金吾财讯 | 华泰证券研报指，人形机器人赛道行情始于从特斯拉官宣进军开始，赛道估值中枢跟随产业技术突破而不断抬高，市场信心与认可不断加强，并采取了终局估值视角。机器人早期为主题行情，后产业逐步在软件端硬件端实现技术突破、并形成较成熟的硬件方案，开始在简单工业场景和特种应用场景落地，并在国内外产业共振向上后，开启趋势行情，核心标的也由T链向国产链扩散。市场对机器人的审美从最早“看视频剪辑的运控能力”，如特斯拉/宇树科技，转向“关注机器人大脑能力”，如智元，再到“看一镜到底的应用效果”，该机构认为后续需关注B端或C端应用的实况，投资范式或转向去伪存真，关注实际能卡位关键机器人客户、有实际订单出货、兼顾技术与产能的公司，以及注重产业新技术变化方向、国产大厂链条。
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