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3、cision.Refer to important disclosures on page 61 to 64.Analyst Certification on page 57.Price Objective Basis/Risk on page 55.12803278 Greater China Industrials(H/A)Who Makes the Humanoid Robot?Rating Change The era of humanoid robot is coming Global tech giants such as Tesla,NVIDIA,and Meta have al

4、l begun to develop humanoid robots(HR).In this weeks 2025 China NPC,the Chinese government also highlighted HRs as a national focus.With such heavyweight support,we believe HRs are poised to move from proofs of concept to multi-industry adoption by the end of the decade.1mn annual sales in 2030E;3bn

5、 robot population in 2060E We expect humanoid robot(HR)development to speed up with the help of 1)robust AI development worldwide;2)more advanced 3D perception and control technologies;and 3)computing power/robot component cost decline.Thanks to the aforementioned factors,we raise our 2030E global H

6、R unit sales to 1mn(was 400K units).We anticipate the initial application of HR will be industrial-related and partially to replace industrial(specialized)robots as HR works more efficiently,and can perform more precise actions.In the mid-term,more HR will be applied in services and household-relate