Tianfeng Securities stated that the cycloid reducer is a type of RV reducer that uses the planetary transmission principle and a novel transmission device with cycloid pin-tooth meshing. At this point in time, we are optimistic about the application of cycloid reducers in humanoid robots. The technical characteristics of the cycloid reducer just fill the gaps between the planetary reducer and the harmonic reducer, and are expected to be applied in the hips of humanoid robots. Recently, many companies in the industry chain have launched cycloid products for humanoid robots, which are expected to solve the weight problem. The proportion and number of cycloid applications in humanoid robots are expected to increase. At this point in time, from the product dimension, we are optimistic about the core of the cycloid reducer: (1) Tesla is already in contact with RV reducer manufacturers and has a certain industrial foundation; (2) With the development of the industry, many cycloid reducer manufacturers have stated that they can solve the weight problem of cycloid applications in humanoid robots.