Market Overview - The major indices showed mixed performance with the ChiNext Index up by 1.27%, the STAR Market 50 Index up by 0.12%, while the North Exchange 50 Index down by 0.29%, the Shenzhen Component Index down by 0.66%, and the Shanghai Composite Index down by 0.96% [1] - The TMT sector led the gains with SW Communication Cables and Accessories up by 6.11%, SW Communication Network Equipment and Devices up by 4.91%, and SW Film and Animation Production up by 2.16% [1] - Conversely, the TMT sector also saw declines with SW Horizontal General Software down by 2.68%, SW Vertical Application Software down by 2.37%, and SW Brand Consumer Electronics down by 2.15% [1] Domestic News - In the semiconductor materials and processes sector, Powerchip Semiconductor Manufacturing Corporation (PSMC) announced it will stop accepting orders by Q2 2026, focusing on core technologies like memory and power management [2] - Tianjin New Unisplendour's new computing architecture project has begun chip production, with expected annual shipments reaching thousands of chips and a projected sales scale of 500 million to 1 billion yuan by 2027 [2] - Yintai Technology plans to acquire 100% of Guanglong Integrated and Aojian Microelectronics to enhance its semiconductor industry chain and accelerate its IDM transformation [2] - Meixin Sheng's acquisition of Xinyan Microelectronics aims to enter the magnetic sensor field, enhancing its technology system for environmental perception and multi-modal sensing [2] Overseas News - STMicroelectronics reported a sales increase in Q4 due to rising demand for chips in personal electronics, communication devices, and industrial machinery, although automotive sector performance was below expectations [3] - Counterpoint Research forecasts Apple's Q4 2025 revenue to grow by 16% to $144 billion, driven by a strong iPhone upgrade cycle, with iPhone revenue up by 23% [3] - Texas Instruments expects significant growth in the data center market, with annual revenue projected at $1.5 billion, a 64% year-on-year increase, driven by cloud computing and AI server demand [3] - Kioxia and SanDisk extended their joint venture agreement for the Yokkaichi plant for five more years, committing to the development of 3D flash memory technology [3] AI Insights - Kunlun Wanwei launched the open-source SkyReels-V3, achieving advanced visual quality and instruction adherence in a unified multi-modal context learning framework [4] - Apple completed the acquisition of Israeli AI audio startup Q.ai, which specializes in detecting facial micro-movements for emotion and health monitoring [4] - Samsung confirmed the launch of next-generation AR glasses in 2026, integrating multi-dimensional interaction methods [4] - MiniMax released the Music2.5 music generation model, supporting various music styles and providing AI-assisted tools for music creation [4] Industry Tracking - The China Aerospace Science and Technology Corporation successfully tested a 240-ton reusable rocket engine, achieving international leading performance [5] - Yushut Technology released the open-source UnifoLM-VLA-0 model aimed at humanoid robot operations, enhancing physical interaction capabilities [5] - Gestalt Technology signed a strategic cooperation agreement with Fourier to advance brain-computer interface technologies [5] - Beidi New Materials' polymer film manufacturing project has achieved mass production, aligning with national new materials strategy [5] Earnings Forecast - Zhongke Feimeasure expects 2025 revenue between 1.95 billion to 2.15 billion yuan, a year-on-year growth of 41.27% to 55.75% [6] - Obi Optical anticipates 2025 revenue of 940 million yuan, a 66.53% increase, with a net profit of 123 million yuan [7] - Jiangfeng Electronics forecasts a net profit of 431 million to 511 million yuan for 2025, a year-on-year increase of 7.5% to 27.5% [7] - Xinyi Sheng expects a net profit between 9.4 billion to 9.9 billion yuan for 2025, a significant increase of 231.24% to 248.86% [7]

2026年1月28日，上海——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在上海正式开幕。大会以"形以载智，无界共生"为主题，汇聚了来 自具身智能、机器人本体开发、医疗康复等领域的顶尖学者、合作伙伴和投资机构，共同探讨具身智能技术如何在人机协作的场景中应用落地。 会上，傅利叶创始人兼CEO顾捷强调，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。"我们将坚持把'主动式人机交互'作为技术路线 的核心，推动机器人技术向以人为本的智能体发展，让机器人可以更早地理解意图、更准确地参与协作。" 围绕这一技术路线，傅利叶构建了从核心传感器、灵巧手到全身遥操、多模态感知、力反馈技术等一整套以"主动交互"为核心的能力体系，并在会上发布了 面向康养场景的具身智能解决方案——"脑机具身智能康复港"，推动康复效率和效果的系统性提升。 在此基础上，傅利叶还联合上海交通大学医学院附属瑞金医院、复旦大学类脑智能科学与技术研究院、天桥脑科学研究院、国家地方共建人形机器人创新中 心、同济大学附属养志康复医院、格式塔科技和临港实验室共同发起"脑机具身·数据引擎联合创新计划"，以核心硬件、工具链等底层技术持续支持探索脑 机 ...

Core Viewpoint - The article discusses the integration of brain-machine interfaces (BMIs) and embodied intelligence in rehabilitation, highlighting the potential for these technologies to enhance patient recovery and redefine the roles of healthcare professionals and robots in medical settings [6][7][10]. Group 1: Brain-Machine Interface and Embodied Intelligence - The concept of combining BMIs with embodied intelligence is presented as a groundbreaking approach to rehabilitation, allowing robots to assist patients based on their brain signals [6][7]. - The integration of BMIs can potentially enable patients to control robotic devices through thought, enhancing the effectiveness of rehabilitation training [23][25]. - The article emphasizes that the future of rehabilitation may involve not only robots assisting doctors but also patients becoming "cyborgs" [8][10]. Group 2: Technological Advancements - Recent advancements in BMI technology, including lighter and more modular hardware, have made it feasible for large-scale deployment in clinical settings [31][36]. - The development of large models has improved the processing of complex brain signals, allowing for more accurate intention recognition [32][34]. - The article notes that the combination of these technological advancements has laid the groundwork for BMIs to actively participate in rehabilitation [35][36]. Group 3: Clinical Applications and Future Directions - Fourier's introduction of the "smart rehabilitation port" in 2020 has been a significant step in integrating advanced technologies into rehabilitation practices [11][12]. - The article outlines a strategic initiative to create a large-scale BMI data set to enhance the training of large models for better intention recognition [40][41]. - The potential for robots to serve as experimental platforms for understanding brain functions is highlighted, suggesting that they could facilitate research that is difficult to conduct directly on human subjects [64][65]. Group 4: Expert Insights and Discussions - Experts in the roundtable discussion emphasize the importance of leveraging intelligent devices to enhance the capabilities of healthcare professionals, rather than replacing them [49][56]. - The conversation also touches on the need for a comprehensive understanding of brain functions to improve the design of intelligent systems that can effectively interact with humans [51][62]. - The integration of BMIs, embodied intelligence, and AI is seen as a pathway to achieving significant advancements in both medical applications and broader societal impacts [60][63].

这种分化不仅体现在出货量上，更关键的是谁能完成从实际部署到迭代改进的闭环——包括模型优化、任务能力提升和成本控制。尽管单位出货量快速增 长，但机器人操作能力的改进速度仍然缓慢，受限于模型、数据和算力。 摩根士丹利警告，中国人形机器人行业已从PPT演示阶段进入真刀真枪的量产竞争期。 据追风交易台信息，摩根士丹利调研团队于1月26-28日密集走访了多家整机厂商（傅利叶、开普勒、MagicBot）和核心零部件供应商（绿的谐波、恒立液 压、双林股份、振宇协能、福莱特、卧龙电驱、思灵科技），分析师观察到一个关键变化：领先者与落后者之间的差距正在迅速扩大，首轮行业洗牌即将到 来。 大摩分析师认为，具备技术实力和量产能力的核心零部件供应商将在这轮产业化浪潮中占据主导地位。随着2026年行业出货量实现数倍增长，具备先发优势 的供应商将获得显著的市场份额和定价权。 2026年出货量将实现数倍跃升 大摩调研显示，所有整机厂商都对2026年出货量持乐观预期。一家领先的国内整机厂商2025年出货量已超过5000台，2026年预计将实现数倍增长。其他厂商 的具体目标包括：傅利叶目标2000台（2025年为400-500台）；Magic ...

Core Insights - Morgan Stanley warns that the humanoid robot industry in China has transitioned from the PPT presentation stage to a competitive mass production phase [1] - The gap between industry leaders and laggards is rapidly widening, indicating an impending first round of industry reshuffling [1] Group 1: Market Outlook - All surveyed manufacturers are optimistic about shipment volumes for 2026, with one leading domestic manufacturer expecting over 5,000 units in 2025 and several times that in 2026 [2] - Specific targets include: Fourier aiming for 2,000 units (up from 400-500 in 2025), MagicBot over 1,000 units, and Kepler 300 units (up from 70-80 in 2025) [2] - Component suppliers like Hengli Hydraulic and Slin Technology are preparing capacity based on North American manufacturers' production plans, aiming for 1,000 units per week by July 2026, increasing to 2,500 units by year-end [2] Group 2: Differentiation in Capabilities - A decisive difference in task capabilities and execution efficiency has emerged among manufacturers, with the industry expected to move beyond video demonstrations by 2025 [3] - The ability to complete the feedback loop from deployment to iterative improvement is critical, including model optimization and cost control [3] - Lagging startups may struggle to catch up during the industry's acceleration phase, with a first round of reshuffling likely to occur soon [3] Group 3: Component Supplier Dynamics - The market for component suppliers shows a clear advantage for leaders with stronger technical capabilities and mass production abilities [4] - Suppliers are shifting from single component competition to module-level product offerings, which helps clients reduce integration complexity and improve quality control [4] - Overseas expansion is becoming a key focus, with leading domestic manufacturers only contributing a single-digit percentage to overseas sales last year [4] Group 4: Application Scenarios - Manufacturers are exploring repeatable and scalable application cases across various sectors, including industrial, retail, medical, and logistics [5] - A gradual development trajectory is anticipated, driven by human-machine collaboration rather than rapid universal breakthroughs [5] - Leading manufacturers expect one-third of 2026 shipments to come from entertainment/commercial services, another third from industrial/data collection, and the remainder from R&D [5]

"这次融入脑机接口，不是在原有系统上'加一个功能'，而是让康复治疗第一次具备了真正从'大脑意图 出发'的闭环能力。"傅利叶创始人兼CEO顾捷表示。 顾捷透露，傅利叶早在2017年就已探索了脑机接口与外骨骼机器人的结合，并完成了概念验证。但受限 于当时脑电信号噪声高、处理手段单一等工程瓶颈，技术尚未达到临床规模化应用的标准。 新华财经上海1月29日电（记者杜康）上海具身智能企业傅利叶（Fourier）28日表示，公司正在探索脑 机接口与具身智能的深度融合，并发布了面向康养场景的具身智能解决方案"脑机具身智能康复港"。 据悉，傅利叶已于2025年将人形机器人引入康复认知训练。目前，傅利叶智能康复港已在全国范围内建 设了300多家康复科室，面向省市县乡镇各级医疗机构及康养社区。 傅利叶是国内较早系统布局康复机器人产业的企业，其也将康养场景作为具身智能重点落地场景之一。 长期以来，临床康复面临患者主动参与度低、训练效果量化难等痛点。传统康复设备往往侧重于"外周 执行"，即由机器带动肢体运动，而大脑中枢的参与度往往不可控，容易导致患者陷入"放空式训练"。 "最近两年，我们看到两个决定性的变化。首先是脑机硬件设备越来越轻 ...

在人形机器人表演与进厂之外，亦有本体厂商选择先聚焦更为垂直的路线——康养。 1月28日，傅利叶发布面向康养场景的具身智能解决方案——"脑机具身智能康复港"，用以改善患者在康复训练中"心有余而力不足"的问题。 其核心在于引入脑机接口技术，当患者在训练过程中产生了运动意图，但肌肉水平却又无法完成时，机器人能够通过脑机识别意图，提供恰当的助力。 傅利叶创始人兼CEO顾捷表示，视觉只能让机器人"看见"世界，触觉和脑机才能让机器人"感知"世界。因此，傅利叶希望实现脑机接口与具身智能体的深 度融合。 他同时明确，这不是十年后的概念，而是傅利叶在未来1至2年内，明确要规模化落地的产品方向，这也是脑机接口一个明确的产业化方向。 康养或成万亿级别市场 脑机接口和机器人进入康复港，能做什么？ 选择这一垂直路线，恰恰呼应了康养产业的供需落差。顾捷此前介绍，当前中国的康复治疗师数量存在缺口。尤其是有经验的、能够每天陪伴并指导患者 做康复训练的治疗师十分缺乏。未来随着社会进一步老龄化，这一缺口还会进一步扩大。 在他看来，如果未来五到十年，相关技术和服务能够真正落地家庭，康养将是一个万亿级的市场。 其发展路径一脉相承：最早是在康复医院， ...

Core Insights - Fourier Exploration aims to integrate embodied intelligence technology with brain-machine interface (BMI) technology to enhance rehabilitation efficiency and improve patient quality of life [1][4] - The CEO, Gu Jie, announced plans to scale the introduction of BMI technology in robotic rehabilitation training within the next 1-2 years, emphasizing the importance of recognizing patient intent during training [1][3] Group 1: Technology Integration - The combination of BMI and robotic systems allows for real-time recognition of patient intentions, enabling robots to provide appropriate assistance during rehabilitation [3][4] - Traditional rehabilitation methods often lead to passive training, while the new approach encourages active participation from patients, resulting in better rehabilitation outcomes [3][4] Group 2: Development Challenges - There is a lack of large-scale datasets and necessary hardware and software infrastructure for BMI and embodied intelligence technologies globally [1][6] - The company has initiated a collaborative project with several academic institutions to enhance interdisciplinary cooperation and support the exploration of BMI and embodied intelligence integration [6] Group 3: Technological Advancements - Recent advancements in BMI hardware have led to lighter, modular devices, and the transition from single EEG systems to multi-modal signal acquisition methods has improved accuracy and reliability [5][6] - The development of large models has transformed the processing of EEG signals, allowing for more effective classification and interpretation of complex brain signals [5]

转自：证券时报 人民财讯1月28日电，1月28日，傅利叶创始人兼CEO顾捷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表示，将在未来1—2年内明确规模化落地引入脑机接口技术的机器人康复训 练，"当患者在训练过程中产生了运动意图，但肌肉水平又无法完成时，机器人能够通过脑机识别意 图，在意识形成的当下提供恰当的助力，就完成了一次从中枢到外周的完整闭环训练。" （原标题：傅利叶：未来1—2年将脑机接口引入机器人康复训练，提升治疗效率） ...

目前，傅利叶优先将已具备商业化条件的大模型能力，应用于康复认知训练与交互引导等场景。同时， 还开展世界模型、脑机接口等前沿技术在真实康养环境中的测试与验证。通过遥操作与Copilot 机制推 进数据积累与能力演进，逐步提升机器人自主水平。 在应用路径上，傅利叶选择从医院和专业机构出发，并计划在充分验证安全性与稳定性后，逐步向社区 及养老场景拓展。 商业化场景落地方面，傅利叶以"康养陪伴"为主要自营场景，此外包括导览、工业、科研3个与产业方 的共建场景，以及多个创新孵化项目。 1月28日，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在上海正式开幕。此次会议 上，傅利叶发布了面向康养场景的具身智能解决方案"脑机具身智能康复港"，对具身智能在康养场景的 落地进行探索。 作为国内较早布局康养产业的智能机器人公司，傅利叶于2025年将人形机器人引入康复认知训练。公司 围绕"主动交互"理念，已构建了软硬一体的主动交互式智能机器人技术平台。该平台包括从核心传感 器、灵巧手到全身遥操、多模态感知、力反馈技术等一整套能力体系。 "我们将坚持把'主动式人机交互'作为技术路线的核心，推动机器人技术向以人为本的智能体发展， ...