Guojin Securities Research Report stated that quantity is the core contradiction in the humanoid robot track. China's supply chain + demand from developed countries overseas (high labor cost substitution) / domestic special demand is the fastest direction to realize. 2025 is the first year of commercialization of humanoid robots, and 2027 is the first year of large-scale commercialization of humanoid robots in general scenarios. We continue to be optimistic about the supply chain of humanoid robots such as Tesla and Huawei. From the perspective of the industrial chain, we use high ASP + high barriers as the core stock selection factors, and continue to be optimistic about dexterous hands, joints, screws, screw equipment, reducers and other links.