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華泰證券:機器人產業步入深水區 開啓去僞存真淘汰賽
華泰證券研報稱,機器人早期爲主題行情,後產業逐步在軟件端硬件端實現技術突破並形成較成熟的硬件方案,開始在簡單工業場景和特種應用場景落地,賽道逐步開啓趨勢行情,核心標的也由T鏈向國產鏈擴散。市場對機器人的“審美”從最早“看視頻剪輯的運控能力”,如特斯拉、宇樹,轉向“關注機器人大腦能力”,如智元,再到“看一鏡到底的應用效果”,華泰證券認爲後續本體投資需關注在B端或C端應用的實況,投資範式或轉向去僞存真,關注能實際卡位關鍵機器人客戶並有實際訂單的供應鏈、機器人業務佈局邊際變化大的個股,或是尋找預期較低的新方向,如產業新技術變化和國產大廠鏈條。
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