Core Viewpoint - The article discusses the challenges and opportunities in the commercialization of embodied intelligence, emphasizing the importance of technological breakthroughs and ecosystem development in the industry [3]. Group 1: Challenges in Embodied Intelligence - The key challenge in the commercialization of embodied intelligence is the "technology, cost, scale" triangle dilemma, where technology must be validated in real-world scenarios, which in turn require controllable technology [3]. - Companies face difficulties in balancing ideal technology with practical realities, necessitating support from leading enterprises to navigate these challenges [3]. Group 2: Investment and Support Strategies - Longcheng Capital provides multi-dimensional support to invested companies, including joint R&D, product definition, and lean production capabilities, leveraging its strong market presence in the automotive sector [4]. - Leading companies like iFlytek are willing to share their resources and scenarios with startups, offering technical support to help them avoid redundant efforts and focus on scalable solutions [8]. Group 3: Sector-Specific Strategies - Xugong adopts a "funnel" strategy for scenario penetration, initially focusing on specific applications like L4 autonomous driving in mining trucks, which allows for higher tolerance of technical errors and cost management [11]. - The approach involves accumulating technology and data from easier scenarios to facilitate advancements in more complex applications, creating a positive feedback loop that aids startups in overcoming the "technology, cost, scale" dilemma [11].

Investment Rating - The industry investment rating is "Positive" (maintained) [2][6] Core Viewpoints - The humanoid robot industry is experiencing dual-driven growth from both industrial and capital sectors, accelerating the process of embodied intelligence industrialization [3] - The report anticipates that by 2030, the combined demand for humanoid robots in the manufacturing and domestic service sectors in China and the US will reach approximately 2.03 million units, representing a market space of about 318.5 billion RMB [3] - The overall market space for the entire industry chain is estimated to be around 300 billion RMB, with significant growth potential in core components such as planetary roller screws, harmonic reducers, and dexterous hands [3] Summary by Sections Recent Events - On June 25, Zhiyuan Robotics and Yushu Technology won a bid for a humanoid biped robot contract worth approximately 124 million RMB (including tax) [3] - Zhiyuan's bid includes a full-size humanoid biped robot with a budget of 78 million RMB, while Yushu's bid includes a small-size humanoid robot and other components with a budget of 46.05 million RMB [3] - On July 8, Yuwai New Materials announced that Zhiyuan's new venture plans to acquire at least 63.6% of its shares [3] - Cloud Deep announced the completion of nearly 500 million RMB in new financing on July 8 [3] Market Dynamics - The report highlights that the humanoid robot industry is entering a phase of rapid expansion, driven by both international giants and domestic leaders [3] - The demand for humanoid robots is expected to significantly increase, with the market for core components showing high value ratios, particularly in planetary roller screws and six-dimensional force sensors [3] Investment Recommendations - The report suggests focusing on established leaders and undervalued stocks, emphasizing the importance of management commitment, past performance validation, and future application scenarios [3] - Key recommended stocks include Shanghai Yanpu, Hangcha Group, and others across various segments such as complete machines, dexterous hands, and sensors [3][4]