Investment Rating - The report maintains an "Increase" rating for the industry, indicating a positive outlook for investment opportunities [6]. Core Insights - The concept of "Physical Agents" is expected to be a focal point at the 2026 GTC conference, similar to how smartphones were pivotal during the internet era. This concept encompasses a broader scope than just robotics, aiming to integrate AI into the physical world [1][10]. - The advancements in AI technology, particularly through platforms like OpenClaw, are bridging the gap between large model computation and physical execution, enabling robots to perform tasks in the real world [4][25]. - The report highlights the emergence of various forms of physical agents showcased at CES 2026, demonstrating the diversity and potential applications of AI in physical environments [2][26]. Summary by Sections Industry Trends - The report discusses the rapid evolution of physical agents, with examples such as multi-joint robotic arms and intelligent robots capable of performing household tasks, indicating a shift towards more interactive and capable AI systems [2][26]. - The integration of OpenClaw technology into robots like Yushu and Vbot signifies a milestone in embodied intelligence, allowing these robots to understand spatial and temporal contexts [3][34]. Investment Recommendations - The report suggests focusing on companies involved in sensor and actuator technologies, which are critical for the development of physical agents. Recommended stocks include: - Sensors: Fulei New Materials (605488.SH), Jinghua New Materials (603683.SH), and Orbbec (688322.SH) [4][38]. - Actuators: Xinquan Co., Ltd. (603179.SH), Slin Intelligent Drive (301550.SZ), and Kosen Technology (603626.SH) [4][38]. Technological Developments - The report emphasizes the significance of the five-layer AI technology stack proposed by NVIDIA, which supports the transition of AI from virtual cognition to physical implementation. This includes advancements in models like Alpamayo, which can reason and adapt to complex scenarios [4][17][25]. - The introduction of NVIDIA's Rubin supercomputer aims to reduce training costs and improve efficiency, further facilitating the mainstream adoption of AI technologies [22][25].

证券研究报告 | 行业专题研究 gszqdatemark 2026 03 15 年 月 日 机械设备 26 年 GTC 大会前瞻：物理 agent 物理 agent 或将成为 26 年 GTC 焦点。正如同互联网时代的智能手机， AI 时代也需要一个物理载体，即物理 agent。这是一个比机器人更大的概 念，也将是 2026 英伟达 GTC 大会的焦点。在今年的 CES 演讲上，黄仁勋 围绕物理 agent 发布了相对应的平台/系统/模型：1）世界模型在 Cosmos 物理世界的理解上已与 GPT-40、Gemini 等顶级模型并驾齐驱；2）史上首 个具备思考能力的自动驾驶模型 AlpaMayo，用于训练物理机器人和车辆； 3）最新机器人开源模型 GROOT 1.6，旨在让机器人从"专才"成长为"通 才"。 物理 agent 呈现的形态多种多样。今年初的 CES 展会上同样强调着 AI 走 入物理世界，追觅给扫地机器人配的搭子 Cyber10 Ultra 是一只多关节机 械手臂，可以推门捡袜子和玩具；SwitchBot 发布的 Onero H1 轮式机器人 可备餐、叠衣服和整理桌面；Bird Buddy 的这 ...