Tesla(US:TSLA) CHINA DRAGON SECURITIES·2025-07-28 09:28Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry [2][32]. Core Insights - The humanoid robot sector is experiencing significant product launches and events, such as the World Artificial Intelligence Conference (WAIC), which is expected to catalyze growth in the industry [32]. - The report emphasizes the importance of tracking the production progress of Tesla's Optimus and developments from domestic companies like Huawei and Yushu Chain to capitalize on the industry's expansion in 2025 [32]. Summary by Sections Market Review - From July 21 to July 25, 2025, the humanoid robot index increased by 2.13%, outperforming the Shanghai Composite Index, which rose by 1.67% [5][12]. - Notable individual stock performances included North Rare Earth (+16.05%) and Changsheng Bearing (+15.33%) [14]. Industry Dynamics - Yushu Technology launched its bipedal humanoid robot R1, priced starting at 39,900 yuan, featuring 26 joints and advanced motion capabilities [5][18]. - The WAIC showcased over 150 humanoid robots, marking the highest participation in its history, with various companies demonstrating applications in retail, industrial, logistics, and urban services [21][22]. - Tesla's Optimus robot began service in a restaurant, generating $47,000 in revenue within six hours, indicating strong market interest [24][25]. Company Developments - ByteDance introduced the GR-3 VLA model and the ByteMini robot, designed for household tasks with advanced capabilities [25]. - UBTECH launched the Walker S2, an industrial humanoid robot, featuring innovative technologies for autonomous operations [27][30]. Investment Recommendations - The report suggests focusing on companies with high certainty and incremental technology, particularly those linked to Tesla, Yushu, and Huawei [32]. - Key stocks to watch include those in the Tesla chain (e.g., Sanhua Intelligent Control, Top Group) and Yushu chain (e.g., Changsheng Bearing, Mannesmann) [32][33].