STEP(SZ:002527) Guoyuan Securities·2025-09-29 08:33Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7][29]. Core Insights - The humanoid robot concept index experienced a decline of 0.68% from September 21 to September 26, 2025, underperforming the CSI 300 index by 1.74 percentage points. However, year-to-date, the humanoid robot index has increased by 77.17%, outperforming the CSI 300 index by 58.07 percentage points [2][12]. - The average growth rate of domestic robot-related companies in China reached between 50% and 100% in the first half of the year, highlighting a robust development in the industry [5][24]. Weekly Market Review - From September 21 to September 26, 2025, the humanoid robot concept index decreased by 0.68%, while the year-to-date performance shows a significant increase of 77.17% [12][18]. - Among A-share humanoid robot index stocks, Lixing Co. had the highest weekly gain of 26.96%, while Yunnan Tourism saw the largest decline of 18.37% [18][19]. Weekly Hotspots Review Policy Developments - Shanghai released the ITU standardization outlook for humanoid robots and a dataset standard during the "Pudong X" forum, indicating a push for standardization in the industry [21][22]. - The Ministry of Industry and Information Technology emphasized the development of new tracks such as humanoid robots and brain-computer interfaces during the 14th Five-Year Plan period [21][22]. Product and Technology Iteration - Zhiyuan Robotics received the first CR certification for humanoid robot datasets, marking a significant milestone in industry standards [23]. - Yushun Technology plans to launch a 1.8-meter tall humanoid robot in the second half of the year, showcasing advancements in stability and performance [24]. Investment and Financing - Noyiteng Robotics announced the completion of angel round financing, which will be used for technology development and market expansion [25]. Key Company Announcements - Haoneng Co. is collaborating with multiple companies in the humanoid robot sector and has begun mass production of certain products [26]. - Changying Precision reported supplying over 400 part numbers for humanoid robots, with significant revenue contributions from overseas brands [27]. - New Times has successfully deployed humanoid robots in the Haier Chongqing refrigerator factory, marking a step towards intelligent factory training [28].