All 41 names in the China Physical AI Index snapshot, 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 | Hesai Technology禾赛科技Pure-play | HSAI | Sensors & perception | 10.00% | 100% | 21.9 |
| 02 | Cambricon*寒武纪Diversified | 688256.SS | Edge AI compute | 10.00% | 50% | 97.9 |
| 03 | Inovance Technology汇川技术Diversified | 300124.SZ | Components & actuators | 8.73% | 55% | 25.0 |
| 04 | Horizon Robotics地平线Pure-play | 9660.HK | Edge AI compute | 6.26% | 100% | 8.8 |
| 05 | Lens Technology蓝思科技Diversified | 300433.SZ | Components & actuators | 5.72% | 30% | 30.0 |
| 06 | Leader Harmonic Drive绿的谐波Pure-play | 688017.SS | Components & actuators | 4.81% | 95% | 8.0 |
| 07 | Hengli Hydraulic恒立液压Diversified | 601100.SS | Components & actuators | 4.50% | 35% | 20.2 |
| 08 | Orbbec奥比中光Pure-play | 688322.SS | Sensors & perception | 3.94% | 95% | 5.8 |
| 09 | Will Semiconductor韦尔股份Diversified | 603501.SS | Sensors & perception | 3.81% | 35% | 15.3 |
| 10 | UBTECH Robotics优必选Pure-play | 9880.HK | Humanoid robots | 3.62% | 95% | 5.4 |
| 11 | Ecovacs科沃斯Pure-play | 603486.SS | Service robots | 2.91% | 90% | 4.6 |
| 12 | Sunny Optical舜宇光学Diversified | 2382.HK | Sensors & perception | 2.90% | 45% | 9.1 |
| 13 | Tuopu Group拓普集团Diversified | 601689.SS | Components & actuators | 2.71% | 35% | 12.2 |
| 14 | Pony.ai小马智行Pure-play | PONY | Robotaxis | 2.34% | 100% | 3.3 |
| 15 | Estun Automation埃斯顿Pure-play | 002747.SZ | Industrial robots | 2.25% | 70% | 4.5 |
| 16 | Siasun Robot新松机器人Pure-play | 300024.SZ | Industrial robots | 1.91% | 80% | 3.4 |
| 17 | Allwinner Tech全志科技Diversified | 300458.SZ | Edge AI compute | 1.63% | 50% | 4.6 |
| 18 | Joyson Electronics均胜电子Diversified | 600699.SS | AV systems | 1.56% | 50% | 4.4 |
| 19 | Wolong Electric卧龙电驱Diversified | 600580.SS | Components & actuators | 1.54% | 35% | 6.9 |
| 20 | Intellifusion云天励飞Pure-play | 688343.SS | Edge AI compute | 1.49% | 70% | 3.0 |
| 21 | Autel Intelligent道通智能Pure-play | 688208.SS | Drones | 1.47% | 80% | 2.6 |
| 22 | Senodia芯动联科Pure-play | 688582.SS | Sensors & perception | 1.43% | 80% | 2.5 |
| 23 | Moons' Industries鸣志电器Pure-play | 603728.SS | Components & actuators | 1.43% | 75% | 3.0 |
| 24 | WeRide文远知行Pure-play | WRD | Robotaxis | 1.41% | 100% | 2.0 |
| 25 | Zhaowei Machinery兆威机电Pure-play | 003021.SZ | Components & actuators | 1.25% | 70% | 2.8 |
| 26 | Topstar Tech拓斯达Pure-play | 300607.SZ | Industrial robots | 1.22% | 70% | 2.5 |
| 27 | Quectel移远通信Diversified | 603236.SS | Connectivity | 1.08% | 45% | 3.4 |
| 28 | Shuanghuan Driveline双环传动Diversified | 002472.SZ | Components & actuators | 1.00% | 35% | 4.5 |
| 29 | Zhongda Leader中大力德Pure-play | 002896.SZ | Components & actuators | 0.89% | 75% | 1.9 |
| 30 | RoboSense速腾聚创Pure-play | 2498.HK | Sensors & perception | 0.79% | 100% | 1.1 |
| 31 | Kinco步科股份Pure-play | 688160.SS | Components & actuators | 0.68% | 80% | 1.3 |
| 32 | Black Sesame*黑芝麻智能Pure-play | 2533.HK | Edge AI compute | 0.67% | 100% | 0.9 |
| 33 | EFORT埃夫特Pure-play | 688165.SS | Industrial robots | 0.66% | 75% | 1.2 |
| 34 | Veichi Electric伟创电气Pure-play | 688698.SS | Components & actuators | 0.61% | 70% | 1.4 |
| 35 | Best Precision贝斯特Diversified | 300580.SZ | Components & actuators | 0.56% | 60% | 1.5 |
| 36 | STEP Electric新时达Pure-play | 002527.SZ | Industrial robots | 0.54% | 70% | 1.1 |
| 37 | Ampron安培龙Pure-play | 301413.SZ | Sensors & perception | 0.52% | 60% | 1.2 |
| 38 | HCFA禾川股份Pure-play | 688320.SS | Components & actuators | 0.36% | 75% | 0.8 |
| 39 | Han's Robot华沿机器人Pure-play | 1021.HK | Industrial robots | 0.36% | 80% | 0.6 |
| 40 | EHang亿航智能Pure-play | EH | Drones | 0.24% | 100% | 0.3 |
| 41 | Leisai Intelligent雷赛智能Pure-play | 002496.SZ | Components & actuators | 0.22% | 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.