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]

格隆汇2月3日丨近日，浙江大学杭州国际科创中心人形机器人创新研究院正式发布全尺寸人形机器人 Bolt。该机器人以10米/秒的奔跑时速，成为目前全球跑得最快的人形机器人。该成果由科创中心联合镜 识科技、凯尔达共同研发完成。 ...

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]

January 28, 2026 05:10 PM GMT China Industrials | Asia Pacific Humanoid Supply Chain Trip Takeaways: The Emerging Gap We see a widening gap between leaders and laggards, for both integrators and suppliers, and expect the gap to be amplified upon entering mass production. We prefer leading component suppliers – Leaderdrive and Hengli. Key Takeaways During our China Humanoid Supply Chain Trip on January 26-28, we met with both integrators (Fourier, Kepler, MagicBot), and component suppliers (Leaderdrive, Heng ...

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 ...

Read-Across from Veichi Electric CITI'S TAKE We talked to mgmt. of Veichi Electric (688698.SS, not rated) today (20 January) to get a sense of key humanoid robots' development status. Veichi is a supplier of inverters, servo motors, and PLCs (Programmable Logic Controllers). Recently, it not only supplies rotary joint modules, coreless motors, frameless motors, as well as dexterous hands to Chinese humanoid robot makers but also penetrates the leading US humanoid robot maker by offering micro motors used on ...

Core Insights - Tesla is advancing towards deploying its humanoid robot, Optimus, in its factories, with the Austin Gigafactory set as the next training site, aiming for a February start date [1] - The company has been training Optimus prototypes in its Fremont factory for over a year, using data collected from factory workers to teach the robot to perform tasks [2][3] - CEO Elon Musk anticipates that by the end of this year, Optimus will be capable of more complex tasks, with plans to sell humanoid robots to the public by the end of next year [4] Group 1: Training and Development - Tesla has been collecting video data to train Optimus, moving away from teleoperation methods, which allows for rapid data collection without motion capture constraints [6] - Optimus trainers are equipped with specialized helmets and backpacks to facilitate data collection, although the practicality of these setups is still being evaluated [7] - The company has deployed two autonomous Optimus robots in its factories, showcasing its capabilities in tasks such as arranging batteries [5] Group 2: Production and Future Plans - Tesla is also updating several production lines at its factories, indicating ongoing construction and development efforts [8] - The company has faced challenges with the Cybertruck line, leading to reduced production hours and a shift of workers to the Model Y line due to disappointing sales [9]

20 Jan 2026 10:23:14 ET │ 12 pages Flash | China Humanoid Robot Read-Across from Veichi Electric CITI'S TAKE We talked to mgmt. of Veichi Electric (688698.SS, not rated) today (20 January) to get a sense of key humanoid robots' development status. Veichi is a supplier of inverters, servo motors, and PLCs (Programmable Logic Controllers). Recently, it not only supplies rotary joint modules, coreless motors, frameless motors, as well as dexterous hands to Chinese humanoid robot makers but also penetrates the ...

Summary of Hengli Hydraulic (601100.SS) Conference Call Company Overview - **Company**: Hengli Hydraulic - **Industry**: Hydraulic components and machinery, including humanoid robots and aerospace systems Key Points Growth Drivers - **Revenue Growth**: Expected to accelerate to **20%-30% YoY** in 2026, up from mid-teens in 2025, driven by strong demand for excavator components and favorable product mix changes [1][1] - **New Business Contributions**: Anticipated revenue contributions from: - Aerospace - Brain-computer interface - Humanoid robots - **Revenue Contribution Order**: Aerospace > Brain-computer interface > Humanoid robot [1][1] Financial Guidance - **4Q25 Revenue Guidance**: Expected to exceed **Rmb3.0 billion**, with at least **30% YoY** growth. Management anticipates a **~Rmb200 million** FX loss due to Rmb appreciation, but expects bottom-line growth to outpace top-line growth due to GPM expansion [1][1] - **2026 Product Revenue Growth**: - Excavator components: **40% YoY** - Pumps and valves: **~20% YoY** - Non-excavator components: **20%-30% YoY**, with pumps and valves potentially exceeding **30%** and cylinders at **10%** [1][1] Humanoid Robot Business - **Mexico Plant**: Set to be ready by March or April 2026, with production starting in **3Q26**. Expected revenue from humanoid robots to exceed **Rmb100 million** in 2026 [2][2] Aerospace Business - **Current Operations**: Supplies hydraulic systems for launch pads and rockets, with an average selling price (ASP) of **~Rmb15 million**. GPM for this business is over **50%** [3][3] - **Revenue Growth**: Expected to increase from less than **Rmb50 million** in 2025 to more than **Rmb100 million** in 2026 [3][3] Brain-Computer Interface - **Revenue Forecast**: Expected to reach **Rmb100 million** in 2026, based on an ASP of **Rmb10,000** and **10,000 shipments** [6][6] Agricultural Machinery - **New Orders**: Secured orders from a global leader, increasing revenue by **Rmb500 million-600 million** in 2026. The total addressable market (TAM) for global mid-to-high-end agricultural machinery components is estimated to exceed **Rmb20 billion** [7][7] Ball Screw and Linear Guide - **Revenue Performance**: Combined revenue was **~Rmb100 million** in 2025, lower than expected. Management believes revenue could reach **Rmb300 million-500 million** in 2026, with recent monthly shipments at **Rmb15 million** [8][8] Risks - **Key Risks**: - Weaker demand for excavator and non-excavator components - Profitability issues at the ball screw and Mexico plants - Lower-than-expected GPM due to product mix changes [13][13] Valuation - **Target Price**: Set at **Rmb135.00**, based on a **52x 2026E P/E**, which aligns with its average P/E since 2021 plus **2.0x SD** [12][12] Market Overview - **Market Capitalization**: Approximately **Rmb162.4 billion** (US$23.33 billion) [4][4] - **Expected Total Return**: **12.1%**, including a **0.7% dividend yield** [4][4]