先进制造行业周报：从WAIC2025看具身智能：商业化落地进入快车道-20250804

Investment Rating - The industry investment rating is "Overweight" [3][23]. Core Insights - The report highlights a significant acceleration in the commercialization of humanoid robots, particularly in industrial automation and healthcare, with multiple successful case studies demonstrating real commercial value [9][10]. - The humanoid robot industry is expected to see a cumulative global demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][19]. - Key trends identified include the shift from demonstration to practical application, technological breakthroughs in motion control and dexterous hands, and a clear industry direction towards embodied intelligence and multi-scenario penetration over the next 3-5 years [9][18]. Summary by Sections Humanoid Robots - The report emphasizes the importance of tracking the humanoid robot sector, noting that the number of robot manufacturers has doubled, and there is an increase in core component suppliers [5][9]. - Key players in the humanoid robot supply chain include Tier 1 suppliers and core component manufacturers such as Sanhua Electric, Zhejiang Rongtai, and Beite Technology [6][19]. Photovoltaic Equipment - The report indicates that the penetration rate of N-type photovoltaic technology is accelerating, enhancing the competitiveness of leading companies [20]. - It suggests focusing on companies like Maiwei and Jiejia Weichuang, which have strong technological innovation and customer bases [20]. Energy Storage - The energy storage sector is poised for growth due to favorable policies and increasing demand from both generation and user sides [20]. - Companies like Xingyun and Kexin New Energy are highlighted as key players benefiting from this trend [20]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a growing share from mainland China, although the domestic production rate remains low [21]. - The report recommends focusing on companies like Zhongwei and Beifang Huachuang, which are positioned for rapid breakthroughs in domestic substitution [21]. Automation - The automation market, particularly in industrial consumables, is expected to grow from approximately 40 billion to 55.7 billion by 2026, with leading companies benefiting from increased concentration and import substitution [21]. - Key companies to watch include Huarui Precision and Oke Yi [21]. Hydrogen Energy - The report notes that green hydrogen aligns with carbon neutrality goals, with rapid developments in photovoltaic and wind energy supporting hydrogen production [20]. - Companies with integrated advantages in the green hydrogen supply chain, such as Longi Green Energy and Yihua Tong, are recommended for investment [20]. Engineering Machinery - The report suggests focusing on leading companies in the engineering machinery sector, emphasizing the strength of established players [21]. - Recommended companies include Sany Heavy Industry and Zoomlion [21].