Nvidia(US:NVDA) Shenwan Hongyuan Securities·2025-11-14 12:45Investment Rating - The report maintains a positive outlook on the Physical AI industry, indicating it as a key driver for the next wave of AI development [3][4]. Core Insights - Physical AI is a systematic engineering approach that integrates spatial intelligence and world models, enabling AI to interact with the physical world [3][11]. - The implementation of Physical AI relies on three technological pillars: world models, physical simulation engines, and embodied intelligent controllers [17][21]. - NVIDIA has established a comprehensive ecosystem in the Physical AI space, leveraging its "chip-algorithm-platform" strategy to create a competitive advantage [3][4]. - Digital twins represent the most mature application of Physical AI, allowing industries to optimize production lines and reduce costs through high-fidelity virtual models [3][48]. - The most promising applications of Physical AI are in intelligent driving and embodied intelligence, with various models like end-to-end, VLA, and world models being explored [3][60]. Summary by Sections 1. Physical AI: The Next Wave of AI - Physical AI signifies a transition from virtual to real-world applications, focusing on understanding and interacting with physical laws [11][12]. - The core structure of Physical AI can be simplified into spatial intelligence, world models, and Physical AI as an integrative system [12][16]. 2. Applications of Physical AI: Understanding the World and Predicting the Future - Physical AI is rapidly moving towards large-scale commercial applications, enhancing efficiency and creating new business models across various industries [47]. - Digital twins serve as a critical tool for industrial digital transformation, enabling real-time simulation and control of physical assets [48][52]. - Intelligent driving and embodied intelligence are identified as key areas where Physical AI can significantly impact [47][60]. 3. Physical AI Industry Chain Analysis - The industry chain of Physical AI shows clear value distribution, with significant changes across various segments including chips, data supply, algorithms, and applications [4][3]. - Key players in the industry include NVIDIA, Qualcomm, and various companies involved in data acquisition and algorithm development [3][4]. 4. Core Targets and Related Companies - Core targets in the Physical AI industry include companies like Zhiwei Intelligent, Tianzhun Technology, and Desay SV [3][4]. - Companies involved in data supply and algorithm development are also highlighted, indicating a diverse investment landscape [3][4].