2026，最猛风口？

Core Viewpoint - The humanoid robot sector in A-shares and Hong Kong stocks experienced a rollercoaster market in 2025, reflecting the transition of disruptive technology from "PPT vision" to "factory operation" [1][3]. Financing Boom - The field of embodied intelligence saw unprecedented financing activity in 2025, with 610 new financing events in China's robot industry in the first three quarters, doubling from 294 in the same period last year, marking a three-year high [3][6]. - Cumulatively, domestic robot startups raised approximately 500 billion yuan in the first three quarters, 2.5 times that of the previous year, with Q3 alone accounting for 198.13 billion yuan, a 172% year-on-year increase [6][7]. - The top 10 companies captured about 40% of the total financing amount, with nine companies completing 13 rounds of financing exceeding 100 million USD [7][8]. - The year 2025 is referred to as the "securitization year" for humanoid robots, with multiple companies filing for IPOs, including successful listings of companies like Geek+ and Cloudwise Technology [7][9]. Order Scale - 2025 is seen as a pivotal year for the commercialization of China's robot industry, with many companies achieving annual orders exceeding 1 billion yuan [11][12]. - Notable companies include UBTECH with orders nearing 14 billion yuan, Yushutech with approximately 12 billion yuan, and Yuejiang Robotics with around 11 billion yuan [11][12]. Production Turning Point - Both multinational and domestic companies are accelerating preparations for industrialization, with a focus on achieving production scale and cost reduction by 2026 [13][14]. - Tesla plans to release the third generation of Optimus in Q1 2026, with a dedicated production line aiming for an annual output of 1 million units [13]. - Domestic companies like Yushutech and ZhiYuan are also initiating IPO processes and have production plans in place [13][14]. Supply Chain Revolution and Localization - The cost of manufacturing a humanoid robot using the Chinese supply chain is approximately 46,000 USD, compared to 131,000 USD without it, indicating a significant cost advantage [20][21]. - The localization of key components has led to a reduction in costs, with several new products targeting consumer pain points, such as Yushutech's Unitree R1AIR priced at 29,900 yuan [22][23]. Conclusion - The end of 2025 sees a noticeable acceleration in the IPO processes of robot manufacturers, with expectations for more companies to enter the capital market, boosting market sentiment [24]. - The humanoid robot industry is at a critical juncture, similar to the early days of the electric vehicle sector, with a shift in investor focus expected from sentiment-driven to tangible progress in orders, capacity release, and technological breakthroughs in 2026 [24].