Shenwan Hongyuan Securities·2026-01-20 13:45Investment Rating - The report rates the robotics industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][8]. Core Insights - The robotics industry is currently experiencing a phase of intensive capitalization, with leading companies preparing for IPOs and existing firms leveraging differentiated capital platforms for expansion. This trend is driven by the industry's transition from zero to one, requiring significant capital for operations, and the favorable regulatory environment creating an optimal window for capitalization over the next 1 to 2 years [2]. - The commercialization of robotics is accelerating, with increased capital expenditure expected to catalyze the development of funding, R&D, industrialization, and application scenarios. The report outlines three stages of commercialization: industrial use, commercial use, and ultimately household use [2]. - Key segments benefiting from the 2026 industrialization of robotics include: 1. The robotics body segment, where leading companies are expected to catalyze market growth through IPOs [2]. 2. The robotics components and modules segment, supported by manufacturing companies in regions like the Yangtze River Delta and Pearl River Delta [2]. 3. The soft technology segment, which may see mergers and acquisitions involving quality startups and unicorns [2]. 4. The application segment, where companies with strong customer loyalty and viable scenarios are likely to launch successful products in collaboration with established robotics firms [2]. Summary by Sections - Capitalization Phase: The robotics industry is in a critical phase of capitalization, with numerous companies preparing for public offerings and leveraging existing platforms for growth [2]. - Commercialization Stages: The report identifies three stages of robotics commercialization, emphasizing the need for capital and policy support to transition from industrial to household applications [2]. - Beneficial Segments: The report highlights four key segments poised for growth, including robotics body, components, soft technology, and applications, each with unique investment opportunities [2]. - Investment Opportunities: Recommended stocks include leading companies such as Hengli Hydraulic, Zhejiang Rongtai, and others, indicating a focus on both core and domestic chains within the robotics sector [2].