智通财经网·2025-12-24 07:48Core Insights - The investment theme for embodied intelligence in 2026 is expected to focus on narrowing down and differentiation, shifting from "liquidity-driven" to "fundamentals-driven" market dynamics [1] - The report emphasizes three core investment strategies for 2026: focusing on core industry chains, core links, and core scenarios [1] Industry Changes from 2024 to 2025 - In 2025, the focus of Tesla's Optimus humanoid robot will shift from technical validation in 2024 to commercialization and mass production, with the V3 expected to launch in Q1 2026 [2] - North American AI giants are entering the embodied intelligence space, leading to a surge in overseas startups [2] - In China, numerous startups in the embodied intelligence sector were established in 2024, with 2025 marking the year for practical applications [2] - Domestic supply chains are evolving, with consumer electronics manufacturers rising and lightweight solutions like magnesium-aluminum alloys and plastic replacing steel being adopted [2] 2025 Market Performance - The embodied intelligence sector index surged by 60.1% from January 1, 2025, to December 19, 2025, significantly outperforming the CSI 300 index, which rose by 19.6% [3] - The sector's performance was strongly correlated with liquidity, benefiting from loose monetary conditions and industry catalysts, leading to two major market rallies [3] - The first quarter's rally was driven by small-cap companies, while the third quarter saw large-cap companies leading the gains, particularly in the robotics sector [3] 2026 Industry Trends - The industry is expected to enter a phase of large-scale production, with a focus on narrowing down to truly beneficial companies as the number of robotics-related firms has surged to 200-300 [4] - The three core investment strategies for 2026 include: - Focusing on core industry chains such as T-chain, Figure chain, and leading domestic chains like Yushun and Zhiyuan [4] - Concentrating on critical links in the robotics industry, including dexterous hands, lightweight materials, brains, and cooling systems [4] - Targeting practical scenarios for embodied intelligence, particularly in warehousing logistics and quadruped robots, with significant market potential in unmanned logistics vehicles [4] - The T-chain is highlighted as a key area for investment, especially with the anticipated mass production of Gen3 in 2026, while domestic chains will focus on securing orders and capital [4]