Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its layout both domestically and internationally, with significant breakthroughs expected in AI technology and cost reduction, leading to a strong demand for domestic core components [1][13][15] - The solid-state battery industry is progressing towards commercialization, driven by technological upgrades and the expansion of the supply chain, with companies expected to release new products and increase production capacity [2][18][19] - The photovoltaic industry is expected to return to an orderly competitive state due to the proposed price law amendments aimed at curbing "involution" competition, with upstream material prices rising and benefiting companies like JA Solar and Trina Solar [3][27][30] Summary by Sections Humanoid Robots - The industry is witnessing rapid advancements with major tech companies entering the market, leading to accelerated industrialization [1][14] - Domestic companies are expected to benefit significantly from the demand for localized core components [1][15] - Key players include Tesla, Unitree, and ByteDance, with significant product launches and production plans [14][17] New Energy Vehicles - The solid-state battery technology is identified as the next definitive direction for battery technology, with companies like Funeng Technology and Honeycomb Energy making strides in production [2][18][20] - The industry is experiencing rapid growth, with new models and technologies enhancing performance and reducing costs [20][21] - Companies with technological advantages and those expanding into new applications are expected to benefit [19][22] New Energy - The proposed price law amendments are set to improve market order and reduce excessive competition in the photovoltaic sector [3][26][27] - Upstream material prices are rising, which is expected to positively impact downstream component prices, creating rebound opportunities for companies like JA Solar and Trina Solar [27][30] - The industry is also seeing advancements in battery efficiency and production capabilities, with companies like Aiko Solar and LONGi Green Energy positioned to benefit [27][30] Power Equipment & AIDC - The demand for high-power density servers and cooling systems is expected to grow due to the rapid development of AI, benefiting the AIDC supply chain [8][19] - Companies involved in the production of power equipment and components for AI applications are likely to see increased demand [8][19]

行 业 华福证券 机械设备 2025 年 07 月 27 日 机械设备 研 究 最大规模人形机器人亮相 WAIC，宇树 R1 人形机器人 发布售价 3.99 万元 投资要点： WAIC 超过 150 台人形机器人同台"出道" 行 业 定 期 报 告 近日 2025 世界人工智能大会（WAIC）在上海开幕。今年的 WAIC 吸引了 800 多家国内外企业参展，带来了 3000 余款智能科技展品。这 其中，位于世博展览馆二楼的机器人展区尤为热闹。在本届 WAIC 上， 有超过 150 台人形机器人同台"出道"，这是国内人形机器人有史以 来最大规模的一次亮相。多个机器人厂商带来了不少新品首发首秀。 宇树 Unitree R1 智能伙伴发布，售价 3.99 万元起 近日宇树科技（Unitree）正式发布其第三款人形机器人产品—— Unitree R1 智能伙伴，售价 3.99 万元起。仅为其首款全尺寸人形机器 人 H1（售价 65 万元）的约十六分之一。Unitree R1 重量仅 25 千克， 支持开发与定制，主打轻量化与高灵活性，集成语音和图像多模态大 模型 Unitree R1 配备 26 个关节自由度（腿部 ...