Investment Rating - Industry Rating: Outperform the Market (maintained rating) [2][7] Core Insights - The report highlights the significant advancements in humanoid robotics, particularly with the launch of Figure AI's third-generation humanoid robot, Figure03, which is designed for home applications and mass production. The robot features enhanced sensory capabilities and a specialized manufacturing facility to support production [3] - The Shenyang Robot Conference showcased a robust growth in China's robotics industry, with 59 projects signed, amounting to approximately 4.346 billion RMB. This indicates a shift towards an integrated development phase in the domestic robotics sector, with increasing sales of autonomous brand robots from about 22,000 units in 2015 to 177,000 units projected for 2024 [4] - The report suggests focusing on key players in the industry, such as Aobo Zhongguang, a leader in 3D visual perception technology, and Keli Sensor, a leader in strain sensors, both of which are well-positioned to benefit from the growing demand in the robotics market [5] Summary by Sections Investment Rating - The industry maintains a rating of "Outperform the Market" [2][7] Humanoid Robotics Developments - Figure AI's Figure03 robot features upgraded sensory systems and is aimed at home use, marking a transition from demonstration to practical application [3] Robotics Industry Growth - The Shenyang Robot Conference reported 59 signed projects with a total value of approximately 4.346 billion RMB, indicating a maturing robotics ecosystem in China [4] Key Companies to Watch - Aobo Zhongguang dominates the domestic 3D visual sensor market with over 70% market share, while Keli Sensor has developed a comprehensive product line for humanoid and collaborative robots [5]