CICC (China International Capital Corporation Limited): Only a few robot companies with full-stack capabilities are expected to further break through to the level of "embodied intelligence".

CICC believes that large-scale robots are the key to breaking through the traditional bottleneck of robot control and moving towards general artificial intelligence. The current industry is mainly focused on the development direction of large language models, autonomous driving large models, and multimodal large models exploration. The industrial focus has shifted to the research and development of "small brain + big brain" systems, and different companies have differences in research and commercialization paths. The agency believes that only a very small number of companies with full-stack technical capabilities, resource integration advantages, and long-term strategic views will, in the future, define the core standards of "embodied intelligence" through the convergence of technological paths, and further break through to the level of "embodied intelligence."