【巴莱克银行】"实体AI"正接近一个拐点，有望在2035年前成长为万亿美元市场。 报告认为，内嵌于机器人、自动驾驶汽车、无人机和自动化机器中的"实体AI"（PhysicalAI）正迎来爆发点，预计 到2035年，该市场规模将达到0.5万亿至1.4万亿美元。 增长将主要由自动驾驶汽车引领，其次是无人机、工业自动化，最终是人形机器人。 目前，中国在全球部署方面占据主导地位，预计2025年将占人形机器人安装量的约85%。 从投资角度看，赋能者以及在工业、物流和零售领域大规模部署机器人的现有企业，最能从生产力提升和持续增 长中获益。 代理式AI的崛起正重塑高收益（HY）软件领域的颠覆风险。 随着Anthropic的Claude Code和Cowork等代理式AI（Agentic AI）工具的兴起，高收益软件领域的颠覆风险正在重新 评估。 由于担心AI代理可能取代或减少对工作流软件的依赖，高收益软件债券遭遇大幅抛售，尤其是那些缺乏专有数据 或深度客户绑定的平台。 报告将该生态系统划分为四大支柱：大脑（半导体 【巴莱克银行】"实体AI"正接近一个拐点，有望在2035年前成长为万亿美元市场。 报告认为，内嵌于机器人、自动驾 ...

Core Insights - Honeywell's CEO Vimal Kapur stated that artificial intelligence (AI) can help address the skilled labor shortage, particularly in mature markets where populations are declining [1][2] - The company is utilizing "physical AI" to enhance workforce skills rather than automate jobs, emphasizing the distinction between augmenting existing labor and job automation [1][2] Group 1 - The main issue faced by clients is a skills shortage due to population decline in mature markets [1] - Companies need to do more with fewer people or enable less experienced individuals to perform higher-level tasks [2] - Honeywell is focused on developing capabilities that enhance people's skills [2] Group 2 - The key aspect of physical AI is to augment the existing workforce rather than automate jobs [2] - There is a need to separate the concepts of job automation and workforce augmentation in discussions about AI [2]