Tianfeng Securities·2025-11-03 02:06Investment Rating - Industry rating is maintained at "Outperform" [1] Core Insights - The report highlights significant advancements in the domestic robotics industry, particularly with the introduction of the world's first 5G-A humanoid robot "Kua Fu" during the 15th National Games torch relay, showcasing its operational capabilities and dynamic balance [3][4] - The report emphasizes the transition of humanoid robots from static displays to dynamic task execution, indicating a shift towards more practical applications in various commercial scenarios [4] - Key companies to watch include: 1. Aobi Zhongguang, a leader in 3D visual perception technology with over 70% market share in domestic service robot visual sensors [5] 2. Keli Sensor, a leading manufacturer of strain sensors, has developed a series of products for humanoid robots and collaborative arms [5] Summary by Sections - Industry Overview: The report discusses the recent breakthroughs in the domestic robotics sector, particularly the successful demonstration of humanoid robots in high-profile events, indicating a growing maturity in technology and application [3][4] - Key Developments: The introduction of new humanoid robots, such as Unitree's H2, which features advanced bionic design and enhanced environmental perception capabilities, marks a significant step forward in the industry [4] - Investment Opportunities: The report suggests focusing on companies like Aobi Zhongguang and Keli Sensor, which are positioned to benefit from the growing demand for advanced robotics and sensor technologies [5]