All 41 names currently in the China Physical AI Index, ranked by post-cap weight. All constituents are investable by US persons. Names marked with an asterisk are on the US Commerce Entity List, which restricts US tech exports to them but does not restrict US-person investment in their publicly traded securities.
| # | Company | Ticker | Sub-sector | Weight | PAI exposure | Mcap (USD B) |
|---|---|---|---|---|---|---|
| 01 | Cambricon*寒武纪 | 688256.SH | Edge AI compute | 10.00% | 50% | 109.3 |
| 02 | Inovance Technology汇川技术 | 300124.SZ | Components & actuators | 9.12% | 55% | 29.9 |
| 03 | Horizon Robotics地平线 | 9660.HK | Edge AI compute | 8.81% | 100% | 13.1 |
| 04 | UBTECH Robotics优必选 | 9880.HK | Humanoid robots | 4.65% | 95% | 7.3 |
| 05 | Hengli Hydraulic恒立液压 | 601100.SH | Components & actuators | 4.49% | 35% | 22.4 |
| 06 | Will Semiconductor韦尔股份 | 603501.SH | Sensors & perception | 4.32% | 35% | 18.4 |
| 07 | Leader Harmonic Drive绿的谐波 | 688017.SH | Components & actuators | 3.87% | 95% | 7.1 |
| 08 | Lens Technology蓝思科技 | 300433.SZ | Components & actuators | 3.82% | 30% | 22.2 |
| 09 | Ecovacs科沃斯 | 603486.SH | Service robots | 3.46% | 90% | 5.7 |
| 10 | Tuopu Group拓普集团 | 601689.SH | Components & actuators | 3.44% | 35% | 17.1 |
| 11 | Orbbec奥比中光 | 688322.SH | Sensors & perception | 3.31% | 95% | 5.2 |
| 12 | Sunny Optical舜宇光学 | 2382.HK | Sensors & perception | 2.80% | 45% | 9.3 |
| 13 | Pony.ai小马智行 | PONY | Robotaxi | 2.70% | 100% | 4.0 |
| 14 | Hesai Technology禾赛科技 | HSAI | Sensors & perception | 2.27% | 100% | 3.4 |
| 15 | Joyson Electronics均胜电子 | 600699.SH | AV systems | 2.27% | 50% | 6.8 |
| 16 | Intellifusion云天励飞 | 688343.SH | Edge AI compute | 2.16% | 70% | 4.6 |
| 17 | Siasun Robot新松机器人 | 300024.SZ | Industrial robots | 1.95% | 80% | 3.6 |
| 18 | Wolong Electric卧龙电驱 | 600580.SH | Components & actuators | 1.90% | 35% | 9.4 |
| 19 | Autel Intelligent道通智能 | 688208.SH | Drones | 1.81% | 80% | 3.4 |
| 20 | Allwinner Tech全志科技 | 300458.SZ | Edge AI compute | 1.79% | 50% | 5.3 |
| 21 | Senodia芯动联科 | 688582.SH | Sensors & perception | 1.75% | 80% | 3.3 |
| 22 | WeRide文远知行 | WRD | Robotaxi | 1.69% | 100% | 2.5 |
| 23 | Moons' Industries鸣志电器 | 603728.SH | Components & actuators | 1.68% | 75% | 3.9 |
| 24 | Zhaowei Machinery兆威机电 | 003021.SZ | Components & actuators | 1.63% | 70% | 4.1 |
| 25 | Estun Automation埃斯顿 | 002747.SZ | Industrial robots | 1.61% | 70% | 3.4 |
| 26 | RoboSense速腾聚创 | 2498.HK | Sensors & perception | 1.33% | 100% | 2.0 |
| 27 | Shuanghuan Driveline双环传动 | 002472.SZ | Components & actuators | 1.07% | 35% | 5.3 |
| 28 | Topstar Tech拓斯达 | 300607.SZ | Industrial robots | 1.04% | 70% | 2.2 |
| 29 | Black Sesame*黑芝麻智能 | 2533.HK | Edge AI compute | 1.01% | 100% | 1.5 |
| 30 | Quectel移远通信 | 603236.SH | Connectivity | 0.97% | 45% | 3.2 |
| 31 | Zhongda Leader中大力德 | 002896.SZ | Components & actuators | 0.95% | 75% | 2.2 |
| 32 | Veichi Electric伟创电气 | 688698.SH | Components & actuators | 0.94% | 70% | 2.3 |
| 33 | Best Precision贝斯特 | 300580.SZ | Components & actuators | 0.77% | 60% | 2.2 |
| 34 | EFORT埃夫特 | 688165.SH | Industrial robots | 0.76% | 75% | 1.5 |
| 35 | Kinco步科股份 | 688160.SH | Components & actuators | 0.75% | 80% | 1.6 |
| 36 | Han's Robot华沿机器人 | 1021.HK | Industrial robots | 0.74% | 80% | 1.4 |
| 37 | Ampron安培龙 | 301413.SZ | Sensors & perception | 0.70% | 60% | 1.7 |
| 38 | STEP Electric新时达 | 002527.SZ | Industrial robots | 0.64% | 70% | 1.4 |
| 39 | EHang亿航智能 | EH | Drones | 0.50% | 100% | 0.7 |
| 40 | HCFA禾川股份 | 688320.SH | Components & actuators | 0.37% | 75% | 0.9 |
| 41 | Leisai Intelligent雷赛智能 | 002496.SZ | Components & actuators | 0.20% | 70% | 0.5 |
* Listed on the US Commerce Entity List. The Entity List restricts US-origin technology exports to the company but does not restrict US-person investment in its publicly traded securities. Major US-domiciled thematic ETFs (iShares Robotics & AI Multisector, Global X Robotics & AI) routinely hold Entity-List-only names. This Index excludes only companies on lists that prohibit US-person ownership (OFAC SDN, OFAC NS-CMIC).
Weights are float-adjusted market capitalization × Physical AI revenue exposure, capped at 10% per stock and 35% per sub-sector, redistributed pro-rata to convergence. PAI revenue-exposure estimates are TBC research and are flagged as needing verification against primary-source filings before any v1.0 launch.
See the full methodology for definitions and the watch list for companies positioning for future inclusion.