国泰海通｜机械：CES 2026：定义AI物理边界，加速具身智能规模化落地

Core Insights - The CES 2026 highlighted the trend of embodied intelligence scaling, showcasing the strength of Chinese enterprises [1] - Future focus will be on the application of embodied intelligence, particularly in the "perception-decision-execution" closed loop, with humanoid robots as a key carrier [2] - The shift from "digital intelligence" to "embodied intelligence" emphasizes AI's tangible outcomes, with a focus on hardware integration and deployment [3] Industry Trends - The CES featured over 4,100 exhibitors, with 1,141 from China, indicating a significant presence of Chinese tech companies [4] - Leading companies like Lenovo, TCL, and Ninebot are transitioning from technology users to ecosystem rule-makers, showcasing AI-native capabilities [4] - In the humanoid robot sector, Chinese exhibitors accounted for over 55%, with companies focusing on core component self-research and commercialization [4] Hardware Development - The path for embodied intelligence hardware is becoming clear, with key supply chain segments emerging, although the industry is still in its early commercialization phase [5] - Key validation points include the mass production and cost control of humanoid robots like Tesla's Optimus and the ability of AI-enabled terminal products to drive consumer demand [5] - Companies with core component technology advantages and involvement in leading customer product development will benefit first from industry trends [5]