Industry Overview - The A-share SW robotics sector experienced a decline of 9% from April to June 2025, underperforming the SW machinery equipment sector by 12.5 percentage points [1] - Huawei's developer conference introduced a robotics foundational model, indicating a new paradigm for domestic robotics embodied intelligence [1] Comments - Huawei's CloudRobo platform offers cloud-based intelligence for robots, featuring three core modules: embodied multimodal generative models, embodied planning models, and embodied execution models, enabling end-to-end capability integration [1] - The platform has signed R2C agreements with robots, attracting industrial, medical, and collaborative robots, while Huawei Cloud focuses on providing cloud computing support, alleviating partnership concerns [1] - In the Hong Kong stock market, robotics companies showed a valuation premium over A-shares in Q2 2025 due to new IPOs in humanoid, collaborative, and AMR sectors, and improved liquidity from inclusion in Hong Kong Stock Connect and indices [1] - The Hong Kong robotics sector is expected to continue expanding in the second half of 2025, with attention on A+H dynamics [1] Company Developments - Zhiyuan Robotics announced the acquisition of at least 63.62% of Upwind New Materials, aiming for a target of 1,000 robot shipments in 2025 [2] - Shou Cheng Holdings' subsidiary increased investment in Yushu Technology, a leading global quadruped robot company, projected to capture 70% of the global market share by 2024 [2] - Tesla's Optimus mass production plan may be delayed due to hardware challenges such as motor overheating and short battery life, with a postponed target for 2025 [2] Valuation and Recommendations - The company maintains its target prices, profit forecasts, and ratings, with a focus on domestic chain opportunities, particularly recommending Daotong Technology and Yihua Da for their quality and sufficient stock price adjustments [3] - In the Hong Kong robotics sector, attention is advised on the logistics automation segment represented by AMR [3]

2025 年已经进入下半场，人形机器人行业似乎也进入了"下半场"。 6 月以来，虽然人形与具身智能依然是科技圈最炙手可热的话题之一，但特斯拉 Optimus 传闻砍单至仅 1000 台、资本吐槽市场估值过高、部分企业裁员、多家企业直言不讳遥操作才是唯一解。从商业落地的角度 看，人形机器人的进展也远不及市场预估。 多个发展现象似乎都在印证， 人形机器人与具身智能这波发展浪潮，即将进入平稳期。 而近期 2025 年华为 开发者大会（ HDC ）上 的最新动态，也从侧面证明，人形机器人的下半场，或许要有些新的变化： 新的行 业共识正在形成，新的落地思路正在加速实践。 ▍ 当人形机器人撞上工业 " 99.9% 可靠性 " 铁壁 人形机器人下半场有哪些新变化？ HDC 2025 上， 华为云发布的全新具身智能平台架构 无疑 引发行业震动。 因为这个名为 C loud R obo 的 平台，主打用大模型为具身智能机器人提供 " 智慧大脑 " ，并配合 " 端边云 " 协同，让机器人在执行任务时 更加智能和高效。同时，其革命性在于将无人矿卡、工业机械臂、移动机器人等非人形 形态 纳入具身智能载 体， 利用盘古大模型的超算能 ...