Core Insights - The key focus for 2026 in the humanoid robot industry is on scaling production, with significant orders already placed by major manufacturers like UBTECH, which has reached 1.3 billion CNY in orders for humanoid robots in 2025 [4][51] - The report emphasizes three main lines of focus: the certainty premium of the T-chain (screw + reducer), new technological changes in the T-chain (dexterous hands + new motor technologies), and the valuation uplift of major manufacturers as they enter mass delivery phases [4][13][35] Market Review - The report highlights that since 2022, the underlying logic of each major market rally has been product advancements, with the humanoid robot sector attracting increasing attention and investment [21][22] - In 2023, market leadership has shifted based on marginal changes, with different segments leading at various times, such as sensors and lightweight designs [24][27] Major Manufacturers - Tesla is identified as the industry benchmark, with its technological changes directly influencing domestic solutions. The anticipated release of the Optimus V3 in Q1 2026 is expected to significantly impact production capabilities [35][36] - Figure has launched its third-generation robot, Figure 03, which is designed for household applications and aims for mass production of 100,000 units over the next four years [39][41] - Xiaopeng has set a target for mass production of its IRON robot by the end of 2026, emphasizing its dual capabilities in R&D and manufacturing [45][49] Supply Chain Dynamics - The report discusses the clarity in the supply chain for screws and reducers, with a focus on the planetary roller screw as a core component for humanoid robots, which is expected to see increased demand [57][62] - New technologies such as GaN (Gallium Nitride) are highlighted as significant advancements that could enhance efficiency and reduce heat generation in humanoid robots [13][18] Investment Recommendations - The report suggests a focus on companies like Hengli Hydraulic and Zhejiang Rongtai for screws and reducers, and recommends attention to companies involved in dexterous hands and sensors, such as Ampelron and Jinghua New Materials [4][13] - The anticipated listing of major manufacturers like Yushun and Zhiyuan in 2026 is expected to drive valuation changes similar to those seen in the electric vehicle sector [4][13]