According to the CITIC Securities Research Report, robotic surgery has remarkable benefits and is a new trend in medical development, but the penetration rate has been low for a long time due to the high cost of surgery. We believe that with the rapid development of domestic surgical robots and general-purpose humanoid robots, the industry is expected to usher in a systematic cost reduction and a significant increase in penetration rate. Humanoid robots may drive the development of the industry from two aspects: 1) driving the localization and scaling of the upstream supply chain, benefiting significant downstream cost reductions; 2) research published in top journals such as Nature and Science. Humanoid robots may directly manipulate instruments to perform surgery. Combined with physical intelligence and AI in the physical world, it is expected to bring about a new round of surgical revolution. We believe that domestic robots can stand out from the global competition or nurture 100 billion leaders. We recommend focusing on robot companies that can reduce costs and innovate. At the same time, we are also concerned about frequent mergers and acquisitions of leading equipment companies in this field, which may bring additional investment opportunities.

According to the CITIC Securities Research Report, robotic surgery has remarkable benefits and is a new trend in medical development, but the penetration rate has been low for a long time due to the high cost of surgery. We believe that with the rapid development of domestic surgical robots and general-purpose humanoid robots, the industry is expected to usher in a systematic cost reduction and a significant increase in penetration rate. Humanoid robots may drive the development of the industry from two aspects: 1) driving the localization and scaling of the upstream supply chain, benefiting significant downstream cost reductions; 2) research published in top journals such as Nature and Science. Humanoid robots may directly manipulate instruments to perform surgery. Combined with physical intelligence and AI in the physical world, it is expected to bring about a new round of surgical revolution. We believe that domestic robots can stand out from the global competition or nurture 100 billion leaders. We recommend focusing on robot companies that can reduce costs and innovate. At the same time, we are also concerned about frequent mergers and acquisitions of leading equipment companies in this field, which may bring additional investment opportunities.