金吾财讯 | 中信证券表示，当前全球正处于以人工智能为主导的技术浪潮中，机器人作为AI的物理载体（Physical AI），是将算法优势转化为实体经济效率的关键枢纽。对内，它是中国从“制造大国”迈向“智造强国”的必由之路，也是应对深度老龄化、填补千万级劳动力缺口的最优解；对外，其军事应用与高端制造属性使其成为大国博弈的必争高地。美国商务部拟出台的机器人行政令（据POLITICO报道）与中国将“具身智能”列为未来产业，均印证了该赛道不仅是经济增长的“新乘数”，更是国家综合实力的试金石。该机构指，2026年将成为产业“量产元年”，技术收敛与龙头定产标志着行业正式跨越概念验证期。政策层面，中国已构建起“监管前置+央地竞合”的精细化制度壁垒。资本层面，随着具身智能商业化拐点的临近，国内机器人产业链企业正加速拥抱资本市场。
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