特斯拉发布人形机器人年度报告，逐际动力推出具身机器人TRON2

Investment Rating - The industry investment rating has been upgraded to "Outperform the Market" [3][7]. Core Insights - The report highlights significant advancements in humanoid robots, particularly Tesla's Optimus, which has shown rapid evolution in capabilities, including performing complex tasks such as martial arts and household chores [6][7]. - LimX Dynamics has launched the TRON 2, a versatile humanoid robot that can switch between three forms, showcasing its innovative design and adaptability [6][7]. - The report anticipates that the humanoid robot industry will enter a new phase in 2026, driven by continuous product iterations and improvements in humanoid robot functionalities [7]. Summary by Sections Industry Performance - The specialized equipment sector has outperformed the CSI 300 index since 2025, with a 12-month increase of 61.60% compared to the index's 26.90% [5][7]. Product Developments - Tesla's Optimus robot has demonstrated significant advancements, including initial coordination abilities and practical applications in real-world scenarios, such as serving in a diner [6][7]. - TRON 2's design allows for a modular approach, enabling it to adapt to various tasks and environments, which is a breakthrough in the field of humanoid robotics [6][7]. Investment Recommendations - The report suggests focusing on key domestic component manufacturers like Sanhua Intelligent Control and high-quality suppliers of precision components, as the industry is expected to grow significantly [7].