Tianfeng Securities·2025-10-12 13:50Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Insights - The emergence of billion-level orders in the embodied intelligence sector indicates accelerated commercialization, with significant contracts signed recently, including a multi-billion yuan framework order for the ZhiYuan Spirit G2 robot and a record-breaking 260 million yuan project with ShiHua Cultural Tourism [1][2] - The rapid expansion of the market is supported by strategic collaborations among listed companies and local policies, with the Chinese embodied intelligence market expected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market [2] - The industry is witnessing a systematic leap, driven by technological breakthroughs and supportive policies, solidifying China's leading position in the global robotics industry [2] Company Summaries - Aobi Zhongguang: A leading company in 3D visual perception, deeply partnered with Microsoft and Nvidia, holding over 70% market share in domestic service robot visual sensors [3] - Keli Sensor: A leading manufacturer of strain sensors, with a complete product series developed for humanoid robots, mastering key technologies such as structural decoupling and high-speed sampling communication [3]