温馨提示 ： 点击下方图片，查看运营团队最新（12月）原创报告（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 12月，特斯拉开启新一轮审厂，T链走向越发明朗！ 回顾11月，从情绪低至" 冰点 "到"高涨"，二级市场机器人板块仅用了三天；11月21日至今，板块上行， T链利 好标的迎来不错反弹，而 这些标的多和获得"定点"有关， 而这波反弹有望在12月延续。 因此，对于11月份以及已经开启的12月份而言，T链标的的催化是 定点 。 11月3日，通过产业链调研，部分T供应商就已经陆续收到 V3初版图纸； 本次反弹之前，诸多T链就已传来利好 资讯，如RT、LX、DH、SL、XJ、CY、SY等，不少核心标的提到已获得更高的量产指引，定点顺利等，最终成 为本波反弹主力，轮动上行。 注： 小编 "机器人头条"知识星球 "人形供应链专栏 每天都会对大盘行情进行详细梳理，包括盘前预测、盘中利好/利空梳理以及盘 后复盘，并梳理T链重点利好资讯和企业， ...

小编团队2025年第三版全球人形机器人领域深度调研报告，来了！！！ 小编团队于2025年11月26日整理原创报告 【2025全球人形机器人领域深度调研报告】第九版（2025年第三 版）（共260页） 报告分为四大章节：1）全球人形机器人产业概览；2）全球主流人形机器人公司梳理；3）技术瓶颈：机器 人"大、小脑"；4）人形机器人核心零部件及产业链公司梳理；着重增加了上市和非上市核心零部件及供应链公司 梳理、投资分析内容。 具体报告内容包括但不仅限于： 目前报告已上传至星球 "机器人头条"知识星球 " ， 并且已置顶。 已加入星球的成员可以星球内直接查看下载（高清无水印版），未加入星球读者，可以扫描下方星球二维码加 入， 与1300+位行业从业者一起， 深度了解具身智能赛道。 I :: 人头 【猎场备忘录】机器人领域读者交 加入可获得: 微信扫码加入星球 报告正文极少部分展示（完整版共260页）： 人形机器人赛道前瞻性观点: 人形机器人赛道前瞻性观点: 人影机器人赛避现阶段在全球范围内受到前所未有的关注・资本笼儿，尤其是国内，更是受到政策及政府基金扶持 - 人形机器人赛道广大前景伊哥置起+ 最强"实院 人"[英伟 ...

温馨提示 ： 点击下方图片，查看运营团队最新（12月）原创报告（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 近期聊二级市场多一些，聊具身智能赛道一级市场少一些；主要原因是一级市场可聊的点不多，聊得深容易被要 求删稿，年初观点现在仍旧适用，聊得潜无外乎资讯输出（融资、订单等），行业创企早期文章基本都聊到过， 除了融资外，其他并没有太大实质进展，因此基本以星球内输出为主。 简单聊一下一级市场：1）赛道仍旧火爆，资本热情不减 （核心原因： 其他赛道可炒的点不多，大模型大厂已涌入，创企 窗口期已过 ） ，行业仍旧存在各种"非共识"，窗口期仍没过，新晋创企源源不断； 2） 技术迎来瓶颈期， 头部创 企从画技术大饼到纷纷聊商业化，在手搓机器人阶段， 大额订单泛滥，以战略订单和数采订单为主；3）商业场 景没有跑通，仍旧停留在科研教育、展览娱乐、数采等场景，轮式会相对快一些；4）头部创企们却已争相IPO （懂得都懂）；整体而言，乱象较多和泡沫较大 ...

温馨提示 ： 点击下方图片，查看6月原创报告，11月最新研报已上传星球内（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 11月正式结束，具身智能赛道一级市场和二级市场依旧热火朝天，尤其是一级市场。 一级市场： 国内一级市场仍旧热火朝天，资本热情不减，11月主题仍旧是融资，大额融资仍旧不断；同时，国内头部创企也 在年终之际，新一轮大额融资也接近敲定。 国内：从人形本体创企到上游核心零部件融资不断，典型代表，[ 妙动科技]新一轮融资已敲定， 据说为2-3亿美 元之间（未官宣）；[ 原力灵机 ]完成数亿元 A+轮融资，今年累计融资额近12亿元；[ 星动纪元] 近10亿元A+轮 融资； [ 灵心巧手 ]数亿元A+轮融资，今年第四笔过亿融资等等。 国外： [PI ]完成6亿美元新一轮融资，投后估值约56亿美元； [ Apptronik ]完成数亿美元 新一轮 融资，融资规 模在5.6亿至6.6亿美元之间，投后估值约为54.7亿美元；[ Neu ...

温馨提示 ： 点击下方图片，查看6月原创报告，11月最新研报已上传星球内（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 回顾11月，从情绪低至" 冰点 "到"高涨"，二级市场机器人板块仅用了三天，板块上行，各类"利好"也接踵而来， 本月亮点是T链核心标的定点。 正文： 今日继续聊二级市场（11月份）、聊特斯拉Optimus，重点聊T链核心标的定点情况。 近期聊二级市场多一些，聊具身智能赛道一级市场少一些；主要原因是一级市场可聊的点不多，聊得深容易被要 求删稿，年初观点现在仍旧适用，聊得潜无外乎资讯输出（融资、订单等），行业创企早期文章基本都聊到过， 除了融资外，其他并没有太大实质进展，因此基本以星球内输出为主。 简单聊一下一级市场：1）赛道仍旧火爆，资本热情不减 （核心原因： 其他赛道可炒的点不多，大模型大厂已涌入，创企 窗口期已过 ） ，行业仍旧存在各种"非共识"，窗口期仍没过，新晋创企源源不断； 2） 技术迎来瓶颈期， 头部创 企从画技 ...

Core Viewpoint - The development of the embodied intelligence industry is characterized by a coexistence of "speed" and "bubble," with over 150 humanoid companies emerging, but the technology routes, commercialization models, and application scenarios are not yet fully mature [2][9]. Industry Overview - The first-tier market remains vibrant, with capital enthusiasm undiminished, as investors are eager to capitalize on potential opportunities in the humanoid robot sector [6]. - Humanoid robot technology is facing a bottleneck, with leading startups shifting focus from technical aspirations to commercialization, securing large strategic orders and new rounds of financing [6]. - The humanoid intelligence sector has only been thriving for about two years, yet many leading startups are already pursuing IPOs [6]. Report Structure - The report is divided into four main chapters: 1. Global humanoid robot industry overview 2. Overview of mainstream global humanoid robot companies 3. Technical bottlenecks: "big brain" and "small brain" of robots 4. Overview of core components and supply chain companies in humanoid robots [8][10]. Market Dynamics - The humanoid robot industry is currently chaotic with significant bubbles, which may impact future local government support and state-owned investment [9]. - The difficulty of achieving IPOs may increase as the market becomes more competitive [9]. Application Scenarios - The evolution of humanoid robot application scenarios is moving from industrial to household and commercial services, driven by the standardization of tasks and the complexity of scenarios [20][21]. - The market space for humanoid robots is expanding, with projections indicating that by 2026, the industry will enter a phase of mass production [22]. Global Company Insights - The report includes a detailed analysis of over 180 global humanoid intelligence companies, covering their basic profiles, founding teams, financing, product parameters, and commercialization progress [10][14]. - Key players in the humanoid robot sector include Tesla with its Optimus robot, which is expected to achieve mass production by 2026 [22].

温馨提示 ： 点击下方图片，查看6月原创报告，11月最新研报已上传星球内（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： π0到π0.5再到π*0.6，机器人学会自我进化，最强 VLA模型，来了！ 公司创始人Sergey Levine表示，通过对 π*0.6 模型进行微调，可以使其在多种任务上表现出色，除了处理衣物 之外的任务都可以 达到90%成功率 ，而且任务处理的效率也大大提升了。 —— π*0.6 模型的核心亮点： 注：π*0.6 的机制与性能解读 2025年11月18日，估值超390亿、 拥有全球具身智能领域"最强创始 团队的具身智能大模型初创公司 [Physical Intelligence] （ 简称 PI或 π ） 在其上一代大模型 π0.5基础上， 发布公司最新 视觉-语言-动作（ VLA）大模型 π*0.6，凭借创新的RECAP训练方法，首次实现了机器人在真实复杂环境中"从错误中学习、从实践中进化"的核 心能力，将长 ...

Core Insights - The appointment of 彭志辉 as the chairman of 上纬新材 has generated significant attention in the industry, marking a major leadership change [1][2] - The new management team, primarily composed of individuals with backgrounds from Huawei, is expected to strengthen the company's capabilities in the embodied intelligence robotics sector [2][7] Management Team Background - 彭志辉 has taken over as chairman, with 田华 appointed as CEO, 周斌 as Co-CEO and CTO, 章彪 as CFO, and 李元 as board secretary [1] - 田华 previously held senior positions at Huawei, including Vice President for Northeast Europe and Chief Commercial Officer [4] - 周斌 has experience as CTO at Huawei's Ascend Computing and has worked with NVIDIA and SenseTime [4] - 章彪 brings over 20 years of financial management experience from Huawei, having served as CFO for various divisions [4] Business Developments - 上纬新材 has initiated various positions related to embodied intelligence robotics, indicating a strategic focus on this emerging market [8] - The company has completed the necessary procedures for the acquisition by 智元恒岳, allowing both entities to operate independently in their respective business areas [10] - Following the announcement of new humanoid robot products, 上纬新材's stock experienced a significant surge, achieving a peak increase of 1373.78% from July 9 to November 24, 2025 [11] Market Context - The market is witnessing a trend where numerous humanoid robotics startups are pushing for IPOs, despite the industry facing challenges such as a lack of core technological barriers and sustainable business models [12][13] - The performance of the robotics sector has been volatile, with recent reports indicating a downturn due to external factors, including delays in Tesla's Optimus project [13][15] - Despite the current challenges, there are signs of recovery in the robotics sector, with some companies experiencing rebounds in stock prices [14][16] Future Outlook - The ongoing developments in the humanoid robotics space, particularly with companies like 智元机器人 and 宇树科技, suggest a competitive landscape where successful IPOs could lead to significant market shifts [12][23] - The industry is expected to continue evolving, with a focus on technological advancements and market positioning as companies strive to establish themselves in the rapidly growing field of embodied intelligence [22][23]

Core Insights - The article highlights the recent success of "Songyan Power" in the humanoid robot sector, particularly its completion of nearly 200 million yuan in Pre-B+ round financing, led by CICC Capital, following a previous round of 300 million yuan in October 2025 [2][4][6] - The company gained significant attention after its humanoid robot N2 performed well in a marathon event, marking it as the third notable "sports-style" humanoid robot startup to gain traction in the market [8][18] Financing Overview - Songyan Power has completed a total of eight financing rounds, with the latest being approximately 200 million yuan in Pre-B+ round on November 26, 2025, and 300 million yuan in Pre-B round on October 26, 2025 [3][4] - The company’s financing history shows a rapid increase in investor interest, particularly after its performance in the humanoid robot marathon [4][8] Product Launch and Market Response - The launch of the "Bumi Xiaobumi," a high-performance humanoid robot priced at 9,998 yuan, has received a positive market response, with significant pre-orders recorded shortly after its release [4][23] - Within hours of its launch on JD.com, the robot received over 200 orders, and within two days, the initial batch of 500 units was sold out [6][20] Team and Expertise - The core team of Songyan Power consists of young professionals, primarily from prestigious universities such as Tsinghua University and Zhejiang University, with a strong focus on research and development [11][13] - The company employs over 60 staff members, with more than 85% dedicated to R&D [11] Production and Strategic Goals - Songyan Power has established production bases in Beijing, Changzhou, and Dongguan, focusing on humanoid robot manufacturing [28] - The company aims to achieve significant production and delivery targets, with a goal of delivering 10,000 units in the following year [22][20] Market Positioning and Challenges - The company is positioned within the "sports-style" humanoid robot segment, following the trend set by competitors like Yushutech and Zhongqing Robotics, focusing on hardware sales and educational applications [30][29] - The article discusses the broader challenges faced by humanoid robot startups, particularly the need for effective commercialization and the development of advanced AI capabilities [31][30]

小编团队2025年第三版全球人形机器人领域深度调研报告，来了！！！ 小编及团队于2025年11月25日，整理原创报告 【2025全球人形机器人领域深度调研报告】第九版（2025年第 三版）（共260页） 目前报告已上传至星球 "机器人头条"知识星球 " 本报告是在第八版报告（5月30日发布）基础上， 更新、精简并新增诸多新内容，报告分为四大章节：1）全球 人形机器人产业概览；2）全球主流人形机器人公司梳理；3）技术瓶颈：机器人"大、小脑"；4）人形机器人核 心零部件及产业链公司梳理；着重增加了上市和非上市核心零部件及供应链公司梳理、投资分析内容；报告内容 与星球内容联系更紧密，部分页面附有星球内原创文章链接，方便查看相应文章。 第八版报告 已加入星球的成员可以星球内直接查看下载（高清无水印版），未加入星球读者，可以扫描下方星球二维码加 入， 与1300+位行业从业者一起， 深度了解具身智能赛道。 —— 具身智能赛道更多解读： DeepSeek正重构人形机器人和具身大模型赛道！ 全球人形机器人交流纪要（H1） 黄仁勋：人形机器人是唯一会成功的通用机器人样式！ 特斯拉、智元机器人、宇树科技三重催化，产业链上市公司 ...