Panchromatic (PAN) -assisted Dual-Camera Compressive Hyperspectral Imaging (DCCHI) is a key technology in snapshot hyperspectral imaging. Existing research primarily focuses on exploring spectral information from 2D compressive measurements and spatial information from PAN images in an explicit manner, leading to a bottleneck in HSI reconstruction. Various physical factors, such as temperature, emissivity, and multiple reflections between objects, play a critical role in the process of a sensor acquiring hyperspectral thermal signals. Inspired by this, we attempt to investigate the interrelationships between physical properties to provide deeper theoretical insights for HSI reconstruction. In this paper, we propose a Physics-Informed Cross-Modal State Space Model Network (PCMamba) for DCCHI, which incorporates the forward physical imaging process of HSI into the linear complexity of Mamba to facilitate lightweight and high-quality HSI reconstruction. Specifically, we analyze the imaging process of hyperspectral thermal signals to enable the network to disentangle the three key physical properties-temperature, emissivity, and texture. By fully exploiting the potential information embedded in 2D measurements and PAN images, the HSIs are reconstructed through a physics-driven synthesis process. Furthermore, we design a Cross-Modal Scanning Mamba Block (CSMB) that introduces inter-modal pixel-wise interaction with positional inductive bias by cross-scanning the backbone features and PAN features. Extensive experiments conducted on both real and simulated datasets demonstrate that our method significantly outperforms SOTA methods in both quantitative and qualitative metrics.