Soochow Securities·2025-07-09 14:40Group 1: Human-shaped Robots - The global human-shaped robot market is entering a mass production phase, with significant attention on supply chain adjustments and incremental changes in components [2][6][12] - Tesla aims to produce 5,000 to 10,000 units of its humanoid robot in 2025, with production schedules affected by trade tensions and personnel changes [2][9] - Domestic companies like Yuzhu, Zhiyuan, and Ubtech are leading in mass production, while automotive firms such as Xiaopeng and Xiaomi are preparing for official product launches [2][9][10] Group 2: AIDC (Artificial Intelligence Data Center) - The overseas supply chain continues to deliver high profitability, with Nvidia exceeding expectations and domestic cloud vendors increasing CAPEX investments [2][4] - New computing cards are expected to accelerate investment rhythms, with upcoming models like DeepseekR2 anticipated to drive long-term demand [2][4] - Domestic power supply upgrades are projected to enhance profit margins for related companies, with a focus on HVDC penetration rates [2][4] Group 3: Industrial Control - Domestic demand for industrial control has shown signs of recovery, with a year-on-year increase in H1, particularly in logistics, packaging, and engineering machinery sectors [2][4] - The overall demand for industrial control is expected to grow by 0-3% for the year, with ongoing price competition among domestic manufacturers [2][4] - Key players in the market are focusing on humanoid components, with significant overseas expansion opportunities [2][4] Group 4: Power Grid - Domestic investment in the power grid is expected to grow by over 10% this year, with a focus on ultra-high voltage projects [2][4] - The approval pace for power grid projects is anticipated to accelerate in H2, with new electricity trading models emerging [2][4] - Overseas supply is returning to a growth phase, with demand from data centers and power grids driving market recovery [2][4] Group 5: Investment Recommendations - Recommended companies in the humanoid robot sector include Sanhua Intelligent Controls, Top Group, and others, with a focus on emerging players like Fengcai Technology and Lingyun Co [2][4] - AIDC recommendations include Megmeet, Heweike, and others, with attention on companies like Keda Data and Invec [2][4] - Industrial control recommendations feature Huichuan Technology, Hongfa Technology, and others, with a focus on Hechuan Technology and Zhengxian Electric [2][4] - Power grid recommendations include Siyi Electric, Samsung Medical, and others, with attention on Huaming Equipment and Weisheng Information [2][4]