[CITIC Securities: Physics AI explodes and taps into device-side opportunities] On October 27, a CITIC Securities research report pointed out that the recent focus on physical AI and device-side applications has rapidly heated up, catalyzed by industrial events such as OpenAI, NVIDIA GTC, and Yushu Technology Ecology Conference, and the early stock price adjustments of the superimposed sectors were relatively sufficient, and the differences in expectations in the storage industry jointly promoted the sector's market explosion. Considering that the core change in this round of narrative lies in the further strengthening of the connection between model capabilities and terminal hardware, we recommend grasping end-side investment opportunities from three clues: robot capability upgrades, data collection demand expansion, and end-side entrance innovation. It is recommended to focus on: 1. Leading targets with stable main business operations and a layout of the end-side industry chain; 2. Flexible targets with prominent end-side layouts and fully adjusted stock prices.