机构：2025年已成为具身智能商业化的关键节点

Group 1 - The National Development and Reform Commission (NDRC) aims to promote the healthy and standardized development of the embodied intelligence industry through three main approaches: establishing industry standards and evaluation systems, accelerating key core technology breakthroughs, and promoting infrastructure construction for training and pilot testing platforms [1] - CITIC Securities believes that 2025 will be a critical node for the commercialization of embodied intelligence, with leading manufacturers already securing billion-level orders. However, there are still bottlenecks and cautious attitudes from downstream factories regarding orders [1] - The total market value of the domestic embodied intelligence sector has surpassed 3 trillion yuan, and with the acceleration of capitalization of domestic new forces, the scale of the sector is expected to continue expanding [1] Group 2 - Guojin Securities considers embodied intelligence to be the strongest application of AI, with humanoid robots being one of the most important directions. The ROBO+ track, following electrification, is expected to reshape the entire automotive industry chain [2] - In the robotics field, attention should be paid to new technology iterations and component ticket pricing in the second half of the year. Automotive manufacturers and 3C brand companies are gaining competitive advantages due to their understanding of demand scenarios and hardware supply chains [2] - The second half of 2025 will focus on the "ticket pricing" and technology iterations, particularly in the supply chain of Tesla and Zhiyuan, with Tesla's supply chain expected to restart after a brief pause [2]