Group 1 - The core viewpoint of the article highlights that UBTECH (09880) has seen a nearly 4% increase in stock price, currently trading at 115.8 HKD with a transaction volume of 165 million HKD [1] - UBTECH has won a bid for the humanoid robot data collection center project in Huizhou, with a contract amount of 59.62015 million CNY, all products being the UBTECH industrial humanoid robot Walker S2 [1] - By 2025, the total order amount for UBTECH's humanoid robots is expected to reach nearly 1.4 billion CNY, with production capacity exceeding 1,000 units and over 500 units delivered [1] Group 2 - It is projected that by 2026, the annual production capacity of industrial humanoid robots will reach a scale of 10,000 units [1]

人民财讯12月22日电，企查查APP显示，近日，九江具身智能技术有限公司成立，注册资本约1.43亿 元，经营范围包含：人工智能应用软件开发，人工智能基础软件开发，人工智能公共数据平台，智能机 器人的研发，智能机器人销售等。企查查股权穿透显示，该公司由九江鄱湖新城投资建设有限公司、优 必选共同持股。 ...

天眼查工商信息显示，近日，九江具身智能技术有限公司成立，法定代表人为詹传栋，注册资本约1.4 亿人民币，经营范围包括人工智能应用软件开发、人工智能基础软件开发、数字技术服务、智能机器人 的研发等。股东信息显示，该公司由九江鄱湖新城投资建设有限公司和优必选（09880.HK）分别持股 90%、10%。 ...

每经AI快讯，优必选(09880.HK)早盘涨近4%，截至发稿涨3.58%，报115.8港元，成交额1.65亿港元。 ...

Core Viewpoint - UBTECH Robotics (stock code: 09880) has seen a nearly 4% increase in early trading, currently up 3.58% at HKD 115.8, with a trading volume of HKD 165 million [1] Group 1: Project Wins - UBTECH has recently won a bid for the humanoid robot data collection center project in Huizhou, with a contract amount of CNY 59.62015 million [1] - The products involved in this project are all UBTECH's industrial humanoid robots, specifically the Walker S2 model [1] Group 2: Future Projections - By 2025, the total order amount for UBTECH's humanoid robots is expected to reach nearly CNY 1.4 billion [1] - The production capacity for industrial humanoid robots is projected to exceed 1,000 units by 2025, with over 500 units expected to be delivered [1] - By 2026, the annual production capacity of industrial humanoid robots is anticipated to reach a scale of 10,000 units [1]

优必选(09880)早盘涨近4%，截至发稿，涨3.58%，报115.8港元，成交额1.65亿港元。 消息面上，据上证报中国证券网报道，近日，优必选中标惠州市惠阳区人形机器人大湾区数据采集中心 项目，金额达5962.015万元，中标产品全部为优必选工业人形机器人Walker S2。2025年，优必选人形机 器人的订单总金额已近14亿元。此外，2025年，优必选工业人形机器人产能超过1000台，交付超500 台；预计到2026年，工业人形机器人年产能将达万台规模。 ...

Investment Highlights - Company is the first publicly listed humanoid robot firm, established in 2012, ranking third in China's smart robot solutions industry by revenue in 2022, and went public in Hong Kong in 2023 [1] - Projected revenue for H1 2025 is 620 million yuan, representing a 28% year-on-year growth, with a net loss of 410 million yuan [1] - The Walker series is the flagship product, with cumulative public orders reaching 1.3 billion yuan by early December 2025, exceeding management expectations [1] Market Position - Company holds the largest market share in the educational robot sector, with a 22.5% market share by revenue in 2022 [1] - Revenue from consumer robots is expected to grow from 59 million yuan in 2020 to 477 million yuan in 2024, reflecting a compound annual growth rate of 72.4% due to new product launches and overseas channel expansion [1] R&D and Competitive Advantage - Approximately 40.5% of the workforce is dedicated to R&D, with annual R&D investment between 400 to 500 million yuan [2] - Company possesses a first-mover advantage in humanoid robot technology, with significant ongoing innovation in hardware and software [2] Financial Projections - Expected revenue for 2025 and 2026 is 2 billion and 2.7 billion yuan respectively, with projected net losses of 810 million and 520 million yuan [2] - Company is assigned an outperform rating with a target price of 138 HKD, indicating a potential upside of 26.8% from the current stock price [2]

Market Overview - US inflation slowdown supports interest rate cut expectations, while the Bank of Japan raised rates by 25 basis points, leading to a rise in Hong Kong's three major indices. The Hang Seng Index increased by 0.75% to 25,690.53 points, with a total turnover of HKD 221.186 billion. The Hang Seng China Enterprises Index rose by 0.68%, and the Hang Seng Tech Index increased by 1.12% [1] Blue Chip Performance - Shenzhou International (02313) led the decline among blue chips, falling by 3.18% to HKD 60.95, with a turnover of HKD 490 million. Despite exceeding revenue and profit expectations, its net profit dropped by 32% year-on-year due to declining profit margins and ongoing pressures in direct sales [2] - Other blue chips included WuXi Biologics (02269), which rose by 4.4%, and Li Auto-W (02015), which increased by 3.81% [2] Sector Highlights - Large tech stocks mostly rose, with Tencent, Kuaishou, and Meituan gaining over 1%. The L3-level autonomous driving sector saw significant activity, with stocks like Xiaopeng Motors rising over 7% [3] - The pharmaceutical sector rebounded significantly, with companies like Kelun Pharmaceutical (06821) rising by 10.42% and WuXi Biologics (02269) increasing by 4.4% [4] - Lithium stocks also saw gains, with Ganfeng Lithium (01772) up by 1.87% and Tianqi Lithium (09696) rising by 1.72% [4] New Listings - New stocks showed a clear divergence, with Zhihui Mining (02546) soaring by 90.69% to HKD 8.6, while Xidi Intelligent Driving (03881) fell by 13.69% to HKD 227 [7] Company Developments - CIMC Group (02039) saw a strong performance, rising by 15.47% to HKD 8.88 after announcing a buyback plan for H-shares [8] - Changfei Optical Fiber (06869) surged by 12.01% to HKD 51.75, driven by signs of recovery in the optical fiber market [9] - China Duty Free Group (01880) saw its A and H shares rise by 6.88% to HKD 70.7, with expectations of increased sales due to optimized offshore duty-free shopping policies [10] - China Tobacco Hong Kong (06055) rose by 6.68% to HKD 34.48, supported by new regulations aimed at strengthening electronic cigarette oversight [11]

专题：财经年会2026：预测与战略暨2025全球财富管理论坛 专题：财经年会2026：预测与战略暨2025全球财富管理论坛 《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。优必选创 始人、董事会主席兼首席执行官周剑指出，当前制造业中仍存在大量传统工业机械臂、协作机械臂无法 覆盖的"柔顺制造"场景，尤其是汽车装配总装线、零配件工厂等领域，简单、枯燥、重复的劳动仍依赖 海量人力。 他透露，今年已走访70多家工厂，发现不少工人需承担频繁弯腰、搬运15-20公斤重物等高强度劳动， 长期下来对身体造成较大负担；部分叉车司机、分拣工等岗位工作内容单一，年轻一代劳动者意愿偏 低，这些都为形机器人提供了广阔的应用空间。 在他看来，与轮式机器人相比，人形机器人在复杂场景中具备独特优势。在吉利极氪等车企工厂的狭窄 工位、楼梯穿越等场景中，人形机器人展现出更强的避障能力和地形适应性，目前已能承担智能搬运、 分拣、质检等核心任务。周剑强调，在具身智能世界模型完全落地前，人形机器人在结构化工业场景中 的适配性已得到验证，成为缓解工人劳动强度、填补岗位缺口的重要力量。 "我一直相信人类 ...

文 | GPLP看科技，作者 | 马赫环 2025年对于人形机器人行业来说，确实可以被称为"量产元年"，其中的重要标志就是已经有企业初步构 建了一定的量产能力。如智元机器人已经于12月8日宣布，其通用具身机器人已经累计下线5000台，其 中远征系列（A1/A2）下线1742台，精灵系列（G1/G2）为1412台，灵犀系列（X1/X2）达到了1846 台。 在目前的政策态度、市场氛围以及技术发展方向来看，2026年的国内人形机器人企业将具备更大规模的 量产能力。然而，现在的问题是当前阶段的市场能承载下快速增长的产能吗？ 海内外同频，人形机器人产能扩张势不可挡 日前，人形机器人赛道正上演着预期与现实的激烈碰撞，这种碰撞不止是源于核心零部件对现有产品的 制约，也有产能快速扩张与现有市场的不匹配。 11月就有报道称，高盛发布了《中国人形机器人供应链实地调研报告》，高盛调研9家中国机器人产业 链企业，认为这些机器人零部件公司正规划中国及海外产能，规划年产能10万台至100万台机器人。但9 家公司中，尚无任何一家获得确定性大额订单，也没有明确的量产计划。 这9家企业中包括了三花智控（002050.SZ/2050.HK）、 ...