Everbright Securities research reports point out that currently the balance and motion capabilities of humanoid robots have generally reached a relatively mature level, and the core factor restricting further industry expansion lies in training, especially in achieving further ability generalization training. The fundamental reason is that unlike massive resources such as text and images, high-quality robot motion materials are relatively scarce. Currently, 2025 is defined as the year of maturity for humanoid robot capabilities, that is, by deploying training materials on a large scale to enrich training materials and further feed them back to the robot capability end. During this period, closely monitor the completion of large-scale deployment, innovative training methods, the achievement of key milestones, and the industry catalysis that follows. Firmly bullish on the humanoid robot industry, focusing on the hardware technology route and the progress of various manufacturers, it is recommended to pay attention to: 1) The implementation of high-complexity nimble hands: Shenzhen Zhaowei Machinery & Electronics, Shanghai Moons' Electric, etc.; 2) Mass production and cost reduction of screws: Shanghai Beite Technology, Zhejiang XCC Group, Zhe Jiang Headman Machinery Co., Ltd.