人形机器人行业快评报告：北京举行人形机器人马拉松，天工Ultra夺冠

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [6][11]. Core Insights - The recent humanoid robot marathon in Beijing showcased advancements in humanoid robotics, particularly in dynamic balance, joint cooling, and endurance capabilities, but highlighted ongoing technical challenges such as battery life and hardware reliability [3][4]. - The winning robot, TianGong Ultra, completed the marathon in 2 hours, 40 minutes, and 42 seconds, demonstrating significant improvements in design and performance, yet it required three battery changes during the race [3][4]. - The event revealed that most participating robots faced issues with battery endurance, overheating joints, and balance, with only six teams finishing the race, underscoring the need for further technological breakthroughs [4][5]. Summary by Sections Event Overview - The first humanoid robot half marathon took place in Beijing, featuring 20 top teams from various regions, testing robots on a challenging 21.0975 km course [2][3]. Technical Challenges - Key challenges identified include: - Battery energy density limitations affecting endurance [4]. - Insufficient perception algorithms leading to falls or halts on complex terrains [4]. - Frequent hardware failures, including joint malfunctions and overheating [4]. - Limited autonomous decision-making capabilities, necessitating human intervention [4]. Future Outlook - The humanoid robotics industry is at a critical juncture for technological breakthroughs and commercialization, with expectations for significant advancements by 2025 [5]. - Cost remains a major barrier to widespread adoption, suggesting a focus on high-quality domestic component manufacturers as potential beneficiaries of the industry's growth [5].