除长安汽车外，在本届广州车展上，广州小鹏汽车科技有限公司也把全新一代人形机器人IRON搬上展 台，广州汽车集团股份有限公司同样展示了其第四代具身智能机器人GoMate Mini。 广州车展上机器人的亮相，折射了车企将人形机器人视为重要的战略方向。当前，部分车企正通过自 研、联合研发或投资的方式布局机器人赛道。 例如，今年10月份，赛力斯（601127）集团股份有限公司发布公告称，旗下子公司重庆凤凰技术有限公 司与字节跳动旗下火山引擎签署《具身智能业务合作框架协议》。双方将各自发挥长板优势，开展具身 智能联合设计等端到端全业务，共创人工智能应用新生态。此外，今年4月份，奇瑞汽车与AiMOGA团 队联合研发的墨甲人形机器人在奇瑞国际公司园区完成首批220台全球交付。 为何车企纷纷竞逐人形机器人这一赛道？ 第二十三届广州国际汽车展览会(以下简称"广州车展")正如火如荼进行。本届车展上，部分车企不仅带 来了重磅新车，还展示了在人形机器人赛道的新成果。 例如，重庆长安汽车（000625）股份有限公司(以下简称"长安汽车")展出了自己的机器人产品"小安"。 这款人形机器人身高169cm，体重69kg，全身有40个自由度， ...

Core Viewpoint - The robot industry is experiencing a mix of challenges and opportunities, with significant developments in technology and policy support driving the commercialization of humanoid robots, while also facing hurdles in cost reduction and capability enhancement [4][5][8]. Group 1: Market Performance - The A-share market saw a pullback after a previous rebound, with the Robot ETF Fund (159213) closing down over 2%, despite a net inflow of 3 million shares throughout the day [1]. - The majority of the index component stocks for the Robot ETF Fund experienced declines, with only a few stocks like Nanwang Technology and Ruishun Technology showing gains [3]. Group 2: Industry Developments - The 2025 Zhangjiang Embodied Intelligence Developer Conference and International Humanoid Robot Skills Competition highlighted the transition of humanoid robots from experimental to practical applications in various settings [4]. - Shanghai Zhiyuan Robotics announced that its humanoid robot, the Expedition A2, received multiple certifications, making it the first humanoid robot to achieve certifications in China, the EU, and the US [4]. - The first global standard for "Humanoid Robot Intelligence Classification" was released, indicating a shift towards policy support for the humanoid robot industry [4]. Group 3: Commercialization Challenges - The commercialization of humanoid robots is estimated to take at least 10 years, with challenges including the need for improved generalization capabilities and cost reduction [5]. - The current progress in humanoid robot hardware is outpacing software development, particularly in the area of generalization capabilities, which is a critical barrier to commercialization [5]. Group 4: Opportunities in the Industry - Continuous policy support at the national level is expected to drive the development of humanoid robots, with significant funding being allocated to the sector [8]. - Major tech companies and industry leaders are entering the humanoid robot space, expanding applications in both industrial and domestic settings [9]. - The domestic robot industry has seen an increase in localization rates, with the localization rate rising from 17.5% in 2015 to 35.7% in 2022, indicating a growing capacity for cost reduction [7]. Group 5: Investment Insights - The Robot ETF Fund (159213) provides investors with a tool to gain exposure to the entire robot industry chain, including upstream hardware, midstream software, and downstream applications [10].

Group 1 - The report highlights that overseas cloud vendors are significantly increasing their capital expenditures (capex) to accelerate AI infrastructure development, with Microsoft planning to invest a total of $80 billion in AI infrastructure for the fiscal year 2025, aiming to increase AI training computing power by five times by 2026 [1][16][35] - Meta has raised its annual capital expenditure forecast from $60-65 billion to $64-72 billion, primarily for generative AI and core business investments [2][16] - Google reported a capital expenditure of $17.2 billion in Q1 2025, up from $12 billion in the same period last year, focusing on technology infrastructure investments [2][16] Group 2 - The report notes that the robotics industry is experiencing accelerated growth, with companies like Hyundai planning to deploy Boston Dynamics' Atlas robots in their new U.S. factory as part of a $21 billion investment plan [3][36] - Lenovo introduced its first humanoid robot, "Lenovo Enjoy No. 1," showcasing its capabilities in a live demonstration [6][40] - Midea's self-developed humanoid robot is set to enter its washing machine factory in Hubei for operational tasks, while Chery has delivered the first batch of 220 units of its humanoid robot, which can assist in sales and customer service [6][44] Group 3 - The communication sector index rose by 4.96% during the week of May 6-9, 2025, outperforming the CSI 300 index, which increased by 2.00% [11] - The report recommends several stocks for investment, including China Mobile, China Telecom, and various technology and cloud service providers [8][21] - The overall valuation of the communication sector is reported at a price-to-earnings ratio of 20.82, ranking fourth among TMT sectors [13][15]

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4][27]. Core Insights - The automotive industry experienced an overall increase of 1.8% from May 4 to May 10, with significant movements in various segments, including a notable rise in motorcycle and auto parts sectors [2][10]. - Key developments include Geely's plan to acquire all issued shares of Zeekr, aiming for a complete merger, and Chery's delivery of the first batch of 220 humanoid robots [1][20][21]. - The report highlights the performance of individual stocks, with notable increases for companies like Chengfei Integration (+34.1%) and Wanxiang Qianchao (+29.8%) [12]. Market Performance Overview - The automotive sector's performance was positive, with the CS automotive index rising by 1.8%, while the broader market indices also showed gains, with the Shanghai A index up by 1.9% and the Shenzhen A index up by 2.9% [2][8]. - Among the automotive sub-sectors, motorcycles and auto parts saw the highest weekly increases of 2.7% and 2.4%, respectively [10]. Individual Stock Performance - The report notes that most covered automotive stocks saw increases, with Zongshen Power (+13.3%) and Qin'an Co. (+6.5%) among the top performers [3][14]. - Conversely, stocks like Longsheng Technology (-5.4%) and Sulian Co. (-3.6%) experienced declines [14]. Industry Dynamics - The report discusses the impact of the May Day holiday on new energy vehicle sales, with a significant drop in sales for many brands, while Li Auto managed to increase its sales by 33% [18]. - The report also mentions the successful launch of 119 new charging stations by Li Auto, bringing the total to over 2,200 stations nationwide [22]. Key Developments - Geely's acquisition of Zeekr is expected to enhance resource integration and operational efficiency [21]. - Chery's humanoid robot delivery and the establishment of a joint venture for sensor technology indicate a strategic push into robotics [20][24]. - The report highlights the introduction of new models, such as BYD's Hai Si 07DM and Geely's Galaxy Star, which are set to launch soon [17].

Summary of Key Points from Conference Call Records Industry Overview - The robotics industry is experiencing significant advancements, particularly in humanoid robots, with various companies making strides in production and application across different sectors [1][2][3]. Core Insights and Arguments - **Tesla's Ambition**: Tesla aims to achieve an annual production capacity of 1 million humanoid robots by 2030, with plans to initiate manufacturing on a pilot production line in Fremont by 2025 [1]. - **Chery's Collaboration**: Chery, in partnership with the AiMOGA team, has successfully delivered the first batch of 220 "墨甲" humanoid robots globally, focusing initially on 4S store applications before expanding into supermarkets, government services, and eventually home service markets [1]. - **Core Component Supply**: Zhongding Co., as a strategic supplier of core components for the "墨甲" robot, participated in the global delivery and overseas distributor authorization ceremony [1]. - **Diverse Applications**: The acceleration of innovative applications for intelligent robots is noted, including tea-picking robots, inspection robots, and elderly care robots [2]. - **New Product Launch**: Digital Huaxia has launched a new member of its IP series robots, the "星行侠P01," which is the first dual-form humanoid robot combining a body and wheeled movement in the industry [3]. - **China FAW's Development**: China FAW showcased its humanoid robot "旗小智" at the Shanghai Auto Show, which stands at 1.65 meters tall, with development starting in early 2024 [3]. Other Important Insights - The focus on humanoid robots is not only limited to manufacturing but also extends to various service sectors, indicating a trend towards integrating robotics into everyday life and business operations [1][2]. - The collaboration between automotive companies and robotics firms highlights the cross-industry potential and the growing importance of robotics in enhancing operational efficiency and service delivery [1][3].

Summary of Key Points Company and Industry - **Company**: Chery Automobile - **Industry**: Humanoid Robotics Core Insights and Arguments - Chery has successfully delivered the first batch of 220 units of the墨甲 humanoid robot, marking it as the first automotive company to achieve mass delivery of humanoid robots globally [1][2] - The humanoid robotics industry is primarily in the conceptual demonstration or small-batch customization phase, with mass production being limited [3] - The mass delivery of墨甲 robots breaks this limitation, positioning Chery as a leader in the humanoid robotics market [3] - The year 2025 is anticipated to be a pivotal year for mass production in the humanoid robotics sector, with various companies accelerating the iteration and production of humanoid robots, which will facilitate the commercialization of this technology [3] Additional Important Content - Chery's墨甲 robot follows a three-step strategic plan: 1. Initially focusing on enhancing the automotive sales industry through intelligent transformation in 4S store scenarios 2. Expanding into supermarkets and public service sectors to improve service efficiency and quality 3. Ultimately aiming to enter the home service market, positioning the robot as a smart companion for families [3]

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1]. Core Insights - The robotics index outperformed the market, with the CSI Robotics Index rising by 2.8%, surpassing the Shanghai Composite Index and the CSI 300 Index by 3.3 percentage points [6][14]. - Significant developments in the robotics sector include Xi Jinping's visit to Shanghai, emphasizing the city's role in building an international technology innovation center [18]. - The first "Embodied Intelligence Robot Games" was held in Wuxi, showcasing advancements in embodied intelligence technology with participation from over 130 leading robotics companies and research institutions [20]. - Companies like Lingyi Intelligent Manufacturing and PAXINI Tech are making strides in humanoid and embodied robotics, with strategic investments and partnerships enhancing their capabilities [24][27]. - The report highlights the global delivery of 220 units of the Chery Moja humanoid robot, which is set to transform the automotive sales industry [31]. - New product launches, such as the Starwalker® P01 and the AI-powered exoskeleton "Tashan," demonstrate innovation in the robotics field [33][38]. Summary by Sections Market Review - The robotics index showed strong performance, with a 2.8% increase during the week of April 28 to May 4, outperforming major indices [14]. Industry Dynamics - Xi Jinping's visit to Shanghai highlighted the importance of technological innovation and the role of robotics in national strategy [18]. - The "Embodied Intelligence Robot Games" showcased various competitions and applications, reflecting the industry's technological advancements [20]. - Lingyi Intelligent Manufacturing is establishing production lines for humanoid robots, indicating a strategic focus on flexible manufacturing [24]. - PAXINI Tech received significant investment from BYD, enhancing its capabilities in tactile sensing technology [27]. - The Chery Moja robot's delivery marks a significant step in integrating robotics into customer service in the automotive sector [31]. - The launch of the Starwalker® P01 and the AI exoskeleton "Tashan" illustrates ongoing innovation in the robotics market [33][38].