Investment Rating - The report rates the robotics industry as "Overweight," indicating that the industry is expected to outperform the overall market [8]. Core Insights - Google DeepMind is significantly increasing its investment in robotics, focusing on both hardware and software development. The CEO, Hassabis, aims to create a universal AI system based on Gemini that can be configured into various physical forms, predicting a breakthrough in AI-driven robotics technology in the coming years [2]. - The Gemini Robotics project has been initiated within DeepMind, aiming to directly output action tokens using multimodal large models. The Gemini Robotics series was launched in March 2025, with subsequent releases enhancing the capabilities of robots [2]. - The Gemini Robotics 1.5 system features two collaborative models: a coordinator model for higher-level reasoning and a motion model that translates natural language instructions into robotic actions. This system includes three major technological innovations that enhance the performance and adaptability of robots [2]. - DeepMind's advancements in embodied intelligence, previously focused on research, are now moving towards commercialization, with notable models released in recent years demonstrating significant improvements in multimodal capabilities [2]. - The introduction of a former Boston Dynamics CTO to DeepMind signifies confidence in embodied intelligence models and the anticipated turning point in the industry. Key beneficiaries of this trend include major robotics manufacturers and component suppliers [2]. Summary by Sections Company Valuation - The report provides a valuation table for key companies in the robotics sector, including their earnings per share (EPS) forecasts and price-to-earnings (PE) ratios for the years 2024 to 2027. For instance, the company UBTECH is projected to have an EPS of -2.4 in 2024, with a PE ratio of -41.6 [3]. - Other companies listed include Hengli Hydraulic, Zhejiang Rongtai, and Huichuan Technology, with varying EPS and PE ratios indicating their financial performance and market expectations [3].

Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [4]. Core Insights - The focus of commercialization is on robotic brains, with Sim2Real potentially becoming the mainstream training method [2]. - The development of humanoid robot models is rapidly advancing, with Tesla's Optimus model demonstrating a high degree of human-like capabilities [3][29]. - The report suggests paying attention to listed companies involved in related hardware and software businesses, such as Pinming Technology [3]. Summary by Sections Section 1: Robotic Brain Development - The evolution from LLM to VLM and then to VLA models is enhancing the generalization and precision of robotic actions [1]. - VLA models are increasingly incorporating tactile inputs to improve robustness [1]. Section 2: Sim2Real Technology - Sim2Real utilizes synthetic data generation to help robots accumulate experience through diverse scenarios, linking virtual and real-world data for training [2]. - The technology involves a tri-computer setup: an AI supercomputer, a simulation computer, and a physical AI computer [2]. Section 3: Tesla's Optimus Model - Tesla's Optimus integrates AI systems from FSD and xAI's Grok model, achieving high levels of human-like interaction and physical self-awareness [3][29]. - The model's architecture allows it to process various sensory data to generate action commands directly from raw sensor inputs [33]. Section 4: Emerging Technologies and Models - The report discusses several innovative models, including RT-1, RT-2, Magma, and ViLLA, each contributing to bridging the gap between visual/textual inputs and robotic actions [14][17][22]. - The introduction of the "force-position hybrid control algorithm" by the Beijing General Artificial Intelligence Research Institute shows significant improvements in task success rates [58]. Section 5: Market Trends - The mechanical equipment industry is projected to experience varying growth rates, with a notable increase expected in the coming years [5].