当人工智能的触角从虚拟世界延伸至物理维度，一场关于真实与模拟的认知革命正在发生。英伟达创始 人黄仁勋在第三届链博会上提出的"物理AI"概念，揭示了人工智能发展的新范式——通过GPU加速技术 突破计算瓶颈，将物理定律、化学反应等基础科学原理与真实场景数据深度融合，使AI能够像人类科 学家般基于已知规律推导决策。 这一进阶不仅延续了CAE(计算机辅助工程)模拟真实世界的终极理想，更颠覆了传统AI依赖海量数据 （603138）训练的路径依赖。当数字孪生技术开始精准映射材料形变、流体动力学乃至生命代谢过程， 物理AI正成为重构工业设计、气候变化研究等领域的"数字孪生世界的构建者"，悄然重塑人类对复杂系 统的认知边界。 科学发现进入高铁时代 | 传统A缺陷 | 物理 AI解决方案 | 商业价值 | | --- | --- | --- | | 数据污染导致动作失真 | 物理求解器约束生成过 | 机器人训练成本降低50% | | 极端场景数据匮乏 | 合成10亿英里自动驾驶数据 | 加速车企模型迭代速度 | | 工业仿真效率低下 | 实时预测贷架倒塌等突发事件 | 工厂运维效率提升30% | 我们不妨把物理AI想象成一座横 ...

Core Viewpoint - AsiaInfo Technology (01675) has seen a significant stock price increase, attributed to its integration of self-developed digital twin platform AISWare Digital Gemini and other platforms with NVIDIA's Omniverse, aiming to enhance the transformation of domestic manufacturing from "manufacturing" to "intelligent manufacturing" [1] Group 1: Company Developments - AsiaInfo Technology's stock rose over 9% during trading, currently up 6.17% at HKD 11.34, with a trading volume of HKD 224 million [1] - The company plans to deepen the integration of its digital twin platform with NVIDIA's Omniverse, focusing on industrial manufacturing and actively expanding its market presence [1] - AsiaInfo Technology aims to empower more domestic and international clients through the integration of its platforms and solutions [1] Group 2: Industry Insights - Zheshang Securities believes that the integration with NVIDIA's Omniverse platform will accelerate penetration in the physical AI era, creating a new industrial ecosystem [1] - The combination of AsiaInfo Technology's advantages in communication networks and industrial know-how with Omniverse's physical AI capabilities is expected to provide closed-loop solutions for industries such as manufacturing and energy [1] - The digital twin platform is anticipated to undergo a comprehensive reconstruction from a technological foundation to industrial value [1]

Core Viewpoint - Aisino Technology (01675) has seen a significant stock price increase, attributed to its integration of self-developed digital twin platform AISWare Digital Gemini and other platforms with NVIDIA's Omniverse, aiming to transform the domestic manufacturing industry from "manufacturing" to "intelligent manufacturing" [1] Group 1: Company Developments - Aisino Technology's stock rose over 9% during trading, currently up 6.17% at HKD 11.34, with a trading volume of HKD 224 million [1] - The company is focusing on deepening the integration of its digital twin platform with NVIDIA's Omniverse, targeting industrial manufacturing and actively expanding its market presence [1] - Aisino Technology aims to create solutions and advance project implementation to empower more domestic and international clients [1] Group 2: Industry Insights - Zheshang Securities believes that the integration with NVIDIA's Omniverse platform will accelerate penetration in the physical AI era, creating a new industrial ecosystem [1] - The collaboration is expected to provide a closed-loop solution of "perception-decision-control" for industries such as manufacturing and energy, leveraging Aisino's advantages in communication networks and industrial know-how [1] - The digital twin platform is anticipated to undergo a comprehensive reconstruction from a technological foundation to industrial value [1]

Core Insights - The core focus of the articles is on the advancements in physical AI technology by Suochen Technology, which aims to revolutionize the AI landscape by integrating physical laws and real-world data into AI decision-making processes [1][2][4]. Group 1: Physical AI Development - Suochen Technology has launched four virtual training platforms powered by physical AI, applicable in humanoid robot training, low-altitude economy 3D physical mapping, and virtual training for new energy batteries [1]. - The company has invested in physical simulation laboratories in Jiaxing, Zhejiang, covering an area of 40,000 square meters to validate and implement physical AI technology [1]. - Physical AI is seen as a new paradigm in AI, allowing AI to deduce and make decisions like human scientists, potentially leading to disruptive value even with minimal breakthroughs [1][2]. Group 2: Cost Efficiency and Technological Integration - Physical AI offers significant cost advantages; for instance, traditional CPU calculations for vehicle simulations may take days, while using consumer-grade GPUs can reduce this to a few hours, potentially lowering costs to 1% or even 0.1% of traditional methods [3]. - The technology combines computational physics, mathematics, computer graphics, and GPU capabilities, positioning it as a core technology for transforming industrial equipment [2][3]. Group 3: Strategic Partnerships and Market Position - Suochen Technology has signed a strategic cooperation agreement with Hangzhou Industrial Investment Group to provide high-precision simulation and virtual training support for low-altitude infrastructure projects [6]. - The company is actively pursuing acquisitions to fill gaps in data collection and engineering, including a recent acquisition of 55% of Ningbo Maishijie Technology for 88 million yuan [7]. - The establishment of a Hungarian subsidiary will serve as a strategic platform for overseas acquisitions, indicating a focus on expanding its market presence [8]. Group 4: Industry Impact and Future Outlook - The integration of physical AI is expected to lead to a paradigm shift in various industries, with the potential for significant upgrades in CAE (Computer-Aided Engineering) technologies [8]. - Suochen Technology aims to continue exploring the application of physical AI to empower industrial equipment design and manufacturing, facilitating rapid development for clients [8].

编者按：无人驾驶的故事可以更简单吗？出于这样的好奇，一批人不再单纯执着于 Robotaxi，而是以中国星罗遍布的物流网点为据点，让城配无人车站上 无人驾驶的战场。 相比 Robotaxi，它是目前最先拿到规模的无人车。相比人形机器人，它是目前使用范围最广、商业化最高的移动机器人。 从花 4 万元才能买到一个无人车刹车硬件，再到组建出全球最完整的底盘、算法、制造、运营产业链，中国玩家们已悉数上场。 作为全球首家市值突破 4 万亿美元、登顶全球市值巅峰的企业掌舵者，英伟达 CEO 黄仁勋不止一次向人们强调：下一波浪潮将是「物理 AI」。 而在更早之前的一次公开演讲中，黄仁勋表示，世界上只有两种机器人系统可以大规模部署，一是自动驾驶汽车，另一种就是人形机器人。 当前，人形机器人仍然处于技术验证期，但自动驾驶汽车，正在另一种形态——无人城配车，开始渗入人们的日常生活，频繁出现在街头巷尾，运送快 递、生鲜、医药，成为 「物理 AI」的一种典型落地载体 。 无人城配，正在成为目前自动驾驶技术的众多应用中，起量最快、商业化路径最明确、发展态势最猛的领域。 国家邮政局数据显示，截止 2024 年，无人配送车已应用 超 600 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 104.16 CNY, while the stock price as of July 28, 2025, is 88.29 CNY [5][14]. Core Insights - The company is a leading player in the field of physical AI, having launched several innovative products and platforms aimed at various applications, including virtual training and low-altitude economy [1][4][12]. - The company has established strategic partnerships, such as with Hangshi Group, to enhance the integration of low-altitude economy and virtual training technologies [1]. - The company is expected to achieve revenue growth from 5.15 billion CNY in 2025 to 9.21 billion CNY in 2027, with net profits projected to rise from 0.79 billion CNY to 1.42 billion CNY during the same period [14]. Summary by Sections Company Overview - The company hosted a forum on physical AI at the World Artificial Intelligence Conference, showcasing its leadership in the field and announcing four major innovations [1]. - The company has developed a comprehensive physical AI platform that includes various core technologies for simulation and training [2][3]. Product and Technology Development - Key technologies include integrated generative modeling and simulation, real-time physical AI computing engines, and intelligent environmental perception technologies [3]. - The company has launched a physical AI platform that supports various applications, including a low-altitude three-dimensional physical map to enhance the safety of low-altitude flying vehicles [12][13]. Financial Performance and Projections - The company’s revenue is projected to grow significantly, with a compound annual growth rate (CAGR) of 17.6% from 2025 to 2027 [16]. - The net profit margin is expected to stabilize around 15.5% by 2027, indicating improved profitability [16]. Market Position and Strategy - The company is positioned as a leading CAE software provider, expanding its business into renewable energy, low-altitude economy, and robotics through strategic acquisitions [14]. - The company aims to leverage its physical AI platform to create new growth opportunities and enhance its market presence [14].

Group 1 - The core argument emphasizes the necessity of "good data" for the successful implementation of physical AI, which must meet three key standards: physical authenticity, semantic comprehensibility, and scene generalization [2][4][8] - Physical authenticity is described as the "skeleton" of data, essential for accurately representing the physical world's rules, including geometric structures and material properties [3][4] - Semantic comprehensibility is highlighted as the "soul" of data, enabling intelligent agents to understand and execute commands in the physical world, requiring a deep connection between visual recognition and semantic understanding [3][4] Group 2 - Scene generalization is identified as crucial for breaking "data silos," allowing intelligent agents to adapt to various physical environments by extracting universal rules from limited training scenarios [4][8] - The rise of embodied intelligence is discussed as a transformative approach to AI, focusing on active interaction with the physical world to enhance learning and intelligence [5][6] - Challenges faced by embodied intelligence include the difficulty of simulating real-world interactions and the discrepancies between simulated and actual environments, which can hinder effective data acquisition and processing [6][7] Group 3 - The development of embodied intelligence is seen as reshaping the interaction logic between AI and the physical world, requiring data that captures both static and dynamic characteristics of physical entities [7][8] - The relationship between "good data" standards and the evolution of embodied intelligence is reciprocal, with "good data" providing a foundation for physical AI and embodied intelligence enriching the concept of "good data" [8]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company officially launched physical AI products such as embodied intelligent virtual training and low-altitude three-dimensional physical maps at the 2025 World Artificial Intelligence Conference, accelerating the commercialization process of physical AI [6] - The embodied intelligent virtual training solution achieves two levels: intelligent agent training and autonomous perception [6] - The low-altitude three-dimensional map enables simulation training and real-time navigation, creating a digital twin of urban low-altitude environments [6] - The company emphasizes its competitive advantage in physical solving capabilities, maintaining a "Buy" rating and projecting revenue of 600 million, 850 million, and 1.105 billion yuan for 2025, 2026, and 2027 respectively [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 604 million yuan, with a year-on-year growth rate of 59.5% [2] - Net profit attributable to the parent company is projected to be 81 million yuan in 2025, with a year-on-year growth rate of 96.2% [2] - Earnings per share for 2025 is estimated at 0.91 yuan [2] - Gross margin is expected to be 72.4% in 2025 [2] - Return on equity (ROE) is projected to be 2.8% in 2025 [2] Market Data - The closing price of the stock is 90.01 yuan as of July 25, 2025 [3] - The stock has a price-to-book ratio of 2.8 and a dividend yield of 0.27% [3] - The circulating A-share market value is 4,432 million yuan [3]

Core Insights - The strategic partnership between Saiyi Information and Comma Technology aims to leverage Physical AI to enhance supply chain efficiency and reduce costs in the manufacturing sector [2][4][6] Group 1: Strategic Collaboration - The collaboration focuses on integrating Saiyi Information's ERP implementation capabilities with Comma Technology's AI algorithms to provide innovative solutions for supply chain intelligence [2][4] - This partnership is positioned as a key move in response to the global trend of integrating AI into business processes, marking the transition from theoretical concepts to practical applications [4][6] Group 2: Physical Internet and Logistics Innovation - The Physical Internet (PI) is highlighted as a revolutionary infrastructure in logistics, aiming to create a globally interconnected and efficient logistics network through standardized containers and smart nodes [4][5] - Comma Technology is recognized as a pioneer in the Asia-Pacific region for transforming PI theory into industrial practice, significantly reducing logistics costs for major companies [5] Group 3: AI and Supply Chain Optimization - The collaboration will enhance Saiyi Information's supply chain solutions by integrating Comma Technology's advanced logistics AI decision-making capabilities, optimizing the entire value chain [6] - The C-LINK smart logistics platform from Comma Technology utilizes real-time data to optimize logistics operations, aligning with the emerging trends in Physical AI [5][6]

国金证券主要观点如下： 智通财经APP获悉，国金证券发布研报称，当前具身智能真正缺乏的是第三阶段的生物智能——模拟学 习的能力，而物理AI正是构建模拟学习的核心。通过梳理生物智能五阶段的演变，该行认为人形机器 人产业虽处早期，但模型侧发展迅速，物理AI将成为解决机器人与物理世界交互最后一环的关键技 术。重视3D数据资产+物理仿真引擎双主线，看好中国物理AI稀缺资产。 具身智能发展至今，从物理形态到大脑机理，机器人无一不在以"仿生"的脉络发展演绎。该行认为，虽 然目前人形机器人的产业发展阶段尚处早期，但市场往往会高估原子层面的变化，而低估比特层面的变 化——具身智能模型侧的发展日新月异，因而该行试图在本篇报告中详细梳理生物智能五阶段的变化， 并逐阶段地映射产业界的产品形态与模型算法。生物体亿万斯年的演化历程，蕴含着解读目前具身智能 发展阶段的钥匙，该行认为，当前具身智能真正缺乏的是第三阶段的生物智能——模拟学习的能力，而 物理AI正是构建模拟学习的核心。 2025年CES上，英伟达发布Cosmos世界模型平台，该行认为，世界模型≈空间智能+物理AI，也就是需 要让模型具备理解、生成3D几何关系、距离等空间信息的 ...