江海证券：人形机器人行业步入蓬勃发展新阶段

Industry Overview - The humanoid robot industry is currently experiencing significant growth and development, with various domestic companies like Yushu and Leju showcasing upgraded products and commercial capabilities [1] - Local government-supported humanoid robot projects have made notable progress, indicating a supportive environment for industry expansion [1] - Internationally, companies like Tesla have announced new mass production plans for their Optimus robot, while FigureAI has signed new clients, signaling a global trend towards commercialization of humanoid robots [1] Market Potential - The advancements in both domestic and international humanoid robot development suggest that large-scale commercialization is approaching [1] - The emergence of DeepSeek is expected to accelerate the commercial growth of humanoid robots in China [1] Investment Opportunities - Suggested areas for investment include: - Reducers (e.g., Greel's Harmonic Drive) - Motors (e.g., Zhaowei Electromechanical) - Sensors (e.g., Keli Sensor) - Lead screws (e.g., Wuzhou New Spring) - Main bodies (e.g., Hecuan Technology) - Equipment (e.g., Qin Chuan Machine Tool) [1]