2025年接近年末，绿洲资本创始合伙人张津剑跟成立刚一年的具身智能创企HillBot联合创始人苏昊共进了一顿晚餐。 苏昊给张津剑展示了一些数据，进而抛出一个想法：他觉得具身智能即将在2026上半年走到GPT-2时刻。 这在行业内并不是共识。更多受访者认为，行业应该还没走到GPT-1。 具身智能赛道火在大模型之后，又与大模型紧密相关。尽管从技术上无法完全对标，但投资人愿意用"GPT-1"之类的表述试图对行业发展阶段进行定位 ——这从根本上影响他们选择是否加码、何时加码以及加多少码。 "GPT-1是搭建一个验证它是否可行的技术环境，GPT-2是本质上证明了某些技术路径是可行的。"张津剑对所谓具身智能的"GPT"时刻下如此定义。 这种定位十分重要。假设你在GPT-3.5和GPT-1/2两个时期投进OpenAI，那么2026年你得到的估值增长将分别是30倍和大约100倍。 奇怪的是，具身智能还远远没有走到GPT-3.5阶段，只因宇树科技在2025年春晚舞台上意外走红，就提前浮出了水面。 "好在最后磨下来了点（额度），但真的是'生磨'。" 类似的例子有很多。另一位AI领域投资人告诉智通财经记者，三年前曾有一个具身智能项 ...

【文/观察者网专栏作者 心智观察所】 2月8日晚八点，上海。200多台机器人在镁光灯下翩翩起舞，与演员黄晓明同台变魔术，和开心麻花的 喜剧演员搭档演小品，还有一台名为"精灵·璇"的仿生机器人，用逼真到令人恍惚的面部表情唱了一首 《未定义的关系》。这是由上海智元机器人主办的全球首个大型机器人晚会《机器人奇妙夜》，被网友 戏称为"机器人春晚"。 整场晚会通过美洲、中东、东南亚等地同步直播，50分钟的时长虽然不长，却创下了多个行业纪录：首 个机器人小品、首个机器人魔术、首个人机共舞华尔兹。智元机器人首席运营官邱恒在演出后说了一句 颇有分量的话——"这可能会是人类理解机器人能力的'ChatGPT时刻'。" 这句话或许稍显大胆，但它折射出的行业自信并非没有来由。就在不久前，百度"文心Moment大会"的 具身智能分论坛上，来自傅利叶、开普勒、加速进化、乐聚机器人和地瓜机器人的五位行业代表围坐一 堂，对具身智能产业的现状与走向进行了一场坦率而深入的讨论。一场晚会与一次圆桌，一个在台前展 示能力的极限，一个在幕后剖析产业的真实。 两者叠加在一起，恰好拼出了当下中国具身智能产业最完整的截面：技术正在加速成熟，商业化的轮廓 隐 ...

Group 1 - The upcoming 9-day Spring Festival holiday in 2026 is expected to boost tourism in Shanghai, driven by visa-free policies and the trend of "reverse Spring Festival travel" where young people invite their parents and children to celebrate in their cities [1] - Shanghai plans to enhance cultural, tourism, and commercial integration during the Spring Festival to activate the holiday consumption market [1] - The Yuyuan Lantern Festival is highlighted as a key event, featuring an expanded layout with six integrated zones, showcasing traditional craftsmanship and modern digital technology [1] Group 2 - The collaboration between Yuyuan Mall and the robot rental platform, Qingtian Rental, aims to enhance visitor experience through interactive technology, allowing tourists to create new Spring Festival memories [2] - Zhang Garden, known for its historical significance, will host the "Haipai New Year Garden Party," featuring contemporary designs and exhibitions to attract visitors during the holiday [2] - Various events, including jewelry exhibitions and light shows, will be held at Zhang Garden to blend fashion with local culture [2] Group 3 - The Shanghai government plans to issue approximately 150 million yuan in consumer vouchers to stimulate spending during the Spring Festival, aligning with national directives to enhance tourism products and experiences [3] - Attractions are introducing innovative promotional activities, such as the "one ticket for all" initiative at the Yuyuan Lantern Festival, which combines multiple experiences into a single ticket [4] - The integration of various promotional strategies across different attractions aims to create a comprehensive and engaging consumer experience during the holiday [4] Group 4 - The concept of "Spring Festival ticket economy" is evolving from mere scale expansion to structural optimization, focusing on integrating consumption, experience, and social interaction [5] - The future of the Spring Festival ticket economy is envisioned as a lifestyle that combines cultural experiences with social connections, moving beyond simple consumption [5]

临近春节，机器人租赁市场迎来一年中的业务高峰。刚忙完安徽某地晚会的机器人租赁商陈廷猛，正匆 忙赶往下一个目的地处理新订单。他不禁感慨："最近市场太火了，我们都想再添两台机器人。"同样从 事这一行的黄焰领也告诉南都N视频记者，目前手中的订单从上月底就已排到3月份，"基本处于供不应 求的状态。"这不仅是他们个人的感受，也是多数机器人租赁厂商在农历新年前共同面临的"旺季"图 景。 除了订单激增，租赁厂商们还将目光投向了春晚这个最重磅的舞台。除老面孔宇树科技外，今年春晚还 吸引了魔法原子、银河通用、松延迟动力三家机器人厂商"登台竞技"，且每家机器人都具有不同的技术 亮点与噱头。 回顾2021年初，宇树科技的机器人在牛年春晚上"一舞"出圈，迅速带火了"春晚同款机器人租赁"市场。 当时，各大电商与二手平台涌现不少相关卖家。有租赁厂商透露，仅靠转租宇树机器人，高峰期就曾创 下一天3万元的租赁价格，利润可观。 然而，这样的高价盛况如今已不复存在。多位从业者表示，机器人租赁价格经历大幅回落——从巅峰期 的每日3万元降至最低3000元左右，目前均价约为原来的十分之一。与此同时，行业结构也在悄然变 化：一些平台型企业开始进军机器人 ...

2月11日晚间，上纬新材公告称，预计2025年年度实现归属于母公司所有者的净利润与上年同期（法定 披露数据）相比，将减少3300万元到4800万元，同比减少37%—54%。 公告中，上纬新材还称，公司具身智能机器人业务专注于面向个人与家庭场景的产品开发（未面向工商 业领域），目前仍处于产品开发阶段，尚未实现量产及规模化销售，相关业务尚未形成营收及利润，后 续仍需要大量投入，预计不会对2025年度业绩产生正向影响。 公司具身智能机器人业务目前尚为研发阶段样机产出，处于宣发初期，公司新产品研发到实现规模量产 尚需一定的周期和验证流程，产品研发最终能否成功、产品上市时间以及产品上市后市场推广情况均具 有一定不确定性，存在研发进度放缓、市场环境变化、竞争加剧、市场推广与客户开拓不足等导致产品 效益不及预期的风险，公司尚不能预测对2026年度营收及盈利的影响情况。 同时，上纬新材发布异动公告称，公司股票价格自2025年7月以来累计涨幅较大，期间多次触及异常波 动及严重异常波动，公司已就上述股票交易情况进行两次停牌核查，目前股价情况已严重脱离当前基本 面。 同日，据上交所消息，2026年1月19日至2026年1月23日， ...

记者丨曾静娇 编辑丨江佩霞 2月11日晚间，上纬新材公告称，预计2025年年度实现归属于母公司所有者的净利润与上年同 期（法定披露数据）相比， 将减少3300万元到4800万元，同比减少37%—54%。 公告中，上纬新材还称，公司具身智能机器人业务专注于面向个人与家庭场景的产品开发（未 面向工商业领域），目前仍处于产品开发阶段，尚未实现量产及规模化销售，相关业务尚未形 成营收及利润，后续仍需要大量投入， 预计不会对2025年度业绩产生正向影响。 公司具身智能机器人业务 目前尚为研发阶段样机产出，处于宣发初期 ，公司新产品研发到实 现规模量产尚需一定的周期和验证流程，产品研发最终能否成功、产品上市时间以及产品上市 后市场推广情况均具有一定不确定性，存在研发进度放缓、市场环境变化、竞争加剧、市场推 广与客户开拓不足等导致产品效益不及预期的风险，公司尚不能预测对2026年度营收及盈利的 影响情况。 同时，上纬新材发布异动公告称，公司股票价格自2025年7月以来累计涨幅较大，期间多次触 及异常波动及严重异常波动，公司已就上述股票交易情况进行两次停牌核查，目前股价情况已 严重脱离当前基本面。 同日，据上交所消息，202 ...

Core Insights - Zhiyuan Robotics is advancing the separation of its quadruped robotic dog business into an independent subsidiary, following the earlier split of its dexterous hand business into a brand named "Critical Point" [1] - The robotic dog, named "Kuto," is designed for various applications including entertainment, education, heavy transport, and inspection [1] - Critical Point has successfully completed three financing rounds within a month of its establishment, with a recent round raising several hundred million yuan led by major internet firms, including Tencent [1][2] Company Developments - The CEO of Critical Point, Deng Taihua, is also the chairman of Zhiyuan, while the CTO, Xiong Kun, previously worked at Tencent's Robotics X lab [2] - Zhiyuan has established a new company, Qingtian Rental, to explore new business models, holding a 55% stake in it [2] - Qingtian Rental has completed a seed round of financing led by Hillhouse Capital, with participation from other investors [2] Management Changes - Qingtian Rental has recently announced key management appointments, including experts from Alibaba to strengthen its leadership team [3] - The CEO of Qingtian Rental, Li Yiyan, has indicated that the platform will pursue independent financing and a potential independent listing [4] New Ventures - A new company, Mifeng Technology, has been established, focusing on robotic data, with Zhiyuan holding a 75% stake [4]

过去一年，很多人都在问一个问题：科创投融资到底有没有回暖？如果只看情绪，答案可能分歧很大；但如果看数据，趋势其实已经写得很清楚了。 2月10日，以"赋新质启新程"为主题的2026张江科创金融沙龙在张江科学城圆满举行。活动由上海市张江科学城建设管理办公室指导，张通社主办，中国 建设银行上海张江分行、上海银行浦东分行、交通银行科技金融中心（张江）协办，Vπ张江孵化器提供支持。活动线下参会人数超150人，30余家主流媒 体到场聚焦报道，政、产、投、融各界嘉宾齐聚一堂，共探科创金融深度融合发展新路径。 活动现场，张通社联合加冕研究院第八年发布《2025年张江企业融资榜单》。榜单数据给出了一个非常明确的信号，资本正在回归，只是更理性、更聚 焦。 本榜单基于公开融资事件数据，从融资规模、资本投向、融资阶段、企业质量与创新特征，以及投资机构参与情况等多个维度，全面呈现张江科创金融生 态的最新图景。 | 融资企业 | 融资时间 | 融资轮次 | 融资金额 | 投资方 | | --- | --- | --- | --- | --- | | 傅利叶 | -1 1月 | E$6 | | 钧山资本、铭哲资产、华建函数投资、张江科投、 ...

Group 1 - The company AGILINK has completed a new round of financing amounting to several hundred million yuan, marking its third financing round within a month of establishment [1] - The financing round was led by a major internet company, with participation from top-tier capital such as BV Baidu Ventures and Yunfeng Capital, as well as industry capital including Synstellation Capital, Joyson Electronics, and Longqi Technology [1] - The funds raised will accelerate the company's technological innovation and market expansion, focusing on the development of dexterous hands and gripper product lines, enhancing control systems and development toolchains, and building delivery capabilities for industrial clients [1] Group 2 - AGILINK was established on January 14, 2026, with its legal representative being Deng Taihua, who is also the chairman and CEO of Zhiyuan Robotics [1] - Zhiyuan Robotics holds an 80% stake in AGILINK, having invested 4 million yuan, and the team is led by Xiong Kun, who is responsible for the dexterous hand business [1]

Group 1 - The core viewpoint of the article is that Agilink, a company specializing in robotics, has successfully completed a new round of financing amounting to several hundred million yuan, with participation from various industry investors including Joyson Electronics [1] - The financing round involved major internet companies, leading capital firms, industrial capital, financial institutions, and existing shareholders [1] - Agilink is positioned as a key player in the transition from "model capability" to "real-world operational capability" in embodied intelligence, which is crucial for accelerating the deployment of robots in industrial scenarios [1] Group 2 - Since 2025, Joyson Electronics has set two main goals: to promote the research and manufacturing of core robotic components and to facilitate the application of these technologies in industrial settings [1] - Joyson Electronics has released a series of products including robotic head assemblies, thoracic and chassis assemblies, sensor kits, energy management systems, and lightweight mechas, effectively completing the core component layout for embodied intelligent robots [1] - Human-shaped robots have already undergone scenario training at Joyson Electronics' factory in Ningbo, indicating progress in the practical application of robotics in industrial environments [1] Group 3 - Agilink, formerly known as the dexterous hand department of Zhiyuan Robotics, was established on January 14, 2026, as Shanghai Agilink Innovation Intelligent Technology Co., Ltd [1] - The company has successfully completed three rounds of financing, with its legal representative being Deng Taihua, the chairman and CEO of Zhiyuan Robotics, and led by Xiong Kun [1]