Core Insights - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.17% while the Shenzhen Component Index and the ChiNext Index fell by 0.13% and 0.12% respectively, with a total trading volume of 1,291.365 billion yuan [2][7] - The banking, beauty care, and pharmaceutical sectors led the gains, while the defense, computer, and machinery sectors experienced declines [2][7] - The Hang Seng Index fell by 1.87%, and the Hang Seng Technology Index dropped by 3.26%, indicating a challenging environment for Hong Kong stocks [2][7] - In the U.S., the Dow Jones decreased by 0.64%, while the S&P 500 and Nasdaq rose by 0.72% and 1.61% respectively, reflecting a mixed sentiment in the overseas markets [2][7] Industry Analysis - The electric power equipment sector saw a decrease in the total market value held by public funds, amounting to 276.574 billion yuan in Q1 2025, a decline of 14.21% quarter-on-quarter but a slight increase of 3.05% year-on-year [9][10] - The sector's overweight ratio fell to 3.29%, down 1.60 percentage points from the previous quarter, indicating a reduced preference among funds for this sector [9][10] - The top five and ten holdings in the electric power equipment sector showed an increase in concentration, with the CR5 and CR10 ratios rising to 68.70% and 75.59% respectively, while the CR20 ratio decreased [10][11] - The battery and photovoltaic equipment segments faced significant reductions in holdings, while the wind power equipment sector saw increased interest due to accelerated project implementations [11][12] Social Services Sector - The social services sector reported a total revenue of 190.795 billion yuan in 2024, reflecting a year-on-year growth of 6.95%, but the net profit dropped by 31.26% to 7.366 billion yuan [13][14] - The tourism and scenic area segment achieved a revenue of 35.423 billion yuan, up 15.24% year-on-year, with a net profit increase of 7.19% [13][14] - The hotel and catering segment, however, experienced a revenue decline of 1.49% to 29.853 billion yuan, with net profit falling by 19.73% [14][15] - The report suggests that the implementation of vacation policies and the expansion of the inbound consumption market will continue to drive growth in the tourism and related sectors [14][15]

Investment Rating - The industry is rated as "outperforming the market" with expectations of a relative increase in index performance over the next six months [38]. Core Insights - The total market value of public funds heavily invested in the SW power equipment industry decreased by 14.21% quarter-on-quarter to 276.57 billion yuan in Q1 2025, while showing a slight year-on-year increase of 3.05% [1][15]. - The overweight ratio for the industry has declined to 3.29%, down 1.60 percentage points quarter-on-quarter and 1.21 percentage points year-on-year [1][15]. - The SW power equipment industry ranks third among 31 Shenwan primary industries in terms of fund holding market value, following electronics and food and beverage [2][16]. Summary by Sections Industry Overview - The SW power equipment industry saw a quarter-on-quarter decrease in fund holding market value, with a total of 276.57 billion yuan in Q1 2025, representing a 14.21% decline [1][15]. - The industry’s overweight ratio is 3.29%, which is a decrease from previous quarters [1][15]. Subsector Analysis - The battery, photovoltaic equipment, and grid equipment sectors experienced a decline in fund holding values, while the wind power and motor sectors saw significant increases, with wind power holdings rising by 54.76% and motor holdings by 100.88% [21][22]. - The total market value for the wind power sector reached 89.75 billion yuan, while the motor sector reached 34.25 billion yuan in Q1 2025 [21][22]. Stock Trends - The top ten stocks in the SW power equipment industry include CATL, Sungrow, and Yiwei Lithium Energy, with varied performance; stocks like Keda and Deye saw significant gains, while JA Solar and Tongwei experienced notable declines [3][30]. - The top ten stocks that saw increased holdings include Zhenyu Technology and Longi Green Energy, while major reductions were observed in stocks like CATL and Sungrow [33][34]. Investment Recommendations - The report suggests focusing on leading stocks in the lithium battery sector due to stable growth in new energy vehicle production, as well as on wind power equipment stocks supported by government initiatives [36]. - Emerging technologies such as AI and solid-state battery advancements are expected to drive demand in related sectors, presenting potential investment opportunities [36].

Group 1: Industry Overview - The humanoid robot industry is experiencing significant transformation, with robots gradually entering high-income households and industrial production sectors, providing functions such as household assistance, child education, and elderly care, while addressing labor shortages and promoting the transformation of manufacturing and service industries [1] - The global market for humanoid robots is projected to reach $24 trillion by 2030, with household and industrial applications each accounting for approximately 50% of the market share [1] Group 2: Advantages of Humanoid Robots - Humanoid robots can seamlessly adapt to existing environments designed for human ergonomics, eliminating the need for expensive infrastructure modifications [2] - They can perform multiple roles, reducing the need for specialized robots and significantly lowering long-term costs [4] - The human-like design of these robots enhances user acceptance in customer service, healthcare, and home assistance scenarios, alleviating the discomfort associated with automation [4] Group 3: Historical Development - The foundation for humanoid robots was established over decades, starting with the patent for programmable robots in 1961 and the introduction of the first industrial robot, Unimate 360, in 1969 [5][7] - The evolution of household robots began in the 1980s, with significant advancements in the 2000s, leading to the emergence of popular products like the Roomba vacuum cleaner [9] Group 4: Global Competition - The humanoid robot sector is a focal point of economic and strategic competition between nations, with China and the U.S. leading the charge [11] - China accounted for 52% of global robot installations in 2022, supported by a $138 billion national fund for industry development, while the U.S. maintains competitiveness through companies like Tesla and Apptronik [12] Group 5: Market Dynamics and Pricing - Technological advancements are crucial for the widespread adoption of humanoid robots, with prices significantly decreasing from $250,000 to around $16,000 for models like the UTree G1, and expected to drop below $10,000 by 2026 [16] - Leading companies are accelerating their product offerings, with Tesla's Optimus targeting a price range of $20,000 to $30,000, while other models focus on specific household tasks [16] Group 6: Future Implications - The home robot market is projected to reach $12 trillion, addressing global challenges such as aging populations and labor cost competition [17] - The rapid adoption of humanoid robots may lead to societal debates and resistance, highlighting the need for time to adjust public acceptance [17]

2 0 2 5年4月1 9日，全球首次人形机器人马拉松在北京亦庄召开，共有2 0只队伍参加了比赛；开赛后 各家双足机器人的表现良莠不齐，最终有6只参赛队伍完成了比赛。本次马拉松比赛显示出当下人 形机器人技术层面面临的挑战，在大脑自主巡航、小脑运动控制以及续航能力等方面均存在不足； 但同时比赛暴露出来的问题能为技术改进提供方向，推动感知、决策和执行端软硬件系统的技术迭 代，机器人数据搜集以及整体方案调整，促进不同背景的技术团队经验交流。 PS:当您需要在报道中引用TrendForce集邦咨询提供的研报内容或分析资料，请注明资料来源为TrendForce集邦咨询。 近期文章精选 TrendForce 除了技术挑战之外，人形机器人商业化初期，行业更加缺乏的是相关标准规范和法律法规。4月上 旬，人形机器人技术要求系列国家标准正式获批立项，优必选联合北京人形机器人创新中心有限公 司、上海人工智能实验室等单位共同发起了该系列国标，这是国内首批人形机器人领域国家标准， 涉及环境感知、决策规划、运动控制、作业操作等多项技术要求。Tr e n dFo r c e集邦咨询表示，标 准化建设成为推动产业发展的重要动力，立项人形机器 ...

来源：环球时报 【环球时报报道 记者 陈子帅】编者的话：19日在北京亦庄上演的人形机器人半程马拉松比赛获得全球 关注，美国有线电视新闻网称，20多台机器人与上万名人类选手同跑，展示了中国在人形机器人技术方 面的进步。这是全球首个相关类型赛事，最终名为"天工Ultra"的机器人以2小时40分42秒的成绩夺冠。 从实验室到完全开放且复杂多变的街头，人形机器人在这场具有历史性意义的比赛中面临着巨大考验， 有些机器人经历数次跌倒又再度爬起，有的机器人遗憾退出或无法按时完赛……这场比赛究竟有哪些技 术看点？我们该如何正确看待机器人的表现？机器人完成半马，又意味着什么？《环球时报》记者对此 进行了采访和调查。 获得冠军的"天工Ultra"机器人。（视觉中国） 参赛的"高个子"和"小短腿" 19日早上7时30分发令枪响起，马拉松选手如潮水般涌向赛道，另一侧的机器人专用赛道，人形机器人 也按次序出发。当时的气温仅为10多摄氏度，对容易"发热"的机器人来说，条件较为有利。 身高1.8米、体重52千克的"天工Ultra"机器人率先出发，一路保持较稳定的步态，最终以2小时40分42秒 的成绩获得冠军。该机器人公司发言人魏嘉星告诉《 ...

全球首个人形机器人半程马拉松赛将4月13日举行。 规则上，本次赛事将机器人的关门时间设置为3小时30分钟左右。在比赛过程中，机器人可更换电池，也可通过更换机器人以接力形式参加全程比赛。 一、机器人半程马拉松 2025年1月，众擎机器人因在深圳街头走路而爆火，被网友称为走路最像人的机器人。2024年2月20日，中鼎股份与众擎机器人签署战略合作协议，此后几个 交易日，公司股价大涨近35%。 三、相关公司 据开源证券： | 图2:全市场机器人产业链标的梳理:零部件各领域均有相关公司,北交所、新 | | | --- | --- | | 伺服系统&电机 汇川技术 新时达 埃斯顿 禾川科技 雷赛智能 星F | | | 减速器&精密齿轮 绿的谐波 双环传动 大族激光 吴志机电 中大力德 旺 | 马区 | | 丝杠&导轨 贝斯特 秦川机床 鼎智科技 海达尔 | 动 & | | 轴承类 长盛轴承 五洲新春 苏轴股份 泰德股 | 执 行 | | 游 微特&空心杯电机 鸣志电器 兆威机电 江苏雷利 鼎智科 供 | | | 控制器&驱动器 埃斯顿 固高科技 禾川科技 乐创技术 卓兆点胶 | 控 | | 制 | | | 传感器 柯力传 ...