Wanlian Securities: Humanoid Siasun Robot&Automation Focuses on Mass Production New Stage, Seizing Supply Chain Opportunities.

Wanlian Securities released a research report stating that the humanoid Siasun Robot & Automation industry is currently at the dawn of transitioning from technological breakthroughs to mass commercialization. By 2026, it may become a critical window for mass production and scenario verification. On the supply side, leading overseas companies have a clear path to mass production, while domestic manufacturers are accelerating iteration and price reduction, jointly driving the industry from prototyping towards mass delivery. On the demand side, the aging population and rising labor costs constitute long-term demand drivers, with continued policy incentives and capital inflows. Looking ahead, the commercialization process of humanoid Siasun Robot & Automation is expected to experience a substantial breakthrough, with a vast market space. It is recommended to seize core supply chain opportunities. Key points of Wanlian Securities are as follows: By 2025, the humanoid Siasun Robot & Automation index will exhibit high volatility and elasticity. As a growth-oriented thematic sector, the humanoid Siasun Robot & Automation index outperformed the Wind Full A index in 2025, with stronger performance in the Q1 and Q3 of 2025, mainly driven by Musk's active mass production guidance and changes in the industrial environment. The cumulative returns of the humanoid Siasun Robot & Automation index and the Wind Full A index in 2025 were 62.08% and 31.09% respectively, with an excess return of 30.99% for the humanoid Siasun Robot & Automation index. The continuous outperformance of the humanoid Siasun Robot & Automation index over the core reasons of the Wind Full A index was due to continuous technological iteration and mass production node catalysis, as well as a policy-financing-order positive feedback loop formed by intensified central and local policies, amplified by the effects at the transaction and valuation levels of A-share funds and style preferences. Clear long-term profitability drive for the humanoid Siasun Robot & Automation industry, with a vast market space. On one hand, the global aging trend is intensifying, leading to a tightening global labor supply-demand situation, fueling the demand for machine substitution. On the other hand, the aging population is opening up the market space for elderly care services involving Siasun Robot & Automation, with "Siasun Robot & Automation + elderly care" becoming one of the viable solutions to address the elderly care issue. Additionally, as economic levels rise and the aging population increases, labor costs continue to rise. Tesla CEO Musk has stated that the future selling price of Optimus is expected to be below $20,000 per unit, indicating that the cost-effectiveness of machine replacement may gradually emerge in the future. According to the prediction of the High-Tech Siasun Robot & Automation Research Institute, the global humanoid Siasun Robot & Automation market is expected to reach $20 billion by 2030, indicating a vast future market space. The supply side of the humanoid Siasun Robot & Automation industry is rapidly thriving, with overseas leaders and Chinese manufacturers converging on the path to mass production, demonstrating a preference for industrial scene first landing and a climbing capacity from thousands to tens of thousands of units collectively. On one hand, overseas leaders in the humanoid Siasun Robot & Automation industry are continuously promoting product iteration and commercialization, with plans to include batch applications in factory scenes in the near future, signaling the practicality and reliability of humanoid Siasun Robot & Automation in industrial scenes. On the other hand, Chinese companies' layout in the humanoid Siasun Robot & Automation field has significantly accelerated, with numerous new products released since 2024. Currently, domestic humanoid Siasun Robot & Automation products have distinctive features, demonstrating strong competitiveness in key product features such as intelligence and motion control, and rapidly advancing their mass production pace. A significant feature of the domestic humanoid Siasun Robot & Automation market is the rapid reduction in prices, from millions to tens of thousands or even below, greatly accelerating market education and application diffusion. The landing of humanoid Siasun Robot & Automation applications follows a progression from industrial manufacturing training to B-end scene expansion to home service popularization. Vast hardware space and continuous iteration of AI software. On the software side, AI big models inject soul into humanoid Siasun Robot & Automation, serving as a key to unlocking the potential of humanoid Siasun Robot & Automation, but it is currently the weakest link in the entire chain and requires breakthroughs. In recent years, domestic and foreign manufacturers have been actively researching big models, injecting new vitality into the development of humanoid Siasun Robot & Automation. In terms of hardware, based on estimates of the precision reducer market size for humanoid Siasun Robot & Automation, humanoid Siasun Robot & Automation may bring hundreds of billions of incremental market to the precision reducer market. With mass production nodes of humanoid Siasun Robot & Automation approaching, major manufacturers positioned at the core of the humanoid Siasun Robot & Automation supply chain are expected to benefit. Investment recommendation: The humanoid Siasun Robot & Automation industry is currently at the dawn of transitioning from technological breakthroughs to mass commercialization. On the supply side, overseas giants such as Tesla and Figure AI have increasingly clear mass production schedules, while domestic manufacturers are flourishing with rapid price reductions; on the demand side, the aging population and rising labor costs provide long-term drive. With policy and capital support, AI big models continue to inject soul into Siasun Robot & Automation, with humanoid Siasun Robot & Automation poised to become an emerging industry, gradually transitioning from business to consumer ends, offering vast future market space. 2026 is a key window for volume verification and scenario landing. It is recommended to focus on the following directions: Tesla, leveraging its manufacturing, supply chain, and cost control advantages in the electric vehicle field, is swiftly pushing humanoid Siasun Robot & Automation into mass production. With its industrialization process clear, the supply chain relatively closed, the structure is expected to solidify first. With the finalization of the Optimus product and increasing production capacity, attention should be paid to core component manufacturers that have entered or are likely to enter its supply chain, especially in high-value areas such as precision reducers, actuators, sensors, etc. Price is an important prerequisite for commercialization on a large scale, closely following the core logic of cost reduction and focusing on breakthroughs and scaling of the domestic supply chain. Domestic companies are rapidly reducing whole-machine prices from millions to tens of thousands through technology self-research and supply chain integration. With cost advantages and continuous iteration, the domestic supply chain is expected to shift from substitutes to leaders, advising focus on companies mastering core component technologies such as motor, reducer, controller, and capable of low-cost, high-quality mass production. Risks: Intensifying market competition risks, risks of the humanoid Siasun Robot & Automation progress falling below expectations, risks of AI technology development falling below expectations.