CHINA HUMANOID ROBOT: WAIC 2026 TAKEOUTS: Embodied AI Takes Center Stage; key takeaways validate our selective investment approach

研报英文原文证据摘录

CHINA HUMANOID ROBOT: WAIC 2026 TAKEOUTS: Embodied AI Takes Center Stage; key takeaways validate our selective investment approach

Goldman Sachs China Humanoid Robot: WAIC 2026 takeaways

4. Ecosystem Dynamics (Interconnected Networks): The industry ecosystem is

rapidly diversifying into an interconnected network of full-stack startups, traditional

robotics vendors, cloud large-model giants, and industrial co-builders, moving away

from isolated, vertically integrated silos.

5. Hardware & Supply Chain (Form Factors & Dexterity): Wheel-based form factors

continue to dominate lower-body mobility for near-term commercial deployments.

Meanwhile, the upstream supply chain is seeing an absolute explosion in dexterous

hand vendors and mechanical design variations, signaling rapid innovation but also

looming competition risk.

Be selective in supply chain stocks

Inovance (300124.SZ) —Buy

Inovance is China’s largest domestic supplier of industrial automation solutions,

leveraging its dominant market share in servo systems and variable-frequency drives to

establish a full-stack footprint in humanoid robotics. We see optionality for the company

to participate in the embodied AI transitions from pilot demonstrations to commercial

factory floor deployments.

Sanhua Intelligent (H-Share) (2050.HK) —Buy

Sanhua is a global leader in thermal management, leveraging its automotive and HVAC

mass-production synergies to scale up humanoid robot actuator production. We prefer

the H-share class due to its attractive valuation discount relative to A-shares, offering a

superior risk-reward profile as commercial actuator shipments begin to scale.

Sanhua Intelligent (A-Share) (002050.SZ) —Neutral

While fundamentally stable, the A-share valuation currently reflects a higher premium