Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The report highlights that artificial intelligence (AI) will deeply reconstruct traditional industries over the next five years, with significant advancements in humanoid robots expected in manufacturing settings [5] - The report notes that the total order amount for UBTECH's Walker series humanoid robots has reached 1.3 billion yuan, indicating a rapid acceleration in commercialization [7] - The LET dataset released by Leju Intelligent is expected to enhance the deployment of humanoid robots across various scenarios in China [7] - The new generation humanoid robot IRON from Xiaopeng is set for mass production by the end of 2026, showcasing advancements in design and functionality [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 6.6% and an absolute return of 22.18% [3] Investment Highlights - UBTECH's recent contracts include a 1.43 billion yuan project for a humanoid robot data collection and training center, with a total order amount exceeding 1.3 billion yuan for 2025 [7] - The LET dataset, which covers over 60,000 minutes of real operational scenarios, is expected to significantly reduce development time and training costs for other participants in the humanoid robot sector [7] - Xiaopeng's third-generation humanoid robot IRON has been designed with advanced features and is expected to enhance operational capabilities in various applications [7] Recommendations - The report suggests focusing on various components and companies within the robotics sector, including reducers, motors, sensors, and manufacturers of humanoid robots [8]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The consensus in the industry is converging, and the moment for mass production is approaching, indicating that investment opportunities are about to emerge [2][8] - Recent market confidence in the mass production of robots has declined slightly, leading to a minor pullback in the robotics sector. However, the report anticipates clearer mass production scenarios in the first half of 2026, with the V3 prototype expected to be a significant signal [3][8] - Key companies are showing signs of consensus in terms of product definition, commercialization, and models, which is crucial for the industry's advancement [8] Summary by Sections Investment Recommendations and Targets - The report suggests focusing on supply chain mass production suppliers as the market is expected to pay close attention to them. Recommended stocks include: - Top Group (601689, Buy) - Sanhua Intelligent Control (002050, Buy) - Wuzhou New Spring (603667, Buy) - Hengli Hydraulic (601100, Not Rated) - Zhenyu Technology (300953, Buy) - UBTECH (09880, Not Rated) [3] Market Dynamics - The humanoid robot sector has recently experienced a pullback due to market concerns about the challenges of implementation. Factors influencing this include the recent showcase of the new generation IRON robot by Xiaopeng, which is set for mass production by the end of 2026, primarily in commercial scenarios rather than industrial or service applications [8] - The report highlights that the industry is likely to undergo a process of forming consensus before mass production begins, as various aspects such as usage scenarios, model selection, and training methods are still not fully aligned [8] Industry Developments - Several leading companies are achieving consensus in defining their products and commercializing them. For instance, Yushu Technology has launched its first wheeled humanoid robot G1-D and a comprehensive data collection and training solution [8] - UBTECH has received significant orders for its humanoid robots, with total orders for the Walker series exceeding 800 million yuan [8]