Guotai Junan Securities: AI + consumption becomes the main trend of tech consumption, embodied intelligence opens the era of everything resembling humans.

China Galaxy Securities released a research report stating that AI+ consumption has become the main theme of technology consumption, and embodiment intelligence has opened the era of everything being anthropomorphic. Embodiment intelligent consumer products focus on household chores Siasun Robot & Automation, AI+ toys: 1) Household chores Siasun Robot & Automation, the early single degree of freedom cooking Siasun Robot & Automation has gradually been replaced by more advanced solutions. 2) The combination of AI+ toys has made progress. In 2024, the Transformers toy launched by Hasbro achieved great success in the US market with its excellent embodiment intelligent experience. In addition, Apple is developing an AI companion desk lamp based on Pixar's animated film "Luxo Jr." Due to the high fault tolerance of toys, this area is more suitable to become a pioneer of embodiment intelligent consumer products. The main viewpoints of China Galaxy Securities are as follows: AI+ consumption has become the main theme of technology consumption, and embodiment intelligence has opened the era of everything being anthropomorphic: 1) The integration of AI with the consumer industry has become the main theme of current technological development, and the rise of embodiment intelligence has opened a new era of anthropomorphism. Throughout history, the consumer industry has undergone major technological changes such as electrification, automation, digitalization, and the Internet of Things (IoT), and each technological advancement has profoundly changed consumption patterns and product forms. 2) Under the promotion of digitalization and IoT technologies, smart homes have already achieved connectivity of everything, with products such as network cameras and smart locks gradually becoming popular. However, most of these products are limited to device connectivity and simple automation scenarios, and the lack of AI capabilities restricts the improvement of user experience. In the AI+ era, embodiment intelligence will give products higher anthropomorphic capabilities, bringing a brand-new experience beyond just connectivity of everything. Embodiment intelligent consumer products focus on household chores Siasun Robot & Automation, AI+ toys: 1) Household chores Siasun Robot & Automation, the early single degree of freedom cooking Siasun Robot & Automation has gradually been replaced by more advanced solutions. For example, the kitchen anthropomorphic robotic arm launched by Moley Robotics in the UK, as well as the cooking learning ability demonstrated by Mobile ALOHA in 2024, have provided new directions for the development of household chores Siasun Robot & Automation. Solutions that are more favorable include those integrating mobile chassis, robotic arms, autonomous learning, and imitation capabilities. Such Siasun Robot & Automation can train in simple household chores such as organizing clothes, cleaning desktops, washing dishes, etc. In early 2025, companies like Stone and Zuimi began to install simple mechanical arms on floor-cleaning robots to assist in cleaning. 2) The combination of AI+ toys has made progress. In 2024, the Transformers toy launched by Hasbro achieved great success in the US market with its excellent embodiment intelligent experience. In addition, Apple is developing an AI companion desk lamp based on Pixar's animated film "Luxo Jr." Due to the high fault tolerance of toys, this area is more suitable to become a pioneer of embodiment intelligent consumer products. The audio and video entry is an important entry point for AI+GC applications: 1) Smart TVs, smart speakers, and other devices have already achieved initial intelligence, and the experience of voice control and audio and video services continues to improve. With the progress of AI+GC technology, the performance of these devices will be further optimized. However, due to the latency of feedback from big data models, mature products that completely conform to the natural rhythm of human speech communication have not yet appeared. 2) Some companies are trying to develop products for children's companionship and elder companionship, but no blockbuster products have emerged yet. 3) In 2024, Meta launched the AR smart glasses Orion, demonstrating the trend of lightweight smart glasses and setting a new benchmark for the market. The combination of AIGC and embodiment intelligence will bring about the first wave of change in the service industry: 1) Delivery Siasun Robot & Automation, cleaning Siasun Robot & Automation, robotic coffee machines, and bartenders have entered the social service field, but are currently mainly used as auxiliary tools. 2) With the continuous advancement of embodiment intelligent technology, the service industry will be the first to undergo AI technological changes. When delivery Siasun Robot & Automation and cleaning Siasun Robot & Automation are equipped with more flexible arms, when courier Siasun Robot & Automation replaces couriers, when driverless taxis replace drivers, the social service industry will undergo a huge transformation. 2) In addition, the application of AI+ education is already very widespread, and drone groups have also received good responses in the entertainment industry. The future impact of AI on various aspects of the consumption industry chain cannot be ignored: 1) Digitalization and IoT technologies have profoundly transformed the consumption industry chain, from the front end of marketing, sales, distribution to production, and enterprise operations such as finance, etc., leading to changes in digitalization of the supply chain, dark factories, flattened channels, e-commerce sales, media promotion, mobile office, and many other changes. 2) AI will deeply change the consumption industry chain, affecting the efficiency and creativity of each link in the industry chain. Currently, AI has penetrated many aspects such as media content generation, home design, and personnel management in Internet companies. Risk Warning Risks of the AI+ consumer experience falling short of expectations, risks of consumer demand falling short of expectations, and risks of intensified industry competition.