机器人行业跟踪报告：10月工业机器人产量同比增速再度提升，服务机器人产量同比由正转负

Investment Rating - The industry investment rating is "Outperform the Market" [6][31]. Core Insights - In October 2024, China's industrial robot production increased by 33.4% year-on-year, reaching 50,916 units, with a cumulative production of 465,684 units from January to October, reflecting a growth trend [3][21]. - The service robot production in October 2024 saw a year-on-year decline of 12.8%, totaling 870,900 units, while the cumulative production for the first ten months of 2024 grew by 18% [4][23]. - The report highlights the robust recovery of the industrial economy in China, with a 5.3% year-on-year growth in industrial added value in October 2024, indicating strong economic resilience and potential [2][15]. Summary by Sections 1. Industrial Robots - China's industrial output is steadily recovering, with a 5.3% year-on-year growth in industrial added value in October 2024, slightly down from the previous month [15]. - The production of industrial robots in October 2024 was 50,916 units, marking a 33.4% increase year-on-year, and a cumulative production of 465,684 units from January to October, which is a 13.3% increase [3][21]. 2. Service Robots - In October 2024, service robot production was 870,900 units, a decrease of 12.8% year-on-year, while the cumulative production for the first ten months was 8,711,900 units, reflecting an 18% growth [4][23]. - The service robot industry is rapidly evolving, with advancements in technology leading to improved performance and quality, expanding application scenarios from simple household tasks to complex medical procedures [25]. 3. Investment Recommendations - The report suggests that the Chinese robotics industry is in a historical opportunity phase, driven by recovering domestic and international demand, continuous policy support, and improving product performance. It recommends focusing on potential core targets within the robotics supply chain and those with strong safety margins [27].