机器人行业研究：龙头公司加速入局，产业robo+趋势加速

Investment Rating - The report maintains a "Buy" rating for the industry, expecting significant growth in the next 3-6 months, exceeding the market by over 15% [1]. Core Insights - The Robo+ trend is identified as the strongest industrial trend in the automotive sector, with major players like BYD and Huawei entering the humanoid robot market. The overlap between automotive and robotics supply chains is expected to accelerate the industrialization of humanoid robots [1][4]. - Government policies are actively supporting the development of humanoid robots, with initiatives from regions like Anhui and Chongqing, aiming for significant technological advancements by 2027 [1][65]. - The domestic supply chain is anticipated to resonate with Tesla's operations, creating a globally competitive supply chain in humanoid robotics [1]. - The report emphasizes the importance of volume in the humanoid robot sector, predicting 2025 as the commercialization year and 2027 for large-scale commercialization in general scenarios [4][102]. Summary by Sections Market Review - From November to now, Huawei's supply chain has seen the largest increase, with the main body of humanoid robots rising by 95%, followed by other components like reducers and sensors [2][49]. Industry Tracking - Key events include BYD's entry into embodied intelligence, the establishment of Huawei's global innovation center, and the release of new humanoid robots by companies like Xiaopeng and Tesla [3][58][60]. - The report highlights the rapid advancements in humanoid robot capabilities, such as improved dexterity and operational efficiency [61][62]. Investment Recommendations - The report suggests focusing on high ASP (Average Selling Price) and high barrier segments like dexterous hands, screws, and reducers. Recommended stocks include Sanhua Intelligent Control and Top Group, with additional attention to companies like Best and Weizhu New Spring [4][102].