人形机器人：巨头竞逐，量产破晓

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The humanoid robot industry is entering a significant production phase in 2025, with major companies like Tesla, Figure, NVIDIA, and Yushui making substantial progress in their production plans and software advancements [6][18] - The global cumulative demand for humanoid robots is expected to reach approximately 2 million units by 2030, indicating a clear upward trend in the industry [6] - Key recommended stocks include Beite Technology, Zhaowei Electromechanical, and Sanhua Intelligent Control, among others, which are positioned well within the humanoid robot supply chain [4][6] Summary by Sections Humanoid Robots - Tesla is set to manufacture thousands of Optimus robots for internal use in 2025, with a production target of 500,000 to 1 million units by 2027 [10] - Figure has announced significant updates in its AI capabilities and plans to deliver 100,000 humanoid robots over the next four years [14] - NVIDIA's collaboration with CMU has led to advancements in robot motion capabilities, enhancing flexibility and coordination [14] Key Industry Trends - The photovoltaic equipment sector is seeing accelerated penetration of N-type technology, strengthening the competitive edge of leading companies [19] - Energy storage is becoming essential for new grid construction, with favorable policies boosting the industry's outlook [19] - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives [21] Automation and Other Sectors - The automation market is expected to grow from approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [21] - The hydrogen energy sector is gaining traction with the rapid development of photovoltaic and wind energy, highlighting the importance of integrated supply chains [21] - The engineering machinery sector remains strong, with recommendations to focus on leading companies with product and cost advantages [21]