Robot Concept Hong Kong Stocks Retreat After Spring Gala Rally As 2026 Emerges As Pivotal Year For Mass Production And Commercialization

On February 24, Hong Kong stocks tied to the robotics theme declined broadly. As of publication, Yuejiang (02432.HK) and Woan Robot (06600.HK) fell 11%, Ubtech (09880.HK) dropped nearly 9%, and Sanhua Intelligent Controls (02050.HK) lost 6%, while Horizon Robotics‑W, MicroPort Robot‑B, Joyson Electronics and AsiaInfo Technologies also retreated. Names that had been buoyed by exposure during the Spring Festival Gala on February 20 have now recorded two consecutive sessions of declines. Market participants attribute the near‑term pullback to profit taking and a cooling of sentiment, while maintaining that the sector’s medium‑ to long‑term growth thesis remains intact; 2026 is widely regarded as the year when robotics moves from technical validation toward scalable deployment.

The recent upswing was initially catalyzed by concentrated visibility during the Spring Festival Gala, where several domestic robotics firms demonstrated cluster control, bionic motion and human‑machine interaction capabilities, rapidly raising industry awareness and investor interest. On the first trading day after the holiday, stocks such as Yuejiang and Ubtech experienced sharp intraday advances as capital flowed into the sector and valuations expanded. As those positive developments were priced in and broader market weakness emerged, funds exited quickly and the sector corrected, a dynamic consistent with a transition from speculative momentum back to fundamentals.

Institutional research broadly characterizes 2026 as the industry’s inflection year from early prototypes to scaled commercialization. Goldman Sachs projects global humanoid robot shipments to increase from 15,000–20,000 units in 2025 to 51,000 units in 2026 and to 76,000 units in 2027. Morgan Stanley has raised its China humanoid robot sales forecast to 28,000 units, citing advantages from domestic supply chains and policy support. CITIC Securities highlights catalysts such as Gen‑3 product launches, new model introductions, the Spring Festival Gala demonstrations and progress on domestic robot IPOs, recommending focus on high‑quality segments and core innovations like dexterous hands. Guojin Securities notes the sector is moving beyond the 0–1 stage, with hardware evolution shifting from basic functionality toward durability and with components such as electric drives, dexterous hands, ball screws and high‑end bearings approaching both technological and mass‑production inflection points.

Policy and industrial measures continue to underpin the sector’s development. National guidance on humanoid robot innovation aims to raise the domestic content ratio of core components, targeting over 75% localization for industrial robot core parts by 2026. Local governments are deploying industrial funds and implementation policies to accelerate scenario expansion, while international standards and safety and performance evaluation frameworks are being established to facilitate commercialization.

The supply chain is showing structural differentiation, and investment logic is shifting from pure thematic speculation to emphasis on earnings visibility and supply‑chain certainty. At the system level, investors are prioritizing leading firms with clear mass‑production timetables; at the component level, attention centers on domestic capabilities in reducers, sensors and servo systems. Companies with confirmed orders and capacity, such as Leader Harmonic and Sanhua Intelligent Controls, exhibit materially greater resilience than concept‑only names. Robot ETFs continue to record net inflows, indicating that medium‑ to long‑term allocation remains active.

Major consumer electronics groups are also entering the embodied intelligence space. Honor plans to unveil its first humanoid robot at the 2026 Mobile World Congress, targeting consumer applications, and other smartphone manufacturers including Xiaomi（01810.HK）and Vivo have likewise signaled involvement in embodied intelligence initiatives.

In the short term, the sector faces valuation digestion and heightened volatility, and investors should be mindful of pullback risk among pure‑play thematic stocks. Over the medium to long term, the convergence of AI enablement, policy backing, accelerated mass production and broader application scenarios supports a sustained high‑growth trajectory for robotics. The current correction should be viewed not as a reversal of the sector’s structural outlook but as a phase of consolidation that will concentrate capital on companies with genuine technological barriers and supply‑chain advantages.

In summary, the recent adjustment does not alter the robotics sector’s long‑term growth path. The year 2026 is expected to deliver critical advances in mass production, standards and commercialization, and firms that combine technological defensibility with supply‑chain strength are positioned to realize performance improvements first and to become the core investment focus within the sector.