通信行业动态点评：政府工作报告首次出现具身智能，政策+产业双轮驱动机器人产业加速拓展

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The government work report has introduced "embodied intelligence" for the first time, indicating a dual drive from policy and industry to accelerate the robotics sector [1][2] - Continuous policy support from both central and local governments is expected to catalyze the robotics industry, with significant initiatives outlined for the years 2025-2027 [2] - The robotics industry is anticipated to experience rapid expansion, with 2025 being a critical year for mass production [6] Summary by Sections Government Initiatives - The central government aims to foster future industries such as biological manufacturing, quantum technology, embodied intelligence, and 6G, while promoting the digital transformation of manufacturing [2] - Local governments, such as Beijing and Shenzhen, have released action plans targeting the development of embodied intelligence technologies, aiming for breakthroughs in over 100 key technologies and the establishment of a robust industrial ecosystem by 2027 [2] Industry Developments - Robotics manufacturers are increasingly deploying robots in factories, with notable advancements in collaborative humanoid robots for various industrial tasks [3] - The introduction of 5G-A technology in humanoid robots was showcased at the Mobile World Congress 2025, highlighting the integration of advanced communication technologies in robotics [3] Investment Opportunities - The report identifies several key companies across various segments of the robotics supply chain, including actuators, reducers, motors, sensors, and AI modules, indicating a broad spectrum of investment opportunities within the robotics industry [6]