2025年人形机器人行业投资策略报告：量产元年，曙光将现

Investment Rating - The report maintains an "Outperform" rating for the humanoid robot industry [7]. Core Insights - 2024 is expected to be a year of accelerated development for humanoid robots, with 2025 marking the potential for commercial mass production. Major international players are gradually ramping up production, while domestic heavyweights are emerging, indicating a competitive landscape. The continuous investment from tech giants like Tesla, OpenAI, and Huawei, along with advancements in AI models, suggests a promising future for mass application and commercialization of humanoid robots [4][19]. Supply Side Summary - International giants are making progress in mass production, with Tesla planning to start small-scale production of its humanoid robot Optimus in 2025, aiming for external sales by 2026. Other companies like Figure AI and Agility Robotics are also advancing their humanoid robot prototypes, showcasing significant technological improvements and applications in various sectors [4][48]. - Domestic players such as Huawei, UBTECH, and Unitree are rapidly entering the humanoid robot market, each offering unique products and accelerating their production timelines. The supply side of the humanoid robot industry is experiencing rapid growth, with a diverse range of products being developed [4][54][56]. Demand Side Summary - The global aging trend is intensifying, leading to a tightening labor market and increasing demand for robots to replace human labor. The aging population opens up market opportunities for service robots, particularly in elder care, making "robots + elder care" a viable solution [6][61]. Policy Environment Summary - Since 2023, various national and local policies have been introduced to support the development of the humanoid robot industry. The "Guiding Opinions on the Innovative Development of Humanoid Robots" highlights the potential of humanoid robots to become disruptive products, reshaping production and lifestyle [18][87]. Investment Recommendations - The report suggests focusing on high-quality companies that are likely to benefit from the future large-scale application of humanoid robots, as the market is expected to transition from B2B to B2C, driven by increasing demand and decreasing costs [19][105].