人形机器人量产加速，持续关注产业链进展

Investment Rating - The industry investment rating is "Overweight" [3][17]. Core Views - The humanoid robot production is accelerating, with significant developments in the supply chain [3]. - The global cumulative demand for humanoid robots is expected to reach approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [4]. - The report highlights the importance of various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, with specific recommendations for leading companies in each area [4][14][15]. Summary by Relevant Sections Humanoid Robots - Recent advancements include the launch of the Dobot Atom humanoid robot by Yujian Technology, priced from 199,000 yuan, aimed at various industrial applications [4][8]. - The ADC (Adversarial Data Collection) method proposed by Zhiyuan Robotics enhances data collection efficiency, achieving model performance 2.7 times better than traditional methods using only 20% of the data [9]. Photovoltaic Equipment - The penetration rate of N-type technology is accelerating, strengthening the competitive edge of leading companies [14]. - The overall price center of the photovoltaic industry is declining, with a focus on cost reduction and efficiency improvements [14]. Energy Storage - Favorable policies are driving the development of energy storage on both generation and user sides, with significant growth expected in the sector [14]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a growing share from mainland China, although the domestic production rate remains low [15]. Automation - The market for industrial consumables, particularly tools, is expected to grow from 40 billion yuan to 55.7 billion yuan by 2026, benefiting from increased concentration and import substitution [15]. Hydrogen Energy - Green hydrogen aligns with carbon neutrality goals, with rapid development in photovoltaic and wind energy laying the foundation for hydrogen production [14].