全球实体 AI- 产业规模化启动：执行经济性将决定赢家_ Global Physical AI - Industrial scaling begins_ Execution economics will decide the winners

ANCHOR REPORT Global Markets Research 23 February 2026 Global Physical AI – Industrial scaling begins Execution economics will decide the winners While market attention remains centered on AI capability, we believe execution economics – manufacturing scale, supply-chain integration, and deployment readiness – will ultimately determine the winners. As a result, currently value creation structurally favors system integrators with capital endurance and industrial testbeds, rather than pure-play technology inno ...