Core Viewpoint - Domestic technology companies are accelerating the establishment of embodied intelligent open platforms, exemplified by Tencent's Tairos platform, which integrates large models, development tools, and data services in a modular manner to enhance the intelligent application of robots' perception, planning, and decision-making capabilities [1] Group 1: AI Investment and Development - With the acceleration of AI investment, overseas giants like Amazon and Microsoft are continuously increasing their AI infrastructure spending, expected to reach $364 billion by 2025, which will further push AI technology closer to the AGI threshold and enhance the generalization ability and understanding level of robotic models [1] - Domestic robotic hardware companies are likely to benefit from the rapid development of AI, with humanoid robot large models expected to see accelerated breakthroughs, leading to an increase in industry prosperity [1] Group 2: Market Performance and Indices - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which can experience daily fluctuations of up to 20% [1] - This index selects listed companies in the ChiNext market involved in artificial intelligence technologies such as machine learning and natural language processing, reflecting the overall performance of AI-related listed companies in the ChiNext market [1] - The index focuses on high-growth technology enterprises, highlighting the development status of the artificial intelligence industry within China's ChiNext market [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [4][7]. Core Insights - The report emphasizes the acceleration of AI commercialization and its integration into various sectors, particularly highlighting humanoid robots as key beneficiaries of this trend [2][20]. - The establishment of a 100 billion yuan fund in Hubei aims to support core technologies and applications in humanoid robotics, indicating strong government backing for the sector [17]. - The report identifies specific investment opportunities within the humanoid robotics supply chain, focusing on companies with strong positions in various components such as joint modules, dexterous hands, and sensors [3][28]. Industry Dynamics - Recent strategic collaborations include a partnership between Lingyi Intelligent Manufacturing and Qiangnao Technology to focus on dexterous hands and core hardware for humanoid robots [14]. - Tencent and Futian Laboratory launched the Tairos platform, a modular software solution for humanoid robots, enhancing the industry's technological capabilities [15]. - The opening of the first intercity long-haul drone logistics route in the Guangdong-Hong Kong-Macao Greater Bay Area marks significant progress in the low-altitude economy [18][19]. Government Initiatives - The State Council's meeting on July 31, 2025, highlighted the importance of implementing the "AI+" initiative to promote large-scale commercial applications of AI [20]. - Shenzhen's plan for high-quality low-altitude infrastructure development from 2024 to 2026 aims to establish a comprehensive low-altitude economy [21]. Company Developments - Zhijidongli launched the LimX Oli, a fully self-developed humanoid robot, which will be showcased at the World Robot Conference [22]. - Geekplus established a wholly-owned subsidiary to enter the field of embodied intelligence, focusing on robotic applications in logistics and manufacturing [23]. - Hengbo Co., Ltd. formed a joint venture with DMI to develop high-performance materials for various applications, including humanoid robots [25]. Key Companies and Investment Focus - The report highlights several key companies for investment, including: - **Humanoid Robots**: Focus on suppliers like Hengli Hydraulic, Huichuan Technology, and others in various component segments [3][28]. - **AI Infrastructure**: Companies such as Hanzhong Precision Machinery and Ice Wheel Environment are expected to benefit from increased capital expenditure in data centers [3][28]. - The report provides earnings forecasts and investment ratings for various companies, indicating a generally positive outlook for those rated "Outperform" [7][28].

Core Insights - Tencent has launched Tairos, the first modular platform for embodied intelligence in China, providing models, development tools, and data services for robotics [1][2] - The platform aims to enhance the software capabilities of robotics companies, addressing the challenge of integrating hardware and software effectively [2][3] - The focus is on improving the perception, planning, and action capabilities of robots, with an emphasis on real-world applications such as elderly care [3][4] Group 1: Platform and Technology - Tairos includes multi-modal perception models, planning models, and integrated perception-action models, likened to the brain functions of robots [1] - The platform is designed to help robotics companies, especially startups, overcome the significant investment barriers in developing both hardware and software [2][3] - The current pace of hardware advancement in robotics is outstripping software development, necessitating a collaborative approach to enhance software capabilities [2][4] Group 2: Industry Challenges and Opportunities - The complexity of real-world environments poses significant challenges for robotics, particularly in safety and robustness [3][4] - There is a need for improved simulation environments and realistic tactile feedback in robotics, which are currently lacking [4] - The industry is still in its early stages, and the involvement of more companies and research institutions is crucial for the advancement of embodied intelligence [5] Group 3: Future Directions - The company is exploring various robotic forms beyond bipedal designs, aiming for more efficient solutions tailored to specific environments [3][4] - The long-term vision includes significant advancements in applications like elderly care, with a focus on developing core technologies rather than just products [4] - The enthusiasm from investors and the public is seen as beneficial, driving higher expectations and providing valuable testing grounds for innovations in robotics [5]

Core Viewpoint - Tencent is positioning itself as a platform provider in the field of embodied intelligence rather than a competitor in hardware production, focusing on software capabilities and collaboration with other enterprises [3][5]. Group 1: Tencent's Strategy on Embodied Intelligence - Tencent's strategic view on embodied intelligence was articulated by Zhang Zhengyou at the WAIC, emphasizing the company's long-term vision and commitment to developing a robust platform [2]. - The launch of the Tairos platform signals Tencent's intent to provide tools and support for other companies in the embodied intelligence sector, rather than competing directly in hardware production [3][5]. Group 2: Role and Timing of Tairos - Tairos serves as a modular platform that allows companies to select specific capabilities according to their needs, addressing the challenges of data requirements and model training in the embodied intelligence field [7][8]. - The decision to open Tairos was influenced by insights gained from visiting numerous enterprises, revealing a significant demand for the tools and technologies that Tencent has developed over the past seven years [6][7]. Group 3: Hardware Development and Prototypes - Tencent is not pursuing the mass production of hardware like robotic dogs but is instead focused on developing research prototypes for internal validation and exploration [5][6]. - The small robot prototype, Xiaowu, is being tested in complex scenarios such as elderly care, where safety and robustness are critical, highlighting Tencent's commitment to refining technology through practical applications [5][6]. Group 4: Challenges in the Embodied Intelligence Industry - The embodied intelligence industry faces several core technical challenges, including dynamic 3D modeling, standardization of tactile sensors, and insufficient model generalization capabilities [6][7]. - There is a significant need for large datasets to train effective embodied intelligence models, and the current trend towards end-to-end model training is limited by data requirements [7][8]. Group 5: Future of Embodied Intelligence - The industry is currently experiencing a phase of exploration, akin to the early days of mobile communication, with the potential for significant advancements as the market matures [9][10]. - Zhang Zhengyou suggests that the ultimate form of embodied intelligence should not be limited to human-like robots, advocating for diverse forms that better suit modern living environments [10][11].

Core Insights - Major tech companies are accelerating their investments and developments in the field of embodied intelligence, with a total of 23 funding rounds reported in 2023 from seven major firms including Tencent, Alibaba, Meituan, Baidu, JD.com, and Xiaomi [6][11][12] - Tencent launched the Tairos platform, a modular software platform for embodied intelligence, which aims to empower the robotics industry by providing essential software capabilities [6][7][8][13] - JD.com has been increasingly visible in the embodied intelligence sector, announcing partnerships with numerous robotics companies and launching its own brand, JoyInside, focused on intelligent interaction [9][10][12] Investment and Development - The seven major companies have made a total of 23 investments in embodied intelligence firms this year, with Alibaba leading with six investments, followed by Meituan with five, and JD.com with four [11] - JD.com has established a dedicated business unit for embodied intelligence, focusing on home applications and leveraging its existing supply chain and data capabilities [12] Product Launches and Collaborations - Tencent's Tairos platform includes multi-modal perception models and cloud services, enabling robots to perform complex tasks autonomously [8][13] - JD.com's JoyInside brand collaborates with various robotics companies to integrate dialogue-driven intelligent agents into robots and AI toys [10][12] - NetEase launched its "Lingjue" model specifically for outdoor mining excavators, achieving an 80% efficiency rate compared to human workers [10][13] Strategic Focus - Major companies are focusing on data, platforms, and models rather than hardware, as they seek to establish a strong position in the embodied intelligence ecosystem [15][16] - The industry is currently in a "positioning" phase, with companies aiming to secure key roles in the future of embodied intelligence [19][20] Technological Advancements - SenseTime introduced its "Wuneng" platform, which utilizes a world model to enhance the capabilities of robots and smart devices [9][14] - Zhiyuan Robotics has developed a comprehensive system integrating robot bodies, motion intelligence, interaction intelligence, and operational intelligence, showcasing a full-stack approach to embodied intelligence [18]

Core Insights - Tencent aims to be a partner for hardware manufacturers in the field of embodied intelligence, rather than competing with them by producing hardware itself [1][6][12] - The Tairos platform, launched by Tencent, is designed to address the challenges in the deployment of embodied intelligence by providing a comprehensive set of tools and models for robot developers [5][4] - The industry is currently experiencing rapid growth, driven by advancements in AI and the emergence of numerous robotics startups [6][12] Summary by Sections Embodied Intelligence Development - Tencent's Robotics X lab has released the Tairos platform, showcasing its capabilities through a demonstration with the humanoid robot G1 [1] - The platform includes cloud services and three major models: multi-modal perception model, planning model, and perception-action joint model, which function as the robot's cognitive components [5][4] - The lab's focus is on creating a supportive ecosystem for robot manufacturers, emphasizing collaboration over competition [1][6] Industry Challenges - The transition from foundational models to real-world deployment is complex, requiring integration across data, training, debugging, and deployment [3] - The industry faces common pain points, particularly in software capabilities, which are essential for robots to operate effectively in various environments [3][5] Investment and Exploration Strategy - Tencent has invested in several robotics companies, including Zhiyuan Robotics and Yushun Technology, to enhance its capabilities in embodied intelligence [6] - The company is prioritizing the development of prototypes and platforms before moving towards product commercialization, maintaining an open approach to robot design [6][12] Future Outlook - The industry is in a phase of exploration, particularly regarding the physical forms of robots, with Tencent's Robotics X lab acting as a facilitator for foundational development [6][12] - The company believes that the current enthusiasm in the robotics sector is beneficial, as it encourages more participants and accelerates industry growth [12][16]

Core Insights - Tencent's Robotics X Lab has launched the Tairos platform, aiming to provide essential software capabilities for robot manufacturers, transforming robots from passive machines to intelligent entities capable of perception, task planning, and autonomous decision-making [3][4][12] - The company has been exploring the field of embodied intelligence for seven years, identifying a gap in software and intelligence investment among Chinese robot manufacturers, which led to the development of the Tairos platform [4][5] - The Tairos platform consists of three tightly integrated large models that mimic human brain functions, enhancing robots' understanding of their environment and enabling them to execute complex tasks [6][8] Group 1 - The Tairos platform is designed to equip robots with a "brain," allowing them to perceive their surroundings and plan tasks effectively [3][4] - The platform includes model algorithms and cloud services, providing a comprehensive solution for robot manufacturers [6] - The embodied intelligence sector is still in its early stages, with the potential for growth in applications such as elder care and industrial fields [5][12] Group 2 - The core models of Tairos include a multi-modal perception model, a planning model, and a perception-action joint model, each serving distinct functions akin to human brain regions [8][9] - The company emphasizes productization over commercialization, focusing on transforming research outcomes into market-ready products for robot manufacturers [9][10] - The humanoid robot market is projected to become a major theme in technology investment over the next decade, with significant growth expected in China [12]