从全年走势来看，去年下半年投融资的"回暖"更加明显。去年12月，张江以29起投融资创下全年新高。从平均来看，每月发生20起投融资，如以工作日 计，每天都有投融资在张江发生。 PART 01 2025张江科创成果多点爆发 据张通社联合加冕研究院发布的《2025年张江企业融资榜单》显示，上海去年每四起科创融资，就有一起发生在张江。过去一年张江共有210家张江企业 完成237起融资，披露融资金额278亿元，投融资事件数量和融资金额同比增长30%和18%。张江融资规模约占浦东65%，约占上海全市的25%。 2025年张江生物医药融资较2024年增长13%，主要融资方向是原创能力强、临床路径清晰，能够真正产品化的企业。具体来看，创新药领域有58起融资， 占整个生物医药赛道融资的58%，医疗器械22起，占比26%。比如，光声制药研发的新一代光敏化合物"华卟啉钠"，成为全球首个在食管癌光动力治疗领 域取得III期临床成功的光敏剂，距离新药上市申报，仅一步之遥。 2025年张江人工智能融资相较2024年增长146%，融资主要集中在AI应用和机器人与具身智能两大方向。"去年获得融资的傅利叶、开普勒和木蚁机器人都 面向真实场景推 ...

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、 ...

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 来源丨定焦One 作者 | 王璐 编辑 | 魏佳 年关将至，最忙的除了打工人，还有机器人。在租赁市场上，人形机器人正成为各类活动的热门选 择。 这股风潮，自2025年春晚舞台上身穿花棉袄扭秧歌的机器人开始，短短一年间，它们从屏幕蔓延到 现实，频繁现身企业年会、商场开业与文旅活动现场，扮演起"流量担当"。 不只是在春晚舞台，在线下，人形机器人租赁的需求也颇为旺盛。与央视主持人合拍宣传片、登上 大学联欢晚会，在企业年会跳《大花轿》、进影视剧组表演咏春拳，这些日薪高达数千甚至上万元 的"硅基打工人"，早已加入赶场大军。 但热闹之下，问题也随之出现。最常见的包括价格体系混乱、服务标准不一、宣传效果与实际表现 不符，甚至出现"花万元租机器人，台上只跳三分钟"的落差感。 看似繁荣的租赁需求，究竟是人形机器人走向商业化的一条通路，还是仅仅由年会、商演等短期场 景托起的泡沫？机器人租赁，是一门真正可持续的生意吗？ 01 年会旺季到来，机器人比人还忙 "能跳《大花轿》还会后空翻的（人形机器人租赁方）联系我，需要4台。" 这样的需求，最近频繁出现在「 ...

以下文章来源于AGI接口 ，作者宋思杭 AGI接口 . AI卷起的财富风暴。 | | 泡沫究竟有多大？ | | --- | --- | | 出品｜虎嗅科技组 | | | 作者｜宋思杭、陈伊凡 | | | 编辑｜苗正卿 | | | 头图｜视觉中国 | | "AI硬件100"是虎嗅科技组推出针对AI硬件、具身智能等新兴赛道的创新栏目，这是本系列的第「01」篇文 章 泡沫已现。 近期，有多个具身智能赛道相关投资人、创业者在过去半年明确告诉虎嗅：大部分具身智能整机厂商正面 临"订单饥渴"——在B、C两端，真实的市场需求或已经不足以消化2025年年内生产出的机器人了。 一个更深层的隐患是，众多在2025年拿到投资的知名具身智能项目、部分已经发展至行业中腰部体量的具 身智能公司，正在面临"商业模式"困局：在订单不足的情况下，公司并不具备健康的"现金流造血能力"。 一位知名投资人向虎嗅直言："目前，具身智能行业，真正在买单的，是投资机构、投资入股的互联网大 厂，简言之现在不存在ToB或者ToC，本质上是ToLP。"该投资人进一步表示，除了宇树、智元等少数头部 公司探索出了较为成熟的商业化模式，绝大部分公司2026年的存活逻 ...

Group 1: Company Overview - Chengdu Sailano Medical Technology Co., Ltd. (Sailano) has officially signed to establish its headquarters in Chengdu Tianfu International Bio-City, focusing on the field of structural heart disease [1][3] - Sailano aims to become a unicorn in the field of pan-cardiac disease medical devices, with a global innovation capability and a forward-looking vision [3] - The company holds 21 invention patents and 19 utility model patents, showcasing its strong intellectual property portfolio [3] Group 2: Research and Development - Sailano plans to build a headquarters, R&D center, and production base in the bio-city to systematically conduct research, production, and sales of medical devices for structural heart disease [3] - The company has established close clinical trial cooperation with top cardiac centers in China, creating a collaborative innovation system from clinical needs to technology transfer [3] - Sailano's product pipeline targets the core area of interventional treatment for structural heart disease, with several in-development products possessing "international advanced" technical advantages [3] Group 3: Clinical Applications and Collaborations - The company will leverage its existing clinical cooperation network and R&D platform to accelerate clinical research, registration, and industrialization of core products after settling in the bio-city [3] - The high-frequency skin ultrasound technology developed by Tianfu Jin Cheng Laboratory has entered clinical validation, providing a new tool for skin disease diagnosis and treatment evaluation [6][10] - The technology aims to enhance the precision of skin disease diagnosis by offering non-invasive, real-time imaging capabilities [10] Group 4: Industry Developments - Chengdu Biomedicine has seen multiple advancements in various subfields, including the structural heart disease sector [4] - Chengdu Baili Tianheng Pharmaceutical Co., Ltd. has been recognized in the "2025 Hurun China 500" list, ranking 86th with a value of 153 billion yuan, an increase of 79.5 billion yuan [12] - Baili Tianheng is developing innovative drugs in the tumor macromolecule treatment field and has received multiple breakthrough therapy designations from regulatory agencies [12]

【中泰医药】脑机动态定期更新 近期部分重要进展： 1、赵继宗院士牵头制定的《植入式脑机接口临床应用路径管理中国专家共识（2026 版）》正式发布，推动 iBCI 临床转化科学、安全、有序发展； 2、民政部印发《关于进一步推进民政科技创新的指导意见》，《意见》要求广泛应用人形机器人、脑机接口、人 工智能等前沿技术，开展失能失智预防和抗衰老、生活照料和康复护理、精神慰藉和社会参与促进、安全风险监 测和紧急救援、老年宜居 仅需3分钟就能迅速打开血脑屏障，与血脑屏障未开放的脑组织相比，药物浓度可以平均提高8倍，并且在治疗后6 小时关闭血脑屏障，疗效和安全性均优于国际相关报道； 7、Ybrain招募三星电子和VUNO前高管，推广基于tDCS和脑电图技术的非口服抗抑郁药、打造AI心理健康生态系 统； 8、韩国数字医疗企业Neofect宣布与韩德联合财团合作，共同推进脑机接口商业化，项目将耗时36个月（2025.9- 2028.8）研发基于脑神经控制的脑卒中患者上肢辅助与康复机器人系统。 【中泰医药】脑机动态定期更新 近期部分重要进展： 1、赵继宗院士牵头制定的《植入式脑机接口临床应用路径管理中国专家共识（2026 版）》 ...

行业属性：大模型、具身智能 估值/融资轮次：E轮 核心竞争力：全感交互生态共生 未来关键词：具身智能多模态交互 每经记者 张梓桐 每经编辑 余婷婷 "主动式人机交互能力将成为具身智能实现规模化落地的关键突破口。"近日，在第二届傅利叶具身智能 生态大会暨张江机器人开发者先锋大会上，傅利叶创始人兼CEO（首席执行官）顾捷作出如是判断。 傅利叶是具身智能赛道明星公司，成立已有10年时间。2025年初，傅利叶宣布完成E系列融资，投资方 包括软银、元璟资本、前海母基金、国中创投、IDG资本、火山石投资等机构。 值得一提的是，不久前，傅利叶将其首款定位"Care-bot"（陪伴机器人）的全尺寸人形机器人GR-3带到 了CES 2026（2026年国际消费电子展），向全球市场展现了中国具身智能企业在人形机器人领域的技 术实力与产品落地能力。 "GR-3是我们首款基于主动式人机交互功能导向的产品，全感交互系统是重中之重。"近日，顾捷在接 受《每日经济新闻》"对话未来商业"栏目记者专访时如是说。 主动式交互的核心不是机器替人做决定 NBD：GR-3作为首款"Carebot"定位的产品，在交互设计上强调"有温度的陪伴"。相较于行 ...

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 来源丨定焦One（ID：dingjiaoone） 作者丨王璐 编辑丨魏佳 图源丨Midjourney 年关将至，最忙的除了打工人，还有机器人。在租赁市场上，人形机器人正成为各类活动的热门选 择。 这股风潮，自2025年春晚舞台上身穿花棉袄扭秧歌的机器人开始，短短一年间，它们从屏幕蔓延到 现实，频繁现身企业年会、商场开业与文旅活动现场，扮演起"流量担当"。 不只是在春晚舞台，在线下，人形机器人租赁的需求也颇为旺盛。与央视主持人合拍宣传片、登上大 学联欢晚会，在企业年会跳《大花轿》、进影视剧组表演咏春拳，这些日薪高达数千甚至上万元 的"硅基打工人"，早已加入赶场大军。 但热闹之下，问题也随之出现。最常见的包括价格体系混乱、服务标准不一、宣传效果与实际表现不 符，甚至出现"花万元租机器人，台上只跳三分钟"的落差感。 看似繁荣的租赁需求，究竟是人形机器人走向商业化的一条通路，还是仅仅由年会、商演等短期场景 托起的泡沫？机器人租赁，是一门真正可持续的生意吗？ 年会旺季到来 机器人比人还忙 "能跳《大花轿》还会后空翻的（人形机器人租赁方）联系 ...

Core Insights - The external skeleton robot industry is entering a phase of accelerated commercialization driven by policy support, technological advancements, and expanding application scenarios [2][3] Policy Support - Recent years have seen increasing policy support for the external skeleton robot market, with various government departments releasing initiatives to promote the industry [2] - Key policies include the "Robot+" application action plan released in January 2023, which encourages the application of external skeleton robots in elderly care [2] - The National Medical Products Administration's announcement in July 2025 aims to expedite the establishment of standards for medical external skeleton robots, further supporting innovation in high-end medical devices [2] Commercialization Acceleration - The commercialization of external skeleton robots is being driven by advancements in technology, payment models, and application areas [3] - Technological improvements have addressed early product limitations, enhancing efficiency and reliability through better battery density, lightweight materials, and smart algorithms [3] - Innovative payment models, including insurance collaborations and leasing options, are reducing financial barriers for users [3] - The application landscape has expanded from medical rehabilitation to industrial and consumer sectors, significantly increasing market demand [3] Market Scale - The global external skeleton market is projected to reach approximately 3.9 billion RMB by 2025, with rapid growth expected over the next 6-8 years [4] - China's external skeleton robot market has grown from 0.045 billion RMB in 2018 to 1.06 billion RMB in 2023, reflecting a compound annual growth rate of 88% [4] - The potential long-term demand for external skeleton robots could reach tens of millions of units, with a market size potentially exceeding 100 billion RMB [4] Core Components - The growth in demand for external skeleton robots is expected to expand the markets for key components such as motors, reducers, and posture sensors [5] - Estimates suggest that the market for key components could see significant growth, with potential increases of 3.2 billion RMB for motors, 8 billion RMB for reducers, and 4 billion RMB for posture sensors [5] - Companies like Xinjie Electric and Lide Harmonic are highlighted as key players in the motor and reducer markets, respectively [5] Domestic Company Developments - Current products are primarily focused on medical rehabilitation, with plans to expand into consumer and industrial products [6] - Companies like Xiangyu Medical and Cheng Tian Technology are leading in the development and deployment of medical external skeleton robots [6][7] - Fourier and Maibu Robotics are also noted for their innovative approaches in rehabilitation and flexible drive technology, respectively [7]

Core Insights - The article discusses the evolving landscape of humanoid robots, highlighting their transition from experimental stages to practical applications in various fields such as entertainment, research, and home use [1][3]. Group 1: Market Trends - According to IDC, the global humanoid robot market is expected to accelerate by 2025, with demand concentrated in areas like entertainment, research, data collection, and industrial manufacturing [3]. - The introduction of personal robots like the Q1 by Shanghai Weiqi Yuan aims to meet the "secondary development" needs of researchers, creators, and home users [1][3]. Group 2: Data Challenges - The article emphasizes that data is a critical factor for the advancement of embodied intelligence, which relies heavily on real-world interaction data rather than just visual or verbal data [4][5]. - The scarcity of real interaction data poses a significant challenge, as collecting such data is costly and time-consuming, requiring extensive human involvement and complex labeling [5]. Group 3: Data Collection Innovations - The launch of the "Baihu-VTouch" dataset, the world's first large-scale multimodal dataset, aims to address the data scarcity issue by providing comprehensive sensory data for various robotic configurations [6][8]. - This dataset includes over 60,000 minutes of data and covers multiple task types across different scenarios, marking a significant advancement in the field [6][8]. Group 4: Quality Over Quantity in Data - The CEO of Fourier, Gu Jie, stresses that the quality, structure, and source of data are more important than sheer volume, indicating that not all data collection is equally valuable [9][10]. - A balanced data structure should include publicly available videos, first-person human interaction data, and high-value robot-collected data to enhance the learning process for robots [11]. Group 5: Collaborative Efforts - There is a growing trend of collaboration among companies and research institutions to establish data standards and improve data collection methods, as seen in partnerships like that of Kupar and Itstone [13]. - Initiatives such as the "Brain-Machine Embodied Data Engine Joint Innovation Plan" aim to integrate brain-machine interfaces with embodied intelligence for applications in rehabilitation [13].