GEMS FIRST TO MARKET

研报英文原文证据摘录

GEMS FIRST TO MARKET

Global Equity Research AC Global Equity Research

23 June 2026 J P M O R G A N

gr_publications@jpmorgan.com

Chipmos is also likely to enter this domain soon. We remain Neutral, with a revised Jun 27 PT of NT$225 (25x 12 month

forward EPS), up from our prior Dec 25 PT of NT$55 (based on 0.9x P/B). We move from a P/B-based PT to P/E, due to a

stable earnings trajectory.

Asia Insurance (MW Kim/Karen Li, CFA)

Summer Series: China’s humanoid robots open a new frontier for P&C growth

We launch our summer thematic insurance series on humanoid robot insurance, an emerging P&C vertical at the intersection

of policy support (link), advanced manufacturing, and new liability risks. China shipped nearly 14,400 humanoid robots in 2025,

with sales of Rmb1.55B (link), yet insurance coverage is underdeveloped relative to the pace of commercial deployment.

Dedicated policies from PICC P&C, CPIC Property, Ping An P&C, and China Taiping now cover physical damage, third-party

liability, product defects, maintenance and replacement costs, but pricing is difficult given limited claims history, fast technology

iteration, and unclear liability allocation across manufacturers, operators, and users. In our base-case scenario, China’s

humanoid robot insurance TAM rises from Rmb0.01B in 2025 to Rmb1.17B by 2030. While the near-term earnings contribution

is modest, this area is a strategically important long-duration growth niche for leading P&C insurers. We like China Taiping.

China SMid Insurance (Dan Wang)

China Taiping: Niche robot insurance as a SMid-cap catalyst

Humanoid robots and insurers. Rapid commercial deployment of humanoid robots is creating demand for dedicated insurance

products, as conventional P&C policies do not fully cover their unique risk profiles.