Investment Rating - The report maintains an "Outperform" rating for the industry [4]. Core Insights - The humanoid robot industry is experiencing significant developments, including the establishment of the first humanoid robot sports science laboratory in Beijing and various government initiatives to support the sector [17][19]. - Major companies like Yushutech are initiating IPO preparations, which could enhance their market position and accelerate the commercialization of humanoid robots [33]. - The report emphasizes the importance of AI infrastructure, driven by increasing demand for data centers, which will benefit companies involved in gas turbines and chillers [3]. Summary by Sections Industry Dynamics - The humanoid robot sector is witnessing rapid advancements, with notable events such as the launch of the first humanoid robot sports science lab and various military exercises showcasing robotic capabilities [17][20][21]. - The government is actively promoting the humanoid robot industry through financial incentives and policy frameworks aimed at fostering innovation and development [19][31]. Company Developments - Yushutech has begun its IPO counseling process, with its major shareholder controlling approximately 34.76% of the company [33]. - Dualin Co. is planning to issue H shares and list on the Hong Kong Stock Exchange, aiming to expand its financing channels and international presence [32]. Key Investment Targets - The report identifies several key investment opportunities within the humanoid robot supply chain, including companies specializing in joint modules, dexterous hands, reducers, and sensors [3]. - AI infrastructure investments are highlighted, with a focus on companies that will benefit from the growing demand for data centers and related technologies [3]. Market Performance - The report provides a detailed analysis of the stock performance of key companies in the humanoid robot and AI sectors, indicating positive trends and potential growth opportunities [16].