Dongwu Securities said that in 2026, the automobile industry is at a critical stage of simultaneous switching between the technological innovation cycle and the demand cycle. The original research framework is gradually failing, and a new framework with AI as the core is being established. We judge physical AI from both supply and demand sides: the supply side focuses on whether the four elements of computing power, algorithms, data, and ontology can form a closed loop; the demand side focuses on whether segmented scenarios can simultaneously meet the two conditions of technical capability and policy entry. Cars and robots are important terminals for physical AI.

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