Minsheng Securities·2025-05-19 01:45Investment Rating - The report maintains a positive investment rating for the humanoid robot industry, indicating a shift from thematic investment to growth investment as the industry approaches a critical point of industrialization [6]. Core Insights - The humanoid robot sector is expected to enter a phase of mass production by 2025, driven by advancements in technology, significant investments from major tech companies, and supportive government policies [1][2]. - The report highlights three main drivers: technological upgrades through large models, cost reductions in production, and robust policy support from the government [2][3]. Summary by Sections 1. Introduction - The humanoid robot industry is at a pivotal point, transitioning from thematic to growth investment, with expectations of reaching mass production levels by 2025 [9][10]. 2. Industry Logic - The industry is experiencing a dual resonance from AI empowerment and the entry of major players, with large models enhancing the capabilities of humanoid robots [2][18]. - The report emphasizes the importance of large models in providing task-level interaction, environmental perception, and decision-making capabilities, which are crucial for the advancement of humanoid robots [18][43]. 3. Supply Dimension - Major global players like Tesla, Huawei, and Nvidia are forming a multi-dimensional resonance in the industry, with Tesla aiming to produce thousands of units by 2025 and potentially reaching millions by 2027 [3][45]. - The report notes that various startups and automotive manufacturers are also entering the humanoid robot space, leveraging existing supply chains to enhance production efficiency [3][46]. 4. Product Dimension - The report identifies high-value and high-barrier segments within the supply chain, such as six-dimensional force sensors and planetary roller screws, as key areas for investment [4][5]. - It highlights the importance of advanced sensing and actuation technologies in enhancing the performance and capabilities of humanoid robots [4][5]. 5. Investment Recommendations - The report suggests focusing on companies that are well-positioned within the supply chain, particularly those involved in the production of critical components for humanoid robots [5]. - It recommends monitoring the ongoing developments from major tech companies and startups, as well as the impact of government policies on the industry [5][44].