实时全球研报

2026 Shanghai WAIC takeaways: Three shifts for China robotics: bodies scale, brains lag, data bottlenecks bind

发布日期: 2026-07-23研究机构: Nomura报告页数: 9原文语言: English证据页码: 1

研报英文原文证据摘录

Global Markets Research

23 July 2026China Robotics

EQUITY: TECHNOLOGY

2026 Shanghai WAIC takeaways Research Analysts

China Technology

Three shifts for China robotics: bodies scale, brains lag, Frank Fan - NIHK

frank.fan@nomura.comdata bottlenecks bind

+852 2252 2195

From staged demos to deployed fleets: The World Artificial Intelligence Conference (WAIC)

Donnie Teng - NIHK2026 featured fewer acrobatic showcases and a much broader range of robots doing real work. donnie.teng@nomura.com

Nearly 60 humanoids delivered actual services across venues hosting 1,100+ exhibitors, and +852 2252 1439

almost every major vendor pitched deployment capability, data assets and "robot brains" ahead of

hardware parameters.

Mass production inflects, demand remains uncertain

WAIC 2026 confirmed, in our view, that embodied AI has crossed the mass-production inflection,

shifting the narratives from TAM (total addressable market) to shipments, ASPs and margins, and

actual deployment. For example, AgiBot (unlisted) reported 15,000 cumulative units produced; on-

site, nearly 60 humanoids performed real services among 1,100+ exhibitors, and management

framed reliable manufacturing, delivery and integration as the new yardstick. We see a replay of the

2019-20 EV (electric vehicle) playbook on the manufacturing side, with thematic investing entering

the order-verification stage. That said, current shipments of humanoids validate manufacturability,

not demand durability. Based on our industry survey, 2026E demand still skews toward

entertainment/ performance (~30%), consumer (~30%), government procurement (~20%) and

education (~15%), with industrial/commercial at only ~5%.

本摘录由系统从所标注的 PDF 证据页直接提取并保留英文原文，不做批量翻译；登录后在阅读器切换中文时才按需翻译。