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].

开普勒研发的 K2 "大黄蜂"全身有 52 个自由度，能够实现高效的决策能力，具有高负载、长续航、高精度的特性； 自研KeplerGear精旋动力™ 旋转执行器，保 障机器人动作的精准性和高稳定性。另外，开普勒机器人还拥有自研 NimbleMaster 巧手大师™，端水、搬货手到擒来。不仅如此，开普勒机器人还配备自研 2025张江具身智能开发者大会暨国际人形机器人技能大赛将于 5 月 29 日在上海盛大开幕。大会以"开源、开放、开创"为核心亮点，采用"峰会 + 大赛 + 展 览"三位一体模式，汇聚 200 余家人形、具身及产业链头部企业， 1000 余位知名院士、专家、企业领袖及开发者，聚焦人形机器人开源社区、技术突破与商业化 路径展开深度交流。 活动涵盖 1 场主论坛、 9 场开发者论坛、 1 场 国际人形机器人技能大赛及 1 场创新产品展，致力于系统构建人形具身机器人产业赋能生态。此外，还将配套举 办开发者之夜、浦东企业家早餐会、张江机器人谷参观交流等活动，以吸引更多人才与企业落地发展，实现价值创造。 截至目前， 2025张江具身智能开发者大会暨国际人形机器人技能大赛的人形机器人展览前期布置工作已临近尾声 ...