2月24日，《每日经济新闻》记者获悉，在2026年世界移动通信大会（MWC 2026）上，荣耀将推出其 首款人形机器人，聚焦消费市场，成为率先入局人形机器人的手机公司，届时一同展出的还有此前荣耀 已经亮相的"机器人手机"等。 这款人形机器人，或许正是荣耀新产业孵化部的最新研发成果。2025年，荣耀对组织架构进行了调整， 新组建了AI（人工智能）OS（操作系统）、AI硬件、AI平台等部门，并于2025年4月设立了新产业孵化 部，下设具身智能实验室、具身数据实验室、交互安全实验室、动力总成实验室、仿生本体研究实验 室。 事实上，在手机市场步入存量竞争阶段的当下，荣耀并非唯一进军机器人领域的企业，包括苹果、华 为、vivo、小米等在内的手机厂商均已将目光投向具身智能。机器人正成为继智能手机、智能汽车之后 的又一潜在战略级终端。 机器人市场正快速发展 当前，机器人市场正处于快速发展的黄金时期。高工机器人产业研究所（GGII）数据显示，2025年全 球人形机器人市场规模达到63.39亿元，到2030年将达到640亿元，2035年将超过4000亿元。 未来增长空间巨大的赛道吸引了众多参与者，而2026年央视"春晚"堪称中 ...

Core Insights - Honor's entry into the humanoid robot market signifies that smartphone manufacturers are becoming key players in this sector, marking the beginning of a long journey in embodied intelligence [1] - The competition among smartphone brands like Honor, Vivo, and Xiaomi is driven by the saturation of the smartphone market, with humanoid robots seen as the next major growth opportunity [2][5] Group 1: Market Entry and Strategy - Honor plans to launch its first humanoid robot at the 2026 Mobile World Congress (MWC), as part of its "Alpha Strategy," which includes a $10 billion investment over five years to transition from a smartphone manufacturer to a global AI terminal ecosystem company [2][3] - The establishment of new departments focused on embodied intelligence and AI hardware indicates a strategic shift towards integrating humanoid robots into their product offerings [3][4] Group 2: Industry Trends and Competition - The consumer humanoid robot market is viewed as the most commercially viable segment, with a significant increase in demand expected, as evidenced by IDC's projection of 18,000 units shipped globally by 2025, a 508% increase year-on-year [5] - The entry of multiple smartphone manufacturers into the humanoid robot space is seen as a race for first-mover advantage, leveraging existing brand recognition and distribution channels to reduce market education costs [4][6] Group 3: Technological and Operational Challenges - The transition from smartphones to humanoid robots presents challenges, particularly in mechanical engineering and the complexity of robotics, which require different skill sets than traditional smartphone development [8][9] - The commercialization of humanoid robots remains a significant hurdle, as many products risk becoming obsolete after initial novelty, necessitating a focus on practical applications in everyday life [9] Group 4: Competitive Landscape and Ecosystem - The competitive landscape is intensifying, with over 150 domestic humanoid robot companies emerging, leading to a focus on technology, production, and cost efficiency [6][7] - Smartphone manufacturers possess advantages in supply chain management and customer engagement, which can be leveraged to enhance the market presence of humanoid robots [6][7]

Group 1 - Xiaomi's robotics team has welcomed a significant talent, Lu Zeyu, who previously worked with Tesla's Optimus team, to lead the development of Xiaomi's dexterous hand technology [1][3] - Lu Zeyu aims to accelerate the engineering and practical application of dexterous hand technology and is actively recruiting skilled individuals in the robotics field [1][3] - The Xiaomi robotics team is currently expanding, with over 200 job openings related to robotics, including 12 positions specifically for dexterous hand development [3] Group 2 - The dexterous hand is a crucial component for humanoid robots, enabling human-like interaction and complex task execution, which is essential for upgrading robots from functional machines to intelligent entities that can adapt to real-life scenarios [3][6] - Xiaomi's foray into robotics began in 2020, leading to the establishment of the Xiaomi Robotics Laboratory in 2021, focusing on biomimetic robot technology [5] - The company has developed a technology matrix that includes quadrupedal robots, humanoid robots, and dexterous hands, with the CyberOne humanoid robot already capable of basic interactions in home settings [5][6]

Core Insights - Xiaomi Group has not yet identified a clear timeline for achieving a commercially viable closed-loop system in the humanoid robotics sector despite ongoing efforts in commercialization [2] - The company has been exploring humanoid robotics for four to five years, focusing on industrial applications, but acknowledges the significant challenges in realizing value from humanoid robots in factories [2][6] - Xiaomi's CyberOne humanoid robot, launched in August 2022, has a production cost of 600,000 to 700,000 yuan [2] Group 1 - Xiaomi's Senior Vice President, Zeng Xuezhong, emphasized the potential of humanoid robots to significantly enhance manufacturing and service industries, having built a research team of hundreds since 2020 [6] - The company aims for a "7:2:1" configuration in smart factories, where 70% of tasks are automated, 20% are handled by humanoid robots, and 10% remain for human workers [6] - Xiaomi has outlined a three-step plan for humanoid robot deployment, starting with prototype development in real manufacturing environments, followed by integration into smart manufacturing systems, and ultimately expanding applications beyond 3C and automotive sectors [6] Group 2 - Despite the recent surge in interest in embodied intelligence, Xiaomi has not released an updated version of CyberOne and has reduced public visibility in this area [7] - In April 2023, Xiaomi established Beijing Xiaomi Robotics Technology Co., holding a 90% stake, to focus on bionic robot technology innovation and product development [7] - The company has applied for over 240 robot-related patents and continues to recruit for various robotics research and development positions [7]

Core Insights - Huawei emphasizes its strategy of not manufacturing robot bodies but instead focusing on providing a platform for embodied intelligence, aiming to connect all networked entities as intelligent robots [1] - Major smartphone manufacturers are entering the robotics industry to find new growth opportunities as the smartphone market saturates, leveraging existing technological capabilities [1] - The robotics industry categorizes robots into "brain," "small brain," and "body," with Huawei and other manufacturers focusing on the "brain" and "small brain" aspects [1][2] Company Strategies - Huawei aims to be a technology provider for robot "brains" and "nervous systems," empowering manufacturers like Dalu, Leju, and Ecovacs to create smarter robots [2] - Honor plans to invest $10 billion over five years to build a global AI terminal ecosystem, aligning with its "Alpha Strategy" [2] - Vivo focuses on developing only the "brain" and "eyes" of robots, utilizing its self-developed algorithms and mixed reality imaging technology [2] Product Development - Xiaomi's humanoid robot CyberOne began mass production in February 2025, showcasing the company's commitment to the robotics sector [3] - The production of robot bodies remains challenging, with many startups still in the early stages of development [3] - Competing directly in robot body manufacturing poses significant capital and operational challenges for smartphone manufacturers, leading them to concentrate on high-value software and intelligent solutions instead [3]

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]

Core Viewpoint - Honor is making a significant move into the robotics sector, showcasing its first robot product during the launch of the Honor 400 series, which has sparked discussions about its strategic direction and technological capabilities [3][4][12]. Group 1: Company Strategy - Honor's CEO, Li Jian, has elevated the robotics initiative to a strategic level, emphasizing the integration of its technological expertise to determine whether to collaborate with supply chain partners or develop products independently [4][12]. - The company has been laying the groundwork for its robotics ambitions since 2024, with multiple new company registrations focused on smart robotics and drones [3][8]. - Honor's "Alpha Strategy" aims to invest over $10 billion in AI research and hardware integration over the next five years, intending to create a comprehensive AI ecosystem [12]. Group 2: Historical Context - Honor has a history of involvement in robotics, dating back to 2018 when it supported a university team in a robotics competition using its AI technology [7]. - The company has previously showcased AI capabilities through various projects, indicating a long-term commitment to developing its robotics ecosystem [11]. Group 3: Market Positioning - The entry of Honor into the robotics market aligns with a broader trend among smartphone manufacturers, who are increasingly viewing robotics as the next frontier for smart devices [18]. - Competitors like Huawei and Xiaomi have already established their presence in the robotics field, indicating a competitive landscape where smartphone companies are diversifying their product offerings [19][20]. Group 4: Future Outlook - Honor's recent developments and strategic shifts are seen as essential steps toward its upcoming IPO, with the company transitioning from a mobile-centric business model to a more diversified AI-driven ecosystem [16]. - The market is closely watching how Honor's robotics initiatives will unfold, especially in light of the challenges posed by high hardware costs and the need for proprietary technology in the robotics domain [22].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment industry [3]. Core Insights - The automotive chain leaders are advancing into the robotics sector, with significant developments from companies like Xiaomi and XPeng Motors, indicating a potential value reassessment in the industry [1][3]. - The report highlights the synergy between automotive manufacturers and the robotics supply chain, emphasizing the reuse of consumer traffic and reduced supply chain complexity [5]. Summary by Sections Industry Developments - XPeng Motors' CEO announced the initial application of their L3 level humanoid robot, Iron, in their Guangzhou factory, with plans for mass production by 2026 [5]. - Xiaomi's robotics team is progressing with their humanoid robot CyberOne, which was first unveiled in August 2022, showcasing various capabilities for home care and companionship [5]. Supply Chain and Market Dynamics - The report discusses the significant overlap between the automotive and robotics sectors, particularly in consumer durable goods and supply chain efficiencies [5]. - The complexity of robotics production is comparatively lower than that of automobiles, which may facilitate easier integration for automotive manufacturers [5]. Investment Opportunities - The report suggests monitoring automotive manufacturers that have announced or plan to enter the humanoid robotics market, including Xiaomi, XPeng Motors, Li Auto, and Seres [5]. - It also recommends paying attention to the supply chain companies associated with these automotive manufacturers, such as Jinyang Co., Wuxi Zhenhua, Top Group, and Precision Forging Technology for Xiaomi, and Fangzheng Electric and Guangdong Hongtu for XPeng [5].

Investment Rating - The industry investment rating is "Recommended" [4][20]. Core Insights - The humanoid robot industry is entering a "technology breakthrough → mass production cost reduction → scene penetration" golden cycle, expected to become a core investment theme in 2025 [20]. - The introduction of the Genie Operator-1 (GO-1) model by Zhiyuan Robotics significantly lowers the technical threshold for embodied intelligence, utilizing human videos for learning and rapid generalization with small samples [20][16]. - Recent government policies are accelerating the mass production of humanoid robots, with a focus on replacing dangerous, repetitive, and heavy-duty jobs [14][16]. Industry Policy Updates - On February 28, 2025, Beijing issued a policy to accelerate the replacement of dangerous and repetitive jobs with embodied intelligent robots [14]. - The Shenzhen Municipal Science and Technology Innovation Bureau released an action plan for the development of embodied intelligent robots from 2025 to 2027, aiming for breakthroughs in key components and technologies [14]. - The "5G Scale Application 'Sailing' Action Upgrade Plan" was issued on March 5, 2025, promoting the integration of humanoid robots with 5G technology [14]. Company Developments - Xiaomi, Xiaopeng, and NIO have announced their entry into the humanoid robot sector, with Xiaomi progressing on its CyberOne robot for home care and companionship [16]. - Zhiyuan Robotics launched the GO-1 model, which is expected to bring unprecedented possibilities for the development of embodied intelligence technology [16][5]. - The industry is witnessing significant investments and developments in humanoid robots, with various companies exploring innovative applications in extreme operations, medical rehabilitation, and smart logistics [20]. Stock Recommendations - Key stocks to watch include: - Tesla Chain: Sanhua Intelligent Control (002050.SZ), Top Group (601689.SH), Fengcai Technology (688279.SH) [21]. - Huawei Chain: Zhaowei Electromechanical (003021.SZ), Zhongjian Technology (002779.SZ) [21]. - Xiaomi Chain: Zhenyu Technology (300953.SZ), Hengli Hydraulic (601100.SH) [23].