自动化设备行业：宇树H1登上2025年春晚，人形机器人行业步入蓬勃发展新阶段

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - The humanoid robot industry is entering a vigorous development phase, with multiple domestic companies preparing for mass production in 2025, indicating an acceleration in commercialization [5][9] - Recent performances of humanoid robots in public events, such as the Spring Festival Gala, demonstrate their commercial capabilities and artistic integration [5][6] - Significant advancements in humanoid robot technology have been reported, including improved mobility and enhanced features, which are crucial for commercial applications [7][9] Summary by Relevant Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 24.2% compared to the CSI 300 index, with an absolute return of 43.55% [3] Investment Highlights - The report emphasizes the rapid advancements in humanoid robot technology, with companies like Yushun and Leju showcasing their products in public settings, indicating readiness for commercial deployment [7][9] - Tesla's announcement of the Optimus mass production plan and Figure AI's new client acquisition highlight the growing interest and investment in humanoid robotics [7][9] - The emergence of new startups and government-supported projects is expected to accelerate the commercialization of humanoid robots in China [7][9] Recommendations - The report suggests focusing on various components of the humanoid robot supply chain, including reducers, motors, sensors, lead screws, and main bodies, as potential investment opportunities [9]