智能体专题报告之二：智能体时代来临，具身智能有望成为最佳载体

Industry Investment Rating - The report gives a "Stronger than the Market" rating for the industry, indicating a positive outlook for the sector [3] Core Viewpoints - The era of intelligent agents is approaching, and embodied intelligence is expected to become the best carrier for intelligent agents [3] - Simulation software is likely to be widely used in embodied intelligence training, with a focus on companies with flexible and fluid simulation technologies [3] - The commercialization paths for embodied intelligence include general-purpose robots, pure software solutions, and vertical domain hardware-software integration [3] Embodied Intelligence as the Best Carrier - Embodied intelligence consists of a physical body and an intelligent agent, enabling self-decision-making capabilities [14] - Small end-side devices cannot handle large model parameters, making embodied intelligence robots the best carriers for intelligent agents [16] - The parameter size of large models has grown significantly, with GPT-4 Turbo reaching 1.8 trillion parameters, and domestic models like SenseTime's "RIRIXIN" reaching 180 billion parameters [16] Simulation in Embodied Intelligence Training - Simulation software can provide low-cost, large-scale data for training embodied intelligence, solving the high cost and difficulty of collecting real-world data [3] - Flexible and fluid simulation technologies have higher technical barriers, giving companies with these capabilities a competitive edge [3] - Mainstream training methods for embodied intelligence include teleoperation, motion capture, and large models, with simulation data being cost-effective for large-scale skill acquisition [31] Commercialization Paths for Embodied Intelligence - General-purpose robots: This path requires high capital and technical investment, with industry giants like Tesla accelerating their布局 [3] - Pure software path: Focuses on designing universal operating systems, with companies like NVIDIA and Huawei's HarmonyOS ecosystem benefiting [3] - Vertical domain hardware-software integration: Companies can build data barriers in specific fields, with leaders in niche markets holding core advantages [3] Investment Recommendations - Companies with flexible and fluid simulation technologies, such as Suochen Technology, are recommended for investment [3] - Companies collaborating with NVIDIA and Huawei, such as Ninebot, Zhongjian Technology, Gosuncn, Runhe Software, and Allied Vision, are also recommended [3] - Leaders in specific vertical domains, such as Hikvision Robotics, are highlighted for their potential in the embodied intelligence market [3] CAE Market and Domestic Substitution - The CAE market in China is expected to grow from RMB 3.21 billion in 2021 to RMB 7.48 billion in 2026, with a CAGR of 18.4% [40] - Domestic substitution demand for CAE software is estimated to exceed RMB 5 billion, with Suochen Technology well-positioned to benefit from this trend [68] - Suochen Technology has a strong presence in the military and aerospace sectors, with its CAE software covering fluid, structural, optical, and electromagnetic simulations [72]