 2026. Current production is **50,000 units/month**, with plans to increase to **80,000** by mid-year and **120,000** by year-end [5][26]. - **Hengli** is a major screw supplier for a North American integrator, with a capacity of **2,000-3,000 units** weekly to meet client demands [6][26]. Market Dynamics - The industry is moving towards **outsourcing components** to improve cost efficiency and quality, as seen with Fourier's shift from self-designing components to outsourcing [19]. - Component suppliers are expanding their product offerings to include modules and multiple components, aiming to reduce integration complexity [20]. Technological Developments - There is a shift towards using **domestic chips** in robotics, with companies like Fourier adopting both Nvidia and domestic chips [23]. - The need for **tactile sensors** is emphasized, although the technology remains fragmented [24]. Risks and Challenges - Potential risks include slower-than-expected humanoid robot penetration and market share gains, as well as geopolitical risks affecting North American integrators' preferences for non-China capacity [18][31]. - The industry is expected to face challenges in improving robot manipulation capabilities due to constraints in models, data, and computing power [11]. Conclusion - The report indicates a significant transformation in the humanoid robotics sector, with clear leaders emerging among suppliers and integrators. The focus on government-backed projects and the shift towards outsourcing components are pivotal trends to watch in the coming years [1][11][15].

26年有望成为无人驾驶商业化元年，当前特斯拉部署的FSD V14或已达准L4水平，政策宽松预期强化。 近期美国众议院举行听证会，讨论更为宽松的新汽车自动驾驶立法;国内上海发布《上海高级别自动驾 驶引领区"模速智行"行动计划》，目标到2027年高级别自动驾驶应用场景实现规模化落地。该行看好具 备软硬一体解决方案能力的主机厂及Tier1、出行平台及运营商、芯片、激光雷达及线控底盘等等自主 可控增量零部件，主机厂科技属性有望重估。 人形机器人：近期T链核心供应商关键沟通持续推进，未来1-2个月去伪存真强化，进入基本面兑现阶 段，板块缩圈特征显著，重点把握T链确定性及技术迭代受益环节。 后续板块跟踪潜在节点包括：1.28 特斯拉年报解读、2-3月V3样机正式发布及小批量量产、Q2供应链海外产能准备进展、下半年大规模量 产，以及宇树上市进展等。 智通财经APP获悉，中信建投发布研报称，当前汽车板块处于淡季弱势表现，但近期来看，市场对销量 悲观预期反馈逐步钝化，悲观预期见底，结构性看反内卷及出海预期改善，自动驾驶政策催化落地，人 形机器人特斯拉V3临近推出节点。该行维持前期观点，26年汽车以旧换新政策支撑内需，商用车或更 ...