以下文章来源于中金研究院 ，作者创新经济组 欢迎来到中金机器人播客。我是周子彭，在这里，我将与中国最优秀的创业者、投资人和研究者进行 深入对话，共同探索机器人发展的最前沿。 中金研究院 . 中金研究院 (CICC Global Institute，缩写 CGI)作为中金公司一级部门，定位为新时代、新形势下的新型 智库，服务于中国公共政策研究与决策，参与国际政策讨论和交流，并为中国金融市场尤其是资本市场 发展建言献策。 本期内容 第八期嘉宾：王潜 自变量机器人创始人兼CEO 本期时间线 | 00:00:00 | 开场：具身智能的"冲浪"时刻与王潜博士的背景 | | --- | --- | | 00:03:03 | 顶级学者的遗憾：当年为何错过了 Transformer，又为何坚定回归机器人？ | | 00:06:53 | 范式转移：GPT-3 带来的启示，机器人领域苦寻 80 年的"金钥匙" | | 00:10:38 | 物理世界的 Scaling Law：从"机器制造机器"到星际殖民的资源指数增长 | | 00:15:51 | 路线之争：为何坚持"端到端"统一大模型？分层架构的 Trade-off 与局限 | ...

● 本报记者 郑萃颖 "在工业制造领域，有许多产品类型多、单次产量少的生产场景，传统工业控制技术无法适配，急需具 身智能来提供解决方案。"配天机器人首席技术官郭涛日前向中国证券报记者介绍，具身智能的应用有 望进一步提升大量场景的生产效率。 开年以来，各类经营主体主动作为，以资本注入、技术攻关、场景应用多维发力，推动具身智能从技术 概念走向产业实践。一方面，人形机器人赛道热度延续，持续获得资本青睐；另一方面，上市公司持续 发挥产业链引领作用，引入具身智能系统，在装配、转运、检测等环节实现柔性生产，推动传统产业向 高端化、智能化转型。 热度持续升温 "2026年，预计国内具备稳定运行能力、可进入真实场景测试和应用的具身智能机器人产量规模将持续 扩大。"傅利叶创始人兼CEO顾捷对记者说，各家企业积极探索具身智能在多元场景落地应用，推动具 身智能从技术概念走向产业实践。 工业领域的具身智能机器人应用潜力正待挖掘。"目前，虽然全国在役工业机器人超过200万台，但工业 机器人密度仍有提升空间，需求存在巨大缺口。"郭涛表示，工业领域存在大量"多品种、小批次"的生 产场景，传统工业控制技术无法适配，需要具身智能提供解决方案。 ...

Core Insights - The investment landscape for embodied intelligence is heating up, with significant funding rounds indicating strong interest from top-tier investors [1][2] - The focus of capital is shifting from merely funding technological blueprints to emphasizing scalable production and commercial viability [1][7] Investment Highlights - Self-variable Robotics completed a 1 billion yuan A++ round of financing, attracting major investors like ByteDance, Sequoia China, and local state-owned funds [1][2] - Other companies in the embodied intelligence sector, such as Future Not Far Robotics and Manifold AI, have also secured funding, reflecting a broader trend of investment in this field [1][4] Government Support - The Chinese government has recognized embodied intelligence as a new economic growth point, with supportive policies emerging from regions like Beijing, Zhejiang, and Guangdong [1][3] - The establishment of investment platforms by local governments aims to nurture embodied intelligence as a key industry [3] Market Trends - The year 2025 is projected to be a critical juncture for the commercialization of embodied intelligence, with over 140 domestic companies expected to emerge [6] - The transition of humanoid robots from experimental stages to practical applications in homes and factories is accelerating [6] Competitive Landscape - The investment community is increasingly focused on the practical application and mass production capabilities of companies, moving away from speculative funding [7] - Concerns exist regarding the concentration of capital towards leading firms and the potential for price competition as many companies pursue similar technological paths [7]

以下文章来源于快鲤鱼 ，作者好好 快鲤鱼 . 创业邦旗下AGI矩阵号，寻找海内外创新性的AGI高成长公司，记录AGI商业领袖的成长轨迹。 作者丨好好 编辑丨小龙 图源丨自变量机器人官网 1月12日，自变量机器人完成A++轮融资，金额为10亿元人民币。字节跳动、红杉中国、深创投等顶 级机构领投。 图片来源：自变量官网 自变量成立于2023年12月，自成立以来，两年时间完成9轮融资。总金额超30亿元，估值从天使轮 的2亿元快速攀升至A++轮后的100亿元，实现50倍增长。 两年前，具身智能对公众而言还是一个相当陌生的术语。它不同于传统工业机器人基于预设程序执行 任务，而是指能通过"大脑"（智能模型）理解环境、自主决策的智能机器人。 如今，整个行业正迎来拐点。高工机器人产业研究所数据显示，2025年国内具身智能产业链发生 144次融资事件，融资金额达195亿元，平均单笔融资规模达到1.35亿元 。 自变量自创立之初就选择了技术难度极高的"端到端通用具身智能大模型"路线 。这与传统机器人分 模块、单任务优化的技术范式截然不同，目标是打造一个能统一处理感知、规划与控制的机器人"大 脑"。 光速光合合伙人蔡伟认为，这种路 ...

成长期企业融资困局待解 "C轮死"魔咒背后存四大症结 "以前总说'C轮死'，没想到这么多年过去，这个魔咒还是没被打破。"近期一位投资人的 感慨，戳中了成长期创业企业的集体痛点。 在创投市场，如今已呈现哑铃式融资格局：早期项目靠技术故事吸引资本，成熟期企业 凭稳定业绩冲击IPO，而成长期企业却卡在一个"中间地带"：既没了早期估值的吸引力， 又还没具备成熟期的流动性与"造血"能力，融资难成为横在它们面前的一道鸿沟。这道 鸿沟为何迟迟难以填平？有何破局之道？值得整个行业静下心来深思。 B轮成了"融资坎" "去年我们看了约200个成长期项目，没有一个能达到我们的投资安全边际，最终一个都 没法出手。"融创投资创始合伙人赵俊峰无奈说道。在他看来，所谓的"投资安全边际"， 即企业拥有正向经营现金流，而非账面上不断累积的应收账款与大量存货，不然就不是 高质量增长的表现。 华南一券商资深投行人士解枫（化名）对此有同感："我接触过不少这类卡在中间的企 业。比如一家做非侵入式脑机接口的公司，产品性能已达标，但偏偏卡在商业化落地很 难推进，没有医疗渠道和经销商资源，量产又需要大额预付资金，资金压力陡增。结果 就是B轮之后，早期投资人 ...

2026年并不是具身智能走向终局的一年，而是决定分化方向的一年。谁能够在这一年真正进入现实世界，并建立起可持续演化的能力闭环，谁 才有资格参与下一阶段关于"通用"的讨论。 2026年，具身智能正被推到了一个新的临界点。 在过去一年里，一级市场资本汹涌而至，融资额不断刷新着具身智能领域的历史纪录。 根据IT桔子数据显示，2025年具身智能领域，共发生329起融资事件，同比2024增长219.42%；融资金额更是高达398.9亿元，同比增长3倍之多。 从一月份春晚宇树H1登上春晚，到三月份具身智能写入政府工作报告，4月份机器人马拉松开幕，再到7月份，智元+宇树中标中国移动1.24亿元采购，开 启商业订单规模化；最后到国产机器人在CES展会炸场……具身智能在2025，画出了一道特殊的宏观图景。 站在当下来看，具身智能领域，钱、算力和硬件似乎都已就位，但在这个领域，钱究竟流向了哪里？是谁在这场竞赛中拿走了最多筹码？ 更重要的是，当"手"和"脚"已经初步成型，当模型开始走进工厂、仓库与产线，当下的具身智能，究竟已经能做什么？又有哪些能力，依然是金钱、算力 和工程堆叠都暂时无法攻克的"无人区"？2026年能否被攻克？ 根 ...

Core Viewpoint - The robot industry is experiencing significant growth, with the Robot 50 ETF showing strong performance and increased investment activity in humanoid robots, driven by recent financing and technological advancements [1][2]. Group 1: ETF Performance - As of January 21, 2026, the Robot 50 ETF (159559) increased by 0.80%, with notable gains from constituent stocks such as Tianzhihang (up 16.47%), Boshi Co. (up 6.30%), and Xinjie Electric (up 5.74%) [1]. - The Robot 50 ETF saw a scale increase of 842 million yuan over the past three months, indicating significant growth [1]. - In terms of shares, the ETF experienced a growth of 13.5 million shares in January, reflecting strong investor interest [1]. Group 2: Fund Inflows - The Robot 50 ETF has recorded continuous net inflows over the past three days, with a peak single-day net inflow of 94.01 million yuan, totaling 116 million yuan in net inflows [1]. Group 3: Industry Developments - Recent financing activities, including a 1 billion yuan A++ round for a humanoid robot company, highlight the increasing investment interest in the humanoid robot sector [1]. - Companies such as UBTECH, Zhiyuan Robotics, and Zhujidongli are accelerating their efforts in technology development and ecosystem collaboration, focusing on areas like training data acquisition and the release of embodied intelligent systems [1]. - According to Guoyuan Securities, the collaborative innovation across the robot industry chain is accelerating, supported by clear policy guidance, which is expected to expedite the industrialization process of humanoid robots [1].

Group 1: Core Insights - 1X Technologies has launched the "1X World Model," enabling the NEO robot to achieve autonomous learning, marking a significant advancement in embodied intelligence from remote operation to full autonomy [1] - A strategic technology partnership has been announced between Humanoid and Schaeffler, aiming to integrate hundreds of humanoid robots into Schaeffler's production facilities over the next five years [1] - Predictions from notable investors suggest that Tesla's upcoming Optimus V3 humanoid robot will surpass the company's achievements in the automotive sector [1] Group 2: Domestic Developments - Matrix Superintelligence has unveiled the MATRIX-3, a new generation of safe, autonomous, and generalized physical intelligence robots [2] - The Kepler humanoid robot "K2 Bumblebee" successfully completed the world's first human-robot collaborative welding operation at a height of 20 meters [2] - Hubei province has completed the first inter-company transaction of embodied intelligence data, selling thousands of hours of training data to Zhiyuan Robotics [2] - Chinese humanoid robot companies, including Zhiyuan, Yushu, and Zhongqing, showcased their innovations at CES 2026 [2] Group 3: Investment and Market Trends - The financing demand in the robotics sector is increasing, with Skild AI raising $1.4 billion led by SoftBank and NVIDIA to develop a general-purpose robot "brain" [3] - Domestic self-variable robotics has secured 1 billion yuan in A++ round financing led by ByteDance, attracting investments from three major internet giants [3] - The leasing platform "Qingtian Rent" has completed its seed round financing, accelerating its business model [3] - Lens Technology has been confirmed as a core supplier for a leading North American robotics client, with its head modules passing customer certification [3]

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry [8]. Core Insights - The humanoid robot concept index increased by 1.48% from January 11 to January 16, 2026, outperforming the CSI 300 index by 2.05 percentage points. Year-to-date, the humanoid robot index has risen by 6.49%, also surpassing the CSI 300 index by 4.29 percentage points [3][14]. - The report highlights that 2026 is expected to be a significant year for humanoid robot applications, with a recommendation to focus on the related industry chain [6]. Weekly Market Review - From January 11 to January 16, 2026, the humanoid robot concept index rose by 1.48%, outperforming the CSI 300 index by 2.05 percentage points. The index has a year-to-date increase of 6.49%, exceeding the CSI 300 index by 4.29 percentage points [3][14]. - Among A-share humanoid robot index stocks, Sanwei Tiandi had the highest weekly increase at +24.36%, while Daye Co. experienced the largest decline at -20.98% [18][19]. Weekly Hotspots Review Policy Developments - The Ministry of Industry and Information Technology emphasized the need to promote the large-scale application of humanoid robots and health monitoring devices in homes, communities, and elderly care institutions [4][21]. - Shanghai's three-year action plan (2026-2028) aims to support the transformation and upgrading of advanced manufacturing, including investments in humanoid robots [4][22]. - Hangzhou's proposal for the 15th Five-Year Plan includes accelerating the development of artificial intelligence and visual intelligence industries [4][22]. - Jiangsu's "Artificial Intelligence +" action plan focuses on developing humanoid robot technology and applications [4][23]. Product and Technology Iteration - UBTECH has formed a strategic partnership with the National Robot Testing and Evaluation Center to enhance the quality of humanoid robot components [4][24]. - ZhiYuan Robotics has purchased training data from the Hubei Humanoid Robot Innovation Center [4][25]. - ZhiJi Dynamics launched the LimX COSA system, enabling humanoid robots to integrate advanced cognitive functions [4][25]. - A new intelligent technology company was established in Shanghai by ZhiYuan Robotics and its affiliates [4][26]. Investment and Financing - Self-variable robots completed a 1 billion yuan A++ round of financing, attracting investments from major firms like ByteDance and Meituan [5][27]. - The robot leasing platform "Qingtian Rent" secured seed round financing [5][28]. - StarTech Microelectronics raised several hundred million yuan in equity financing to enhance its chip development for various applications, including humanoid robots [5][29]. Key Company Announcements - Lens Technology has established a vertically integrated manufacturing platform for humanoid robots, delivering products to leading clients [5][30]. - Zhiwei Intelligent has secured customer orders in the "big and small brain" controller sector for robots [5][30]. - Nasda has launched competitive technology solutions for motor control and battery management, with products already shipped to major companies [5][30]. - Zhaofeng Co. announced a 100 million yuan interest-free loan to its subsidiary for the industrialization of humanoid robots and automotive precision components [5][31].

Investment Rating - The report maintains a "Recommendation" rating for the industry [8] Core Insights - The humanoid robot concept index increased by 1.48% from January 11 to January 16, 2026, outperforming the CSI 300 index by 2.05 percentage points. Year-to-date, the humanoid robot index has risen by 6.49%, exceeding the CSI 300 index by 4.29 percentage points [3][14] - The report highlights that 2026 is expected to be a significant year for humanoid robot applications, suggesting investors pay attention to the related industry chain [6] Weekly Market Review - The humanoid robot index saw a weekly increase of 1.48%, with notable individual stock performances: Sanwei Tiandi had the highest weekly gain at +24.36%, while Daye Co. experienced the largest drop at -20.98% [3][18] Weekly Hotspots Review Policy Developments - The Ministry of Industry and Information Technology emphasized the need to promote the large-scale application of humanoid robots and health monitoring devices in various settings such as homes and elderly care institutions [4][21] - Shanghai's three-year action plan (2026-2028) aims to support advanced manufacturing transformation and upgrade, including investments in humanoid robots [4][22] - Hangzhou's proposal for the 15th Five-Year Plan includes the development of AI and visual intelligence as trillion-yuan industry clusters [4][22] - Jiangsu's "Artificial Intelligence +" action plan focuses on developing humanoid robot technology and applications [4][23] Product and Technology Iteration - UBTECH has formed a strategic partnership with the National Robot Testing and Evaluation Center to enhance the quality and verification of humanoid robot components [4][24] - ZhiYuan Robotics has purchased training data from the Hubei Humanoid Robot Innovation Center [4][25] - ZhiJi Dynamics launched the LimX COSA system, integrating high-level cognition with full-body control for humanoid robots [4][25] - A new intelligent technology company was established in Shanghai by ZhiYuan Robotics and its affiliates [4][26] Investment and Financing - Self-variable robots completed a 1 billion yuan A++ round of financing, backed by major investors including ByteDance and Meituan [5][27] - The robot leasing platform "Qingtian Rent" secured seed round financing [5][28] - StarTech Microelectronics raised several hundred million yuan in equity financing to enhance its chip development for various applications [5][29] Key Company Announcements - Lens Technology has established a vertically integrated manufacturing platform for humanoid robots, delivering products to major clients [5][30] - Zhiwei Intelligent has secured customer orders for its humanoid robot control systems [5][30] - Nasda has begun mass shipments of competitive technology solutions to leading companies in the robotics sector [5][30] - Zhaofeng Co. announced a 100 million yuan interest-free loan to its subsidiary for the industrialization of humanoid robots [5][31]