Investment Rating - The report provides a positive investment rating for the humanoid robotics industry, highlighting significant growth potential and technological advancements. Core Insights - The humanoid robotics sector is experiencing rapid technological iterations, with development cycles for robots significantly shorter than those for electric vehicles, with iterations as quick as 3 months for core hardware [13][19]. - The report emphasizes the importance of vertical breakthroughs in applications such as inspection, healthcare, logistics, and industrial production lines, which are currently the fastest-growing vertical scenarios [6]. - The supply chain for humanoid robots is expected to undergo a transformation, with a focus on achieving mass production and market recognition in the near future [13][19]. Summary by Sections Industry Overview - The humanoid robotics industry is characterized by diverse product definitions, with companies like Tesla and Figure focusing on factory and logistics applications, while domestic players like UBTECH and Yizhuan are targeting both B2B and B2C markets [4]. Technological Advancements - Key components such as dexterous hands are crucial for upper limb collaboration, with future developments focusing on micro-screws, tactile sensing, and high-density motors to enhance load capacity, perception, and speed [5]. - The report notes that the core industrial chain for humanoid robots includes perception layers, rotary joints, linear joints, and dexterous hands, with a competitive landscape favoring domestic suppliers due to their innovation and cost-reduction capabilities [19][25]. Market Dynamics - The report anticipates a sustained "fixed-point market" as the supply chain matures, with significant competition expected to emerge around the small-batch production phase [13][19]. - The report highlights the potential for domestic manufacturers to increase their market share significantly as the humanoid robotics market expands, driven by technological advancements and cost efficiencies [19][25]. Supply Chain Insights - The supply chain for humanoid robots is expected to evolve through stages of demo, lab prototyping, small-batch, and mass production, with the small-batch phase being critical for market recognition [13][19]. - The report identifies key players in the supply chain, including those involved in tactile sensors, harmonic reducers, and high-density motors, suggesting a focus on companies like Daying Electronics and Top Group for investment opportunities [65].

机器人板块未来哪些方向值得关注？20250610 Q&A 当前机器人板块的市场行情如何？未来发展方向是什么？ 国内链与海外链在机器人产业中的发展情况如何？哪些方向值得关注？ 摘要 机器人产业周期短于电动车，需密切关注。2022 年开始的炒作已历时 两三年，目前是配置和关注的重要节点，避免错过机会。智能化"大 脑"的突破是关键催化剂，或在 2025 年三四季度由特斯拉排产节奏推 动大规模爆发。 海外链（如特斯拉）商业化节奏快于国内，值得关注。特斯拉供应链自 2022 年下半年开始，通过与中国供应链交流迭代产品和技术，每个季 度都会引起市场炒作。当前正从 Demo 阶段推向量产阶段，上下游供应 链需完全锁定和绑定。 机器人板块结构性行情中，应重点关注尚未卖出的二级和三级供应链门 票，如浙江荣泰、ST 中南等标的，以及触觉传感器、斜坡减速器、新型 减速器等部件，这些环节价值量较大但尚未锁定。 国内供应链在研发到大规模量产进度上落后于国外一至两个阶段。国内 企业多停留在 Demo 阶段，真正确定关系的小批量到大批量生产预计在 2026 年。需关注国内 T 公司产业链中的千万级订单逻辑。 目前机器人板块的市场行情相对弱 ...