Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robotics industry [7]. Core Insights - The humanoid robotics concept index experienced a weekly decline of 1.86% from November 2 to November 7, 2025, underperforming the CSI 300 index by 2.69 percentage points. However, year-to-date, the humanoid robotics index has risen by 72.20%, outperforming the CSI 300 index by 49.73 percentage points [2][12]. - Notable stock performance includes Wald's weekly increase of 25.79%, while Hengshuai shares saw a decline of 20.81% [17]. Weekly Market Review - The humanoid robotics concept index fell by 1.86% during the week, while the year-to-date performance shows a significant increase of 72.20% [12]. - Wald and Hengshuai were the top performers and underperformers, respectively, among related stocks [17]. Weekly Highlights Policy Developments - The Ministry of Industry and Information Technology supports domestic and international collaboration to advance humanoid robotics technology and product upgrades [20]. - Fujian Province announced measures to promote AI industry development, offering a one-time reward of 500,000 yuan for selected high-quality AI products [20]. Product and Technology Iteration - JD.com plans to establish the world's first unmanned delivery station by April 2026, integrating drones and autonomous delivery vehicles [21]. - Xiaopeng Motors aims to achieve mass production of its advanced humanoid robot, IRON, by the end of 2026 [21]. - Star Dynamics' humanoid robot is expected to enter mass production in 2026, with a focus on affordability for consumers [22]. Investment and Financing - Beijing Jijiashijie Technology completed a new round of financing, focusing on the development of physical AI intelligent models [24]. Key Company Announcements - Kabeiyi invested 100 million yuan to establish a wholly-owned subsidiary to accelerate the development of humanoid robot components [25]. - Baoxin Technology plans to establish a joint venture focusing on humanoid and quadruped robots [25]. - Zoomlion expects to start mass production of robots in 2026 [26]. - Hangcha Group aims to reduce the cost of logistics humanoid robots by 60%-70% within two years [26].

Core Viewpoint - The article discusses the entry of Star Dynamics, a humanoid robotics company, into the Ningbo Qianwan New Area, highlighting its first humanoid robot product, Star Dynamics 1, which resembles humans more closely than other domestic humanoid robots [3][4]. Company Overview - Star Dynamics was established on September 19, 2025, with a shareholding structure of 60% held by Hongrun Construction and 40% by Matrix Super Intelligence [3]. - A strategic cooperation agreement was signed between Hongrun Construction and Matrix Super Intelligence in early September 2025 to establish a joint venture focused on the research, production, and commercial application of humanoid robots [3]. Product Features - The Star Dynamics 1 robot features a design without exposed cables and joints, with a color scheme similar to Tesla's Optimus V2.5 golden version [3]. - The company aims to compete with North American full-size humanoid robots like Figure, Tesla Optimus, and 1X [4]. Technological Focus - The founder of Matrix Super Intelligence emphasizes the importance of natural language communication in humanoid robots, aiming for a system that can understand human speech rather than relying on complex commands [4]. - The company has reduced its core control code from hundreds of thousands of lines to under 3,000 lines, which is intended to decrease error rates and enhance system stability and reliability [4]. Market Challenges - The article notes that achieving mass production in humanoid robotics remains a challenge, with Tesla reportedly reducing its annual production target for Optimus from 5,000 to 2,000 units due to technical difficulties [4]. - Star Dynamics introduces the concept of a "hardware abstraction layer," allowing compatibility with various suppliers' components and enabling customization for different application scenarios [5]. Competitive Strategy - The company aims to seize technological and production advantages before the industry matures, which could determine its position in the competitive humanoid robotics market [5]. - Emphasis is placed on the need for hardware that is easy to produce and maintain while being optimized for different performance requirements based on application scenarios [5].