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携手宁德时代,首程控股(0697.HK)持续加码银河通用,开启具身大模型创新加速度
CATLCATL(SZ:300750) Ge Long Hui·2025-06-23 00:27

Core Viewpoint - The investment by Shicheng Holdings in Galaxy General Robotics marks a significant milestone in the field of embodied intelligence, reflecting a strong endorsement of the latter's technological depth and product maturity [1][2]. Group 1: Investment Details - Shicheng Holdings completed a new round of investment in Galaxy General Robotics, attracting top-tier capital including CATL and GGV Capital, creating an unprecedented investment lineup in the industry [1]. - The investment amount of 1.1 billion yuan sets a new record for a single financing round in the industry [1]. - This investment follows Shicheng's previous investment in September of the previous year, indicating a deep trust in Galaxy General's capabilities [1][2]. Group 2: Strategic Implications - Shicheng Holdings' investment strategy emphasizes a "capital + scenario + industry chain" model, aiming to upgrade hard technology investment logic into an ecosystem-level value co-creation [1][2]. - The investment highlights Shicheng's preference for high-barrier technology companies, as Galaxy General has accumulated significant scene data and action data within just two years of establishment [2]. - Galaxy General's latest models, such as TrackVLA and GraspVLA, demonstrate breakthroughs in visual perception and interaction, aligning well with Shicheng's "scenario-driven" investment logic [2]. Group 3: Ecosystem Development - Shicheng Holdings has established a complete chain in the embodied intelligence field, covering components, manufacturing, and application scenarios, thereby creating a closed-loop ecosystem [2]. - The collaboration between Shicheng and Galaxy General allows for real-world application testing, accelerating technology maturity and creating revenue channels for invested companies [3]. - Shicheng's extensive scene resources will serve as a testing ground for Galaxy General's technology iterations, enhancing the overall value capture within the industry chain [3]. Group 4: Market Outlook - The Chinese robotics market is projected to grow at an annual rate of 23%, potentially doubling in size within four years and capturing over 40% of the global market share [4]. - The humanoid robot sector is expected to experience even more rapid growth, with projections indicating a market size of $3.4 billion by 2030, reflecting a compound annual growth rate of 63% [4]. - The combination of technological breakthroughs and cost reductions is expected to further accelerate industry growth, positioning companies like Galaxy General as prime candidates for investment [5]. Group 5: Future Prospects - Shicheng Holdings is transitioning from a traditional infrastructure operator to a technology ecosystem builder, integrating investment, scenario implementation, and operational services [5]. - The company's valuation logic is shifting towards that of a platform technology enterprise, with a significantly lower price-to-earnings ratio compared to related concept stocks [5]. - As invested companies enter their production cycles, the hidden asset value of Shicheng Holdings is anticipated to be gradually released [5]. Conclusion - The investment in Galaxy General Robotics represents a strategic move in the competition for industry discourse power, emphasizing the importance of ecosystem integration capabilities in the field of embodied intelligence [6]. - Shicheng's model of "investment empowering scenarios, scenarios feeding back technology" addresses core pain points in the commercialization of robotics while building a defensible competitive moat [6].