Huachuang Securities·2026-01-17 14:01Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The human-shaped robot's ability to run smoothly represents a significant technological leap from mere functionality to human-like capabilities, indicating a potential shift towards practical applications in complex environments [9][20] - The competition in the humanoid robot industry has evolved into a multi-dimensional strategic game, with different focuses across the supply chain, emphasizing the need for companies to integrate technology, establish standards, and meet real industry demands [22][30] - The future of humanoid robots hinges on overcoming five critical conditions: technological maturity, cost control, clear market positioning, infrastructure development, and societal acceptance [30][31] Summary by Sections Section 1: The Impact of Robot Running Demonstrations - The recent running demonstrations by Tesla's Optimus and Figure AI have generated significant global interest, suggesting a potential breakthrough in the commercialization of humanoid robots [5][6] - These demonstrations challenge the notion that advanced robotics can only exist in controlled environments, indicating a shift towards practical, scalable applications [31] Section 2: Technical Breakdown of Running Capabilities - Achieving running capabilities involves overcoming substantial technical challenges, including dynamic balance, rapid response times, and energy efficiency [10][19] - The transition from walking to running signifies a fundamental change in robotic capabilities, moving from static to dynamic balance, which is essential for operating in unpredictable environments [12][20] Section 3: Business Logic Behind the Demonstrations - The timing of these demonstrations reflects a strategic move by industry leaders to signal their technological advancements and readiness for market integration [32] - Both Tesla and Figure AI are pursuing different paths: Tesla aims for a universal platform while Figure AI focuses on specific industrial applications, highlighting the diverse strategies within the industry [26][30] Section 4: Industry Chain Dynamics - The competition among suppliers, manufacturers, and application developers is intensifying, with each segment vying for control over standards and market share [22][30] - The report emphasizes the importance of establishing a robust ecosystem that supports the development and deployment of humanoid robots in real-world applications [30] Section 5: Future Outlook - The next few years are critical for validating the feasibility of humanoid robots, with key indicators including commercial orders, supply chain formation, and cost reduction trends [31] - The industry is at a pivotal moment, transitioning from experimental demonstrations to practical implementations that can deliver economic value [31]