Zhong Guo Zheng Quan Bao·2025-11-18 20:05Core Insights - The humanoid robot sector is undergoing a phase of adjustment, but short-term fluctuations have not altered the core growth logic of the industry, instead creating new investment opportunities [1][2][4] - Analysts believe the sector has transitioned from early thematic investment to a growth inflection point, with significant technological breakthroughs and product launches emerging [2][3] Market Performance - As of November 18, the Wind humanoid robot concept index fell by 0.81%, with several stocks like Hongying Intelligent and Funeng Technology seeing gains of over 3% [1] - Since June 23, the index has experienced a cumulative increase of over 41%, but has since entered a phase of adjustment, dropping more than 11% from its peak on September 18 [1] Investment Opportunities - The current market environment is seen as a "goose to truth" phase, where the focus shifts to genuine growth potential following a significant adjustment in October [2][4] - The industry is on the brink of a trend realization, with key developments such as Tesla's Optimus mass production orders and the release of Gen3 prototypes supporting market expectations [2] Industry Dynamics - The industry consensus has shifted from exiting the laboratory to rapid scaling, with breakthroughs across software, hardware, and supply chains [3] - Companies in the humanoid robot sector are increasingly linked to the new energy vehicle supply chain, leveraging existing technological advancements to reduce costs and accelerate production cycles [3] Future Outlook - The humanoid robot industry is expected to enter a phase of mass production by 2026, with companies like Tesla and Yushu set to launch production lines [4] - Over the next 5 to 20 years, humanoid robots are anticipated to reshape manufacturing, services, and household life, emerging as a significant growth sector [4] Investment Focus - Analysts recommend focusing on three main lines: high-probability "T-chain" targets, incremental opportunities from technological upgrades, and undervalued stocks with expected growth [4] - There is a strong emphasis on identifying companies within the "T-chain" and domestic supply chains that are well-positioned to benefit from policy guidance and capital operations [4]