长城基金余欢：重点关注机器人领域，中外行业发展或迎共振

Core Insights - The global technology giants are increasingly entering the robotics industry, leading to a resurgence in the robotics sector in the capital markets, with the humanoid robot index rising by 57.74% since April 8 [1] - The robotics industry is at a critical stage of transitioning from laboratory breakthroughs to industrial applications, presenting significant investment opportunities [1] - The robotics sector is expected to become a trillion-dollar market, with substantial growth potential in China [1] Global Developments - Numerous tech companies are making significant advancements in robotics, creating a competitive landscape [2] - Notable developments include Nvidia's release of the Jetson Thor robot chip, which boasts a 7.5 times speed increase and 128GB memory, and Tesla's plans for the Optimus V3 robot, aiming for mass production by 2026 [2] - Domestic companies like Yushutech and Bixuan are also making strides, with Yushutech announcing an open-source model and Bixuan securing a $1 billion strategic partnership for a super factory in the Middle East [2] Technological Advancements - Continuous technological improvements are enhancing robot functionality and performance, with more human-like features emerging [2] - The integration of large language models (LLM) and visual language models (VLM) is improving robots' cognitive abilities, while multi-modal sensors enhance environmental perception [2] - Reinforcement learning is optimizing gait algorithms, significantly improving robots' adaptability to various terrains [2] Policy Support - The Chinese government is actively promoting the robotics industry through favorable policies and initiatives [3] - Key policies include the inclusion of "embodied intelligence" in government reports and the issuance of opinions to develop intelligent robots as new-generation smart terminals [3] - Local governments are also launching action plans and establishing large-scale industrial funds to accelerate the transition from technology to industrialization [3] Financial Performance - The financial outlook for robotics companies is improving as applications in diverse scenarios become more prevalent [3] - By mid-2025, 34 listed robotics companies are projected to achieve a total revenue of 54.758 billion yuan, a 12.7% increase from 48.615 billion yuan in 2024, with net profits rising by 31.4% [3] Future Outlook - The year 2025 is anticipated to be a pivotal year for the humanoid robotics industry, with expected synergies across policy, industry, and capital sectors [4] - The rapid development of the industry is likely to lead to the emergence of more intelligent and flexible robots across various applications [4]