人形机器人_从全球 TMT 要点、小鹏动作、优必选订单可见行业持续崛起-Humanoid Robot_ Sector‘s continued ascent evident in Global TMT takeaways, Xpeng‘s move, UBTech‘s order wins

Asia Pacific Equity Research 21 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Humanoid Robot Sector's continued ascent evident in Global TMT takeaways, Xpeng's move, UBTech's order wins In this note, we share takeaways from the Global TMT con ...