人形机器人行业周报：智元成立灵犀事业部，特斯拉工厂招兵买马

Investment Rating - The report provides an investment rating of "Recommended" for the humanoid robot industry, marking its first coverage [4]. Core Insights - The humanoid robot industry is entering a "technological breakthrough → mass production cost reduction → scenario penetration" golden cycle, with upstream high-barrier component manufacturers and vertically integrated whole machine enterprises expected to benefit first [21][22]. - The humanoid robot index rose by 9.82% from February 5 to February 7, 2025, outperforming the Shanghai Composite Index and the CSI 300 Index [4][10]. Industry Dynamics - The establishment of the Lingxi division by Zhiyuan Robotics in Shenzhen is underway, with recruitment for key positions ongoing [5][12]. - Tesla is accelerating the mass production of its Optimus humanoid robot at its Fremont factory, with a production target of 10,000 units in 2025 and a forecasted price drop to $20,000 when annual production reaches 1 million units [5][15]. - Figure, a notable player in the humanoid robot sector, has terminated its collaboration with OpenAI, claiming significant breakthroughs in end-to-end AI development independently [5][17]. Investment Recommendations - Investors are advised to focus on two main lines: "high certainty + incremental technology," closely monitoring Tesla's Optimus production progress and domestic supply chain developments [21][22]. - Specific stocks to watch include: - Tesla Supply Chain: Sanhua Intelligent Control (002050.SZ), Top Group (601689.SH), Fengcai Technology (688279.SH), and others [21][22]. - Yushul Chain: Changsheng Bearing (300718.SZ), Manster (301325.SZ), and others [21][22]. - Huawei Chain: Zhaowei Electromechanical (003021.SZ), Zhongjian Technology (002779.SZ), and others [21][22]. - Zhiyuan Chain: Wolong Electric Drive (600580.SH), Lens Technology (300433.SZ), and others [21][22].