中信证券：看好具身模型进一步成为产业发展的焦点

Core Insights - The report from CITIC Securities highlights the rapid development of data collection factories across the country, addressing the current lack of data in the embodied intelligence sector [1] - The domestic embodied intelligence industry is leveraging real data to build long-term advantages in model training, creating a unique response to the data scarcity issue [1] Industry Overview - The circulation of data elements is benefiting both downstream model developers, who gain continuous access to data, and upstream manufacturers, who receive orders during the "semi-commercial" phase [1] - Compared to the high labor costs overseas, the potential for large-scale data collection in China is more substantial, positioning data accumulation as a valuable asset for the domestic embodied intelligence industry [1] Investment Focus - There is an optimistic outlook for embodied models to become a focal point in industry development, elevating the importance of data collection [1] - It is recommended to pay close attention to companies that possess horizontal integration potential in data elements, model training, and ontology configuration [1]