According to Zhichun Finance APP, China International Capital Corporation released a research report stating that with Huawei entering the humanoid robot industry, the market has formed two investment mainlines: domestic Huawei and overseas Tesla. Tesla is currently expected to enter mass production, focusing on the freezing of plans and contracts by the end of the year, which is expected to narrow the scope of suppliers; while Huawei is in the 0-1 stage, focusing on new investment opportunities.

In comparison to Huawei's layout in the vehicle industry, it mainly participates in electric intelligent components/product definitions/channel marketing, using a cooperative OEM model for hardware to reduce fixed asset investment. The humanoid robot sector is also expected to emulate this, corresponding to previous partnerships with vehicle companies and signed collaborations with robot manufacturers, all of which are likely to enter. Previous Huawei chains and corresponding technology routes also have mapping opportunities; in comparison to Tesla's robot in 2023, with high market attention but far from mass production, the focus is on event-driven catalysts, paying attention to product release updates, sample exchanges, and key nodes like major domestic and international exhibitions.

Domestic: Giants entering the market drive the industry, accelerating the progress of domestic humanoid robots.

Huawei: On November 15, Huawei (Shenzhen) Global Embodied Intelligent Industry Innovation Center announced its official operation and signed cooperation memorandums with 16 companies on-site, including shenzhen zhaowei machinery & electronics, hechuang robot, guangdong topstar technology, afit, zhejiang zhongjian technology, leju, and dazu robot.

Contemporary amperex technology: On November 15, according to 36kr holdings, the Contemporary Amperex Technology Future Energy Research Institute and Shanghai Jiao Tong University developed several robots in preparation for factory applications; at the same time, the 21C Innovation Laboratory within Contemporary Amperex Technology has established a team of around 20 for self-research on robotic arms.

Chongqing Changan Automobile: On November 15, at the Guangzhou Auto Show, announced plans to launch flying cars/humanoid robot products before 2026/2027, with a plan to invest over 50 billion yuan within five years.

Overseas: Leading companies are on the verge of mass production, and various giants are continuously making arrangements.

Tesla: On November 19, a 1:10 scale movable model of Optimus will be released on the official website, priced at $40, featuring over 20 movable joints and a mini charging dock model.

Nvidia: According to the Wall Street Journal on November 14, Nvidia plans to launch the Jetson Thor computer aimed at humanoid robots in the first half of 2025.

Figure: On November 20, a video was released showing the Figure02 robot performing component sorting tasks in a BMW factory, increasing speed by 4 times and reliability by 7 times, completing 1,000 placements daily.

Agility: Announced on November 14 at the global technology conference network summit that it has received investment from Schaeffler, and a cooperation agreement was signed, where Schaeffler plans to purchase humanoid robots from Agility for its global factory network.

Recommendations:

Automakers: Chongqing Sokon Industry Group Stock (601127.SH) and other embodied intelligence startups.

Collaborating partners signed in the humanoid robot industry chain with Huawei: Shenzhen Zhaowei Machinery & Electronics (003021.SZ), Hechuan Technology (688320.SH), Guangdong Topstar Technology (300607.SZ).

Huawei autos and other related industry chain symbols.

Risk factors

Research and development progress is below expectations, and mass production progress is below expectations.