Tesla(US:TSLA) GOLDEN SUN SECURITIES·2025-10-26 09:06Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [4]. Core Insights - The focus of commercialization is on robotic brains, with Sim2Real potentially becoming the mainstream training method [2]. - The development of humanoid robot models is rapidly advancing, with Tesla's Optimus model demonstrating a high degree of human-like capabilities [3][29]. - The report suggests paying attention to listed companies involved in related hardware and software businesses, such as Pinming Technology [3]. Summary by Sections Section 1: Robotic Brain Development - The evolution from LLM to VLM and then to VLA models is enhancing the generalization and precision of robotic actions [1]. - VLA models are increasingly incorporating tactile inputs to improve robustness [1]. Section 2: Sim2Real Technology - Sim2Real utilizes synthetic data generation to help robots accumulate experience through diverse scenarios, linking virtual and real-world data for training [2]. - The technology involves a tri-computer setup: an AI supercomputer, a simulation computer, and a physical AI computer [2]. Section 3: Tesla's Optimus Model - Tesla's Optimus integrates AI systems from FSD and xAI's Grok model, achieving high levels of human-like interaction and physical self-awareness [3][29]. - The model's architecture allows it to process various sensory data to generate action commands directly from raw sensor inputs [33]. Section 4: Emerging Technologies and Models - The report discusses several innovative models, including RT-1, RT-2, Magma, and ViLLA, each contributing to bridging the gap between visual/textual inputs and robotic actions [14][17][22]. - The introduction of the "force-position hybrid control algorithm" by the Beijing General Artificial Intelligence Research Institute shows significant improvements in task success rates [58]. Section 5: Market Trends - The mechanical equipment industry is projected to experience varying growth rates, with a notable increase expected in the coming years [5].