AVIC Securities·2025-06-03 09:19Investment Rating - The industry investment rating is "Overweight" [3][32]. Core Viewpoints - The humanoid robot industry is entering a critical breakthrough phase, with a projected global cumulative demand of approximately 2 million units by 2030, indicating a clear upward trend in the industry [6][26]. - The report emphasizes the importance of focusing on leading companies in the humanoid robot supply chain, including those involved in key components such as sensors, integrated joints, controllers, and electronic skin [21][26]. - The solar equipment sector is experiencing accelerated penetration of N-type technology, enhancing the competitiveness of leading companies [27]. - The energy storage sector is expected to benefit from favorable policies, driving growth in battery, inverter, and integration segments [27]. - The semiconductor equipment market is projected to reach $140 billion by 2030, with an increasing share from mainland China, highlighting the potential for rapid domestic substitution [27]. - The automation market is expected to grow from approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [27]. - The hydrogen energy sector is gaining traction, with green hydrogen aligning with carbon neutrality goals, supported by the rapid development of solar and wind energy [27]. Summary by Relevant Sections Humanoid Robots - The 2025 International Humanoid Robot Skills Competition showcased the capabilities of humanoid robots in various challenging scenarios, emphasizing their practical problem-solving abilities [7][20]. - Key components and technologies in humanoid robots are being innovated, with significant advancements in sensors, integrated joints, and control systems [21][26]. Solar Equipment - The report highlights the increasing N-type penetration and the competitive advantages of leading companies in the solar equipment sector [27]. Energy Storage - The energy storage market is poised for growth due to supportive policies and increasing demand from both generation and user sides [27]. Semiconductor Equipment - The semiconductor equipment market is expected to double in the next decade, with a focus on domestic substitution and technological advancements [28]. Automation - The automation market is projected to grow significantly, with a focus on improving efficiency and reducing costs through technological innovations [28]. Hydrogen Energy - The report identifies green hydrogen as a key area for investment, driven by the alignment with carbon neutrality and advancements in renewable energy technologies [27].