2025 is the first year of mass production of humanoid robots, and it is also the starting point for the leap in the universal capabilities of humanoid robots. Thousands of humanoid robots will enter the factory scene for training worldwide. 1) Short term (within 3 years) humanoid robots are expected to be applied in special scenarios. The cost sensitivity of special scenarios is low, and remote control operation can make up for the lack of robot autonomy caused by insufficient embodied AI in the short term. 2) In the mid-term (3-5 years), humanoid robots are expected to be applied in manufacturing scenarios. General robots in manufacturing scenarios are not limited to bipedal humanoid forms, and the skills trained and generalized by factories in the early stages are also expected to be carried on wheeled robots. Manufacturing companies will consider cost and tailor their choices of general robot forms to local conditions. 3) Long term (over 5 years) humanoid robots are expected to be applied in civilian scenarios. With the release of economies of scale and the maturity of large-scale models, humanoid robots in this stage are expected to be reduced in price to $20000 per unit, while autonomy and hardware performance will be greatly improved. Humanoid robots will truly enter human homes and work scenarios. Suggested focus: (1) Short term: Overseas companies are approaching product finalization and mass production, and are optimistic about the domestic supporting industry chain. Medium to long term: We are optimistic about the rise of the domestic humanoid robot industry chain and the co construction of the global robot ecosystem led by technology giants, and attach great importance to the long-term investment value of the humanoid robot industry chain. (2) Software: Focus on breakthrough achievements in embodied intelligence technology, humanoid robot brain and cerebellum links. (3) Hardware: Focus on the incremental aspects of humanoid robots compared to the industrial robot industry: more precise sensors, higher torque density motors, higher energy density batteries, and lighter materials.