Market review: This week (March 17-March 23), the robot index underperformed the market. The CSI Robot Index fell 2.9%, underperforming the Shanghai Composite Index by 1.3 percentage points, underperforming the CSI 300 Index by 0.6 percentage points, and outperforming the ChiNext Index by 0.5 percentage points.

Tesla's humanoid robot Optimus (Optimus) has entered the trial production stage, and it is expected to produce 5,000 units in 2025. On March 21, Musk mentioned in Tesla all-hands 2025Q1 live broadcast that the humanoid robot Optimus Prime (Optimus) has been manufactured in the pilot production line of the Fremont factory. In 2025, Tesla aims to produce 5,000 units of the Optimus, and the parts ordered are enough to support the production of 10,000-12,000 units in 2025. In 2026, it is expected to produce 50,000 sets of robots, and sell them to the outside world from the second half of the year.

Midea Group's humanoid robot prototype was first exposed. On March 18, Midea Group's humanoid robot prototype debuted, which has been able to complete basic actions such as handshake, water, and dancing, and can perform more complex operations such as opening bottle caps and screwing according to voice commands. Midea's R&D team is currently working on the in-depth exploration of embodied intelligent algorithms, aiming to enable robots to better cope with complex and changeable scenarios. The product integrates a number of cutting-edge technologies such as machinery, sensing, and intelligent algorithms, and this debut marks a substantial breakthrough in the field of humanoid robots.

Chery's humanoid robot Mojia was unveiled. On March 18, Chery Automobile officially launched the bipedal humanoid robot "Mojia Mornine" at the intelligent strategy conference held in Wuhu, marking its important layout in the field of intelligence and robotics. Equipped with a multi-modal environment perception system and a large model professional field Q&A ability, the Mojia robot can smoothly answer customers' inquiries about model configurations, preferential policies, etc., and recommend models according to needs.

Chery Mojia robot is 167cm tall, weighs 65kg, has 41 degrees of freedom (12 with one hand), has a maximum walking speed of 1m/s, a joint torque of 512N·m, and a battery life of 2 hours. Equipped with sensors such as 3D lidar, depth camera, panoramic camera and ultrasound radar to enhance environmental perception, its facial expression simulation technology can present natural expressions such as smiling and opening the mouth to enhance the vividness of interaction.

Haier Smart Home and Xingdong Era signed a strategic cooperation to jointly launch home service robots. On March 20, Haier Home Robotics and Xingdong Era held a strategic signing ceremony in Shanghai. This cooperation marks the deep integration of AI smart home and service robots, and the two parties will work together to launch service robots based on smart home scenarios, which will promote the home service robot industry to a new level and accelerate the innovation and development of AI smart home ecology.

Guangdong has set up an artificial intelligence and robotics industry investment fund with a total scale of 10 billion yuan. Hengjian Holding Co., Ltd. signed a contract with Industrial and Commercial Bank of China Guangdong Branch and ICBC Financial Assets Investment Co., Ltd. on March 16 to jointly promote the establishment of an artificial intelligence and robotics industry investment fund with a total scale of 10 billion yuan. The fund is the first AIC equity investment fund in Guangdong Province jointly established by the financial system and the state-owned assets system of Guangdong Province after the country further expanded the pilot of equity investment in financial assets investment companies (AIC). According to the cooperation agreement, the artificial intelligence and robotics industry investment fund has a total scale of 10 billion yuan, with an initial scale of 2 billion yuan, which will focus on the investment layout of the industrial chain in the field of scientific and technological innovation and advanced manufacturing such as artificial intelligence and robotics inside and outside the province, provide upstream and downstream resources and related services for related projects, and help accelerate the development and expansion of new quality productivity.

Related targets: core links of humanoid robot hardware: 1) lead screws and equipment, including Best (300580), Wuzhou Xinchun (603667), Beite Technology (603009), Hengli Hydraulics (601100), Qinchuan Machine Tool (000837), Dingzhi Technology (873593), Rifa Precision Machinery (002520), Zhejiang Hydeman (688577), Huachen Equipment (300809); 2) reducer, including green harmonic (688017), double-ring transmission (002472), and Zhongda (002896); 3) Sensors, including Amperon (301413), Hanwei Technology (300007), Donghua Testing (300354), Keli Sensing (603662); 4) Motors, including Mingzhi Electric (603728), Flextron Electric (688698), Buke (688160), HCFA Technology (688320); 5) Actuator assembly: Tuopu Group (601689), Sanhua Intelligent Control (002050), Zhongjian Technology (002779); 6) Robot ontology, including Boshi shares (002698) and UBTECH (9880).

Risk warning: the risk that the downstream demand for industrial robots is less than expected; the risk that the expansion of robot companies is less than expected; The development of humanoid robots is not as risky as expected.