Investment Rating - The investment rating for the machinery equipment industry is "Positive" (maintained) [1] Core Insights - The report highlights the significant advancements in humanoid robots, particularly the launch of Figure 03, which is designed for mass production and household applications, enhancing safety and comfort in human-robot interactions [5][14] - The report emphasizes the rapid technological iterations and ecosystem development of Figure, achieving a valuation of $39 billion after its C round financing, with major investments from tech giants like NVIDIA and Amazon [21][23] - The humanoid robot industry is gradually forming a new valuation system, with projections indicating that Figure plans to ship over 100,000 units in four years, potentially leading to a market valuation of around 400 billion RMB [23] Summary by Sections 1. Launch of Figure 03 - Figure 03 is the first humanoid robot designed for large-scale production, focusing on household scenarios with features like soft fabric covering and lightweight structure, which improves safety and comfort [5][14] - The robot is equipped with dexterous hands that integrate tactile sensors, allowing it to perform complex household tasks such as folding shirts and cleaning tables [5][16] 2. Helix as the Core - The hardware architecture of Figure 03 is tailored for the Helix model, which serves as the robot's brain, enabling end-to-end reasoning from visual perception to motion control [26][28] - Helix has demonstrated rapid adaptability across various environments, showcasing its ability to learn from diverse tasks [26] 3. Domestic Supply Chain Integration - Figure employs a "self-research + external support" supply chain model, collaborating with domestic manufacturers to enhance production capabilities [39][40] - The company aims to deepen its reliance on suppliers with engineering mass production capabilities, which is expected to benefit those with cost control advantages [39] 4. Investment Recommendations - Recommended stocks include Zhenyu Technology for dexterous hands and Longsheng Technology for tactile sensors, with additional beneficiaries identified in module and structural components [41]