瑞银证券最新报告：具身智能加速场景落地，量产积极信号逐步显现

Core Insights - UBS released a report titled "Humanoid Robot Insight," analyzing the global humanoid robot industry developments expected by November 2025, indicating positive signals for mass production in 2026 [1] Group 1: Industry Developments - Companies like Tesla, UBTECH, and Weijian are gradually realizing their production capacity plans, with continuous growth in orders from Chinese manufacturers and increased interest from European investors [2] - UBTECH recently announced a winning bid for a 143 million yuan order, bringing its total order amount for the Walker series humanoid robots to 1.3 billion yuan for 2025 [2] - Weijian has formed a strategic partnership with Cao Cao Mobility to introduce humanoid robots into the first "green intelligent passage island," paving the way for large-scale applications in transportation and logistics [2] Group 2: Market Trends - UBS forecasts that the production capacity plans of Tesla and the significant orders secured by companies like UBTECH and Weijian indicate an acceleration in the industry chain's realization [2] - European investors have shown a marked increase in interest in Chinese technology and embodied intelligence, recognizing structural growth opportunities in the sector [3] - Despite the humanoid robot business not expected to contribute significant profits in the next 1-2 years, capital markets are beginning to position themselves for long-term potential [3] Group 3: Order Momentum - Chinese humanoid robot manufacturers are demonstrating strong order momentum, with Weijian recently securing multiple large orders, including over 80.5 million yuan from Redefeng for embodied intelligent robots [3] - On November 4, Lens Technology committed to purchasing 1,000 embodied intelligent robots from Weijian by 2025 [3] - A strategic cooperation between Green Source and Weijian aims to promote the application of 5,000 robotic dogs in smart store upgrades, marking a significant transition from "technology validation" to "commercial creation" [3][4] Group 4: Application Expansion - The report emphasizes the rapid expansion of application scenarios for embodied intelligent robots, extending from industrial manufacturing to commercial services, and accelerating realization [4]