Orbbec (SH:688322) Ge Long Hui·2025-11-14 19:41Core Viewpoint - The article highlights two main investment themes: "AI computing power + electric batteries" and "humanoid robots + embodied intelligence," indicating strong market potential and real commercial validation for these sectors [1]. Group 1: Investment Opportunities - Focus on Battery 50 ETF (159796) as a systematic opportunity benefiting from increased electricity demand driven by AI computing [2]. - The ETF tracks the CSI Battery Theme Index (931719), covering lithium battery materials, electrolytes, and energy storage companies, with significant recent gains in constituent stocks like Tianhua New Energy and Ruifeng New Materials [2]. - Humanoid robot company UBTECH (9880.HK) has secured substantial orders, including a 250 million yuan contract, validating its commercial viability [4]. Group 2: Market Dynamics - Demand for high-performance batteries and power electronics is driven by AI data centers, computing clusters, and energy storage stations, making them significant electricity consumers [9]. - The supply side is experiencing a clearing phase after previous capital expenditure peaks, leading to increased market share and influence for leading companies [9]. - Investment in ETFs is recommended for risk diversification, suitable for mid-term positioning in high-growth sectors [9]. Group 3: Humanoid Robot Sector Insights - Orders for humanoid robots are primarily from automotive, electronics manufacturing, and local government projects, indicating solid B-end payment sources [10]. - The Walker S2 robot features autonomous battery swapping capabilities, demonstrating its potential to replace human labor in real factory settings [10]. - The humanoid robot sector is anticipated to enter a mass production and commercialization phase around 2025-2026, with significant potential for earnings and valuation growth [10]. Group 4: Component and Perception Leaders - Companies like Changsheng Bearing, which produce self-lubricating bearings, are entering the supply chains of multiple robot manufacturers, benefiting from increased joint production [11]. - In the perception sector, Orbbec (688322.SH) holds a 70% market share in 3D vision sensors for service robots, with revenue expected to double year-on-year before Q3 2025 [11].