To The Moon

CMB International Securities released a research report forecasting that China's humanoid robot sector will experience accelerated growth and a full-chain breakout by 2026, driven by improvements in AI model generalization capabilities, increased maturity of hardware technologies, declining costs, faster adoption in application scenarios, and a re-acceleration of orders in the fourth quarter. For robot manufacturers, the report recommends UBTECH ROBOTICS (09880), DOBOT (02432), and GEEKPLUS-W (02590); for cross-industry collaborative companies, it suggests Tesla (TSLA.US) and XPENG-W (09868). The report also advises monitoring ecosystem players such as Xiaomi Group-W (01810) and Midea Group (00300); within the supply chain, it favors companies where technology is a converging focus, highlighting MINTH GROUP (00425) among Hong Kong-listed names. For firms expanding from intelligent driving into robotics, the report identifies HESAI-W (02525) and HORIZONROBOT-W (09660) as promising. The bank stated that China's humanoid robot industry is advancing steadily with rapid iterations, poised for a breakout across the entire value chain, particularly with overseas leaders expected to begin large-scale mass production by year-end. Additional catalysts include the anticipated release of Tesla's V3, the potential listing of Unitree Robotics, and a significant number of new robotics company listings on the Hong Kong stock market this year.