TENCENT(HK:00700) Wanlian Securities·2025-05-16 13:32Investment 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 [8]. Core Insights - The strategic cooperation agreements between Huawei and Ubtech, as well as Tencent Cloud and Veikong Technology, signify a new phase in technological collaboration and application in the field of embodied intelligence and humanoid robots in China [4]. - The partnerships aim to leverage AI chips, cloud computing, and advanced robotics technologies to enhance the capabilities of humanoid robots, focusing on multi-modal perception, mixed decision-making, and swarm intelligence [2][3]. - The expected commercialization of humanoid robots is projected to begin in 2025, with significant advancements anticipated in reducing costs and improving technology, which will facilitate large-scale applications across various sectors [7]. Summary by Sections Strategic Partnerships - Huawei and Ubtech signed a comprehensive cooperation agreement to develop embodied intelligence and humanoid robots, establishing an innovation center focused on cutting-edge technologies [2]. - Tencent Cloud and Veikong Technology's collaboration aims to enhance humanoid robot capabilities through cloud-based solutions and edge devices, targeting industrial manufacturing, commercial services, and education [3]. Market Potential - The humanoid robot industry is at a critical juncture for technological breakthroughs and commercialization, with increasing policy support and a growing number of entrants in the market [4]. - The partnerships are expected to drive demand growth for upstream core components and midstream manufacturing enterprises, leading to a surge in applications for smart factories and household service robots [4]. Future Outlook - Shenzhen is positioned as a global hub for the humanoid robot industry, benefiting from policy support, capital investment, and technological innovation, which are accelerating the industry's development towards industrial intelligence and household services [4]. - The anticipated reduction in costs and maturation of technology will likely enable broader commercial applications of humanoid robots in the future [4].