CHINA/HK FIRST TO MARKET

研报英文原文证据摘录

CHINA/HK FIRST TO MARKET

Asia Pacific Equity Research

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China/HK First to Market 02 July 2026

Top Stories

UBTECH Robotics - H (9880.HK, OW – HK$102.80), Hong Kong (Karen Li, CFA)

UBTech Global Launch Event 2026; Raise PT

UBTech’s 30 June global launch event in Shenzhen marked a pivotal inflection point for the company and

the broader humanoid robotics sector. We attended the forum and followed up with management today,

prompting us to adjust our model—though we have not yet fully reflected the lift in shipment guidance.

Management’s core message was that 2026 will be the year when humanoid robots and embodied

intelligence move from early-stage capability building to scalable, real-world commercialization. The launch

of UBTech’s ultra-bionic humanoid product immediately boosted the 2026 shipment forecast to c.20k units,

up from previous guidance of 7–8k units, though supply-side progress represents the key variable. Despite

persistent skepticism and ~20% YTD share price underperformance (vs. Hang Seng Index -10%), stepwise

delivery and robust order flow may help improve sentiment and performance. We raise our price target to

reflect improved visibility, but await further delivery KPIs before fully embedding the new shipment ambition.

Midea Group - A (000333.SZ, OW – Rmb75.53), China (DS Kim)

Kuka may be the headline, but the B2B re-rating is the trade

What happened? Bloomberg reported that Midea is weighing a potential China listing of Kuka as soon as