Southwest Securities·2025-05-05 15:25Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1]. Core Insights - The robotics index outperformed the market, with the CSI Robotics Index rising by 2.8%, surpassing the Shanghai Composite Index and the CSI 300 Index by 3.3 percentage points [6][14]. - Significant developments in the robotics sector include Xi Jinping's visit to Shanghai, emphasizing the city's role in building an international technology innovation center [18]. - The first "Embodied Intelligence Robot Games" was held in Wuxi, showcasing advancements in embodied intelligence technology with participation from over 130 leading robotics companies and research institutions [20]. - Companies like Lingyi Intelligent Manufacturing and PAXINI Tech are making strides in humanoid and embodied robotics, with strategic investments and partnerships enhancing their capabilities [24][27]. - The report highlights the global delivery of 220 units of the Chery Moja humanoid robot, which is set to transform the automotive sales industry [31]. - New product launches, such as the Starwalker® P01 and the AI-powered exoskeleton "Tashan," demonstrate innovation in the robotics field [33][38]. Summary by Sections Market Review - The robotics index showed strong performance, with a 2.8% increase during the week of April 28 to May 4, outperforming major indices [14]. Industry Dynamics - Xi Jinping's visit to Shanghai highlighted the importance of technological innovation and the role of robotics in national strategy [18]. - The "Embodied Intelligence Robot Games" showcased various competitions and applications, reflecting the industry's technological advancements [20]. - Lingyi Intelligent Manufacturing is establishing production lines for humanoid robots, indicating a strategic focus on flexible manufacturing [24]. - PAXINI Tech received significant investment from BYD, enhancing its capabilities in tactile sensing technology [27]. - The Chery Moja robot's delivery marks a significant step in integrating robotics into customer service in the automotive sector [31]. - The launch of the Starwalker® P01 and the AI exoskeleton "Tashan" illustrates ongoing innovation in the robotics market [33][38].