过去，它们多被视为「工具」。但当硬件在家庭、学校、社区三端同时深化，所撬动的已不只是学习动 作，而是整条教育链条的运行逻辑。 这股加速度在中国尤为明显：家庭关注效率，学校推进数字化治理，社区探索普惠服务。三端落位不 同，却汇聚成同一方向——教育正在被重新组织，硬件成为关键入口。放到全球来看，国内的功能拓展 与海外强调场景深度和生态稳定的路径形成对照，也为判断未来教育提供了更清晰的参照。 01 家庭端： 学习方式在被硬件重新组织 在所有使用场景中，家庭端的变化最早显现，也最为集中。 在传统型硬件时代，词典、点读机、普通平板承担的是最基础的「补课工具」这一角色。然而随着家庭 教育需求的碎片化与长期化，硬件逐渐开始承担多重功能：从单点学习工具扩展为「课后学习系统」， 从知识训练延展到情感陪伴、启蒙认知。 AI 学习机和学习平板的出现，是传统学习工具向智能系统迈进的典型路径。松鼠、学而思、科大讯 飞、步步高等产品，将教材同步、诊断练习与智能讲解整合在一起，为家庭端提供了一条相对完整的学 习路径。另一类以墨水屏为核心的学练设备，如作业帮、小猿及科大讯飞等，则以低刺激的呈现方式切 入，主要回应家长的护眼诉求，形成更偏专项 ...

证券研究报告——晨会聚焦 2025 年 11 月 19 日 中银晨会聚焦-20251119 产品组 证券分析师：王军 (8621)20328310 jun.wang_sh@bocichina.com 证券投资咨询业务证书编号：S1300511070001 ■重点关注 【宏观经济】1-10 月财政数据点评*陈琦 朱启兵。10 月税收同比增速环比 微幅收窄，消费端相关税种维持正贡献。10 月公共财政支出力度放缓。今年 末、明年初增量政策值得期待。 市场指数 | 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3939.81 | (0.81) | | 深证成指 | 13080.49 | (0.92) | | 沪深 300 | 4568.19 | (0.65) | | 中小 100 | 7957.60 | (0.44) | | 创业板指 | 3069.22 | (1.16) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 传媒 | 1.60 | 煤炭 | (3.17) | | 计算 ...

岁序更新，征程再启。在具身智能浪潮奔涌、机器人产业迈向全面升级的 2025 年，我们比任何时候都更需要 灯塔，更需要 领军力量 。 谁是穿越技术周期、引领产业方向的中流砥柱？谁在定义市场格局、开拓全球边疆的商业战场？谁，又能代表 " 中国智造 " 在机器人产业链领域的最强音？ 作为中国机器人领域一年一度的权威盘点与风向标， 2025 年第六届 LeadeRobot 中国机器人行业评选的帷 幕于11月15日正式拉开，奖项申报通道全面开启！寻找中国机器人产业的领军者！ ▍ 我们为何设计这些奖项？ 2025 年被视为人形机器人的量产元年， 行业正从技术演示迈向商业落地的临界点 ， 人形机器人与具身智能 行业正进入 1-N 的快速 发展阶段 ，全球超过一半的人形机器人与具身智能公司位于中国。 服务与特种机器人正以前所未有的深度和广度融入社会经济生活，本次奖项将发掘医疗机器人市场取得领先地 位 的企业，还希望发掘 成功开拓海外市场的商用机器人 头部 ，以及在复杂环境中大显身手的特种机器人。 如果说机器人整机是闪耀在舞台中央的明星，那么 核心零部件就是支撑其辉煌演出的基石与血脉。 机器人的 整体性能上限，取决于其最薄弱的 ...

Core Insights - The majority of companies are directing their AI budgets towards sales and marketing departments, where results are easier to quantify, while less investment is seen in back-end departments like finance and procurement, despite the potential for cost reduction through AI [1][4][5] - There is a consensus across industries that generative AI serves as a decision-making tool that requires computational power and technological iteration, ultimately leading to cost reduction and efficiency improvement [2] Group 1: AI Investment Trends - Companies are hesitant to invest in AI for finance and procurement due to the difficulty in quantifying the results, even though these areas can benefit from cost reductions [1][4] - The founder of a SaaS company noted that many enterprises are caught in a cost dilemma: they fear falling behind if they do not invest, yet worry about not seeing tangible results from their investments [3][4] Group 2: AI Implementation Challenges - The finance department is often the most cautious in adopting AI due to high compliance, accuracy, and data security requirements, leading to a slower pace of AI integration compared to marketing and sales [5][6] - Many companies are still uncertain about which data can be accessed by AI, contributing to a lag in AI transformation within finance [5][6] Group 3: Case Study - Cloudy Yao - Cloudy Yao, a restaurant chain, has a significant portion of its finance team dedicated to expense approvals, with each employee reviewing over 500 invoices monthly, highlighting the cumbersome nature of the process [6] - After implementing AI for expense approvals, Cloudy Yao reported an average time savings of 4345 minutes per invoice, equating to three days, and an 80% reduction in approval error rates [6][7] Group 4: Future of AI in Business - The market expert emphasized that while CFOs are eager to embrace new technologies, quantifying the financial impact of AI investments remains challenging due to the lack of standardized pricing and the shift towards results-based payment models [7][8] - A report from MIT indicated that 95% of global AI investments have not generated economic benefits, trapping companies in a cycle of high investment with zero returns [8]

11月17-18日，在北京中关村国家自主创新示范区展示中心，以"具身引智、应用未来"为主题的2025年第二届中关村具身智能机器人应用大赛圆满收官。本届大 赛由中关村科学城管理委员会主办，北京智源人工智能研究院、立德机器人平台（机器人大讲堂）共同承办，汇聚了国内外顶尖的科研团队、创新企业及行业专 家，通过为期数月的激烈角逐与深度交流，成功展示了具身智能机器人技术的前沿成果与应用潜力，为培育新质生产力、构建未来产业生态注入了强劲动能。 ▍各赛道竞技精彩纷呈，技术突破备受关注 本届大赛三大核心赛道各具特色，充分展现了具身智能领域的技术突破与应用潜力。 第一赛道具身智 能模型能力 挑战赛 聚焦"具身大脑"与"具身小脑"的核心能力突破。"具身大脑大模型能力挑战赛" 是基于 RoboBrain2.0 模型进行微调优化与性 能提升，围绕空间理解、感知理解、预测推理、任务规划等关键维度，考察参赛团队如何基于 RoboBrain 2.0 模型开展数据设计、模型微调与综合性能优化，旨 在推动具身大脑模型的迭代升级，打造更高效、更精准、更聪明的具身"思考中枢"。 大赛开幕式上，中关村科 学城管委会产业促进四处处长姜大宽出席了会议并 ...

计算机行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600410 | 华胜天成 | 9.99 | 19.76 | 60820.55 | | 301638 | C南网数 | 224.78 | 75.35 | 48287.44 | | 002153 | 石基信息 | 9.97 | 4.30 | 34738.25 | | 688111 | 金山办公 | 1.68 | 1.84 | 29333.40 | | 002230 | 科大讯飞 | 1.96 | 2.09 | 23355.31 | | 300803 | 指南针 | 1.13 | 4.23 | 21864.61 | | 300078 | 思创医惠 | 20.00 | 18.39 | 21606.50 | | 002474 | 榕基软件 | 10.00 | 22.35 | 17606.32 | | 688095 | 福昕软件 | 3.92 | 11.28 | 16614.03 | | 300682 | 朗新集团 | 4.91 | 5. ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300730 | 科创信息 | 14.41 | -19.99% | 13.50万 | | 1.95亿 | | 688168 | 安博通 | 90.59 | -4.98% | 3.47万 | | 3.17亿 | | 002253 | *ST智胜 | 9.79 | -3.55% | 9.55万 | 9380.70万 | | | 301162 | 国能日新 | 57.69 | -3.11% | 1.47万 | 8554.50万 | | | 300379 | *ST东通 | 2.01 | -2.90% | 47.23万 | 9555.45万 | | | 688435 | 英方软件 | 51.40 | -2.50% | 5.93万 | | 3.02亿 | | 300605 | 恒経信息 | 17.04 | -2.35% | 15.55万 | | 2.64亿 | | 002298 | 中电鑫龙 | 13.12 | -2.31% | 176.89 ...

中国发展改革报社评论员 王晓涛 央企民企的优势互补与深度合作，蕴含着多重战略价值。其一，助力技术创新与自主可控。民企的技术 积累与国企的场景资源相结合，推动昆仑大模型等成果实现从算力底座到模型生态的全链条自主可控， 有效降低对外技术依赖，为国家经济安全与产业竞争力筑牢根基。其二，加速企业数字化转型与产业升 级。国企在国民经济中占据重要地位，但部分企业面临数字化转型难题，场景开放与民企技术赋能形成 合力，推动企业数智化水平持续提升，进而促进产业结构优化调整。其三，优化资源配置与协同发展。 融合化是发展的重要方向之一，其核心在于打破发展壁垒，实现跨产业、跨要素、跨领域的深度联动。 国企的资源、场景、资金优势与民企的创新机制、技术活力形成互补，既能提升资源配置效率，更能增 强整个产业链的综合竞争力。 日前，国务院办公厅发布《关于加快场景培育和开放推动新场景大规模应用的实施意见》（以下简称 《实施意见》），首次在国家层面对场景培育开放进行系统部署。而在政策出台前夕，两则行业动态已 勾勒出实践先行的清晰脉络：继9月初中国石油将部分A股股份无偿划转给中国移动后，11月3日中国移 动反向将部分A股股份无偿划转至中国石油；1 ...

Group 1: Market Performance - The CSI Digital Economy Theme Index rose by 1.22% as of November 18, 2025, with notable increases in constituent stocks such as Northern Huachuang (up 6.49%) and Tuojing Technology (up 4.94%) [1] - The Digital Economy ETF (560800) increased by 1.14%, reflecting strong market interest [1] - The Digital Economy ETF saw a turnover of 0.84% during the trading session, with a total transaction value of 5.5849 million yuan [1] Group 2: Fund Flows and Liquidity - The Digital Economy ETF experienced a significant increase in shares, with a growth of 12 million shares over the past week [1] - The ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 8.0231 million yuan, totaling 21.8513 million yuan in net inflows [1] Group 3: Industry Trends - According to a report by Zheshang Securities, the demand for AI-related chips, including computing power and storage, is rapidly increasing, with the global storage market expected to reach $263.3 billion by 2025, growing at a CAGR of 11.5% from 2025 to 2029 [2] - The report highlights that domestic cloud vendors are accelerating capital investments and enhancing AI core capabilities, with new applications in robotics, new energy vehicles, foldable phones, and AI glasses expected to drive industry growth [2] - Industrial trends indicate that sectors such as AI hardware and IT services are likely to remain key growth areas in the market [2] Group 4: Index Composition - As of October 31, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 53.93% of the index, with notable companies including Dongfang Wealth, Cambricon, and SMIC [3]

Core Viewpoint - Yushu Technology has completed its IPO guidance work and plans to apply for an IPO in China, marking a significant step towards becoming the first humanoid robot company listed in A-shares, which is expected to drive new development opportunities in the entire robotics industry chain [1] Group 1: IPO and Market Potential - The completion of Yushu Technology's IPO guidance reflects the accelerated capitalization of the robotics industry, showcasing a precise match between capital efficiency and technology cycles [1] - Yushu Technology's post-C round financing valuation reached 12 billion yuan, with major investments from China Mobile, Tencent, Alibaba, and others [1] - The market size for embodied intelligence in China is projected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market, while the humanoid robot market is expected to reach 8.239 billion yuan, representing about 50% of the global market [1] Group 2: Industry Collaboration and Supply Chain - The IPO of Yushu Technology is anticipated to lead to increased orders for related supply chain companies, fostering a positive ecosystem through upstream and downstream collaboration [2] - The humanoid robot industry encompasses various segments, with core components and sensors, AI algorithms, and application scenarios being critical areas of focus [3] - Yushu Technology's capitalized progress is expected to positively impact its supply chain partners through collaboration in supply chain cooperation, technology research, and market expansion [3] Group 3: Strategic Partnerships - Yushu Technology has established stable partnerships with several listed companies, including Giant Star Legend and Zhongdali De, enhancing its commercial application capabilities [3] - A joint venture, Yuxing Entertainment Technology Co., Ltd., has been formed between Yushu Technology and Giant Star Legend to develop globally influential interactive smart robot products [4] - The first product from this collaboration, "Giant Star Dog," has secured over 120 million yuan in orders, demonstrating the commercial potential of the "IP + robot + AI" integration model [5] Group 4: Supply Chain Contributions - Key suppliers for Yushu Technology include Zhongdali De, which provides core components, and Lingyun Light, which collaborates on developing embodied intelligence solutions [5][6] - Other suppliers include Aobo Zhongguang for 3D visual sensors, Zhaoyi Innovation for NOR Flash chips, and Weilan Lithium for lithium batteries [7] - Companies like iFlytek and Baotong Technology are also collaborating with Yushu Technology to enhance AI voice interaction and develop industrial robots for various applications [9]