2025 年 12 月 07 日 行业研究●证券研究报告 汽车 行业周报 人形机器人行业双周报(1124-1207)：Optimus、 周度行情回顾 2025 年 12 月 1 日至 12 月 5 日，人形机器人指数上涨 1.41%，沪深 300 指数 上涨 1.28%，人形机器人指数领先 0.13pct。 2025 年 11 月 24 日至 11 月 28 日，人形机器人指数上涨 4.78%，沪深 300 指 数上涨 1.64%，人形机器人指数领先 3.14pct。 周度热点回顾 12 月 3 日，特斯拉发布了 Optimus 在实验室中奔跑的视频。视频中，一台 Optimus 人形机器人在实验室环境中，双腿自然迈开，以肉眼可见的流畅姿态奔 跑。本次 Optimus 的奔跑，整个过程的动作表现稳定，未出现明显的失衡或冗 余动作。 Figure 03 跑步姿态超预期，人形机器人催生丝杠 12 月 4 日，Figure 发布 Figure 03 高速奔跑视频。Figure AI 创始人兼 CEO Brett Adcock 发布了一段简短视频，展示 Figure 03 在类似实验室环境中高速奔跑的 画面。视频中， ...

Investment Rating - The investment rating for the defense and military industry is "Positive" [2] Core Viewpoints - The industry is experiencing continuous improvement, with a focus on military trade and robotics. The year 2025 is anticipated to be a significant turning point for military investment, driven by a combination of economic recovery, value reassessment, and event catalysts [5][48] - The military trade market is expected to see substantial growth, particularly with Indonesia's potential procurement of Chinese J-10 fighter jets, which could serve as a breakthrough for domestic military trade [5][25] - The robotics sector is rapidly evolving, with significant advancements in both consumer and business applications, including the launch of the ZhiYuan G2 robot and the Figure 03 humanoid robot [4][11][12] Summary by Sections 1. Robotics Industry Tracking - The ZhiYuan G2 robot has received over 100 million yuan in orders and is now in commercial delivery, showcasing its capabilities in various industrial applications [11] - The Figure 03 humanoid robot has made significant advancements, enabling it to perform household tasks and serve in hospitality roles [12][15] - Police robots have been officially deployed in Zhejiang for patrol duties, indicating a new application area for robotic technology [17][20] 2. Military Trade Prospects - Indonesia is expected to procure Chinese J-10 fighter jets, marking a significant milestone in China's military trade exports [5][23] - The domestic military trade market has substantial growth potential, with China ranking sixth globally in military exports, accounting for only 3.9% of the market [25] 3. Market Performance Review - The defense and military index underperformed the broader market, with a decline of 5.12% during the week of October 13-17, 2025 [3][26] - Year-to-date, the defense and military index has increased by 15.0%, slightly outperforming the broader market [29][30] 4. Investment Focus and Beneficiary Stocks - Key investment themes include "new quality combat capabilities" and "value reassessment in a recovering market," with recommended stocks in various segments such as next-generation combat systems, unmanned equipment, and satellite internet [6][48] - Specific beneficiary stocks include AVIC Shenyang Aircraft, Huayin Technology, and various companies involved in unmanned systems and missile production [6][48]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for specific segments such as humanoid robots and engineering machinery, indicating potential investment opportunities [2][3]. Core Insights - The humanoid robot commercialization is progressing, with companies like Figure AI showcasing advanced capabilities in household tasks, indicating a growing market for humanoid robots [2][3]. - The photovoltaic sector is experiencing an upward trend, with N-type solar cells seeing price increases and export growth, particularly benefiting from demand in India and domestic projects [3]. - Engineering machinery exports have maintained double-digit growth, driven by infrastructure projects and increasing domestic demand, suggesting a favorable investment environment [3]. - The report highlights the importance of technological advancements and market demand in shaping the future of the humanoid robot industry, emphasizing components with high value and technical barriers [3]. Summary by Sections Market Overview - From September 29 to October 10, 2025, the machinery, power equipment, and automotive industry indices increased by +1.43%, +2.19%, and +0.43%, respectively, ranking 15th, 11th, and 22nd among 31 primary industries [8][10]. Industry News - The report discusses the release of new humanoid robots by various companies, including Figure AI's third-generation model, which is designed for household applications, showcasing the industry's potential for growth [2][3]. - It also notes the challenges faced by Tesla in mass-producing its humanoid robot due to technical difficulties, which may impact market dynamics [2][3]. - The photovoltaic industry is projected to continue growing, with significant contributions from solar energy, driven by low costs and expedited approval processes [3][18]. Key Company Announcements - Companies like 桂冠电力 reported significant increases in power generation, particularly in renewable sources, indicating a shift towards sustainable energy solutions [17][19]. - The report mentions various companies focusing on humanoid robot components, highlighting their strategic investments and technological advancements in this emerging field [19][20].

Group 1 - The report indicates that the recent tariff threats from Trump are not expected to have the same impact as the "reciprocal tariffs" from April, suggesting a more emotional short-term impact rather than a fundamental shift in the A-share market's "slow bull" trend [4][25]. - The report highlights that the market has gained some understanding of Trump's tariff tools, indicating a learning effect that may mitigate the shock from new tariffs [3][21]. - The report emphasizes that China's rapid countermeasures, including export controls on rare earths and lithium batteries, demonstrate the country's determination to protect its interests against U.S. technology restrictions [3][24]. Group 2 - The report suggests that the technology sector and advanced manufacturing are expected to remain strong, with a focus on self-sufficiency and countermeasures in response to external shocks [26][34]. - The report notes that the "Red October" effect historically shows positive returns in October and November, indicating a favorable time for market positioning [26][27]. - The report identifies that sectors such as rare metals, particularly those related to AI and energy storage, are likely to see continued interest due to geopolitical uncertainties and supply disruptions [51][52].

Core Insights - The article discusses the introduction of Figure 03, a humanoid robot developed by Figure, designed for household tasks and scalable production [14][22]. Group 1: Robot Features - Figure 03 is capable of performing various household chores autonomously, such as serving tea, cleaning dishes, and folding laundry [3][14]. - The robot features an AI-driven design, with hardware optimized for artificial intelligence, enabling it to reason and operate in real-world environments [16][17]. - It incorporates a next-generation visual system that enhances perception with double the frame rate and reduced latency, crucial for navigating complex spaces [19][20]. - The hand system includes embedded cameras for close-range visual feedback, improving its ability to handle delicate tasks [21][23]. Group 2: Safety and Usability - The design prioritizes safety with soft materials to reduce injury risks and a lightweight structure that is 9% lighter than its predecessor [26]. - The battery system includes multiple safety mechanisms and has been certified for transport safety, ensuring reliability during operation [27]. - Maintenance is simplified with tool-free disassembly and washable materials, enhancing user experience [27]. Group 3: Production and Scalability - Figure 03 is designed from the ground up for high-volume manufacturing, with a focus on cost control and manufacturability [29][30]. - The BotQ factory aims for an initial production capacity of 12,000 units per year, with a long-term goal of 100,000 units [30]. - The company employs a vertical integration strategy for key components, ensuring quality and efficiency in production [29]. Group 4: Commercial Applications - The advancements in Figure 03's capabilities make it suitable for commercial applications, with features that can be customized for specific business needs [32][35]. - The robot's improved efficiency and operational capabilities allow for near-continuous operation through features like inductive charging and wireless data transfer [35].