On February 10th,a groundbreaking report by Morgan Stanley titled "Humanoid Robot 100: Mapping the Humanoid Robot Value Chain" was released,resembling a grand industrial blueprint.This detailed examination provides an invaluable perspective into the rapidly emerging humanoid robotics sector,showcasing pivotal enterprises and their strategies concerning core hardware components such as actuators,sensors,and batteries.It signifies a key insight into an industry brimming with potential and opportunity.

What stands out prominently in this report is the overwhelming dominance of Asian companies within the global humanoid robotics landscape.Among the confirmed players in this sector,a staggering 73% hail from Asia,with Chinese firms leading the charge by claiming a remarkable 56%.Furthermore,China's contribution to the global humanoid robotics industry is a substantial 63%,particularly impactful in the "body" segment—integrating the fundamental physical components of humanoid robots—where Chinese firms account for 45%.This wealth of data not only illustrates the numerical supremacy of Chinese enterprises but also reflects their robust capabilities in technological research and development,manufacturing,and industrial integration.

Morgan Stanley’s analysis indicates that,currently,Western investors have a rather limited selection within their humanoid robot investment portfolios,primarily focusing on a handful of entities such as Tesla and NVIDIA.In stark contrast,China's progress in humanoid robotics has been particularly striking.The emergence of pioneering startups in this domain can largely be attributed to the mature supply chain ecosystem within the country.From precision manufacturing of basic components to efficient assembly of complex modules,China's comprehensive industrial infrastructure ensures high-quality production and swift delivery of products,significantly reducing production costs and enhancing product competitiveness.

Moreover,abundant local application opportunities provide fertile ground for the growth of Chinese companies.In industrial manufacturing,humanoid robots can facilitate intelligent and automated production,enhancing both efficiency and product quality.In the logistics sector,they can take on heavy lifting and sorting tasks,streamlining logistical operations.

In healthcare,they can assist medical workers with rehabilitation and patient care.The educational and entertainment fields also benefit,as robots provide personalized learning experiences and new interactive entertainment options for consumers.Additionally,substantial support from the government bolsters this enterprise's growth.The government has implemented a series of encouraging policies,from funding for research and development to the construction of industrial parks to training and attracting talent,all aimed at fostering innovative development within the humanoid robotics industry.

Within the global humanoid robot product market,Chinese enterprises have carved out a significant presence.For instance,Zhiyuan Robotics has made notable advancements in robotic motion control technologies,yielding products renowned for both flexibility and stability.Fourier focuses on robotics perception and interaction technologies,endowing robots with intelligent human-robot collaboration capabilities.Star Dynamics showcases unique aesthetics and functional integration in robot design.

UBTECH,with years of dedication to humanoid robotics,has seen its products deployed across education,service,and various other sectors.Yushutech is recognized for high-performance robotic hardware,while Xpeng Motors,leveraging its automotive manufacturing expertise,has ventured into humanoid robotics,introducing cutting-edge power and intelligent driving technologies.These six Chinese firms stand alongside American entities like Agility Robotics,Apptronik,Boston Dynamics,Figure,and Tesla as key players in the humanoid robotics marketplace,collectively showcasing the rising strength of the Chinese industry on the international stage.

To provide a comprehensive breakdown of the humanoid robotics industry chain,Morgan Stanley has categorized the top companies into three principal modules.'Brain' companies are pivotal in delivering semiconductors and software that enable the autonomous functionalities of humanoid robots.This category includes international tech giants such as Oracle,Siemens,Meta,and Samsung Electronics,alongside Chinese firms like Baidu and Horizon Robotics.Baidu leverages its powerful AI algorithms and extensive data processing capabilities to bestow robots with intelligent "brains," while Horizon Robotics specializes in edge AI chip development,ensuring efficient computational support for robotic applications.

The 'Body' companies are focused on providing physical components like actuators,sensors,wiring,and batteries,which are fundamental to constructing the "physique" of humanoid robots.This area boasts the highest number of participants,totaling 64 firms,which include recognized brands like ABB,Infineon,and Rockwell Automation,alongside Chinese companies such as Xusheng Group,EVE Energy,and Contemporary Amperex Technology Co.Xusheng Group applies its extensive experience in automotive parts manufacturing to provide high-quality components for humanoid robots.EVE Energy and Contemporary Amperex,as global leaders in battery manufacturing,ensure that humanoid robots possess long-lasting endurance through their advanced battery products.

Integrators are the entities responsible for assembling complete humanoid robots,often being larger firms that already have established robotics operations.This segment houses 22 companies,including global giants such as Hyundai,Toyota,and LG Electronics,as well as nine Chinese enterprises such as GAC Group,Xpeng Motors,and BYD.These companies utilize their strengths in manufacturing,research and development,and market channels to synthesize various modules into fully functional humanoid robot systems,thus facilitating the transition of robotics from laboratory environments to market-ready applications.

The Morgan Stanley report further emphasizes the immense potential inherent in the humanoid robotics market.In the United States,it is estimated that around 75% of jobs and 40% of employees could be at risk of being partially replaced by humanoid robots,with an estimated potential market size of approximately $30 trillion.In China,projections indicate that by 2050,the humanoid robotics market might reach a staggering ¥6 trillion,with an expected total of 59 million units.Such an enormous market potential signals that the humanoid robotics sector will emerge as a crucial growth engine for future economic advancement,injecting significant momentum into global technological innovation and industrial upgrades while also providing expansive development opportunities for Chinese enterprises within this field.