中信证券：具身模型的竞争与此前大模型的竞争会有类似之处，建议关注三类公司

Core Viewpoint - The robotics index significantly outperforms the broad market index, with embodied models being the true driving force behind the current wave of robotics, which remains underappreciated in market impact [1] Summary by Categories Robotics Market Dynamics - The evolution of embodied models is transitioning from a layered architecture to an end-to-end system, with substantial improvements in perception, planning, control capabilities, and task success rates in recent years [1] - Despite advancements, there is still room for improvement before achieving full industrial and home application [1] Competitive Landscape - Model capability is identified as the primary factor for competition, with firms that possess strong R&D capabilities, occupy key scenarios, and have access to quality data resources likely to gain competitive advantages [1] - The competition among embodied models is expected to resemble that of large models, indicating a similar market dynamic [1] Investment Focus - Three categories of companies are recommended for attention: 1) Hardware and software infrastructure companies 2) Data suppliers and physical AI companies 3) Vertical scenario robotics application companies [1]