人形机器人：具身人工智能的投资影响（英）摩根士丹利-24-6-26

Morgan Stanley I ESEARCMBLUEPAPERContents5 The Humanoid Story in Numbers6 A Foreword by Ed Stanley,Head of European Thematic Research7 Executive Summary18 Why Humanoids?20 The Humanoid 66:Global Stock 'Expressions'24 Scenario Framework:Labor Shortage Meets Al30 Labor Market and the Humanoid TAM52 Anatomy of a Humanoid:Mapping the Supply Chain65 Sector Adjacencies-Industries Ripe for Disruption88 Humanoid Robotics and Capital Formation94 Humanoid Competitive Landscape112 Three Humanoid Primers121 Economic and Labor Considerations133 Appendix I-Humanoid Robots:The World of Physical Al138 Appendix ll-AlphaWise Humanoid Transcript Analysis143 Appendix Ill-The Case for Tesla as an Al Enabler147 Appendix IV-Domestic Robotics:Moonshots149 Appendix V-Payback Analysis Excel BackupMORGAN STANLEY RESEARCH