SIASUN(SZ:300024) Sou Hu Cai Jing·2025-05-30 09:11Core Viewpoint - The robot industry is experiencing a mix of challenges and opportunities, with significant developments in technology and policy support driving the commercialization of humanoid robots, while also facing hurdles in cost reduction and capability enhancement [4][5][8]. Group 1: Market Performance - The A-share market saw a pullback after a previous rebound, with the Robot ETF Fund (159213) closing down over 2%, despite a net inflow of 3 million shares throughout the day [1]. - The majority of the index component stocks for the Robot ETF Fund experienced declines, with only a few stocks like Nanwang Technology and Ruishun Technology showing gains [3]. Group 2: Industry Developments - The 2025 Zhangjiang Embodied Intelligence Developer Conference and International Humanoid Robot Skills Competition highlighted the transition of humanoid robots from experimental to practical applications in various settings [4]. - Shanghai Zhiyuan Robotics announced that its humanoid robot, the Expedition A2, received multiple certifications, making it the first humanoid robot to achieve certifications in China, the EU, and the US [4]. - The first global standard for "Humanoid Robot Intelligence Classification" was released, indicating a shift towards policy support for the humanoid robot industry [4]. Group 3: Commercialization Challenges - The commercialization of humanoid robots is estimated to take at least 10 years, with challenges including the need for improved generalization capabilities and cost reduction [5]. - The current progress in humanoid robot hardware is outpacing software development, particularly in the area of generalization capabilities, which is a critical barrier to commercialization [5]. Group 4: Opportunities in the Industry - Continuous policy support at the national level is expected to drive the development of humanoid robots, with significant funding being allocated to the sector [8]. - Major tech companies and industry leaders are entering the humanoid robot space, expanding applications in both industrial and domestic settings [9]. - The domestic robot industry has seen an increase in localization rates, with the localization rate rising from 17.5% in 2015 to 35.7% in 2022, indicating a growing capacity for cost reduction [7]. Group 5: Investment Insights - The Robot ETF Fund (159213) provides investors with a tool to gain exposure to the entire robot industry chain, including upstream hardware, midstream software, and downstream applications [10].