TENCENT(HK:00700) Wanlian Securities·2025-05-16 06:48Investment Rating - The industry investment rating is "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [10]. Core Insights - The collaboration between Huawei and UBTECH, as well as Tencent Cloud and WeJiang Technology, marks a new phase in the technological synergy and application of humanoid robots in China. This partnership aims to accelerate innovation in embodied intelligence and its application across various scenarios [4]. - The partnerships are expected to drive demand growth for upstream core components and midstream manufacturing enterprises, leading to an explosion in downstream applications such as smart factory renovations and household service robots [4]. - The humanoid robot industry is at a critical juncture for technological breakthroughs and commercialization, supported by policy backing, an increasing number of entrants, and the empowerment of AI large models [4]. Summary by Sections Collaboration Agreements - Huawei and UBTECH signed a comprehensive cooperation agreement focusing on embodied intelligence and humanoid robots, leveraging Huawei's AI chips and cloud technology alongside UBTECH's full-stack humanoid robot technology to establish an innovation center [2]. - Tencent Cloud and WeJiang Technology signed a strategic cooperation agreement to enhance humanoid robot technology development and application, utilizing Tencent's cloud capabilities and WeJiang's production experience to lower hardware costs and accelerate industrialization [3]. Market Outlook - The humanoid robot industry is expected to see significant commercialization and mass production by 2025, with a focus on overcoming cost barriers that currently limit widespread adoption [9]. - The partnerships are anticipated to enhance the global competitiveness of Chinese companies in the humanoid robot sector, with Shenzhen emerging as a core hub for the industry [4]. Production and Delivery Goals - UBTECH plans to produce 1,000 units of its Walker series robots by 2025, with hundreds expected to be delivered, aiming for thousands of units by 2026 [2]. - WeJiang Technology has already served over 80 Fortune 500 companies, indicating a strong market presence and experience in scaling production [3].