The 2025 Analyst Conference and the 7th Sina Finance "Golden Kylin" Best Analyst Awards Ceremony concluded successfully in Shanghai on November 28. The event gathered over 300 authoritative scholars, heads of public and private funds, chairmen of listed companies, top fund managers, and chief analysts to discuss future opportunities in China's capital markets.
During the prestigious "Golden Kylin" awards, EB SECURITIES' Huang Shuaibin and his team were honored as "Elite Analysts" in the robotics and high-end manufacturing sector. In an exclusive interview, Chief Analyst Huang Shuaibin shared insights on the commercialization of humanoid robots, opportunities for Chinese manufacturing, and key investment trends for 2026.
**Commercialization Progress: 99 Points Achieved, 1 Point to Evolve** When asked about the commercialization of humanoid robots, Huang Shuaibin offered a striking analogy: "On a scale of 100, I’d say we’re at 99 points." He clarified that this "99 points" reflects the high maturity of hardware technology but cautioned against expecting perfection in first-generation products. Current humanoid robots are akin to "toddlers learning to walk," capable only of limited tasks like sweeping, carrying, or sorting packages—appearing somewhat "clumsy" at this stage.
"The missing point lies in their evolving 'brain,'" Huang noted. The real breakthrough will come as robots enter practical applications, forming data feedback loops. Continuous real-world experience will accelerate AI development, making them increasingly intelligent.
**Market Potential: From Sci-Fi Bodyguards to a Trillion-Dollar Commodity** Huang painted a vast market potential, citing Elon Musk’s vision of personal robot bodyguards handling security and daily services. At an estimated $20,000 per unit and 100 million units globally, this could create a $2 trillion market—surpassing most traditional consumer sectors.
Comparing progress to autonomous driving levels (L1-L5), Huang stated current humanoid robots are at L1-L2 (assisted intelligence), while "bodyguard"-level functionality requires L4-L5 (high autonomy). "AI development is nonlinear—it could leap overnight or take years," he said, predicting this goal could be achievable within five years.
**Chinese Manufacturing: Strengthening Supply Chain Advantages** China’s role in the global robotics supply chain is transforming. "Our supply chain advantages are further reinforced in the robotics era," Huang explained, attributing this to dual drivers:
1. **Overall manufacturing upgrades**: Domestic firms have significantly advanced in key areas like new motors, high-end reducers, and precision sensors. 2. **Automotive spillover**: Companies like Tesla are replicating automotive supply chain synergies in robotics, cultivating core Chinese suppliers.
A notable example is the previously niche "ball screw" industry, which saw annual sales of just 10,000–20,000 units for military use. Now, driven by robotics demand and capital, this sector is booming—a microcosm of China’s rising supply chain prowess.
**Automakers’ Entry: Natural Advantages in Supply Chain and Data** Huang viewed automakers’ robotics ventures as "natural," citing two core logics: 1. **Supply chain overlap**: Critical components like bearings, motors, and reducers align with automakers’ existing expertise, granting cost and technical edges. 2. **Data闭环优势**: Tesla’s robots, for instance, may debut in its factories, refining algorithms via real manufacturing data—a unique path from internal use to market rollout.
**2026 Outlook: Dual Catalysts of Products and Capital** Huang highlighted two pivotal 2026 catalysts for investors: 1. **Tesla’s V3 Robot Launch**: A five-year effort, its release will set a global benchmark for technical and product standards. 2. **Chinese Robotics IPOs**: Leaders like Unitree Robotics and Agile Robots plan listings, potentially followed by Xiaomi and XPeng’s robotics arms, injecting capital into the sector.
Beyond robotics, Huang projected sustained growth in data centers, AI computing, and related high-end manufacturing sectors like PCB equipment and semiconductor tools, fueled by China’s "tech-driven nation" strategy.
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