Unitree Robotics - A (688836.SS, OW – Rmb624.00), China: Physical-AI S curve likely pulled forward, Astra/LLM catalyst and extended regulatory scarcity premium drive double upgrade to OW

J.P. Morgan's China/HK First to Market note (26 October 2026) rounds up Asia Pacific equity research: Weichai Power (H/A, OW) — SOFC and AIDC engine demand is accelerating, with 2026/27 shipment guidance raised (c.1.3k AIDC diesel engines in 3Q26, 200-300 gas engines in 2026, >2,000 in 2027), and valuation/yield still too cheap to ignore. Unitree Robotics (688836.SS) is double-upgraded to OW with a Rmb995 price target, as the physical-AI S-curve is pulled forward to 2-3 years on Astra/LLM progress and slower primary/IPO activity extends the scarcity premium for listed leaders. A GLP-1 emerging-markets report estimates China, India and Brazil could reach roughly US$22bn by 2035 at a ~15% CAGR, with obesity GLP-1 penetration below 0.1% in China versus 4-5% in the US. RemeGen's telitacicept 104-week TELIGAN data reinforce long-term renal protection in IgAN. The APAC 2027 nuclear outlook highlights China's Linglong One SMR with an LCOE ~40% below conventional DM nuclear and rising uranium