摘要
- 實體人工智慧代表人工智慧革命進入下一階段，人工智慧將透過機器人、無人機及自主系統，從雲端走向現實世界。
- 實體人工智慧需要在設備上進行本地資料處理，同時受制於功耗、體積及成本，令價值轉移至亞洲主導的硬體領域。
- 亞洲為投資人提供更廣泛的人工智慧受惠領域投資機會，涵蓋半導體製造商、感應器製造商、精密組件供應商及電子製造服務供應商。
什麼是實體人工智慧？
實體人工智慧使無人機、人工智慧工廠、機器人及自動駕駛汽車等自主系統，能夠在現實世界中感知、理解、推理及執行複雜任務，其影響正在多個產業不斷擴展。亞馬遜全球各地的物流中心已部署逾100萬部機器人，負責分類、搬運及運送包裹，以提升送貨效率。與此同時，自動駕駛計程車已在超過10個國家投入營運，公用事業公司也已部署無人機，以檢查高壓電纜及外露天然氣管道等危險環境。醫療方面，全球逾60%大型醫院已將手術機器人整合至核心平台，而在已開發國家的醫療系統中，機器人輔助手術佔複雜手術超過一半。
實體人工智慧有何潛力？
實體人工智慧仍處於發展初期。過往，現實世界的有限訓練數據限制了實體人工智慧的發展，而目前大部分機器人解決方案仍需要一定程度的人類監督。然而，模擬平台的進步有助大規模提供合成訓練資料，為未來發展自主程度更高的實體人工智慧應用奠定基礎。
實體人工智慧帶來足以推動產業轉型的全新能力，其市場潛力相當可觀。據估計，工作場所部署的人形機器人（外形及行為與人類相似的機器人）到2035年將達200萬部，到2050年更將達3億部，創造規模介乎1.4兆至1.7兆美元的總潛在市場 ，而這項預測甚至尚未包括工業／服務機器人、自主系統及無人機等其他實體人工智慧類別。
為何實體人工智慧的興起造就的贏家與生成式人工智慧不同？
圖1. 生成式人工智慧與實體人工智慧的不同要求
資料來源︰瀚亞投資。GPU = 圖像處理器。2026年5月。
基於這些要求，實體人工智慧在功耗方面受到限制，需要在電池續航力與散熱管理之間取得平衡。由於運算能力必須嵌入設備，其體積也受到限制。此外，大規模部署的需要也帶來成本限制。這些限制導致價值由軟體轉移至亞洲主導的硬體領域。
亞洲在實體人工智慧領域是否具有優勢？
機器人、自主系統及工業機械高度依賴感應器、半導體晶片、執行器、控制器及其他精密零件。尤其就機器人而言，研發靈活度、精準度及適應能力媲美人手的機械手至關重要，而亞洲在這些領域具有競爭優勢。
圖2： 亞洲供應人形機器人的多個關鍵零件
資料來源︰瀚亞投資。2026年5月。
首先，亞洲擁有數十年大規模生產消費電子高精度零件的製造經驗，令區內製造商享有成本效益。隨着實體人工智慧由試驗項目擴展至大規模部署，這項優勢相當重要。
其次，亞洲高度整合的供應鏈有助加快迭代週期、降低整合成本，並縮短交貨期。由於實體人工智慧需要感應器、運算模組與機械系統緊密協調，這種高度集中的產業生態尤其關鍵。
最後，亞洲的實際部署環境形成強大的反饋循環，進一步鞏固其在實體人工智慧領域的競爭優勢。作為全球核心製造地區之一，亞洲受惠於政府政策支持、完善供應鏈，以及涉及工廠、物流網絡及自動化生產系統的豐富應用場景。
中國正是典型例子：政府措施積極促進機器人及自動駕駛技術發展，企業也持續投資於新產品研發及商業化，逐漸形成涵蓋零件、系統整合以至終端應用的完整生態系統。此生態系統不但推動現有製造供應鏈升級，也透過實際應用案例加快技術驗證及市場普及。例如，春晚的機器人表演展現大規模協同控制能力，人形機器人也開始在電動車廠生產線上投入運作。綜合這些發展所見，亞洲的實體人工智慧正由概念階段走向實際部署。
然而，儘管具備上述優勢，亞洲也面臨挑戰。亞洲供應鏈的地理位置高度集中，令生產容易受到地緣政治緊張局勢及貿易限制影響。各市場的監管限制、私隱憂患以及標準欠缺統一，也可能限制了可擴展性。與此同時，亞洲也需持續創新並投資於先進晶片設計、封裝及系統架構的研發，方能維持其在邊緣人工智慧優化方面的領先地位。
實體人工智慧的興起對投資人有何意義？
實體人工智慧代表人工智慧革命的下一階段，人工智慧將從雲端走向現實世界。在實體人工智慧領域，延遲、功耗、體積及成本限制令價值向硬體及系統整合轉移，鞏固了亞洲優勢。憑藉深厚的製造業專業知識、緊密整合的供應鏈以及實際部署生態系統，亞洲在這場轉型中處於有利位置。
對投資人而言，投資機會正從生成式及代理式人工智慧受惠領域，擴展至實體人工智慧的推動者，包括半導體製造商、感應器製造商、精密零件供應商及電子製造服務供應商，當中不少公司均設於亞洲。
隨着這些公司應對地緣政治緊張局勢以及監管框架與產業標準的變化，投資人需採取主動投資策略，方能發掘超額報酬機會及最具成功潛力的企業。
本文是五篇系列文章的最後一篇，該系列探討人工智慧技術週期，以及其在發展及趨向成熟過程中產生的亞洲投資機會。閱覽完整系列。
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