Group 1 - The A-share market has shown active performance in the second half of this year, with foreign institutions frequently conducting research and closely monitoring the latest developments of A-share companies [1][7] - A total of 442 foreign institutions conducted nearly 2100 research sessions on A-share companies since the beginning of the second half of the year, with a focus on high-end manufacturing and technology innovation sectors [1][2] - The net inflow of cross-border funds reached 3.2 billion USD in August, indicating a general net purchase of domestic stocks and bonds by foreign capital [1][7] Group 2 - Foreign institutions are particularly focused on sectors related to China's industrial upgrade, especially in globally competitive technology and high-end manufacturing [2] - Specific industries such as electrical components and equipment, industrial machinery, electronic components, and medical devices have received over 200 research sessions each from foreign institutions [2][3] - Companies like Huichuan Technology and Estun have been highlighted for their advancements in robotics and AI integration, attracting significant foreign interest [3][4] Group 3 - Prominent foreign institutions such as Point72, Goldman Sachs, and IGWT have been actively involved in research activities, with Point72 leading with 70 research sessions [4][5][6] - Point72's research has included companies like Obsidian Optics and Weisheng Information, focusing on their developments in the robotics sector [4] - Goldman Sachs and IGWT have also shown significant engagement, with 63 and 52 research sessions respectively, indicating a strong interest in A-share companies [5][6] Group 4 - The influx of foreign capital reflects a long-term confidence in the Chinese market, with a notable interest in sectors like AI and technology development [7][8] - Observations indicate that international investors are increasingly interested in Chinese stocks, with discussions around policies and industry trends gaining traction [7] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, suggesting a favorable outlook for private enterprises and sectors like AI [8]

今年下半年以来，A股市场整体表现活跃，外资机构频繁调研，密切关注A股公司最新情况。 Wind数据显示，截至9月29日，今年下半年以来共有442家外资机构对A股公司进行了近2100次调研。 从调研方向来看，机械、电子、电气、医疗等高端制 造和科技创新领域成为外资机构集中关注方向。与此同时，国家外汇管理局公布的数据显示，8月，跨境资金净流入32亿美元，外资总体净买入境内股票和债 券。 聚焦科技与高端制造 外资机构调研方向高度聚焦于中国产业升级的核心领域，尤其是具备全球竞争力的科技与高端制造板块。 Wind数据显示，今年下半年以来，电气部件与设备、工业机械、电子元件、医疗保健设备、电子设备和仪器、集成电路等多个细分行业获外资机构密集调 研，调研次数均在200家次以上，其中，电气部件与设备以451家次调研数据位列第一。 具体来看，电气部件与设备行业中的汇川技术今年下半年获得了419家机构32次调研，其中，外资机构高达188家。工业机械行业中的埃斯顿今年下半年获得 了176家机构13次调研，107家外资机构加入了调研队伍。电气部件与设备行业中的华明装备今年下半年获得了225家机构27次调研，101家外资机构对公司 进行 ...

格隆汇9月29日丨奥比中光(688322.SH)在投资者互动平台表示，面向人形机器人领域，公司可提供结构 光、iToF、激光雷达等全技术路线3D视觉传感器/方案。公司Gemini系列双目结构光相机及Femto系列 iToF相机等均具备卓越的性能，可满足各类人形机器人在室内外场景下执行复杂应用。目前公司已与优 必选、天工机器人等进行适配测试及落地合作。截至目前，公司尚未与汽车领域客户达成量产合作，公 司现有激光雷达产品已广泛应用于移动机器人等场景。 ...

Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company achieved a turnaround in profitability from January to May 2025, with revenue of 363 million yuan, a year-on-year increase of 117%, and a net profit attributable to shareholders of 55 million yuan, marking a return to profitability [1] - The company's strategy of "technology innovation investment - commercialization of results" is accelerating, providing a strong foundation for technological iteration and innovation across various sectors, including humanoid robots and AI hardware upgrades [1] - The humanoid robot industry is entering a rapid expansion phase, with an estimated demand of approximately 2.1 million units and a market space of about 314.6 billion yuan by 2030 [1][2] Summary by Sections Financial Performance - For the first five months of 2025, the company reported revenue of 363 million yuan and a net profit of 55 million yuan, indicating a significant recovery [1] - Revenue projections for 2025-2027 are estimated at 1.03 billion, 1.63 billion, and 2.16 billion yuan, with year-on-year growth rates of 82%, 58%, and 32% respectively [5][7] Market Position - The company is positioned in the top tier of global 3D vision technology, with a comprehensive R&D capability and a wide-ranging technology layout [3] - The demand for 3D vision sensors in humanoid robots is expected to grow from 14 million yuan in 2025 to 915 million yuan by 2030, with a CAGR of 132% [2] Product Development - The company has a strong product matrix that is widely recognized across various industries, serving over 1,000 clients including major players like Ant Group and China Mobile [3] - Continuous R&D investment has led to the development of advanced products such as the Femto series ToF cameras and Gemini series binocular structured light cameras [3] Strategic Partnerships - Ant Group has announced its entry into the humanoid robot sector, which may lead to deeper collaboration with the company in the field of robot vision sensors [4]