Humanoid robot sector sees wave of limit-up stocks; Unitree Technology at one point rose over 10% to reclaim the 700 yuan mark

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On October 28, the embodied intelligence sector regained its strength. Haunen Automotive Electronics, Amperon, Danghong Technology, Henggong Precision, and Weichuang Electric all hit the 20cm limit-up, while more than ten stocks including Zhenbang Smart, Fulai New Materials, and Wuzhou Xinchun also surged to limit-up, and many stocks such as Shangwei New Materials, Qiaofeng Intelligent, and Hengfeng Tools rose more than 10%. Unitree Technology rose rapidly, at one point up more than 10%, reaching a high of 709 yuan per share.

Policy tailwinds and industry catalysts resonate

Recently, the humanoid robot track has become the market's "brightest star," with sub-sectors such as brains and data performing especially eye-catchingly.

On the policy side, the Shanghai Municipal Commission of Economy and Informatization yesterday issued the "Shanghai Action Plan for Accelerating the Development of a New Generation of Intelligent Manufacturing," proposing the development and promotion of physical AI equipment, the development of robots, industrial machine tools, testing equipment and other intelligent manufacturing equipment with autonomous perception and decision-making capabilities, and using the demand for smart factory construction to drive equipment upgrading and large-scale application.

Almost simultaneously, the Ministry of Commerce and eight other departments recently issued the "Opinions on Accelerating the Promotion of Science and Technology in Commerce," proposing to promote the implementation of embodied intelligence technology in the commerce and trade field; the first batch of six national standards for humanoid robots has also been approved and released, and will take effect on April 1 next year.

The industry side is likewise dense with catalysts. On October 22, Wang Xingxing, founder of Unitree Technology, stated clearly at the 2026 World Physical AI Conference and Unitree Partner Ecosystem Conference: "We have already seen signs that physical AI is being broken through, and it is very likely to happen in the next one to two years, or two to three years."

Overseas, Tesla disclosed a systematic Optimus mass-production timetable for the first time on its Q3 2026 earnings call: early production has already started at its Fremont, California factory, with planned annual capacity of 1 million units, and it is expected to take at least about another year to ramp up to 20,000 units per week.

At the same time, the GTC Berlin conference made Physical AI a core topic. Nvidia not only upgraded the Isaac platform but also launched the Cosmos world model, providing robot companies with a complete toolchain of "simulation training-data-deployment."

Giants such as OpenAI, Meta, Google, and ByteDance have also begun recruiting simulation and data engineers, indirectly confirming the track's high prosperity.

Data from the Ministry of Industry and Information Technology show that in the first half of 2026, China's humanoid robot complete-machine products exceeded 400 models, with output exceeding 40,000 units, and are expected to exceed 100,000 units for the full year; the real-scenario practical training special action has promoted accelerated verification and deployment of related products in more than 300 key scenarios such as warehousing and logistics, catering and retail, and home services.

Institutions: Pricing shifts from thematic elasticity to mass-production realization

JPMorgan released a research report on October 25, directly raising its rating on Unitree Technology by two notches from "Underweight" to "Overweight," and sharply raising its December 2027 target price from 300 yuan to 995 yuan.

The bank said it had previously remained cautious about the commercialization progress of Chinese robot manufacturers, but Wang Xingxing moved the physical AI breakthrough window forward from "may take up to 10 years" to "1 to 2 years or 2 to 3 years," implying that the industry's sales S-curve may shift forward; accordingly, it sharply raised its 2028 humanoid robot sales forecast for Unitree from 41,600 units to 111,600 units, and raised its global share forecast from 8% to 21%.

The bank also noted that Unitree subsequently needs to prove "repeat orders, dexterous operation reliability, safety performance, and ecosystem monetization capability."

Huatai Securities pointed out that the humanoid robot industry is advancing from prototype verification to the production-line commissioning stage, and the industry's pricing basis is shifting from financing capability and thematic elasticity to mass production, delivery, and revenue realization. Subsequent actual shipments, order pace, and revenue recognition will become important indicators for judging whether the industry is truly scaling up.

In the view of Zhongtai Securities, in the short term, humanoid robots should be judged by delivery, with attention to the delivery progress of core components, leading supply shares, complete-machine yield, and profit contribution to the industrial chain; in the medium and long term, the focus should be on intelligent breakthroughs, and whether the real-machine data flywheel can continue to iterate and whether application scenarios can continue to expand are key.

Guolian Minsheng Securities recommended focusing on three main lines: complete-machine enterprises with real orders, core component suppliers that have entered the mass-production chain, and platform-type enterprises that have formed a "model-data-reasoning" closed loop.

It should be noted that Unitree Technology has recently issued risk warnings twice in announcements, saying that the humanoid robot industry is still in the early commercialization stage, and there is uncertainty in technology maturity, cultivation of downstream market demand, and industrial chain supporting capabilities. At the same time, physical AI technology still faces multiple challenges in moving from laboratory demonstrations to large-scale implementation in real scenarios, and the maturity of relevant technical paths and business models still needs time to be verified.

In addition, after the market closes today, the company will disclose its first quarterly report since listing, and its performance realization deserves close attention.

(Source: East Money Research Center) Main body middle Embedded advertisement