China Industrials: The Humanoid Signal - Going Global, Capturing Early Ground

研报英文原文证据摘录

China Industrials: The Humanoid Signal - Going Global, Capturing Early Ground

Idea

May 14, 2026 11:49 AM GMT

Morgan Stanley Asia Limited+MChina Industrials | Asia Pacific Sheng Zhong

Equity Analyst

The Humanoid Signal - Going Sheng.Zhong@morganstanley.comCarlos Chai +852 2239-7821

Research Associate

Carlos.Chai@morganstanley.com +852 3963-3180

Global, Capturing Early Ground Chelsea Wang

Jinlin.Wang@morganstanley.com +852 2239-1118

Chinese humanoid integrators are expanding globally despite the

China Industrials

industry being at an early stage, aiming to develop the Asia Pacific

ecosystem and data flywheel for long-term growth. We believe Industry View In-Line

robotics and humanoids will strengthen China's export For previous report:

dominance/manufacturing leadership. Prefer LeaderDrive, Hengli. • 2026 Outlook – Humanoids: Commercialization

• The Humanoid Signal – Broad Verification

In our 2026 outlook, we listed 10 key highlights to watch. In this series, we will • The Humanoid Signal - How Will the Robot

provide further color on each. "Brain" Evolve?

Establishing an early ecosystem: Humanoid integrators are striving to extend • The Humanoid Signal - Robot Fingers Crossed

deployment of their fleet, and accelerate the data flywheel, critical for model • Asia Economics: Humanoids and Robots – The

iteration. Establishing partnerships and the ecosystem is the key pathway, both Next Chapter in China’s Dominance in Global

domestically and globally, especially in the current early stages. Not only listcos Manufacturing

(such as UBTECH and Dobot), but most startups (such as Unitree and Galbot) are

also building overseas sales and partnerships (see Exhibit 1 ). At CES 2026 (held in

Las Vegas), Chinese companies represented the majority of the humanoid-robot