SINOLINK SECURITIES·2026-01-18 07:35Investment Rating - The report indicates a positive investment outlook for the humanoid robotics sector, highlighting 2026 as a pivotal year for the commercialization of humanoid robots [4]. Core Insights - The robotics industry is experiencing accelerated growth, with significant advancements in embodied intelligence models and partnerships aimed at enhancing logistics and operational efficiency [2][3][4]. - Key players like Qianxun Intelligent and Zhujidi Dynamics are making strides in developing advanced robotic systems, with Qianxun's Spirit v1.5 model achieving top rankings in evaluations and Zhujidi's LimX COSA system integrating high-level cognition with full-body control [2][28]. - The report emphasizes the importance of capital investment in driving technological innovation and market expansion within the robotics sector, as evidenced by substantial funding rounds for companies like Zivariable Robotics and Skild AI [3][31][17]. Summary by Sections 1. Robotics - The robotics sector is witnessing a surge in activity, with a focus on commercializing embodied intelligence and enhancing operational capabilities across various industries [9][10]. - Significant partnerships, such as the collaboration between Xingdong Jiyuan and SF Technology, aim to advance logistics automation through intelligent robotic solutions [3][36]. 1.1 Industry Dynamics - Recent policy shifts are steering the industry towards commercialization, with initiatives like Zhejiang's new industrialization plan emphasizing the development of humanoid robots and their core components [10][11]. - The report notes a growing trend of companies establishing strategic collaborations to enhance their technological capabilities and market reach [37]. 1.2 Main Body - Qianxun Intelligent's Spirit v1.5 model has achieved a breakthrough in performance, becoming the first model to exceed a 50% success rate in evaluations, and is now open-sourced for community development [26]. - Zhujidi Dynamics has launched the LimX COSA system, which merges cognitive functions with physical control, enabling robots to perform complex tasks autonomously [28]. - Zivariable Robotics has secured 1 billion yuan in funding to enhance its general-purpose robotic models and expand its operational capabilities in high-value scenarios [31]. 1.3 Core Components - The report highlights ongoing investments in core components and technologies essential for the robotics industry, including advancements in sensors and control systems [36]. - Companies like Shafler and Jiangsu Huaxuan are forming strategic partnerships to innovate in humanoid robot components, indicating a robust ecosystem for technological development [37].