Core Insights - The humanoid robotics market is transitioning from a futuristic concept to a viable investment opportunity, with estimates suggesting it could reach a $5 trillion market by 2050 [1][2][3] Market Dynamics - The market is experiencing a turning point due to three converging trends: record labor shortages, significant reductions in AI costs (down approximately 85% since 2023), and competitive pricing for Robots-as-a-Service (RaaS) at around $30 per hour [2][3][4] - Over 450,000 warehouse roles in the U.S. remain unfilled, highlighting the labor shortage [3] Investment Vehicles - Roundhill's HUMN ETF is one of the first actively managed ETFs focused on humanoid robotics, allowing for more agile trading compared to index-based ETFs like KraneShares' KOID [4][5] - HUMN's portfolio is reviewed monthly to capitalize on emerging opportunities, contrasting with KOID's static approach [5][6] Tesla's Role - Tesla's humanoid robot, Optimus, is already operational within its factories, and the company is a significant holding in the HUMN ETF, capped at approximately 13% to mitigate risk from volatility [7][8] - Tesla's unique advantages include an in-house AI stack and large-scale manufacturing capabilities, positioning it favorably in the humanoid robotics space [8][9] Future Projections - Adoption of humanoid robotics is expected to follow a linear growth pattern through the late 2020s, with a significant inflection point in the mid-2030s as fleets scale [10] - Investors are encouraged to view HUMN as a long-term holding with potential for strong returns in shorter time frames [10] Global Exposure - HUMN ETF provides exposure to sophisticated humanoid robotics through ownership stakes in companies like Hyundai (owner of Boston Dynamics' Atlas) and Xiaomi, which are part of its portfolio [11][12] - The ETF adopts a value-chain approach, incorporating U.S. silicon producers, Chinese humanoid builders, and Japanese precision gear manufacturers to ensure comprehensive market exposure [12] Conclusion - As the humanoid robotics sector evolves, Roundhill's HUMN ETF offers a potential first-mover advantage for investors looking to capitalize on the growing demand for robotic solutions in various industries [13][14]

具身智能行业习惯将机器人分为"大脑"、"小脑"和"本体"。"大脑"指人形机器人负责感知和决策的智能 中枢，"小脑"负责运动控制，"本体"则是硬件结构。 截至6月20日，已有华为、荣耀、vivo、小米等手机厂商宣布入局具身智能领域。各家在具身智能的细 分赛道选择上各有侧重，主流手机厂商选择不直接制造机器人本体，而拥有多品类硬件生产供应链优势 的小米是个例外。 和智能汽车业务的模式相似，华为选择通过提供盘古大模型、华为云、OpenEuler等核心技术，做一个 机器人"大脑"与"神经系统"的技术提供商，赋能达闼、乐聚、科沃斯（603486）等机器人本体制造商和 应用集成商，帮助他们开发出更智能、更高效的机器人产品。这符合华为的一贯做法：不追求在所有环 节都做到"端到端"，而是专注提供底层技术和平台。 荣耀于2025年5月正式官宣进军机器人行业，计划在未来五年内投入100亿美元，构建全球AI终端生态 体系，这也是荣耀CEO李健所提出的"阿尔法战略"的重要内容。 经济观察报记者陈月芹 6月20日，在华为开发者大会(HDC2025)上，华为常务董事、华为云计算CEO张平安在发布CloudRobo具 身智能平台时强调，"华 ...

Core Insights - The humanoid robot sector is gaining traction, with major players from various industries, including traditional robotics, internet giants, automotive companies, and smartphone manufacturers, entering the market [1][2] - The competition among smartphone manufacturers in the humanoid robot space is intensifying, with companies like Huawei, Vivo, OPPO, Xiaomi, and international giants like Apple and Samsung all vying for a position in this emerging market [1][2] Industry Trends - The humanoid robot market in China is projected to grow significantly, with an estimated market size of 2.158 billion yuan in 2024, reaching nearly 38 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of over 61% [2] - The production of industrial robots in China increased by 27% year-on-year in the first two months of this year, while service robots, including humanoid robots, saw a 35.7% increase in production [2] Company Strategies - Apple is focusing on developing consumer-oriented home robots, aiming to redefine human-robot interaction rather than just creating humanoid machines [3] - Honor is restructuring its operations to focus on AI and robotics, establishing new departments and aiming to invest $10 billion over the next five years to build a global AI terminal ecosystem [4] - Xiaomi's CyberOne robot is being developed for home care and companionship, while Vivo has set up a lab dedicated to robot product incubation [5] Technological Advancements - The overlap between robotics and smart terminal technologies, such as AI algorithms and chip development, allows smartphone manufacturers to leverage their existing expertise in the robotics field [2][7] - Honor's YOYO AI agent has achieved capabilities in AI vision and autonomous task execution, showcasing the potential of integrating advanced AI models into robotics [7] Challenges and Market Outlook - Despite the promising outlook for the humanoid robot market, significant challenges remain, including high technical barriers, long return cycles, and slow market cultivation [8] - The industry is still in its early stages, with humanoid robots facing limitations in natural language understanding and emotional recognition, indicating that there is still a long way to go before they become widely usable [7][8] - The market is expected to see accelerated growth around 2028, contingent on the actions of leading companies like Tesla in scaling production [8]

Core Insights - The article highlights the entry of major global companies, particularly Nvidia and Tesla, into the embodied intelligence sector, with Tesla being recognized as a leader in humanoid robotics through its Optimus project [1][6] - Tesla's Optimus robot shares technological roots with its vehicles, utilizing the same Full Self-Driving (FSD) system and hardware, which positions it uniquely in the market [1][6] - The article notes that 15 well-known automotive manufacturers have entered the humanoid robotics space, with 11 of them based in China, indicating a competitive landscape [2][3] Group 1 - Tesla's Optimus is expected to become one of its most important products, with Musk predicting a future where humanoid robots could number in the billions, highlighting significant economic potential [6][12] - The humanoid robotics sector is becoming increasingly crowded with automotive companies and industry leaders, forming a strong faction within the embodied intelligence space [3][4] - The article discusses the challenges faced by companies like Xiaomi and Xpeng in the humanoid robotics market, including delays and team restructuring, while emphasizing their potential to commercialize humanoid robots [14][15][24] Group 2 - Xpeng has made significant strides in humanoid robotics, with its Iron robot being positioned to potentially achieve commercial production ahead of competitors [15][21] - The article outlines the development history of Xpeng's humanoid robot, including acquisitions and team expansions, while also noting the challenges faced in terms of commercialization and team stability [16][24] - Xiaomi's CyberOne was one of the first humanoid robots to be publicly showcased, indicating its early entry into the market, but it has faced challenges in visibility and progress [25][27]

作者丨猎云精选（lieyunjingxuan） 作者丨王非 图源丨Midjourney 以下文章来源于猎云精选 ，作者王非 猎云精选 . 聚焦科技创业创新，钻研产业趋势，用心服务创业者。 华米Ov后，又一手机厂商加入"造人"行列。 5月28日，在荣耀400系列新品发布会上，荣耀CEO李健分享了公司员工与机器人研发的故事，通过 视频展示了员工与一款机器人跑步的情况。这款机器人跑步速度达到4m/s，打破之前机器人行业纪 录。 一时间，外界关于荣耀进军机器人的讨论不绝于耳。一方面是惊叹于荣耀机器人的出色表现，更多的 则是惊叹于荣耀突然就放出了大招。 事实上，早在2024年底，在时任CEO赵明治下，荣耀旗下就已密集注册多家新公司，经营范围就包 括智能机器人销售、智能无人飞行器销售等。 李健接任荣耀CEO后，不只是将进军机器人摆在明面，更是将其摆在战略层面的高度上，并加速了这 一进程的推进。 对于未来发展，李健表示，根据不同的场景和需求，荣耀结合自身的技术积累（比如算法），再去决 定究竟是采取供应链生态合作、还是自己单独推出相应机器人产品。不管怎样，荣耀都会推出很好的 机器人产品。 来源：凤凰网科技 悄然布局，一鸣惊人 ...

Core Insights - The mid-range smartphone market, priced between 2000 to 3000 yuan, is becoming a key battleground for manufacturers as AI technology advances and government subsidies support this segment [2][3] - Honor's CEO, Li Jian, emphasized the transition from the digital era to the AI era, indicating that the company's focus is on strengthening its core capabilities rather than solely on sales volume [2][4] - The differences in pricing and specifications between domestic and overseas versions of Honor's 400 series highlight the company's strategic focus on the Chinese market [3][4] Market Dynamics - The mid-range smartphone segment is crucial for manufacturers as it offers profit margins compared to entry-level devices, with most companies prioritizing sales volume this year [3][4] - Honor's 400 series includes two versions, with domestic prices significantly lower than their overseas counterparts, indicating a strategic pricing approach to regain market share [3][4] Company Strategy - Honor is undergoing a transformation, with a new management team and a focus on product line completion, aiming to compete effectively in a challenging domestic market [5][6] - The company is also exploring new growth avenues, particularly in the robotics sector, as traditional smartphone growth slows down [6][7] Robotics Initiative - Honor is actively investing in robotics, with Li Jian confirming that the company is focusing on this area as part of its strategy to evolve into an AI terminal ecosystem company [7][8] - The company plans to invest $10 billion over the next five years to support this transition, indicating a significant commitment to innovation and new product development [7][8]

作者｜张雅婷 5月28日，李健任职荣耀CEO 4个月后，首次面向公众，站在了荣耀新品发布会的舞台中央。 今年1月，带领荣耀"狂奔"近十年的赵明辞职，李健接任CEO职务。李健亦是华为老将，于2001年加入华为，2021年荣耀独立后，李健先后任荣耀管理团队 核心成员、副董事长、董事、人力资源部总裁等职务。 HONOR 出品｜搜狐科技 "我个人不想打造任何人设，不太喜欢过多的包装、粉饰。"在发布会结束后的深夜，李健与搜狐科技等媒体进行了近两个小时的真诚交流，分享了荣耀的新 变化、新探索。 李健接手荣耀时，公司的业务发展遇到了不小的挑战。曾经登顶中国市场的荣耀销量下滑，已经跌出了国内前五。他向搜狐科技表示，从去年下半年起销量 非常困难，从1月份到现在，新团队做了大量的变革工作。 目前，荣耀"李健时代"的领导班子，主要包括CFO彭求恩、产品线总裁方飞、销售与服务总裁王班、CMO郭锐。李健表示，"领导团队很重要，我们这一帮 人，都是过去在一家伟大的公司（华为）里面工作了20多年的人。" 在全新管理团队的领导下，荣耀开启了一系列的组织变革，包括成立新产业孵化部等五大一级部门，关键岗位开启全员公开竞聘，且竞聘过程在内部全程直 ...

Core Viewpoint - The automotive industry is increasingly focusing on humanoid robots, which are becoming a central theme at major auto shows, indicating a shift in narrative and growth opportunities for car manufacturers [1][2]. Group 1: Industry Trends - Major auto shows have seen humanoid robots taking on roles traditionally held by car models, highlighting a growing interest in robotics within the automotive sector [1]. - At least six car manufacturers have developed or are collaborating on humanoid robots, with many more investing in or planning to enter this space [1]. - The automotive industry is experiencing a slowdown in electric vehicle sales, prompting companies to seek new growth narratives through robotics [1][10]. Group 2: Company Developments - Honda initiated its humanoid robot project in 1986, leading to the creation of ASIMO, which laid the groundwork for future developments despite its eventual discontinuation [3]. - Tesla's Optimus humanoid robot project was announced in 2021, with plans to produce 5,000 units by the end of 2024 and ramping up to 50,000 units by 2026 [4]. - Companies like Xiaomi, XPeng, and GAC have launched their own humanoid robots, with Xiaomi's CyberOne being one of the earliest examples from a tech company entering the automotive space [5][6]. Group 3: Investment and Collaboration - Investment in humanoid robotics is a significant trend, with established automotive companies backing startups to leverage their supply chain advantages [7]. - The humanoid robot industry is characterized by a collaborative ecosystem where automotive companies and robotics firms can complement each other's strengths [12][14]. - Companies are exploring various applications for humanoid robots, including factory automation and customer service roles, to enhance operational efficiency [10][15]. Group 4: Market Dynamics - The overlap between automotive and robotics industries allows for cost-effective development, as many components used in cars can be repurposed for humanoid robots [8]. - The automotive sector's existing infrastructure and cash flow provide a competitive advantage in rapidly advancing robotics projects compared to startups that rely heavily on external funding [13]. - The shift towards humanoid robots is seen as a response to the need for diversification in the face of declining growth rates in traditional automotive sales [11].

为什么车企纷纷盯上人形机器人？车企造的"人"能力更强吗？ 车企造"人"的三个派别 文丨产业象限钱江 编辑｜山茶 在今年4月底的北京车展上，人形机器人"站"在了汽车的一边，取代了身材火辣的车模，成为车企们展 示未来技术的招牌符号。 小鹏汽车的人形机器人Iron在展台上稳步前行、挥手致意，一套流畅的动作成功圈粉；一汽、深蓝则采 用宇树科技的G1、H1机器人进行舞蹈表演，为展台增添科技感；智元A2机器人出现在北汽、长安等多 个展位上，化身"销售顾问"，承担接待引导角色。 从车展可以看出，车企们对人形机器人赛道的布局愈发密集，根据有界UnKnown不完全统计，全球已 有19家知名车企涉足这一赛道。而仔细查看会发现，这股车企造"人"热可以分为两波：第一波是马斯克 点的火，第二波是AI添的柴。 第一个时间段集中在2021年和2022年，现代集团正式收购波士顿动力，特斯拉自研擎天柱人形机器人， 而当时国内只有一家车子还处于PPT阶段的小米，在自研人形机器人。 这一阶段，其他传统车厂多数还在看戏。 直到2024年底，局势发生改变。ChatGPT带火生成式AI，机器人被赋予智能化的想象力，车企造"人"迎 来第二波浪潮，这一轮里 ...

人形机器人系列（九）： 从Components到Functions，看手 眼协作、大小脑协同的投资机会 长江证券研究所机械研究小组 2025-05-06 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师 赵智勇 分析师 倪蕤 分析师 刘晓舟 SAC执业证书编号：S0490517110001 SAC执业证书编号：S0490520030003 SAC执业证书编号：S0490524030001 SFC执业证书编号：BRP550 分析师及联系人 %% %% research.95579.com 2 01 人形机器人产业快速推进，仍存 在应用痛点 02 Functions仍有瓶颈约束，视觉+ 运控+手眼协同为重要细分架构 目 录 %% research.95579.com 3 01 人形机器人产业快速推进，仍存在应用痛点 %% %% %% %% %% %% research.95579.com 4 人形机器人首先是要造好一个人形机器人本体 01 ➢ 2022年10月特斯拉提出人形机器人OPtimus硬件设计方案，遵循第一性原理，包括14个旋转 ...