机器人行业事件点评：Figure更新宝马工厂视频，目标百万级出货

Investment Rating - The report maintains an "Overweight" rating for the robotics industry, consistent with the previous rating [4]. Core Insights - Figure has released a video showcasing its humanoid robot working at a BMW factory, demonstrating improved performance in tasks such as handling, lifting, and aligning automotive parts, indicating significant advancements in robot efficiency and collaboration with industrial robots [4]. - The introduction of the Helix AI model aims for a production target of one million units, enhancing the robot's autonomy and reducing costs through automated production lines [4]. - Reinforcement learning has enabled Figure02 to achieve a more natural walking gait, closely mimicking human movement, which enhances its operational capabilities [4]. - Investment recommendations focus on key robotics manufacturers and core component suppliers, highlighting specific companies across various categories such as complete machines, actuators, sensors, and reducers [4]. Summary by Category Complete Machines - Recommended stock: Seres [5]. Actuators and Motors - Recommended stocks: Midea, Mingzhi Electric, Jiechang Drive, and Mannesmann [5]. Sensors - Recommended stock: Donghua Testing; benefiting stocks include Keli Sensor and Hanwei Technology [5]. Reducers - Benefiting stocks include Zhongdali De, Shuanghuan Transmission, and Landa Technology [5]. Screw Rods - Recommended stocks: Hengli Hydraulic and Best; benefiting stocks include Beite Technology and Fengli Intelligent [5]. Equipment - Recommended stocks: Qinchuan Machine Tool and Huachen Equipment [5].