Orient Securities: Mass production climbing is expected to accelerate, optimistic about the 26H1 humanoid robot “brain” mass production opportunities

The Zhitong Finance App learned that Orient Securities released a research report saying that recently, leading humanoid robot companies such as Tesla (TSLA.US) have shown excellent operation control technology. As the industry enters a period of rapid development, the market will pay more attention to mass production. Judging from the challenges of mass production, brain models are one of the most important challenges. In order to promote the rapid evolution of the brain, it is expected that 26H1 will be mass-produced more rapidly. Looking at today from the future of mass production, parts companies with excellent manufacturing and management capabilities benefit even more. Related targets: Tuopu Group (601689.SH), Sanhua Intelligent Control (002050.SZ), Wuzhou Xinchun (603667.SH), Hengli Hydraulic (601100.SH), Zhenyu Technology (300953.SZ).

Orient Securities's main views are as follows:

The motion control of humanoid robots will advance rapidly in 2025, and mass production will become the key word in 2026

Recently, Tesla and YuShu Robotics demonstrated excellent product technology, reflecting the rapid progress of motion control technology for humanoid robots in 2025. Among them, Tesla officially revealed the “Tesla Humanoid Robot 2025 Annual Report” video on December 19, revealing the technological iteration and evolutionary path of its humanoid robot Optimus over the past year. The video shows the rapid evolution of Optimus from basic motion control to complex scene interaction. In May, Optimus mastered dancing, sorting clothes, and disposing of garbage; in September, he made popcorn; in October, Optimus performed kung fu. Among them, Yu Shu's G1 humanoid robot participated in Wang Lihong's concert in Chengdu on December 18 and performed many difficult moves.

Orient Securities believes that humanoid robots have made rapid progress in the field of motion control in 2025, and as the industry enters a period of rapid development, the influence of motion control on the market will weaken marginally, and it is expected that the market will pay more attention to the actual mass production situation.

There are three major challenges in mass production, and the brain is a top priority

Tesla CEO Musk pointed out that the three major challenges in the entire industry of manufacturing humanoid robots are having extremely dexterous hands, an AI brain that can understand the real world, and the ability to achieve large-scale mass production. Orient Securities pointed out that these three each correspond to the three major issues of marginal hardware improvement, 0-1 breakthroughs in functionality, and efficiency and cost. For the implementation of humanoid robots, hardware serves scenarios, and marginal hardware improvements may be solved in a variety of ways; efficiency and cost serve scale, and costs can be solved by automation and scale effects; and embodied intelligent AI brains are currently not mature, so AI brains are the most critical challenge for mass production in the industry.

In order to promote brain evolution, mass production climbing is expected to accelerate. I am optimistic about 26H1 mass production opportunities

Tesla uses various methods to promote brain evolution. According to the Science and Technology Innovation Board Daily, Tesla uses a data collection team to train the Optimus robot. In addition, Tesla also trains Optimus in a self-developed world model. Judging from the training model, there is a positive correlation between the speed of model training and the number of robots. It is expected that machine manufacturers will advance mass production more quickly in order to promote brain evolution faster. In terms of time, according to Tesla's third-quarter earnings conference call, Musk expects Tesla to be ready to produce a prototype in February-March '26. I am optimistic about investment opportunities for mass production of robots around 26H1.

Risk Alerts

Manufacturers' production falls short of expectations, unclear implementation of scenario requirements results in lower than expectations, industry development slows down due to changes in national policies, industry financing falls short of expectations, model development and data collection are slower than expected, order execution results fall short of expectations, and product price reduction risks.