摩根士丹利：2025年世界机器人大会人形机器人崛起

Investment Rating - The report indicates a positive outlook for the humanoid robotics industry, driven by advancements in technology and increasing applications across various sectors. Core Insights - The 2025 World Robot Conference showcased a significant presence of startups, with approximately 80% of exhibitors being newly established companies, highlighting innovation in the robotics sector [1][4] - Dexterous hand products emerged as a key highlight, with five-finger dexterous hands expected to replace traditional grippers, leading to a substantial increase in adoption and sales in the second half of 2025 [1][5] - The application scenarios for humanoid robots are diverse, spanning industrial tasks, commercial management, service roles, and educational purposes, facilitated by advanced visual language action models [1][6][7] - Government support plays a crucial role in the development of humanoid robotics, with the establishment of intelligent robot centers and emphasis on technological achievements, which is vital for industry growth and public engagement [1][8] Summary by Sections Industry Overview - The conference featured over 200 companies, including nearly 60 robotics integrators, showcasing more than 150 new products, indicating a robust growth trajectory in the robotics market [2] Emerging Technologies - Notable trends include the rise of dexterous hands and the integration of tactile sensors, enhancing interaction capabilities with physical objects, and local suppliers competing in the high-precision components market [5] Application Scenarios - Humanoid robots are utilized in various environments, including industrial settings for repetitive tasks, commercial spaces for product management, and service industries for tasks like laundry folding [6][7] Government Role - The government is instrumental in fostering the humanoid robotics sector, with initiatives aimed at establishing a strong value chain and increasing public awareness, thereby solidifying China's leadership in this field [8] Public Engagement - New facilities in Beijing promote public interest in smart technologies through interactive experiences and demonstrations, contributing to the broader adoption of robotics [9]