1、M IdeaHumanoids|Asia PacificHumanoid Horizons:Closer to the Real WorldMorgan Stanley Asia Limited+Sheng ZhongEquity Analyst Sheng.Z +852 2239-7821 Morgan Stanley&Co.LLCAdam Jonas,CFAEquity Analyst Adam.J +1 212 761-1726 Morgan Stanley Asia Limited+Carlos ChaiResearch Associate Carlos.C +852 3963-318

2、0 Morgan Stanley&Co.LLCWilliam Tackett,CFAResearch Associate William.T +1 212 761-6028 Morgan Stanley Asia Limited+Serena ChenResearch Associate Serena.C +852 2848-7107 Chelsea WangEquity Analyst Jinlin.W +852 2239-1118 Morgan Stanley&Co.LLCDaniela M HaigianEquity Analyst Daniela.H +1 212 761-6071 C

3、hina IndustrialsAsia PacificIndustry ViewIn-Line Elon Musk provided updates on the design and production plan of Optimus V3,driving industry sentiment globally.China begins to see an increasing number of order announcements,indicating progress toward commercialization.We provide some updated thought

4、s as developments in humanoids&embodied AI continue to evolve rapidly.Our lead story in this issue Tesla:Elon Musk recently provided new details on Optimus V3 during the annual All-In Summit.The Optimus v3 robot is being designed with human-level manual dexterity,advanced AI capable of understanding

5、 the physical reality,and will require a completely new supply chain for its actuators and components,making it one of Teslas most challenging projects.A central focus is solving the“hands problem,”as human hands are incredibly complex and versatile,requiring Tesla to engineer motors,gearboxes,and e

6、lectronics entirely from scratch.(Note that Tesla teased a new Optimus hand with a human-like tendon design at the October Robotaxi day.Based on Musks comments,we expect the next-gen hand to be step function improvement over this design likely with continued use of the tendon approach.)Once scaled t