大疆是无人机领域的代名词，徕芬则是美容科技领域走出的新玩家，今年这两家企业「跨界」进入智能清洁领域，让本已拥挤的这条新赛道，竞争更趋白热 化。 据硬氪报道，徕芬已确定进入洗地机行业，负责人来自大疆，「这一业务已经持续至少半年，为内部保密度极高的项目」。 无独有偶，大疆今年 8 月正式进军智能清洁市场，推出旗下首款扫地机器人产品 ROMO 系列。两件事结合起来，引发外界遐想。 大疆 ROMO P 扫地机器人（雷科技摄制） 智能清洁赛道拥挤，洗地机型号已上千 奥维云网数据显示，2024 年中国清洁电器行业销售额 423 亿元（同比增长 24.4%），零售量 3035 万台（同比增长 22.8%），单台均价 1394 元；从增幅看， 清洁电器在全品类家电市场表现亮眼；从体量看，清洁电器年市场规模突破 400 亿元；位列空调（2071 亿）、冰箱（1434 亿）、彩电（1271 亿）、洗衣机 （1004 亿）、厨小电（609 亿）之后的第六大家电品类。 清洁电器品类正在掀起的智能化、科技化浪潮，是这一行业重拾高增长的关键原因，故而这一品类也有了个更加流行的新称谓——「智能清洁」。伴随更多 「高度自主智能」产品的登场， ...

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].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and Miniso, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the F&B, designer toys, and home appliance sectors, indicating a strong growth trajectory for companies like Pop Mart and Miniso, with Pop Mart aiming to become a world-class consumer brand [2][6]. - The report notes the performance of key companies, with Haidilao showing a weekly increase of 4.3%, while Nayuki and Green Tea Group experienced declines of 7.5% and 6.2% respectively [3][7]. Summary by Category F&B Sector - Haidilao's first premium store opened in Beijing, focusing on high-quality ingredients and a refined dining experience [2]. - The National Development and Reform Commission has allocated 69 billion yuan for consumer goods trade-in funds, boosting sales in the sector [2]. Designer Toys Sector - Pop Mart's production capacity has doubled, and the company is considering collaborations with major film studios [2]. - Miniso is launching a summer-themed flash store, showcasing limited edition products [2]. Home Appliance Sector - The report mentions the launch of JD's first self-service takeaway store, "Seven Fresh Kitchen," emphasizing fresh cooking without pre-prepared meals [2]. - DJI is entering the home appliance market with a new vacuum cleaner robot set to launch on August 26 [2].