投资者：产品必须围绕场景落地 三条技术路线并行竞速，各有瓶颈

Core Viewpoint - The humanoid robot industry is shifting focus from entertainment to practical applications, with a significant increase in production expected in the coming years, driven by the need for robots to demonstrate real-world value rather than just perform on stage [1][3][4]. Industry Trends - The humanoid robot market is projected to see a shipment increase of over 650% in 2025, reaching approximately 18,000 units, and is expected to rise to 62,500 units in 2026 [3]. - The industry is moving past a phase of "wild growth," where mere performance was sufficient for sales, to a more mature phase where practical applications and real-world scenarios are essential for success [4][14]. Technology Development - Three main technical routes are emerging in the humanoid robot sector: VLA (Visual Language Action) model, world model, and layered decision-making with hardware-software collaboration, each with distinct advantages and challenges [7][9][10]. - The VLA model aims for general intelligence, relying on vast data for training, while the world model focuses on simulating physical environments to predict actions [9][10]. - The layered decision-making approach breaks down complex tasks into manageable components, enhancing reliability and efficiency in real-world applications [9][10]. Market Demand - There is a growing demand for robots that can operate in specific scenarios, such as factories and logistics, where they can perform tasks like assembly and packaging, thus providing tangible economic value [13][14]. - Users are increasingly looking for robots that can reduce production costs and alleviate humans from repetitive or hazardous tasks, indicating a shift towards practical applications [13][14]. Investment Focus - Investors are prioritizing companies that can demonstrate viable application scenarios and tangible products, moving away from those that lack a clear path to market [4][5]. - The consensus among investors is that companies must integrate their technology with real-world applications to avoid being sidelined in a competitive landscape [4][5]. Future Outlook - The next 3 to 5 years are critical for the practical deployment of humanoid robots, with expectations that they will increasingly complement human labor rather than replace it [13][19]. - The industry is expected to see rapid technological advancements, with a focus on improving the stability and reliability of robots in various operational environments [18][19].