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1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Qianhai Securities Limited View HSBC Qianhai Securities at:https:/ Equity Research Report 25-27 March 2

2、025Find out moreHSBC Global Investment Summit The market seems to have priced in the rapid replacement of human labour by humanoid robots in the industrial space but this could be difficult given the hardware and software challenges,we believe Maintain Hold ratings on Sanhua,Hengli Hydraulic and Ino

3、vance During our China Automation&Robotic tour from 20-21 March 2025,we visited seven companies in the Pearl River Delta,covering the humanoid robot supply chain.While we stay positive on the long-term development of the humanoid robot market,we see challenges for humanoid robots in replacing human

4、labour in the industrial space in the near term due to the following reasons:1.The humanoid robot technology is still evolving:As major robot integrators are still iterating on their designs,we see uncertainties concerning the technology paths of the components.For example,there are at least four wa

5、ys(tendon-rope,screw,gear-driven,and linkage-driven)to drive the mechanical motion of the fingers,and each has its own supporters.This makes it unclear as to who will emerge as the market leaders in the component space.2.Chip technology needs to further advance to run AI models on humanoid robots:Be

6、sides Nvidias Thor,other chip technologies are unable to support AI large models on humanoid robots.Thors production has been postponed from mid-2024 to mid-2025(source:Tech in Asia,17 Dec 2024).3.Limited scope of applications:Although humanoid robots are set to replace human workers in factories,th