Regarding humanoid robots, top players are more optimistic about Unitree and Agility Robotics. 1/Many brothers haven't realized yet: humanoid robots are no longer in science fiction movies, they are gradually in the factory's order book. Two things that made me revisit this track recently. The first thing is that NVIDIA has selected the Unitree H2 for the Isaac GR00T reference platform, specifically for academic research purposes. In the future, laboratories specializing in robot AI worldwide are likely to revolve around this platform for data analysis and algorithm tuning. Lao Huang's computing power hegemony has extended from the cloud to the "body" of robots. Secondly, Agility Robotics has just been listed on NASDAQ through SPAC with a valuation of $2.5 billion and holds approximately $300 million in pre orders. Turning around, we signed a contract with Toyota Motor Manufacturing Canada to deploy 7 Digit robots into the factory. Seven machines are indeed not many, but it marks that robots are no longer just demos at exhibitions, but are starting to sign orders, enter production lines, and calculate investment returns. China is not idle either. Beijing has set a goal to scale up applications in over 100 high-value scenarios by the end of 2026. The rental price of humanoid robots in China has now reached around 3000 yuan per day. Unitree is preparing to be listed on the Shanghai Science and Technology Innovation Board, with a valuation of up to 7 billion US dollars, backed by Geely, Alibaba, and Tencent. More importantly, this company has been profitable since 2020 and is not the kind that only burns money to tell stories. The numbers given by Wall Street are exaggerated, but the direction is consistent. Morgan Stanley predicts that the global number of humanoid robots may reach 1 billion by 2050, corresponding to a $5 trillion market. Goldman Sachs believes that Korean companies will capture 30% of the global production of humanoid robots. These numbers may not be accurate, but they indicate one thing: the entire industry chain is betting on the same curve - the increase in penetration rate of physical AI. How can ordinary people participate? I don't recommend betting on whether a certain robotics company can become the next Tesla. The winner at this stage has not yet been determined. A better approach is to bet on the entire industry chain with ETFs. The most relevant tool at present is KOID - KraneShares Global Humanoid Robotics and Physical AI Index ETF, which was established in June 2025 and is the first ETF in the United States dedicated to investing in humanoid robots. KOID currently holds 58 stocks with equal weight allocation, covering robot bodies, reducers, sensors, semiconductors, and supply chains. The top ten holdings account for approximately 30.31%: CRDO (4.06%): High speed connectivity chip, robot's' nervous system ' STMPA (3.51%): A major sensor and control chip manufacturer Renesas (3.47%): Robot Industrial Chips Infineon IFX (3.30%): Power Semiconductor, Motor Drive Core Green Harmonic 688017 (3.15%): Domestic Harmonic Reducer Leader, Robot Joint Core Component Harmonic Drive Systems 6324 (3.02%): Japan's veteran harmonic reducer THK (2.68%): Guides, screws, and robots rely on them to move Texas Instruments TXN (2.41%): Analog chips and sensors Lei Sai Intelligent 002979 (2.37%): motion control, managing how the robot moves Moog (2.34%): Precision motion control components Since the beginning of this year, it has increased by about 29.4%, and in the past year it has increased by about 60.4%. My judgment is very direct: The first half of AI is cloud and software, and the second half is the physical world. Robots are the 'body' of AI. This theme is still in its early stages, and the space is spacious enough. Configuring KOID with a small portion of satellite positions is more rational than betting on a single stock, and more reassuring than completely missing out on this era. Brothers are not in a hurry to move, but it is worth putting on the observation list seriously.