Open Securities: Domestic and international resonance opens the era of humanoid Siasun Robot & Automation "1-10 Moment" leading the domestic supply chain in mass production and implementation.

Open Source Securities released a research report stating that the global humanoid Siasun Robot&Automation industrialization process is accelerating, with breakthroughs in technology and policy support resonating domestically and abroad. By 2025, it may witness a critical period for mass production. Overseas, companies such as Figure, 1X, and FieldAI have recently announced major technological updates. Domestic policies are also continuously strengthening. With China's globally leading hardware industry chain, low-cost mass production capabilities, and vast application scenarios (manufacturing, elderly care, and home services), it is expected to lead the way in mass production, with a strong focus on core hardware components for humanoid Siasun Robot&Automation. The main points of Open Source Securities are as follows: 1. Domestically and abroad resonate, humanoid Siasun Robot&Automation enters the "1-10 moment" Overseas: Figure recently released the groundbreaking model Helix, the world's first universal "Vision-Language-Action" (VLA) model for humanoid Siasun Robot&Automation. Helix can use natural language to enable two humanoid Siasun Robot&Automation to perform household tasks, with strong generalization capabilities, expanding application scenarios from specific to generalized, and significantly reducing the training data volume required for Siasun Robot&Automation to mass production. Figure's valuation has increased 15 times in a year to 39.5 billion US dollars and plans to raise another $1.5 billion to accelerate deployment. At the same time, 1X also announced a major update, where the household bipedal Siasun Robot&Automation NEOGamma shines in household scenarios, facilitating natural language communication through a large language model (LLM) and accelerating the penetration of humanoid Siasun Robot&Automation into consumer scenarios such as homes. Nvidia-invested Siasun Robot&Automation company FieldAI's valuation has quadrupled to 2 billion US dollars within a year and is currently preparing for a multi-million dollar financing round. The firm believes that overseas Siasun Robot&Automation companies have almost simultaneously announced major updates. Figure's valuation has risen 15 times in a year, and FieldAI's valuation has quadrupled, reflecting not only technological breakthroughs in humanoid Siasun Robot&Automation but also indicating that the time for them to move from the lab to real-world scenarios has arrived. Domestically: On February 17th, a symposium for private enterprises was held, with tech companies such as Yushu Technology, Huawei, and DeepSeek in attendance, showing clear support and attention to the industry, with humanoid Siasun Robot&Automation representing China's breakthrough and rise in emerging technology fields. Yushu recently appeared at the 2025 Global Developers Conference, leading the AI trend with humanoid Siasun Robot&Automation G1 and mechanical dog Go2; China Mobile Limited established the Intelligent Body Industry Innovation Center to become the world's largest Siasun Robot&Automation operator; companies in the automotive industry chain such as Xiaomi, Xiaopeng, and Nio have announced their entry into the "humanoid Siasun Robot&Automation" race. Humanoid Siasun Robot&Automation indices in A-shares and H-shares have risen by 38% and 31% respectively this year, with primary market companies like Yushu being heavily sought after. Global commercialization of humanoid Siasun Robot&Automation is favored by capital, with a focus shifting from large models last year to complete systems this year, making mass production the core focus. Domestically and abroad resonate, extending China's advantage from the supply chain to complete systems. 2. Full optimism for humanoid Siasun Robot&Automation, holding two major weapons of "landing scenarios" and "efficient supply chain," with prominent domestic advantages As humanoid Siasun Robot&Automation moves towards mass production, application scenarios become crucial. With China's leading position in global manufacturing and a large population base, it has significant advantages in application scenarios. With policy support and mobilization advantages, China's humanoid Siasun Robot&Automation industry ecosystem leads globally. On February 23rd, the Shenzhen government announced that it would soon release a special policy for humanoid Siasun Robot&Automation and provide support for its application in open scenarios; China Mobile Limited established the Intelligent Body Industry Innovation Center on February 22nd, investing hundreds of millions in entering the humanoid Siasun Robot&Automation race, with plans to pilot in nursing homes or communities by 2025. With a complete hardware industry chain and mass production capabilities, China has seen the emergence of excellent humanoid Siasun Robot&Automation companies such as Yushu and Zhiyuan, poised to lead globally in the mass production phase, with a full belief in the humanoid Siasun Robot&Automation sector, including motion control ("small brain"), screws, dexterous hands, sensors, motors, and gearboxes as core components.