J.P. Morgan China/HK FTM 26 Jun 26 Robotics – from factory floor to humanoid frontier; Techtronic Industries (0669); APAC Energy Transition; China Financials; Link REIT (0823); LB Group - A

Research evidence excerpt

J.P. Morgan China/HK FTM 26 Jun 26 Robotics – from factory floor to humanoid frontier; Techtronic Industries (0669); APAC Energy Transition; China Financials; Link REIT (0823); LB Group - A

Asia Pacific Equity Research

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 without the written consent of J.P. Morgan.

China/HK First to Market 26 June 2026

Top Stories

Robotics – from factory floor to humanoid frontier, China (Karen Li, CFA)

Physical AI momentum: Shipment upgrades, sector re-rating, and leadership consolidation; raising

PTs for Leader and Estun

The robotics and factory automation (FA) sectors are entering a multi-layered inflection point, with China’s

advances in humanoid and industrial robot technology reshaping global competitive dynamics and investor

expectations. YTD, shipment growth and commercialization have outpaced consensus, prompting us to

raise both shipment forecasts and price targets across our coverage. Estun Automation and Leader Drive

have delivered strong share price performance, but our conviction extends to Hengli Hydraulic and Sanhua

Intelligent, with UBTech also positioned as a high-potential laggard in the robotics space. In the broader FA

sector, we maintain Overweight ratings on Inovance and Yiheda, reflecting our confidence in their ability to

capture the upcycle. Structural tailwinds from policy support, supply chain integration, and capital allocation

reinforce our bullish stance, while sector leaders continue to widen the gap through operational momentum,

margin recovery, and expanding market share.