Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The commercialization of humanoid robots is accelerating, with a focus on four major investment themes related to the chemical sector. In Q1 2025, over 35 companies launched new humanoid robot products, with more than 21 from China. The market for humanoid robots is expected to reach 8.239 billion yuan, accounting for about 50% of the global market by 2025 [5][28]. Summary by Sections Market Performance - The basic chemical industry index increased by 2.7% from April 18 to April 25, outperforming the Shanghai Composite Index by 2.1 percentage points and the ChiNext Index by 1.0 percentage points. Year-to-date, the basic chemical industry index has risen by 1.7%, surpassing the Shanghai Composite Index by 3.4 percentage points and the ChiNext Index by 10.8 percentage points [3][16]. Investment Themes 1. **Equity Investment Strategy**: The humanoid robot industry is projected to produce over 10,000 units by 2025, with significant market potential. Chemical companies can enhance their technological attributes through early-stage equity investments [5][28]. 2. **Polymer Materials**: Humanoid robots require various polymer materials, with modified plastics being a key solution for lightweight components. The demand for PEEK is expected to grow significantly, with a projected CAGR of 16.8% from 2022 to 2027 [5][29]. 3. **Tendon Materials**: Tendon systems are crucial for humanoid robots, with UHMWPE and carbon fiber being ideal materials due to their superior properties. Companies like Tongyi Zhong and Nanshan Zhishang are leading in UHMWPE production [6][29]. 4. **Electronic Skin Materials**: The electronic skin market is expected to grow from 6.3 billion USD in 2024 to 30 billion USD by 2034, with companies like Fulei New Materials and Hanwei Technology actively developing flexible sensor materials [5][29]. Product Price Changes - The report lists significant price changes for chemical products, with the top gainers including glyphosate (+16.3%) and liquid nitrogen (+13.7%). Conversely, coal tar saw a decline of 11.8% [5][6]. Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical recommended for investment. Additionally, sectors facing supply constraints, such as vitamins and refrigerants, are highlighted for their potential price elasticity [5][14].

商报讯（实习生 陈喆语 记者 吕文鹃）自宇树扭秧歌人形机器人在春晚荧幕亮相后，人形机器人"一夜 爆火"。 2025年被业内视为人形机器人的量产元年，机器人正从实验室和概念阶段迈向大规模商业化应 用。现今，商场、年会、学校……越来越多的场合下都能见到它们的身影，机器人购买甚至租借市场持 续加热，"日薪"万元的机器人正在走近日常生活。那么，机器人步入商业化后，谁买走了它们？它们又 被用在了哪里？ 人形机器人商业化浪潮来袭 众擎、宇树纷纷打响预售 日前，甲亢哥和人形机器人一同跳"斧头舞"的视频在网络平台爆火。视频中的机器人动作流畅、"舞 姿"自然，转圈、滑步等各种高难度的动作也不在话下，像真人一般的动作让不少网友感叹"颠覆了机器 人动作僵硬的刻板印象"，再次刷新了网友们对民用人形机器人的认知。这款机器人为全球首创自然步 态行走机器人众擎PM01，目前已在京东开启预约抢购，售价18.8万元。 众擎PM01这款在网上收获了不少"粉丝"的人形机器人来头不小，主打轻量级、高动态、全开放。凭借 高精度传感器和智能控制算法，实现了动态平衡和步态自适应调整，成为全球首例能够完成前空翻的人 形机器人。众擎PM01正在京东平台预约抢 ...

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 ...

Core Viewpoint - The humanoid robot industry is facing significant challenges in commercialization and sustainable operations, despite ongoing investments and innovations in the sector [2][3][11]. Group 1: Industry Challenges - The commercialization path for humanoid robots remains unclear, with notable figures in the investment community expressing skepticism about the industry's future [2]. - Major companies in the humanoid robot sector, such as Dalu Robotics, are experiencing operational difficulties, including unpaid wages, highlighting broader issues within the industry [2]. - The lack of clear commercial applications and insufficient training data are identified as primary obstacles to the industry's growth [4][5]. Group 2: Investment Activity - Despite challenges, the humanoid robot sector has seen significant investment activity, with 54 companies in the field raising a total of 6.046 billion yuan in the first three months of 2025, surpassing one-third of the total funding for 2023 and 2024 combined [2]. - Recent investments have been made by firms like KKR Capital in companies such as Xinghai Map and Weita Power, indicating continued interest in the sector [10]. Group 3: Market Perspectives - There is a consensus among industry experts that humanoid robots are at least five years away from achieving commercial viability [3]. - The industry is divided on the valuation of humanoid robot projects, with some investors believing that current valuations are inflated, while others see this as a necessary phase for industry maturation [11]. Group 4: Data and Development - The industry faces a "chicken and egg" dilemma regarding data collection, as the lack of widespread humanoid robots limits the ability to gather necessary training data for further development [6]. - Companies like Fourier Intelligence are exploring open-source approaches to enhance data availability and facilitate development in the humanoid robot space [9]. Group 5: Entrepreneurial Insights - Entrepreneurs in the humanoid robot sector express a belief in the potential of the technology, contrasting with the more cautious perspectives of investors [7]. - The experience gained in the service robot field is being leveraged by companies like Qianlong Intelligent to transition into humanoid robotics, focusing on specific applications to accelerate commercialization [8].

（文/陈济深 编辑/张广凯） 3月30日晚，"人形机器人第一股"优必选发布2024年业绩报告。 报告显示， 2024年优必选总营收13.05亿元，同比增长23.7%；实现毛利3.74亿元，同比增长12.4%，毛 利率为28.7%，较去年下降了2.8个百分点；期内净亏损11.60亿元，同比收窄8.3%，经调整EBITDA 为-6.09亿元，较2023年的-5.16亿元亏损同比扩大18.0%。 就在去年年底，当优必选新一代工业版人形机器人Walker S和优必选创始人周剑在港交所舞台一起敲响 铜锣时，被称为"人形机器人第一股"的优必选给人无限的遐想，然而目前来看，优必选似乎离盈利越来 越远了。 值得注意的是，市场关注的人形机器人领域并非优必选收入增长的关键，在3月31日的业绩交流会上， 优必选首席财务官兼董事会秘书张钜表示，公司去年人形机器人收入约3500万元。优必选投资者关系负 责人陈建泉则表示，2024年交付的人形机器人是10台。 对于公司持续亏损的现状，陈建泉表示："盈亏平衡不是我们现阶段追求的最重要目标，更大的方向性 （目标）是要让人形机器人从'天上飘着'的状态变为真正落地。" 财报公布后隔日，公司宣布继 ...

这个周末我摄入的信息里，最有意思的是金沙创投朱啸虎的一篇采访，它起了一个比较醒目的标题：《我们正批量退出人形机器人公司》。 朱啸虎在创投圈名声很响，因为他不但投的准，压中了多个独角兽，更难得的是他卖的也挺准。他最著名的两个案例是滴滴和小黄车ofo，早期进 入，然后中间在估值高峰期果断退出股份，先后避开了网约车的政策转向，以及共享单车的行业大崩盘。 就是这么一个人，说目前批量退出人形机器人公司，让我很感兴趣他是怎么思考的。 朱啸虎的理由主要是两个： 人型机器人商业化路径不清晰 缺乏真实可持续的客户需求，现有客户多为高校研究机构、竞争对手或展示用途（如央企购买作前台展示），并非可持续的商 业化场景。 市场共识过高 行业估值因市场情绪快速上涨，但商业化能力未得到验证，多年从业经验告诉他这种时候该撤了。 说白了一句话，就是这些机器人公司估值涨太多了，但是又没想好怎么挣钱。 大致就这些，诸位也不必过于在乎他的观点，我前面没说朱啸虎也有不成功的交易，他卖小红书就卖的太早，踏空了后面巨大的利润空间。他这 次抛出的观点可以作为参考，尤其是现在全市场对人型机器人几乎全是溢美之词，很难看到泼冷水的话。 他提到的那两点，起码市场共 ...

1)采用垂直整合制造模式，将关键生产环节内部化，从原材料采购到最终产品组装，均由公司自主把 控，这一决策旨在严格把控机器人质量、生产效率和性能。通过垂直整合，Figure能够确保高质量标 准，并迅速应对设计变更或质量问题。2)工厂还将引入先进的软件平台，涵盖制造执行系统(MES)、产 品生命周期管理(PLM)、企业资源规划(ERP)以及仓库管理系统(WMS)，实现生产流程的数字化、智能 化管理，有效提升生产效率与资源利用率。3)Figure还开发了内部人工智能软件Helix，用于直接控制生 产线上的机器人，进一步减少了对传统输送系统的依赖。此外，Helix 的出现对家用机器人规模化至关 重要。 在人形机器人产品方面，Figure还计划从原型人形机器人Figure02过渡到生产就绪的Figure03。 万联证券：Figure推出人形机器人制造工厂BotQ 人 形机器人商业化落地进程有望加速 智通财经APP获悉，万联证券发布研报称，近日，美国人形机器人企业Figure宣布正在开发一座全新的 高产量BotQ人形机器人制造工厂。Figure计划通过持续的技术迭代和供应链协同，推动人形机器人在工 业、物流等领域的应用。 ...