“政策+技术+产业”三重共振，机器人板块延续强势，机器人指数ETF（560770）涨近2%

Core Viewpoint - The humanoid robot industry is experiencing strong momentum driven by policy support, technological breakthroughs, and substantial orders, leading to significant stock performance in related ETFs and companies [2][3]. Policy Support - Since 2025, various regions in China have introduced special policies to support the humanoid robot industry, focusing on funding, technology development, and ecosystem construction [2]. - Cities like Shenzhen, Shanghai, and Beijing have set specific goals for supporting core technologies and nurturing key enterprises within the industry [2]. Technological Advancements - Recent advancements include the integration of large language models (LLM) and visual language models (VLM), enhancing the cognitive abilities of humanoid robots [2]. - The use of multi-modal sensors has improved environmental recognition, while reinforcement learning has optimized gait algorithms for better terrain adaptability [2]. - Figure, an AI robotics startup, completed a Series C funding round with over $1 billion in commitments, indicating a significant milestone for capital acceleration in the humanoid robot sector [2]. Order Developments - In September, several large orders for humanoid robots were reported, including a contract worth over 30 million yuan for Zhiyuan Robotics and a 250 million yuan procurement contract for UBTECH [3]. - Multi-round Technology plans to purchase no less than 2,000 humanoid robots over the next three years, focusing on specific application scenarios [3]. Market Performance - The Robot Index ETF (560770) has shown a 5.42% increase since September, outperforming other indices like the CSI Computing Power Index and the Sci-Tech Chip Index [1][2]. - The overall revenue growth rate for the Robot Index is projected to be 15.29% year-on-year in 2025, with a net profit growth rate of 44.09% [4]. Investment Focus - Key investment themes in humanoid robots include cost reduction and lightweight technologies, as well as the application of robots in various sectors [4]. - The trend of B-end applications is becoming clearer, particularly in high-demand fields such as smart logistics and specialized industries [4].