CITIC Securities: Competition in Specific Model and Large Model Markets will be Similar, Recommend Focus on Three Types of Companies

CITIC Securities believes that the performance of the robot index significantly surpasses the market broad-based index. However, we believe that embodied models are the true driving force behind this wave of robots, and their market influence has not been fully reflected. The embodied models used by robots are undergoing evolution from layered architecture to end-to-end. In recent years, the perception, planning and control capabilities of models, as well as task success rates, have greatly improved. However, there is still room for improvement in actual industrial and home applications. We believe that model capabilities are still the top priority. In the subsequent competition, companies with strong R&D capabilities, occupying key scenarios, and having high-quality data resources are expected to gain a competitive advantage. We believe that the competition of embodied models will be similar to the competition of large models before. We recommend focusing on three types of companies: 1) software and hardware infrastructure companies; 2) data suppliers and physical AI companies; 3) vertical scenario robot application companies.