According to a research report by CITIC Securities, humanoid robots, as the best carrier of embodied intelligence, are the main battlefield of the AI technology competition between China and the United States, and there is broad space in the long run. CITIC Securities recommends not sticking to the "human form" and deeply exploring investment opportunities in "AI + robots". For example, the commercialization of exoskeleton robots, dexterous hands and sensors is faster. The pace of volume expansion in these directions is not necessarily based on the volume expansion of humanoid robots, and it is expected that continuous data verification will be obtained in the future.