1、Asia Pacific Equity Research20 February 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

2、 without the written consent of J.P.Morgan.Humanoid robotA deep dive into automations next frontierInfrastructure,Industrials&TransportKaren Li,CFA AC(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedBill C Lin(886-2)2725 J.P.Morgan Securities(Taiwan)LimitedReb

3、ecca Wen(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedYe Liu(86-21)6106-SAC Registration Number:S1730521090001J.P.Morgan Securities(China)Company LimitedSunny Su(852)2800 J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedShirley

4、 Feng(86-21)6106-SAC Registration Number:S1730524040001J.P.Morgan Securities(China)Company LimitedJenny Qiu,CFA(852)2800 J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedSee page 23 for analyst certification and important disclosures,including non-US analyst disclosures

5、.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their

6、investment The topic of robotics,particularly in the context of addressing labor challenges and opportunities,has garnered significant investor interest.Other than industrial robots,humanoid robot development has generated substantial traction among investors,prompting us to conduct a deeper dive in