SIASUN(SZ:300024)2026-03-01 17:21Summary of the Conference Call on Humanoid Robotics Industry Overview - The focus is on the humanoid robotics industry, particularly the evolution of the robot "brain" and its significance in 2026 as model capability becomes a key differentiator [1][4][12]. Key Highlights 1. Mainstream Model: The Visual-Language-Action (VLA) model is currently the dominant approach in humanoid robotics, with many players adopting it for specific tasks. However, broader general-purpose use faces challenges such as understanding physical properties and managing task diversity [4][12]. 2. Data and Compute Bottlenecks: There are significant bottlenecks in data and computing resources. Current Nvidia chips are deemed insufficient for edge computing, limiting model sizes to approximately 10 billion parameters in the near term [5][36]. 3. Gradual Progress: The advancement of robot brains will be stepwise rather than exponential, with Chinese companies pragmatically deploying robots for specific tasks while iterating on hardware and collecting data for training [6][37]. 4. Challenges in Real-World Adoption: Key challenges include understanding physical properties, handling long-horizon tasks, and dealing with environmental variability. Current VLA models struggle with perceptual limitations and lack sufficient robotics data for training [14][27]. 5. Focus on Task-Specific Models: The industry is expected to prioritize task-specific models for near-term adoption, with gradual improvements in VLA models and novel architectures being explored by research institutions [16][37]. 6. Data Collection Innovations: The industry is exploring various methods to improve data collection, including teleoperation, synthetic data, and learning from human videos. China is establishing data collection centers to build a data production pipeline [33][34]. 7. Long-Term Vision: There is a belief that a universal robot brain could become a competitive advantage, leading to a consolidation of model providers and full-stack players in the humanoid robotics landscape [37][38]. Investment Opportunities - LeaderDrive (688017.SS): This company is highlighted as a preferred investment opportunity due to its role as a supply chain component player in the humanoid robotics sector [6][43]. Risks - Upside Risks: Faster-than-expected growth in industrial robot demand and humanoid robot adoption could positively impact the market [45]. - Downside Risks: Slower-than-expected humanoid development and changes in mainstream solutions could pose risks to investment [45]. Conclusion - The humanoid robotics industry is at a critical juncture, with significant advancements expected in model capabilities and data collection methods. Companies that can navigate the current challenges and leverage their scale will likely gain a competitive edge in the evolving market landscape [38][39].