Zheng Quan Shi Bao Wang·2025-08-18 00:12Core Insights - The report from CITIC Securities indicates that humanoid robots (non-completely humanoid) need to possess multimodal perception and end-to-end large model capabilities to achieve logistics sorting operations [1] - Current hardware for humanoid robots has reached the commercialization threshold for logistics scenarios, but domestic embodied models still have room for improvement before full deployment [1] - From an economic perspective, under the assumption of recovering costs in two years, the input-output ratio of humanoid robots has already matched that of sorting workers [1] Industry Trends - In the second half of this year, humanoid robots are expected to gradually transition from demo scenarios to customer trial deliveries, with a potential explosive growth anticipated next year after customer validation [1] - Due to higher labor costs overseas, these regions will likely be the first choice for the deployment of humanoid robots in logistics scenarios [1] Investment Opportunities - It is recommended to pay attention to overall solution providers that are expected to gain excess premiums through secondary development capabilities, as well as core suppliers of entities that are leading in commercial deployment progress [1]