Core Insights - Apptronik's Apollo humanoid robot has improved delivery efficiency by 40% on the production line at Mercedes-Benz's Hungarian factory [2] - Apptronik has raised significant capital, with a valuation reaching $5 billion, indicating strong investor confidence in humanoid robotics [4] - The global humanoid robot market is projected to reach $38 billion by 2035 and $5 trillion by 2050, highlighting the industry's growth potential [4] Company Overview - Apptronik originated from NASA's Valkyrie robot project and was founded by Jeff Cardenas, Nick Payne, and Luis Sentis in 2016 [4][8] - The company has focused on developing general-purpose robots rather than consumer-grade products, emphasizing a long-term technological vision [9][11] - Early funding came from government contracts, which shaped the company's engineering philosophy towards reliability and robustness [11] Product Development - Apptronik's initial product, Astra, was a half-body robot designed for basic tasks in logistics, allowing the company to gather valuable data for future developments [12][16] - The Apollo robot is designed to seamlessly integrate into existing factory layouts, with a height of 1.73 meters and a load capacity of 25 kilograms [18][19] - Apollo features a modular design and can switch between bipedal and wheeled movement, enhancing its versatility across various industrial applications [21] Strategic Partnerships - Mercedes-Benz has invested significantly in Apptronik, marking a shift from customer to owner, and validating the technology's applicability in addressing labor shortages [24][25] - Collaborations with NVIDIA and Google DeepMind aim to enhance Apollo's AI capabilities and operational efficiency [25][26] Market Landscape - The humanoid robot market is characterized by three main competitive paths: Tesla's AI-driven approach, Apptronik's pragmatic engineering focus, and Figure AI's ecosystem binding strategy [29][31] - In the Chinese market, companies are pursuing diverse strategies, with a focus on AI advancements and hardware integration [33][40] - The industry is expected to accelerate the fusion of AI and hardware, leading to commercial applications in specific industrial and commercial scenarios [41]

机器人板块在经历明显回调后，近期在多重边际利好催化下迎来触底反弹。从产业端看，谷歌、特斯拉等科技巨 头加速布局，这一动作持续为行业注入信心。随着产业链各环节加速成熟，本体制造到核心零部件供应，再到场 景应用，已逐步形成完整产业生态。 在本体制造领域，国内外企业量产节奏明确：特斯拉计划在得克萨斯超级工厂新建年产能1000万台的专用厂房， 量产时间锁定在2027年。宇树智能应急机器人产业园项目（一期）完成备案，将建设月产能500套的行业应用机器 人组装产线。优必选已开始批量交付Walker S2机器人，2026年工业人形机器人年产能将达5000台，2027年扩至1 万台。智元机器人、银河通用、小鹏机器人等国产企业也在纷纷布局产能。 在供应链方面，特斯拉供应链（T链）进入关键验证期，12月有望陆续向供应商下达定点订单，并给出明年供货 指引，国内相关企业有望获得首批批量订单。此外，国内供应链企业快速崛起，步科股份、双林股份、夏厦精密 等企业在无框力矩电机、直线关节模组、精密齿轮等产品上实现技术突破，已与头部客户开展合作并实现小批量 交付。 在应用场景方面，物流配送、家庭服务、数据采集等场景应用逐步落地，优必选中标多个 ...

在经历前期阶段性回调后，这一板块近期迎来多重边际利好催化。Choice数据显示，12月4日该板块吸引约40亿元资金净流入，位居市场首位。在产能、 供应链与资本的三重共振下，这一产业正迈向商业化的临界点。未来产业链中有哪些更具确定性的机会？请看机构最新研判。 机器人板块在经历明显回调后，近期在多重边际利好催化下迎来触底反弹。从产业端看，谷歌、特斯拉等科技巨头加速布局，这一动作持续为行业注入信 心。随着产业链各环节加速成熟，本体制造到核心零部件供应，再到场景应用，已逐步形成完整产业生态。 在本体制造领域，国内外企业量产节奏明确：特斯拉计划在得克萨斯超级工厂新建年产能1000万台的专用厂房，量产时间锁定在2027年。宇树智能应急机 器人产业园项目（一期）完成备案，将建设月产能500套的行业应用机器人组装产线。优必选已开始批量交付Walker S2机器人，2026年工业人形机器人年 产能将达5000台，2027年扩至1万台。智元机器人、银河通用、小鹏机器人等国产企业也在纷纷布局产能。 在供应链方面，特斯拉供应链（T链）进入关键验证期，12月有望陆续向供应商下达定点订单，并给出明年供货指引，国内相关企业有望获得首批批量 ...