中国人形机器人：美国FCC拟禁外国制造人形与四足机器人

US FCC to Ban Foreign-Made Humanoid and Quadruped Robots in theUS CITI'S TAKE On 28 July, the US Federal Communications Commission (FCC) addedadvanced robotic devices, including humanoids and quadrupeds, toits Covered List, meaning that foreign-made advanced robotic devices willbe banned from being imported into the US due to national securityconcerns (link). Given China’s well-established robotic industry, and US-China trade and political disputes, we view the development asparticularly relevant for Chinese companies. Chinese robotic makers withhigh exposure to US customers are likely to bear the brunt. However, webelieve this could potentially benefit Chinese component makers that arealready in the supply chain of US humanoid robot companies, such asHengli Hydraulic (601100.SS) and Leader Drive (688017.SS), since this bansuggests that US robotic companies should gain more market share in theUS market. In this note, we list key Chinese component makers thatsupply to leading humanoid robot companies. Jamie WangAC+852-2501-2772jamie.ck.wang@citi.com Eric Lau+852-2501-2726eric.h.lau@citi.com Our view on geopolitical risks –We believe Chinese humanoid robot makers wouldbe impacted more by the geopolitical risk (e.g., restrictions or sanctions) than robotcomponent markets, as humanoid robots are often equipped with sensors thatcollect and maintain sensitive data on their surroundings. Chinese humanoid robotcomponent makers, on the other hand, should face lower or limited geopolitical riskas many of them, especially those in the Tesla Optimus supply chain, have movedtheir humanoid robot production lines to ASEAN countries (Thailand, in particular),Mexico, or even to the US to avoid directly exporting products from China to the US.For example, Hengli Hydraulic (601100.SS) is gradually moving its planetary rollerscrew production lines to Mexico; Leader Drive (688017.SS) has established ahumanoid actuator JV with Minth (425.HK) in the US; and Rongtai (603119.SS) andVeichi (688698.SS) have formed a humanoid robot micro ball screw and motor JV inThailand for their key US customer. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, andprincipal trading revenues. One factor in equity research analyst compensation is arranging corporate access events betweeninstitutional clients and the management teams of covered companies. Typically, company management is more likely toparticipate when the analyst has a positive view of the company.For financial instruments recommended in the Product in which the Firm is not a market maker, the Firm is a liquidity provider in such financial instruments (and any underlying instruments) and may act as principal in connection with transactions insuch instruments. The Firm is a regular issuer of traded financial instruments linked to securities that may have beenrecommended in the Product. The Firm regularly trades in the securities of the issuer(s) discussed in the Product. The Firm mayengage in securities transactions in a manner inconsistent with the Product and, with respect to securities covered by theProd