"2025年第三季度，小鹏汽车的各项关键经营指标，包括销量、收入、毛利率、在手现金，再创新 高。"小鹏汽车董事长及首席执行官何小鹏先生表示。"我们的销量规模和市场份额正处在高速扩张的早 期阶段，Robotaxi和人形机器人面向规模量产的目标加速前进。我坚信小鹏汽车会成为面向全球的具身 智能公司。围绕物理AI应用，我们会打造一个强大的产品技术体系和商业生态，为全球的客户和股东 创造更大的价值。" 格隆汇11月17日丨小鹏汽车-W(09868.HK)发布公告，2025年第三季度总收入为人民币203.8亿元(28.6亿 美元)，较2024年同期上升101.8%，并较2025年第二季度上升11.5%。2025年第三季度汽车销售收入为人 民币180.5亿元(25.4亿美元)，较2024年同期上升105.3%，并较2025年第二季度上升6.9%。 2025年第三季度毛利率为20.1%，相较而言，2024年同期为15.3%，而2025年第二季度为17.3%。2025年 第三季度汽车毛利率(即汽车销售毛利润占汽车销售收入的百分比)为13.1%，相较而言，2024年同期为 8.6%，而2025年第二季度为14.3%。截至202 ...

Core Insights - Stanford University professor Li Fei-Fei identifies spatial intelligence as the next frontier for AI, emphasizing its role in transitioning AI from "language intelligence" to "physical intelligence" [1] - Shenwan Hongyuan's report highlights physical AI as a systematic engineering approach that integrates world models, physical simulation engines, and embodied intelligence, positioning it as a cornerstone for digital twins and embodied intelligence applications [1][2] - Intelligent warehousing is recognized as a key breakthrough for the commercialization of embodied intelligence and physical AI due to its high maturity and clear value realization pathways [1] Company Overview - Geek+ is identified as a core player in the physical AI industry chain, recognized for its leadership in global warehouse robotics [1][3] - The company launched a "fully unmanned picking workstation" on October 28, leveraging physical AI to advance intelligent warehousing into a new era of automation [2] - Geek+ employs a layered architecture for its intelligent base model, enabling precise object recognition and optimal picking strategies, aligning with the integration logic of physical AI [2] Market Position and Financial Performance - Geek+ has established a strong market presence, serving over 850 major clients across more than 40 countries, maintaining its position as the largest warehouse fulfillment robotics company globally for six consecutive years [2][3] - The company is projected to achieve revenue of 2.41 billion yuan in 2024, leading the Hong Kong stock market's robotics sector, with a 31% year-on-year revenue increase in the first half of 2025 [3] - Geek+ has demonstrated strong customer retention, with a 74.6% overall repurchase rate in 2024, increasing to over 80% in the first half of 2025 [3] Future Outlook - The CEO of Geek+ indicates a strategic goal of achieving a fully automated warehouse by overcoming challenges in the packing process, following the successful automation of the picking stage [4] - The industry trend points towards a clear path of "technology implementation + deep scenario cultivation," with Geek+ leading the commercialization of physical AI through its intelligent technology and global service support [5]

Core Insights - The article emphasizes that spatial intelligence is identified as the "next frontier of AI," which will drive the transition from "language intelligence" to "physical intelligence" [1] - Physical AI is becoming a foundational element for digital twins and embodied intelligence applications, with intelligent driving and embodied intelligence being the most promising areas [1] - Geek+ is recognized as a core player in the physical AI industry chain, particularly in the warehouse robotics sector, due to its understanding of industry know-how and physical processing logic [1] Physical AI Commercialization - The realization of physical AI relies on the collaboration of three key technologies: "world model, physical simulation engine, and embodied intelligent controller," with the latter being crucial for connecting virtual reasoning and physical execution [2] - Geek+ launched its "unmanned picking workstation" and full-process unmanned picking solution on October 28, leveraging physical AI to advance intelligent warehousing into a "truly unmanned" era [2] - The Geek+ model is driven by its self-developed embodied intelligent base model, Geek+Brain, which utilizes a "perception-strategy" layered architecture for optimal decision-making and physical execution [2] Market Position and Financial Performance - Geek+ has established itself as a leading core manufacturer in the physical AI industry chain, with a strong R&D team and a wide range of patents covering key areas such as robotics hardware and AI algorithms [3] - The company has a global presence with local teams in key markets, ensuring robust service capabilities and support for stable project implementation [3] - Geek+ achieved revenue of 2.41 billion yuan in 2024, maintaining its position as the top revenue-generating company in the Hong Kong robotics sector, with a 31% year-on-year growth in the first half of 2025 [3] Future Outlook - The founder and CEO of Geek+ indicated that after achieving full-process unmanned picking, the next goal is to tackle the technology for robotic packing, aiming for a fully automated warehouse [4] - The article concludes that the path to physical AI commercialization is clearly directed towards "technology implementation and scene cultivation," with Geek+ leading the way in this transformation [5]

Core Viewpoint - The current market has weak expectations for automotive stimulus policies and total production and sales for next year, leading to a diminished cyclical attribute of the automotive sector. The core focus is on technological attributes and emerging growth directions [1][2]. Automotive Sector - The automotive sector is experiencing a revaluation of its technological attributes, with a focus on structural growth. The strong performance of stocks like XPeng Motors and Weichai Power is noted, driven by XPeng's recent technology day showcasing advancements such as the second-generation VLA model, Robotaxi, and humanoid robot Iron, which have boosted market expectations [1][2]. - The automotive and robotics sectors are positioned as core applications of physical AI, with potential to catalyze a turning point in industry trends as technologies from Tesla, such as FSD V14 and Optimus, are set to be launched and mass-produced in 2026 [1][2]. Robotics Sector - The robotics sector has seen a continuous pullback since the fourth quarter, with some quality stocks entering a bottoming configuration. The industry is on the verge of significant advancements, and the current pullback is attributed to previous substantial gains and a temporary lack of catalysts [3]. - Market focus is on the upcoming Q1 2024 release of Tesla's third-generation Optimus prototype and the progress of the supply chain's fixed-point contracting [3]. Passenger Vehicle Sector - The passenger vehicle sector shows stable weekly insurance sales, with new models like XPeng's extended-range platform and the Xingtu ET5 demonstrating strong cost-performance ratios. However, market reactions are muted due to expectations of weaker total sales next year, with structural growth remaining in high-end and overseas markets [4]. - The lithium battery and materials segments are benefiting from a surge in demand for energy storage, leading to price increases in sectors like 6F, reinforcing a logic of rising volume and price [4]. Commercial Vehicle Sector - The commercial vehicle sector is performing well as a high-quality, undervalued asset, with expectations for steady growth in overseas markets, particularly in buses and motorcycles, which show higher growth elasticity [5]. - The heavy-duty engine supply chain is benefiting from the ramp-up of AIDC, with leading companies like Weichai Power expected to see a revaluation of their stock [5].

分层控制是基础架构范式，以两级结构实现工程化;VLA范式(以VLM为基础)强化泛化与交互能力，是 当前活跃的研究方向。世界模型通过环境建模与未来预测提供物理约束，处于科研主导阶段。该行认 为，短期分层架构因工程可控性仍是主流，VLA在复杂任务和人机交互中展现潜力，世界模型因具备 跨设备迁移能力被视为长期方向。 具身智能数据：高价值信息量成竞争核心 机器人数据涵盖多模态，产业找寻低数据成本获取&高数据效率应用路径。1)获取端：包括真机、视频 (第一人称/第三人称)、仿真等路线。2)安全端：数据安全为不容忽视的底线，人形机器人厂商面临权限 隔离、数据加密体系、跨境传输政策等多方挑战。3)应用端：传统数据应用策略为 "同构闭环"，仅能在 同类型硬件上复现策略。异构训练通过模块化Transformer架构，跨机器人本体共享算法模型。 具身智能热点议题解析 智通财经APP获悉，中金发布研报称，短期分层架构因工程可控性仍是主流，VLA在复杂任务和人机交 互中展现潜力，世界模型因具备跨设备迁移能力被视为长期方向。机器人数据涵盖多模态，产业找寻低 数据成本获取&高数据效率应用路径。具身智能大脑正处于"路线分化"向"融合落地" ...

Group 1: Macroeconomic Outlook - The report anticipates a non-typical economic recovery in 2026, driven by confidence rebuilding and policy support, with a potential for profit improvement in the latter half of the year [9][10] - Key factors contributing to export resilience include fiscal expansion in developed economies, easing of US-China tariff conflicts, and improvements in China's industrial competitiveness [9] - The report emphasizes the importance of reform in driving economic benefits, suggesting that 2026 will mark a significant acceleration in reform efforts [9][10] Group 2: A-Share Market Strategy - The report outlines a two-phase bull market strategy, with 2025 characterized as "Bull Market 1.0" focused on technology, and 2026 potentially entering "Bull Market 2.0" with broader market participation [10][11] - It predicts that 2026 will see a rebound in profitability across the A-share market, with expected growth rates of 7% in 2025 and 14% in 2026 for net profits [10][11] - The transition from "Bull Market 1.0" to "Bull Market 2.0" is expected to be marked by a shift towards cyclical stocks and a resurgence in technology-driven sectors [10][11] Group 3: Bond Market Strategy - The bond market outlook for 2026 suggests a low-interest environment with ongoing asset allocation adjustments, although the attractiveness of bond assets may be limited [11][12] - The report highlights the importance of timing in duration strategies, with a focus on credit certainty as a key investment theme [12][13] - Potential risks include a shift towards a more bearish market due to inflationary pressures and fiscal policy changes [12][13] Group 4: Shipping and Shipbuilding Sector - The report indicates a positive outlook for the shipbuilding sector, driven by rising second-hand ship prices surpassing new build prices, signaling a potential supercycle [20][21] - Historical trends show that improvements in shipping market conditions typically lead to delayed increases in shipbuilding stock prices, suggesting a similar pattern may occur [20] - The report emphasizes the importance of monitoring oil tanker rental rates and their impact on shipbuilding market dynamics [20][21] Group 5: Environmental Sector - The environmental sector is expected to benefit from stable municipal environmental profits, improved cash flows, and adjustments in water pricing, highlighting opportunities in environmental assets [19][21] - The report suggests that the dual carbon goals and AI integration will drive growth in the environmental sector, with specific recommendations for companies involved in waste management and renewable energy [19][21] - The focus on municipal environmental projects is expected to enhance the attractiveness of certain stocks within the sector [19][21]

Core Viewpoint - The report emphasizes that the field of embodied intelligence is transitioning from "route differentiation" to "fusion landing," with data-driven and heterogeneous training becoming central to achieving general intelligence [2]. Group 1: Embodied Intelligence Algorithms - The evolution of robot algorithms has shifted from model-driven to data-driven approaches, with hierarchical control as a foundational paradigm and VLA (Vision-Language-Action) models enhancing generalization and interaction capabilities [5][7]. - The current mainstream paths in robot algorithms include hierarchical architecture, VLA, and world models, each differing in theoretical logic, engineering implementation, and industrial application [9][11]. - The introduction of large model structures, such as Transformers, has established a unified algorithmic foundation, facilitating cross-task learning and creating a closed loop of perception, cognition, and control [8][9]. Group 2: Data in Embodied Intelligence - Data acquisition for humanoid robots has evolved into three main paths: real machine acquisition, video learning, and simulation generation, forming a complementary ecosystem [16][18]. - Real machine acquisition emphasizes high-value, high-cost feedback through teleoperation, while video learning leverages low-cost, high-diversity visual data to enhance training [20][22]. - Simulation-generated data is becoming a significant source for large-scale training, with advancements in high-fidelity physics engines and digital twin environments facilitating the Sim2Real transition [23][24]. Group 3: Hot Topics in Embodied Intelligence - The Scaling Law phenomenon in embodied intelligence indicates that as model size, data, and computing power increase, robots significantly improve in cognition and behavior, leading to breakthroughs in generalization and task capabilities [27][28]. - The lack of standardized benchmarks for evaluating embodied intelligence poses challenges, with recent efforts like the BEHAVIOR-1K benchmark aiming to establish a comprehensive evaluation framework [29][30]. - Physical AI, which integrates physical knowledge with AI models, is emerging as a foundational exploration direction, enhancing robots' understanding of physical rules and causal reasoning [35][37]. Group 4: Industry Landscape - The humanoid robot software ecosystem comprises foundational models, data science, simulation software, and evaluation systems, with major tech companies and startups collaborating to build this ecosystem [45][46]. - Key players in the industry include tech giants like Google, Meta, and NVIDIA, alongside humanoid robot startups that focus on AI model development and data acquisition systems [45][46].

Core Insights - CITIC Securities has completed the guidance work for the initial public offering (IPO) of Yushu Technology Co., Ltd, a high-tech enterprise focused on the R&D, production, and sales of consumer-grade and industrial-grade high-performance robots and dexterous robotic arms [1] Company Overview - Yushu Technology was founded on August 26, 2016, by Wang Xingxing, and is dedicated to developing advanced robotic solutions [1] - The company has developed humanoid robots capable of performing most work actions, utilizing both offline pre-learning and real-time imitation [1] Industry Trends - Wang Xingxing stated at the "2025 AI + Conference" that AI technology will enable robots to truly "understand the world" in the next decade [1] - The emergence of Physical AI is highlighted, which aims to provide autonomous machines with the ability to achieve a "perception-understanding-execution" closed-loop capability in the real physical world [1] - The advancement of Physical AI in robotics will rely on three major computing platforms and will accelerate along the path of "simulation first - cloud training - edge deployment" [1] Related Stocks - A-share related concept stocks mentioned include Zhiwei Intelligent and Jingxing Paper [1]

Aviation Industry - China Southern Airlines' C919 aircraft successfully arrived at Dubai Al Maktoum International Airport on November 14, preparing for the Dubai Airshow from November 17 to 21, 2025. The C919 has received over 1,000 domestic and international orders, marking a significant milestone in China's aviation industry development [1] - Boeing predicts that the Middle East will require 3,000 new passenger aircraft over the next 20 years, valued at over $500 billion. China's fleet is expected to grow at an average annual rate of 4.4%, with a projected total of 9,323 jet aircraft by 2043, making it the largest single aviation market globally [1] Animation Industry - Bilibili held an online launch event for 40 domestic animation works for 2025-2026, including new titles and updates on various IP sequels. The return of "The King's Avatar" TV animation and the announcement of "Chinese Folktales 2" set for January 1, 2026, were highlighted [2] - Since 2018, Bilibili has launched over 3,000 domestic creations, with nearly 970 million hours of viewing time in the past year. The platform's user base reached 330 million, with a 104% year-on-year increase in viewing time for domestic content in Q3 [2] Robotics Industry - CITIC Securities reported the completion of the IPO guidance for Yushu Technology Co., which is positioned to strengthen its industry-leading status in humanoid robotics. The company is noted for its continuous technological and product iterations [3][7] - The demand for domestic production of key systems like aviation engines is expected to drive the expansion of the domestic aviation market and upgrade the industry chain [1] Commercial Space Industry - Blue Origin's "New Glenn" rocket successfully launched on November 13, marking its second flight and the first successful sea recovery of its first stage, making Blue Origin the second company globally to master orbital rocket recovery technology after SpaceX [4] Satellite Internet - The Chinese Academy of Sciences conducted a successful high-rate communication experiment, achieving data transmission rates of 6.0 Gbps in the X-band and 20 Gbps in the Ka-band, indicating significant technological advancements in satellite communication [5] - The satellite communication market is currently valued at approximately 40-50 billion yuan, with projections to exceed 200-400 billion yuan by 2030, reflecting a compound annual growth rate of 10%-28% [5] Quantum Technology - IBM announced significant progress towards achieving quantum advantage by the end of 2026 and fault-tolerant quantum computing by 2029, introducing its most advanced quantum processor, "Quantum Nighthawk," expected to be delivered by the end of 2025 [6] - China's "Zuchongzhi 3" superconducting quantum computer has successfully manipulated 105 qubits, becoming the highest-performing superconducting quantum computing prototype globally [6] Physical AI - Yushu Technology's founder emphasized that AI technology will enable robots to truly "understand the world" in the next decade, with their humanoid robots capable of performing most work actions through offline pre-learning and real-time imitation [7] - The emergence of Physical AI aims to enhance autonomous machines' capabilities in real-world physical interactions, bridging the gap between virtual and embodied intelligence [7]

Investment 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].