On June 23, the Nanjing Municipal Government held an executive meeting to review the "Nanjing Embodied Intelligent Robot Industry Development Action Plan (2025-2027)". The meeting required that we should seize development opportunities, integrate resources and forces, coordinate the promotion of high-quality enterprise cultivation, key project attraction, and scientific and technological achievements transformation, accelerate the gathering of enterprise entities, continuously expand the scale of the industry, focus on creating core products, deepen and expand application scenarios, focus on building an innovation system, and comprehensively improve the level of cluster development of the embodied intelligent robot industry. CITIC Securities believes that 2025 will be the first year of mass production of the embodied intelligent robot industry. Embodied intelligent robots are an important combination of AI and the physical world. Their mass production and pioneering experimental applications in scenarios have announced the deep integration of artificial intelligence AGI and the robotics industry, and promoted a new round of industrial revolution. Global governments, technology manufacturing giants, industrial chain companies, scientific research institutions and capital have all focused on and entered the game, presenting a competitive trend of hundreds of boats competing for the current. Robot companies, embodied model software parties, assembly, core components and downstream scenario companies from different eras and technical backgrounds jointly build a diversified industrial ecology. Chinese companies have layouts in all links of the industrial chain. Made in China is an important support for reducing the cost of global robot hardware and has comparative advantages. Large and complex scene landing is an effective testing ground for the development of embodied intelligent robots. When the "DeepSeek moment" of embodied intelligence appears, the explosion of embodied intelligent robots will achieve the next stage of the technology industry wave. We are optimistic about the development opportunities of embodied intelligent robots in the next ten years or more.