KAIYUAN SECURITIES·2025-08-04 07:52Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased over 150 humanoid robots, emphasizing the integration of AI with the real economy, with embodied intelligence as a core theme [4][14] - The domestic embodied intelligence sector has seen a significant increase in financing, with over 200 billion yuan raised in the first half of 2025, indicating a robust growth trajectory [32][35] - The report identifies ten key application scenarios for humanoid robots, including logistics sorting, elderly care, inspection, guidance, family companionship, education, medical care, automotive factories, electronics factories, and entertainment, with logistics, health, inspection, and education being the primary focus areas [60][62] Summary by Sections 1. Industry Overview - The WAIC 2025 highlighted the transition of humanoid robots from static displays to dynamic task execution, marking a significant milestone in the industry [14][28] - The conference emphasized the need for AI to empower new industrialization, with the Ministry of Industry and Information Technology (MIIT) announcing initiatives to enhance data quality and facilitate enterprise collaboration [4][28] 2. Market Dynamics - The primary market is witnessing a surge in financing for domestic embodied intelligence companies, characterized by a "scale increase and hardware-software layout" [5][32] - The secondary market is seeing accelerated capital actions from leading companies, driving the entire industry chain's collaborative development [36] 3. Application Scenarios - The report anticipates a rapid acceleration in the deployment of humanoid robots across various application scenarios, with logistics expected to lead the way [41][60] - Specific companies are highlighted as beneficiaries in different application areas, such as logistics (e.g., Zhongyou Technology, DeMa Technology) and elderly care (e.g., Sanhui Electric, Songlin Technology) [62] 4. Key Investment Targets - Recommended investment targets include companies focused on application scenarios and core components, such as Huaron Co., Ltd. and Boshi Co., Ltd. for application scenarios, and Top Group and Zhongding Co., Ltd. for core components [7][61] - The report emphasizes the importance of a stable supply chain for humanoid robots, particularly in components like motors, reducers, sensors, and lightweight materials [63][70]