Emerging Trends in Humanoid Robots, Solid-State Batteries, and AI Technologies: Key Companies to Watch

Humanoid Robots, Solid-State Batteries, AI Computing Devices, and International Expansion: Key Beneficiaries

As of April 30, 2026, among the 5,512 listed companies in the A-share market, 5,503 have released their reports for the first quarter of 2026. According to data from Wind, the total operating revenue for all A-share listed companies in the first quarter reached 17.68 trillion yuan, while the net profit attributable to parent company shareholders amounted to 1.59 trillion yuan. Comparing year-over-year figures for the quarter, total operating revenue for the A-share market increased by 4.66%, and net profit attributable to parent company shareholders rose by 6.59%.

In terms of industry performance, the semiconductor, non-ferrous metals, and hardware equipment sectors saw the highest year-over-year increases in operating revenue at 30.89%, 30.73%, and 23.55% respectively. The software services, semiconductor, and non-ferrous metals sectors also led in net profit growth, with increases of 259.57%, 148.00%, and 85.79% respectively.

By April 30, out of the 5,503 A-share companies that reported their first-quarter results, 2,845 companies, accounting for 52%, experienced positive year-over-year growth in net profit attributable to parent company shareholders. Conversely, 2,658 companies, or 48%, reported a decline in net profit. Notably, 824 companies, comprising 15%, achieved a year-over-year net profit growth exceeding 100%.

Xingye Securities noted that in a context of increasingly complex geopolitical environments and a rapid transition between old and new economic drivers, China’s economy achieved a solid start in the first quarter, with core growth momentum continuing to strengthen. The quarterly financial reports of listed companies corroborate this trend, with overall performance exceeding expectations. The cumulative year-over-year revenue growth in the A-share market has been rising for three consecutive quarters, and the cumulative year-over-year net profit growth for non-financial companies has returned to double digits. Looking ahead to the second quarter and the latter half of the year, the trend of improving profitability among listed companies is expected to continue.

The PEG (Price/Earnings to Growth) ratio of the AI computing industry chain is significantly lower than the historical bull market’s growth line valuation peak. Currently, the median PEG of the AI computing industry chain stands at 0.962 to 3. Core assets have not yet entered a bubble territory; institutional funds are still in the accumulation phase, with the duration of collective investment remaining early in its cycle, and systematic switching risks do not pose a significant threat.

1. Weak Domestic Manufacturing Investment, Yet Mechanical Sector Performs Well

In 2025, domestic manufacturing investment showed weak recovery, with a cumulative year-over-year growth of only 0.6% in fixed asset investment. The manufacturing PMI was below the expansion threshold of 50 for most months, indicating significant pressure on the real economy. Among key industrial categories, the production of metal-cutting machine tools rose by 9.7% year-over-year, slightly down from 10.5% in 2024; production of industrial robots surged by 28%, a significant acceleration from 14.2% in 2024, although this growth is dependent on the short-term recovery in lithium and other sectors, raising concerns about sustainability.

Despite a weak fundamental backdrop, the mechanical sector has shown remarkable price performance. In 2025, the CITIC mechanical industry achieved an annual return of 40.70%, ranking fifth across all industries, following non-ferrous metals, telecommunications, electronics, and defense industries. There is notable differentiation within the sector: cyclical products like machine tools and forklifts exhibited weak performance, while the humanoid robot sector saw heightened interest due to expectations surrounding Tesla’s Optimus V3 mass production, prompting many small to mid-cap companies to enter the component supply field through in-house development or acquisitions. As U.S.-China trade tensions ease in the second half of the year, companies with high export ratios are poised for a rebound. In the specialized equipment sector, AI capital expenditure expansion is driving both valuation and performance growth for gas turbines and PCB equipment.

Looking ahead to 2026, monetary policy is expected to remain moderately loose, ensuring ample market liquidity and sustained interest in emerging technology sectors. Cyclical products like machine tools and forklifts will need to wait for clear signals of recovery in PPI and PMI, with funding expected to prioritize new technology directions. Below, we outline four core investment themes: international expansion, AI computing devices, humanoid robots, and solid-state batteries.

2. International Expansion: Global Competitiveness and Mitigating Market Risks

With short-term difficulties in domestic manufacturing investment, international expansion has become a crucial pathway for companies to enhance capacity utilization rates. In 2025, China’s total goods export reached 26.99 trillion yuan, marking a year-over-year increase of 6.1%. Exports to the U.S. declined by 19.5%, while the Southeast Asian market continues to expand, with Vietnam surpassing Japan to become the second-largest export market.

(a) Construction Machinery: Improved Overseas Channels Mitigating U.S. Tariff Risks

The construction machinery sector has a low dependence on the U.S. market and boasts strong global competitiveness. In 2025, domestic excavator export volumes remained stable on a high base, without significant declines. Leading companies such as XCMG and SANY Heavy Industry have established mature distribution networks across Southeast Asia, Africa, the Middle East, and Latin America, reducing their reliance on the North American market and continuing to benefit from international expansion.

(b) Textile and Apparel Equipment: Significant Capacity and Supply Chain Advantages with Steady Export Growth

In 2025, the export value of industrial sewing machines showed positive year-over-year growth. China possesses dual advantages of scale in production capacity and a complete supply chain in this field, making it challenging for competitors to replace in the short term. Jack Technology leads in industrial sewing machines with a top market share while also venturing into AI sewing machines and industrial robots. Honghua Digital Technology focuses on digital printing equipment, with a growing proportion of overseas revenue through its “equipment + consumables” model.

(c) AI Computing Devices: North America’s Power Shortage Fuels Demand for Gas Turbines, PCB Equipment Benefits from Computing Expansion

(i) Gas Turbines: North America’s Power Shortage Drives Demand, Domestic Suppliers Experience Order Surge

The expansion of AI computing is causing global power shortages, with North America facing particularly acute challenges. In 2025, global capital expenditures by technology giants reached record levels: $125 billion from Amazon, $100 billion from Microsoft for fiscal year 2026, $115-135 billion from Meta, and $91-93 billion from Google. Additionally, Alibaba plans to invest over 380 billion yuan from 2025 to 2027 in cloud computing and AI hardware, while Tencent’s capital expenditure is projected to reach a trillion-level. This massive capital expenditure is primarily directed toward data centers, making power shortages a core bottleneck for expanding computing power in North America. Gas turbines, due to their short construction cycle, rapid response, high thermal efficiency, and eco-friendliness, are seen as the optimal solution for supplementing electricity, leading domestic suppliers such as Yingliu Co. and Jereh Group to continuously secure orders with strong performance reliability.

(ii) PCB Equipment: Demand for Computing Drives Industry Growth, Domestic Equipment Accelerating Penetration

The demand for AI servers and high-speed optical modules is driving the global PCB industry expansion. Prismark predicts that by 2029, the global PCB market value will reach $109.258 billion. Domestic PCB manufacturers are accelerating capacity expansion, boosting demand for drilling, exposure, and inspection equipment, with domestic equipment suppliers such as Chipbond Technology and RiLine Technology benefiting from localization trends.

3. Humanoid Robots: Mass Production on the Horizon, Domestic Component Replacement Leading the Way

Tesla’s Optimus V3 plans to commence mass production in 2026, and domestic companies such as Zhiyuan, Yushu, and Leju have already received bulk orders. The industry is transitioning from “technology demonstration” to “economic feasibility,” with component localization becoming crucial for cost reduction.

(a) Linear Actuators: Planetary Roller Screw as Core Component, Domestic Companies Accelerate Catch-Up

The core component of linear actuators is the planetary roller screw, with global leader Schaeffler holding a technological advantage. Domestic companies Nanjing Process and Bote Precision have achieved small-batch mass production, while Hengli Hydraulic is leveraging its precision machining process for hydraulic components to enter this field, benefiting from process synergy.

(b) Rotary Actuators: Combo of Frameless Torque Motors and Harmonic Reducers, Domestic Harmonic Reducers Breakthrough

The mainstream solution for rotary actuators is the combination of frameless torque motors and harmonic reducers. The harmonic reducer market is highly concentrated, with Harmonic Drive holding over 50% market share; domestically, Green Harmonic has scaled up its supply in the industrial robot sector and is expanding into humanoid robot applications.

(c) Sensors: Six-Dimensional Force Dominated by Foreign Firms, Domestic Flexible Sensors Making Rapid Progress

Sensors are categorized into six-dimensional force sensors and flexible sensors. Six-dimensional force sensors are mainly dominated by foreign companies like ATI and Schunk, while domestic firms like Kunwei Technology and Yuli Instruments are gradually ramping up production. In the flexible sensor sector, the transformation of research into practical applications is happening quickly, with Hanwei Technology completing its business layout.

(d) Other Entry Paths: Customer Extension, Horizontal Expansion, and Acquisition Layout

Besides core component companies, many players are entering the sector through various paths: Sanhua Intelligent Controls and Zhejiang Rongtai are extending their robotics business based on Tesla’s new energy vehicle clients; Weichuang Electric and Beite Technology are expanding horizontally from related fields like bearings and electrical controls; Redick and Hengarda are making rapid layouts through acquisitions in the primary market.

4. Solid-State Batteries: Accelerating Industrialization with Equipment Segment Leading Performance Delivery

Solid-state batteries replace liquid electrolytes and separators with solid electrolytes, significantly enhancing safety and energy density. Mainstream routes include sulfides, oxides, halides, and polymers, with sulfide technology being the preferred choice due to its high room-temperature ionic conductivity, compatibility with existing production lines, and energy density reaching 500 Wh/kg. Leading companies such as CATL, Zhongxin Innovation, and EVE Energy are focusing on this route.

(a) Process Transformation: Key Techniques Include Dry Electrode, Stacking + Isostatic Pressing, and High-Pressure Formation

The processes for all-solid-state batteries differ significantly from those of liquid batteries. In the front-end stage, dry electrode techniques replace traditional coating, raising the value share to 35%-40%; in the mid-stage, stacking replaces winding, with isostatic pressing equipment becoming crucial for solid-solid interface bonding and claiming 40%-45% of the value share; in the later stage, costs for high-pressure formation and capacity equipment are rising. The investment per gigawatt-hour for solid-state battery production lines is approximately 500 million yuan, three times that of liquid batteries, leading to a significant increase in equipment value.

(b) Market Potential: Trillion Scale Expected, 2026-2027 as Acceleration Period

According to Gao Gong Industry Research, the global solid-state battery equipment market is expected to reach 4 billion yuan in 2024 (dominated by semi-solid technology, with only 160 million yuan for all-solid-state). Institutions predict it will reach 107.94 billion yuan by 2030, signaling the industry’s transition into a rapid expansion phase.

(c) Leading Equipment Companies: Complete Lines and Core Equipment Manufacturers to Benefit First

Complete line solutions: Lead Intelligent Technology has comprehensive capability across all production stages, offering complete line integration services; Multi-route adaptation: Liyuanheng has completed equipment development across four major routes and has received complete line orders from leading automotive enterprises; Core process equipment: Haimu Star is focused on dry electrode, isostatic pressing, and high-pressure formation equipment; Nakono has mastered core technology for dry electrodes; Honggong Technology is involved in materials crushing and mixing equipment; Lianying Laser is conducting laser welding process validation.

Key Companies in the Industry Chain

1. International Expansion: XCMG (000425) is a professional company involved in the development, manufacturing, and sales of road construction machinery, excavation machinery, and pavement machinery, with a complete range of products primarily used in infrastructure construction and maintenance. The company integrates technological innovation into its development, producing products that represent advanced levels both in China and globally. XCMG’s leading product, the XCMG loader, has been awarded the title of “China Famous Brand Product,” and the XCMG road roller and loader have received the “National User Satisfaction Product” award. The company actively develops an outward-oriented economy, implementing an international strategy supported by product exports, with its construction machinery products sold in international markets including Europe, America, Japan, South Korea, and Southeast Asia.

SANY Heavy Industry (600031) is one of the leading companies in global equipment manufacturing. Its products include concrete machinery, excavation machinery, lifting machinery, pile machinery, road construction machinery, and prefabricated structural components for buildings. The company holds multiple international certifications, including ISO9000 quality management system certification, ISO14001 environmental management system certification, GB/T28001 occupational health and safety management system certification, and China CCC certification, as well as certifications from the U.S. UL, Germany TUV, and EU CE.

2. Gas Turbine Sector: Yingliu Co. (603308) is a leading enterprise in the specialized equipment parts production field, with main products including pumps and valve components, and mechanical equipment components applied in high-end fields such as aerospace, nuclear power, oil and gas, resources, and national defense. The company emphasizes R&D, manufacturing, and sales of core components for high-end equipment, achieving domestic leading levels in manufacturing technology and production equipment. Its products are exported primarily to Europe and America, with nearly a hundred clients, including over ten Fortune 500 companies. In recent years, the company has implemented an innovation-driven development strategy and has made solid strides in areas like nuclear materials and nuclear power equipment, establishing a foundation for high-quality development.

Jereh Group (002353) is an oilfield service company specializing in manufacturing oilfield-specific equipment, maintenance and modification of oilfield and mining equipment, and providing services for offshore oilfield drilling and production platforms. The company acts as a service agent and distributor for several foreign manufacturers and maintains regular procurement relationships with many international production firms. Its key component, the three-cylinder plunger pump, is produced under a strategic cooperation agreement with the U.S. OFM PUMP Company, ensuring optimal cost-performance for the plunger pump used in its products, thereby enhancing the overall competitiveness of its machinery.

3. PCB Equipment Sector: RiLine Technology (688531) is a leading supplier of industrial X-ray intelligent detection equipment in China. Since its establishment, the company has focused on the research of the X-ray full industry chain technology, achieving significant breakthroughs in core components such as X-ray sources. It has successfully developed the first domestic closed hot cathode micro-focus X-ray source, which has achieved industrial application, reaching “international advanced, domestic leading” levels and addressing the precision inspection challenges in fields such as integrated circuits, electronics manufacturing, and new energy batteries.

Chipbond Technology (688630) is one of the few domestic suppliers with key core technologies in the photolithography field and is actively participating in global competition for PCB direct imaging and semiconductor direct write photolithography equipment. The company specializes in the R&D, manufacturing, sales, and maintenance of direct imaging equipment and direct write photolithography equipment, with product offerings including PCB direct imaging equipment, automatic line systems, semiconductor direct write photolithography equipment, and related after-sales service, covering multiple photolithography stages from microns to nanometers.

4. Humanoid Robot Sector: Hengli Hydraulic (601100) specializes in the production of hydraulic components and systems. The company has evolved from manufacturing hydraulic cylinders to becoming a large comprehensive enterprise covering high-pressure cylinders, high-pressure plunger pumps, hydraulic multi-way valves, industrial valves, hydraulic systems, hydraulic test benches, and high-precision hydraulic castings. Hydraulic components and systems serve as core transmission devices in large machinery, with applications including excavators, shield machines, offshore engineering machinery, and special vehicles such as aerial work platforms, as well as in wind and solar energy sectors.

Green Harmonic (688017) has products widely used in high-end manufacturing sectors such as industrial robots, service robots, CNC machine tools, aerospace, medical devices, semiconductor production equipment, and new energy equipment. The company’s precision harmonic reducers are one of the three core components for robots. After years of continuous R&D investment, it has achieved mass production and sales of precision harmonic reducers, breaking the monopoly of international brands in the harmonic reducer market for robots and achieving bulk exports.

5. Solid-State Battery Equipment Sector: Liyuanheng (688499) focuses on the R&D, production, and sales of intelligent manufacturing equipment, providing high-end equipment and factory automation solutions for lithium batteries, automotive parts, precision electronics, and security industries. Its product offerings include manufacturing equipment for lithium batteries, automotive parts, and other industries. The company’s core technologies include intelligent control, machine vision and artificial intelligence, laser processing, mechatronic simulation, and precise control of force and displacement, forming the foundation for applications in intelligent manufacturing logistics, processing, assembly, inspection, and packaging.

Xiangdao Intelligent (300450) is a key high-tech enterprise under the National Torch Program and a demonstration enterprise for the integration of information technology and industrialization. The company is a leading player in global new energy equipment, covering lithium battery equipment, photovoltaic equipment, 3C testing equipment, intelligent storage logistics systems, and automotive smart production lines. It specializes in R&D, design, manufacturing, and sales of high-end automated complete equipment, providing high-end fully automated intelligent equipment and solutions for manufacturers of energy-efficient and environmentally friendly new energy products.