On November 10, news related to humanoid robots focused on various dimensions such as industry conference data releases and research conclusions on the supply chain. Here are the details: 1. The 2025 China Robot Industry Development Conference kicks off in Shanghai: From November 10 to 12, the 2025 China Robot Industry Development Conference is being held in Shanghai. The “2025 Humanoid Robot and Embodied Intelligence Industry Research Report” released at the conference indicates that the market size of China’s embodied intelligence is expected to reach 5.295 billion yuan by 2025, accounting for about 27% of the global market; the humanoid robot market size is expected to reach 8.239 billion yuan, accounting for about 50% of the global market. Guojin Securities pointed out in its analysis related to the conference that China has initially established the manufacturing capability for the entire humanoid robot industry chain, with breakthroughs in technologies such as dexterous hands, lightweight technology, and motors expected after the third quarter. For instance, harmonic magnetic field motors can achieve a weight reduction of half and optimize heat dissipation, while PEEK materials are expected to enable robots to replace steel with plastic. 2. Goldman Sachs research reveals characteristics of domestic humanoid robot supply chain expansion and transformation: On November 10, content from Goldman Sachs’ previously released report on the Chinese humanoid robot supply chain sparked industry discussions. The report shows that nine surveyed companies, including Sanhua and Top Group, are advancing “orderless expansion,” planning annual production capacities concentrated in the range of 100,000 to 1 million equivalent units of robots. Some companies are choosing to establish factories in Thailand and Mexico to reduce costs or avoid trade barriers, aiming for large-scale mass production potentially arriving in the second half of 2026. Meanwhile, the supply chain is transforming from “parts suppliers” to “module integrators,” with Minth Group launching integrated head modules for robots and Top Group entering the robot structural components and actuator modules. This model can shorten the R&D cycle for end enterprises and enhance suppliers’ bargaining power. 3. Xu Xiaolan’s speech gains industry attention: On November 10, former Vice Minister of Industry and Information Technology Xu Xiaolan’s speech at the Quzhou Industrial Capital Investment Conference continued to resonate. She stated that humanoid robots represent the highest form of embodied intelligence, evolving from demonstration scenarios to practical applications in homes and factories, and are expected to become disruptive products. She also interpreted that the humanoid robot industry is showing four major “acceleration” trends in market size, mass production processes, application scenarios, and industrial ecology, and that this industry has a multiplier effect of 1:10, which can strongly drive consumption. She suggested focusing on technological breakthroughs and scenario-driven approaches to cultivate related industries. 4. Capital markets pay attention to favorable policies related to humanoid robots: After the market closed on November 10, there were rumors of favorable news regarding “robot+” and fields such as 5G+ and artificial intelligence+. Previously, the humanoid robot sector often experienced short-term fluctuations due to negative rumors related to Tesla, and market views suggest that these short-term fluctuations are mainly due to capital speculation rather than fundamental industry issues. This favorable news has drawn investors’ attention to the future trends of the humanoid robot sector.