[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0512-0518） 中证科创创业机器人指数发布， 华为、腾讯、美团持续布局机器人 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 37,431.78 | | 流通市值（亿元） | 36,453.02 | | 行业市盈率 TTM | 31.9 | | 沪深 300 市盈率 TTM | 12.6 | 相关研究 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指 ...

证券研究报告 | 行业简评报告 2025 年 05 月 18 日 马斯克确认 Robotaxi 白天出租晚上货运模式 人形机器人周报 20250518 中游制造/机械 事件 1：Skild AI 单轮融资 5 亿美元 据知悉融资谈判的人士透露，开发人工智能基础模型以操控多种机器人的 Skild AI，即将以 42 亿美元估值（不含本轮投资额）完成 5 亿美元融资。随着机器人 热潮升温，Skild AI 轮融资估值水涨船高。消息称，软银领投本轮融资，光速创 投、红杉资本、CRV 和 General Catalyst 跟投。Skild 的 AI 基础模型，能指挥 机器狗和双足人形机器人完成从家务到仓库劳动等实体任务。该公司也在向硬 件领域扩张，计划用本轮融资资金制造更多机器人。这些机器人一旦建成，将 有助于收集更多数据来优化其 AI 模型。 事件 2：华为与优必选签署合作协议，推动人形机器人工业与家庭场 景落地 华为与优必选科技在深圳正式签署全面合作协议。双方将围绕具身智能和人形 机器人领域，在产品技术研发、场景应用及产业体系等开展创新合作。协议约 定，双方将通过发挥华为昇腾、鲲鹏、华为云及大模型等能力与华为在研 ...

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0512-0518） 中证科创创业机器人指数发布， 华为、腾讯、美团持续布局机器人 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 37,431.78 | | 流通市值（亿元） | 36,453.02 | | 行业市盈率 TTM | 31.9 | | 沪深 300 市盈率 TTM | 12.6 | 相关研究 [Table_QuotePic] 行业相对指 ...

Investment Rating - The report maintains a "Recommendation" rating for the humanoid robotics industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [6]. Core Insights - The humanoid robotics sector is experiencing significant investment activity, with multiple companies securing substantial funding rounds, indicating strong market interest and growth potential [5][10][12]. - Partnerships between major tech firms, such as Huawei and UBTECH, are expected to enhance product development and application in industrial and household scenarios, further driving industry growth [2]. - The report highlights the emergence of autonomous logistics as a rapidly deployable application for embodied intelligence, with the potential to unlock a market exceeding 100 billion [12]. Summary by Sections Investment Activities - Skild AI is set to complete a $500 million financing round at a valuation of $4.2 billion, led by SoftBank and other prominent investors, aimed at expanding its robotics capabilities [1]. - Qianjue Robotics announced the completion of a multi-million angel round financing to accelerate technology development and product iteration [3]. - Ziyuan Robotics completed a multi-million A round financing, with funds directed towards the development of its end-to-end embodied intelligence model [5]. Strategic Partnerships - Huawei and UBTECH signed a comprehensive cooperation agreement to innovate in humanoid robotics, leveraging Huawei's technological capabilities and UBTECH's expertise [2]. - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate innovation in embodied intelligence technology across various applications [4]. Market Performance - The humanoid robotics industry has shown strong performance metrics, with a notable increase in stock prices for key players, indicating robust investor confidence [17]. - The report outlines a significant increase in the number of financing events in the humanoid robotics sector, reflecting a growing interest from venture capital and institutional investors [18][20].

Group 1: Investment Highlights - X Square Robot completed A-round financing of several hundred million yuan, led by Meituan's strategic investment, to accelerate the development of its general embodied intelligence model and robot body [2] - LeapFrog Technology raised over 200 million yuan in B-round financing, focusing on RISC-V architecture SoC chips and system solutions [2] - Jiangling Technology successfully completed B and B+ rounds of financing, with several well-known institutions participating, to enhance product development and production capacity in the semiconductor optical measurement equipment sector [3][4] Group 2: Company Profiles - X Square Robot, established in December 2023, focuses on developing general embodied large models and has completed seven rounds of financing, accumulating over 1 billion yuan [2] - Jiangling Technology, founded in 2018, aims to provide high-end optical measurement and testing equipment for global semiconductor clients and has established a strong reputation among major wafer and packaging factories [3][4] - Guochong Blood Technology specializes in pet blood products and services, leveraging human blood transfusion technology to address supply shortages and standardization issues in the pet medical field [6][7] Group 3: Future Plans and Market Strategies - X Square Robot plans to deepen its accumulation in model algorithms, data advantages, and product advantages to explore service loops in various scenarios [2] - Jiangling Technology aims to enhance its core technology through independent research and development, expanding its product matrix to cover various semiconductor fields [4] - Guochong Blood Technology is focused on building a standardized pet blood bank and developing customized treatment plans while exploring international expansion [8]

Group 1 - Meituan leads a Series A funding round for Zivariable Robotics, which has raised over 1 billion yuan since its establishment [1] - Zivariable Robotics focuses on "end-to-end large model" technology, integrating multimodal information for a complete feedback loop from perception to execution [1] - Meituan aims to build a comprehensive technology system in the robotics field by investing in various companies with different technological paths [1] Group 2 - HHLR Advisors reported a significant increase in total market value of holdings from $2.89 billion to $3.54 billion, a nearly 23% rise [2] - The top ten holdings of HHLR Advisors are dominated by Chinese companies, with nine out of ten being Chinese stocks [2] - HHLR reduced its positions in Alibaba and BeiGene, while Alibaba's stock price increased by 56% and BeiGene's by 47% during the first quarter [2] Group 3 - Berkshire Hathaway, led by Warren Buffett, significantly reduced its bank stock holdings while maintaining its position in Apple, valued at $66.6 billion [3] - Berkshire increased its stake in Constellation Brands by over 113% and doubled its holdings in Pool Corp [3] - Buffett indicated a lack of attractive investment opportunities currently, with cash reserves reaching $347.7 billion [3]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银（第五届）光刻材料产业大会（ 7月8日-10日，安徽·合肥） 点此报名 添加文末微信，加 人形机器人 群 会议背景 加快人工智能技术创新及应用步伐，对促进我国经济高质量发展、经济结构转型升级和现代化产业体系建设具有长远战略意义。我国正处于城市数智 化、新能源化、国际化转型的关键阶段，以科技创新引领新质生产力发展成为重要任务。人形机器人与人工智能技术的发展，能够为我国产业升级提供 强大技术基础，推动企业数字化转型智能化升级，促进形成定制化生产方式，实现经济结构的转型升级。 宁波作 为 我国重要的经济城市 ， 在 新兴产业发展方面具有良好的基础和条件。基于此，在 第四届中国—中东欧国家博览会暨国际消费品博览会 上， 将增设人形机器人与人工智能展区 ，并于 5月23日下午举办" 人形机器人产业创新发展交流会" ，推动人形机器人与人工智能领域的共同发展。 会议主题 具身智能引领未来 会议时间与地点 会议 时 间 ： 202 ...

Core Viewpoint - The article discusses the emergence of embodied intelligence and the significant advancements in robotics, particularly focusing on the company "X Square Robot" and its recent funding achievements [4][5]. Group 1: Company Overview - X Square Robot was established in December 2023 and has completed seven rounds of financing within a year and a half, raising over 1 billion yuan [5]. - The company focuses on developing a "general embodied large model" using real-world data to create robots with fine operational capabilities [5]. - X Square Robot is one of the first companies in China to adopt a fully end-to-end approach to achieve a general embodied intelligence large model [5]. Group 2: Funding and Financials - Recently, X Square Robot completed a Series A financing round led by Meituan's strategic investment, with additional participation from Meituan Longzhu, raising several hundred million yuan [4]. - Prior to this, the company had disclosed a Series Pre-A++ financing round led by Guangming Capital and Junlian Capital, also amounting to several hundred million yuan [4]. Group 3: Technological Advancements - The company has developed the "Great Wall" series of operational large models, specifically the "WALL-A" model, which integrates multimodal information and demonstrates zero-shot generalization capabilities in new task scenarios [5][6]. - X Square Robot has established a model-driven data closed-loop system, enhancing data quality control and collection efficiency through self-developed data processing models and devices [6]. - The company has made breakthroughs in multimodal output and embodied thinking chains, improving the robot's decision-making and execution efficiency in complex environments [6]. Group 4: Team and Expertise - The core team of X Square Robot includes experts from renowned AI and robotics laboratories, as well as scholars from top universities, contributing to the innovation and development of embodied intelligence and robotics technology [7]. - Notable team members include researchers who were among the first to propose the attention mechanism and experts in the field of robotics hardware [7].

Core Insights - X Square Robot has recently completed a significant A-round financing of several hundred million yuan, led by Meituan's strategic investment department, indicating strong confidence in the embodied intelligence sector [2] - The company focuses on the development of a "general embodied large model" using real-world data, aiming to create robots with fine operational capabilities, and is one of the earliest in China to implement a fully end-to-end approach for general embodied intelligence [2] - The "WALL-A" model from the "Great Wall" series demonstrates impressive multimodal information fusion capabilities, achieving end-to-end mapping from input to output, which is crucial for general robotics [2] Company Development - X Square Robot has established a model-driven data closed-loop system, developing numerous data processing models and generations of data collection devices to enhance data quality and collection efficiency [3] - The company has rapidly progressed in financing, completing seven rounds of funding totaling over 1 billion yuan since its establishment in December 2023, with the latest A-round financing being a part of this growth [3] - The funds from the recent financing will be used to accelerate the iterative development of self-researched end-to-end general embodied intelligence models and robot bodies, as well as to explore practical applications in various fields such as logistics, home services, and industrial manufacturing [3]

Core Viewpoint - Meituan is actively investing in the robotics sector, aiming to leverage its "retail + technology" strategy to explore various robotic technologies and applications, ensuring it does not miss out on potential star companies like Yushun [2][3][6]. Investment Strategy - Meituan's recent investment in Shenzhen Self-Variable Robotics, which focuses on "general embodied large models," highlights its commitment to the robotics field [4]. - The company has previously invested in various robotics companies, including Yushun Technology and Ginkgo Robotics, indicating a diversified investment approach to mitigate risks associated with technology paths [9][10]. Technological Focus - The founder of Self-Variable Robotics, Wang Qian, emphasizes the importance of real-world data for developing general robots with fine operational capabilities, showcasing the company's innovative approach to robotics [4]. - Self-Variable's WALL-A model demonstrates zero-shot generalization capabilities, which are crucial for the development of general robots, reflecting a significant technological advancement in the field [4][5]. Market Positioning - Meituan's dual investment strategy in different robotics companies reflects the current fragmented state of the robotics technology landscape, where no single technology path has emerged as dominant [5][11]. - The company is focusing on the coupling potential between robotics and its core business, indicating a strategic alignment with its operational needs [10][11]. Future Prospects - Meituan plans to continue its investment in cutting-edge technologies, including AI and drone delivery, while exploring practical applications of robotics in various service scenarios [10][11]. - The collaboration with Ginkgo Robotics to create a humanoid robot smart pharmacy solution illustrates Meituan's commitment to integrating robotics into its service ecosystem [11].