Nvidia(US:NVDA) Minsheng Securities·2025-05-31 07:20Investment Rating - The report maintains a positive investment outlook on the humanoid robotics industry, particularly focusing on NVIDIA's comprehensive solutions and ecosystem development [5]. Core Insights - NVIDIA is strategically developing platforms and tools to create a foundational development ecosystem for humanoid robots, emphasizing the importance of a robust AI-driven infrastructure [10][17]. - The introduction of the GR00T model, which serves as the "brain" of humanoid robots, is a significant advancement, enabling natural language interaction and complex task execution [4][12]. - The report highlights the collaboration between NVIDIA and various robotics companies, indicating a growing ecosystem that is expected to accelerate industry evolution [5][32]. Summary by Sections 1. Introduction - The report provides an in-depth analysis of NVIDIA's humanoid robotics business, detailing its historical development and ecosystem building efforts [10]. 2. Humanoid Robotics Ecosystem - NVIDIA has focused on creating a foundational development ecosystem since 2014, targeting general computing power, development platforms, and large models [17]. - The company emphasizes a three-computer solution framework, which includes DGX, AGX, and Omniverse with Cosmos, to form a complete system from training to execution [27][28]. 3. Three-Computer Solution - The three-computer solution is essential for developing humanoid robots, integrating training, optimization, and execution processes [31]. - Each component of the solution plays a critical role: DGX for AI training, AGX for edge computing, and Omniverse for simulation and data generation [31][32]. 4. Isaac Lab Platform - The Isaac Lab platform accelerates AI robot development by transforming human demonstrations into millions of synthetic actions, providing key technological support [11][81]. - It includes various components such as Isaac ROS, which acts as the "Android system" for robots, and pre-trained AI models for specific applications [84][90]. 5. GR00T Model - The GR00T model, launched in March 2025, features a dual-system architecture for rapid and slow thinking, enhancing the robot's ability to perceive and interact with its environment [4][12]. - The model is supported by NVIDIA's software and hardware, integrating language, vision, and motion control for end-to-end task execution [4][12]. 6. Ecosystem Development - NVIDIA is building a strong ecosystem with multiple robots equipped with the GR00T model, collaborating with various manufacturers to establish a comprehensive supply chain [4][5]. - The report identifies key automotive parts companies as potential investment opportunities due to their strong customer positioning and production capabilities [5].