国泰海通｜策略：AI应用与机器人主题有望接力

Core Viewpoint - The overall trading heat of thematic investments is recovering, with a focus on AI applications, robotics, commercial aerospace, and domestic consumption as key areas of interest [1]. Group 1: AI Applications - Meta's significant acquisition of AI company Manus enhances its end-to-end execution capabilities, while domestic large model companies like Zhipu and MiniMax are listed in Hong Kong, strengthening their capital and global presence [2]. - The performance of AI application products is improving, stimulating user demand, and domestic large model companies are accelerating equity financing [2]. - The AI application sector is transitioning into a stage of intelligent agents, with increasing penetration across multiple fields, gradually showing revenue growth and cost reduction effects [2]. Group 2: Robotics - The launch of the world's first personal robot by Zhiyuan and the intention of UBTECH to acquire a controlling stake in an A-share company signify advancements in the robotics industry [3]. - The establishment of a standardization committee for humanoid robots and embodied intelligence by the Ministry of Industry and Information Technology indicates a push towards standardized development [3]. - The robotics industry is entering a phase of scale development, with applications in repetitive, heavy, and dangerous industrial scenarios, as well as personalized consumer scenarios like home assistance [3]. Group 3: Commercial Aerospace - The Shanghai Stock Exchange has clarified that commercial rocket companies can apply for the Sci-Tech Innovation Board under specific standards, with Blue Arrow Aerospace successfully launching a reusable medium-to-large rocket [4]. - Blue Arrow Aerospace is the first commercial rocket company to have its IPO application accepted, indicating a significant milestone in the commercial aerospace sector [4]. - The acceleration of large satellite constellation networking and the application of technologies such as high-capacity, reusable, and multi-satellite launches are driving the scale development of China's commercial aerospace industry [4]. Group 4: Domestic Consumption - The central government has proposed to implement actions to boost consumption and develop urban and rural resident income plans [5]. - New consumption scenarios are emerging in sports events, ice and snow tourism, and cultural performances, with significant economic impacts observed [5]. - The ice and snow sports consumption scale is projected to exceed 187.5 billion yuan, reflecting a 25% year-on-year growth during the 2024-2025 ice and snow season [5].