Why might IMU demand arrive before robots enter large-scale production?

  • Guosheng Securities believes a shortage of high-quality physical interaction data is constraining embodied model training. As of early 2026, approximately 500 thousand hours of real-world physical interaction data were available globally for compliant use, less than one twenty-thousandth of the training data for large language models; data collection equipment has therefore become an investment that precedes mass production of robots.
  • Inertial motion capture is less constrained by location and lighting and is currently a mainstream approach. IMUs provide angular velocity and acceleration data, helping reconstruct poses and supplement visual information; both specification upgrades and an increase in the number installed per equipment set could raise their value contribution.
  • In a high-density motion-capture glove example, IMUs can account for up to 75% of bill-of-materials costs; a pair of gloves is equipped with 12 inertial sensors. Chinese-made IMUs are already being supplied in volume for equipment used by leading data-collection customers, with Huayi Technology supplying Meego Technology’s MEgo series of data-collection devices.

With the steel industry at a low point, which companies have more room to expand?

  • Changjiang Securities believes ordinary steel products are homogeneous and command little sales premium, making cost differences a key reason for diverging profitability. Steelmakers along the coast and major rivers can save on iron ore and coking coal transport and use nearby demand to lower selling expenses; management mechanisms affect their ability to sustain cost reductions.
  • The industry is currently characterized by costs providing a floor and demand under pressure. The brokerage believes that, as supply-demand imbalances accumulate and steelmakers’ profitability bottoms out, raw material prices may gradually ease; cost leaders, supported by excess profits, could be the first to see a revaluation when industry profitability rebounds.
  • Fangda Special Steel plans to acquire all equity in Jiangxi Fangda Steel Group Enterprise Investment Co., Ltd. through an in-kind distribution and a cash purchase. After the transaction, Sichuan Desheng Vanadium Titanium and Yunnan Desheng Vanadium Titanium will become its majority-owned second-tier subsidiaries, providing room for medium-term expansion.

How can the AI device interface being contested be turned into revenue?

  • China Merchants Securities believes spending on computing power for large models is rising and is difficult to cover with subscription and API revenue, making consumer electronics a new commercialization direction. Most existing agents run as applications, while operating-system vendors control permissions and distribution rules; model developers are therefore extending into hardware, while device makers are advancing system-level agents.
  • AI devices can generate both hardware sales and subscription revenue; if always-on agents can reliably complete purchases, bookings and other tasks, they may also share in transaction and outcome-based revenue over the long term. Platforms that control user context, execution permissions and payment capabilities may have stronger bargaining power.
  • The brokerage sees around the first quarter of 2027 as a key point for breakout products: OpenAI’s first device has entered engineering validation and is expected to sell more than 5 million units annually. Rising memory prices continue to pressure fundamentals across the domestic supply chain; the report expects consumer memory price increases to narrow in the fourth quarter of 2026, with prices potentially reaching an inflection point in the first half of 2027.

Why won’t profits rise across the board as AI screen production costs fall sharply?

  • According to data cited in the report, the per-minute production cost of AI comic dramas fell from nearly 15 thousand yuan to about 1500 yuan; estimates put China’s AI drama and comic-drama market at approximately 40 billion yuan in 2026, with more than 600 million users. Model advances in character consistency, audio-video synchronization and longer-duration generation are helping content evolve from clips into series.
  • Lower production costs do not mean costs fall proportionately across the entire value chain: platform and paid-traffic expenses account for 82.5% of the total cost of micro-dramas, while production, actors and scripts together account for about 14%. Meanwhile, standardized production quotes fell from 5000 yuan per minute to several hundred yuan within six months, with some cost savings passed downstream through price competition.
  • Soochow Securities values quality IP, the ability to consistently produce hits and platform distribution. Increased supply also intensifies competition: the report says Douyin added more than 220 thousand AI dramas and comic dramas in the first half, around five in a thousand exceeded one hundred million views, and on average only 1 in about 77 new shows recouped its costs.