Since late 2025, state-owned capital has been increasingly focusing on the embodied AI sector. By the first half of 2026, it had participated in a notable 42% of large-scale financings within this field. Collaborative investments involving local state-owned capital, industrial capital, and leading venture capital firms have emerged as the dominant trend. Amid the fervor of regional investment attraction, certain enterprises, aiming to satisfy local assessment criteria for attracting investments, have opted to fragment their businesses, thereby engaging with state-owned capital across multiple regions. There exist notable disparities within state-owned capital: three distinct types of entities—central enterprise industrial investment platforms, district- and county-level state-owned capital, and market-oriented state-owned capital—vary in their assessment objectives and investment approaches. Furthermore, the investment tempo of state-owned capital exhibits significant regional differences. Generally, state-owned capital adopts a cautious strategy, allowing market-driven institutions to set the pricing benchmarks initially and subsequently following suit with investments to ensure a degree of certainty. Post-September 2026, with the market capitalization of leading enterprises experiencing a contraction, coupled with stricter listing regulations, diminished IPO prospects for second- and third-tier enterprises, and the issuance of regulatory guidelines, state-owned capital investments have adopted an even more prudent stance. Market liquidity has gravitated towards top-tier projects, while the risks associated with mid-tier projects have escalated. Presently, state-owned capital funds are predominantly channeled towards early-stage hard technology ventures and late-stage Pre-IPO star prospects. Ultimately, for the industry to mature, it must revert to its commercial fundamentals and attain market-driven autonomy.