WRC2025聚焦（2）：人形机器人临近“ChatGPT时刻”，模型架构成核心突破口

Investment Rating - The report indicates a positive outlook for the humanoid robotics industry, suggesting it is on the verge of a significant breakthrough, akin to a "ChatGPT moment" [1][10]. Core Insights - The humanoid robotics industry is expected to experience rapid growth driven by policy support and increasing demand, with domestic manufacturers projected to achieve average growth rates of 50-100% in the first half of 2025 [1][11]. - The main bottleneck in the industry is identified as the architecture of embodied intelligence AI models rather than hardware, with a shift towards video generation models being highlighted as a more promising approach [1][4][14]. - Investment opportunities are identified across hardware, software, and infrastructure sectors, particularly focusing on actuator and sensor manufacturers, AI companies with video generation capabilities, and distributed computing service providers [12][13]. Summary by Sections Industry Growth - The humanoid robotics sector is nearing a commercialization inflection point, with significant technological advancements and compute upgrades expected to reshape market dynamics [2][11]. - In the short term (1-2 years), the domestic market is anticipated to maintain high growth due to subsidies and application expansion, with strong order visibility for OEMs and core component manufacturers [2][11]. Technological Breakthroughs - The integration of end-to-end embodied intelligence models with world models and RL Scaling Law is expected to become the dominant architecture in the medium term (2-5 years), facilitating the transition from prototypes to mass commercialization [12][13]. - Distributed computing is projected to become a critical infrastructure component, enhancing collaboration with 5G/6G and edge computing providers [12][13]. Long-term Outlook - If low-latency distributed computing and embodied intelligence are successfully implemented, the humanoid robot market could expand rapidly, with annual shipments potentially reaching millions [13][14]. - The competitive focus is expected to shift from technological breakthroughs to cost control and ecosystem development in the long term (5+ years) [13][14].