供给创造需求，梅花创投林珈妮：看好陪伴机器人

Core Viewpoint - The investment community is optimistic about the potential of humanoid robots and embodied intelligence, emphasizing the need for innovation and the ability to free humans from mundane tasks to focus on creative work [4][6]. Industry Insights - The valuation of some projects in the humanoid robot sector is high, making early-stage investments challenging, but the sector itself is not a bubble, with many companies showing better-than-expected commercialization progress [4]. - The advancements in AI large models are making the implementation of embodied intelligence clearer, and the domestic supply chain for manufacturing humanoid robots is superior to that of overseas counterparts [4][6]. - The development of humanoid robots has received significant support from national policies, with a shift in focus from general robotics to humanoid robotics [4]. Company Focus - The company has invested in various aspects of the embodied intelligence supply chain, including complete humanoid robots, integrated joints, chips, and sensors, emphasizing the importance of performance, cost, and stability in product development [4][6]. - The company prioritizes engineering implementation and self-research capabilities, which are crucial for maintaining technological barriers and ensuring timely delivery without supply chain disruptions [4][6]. - Specific investments include companies like Luming Robotics, which excels in engineering capabilities and core component self-research, and Tianghu Robotics, which focuses on integrated joints with enhanced performance [6].