金吾财讯 | 中信证券表示，2025M1-M9，在整机厂量产加速的推动下，核心元件创新迭代、目标场景试点落地——产业生态呈现出交融互通、多点开花的特点。特斯拉Optimus项目完成换帅，引领新兴世界模型技术路线。此外，国内各地积极落地具身智能数据采集工厂，Figure展示人类视频训练成果。随着具身智能大模型的持续精进，产业有望加速驶向商业化彼岸。该机构看好具身智能机器人板块，认为该板块有望成为未来5-10年的最重要的科技产业机会之一。建议关注核心产业链环节具备高竞争壁垒的公司，在产业革命中持续兑现业绩消化估值并穿越产业周期；建议关注新进入玩家及潜在颠覆性技术路径带来的估值拉动，不仅包括新进入的科技巨头和主机厂的相关公司，还包括各零部件环节的玩家：1）整机厂；2）集成商；3）丝杠；4）电机；5）减速器；6）传感器；7）结构件；8）芯片。
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