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.

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.