Swancor Advanced Materials (SH:688585) China Post Securities·2025-07-14 10:18Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The humanoid robot industry is experiencing a critical transition from technology validation to industrialization, characterized by global competition and ecological restructuring. The commercialization process is showing a resonance between domestic and international markets, with accelerated differentiation and integration of the industrial ecosystem [6][7] - The industry is in a key period for scaling applications, with breakthroughs in commercialization, cost optimization, and policy support creating a positive cycle. The industry is shifting from "policy dependence" to "innovation-driven" growth, despite facing technical bottlenecks and market differentiation challenges [6][7] Summary by Sections 1. Recent Market Review - The humanoid robot index rose by 0.86% during the week of July 7-11, 2025, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.82%. Year-to-date, the humanoid robot index has increased by 22.37% [4][13] - Notable stock performances include: Upward movements of 72.88% for Shangwei New Materials, 19.42% for Henggong Precision, and 13.73% for Rifa Precision [4][14] 2. Important Industry Dynamics 2.1 Industry Development - The completion of a 5,000-unit annual capacity smart collaborative robot base by Bost is highlighted, with a total investment of 480 million yuan [19] - Star Era secured 500 million yuan in Series A financing, accelerating the mass production of embodied intelligence [20] - The launch of the dual-mode robot Lingxi X2-N by Zhiyuan, capable of switching between wheeled and legged modes, showcases advancements in adaptability [21][22] 2.2 Policy News - The launch of the open-source motion control framework Tien Kung-Lab in Beijing aims to enhance the adaptability of humanoid robots in complex terrains [32] - The establishment of a joint laboratory between Hong Kong University of Science and Technology and BYD focuses on developing low-cost operational data collection solutions and training industrial-grade embodied intelligence models [33] 2.3 Supply Chain Dynamics & Company Announcements - Shangwei New Materials announced a significant acquisition plan to gain control over the company, marking a notable event in the embodied intelligence sector [35] - Several companies, including Shengshi Technology and Blue Dai Technology, made announcements regarding asset acquisitions and share transfers, indicating active movements within the industry [35]