Investment Rating - The report maintains an "Outperform" rating for the industry, particularly focusing on humanoid robots and AI infrastructure [4][8]. Core Insights - The humanoid robot sector is rapidly evolving, with significant advancements showcased at the 2025 World Robot Conference, highlighting the industry's potential for growth and innovation [3][16]. - The report emphasizes the importance of supply chain positioning and value capture in humanoid robotics, recommending a focus on key suppliers and companies with strong market positions [4]. - AI infrastructure is expected to see sustained capital expenditure growth driven by increasing demand, particularly benefiting sectors like gas turbines and chillers [4]. Industry Dynamics - The 2025 World Robot Conference opened in Beijing, featuring over 200 companies and 1500 exhibits, showcasing advancements in humanoid robotics and their applications [16]. - The report notes the rapid development of the domestic robot industry, with improvements in capabilities such as sorting, handling, and performing tasks like music and shopping [3]. - The low-altitude economy is progressing with infrastructure initiatives, including the successful completion of the first offshore oil platform supply flight using drones [27]. Company Dynamics - Key companies highlighted for humanoid robotics include: - **Joint suppliers**: Hengli Hydraulic, Huichuan Technology, and Bluesky Technology for joint modules [4]. - **Dexterous hands**: Zhaowei Electromechanical and Leisai Intelligent [4]. - **Reduction gears**: Green Harmonic and Jindi Co., Ltd. [4]. - AI infrastructure companies to watch include Hanbell Precise Machinery, Ice Wheel Environment, and Yingliu Co., Ltd. [4]. Key Company Earnings Forecasts and Valuations - The report provides earnings forecasts and investment ratings for several companies, including: - Green Harmonic (688017.SH): Outperform, with a projected EPS of 0.50 for 2025 [8]. - Huichuan Technology (300124.SZ): Outperform, with a projected EPS of 2.01 for 2025 [8]. - Bluesky Technology (688360.SH): Outperform, with a projected EPS of 0.99 for 2025 [8]. - The report also highlights the performance of companies in the humanoid robot sector, noting significant market movements and growth potential [15].

Core Viewpoint - The 2025 Zhangjiang Embodied Intelligence Developer Conference and International Humanoid Robot Skills Competition will take place on May 29 in Shanghai, focusing on "open source, openness, and innovation" with over 200 leading companies and 1,000 experts and developers participating [1]. Group 1: Event Overview - The conference will feature a summit, competitions, and exhibitions, aiming to build an ecosystem for humanoid and embodied robot industries [1]. - The exhibition will cover four main areas: embodied intelligence, developer ecosystem, humanoid robot industry chain, and humanoid robot bodies, showcasing the application results of humanoid robot technology [1]. Group 2: Participating Companies and Innovations - Major companies like Kepler Robotics, Zhuoyide Robotics, and Magic Atom have confirmed participation, showcasing advancements in humanoid robots [2]. - Kepler's K2 "Bumblebee" features 52 degrees of freedom, high load capacity, and long endurance, capable of lifting 30kg and operating for 8 hours on a single charge [5][6]. - Zhuoyide's "Walker II" is the world's first modular humanoid robot based on bionic tendon drive technology, with a weight of 30kg and energy consumption reduced by 25% compared to competitors [7]. Group 3: Technological Advancements - The conference highlights the role of embodied intelligence in achieving autonomous decision-making and efficient interaction with environments, with significant investments from Chinese tech companies [14]. - Innovations in core components, such as sensors and actuators, are crucial for the development of humanoid robots, with domestic companies showing competitive capabilities [18]. Group 4: Future Directions - The event aims to present a complete innovation chain and ecosystem for China's humanoid robot industry, marking a shift from being a follower to a rule-maker in the global market [27].