金吾财讯 | 中信证券表示，具身智能大模型是多模态大模型能动改变世界的重要分支。正确的模型架构、高效的数据样方——具身模型规模化发展的两大挑战，已成为具身智能企业竞相追逐的主干道。模型架构的主旋律围绕在大语言模型、大型视觉模型与动作模型的融合之上，短期来看，基于扩散模型的流匹配算法逐渐占据舞台。具备强资本开支能力的企业以真实数据采集为突破口，期待积少成多的数据集构建竞争壁垒，但在数字金字塔的指引下，合成数据以及互联网数据的规模化与泛化属性也是具身模型不可或缺的价值底色。此外，如何将预训练及后训练核心诉求与数据属性有机结合已成为新课题，数据样方理念持续兴起。世界模型对于合成数据和策略评判的规模化赋能亦不容小觑。短期该机构建议关注具身模型行业的资本布局者及数据采集卖铲人，长期维度该机构建议关注云计算及算力提供者。
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