科技制造产业月报（2025年9月）-20250912

Investment Rating - The report does not explicitly provide an investment rating for the humanoid robotics industry Core Insights - The humanoid robotics industry is in the early stages of transitioning from laboratory to commercial applications, with significant potential driven by leaders like Tesla's Optimus pushing for large-scale deployment [2][5] - The industry faces five key conditions for full commercialization: technological maturity, cost control, clear market positioning, infrastructure and ecosystem development, and social/legal acceptance [2][5] - The current core contradiction lies between high costs and unproven application scenarios/ROI, which constrains market demand and cost reduction efforts [2][5] Summary by Sections Upstream Core Components - The upstream segment is characterized by high technical barriers and cost concentration, determining the performance limits of robots, including components like high-torque density joint assemblies and AI chips [8][9] - The value of the three main actuators constitutes 73% of the humanoid robot's main component value, with high precision and performance requirements [9][12] - Domestic suppliers have significant room for improvement in high-tech components, with some achieving breakthroughs in key areas like harmonic reducers [12][17] Midstream Body Design, Manufacturing, and Integration - The midstream focuses on assembling core components into complete robotic products, requiring strong integration capabilities and scalable production [36][39] - Key tasks include body design, assembly manufacturing, system integration, and testing to ensure compatibility and performance [37][38] - The competition in the midstream is intense, with various companies attempting to overcome technological and commercial barriers [39] Downstream Applications and Services - The downstream segment has diverse application scenarios, ranging from industrial to personal services, with significant growth potential [2][5] - The commercialization of humanoid robots requires meeting specific conditions, including technological maturity and market demand alignment [2][5] - The market space is expected to expand exponentially with technological breakthroughs and demand surges [2][5] Potential Business Model Exploration - Future winners in the humanoid robotics industry will be those who can create integrated hardware, software, and ecosystem services [2][5] - Short-term opportunities may lie in B2B RaaS models and specific industry solutions, while long-term value will come from software platforms and ecosystems [2][5]