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

J.P. Morgan Asia Pacific Equity Research Top Stories digest for 26 October 2026. Weichai Power (A/H, OW): value and yield too cheap to ignore, with 2026/27 AIDC diesel and gas engine shipment targets raised (c.1.3k AIDC diesel engines in 3Q26, 200-300 gas engines in 2026 and over 2,000 in 2027) and incremental profit upside in 2027 as mix shifts. Unitree Robotics (688836.SS): double upgrade to OW with a Rmb995 price target as the physical-AI S curve is pulled forward after the World Physical AI Conference, supported by Astra/LLM catalysts and an extended scarcity premium. GLP-1 in developing markets: China, India and Brazil form a ~US$22bn addressable market by 2035 (~15% CAGR) with still very low penetration, making access, affordability and formalization the key drivers. Thailand consumer finance: rising regulatory headwinds;