CITIC Securities: Focus on physical AI data and simulation, AI security, and domestic chips

CITIC Securities Research reports that Cambricon and Hygon Information have seen revenue growth and improved gross margin in the third quarter; some domestic configurations and overseas high-end GPU rentals have risen, extending the prosperity of computing power services. General large models and execution frameworks collaboratively enhance robot operation capabilities, high-quality interactive data, simulation synthesis, and evaluation system construction are expected to expand the demand for physical AI industry. PHP vulnerabilities and LiteLLM supply chain incidents highlight the need for vulnerability exploitation, credential management, and runtime protection, model companies advancing code verification and execution isolation to promote the implementation of AI security products.