比如，越疆（2432.HK）作为业内罕见从制造现场走出的代表企业，凭借"工业+商业"双轮驱动的订单爆发，正在 引领行业从技术验证向规模化变现加速过渡。 根据报告梳理的数据，10月29日，精密制造公司瑞德丰向越疆采购总金额超8050万元的具身智能机器人订单，包 含人形机器人及具身智能协作机器人在内的产品与解决方案。 11月4日，蓝思科技（300433.SZ、6613.HK）承诺于2025年向越疆采购1000台具身智能机器人。这些订单不仅验 证了中国厂商在工业与消费电子制造环节的应用价值，也为其未来扩产提供了坚实的市场支撑。 在夯实工业基本盘的同时，越疆正积极向商业服务与智慧出行领域拓展版图。据报告数据，越疆已与绿源集团 （2451.HK）正式签署合作协议，双方将共同推动5000台四足机器人落地智慧门店体系，用于导览、演示及客户 服务，实现了具身智能在零售场景的规模化突破。此外，越疆还与曹操出行达成战略合作，其人形机器人已入驻 行业首个"绿色智能通行岛"，联合探索在物流与出行场景下的创新解决方案。 瑞银证券认为，随着越疆持续斩获跨领域大单以及特斯拉产能规划的逐步落地，全球具身智能产业正在正式告 别"概念导入期"， ...

机器人板块今日强势领涨，截至收盘，国证机器人产业指数上涨2.7%，中证智能电动汽车指数上涨1.2%，中证物联网主题指数上涨0.8%，中证消费电子主 题指数上涨0.6%。相关ETF交投活跃，机器人ETF易方达（159530）全天成交额近10亿元、较昨日大幅放量，获超1.2亿份净申购。 瑞银证券指出，机器人2026年量产的积极信号正在逐步显现。特斯拉、越疆等人形机器人企业的产能规划逐步落地，中国厂商订单持续增长，欧洲投资者兴 趣明显升温。具身智能订单落地与应用场景扩展正在为行业注入新的活力。 | CLCL | 今日 | 该指数 | 该指数自201 | | --- | --- | --- | --- | | Nort | 该指数涨跌 | 滚动市盈率 | 发布以来估值 | | દત | 0.8% | 31.7倍 | 41.7% | 每日经济新闻 ...

今日早盘，A股市场窄幅震荡，昨日领涨的煤炭板块出现调整，机器人等科技题材则局部复苏，带动创 业板指相对强势。截至午间休市，上证指数报3879.52点，涨0.04%；深证成指、创业板指分别上涨 0.35%和0.76%。 人形机器人概念早盘掀涨停潮，海昌新材、固高科技、华伍股份收获20%幅度涨停。有色金属板块持续 升温，铜、铝个股早盘强势，洛阳钼业刷新历史新高，西部矿业、江西铜业等跟涨。上期所沪铜期货主 力合约早盘涨超2%，盘中触及91400元/吨创历史新高；沪铝主力合约涨超1%，创2022年3月以来新高。 机器人概念爆发 贝恩公司近日发布的《未来已来，智驱新程——全球人形机器人产业趋势洞察》报告预计，到2035年， 全球人形机器人年销量有望达到600万台，市场规模突破1200亿美元；在乐观场景下，销量甚至或超过 1000万台，市场规模达到2600亿美元。 多股"20cm"涨停 早盘，机器人概念掀涨停潮。截至午盘，海昌新材、固高科技、华伍股份收获20%幅度涨停，恒而达、 德马科技、江苏雷利等涨超10%，四川金顶、骏亚科技等同样涨停。 港股机器人概念股也多数走强。截至午盘，三花智控涨超9%、极智嘉-W涨超5%、越疆 ...

与此同时，欧洲投资界对人形机器人及具身智能领域的关注度明显上升。瑞银证券在11月10日当周的欧 盟市场调研中发现，欧洲投资者对中国科技与具身智能企业的兴趣较去年同期大幅增强，普遍认为该领 域蕴含结构性增长机会。尽管未来1-2年人形机器人业务尚难贡献显著利润，资本市场已开始提前布 局，关注产业链的长期潜力。 转自：新华财经 2025年12月1日，瑞银证券发布《Humanoid Robot Insight》报告，对全球人形机器人产业在11月的最新 进展进行全面分析。报告指出，行业在2026年实现量产目标的积极信号正逐步显现，以特斯拉、越疆为 代表的企业产能规划陆续落地，中国市场订单持续增长，欧洲投资者兴趣显著提升，具身智能订单的不 断落地与应用场景的扩展为行业注入新活力。 报告显示，全球人形机器人产业正迎来关键转折。在11月6日特斯拉股东年会上，埃隆·马斯克表示， Optimus人形机器人的生产线将快速扩大产能。公司计划首先在加州弗里蒙特建设产能达100万台的生产 线，随后在得克萨斯州奥斯汀市打造产能1000万台的产线，进一步推动规模化布局。 此外，曹操出行与越疆达成战略合作，越疆人形机器人入驻行业首个"绿色智能 ...

Core Insights - UBS released a report titled "Humanoid Robot Insight," analyzing the global humanoid robot industry developments expected by November 2025, indicating positive signals for mass production in 2026 [1] Group 1: Industry Developments - Companies like Tesla, UBTECH, and Weijian are gradually realizing their production capacity plans, with continuous growth in orders from Chinese manufacturers and increased interest from European investors [2] - UBTECH recently announced a winning bid for a 143 million yuan order, bringing its total order amount for the Walker series humanoid robots to 1.3 billion yuan for 2025 [2] - Weijian has formed a strategic partnership with Cao Cao Mobility to introduce humanoid robots into the first "green intelligent passage island," paving the way for large-scale applications in transportation and logistics [2] Group 2: Market Trends - UBS forecasts that the production capacity plans of Tesla and the significant orders secured by companies like UBTECH and Weijian indicate an acceleration in the industry chain's realization [2] - European investors have shown a marked increase in interest in Chinese technology and embodied intelligence, recognizing structural growth opportunities in the sector [3] - Despite the humanoid robot business not expected to contribute significant profits in the next 1-2 years, capital markets are beginning to position themselves for long-term potential [3] Group 3: Order Momentum - Chinese humanoid robot manufacturers are demonstrating strong order momentum, with Weijian recently securing multiple large orders, including over 80.5 million yuan from Redefeng for embodied intelligent robots [3] - On November 4, Lens Technology committed to purchasing 1,000 embodied intelligent robots from Weijian by 2025 [3] - A strategic cooperation between Green Source and Weijian aims to promote the application of 5,000 robotic dogs in smart store upgrades, marking a significant transition from "technology validation" to "commercial creation" [3][4] Group 4: Application Expansion - The report emphasizes the rapid expansion of application scenarios for embodied intelligent robots, extending from industrial manufacturing to commercial services, and accelerating realization [4]

Group 1 - The Hang Seng Index rose by 0.19%, gaining 48 points to reach 25,809 points, while the Hang Seng Tech Index increased by 0.58%. The early trading volume in Hong Kong stocks was HKD 92.2 billion [1] - Robotics concept stocks led the gains, with several stocks rising over 3%. Reports indicate that the Trump administration is promoting the development of the robotics industry [1] - Companies such as Delta Electronics Holdings (00179) and Sanhua Intelligent Controls (02050) saw their shares rise by over 9%, while Yuejiang (02432) increased by 2% [1] Group 2 - UBTECH (09880) rose by over 3% after announcing a partnership with ZHOS Technology to deploy 10,000 humanoid robots over five years [2] - Hesai Technology (02525) increased by over 6% following the release of its self-developed RISC-V LiDAR main control chip, Fermi C500 [2] - InnoCare Pharma (02577) saw a rise of over 4% due to a strategic partnership with ON Semiconductor to advance the GaN ecosystem [2] - Dazhong Public Utilities (01635) rose by over 6% ahead of the listing of Moole Thread, with its subsidiary Deep Venture Capital participating in the investment [2] - Global New Material International (06616) surged by over 5%, with its stock price doubling since the end of October, following recent share buybacks [2] - Galen Pharmaceuticals-B (01672) increased by over 9% after repurchasing 1.3 million shares, previously announcing a buyback of up to HKD 300 million [2] - Kacos-B (01167) rose by over 5% as its subsidiary received a first payment of HKD 125 million for a joint therapy featured in The Lancet [2] - Pacific Shipping (02343) increased by over 4% as the BDI index reached a nearly two-year high, indicating an impending turning point in the dry bulk shipping industry [2] - Capital Market Holdings (00204) fell by over 40%, with a cumulative drop of over 80% this week, following a recent transfer of shares [2]

Group 1 - The Hang Seng Index rose by 0.19%, gaining 48 points to close at 25,809 points, while the Hang Seng Tech Index increased by 0.58% [1] - The trading volume in the Hong Kong stock market reached 92.2 billion HKD in the morning session [1] - Robotics concept stocks led the gains, with several stocks rising over 3%, driven by reports of the Trump administration promoting the robotics industry [1] Group 2 - UBTECH (09880) rose over 3% after announcing a partnership with ZHOS Technology to deploy 10,000 humanoid robots over five years [2] - Hesai Technology (02525) increased by over 6% following the release of its self-developed RISC-V laser radar main control chip, Fermi C500 [2] - InnoCare Pharma (02577) saw a rise of over 4% after forming a strategic partnership with ON Semiconductor to advance the GaN ecosystem [2] - Dazhong Public Utilities (01635) surged over 6% ahead of the listing of Moole Thread, with its subsidiary Deep Venture Capital participating in the investment [2] - Global New Materials International (06616) rose over 5%, with its stock price doubling since the end of October, following an increase in holdings of Seven Color Pearl Coatings [2] - Gilead Sciences-B (01672) increased over 9% after repurchasing 1.3 million shares and announcing a buyback of up to 300 million HKD [2] - Kacos-B (01167) saw a mid-session rise of over 5% after its subsidiary received a 125 million HKD initial payment for a joint therapy featured in The Lancet [2] - Pacific Shipping (02343) rose over 4% as the BDI index reached a nearly two-year high, indicating a turning point for the dry bulk shipping industry [2] - Capital Market Holdings (00204) fell over 40%, with a cumulative decline of over 80% this week, following a significant transfer of shares [2]

记者丨刘雪莹 编辑丨曾静娇 开源证券表示，人形机器人板块调整趋近尾声，风险释放较为充分，对行业预期更加理性且一致；同时海外特斯拉和国内产业进展持续加速， 后续强催化较多。展望2026年，"趋势走强、景气上行"的布局窗口已然开启。 12月4日，A股市场早盘探底回升，创业板指盘中下跌0.5%，而后翻红一度涨超1%。沪深两市半日成交额1.04万亿，较上个交易日缩量555亿。 全市场近3500只个股下跌。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3879.52 | 13000.88 | 1395.62 | | +1.52 +0.04% +45.63 +0.35% +3.14 +0.23% | | | | 科创50 | 创业板指 | 万得全A | | 1320.44 | 3059.76 | 6187.44 | | +12.08 +0.92% +22.97 +0.76% +8.15 +0.13% | | | | 沪深300 | 中证500 | 中证A500 | | 4543.93 | 7021.22 | 5458.54 | | ...

Market Overview - The Hang Seng Index rose by 0.19%, gaining 48 points to close at 25,809 points, while the Hang Seng Tech Index increased by 0.58%. The morning trading volume in Hong Kong stocks reached HKD 92.2 billion [1]. Robotics Sector - Robotics concept stocks led the gains, with several stocks rising over 3%. Reports indicate that the Trump administration is promoting the development of the robotics industry [1]. - DCH Holdings (00179) surged by 9%, while Sanhua Intelligent Control (002050) also saw an increase of over 9%. Yujian (02432) rose by 2% [1]. - UBTECH (09880) increased by over 3% after announcing a partnership with Zhaosheng Technology to deploy 10,000 humanoid robots over five years [1]. - Hesai Technology-W (02525) rose by over 6% following the release of its self-developed RISC-V LiDAR main control chip, Fermi C500 [1]. - InnoCare Pharma (02577) gained over 4% after forming a strategic partnership with ON Semiconductor to advance the GaN ecosystem [1]. Other Notable Stocks - Dazhong Public Utilities (600635) (01635) rose by over 6% ahead of the listing of Moole Technology, which is backed by its investment arm [1]. - Global New Material International (06616) saw its stock price double since the end of October, with a recent increase of over 5% after increasing its stake in Qise Pearl [1]. - Gossamer Bio-B (01672) surged by over 9% after repurchasing 1.3 million shares, previously announcing a buyback of up to HKD 300 million [1]. - Kacos-B (01167) rose by over 5% as its subsidiary received a first payment of HKD 125 million, with its combination therapy featured in The Lancet [1]. - Pacific Basin Shipping (02343) increased by over 4% as the BDI index reached a nearly two-year high, indicating an impending turning point for the dry bulk shipping industry [1]. Declining Stocks - Capital Market Holdings (00204) fell by over 40%, with a cumulative decline of more than 80% this week, following a significant transfer of shares [1].

Group 1 - The core viewpoint of the articles highlights significant stock movements in the Hong Kong and US markets, driven by company announcements and strategic partnerships [1][2][5][6][7]. Group 2 - Gilead Sciences-B (01672) saw a nearly 9% increase after announcing a share buyback plan, utilizing up to 300 million HKD for repurchases [1]. - OSL Group (00863) rose nearly 2% as it plans to offer compliant digital asset trading services in Europe by Q1 2026 [1]. - Gako Science-B (01167) increased over 5% following a 125 million RMB payment from Haisheng Capital, enhancing its cash reserves for oncology therapy development [1]. - Zhida Technology (02650) surged over 4%, reaching a new high, after signing a sales order exceeding 100 million RMB with Saudi Controls Ltd for a five-year collaboration [2]. - Capital界金控 (00204) fell over 40%, marking a historical low, with a cumulative decline exceeding 80% for the week [2]. - Semiconductor stocks performed well, with Huahong Semiconductor (01347) up 3.18%, Shanghai Fudan (01385) up 2.79%, and SMIC (00981) up 1.86% [2]. - Pacific Shipping (02343) rose nearly 5% as the Baltic Dry Index reached 2845 points, a 9.42% increase, marking the largest rise since October 2025 [3]. - Aoda Holdings (09929) resumed trading with a surge of over 200%, following a major share sale involving 1.5 billion shares at a price of 0.11 HKD per share [4]. - Robotics stocks saw significant gains, with Dechang Motor Holdings (00179) up 9.11% and Sanhua Intelligent Control (02050) up 9.06% [4]. - Ansem Semiconductor (ON.US) rose 11.01% after announcing a strategic partnership with Innosec to advance GaN technology applications [5]. - The Nasdaq Golden Dragon Index fell 1.38%, with notable declines in popular Chinese stocks like Xpeng Motors (XPEV.US) down 4.02% and Alibaba (BABA.US) down 1.89% [5]. - Microchip Technology (MCHP.US) increased by 12.17% after raising its revenue and earnings per share forecasts due to strong booking performance [6]. - Bitcoin-related stocks saw gains, with Iren Ltd (IREN.US) up 6.91% and Coinbase (COIN.US) up 5.19% [6]. - The robotics sector in the US experienced a boost, with Richtech Robotics (RR.US) up 18.54% and iRobot (IRBT.US) up 73.85% amid government support for the industry [7].