宇树人形机器人京东首发，Figure即将迎来重大更新

Investment Rating - The report maintains an "Outperform" rating for the robotics industry as of February 16, 2025 [1]. Core Insights - The robotics index outperformed the market, with the China Securities Robotics Index declining by 0.5%, underperforming the Shanghai Composite Index by 1.8 percentage points and the CSI 300 Index by 1.7 percentage points [6]. - The launch of humanoid robots H1 and G1 by Yushutech on JD.com is significant, with G1 priced at 99,000 yuan and H1 at 650,000 yuan, indicating a shift towards consumer accessibility [6][14]. - The G1's pricing strategy is expected to accelerate market penetration and challenge the notion that humanoid robots must first establish a presence in the B2B sector [15]. - The report highlights the potential for other manufacturers to replicate Yushutech's efficient commercialization model, suggesting a rapid scaling and commercialization of the humanoid robotics industry by 2025 [15]. - The "catfish effect" is anticipated to drive cost reductions and efficiency improvements among manufacturers, creating new opportunities for domestic component suppliers [15]. Summary by Sections Market Review - The robotics index showed a decline of 0.5% during the week of February 10-16, 2025, underperforming major indices [11]. - The report notes significant developments in humanoid robotics, including the shipment of Figure-02 robots and the introduction of Yushutech's products [6][14]. Industry Dynamics - Apple is accelerating its home robotics project, increasing recruitment for related positions, indicating a strategic push towards smarter home devices [16]. - The Chongqing Municipal Economic and Information Commission announced the first batch of "challenge-based" projects in embodied intelligent robotics, highlighting government support for innovation in the sector [18]. Financing Dynamics - Apptronik secured $350 million in Series A funding, with participation from Google, aimed at scaling its Apollo humanoid robots [21]. - Sijuan Harmonic Drive completed a Series A financing round exceeding 300 million yuan, intended for capacity expansion and automation improvements [21].