Guohai Securities·2025-07-12 13:13Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The humanoid robot industry is expected to open up broader market opportunities beyond the automotive sector, with significant investment opportunities emerging as the industry transitions from "0 to 1" [16] - Recent developments include the acquisition of a controlling stake in Shangwei New Materials by Zhiyuan Robotics and the release of the Grok4 model by xAI, indicating rapid advancements in humanoid robotics [16] - The report emphasizes the importance of product iteration and business collaboration within the humanoid robotics supply chain, aiming for large-scale production and commercialization [16] Summary by Sections Industry Performance - The electric equipment sector has shown a performance increase of 27.8% over the past 12 months, outperforming the CSI 300 index, which increased by 15.8% [4] Recent Events - xAI released the Grok4 model, which demonstrated remarkable performance improvements over its predecessor Grok2, with training time increased by 100 times [5] - BYD and Hong Kong University of Science and Technology established a joint laboratory focusing on robotics and intelligent manufacturing [6] - Star Motion Era completed nearly 500 million yuan in Series A financing to enhance humanoid robot technology development [7] - Xiaomi's team secured over 100 million yuan in financing for their general-purpose robotic brain project [8] - Cloud Deep announced nearly 500 million yuan in financing aimed at expanding production lines for quadruped robots and humanoid robot technology [9] - The successful IPO of Geekplus on the Hong Kong Stock Exchange marked it as the world's first AMR warehouse robot company [10] Key Companies to Watch - Companies with core component expertise and active involvement in humanoid robotics include Sanhua Intelligent Controls, Top Group, Zhongjian Technology, Best, Zhenyu Technology, and others [16]