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3、ecision.Refer to important disclosures on page 10 to 13.Analyst Certification on page 6.Price Objective Basis/Risk on page 6.12876327 Greater China Industrials(H/A)Humanoid Robot tour takeaways:market outlook,components and embodied AI Industry Overview HR/AD:rapidly expanding market in the coming d

4、ecade We hosted an“investour”on China humanoid robot and autonomous driving sector over 11-12 September and met with companies,including robotics start-ups(UBTECH,Dobot,Leju),robot component suppliers(Orbbec,Zhaowei,RoboSense,Googol Technology),robot manufacturing equipment suppliers(LK Tech)and aut

5、onomous driving solution provider(Minieye).Currently,the majority of humanoid robots in the market is used for education and R&D purposes,and robotics companies expect wider adoption in factory settings in the coming 2-3 years,with further opportunities in commercial and household applications in th

6、e long term.The BOM cost of a fully-functional humanoid robot stands at around US$50-60k currently,with rapid cost reduction likely in the next 5 years,supported by improved product design and scale effect.Moving on to AD,companies note that increasingly stringent AD regulation will provide more opp