Investment Rating - The report maintains a positive investment outlook on the humanoid robotics industry, particularly highlighting Tesla's leadership and the rapid evolution of startups like Figure AI, Agility Robotics, and 1X Technologies, with 2025 expected to be a pivotal year for mass production in the sector [4][5]. Core Insights - The humanoid robotics industry is entering a new era of embodied intelligence, driven by advancements in large models that enhance perception, decision-making, and execution capabilities. The report emphasizes the acceleration of industrial applications in manufacturing, logistics, and home services [1][9]. - Tesla's Optimus robot is making significant strides in both software and hardware, with expectations of mass production reaching 1 million units by 2027. The robot's capabilities are rapidly evolving, with notable improvements in movement and functionality anticipated in the coming years [2][10]. - The competitive landscape is characterized by a diverse array of hardware developments from leading companies, with significant investments and collaborations enhancing the industry's growth potential [3][11]. Summary by Sections Introduction - The report outlines the evolution of the humanoid robotics industry, detailing its transition from traditional control systems to a new era of embodied intelligence, with a focus on technological advancements and competitive dynamics [9]. Development History - The industry has progressed through four key stages: exploratory, integrated, high-dynamic, and intelligent development, with significant contributions from both Japan and the United States in shaping the current landscape [14][20]. Technical Routes - The primary research directions in humanoid robotics are bifurcated into bionic simulation and functional learning, with Japan focusing on realistic bionic robots and the U.S. leading in functional learning and complex environment operations [20][21]. Competitive Landscape - Major tech companies are actively investing and developing humanoid robotics through a combination of internal R&D, strategic investments, and partnerships. The U.S. leads in the number of startups and total funding in the sector [27][30]. Investment Recommendations - The report suggests focusing on automotive parts companies with strong production capabilities and customer relationships, particularly those that can provide localized support for humanoid robotics manufacturers [4][5]. Future Trends - The report anticipates that large models will continue to empower humanoid robots, enhancing their capabilities in various applications, including industrial manufacturing, logistics, and home services [31][33].