人形机器人产业周报：人形机器人首批国家标准立项，多公司开展股份回购-20250412

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30]. Core Insights - The humanoid robot concept index experienced a decline of 6.94% from April 6 to April 11, 2025, underperforming the CSI 300 index by 4.07 percentage points. However, year-to-date, the humanoid robot index has increased by 23.53%, outperforming the CSI 300 index by 25.35 percentage points [2][11]. - The first batch of national standards for humanoid robots has been officially established, focusing on technical requirements such as dexterous operation, leg movement, dual-arm operation, and multi-machine collaboration [3][19]. - Despite a recent collective pullback in the humanoid robot industry due to global tariff increases, the long-term growth trend remains positive, with key components like linear and rotary joints stabilizing and cost reduction progressing as expected [5]. Weekly Market Review - From April 6 to April 11, 2025, the humanoid robot concept index fell by 6.94%, while the year-to-date performance shows a rise of 23.53% [11]. - The report highlights significant developments in the policy sector, including the establishment of national standards for humanoid robots and a symposium on embodied intelligence in Shenzhen [3][19]. - In terms of product technology, Fourier has launched its first open-source humanoid robot, and there are plans for a robot boxing live stream by Yushu Technology [3][23]. Key Company Announcements - Junpu Intelligent and Zhiyuan Robotics have established a joint venture with an expected annual production capacity of 1,000 units [4][25]. - Sanhua Intelligent has repurchased 1.5068 million shares at a cost of approximately 35.97 million yuan [4][26]. - Silver Wheel's chairman proposed a share buyback plan with a total amount not less than 50 million yuan [4][27]. Investment Opportunities - The report suggests focusing on companies such as Fengli Intelligent, Hanwei Technology, and Leisai Intelligent, which are expected to benefit from the ongoing development in the humanoid robot industry [5].