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Core | 688256.SH | Edge AI compute | 10.00% | 50% | 109.3 |
| 02 | Inovance Technology汇川技术Core | 300124.SZ | Components & actuators | 9.12% | 55% | 29.9 |
| 03 | Horizon Robotics地平线Pure-play | 9660.HK | Edge AI compute | 8.81% | 100% | 13.1 |
| 04 | UBTECH Robotics优必选Pure-play | 9880.HK | Humanoid robots | 4.65% | 95% | 7.3 |
| 05 | Hengli Hydraulic恒立液压Emerging | 601100.SH | Components & actuators | 4.49% | 35% | 22.4 |
| 06 | Will Semiconductor韦尔股份Emerging | 603501.SH | Sensors & perception | 4.32% | 35% | 18.4 |
| 07 | Leader Harmonic Drive绿的谐波Pure-play | 688017.SH | Components & actuators | 3.87% | 95% | 7.1 |
| 08 | Lens Technology蓝思科技Emerging | 300433.SZ | Components & actuators | 3.82% | 30% | 22.2 |
| 09 | Ecovacs科沃斯Pure-play | 603486.SH | Service robots | 3.46% | 90% | 5.7 |
| 10 | Tuopu Group拓普集团Emerging | 601689.SH | Components & actuators | 3.44% | 35% | 17.1 |
| 11 | Orbbec奥比中光Pure-play | 688322.SH | Sensors & perception | 3.31% | 95% | 5.2 |
| 12 | Sunny Optical舜宇光学Emerging | 2382.HK | Sensors & perception | 2.80% | 45% | 9.3 |
| 13 | Pony.ai小马智行Pure-play | PONY | Robotaxi | 2.70% | 100% | 4.0 |
| 14 | Hesai Technology禾赛科技Pure-play | HSAI | Sensors & perception | 2.27% | 100% | 3.4 |
| 15 | Joyson Electronics均胜电子Core | 600699.SH | AV systems | 2.27% | 50% | 6.8 |
| 16 | Intellifusion云天励飞Pure-play | 688343.SH | Edge AI compute | 2.16% | 70% | 4.6 |
| 17 | Siasun Robot新松机器人Pure-play | 300024.SZ | Industrial robots | 1.95% | 80% | 3.6 |
| 18 | Wolong Electric卧龙电驱Emerging | 600580.SH | Components & actuators | 1.90% | 35% | 9.4 |
| 19 | Autel Intelligent道通智能Pure-play | 688208.SH | Drones | 1.81% | 80% | 3.4 |
| 20 | Allwinner Tech全志科技Core | 300458.SZ | Edge AI compute | 1.79% | 50% | 5.3 |
| 21 | Senodia芯动联科Pure-play | 688582.SH | Sensors & perception | 1.75% | 80% | 3.3 |
| 22 | WeRide文远知行Pure-play | WRD | Robotaxi | 1.69% | 100% | 2.5 |
| 23 | Moons' Industries鸣志电器Pure-play | 603728.SH | Components & actuators | 1.68% | 75% | 3.9 |
| 24 | Zhaowei Machinery兆威机电Pure-play | 003021.SZ | Components & actuators | 1.63% | 70% | 4.1 |
| 25 | Estun Automation埃斯顿Pure-play | 002747.SZ | Industrial robots | 1.61% | 70% | 3.4 |
| 26 | RoboSense速腾聚创Pure-play | 2498.HK | Sensors & perception | 1.33% | 100% | 2.0 |
| 27 | Shuanghuan Driveline双环传动Emerging | 002472.SZ | Components & actuators | 1.07% | 35% | 5.3 |
| 28 | Topstar Tech拓斯达Pure-play | 300607.SZ | Industrial robots | 1.04% | 70% | 2.2 |
| 29 | Black Sesame*黑芝麻智能Pure-play | 2533.HK | Edge AI compute | 1.01% | 100% | 1.5 |
| 30 | Quectel移远通信Emerging | 603236.SH | Connectivity | 0.97% | 45% | 3.2 |
| 31 | Zhongda Leader中大力德Pure-play | 002896.SZ | Components & actuators | 0.95% | 75% | 2.2 |
| 32 | Veichi Electric伟创电气Pure-play | 688698.SH | Components & actuators | 0.94% | 70% | 2.3 |
| 33 | Best Precision贝斯特Core | 300580.SZ | Components & actuators | 0.77% | 60% | 2.2 |
| 34 | EFORT埃夫特Pure-play | 688165.SH | Industrial robots | 0.76% | 75% | 1.5 |
| 35 | Kinco步科股份Pure-play | 688160.SH | Components & actuators | 0.75% | 80% | 1.6 |
| 36 | Han's Robot华沿机器人Pure-play | 1021.HK | Industrial robots | 0.74% | 80% | 1.4 |
| 37 | Ampron安培龙Core | 301413.SZ | Sensors & perception | 0.70% | 60% | 1.7 |
| 38 | STEP Electric新时达Pure-play | 002527.SZ | Industrial robots | 0.64% | 70% | 1.4 |
| 39 | EHang亿航智能Pure-play | EH | Drones | 0.50% | 100% | 0.7 |
| 40 | HCFA禾川股份Pure-play | 688320.SH | Components & actuators | 0.37% | 75% | 0.9 |
| 41 | Leisai Intelligent雷赛智能Pure-play | 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.