对话：“扎堆上市”后，具身智能还值得投资吗？

Core Insights - The field of embodied intelligence has become one of the hottest areas for innovation and entrepreneurship globally, with many startups quickly reaching "unicorn" status (valued over $1 billion) [1] - In the first half of this year, funding in the embodied intelligence sector surpassed the total amount raised in the previous year [1] - On December 19, the humanoid robot company Galaxy General announced a new funding round of over $300 million, setting a record for single-round financing in the embodied intelligence sector, with a valuation exceeding 20 billion yuan [1] - As of November 2025, nearly 30 companies in the robotics industry chain have submitted listing applications to the Hong Kong Stock Exchange [1] - The rapid growth has raised concerns about potential market overheating, with the National Development and Reform Commission warning of risks associated with the proliferation of humanoid robot companies [1] Investment Perspectives - Investors are debating whether embodied intelligence is still a worthwhile investment, with discussions highlighting the need for patience and further investment in the sector [2][4] - One investor emphasized that the vision of embodied intelligence is to "liberate human productivity," allowing individuals to afford services like caregiving and driving [2][7] - Another investor noted that while China lags behind the U.S. in algorithm originality, it has advantages in hardware reserves and engineering talent [4] Market Dynamics - The current investment landscape is characterized by a mix of excitement and caution, with discussions around the potential for a bubble in the market [9][11] - Investors believe that the industry is still in its early stages and requires more talent and funding to realize its full potential [10][11] - The conversation around "crowded listings" suggests a need for regulatory oversight to differentiate between genuine innovation and companies merely adopting new labels [10] Technological Advancements - The industry is witnessing significant advancements in both hardware and software, with some companies making rapid progress in industrial applications [16][17] - The complexity of integrating software, algorithms, and hardware poses challenges, but there are expectations for clearer commercial viability in the near future [16][17] - The emergence of "along the way" models indicates that as technology matures, it will unlock new applications and provide value [17] Future Outlook - The consensus among investors is that the next decade will be crucial for the development of embodied intelligence, with expectations for substantial advancements [11][20] - The industry is expected to see a growing number of successful entrepreneurs and innovative companies, driven by a new generation of founders [18] - The potential for embodied intelligence to achieve significant breakthroughs in various sectors is viewed as promising, with ongoing investments and interest from both the public and private sectors [11][19]