Changjiang Securities·2025-06-20 15:20Investment Rating - The report maintains a "Positive" investment rating for the humanoid robot industry [12]. Core Insights - The humanoid robot market is expected to see significant growth, with 2025 marking the year of mass production. The increasing aging population and rising labor costs will drive demand for humanoid robots across various applications. Domestic and international companies are rapidly iterating their software and hardware technologies, expanding application scenarios, and accelerating the commercialization of humanoid robots [4][10]. - The Chongqing region is well-positioned to develop a trillion-yuan automotive industry cluster, supported by policy initiatives, talent acquisition, and efficient resource conversion. The region's automotive ecosystem includes vehicle manufacturing, parts production, and innovation, with a focus on smart connected electric vehicles [7][35]. - The synergy between the automotive and robotics industries is strong, with humanoid robots expected to achieve economic viability in industrial and consumer scenarios between 2025-2035. The potential market size for humanoid robots could reach 200 billion yuan with a unit price of 200,000 yuan, and if sales reach 5 million units, the market could expand to 1 trillion yuan [8][10]. Summary by Sections Humanoid Robot Market Outlook - The humanoid robot market is projected to grow significantly, with mass production expected to begin in 2025. The demand for humanoid robots will continue to rise due to aging populations and increasing labor costs. The domestic supply chain is rapidly developing, with more manufacturers entering the market and new products being launched [4][10]. Chongqing Automotive Industry Cluster - Chongqing has the foundational elements to create a trillion-yuan automotive industry cluster, driven by policy support and a large consumer market. The region aims to produce over 1.3 million electric vehicles by 2025, positioning itself as a core growth area in the western region of China [7][35]. - The automotive industry in Chongqing is characterized by strong collaboration, with local companies expanding into robotics, enhancing the overall industry ecosystem [8][9]. Policy and Strategic Initiatives - The Chongqing government is actively promoting the development of the robotics industry through strategic policies and initiatives, including the establishment of application scenarios for humanoid robots. The region's industrial output for robotics is expected to exceed 37 billion yuan by 2024 [9][10]. - The report highlights the importance of government support in fostering innovation and collaboration within the automotive and robotics sectors, which is crucial for the successful development of these industries [20][21].