人形机器人月报：大模型驱动具身智能加速落地，灵巧手新变化孕育新机会

Investment Rating - The industry investment rating is "Overweight" [3] Core Viewpoints - The humanoid robot index increased by 39% in January-February 2025, with significant gains in the dexterous hand, reducer, and sensor sectors, which rose by 64.33%, 64.03%, and 60.98% respectively [4][6] - Policies related to embodied intelligence are being intensively released, with plans to cultivate a trillion-level industry by 2027, indicating that embodied intelligence could become a new engine for economic growth [4][16] - 2025 is expected to be the year of large-scale production for humanoid robots, with major manufacturers like Yushu, Figure, and 1X achieving significant progress [4][18] Summary by Sections 1. Market Review - The humanoid robot index saw a cumulative increase of 39% in January-February 2025, driven by continuous catalysts such as Tesla's announcement of a production plan for 1 million units of Optimus by 2027 [6][14] 2. Recent Industry Developments - Policy Initiatives: Various policies have been introduced to support the development of embodied intelligence, including action plans from Guangdong, Beijing, and Shenzhen, aiming for a trillion-level industry by 2027 [16] - Machine Development: Companies like Figure and Yushu are making strides in humanoid robot production, with significant advancements in their models and capabilities [18][21] - Software Innovations: The introduction of the Helix VLA model by Figure represents a significant advancement in visual-language-action integration for humanoid robots [23] - Hardware Improvements: The third generation of dexterous hands has shown significant enhancements in flexibility and precision, with Tesla's new design featuring 17 actuators and 22 degrees of freedom [29][28] 3. Investment Recommendations - The report suggests focusing on leading companies in the humanoid robot supply chain, including those associated with Tesla, Huawei, and Yushu, as the industry enters a phase of rapid development and innovation [45]