人形机器人行业专题研究周报：整机、零部件、应用场景，车企多环节布局机器人赛道-20250414

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry [2][29] Core Insights - The humanoid robot industry is experiencing a multi-faceted entry from automotive companies, leveraging their large-scale standardized manufacturing experience and convenient application scenarios to accelerate mass production [29] - Recent collaborations, such as the strategic partnership between Great Wall Motors and Yushutech, aim to explore innovative scenarios like "off-road vehicles + robotic dogs," enhancing the integration of robotics in the automotive sector [20][29] - GAC Group has introduced new core components for humanoid robots, including an integrated joint product and a low-voltage servo driver, which are set to be industrialized by 2025 [21][29] Market Review - From April 7 to April 11, 2025, the humanoid robot index experienced a decline of 7.06%, while the Shanghai Composite Index fell by 3.11% [14][16] - Notable stock movements during this period included North Rare Earth (+7.99%) and Shilin Co. (+6.35%) among the top gainers, while Hongxun Technology (-16.98%) and Stone Technology (-15.59%) were among the biggest losers [16][19] Industry Dynamics - The partnership between Great Wall Motors and Yushutech focuses on the integration of robotics technology into the automotive industry, aiming to create a comprehensive ecosystem of "smart cars + smart robots" [20][29] - GAC Group's new products are designed to meet the full range of operational needs in humanoid robots, from precision tasks to high-load movements, with plans for mass production by 2026 [21][29] - Fourier has launched its first open-source humanoid robot, Fourier N1, aimed at providing a platform for global developers in robotics and embodied intelligence [24][29] Investment Recommendations - Investors are advised to focus on companies with high certainty and incremental technology, closely monitoring Tesla's Optimus production progress and developments from domestic players like Huawei and Yushutech [29][30] - Specific stocks to watch include those in the Tesla supply chain, such as Sanhua Intelligent Controls and Top Group, as well as companies linked to Yushutech and Huawei [29][30]