本报（chinatimes.net.cn）记者胡梦然 见习记者 黄海婷 深圳摄影报道 近十年，我国人形机器人相关企业存量逐年增加。天眼查数据显示，截至2026年2月11日，国内在业存 续的人形机器人相关企业达870家，其中华东地区占比47.2%，华南地区占比23.6%。 就在这片热土上，深圳逐际动力（LimX Dynamics）于2026年2月2日宣布完成2亿美元B轮融资。这是今 年以来国内具身智能领域金额最高的一笔融资，资方名单中既有阿联酋磊石资本等国际财务投资人，也 出现了京东、上汽尚颀资本、蔚来资本等产业资本身影。 这家成立仅四年的公司，凭借"大小脑融合""具身Agentic OS""模块化通用基座"等技术标签，在资本寒 冬尚未完全退去的当下，获得了超预期加注。 然而，围绕逐际动力的行业评价远非一致叫好。《华夏时报》记者在为期一周的多方调查中发现，这家 被资本捧上浪尖的公司，正面临"业内认可、业外无感""技术领先、营销滞后""定价策略与市场预期错 位"等多重压力，有业内人士甚至直言："这个价格就没打算卖，说白了就是吸引融资圈钱。" 当人形机器人赛道从2024年的"百企争流"行至2026年的"分化淘汰"前 ...

Core Viewpoint - The A-share market is experiencing an upward trend, particularly in the technology sector, with a notable rise in the robotics sector, as evidenced by the performance of the Robotics ETF Huatai-PineBridge (159213) which increased by 1.25% [1] Group 1: Robotics ETF Performance - The Robotics ETF Huatai-PineBridge (159213) has shown a mixed performance among its constituent stocks, with major gains from companies like Dazhu Laser, which rose over 7%, and others like Greentech Harmony and iFlytek, which increased by over 2% [2][3] - The top ten constituent stocks of the Robotics ETF include iFlytek with a 2.21% increase and Dazhu Laser with a 7.33% increase, indicating strong performance in the sector [4] Group 2: Technological Developments - Xiaomi has officially launched and open-sourced its first-generation robotics VLA model, Xiaomi-Robotics-0, which features 4.7 billion parameters and excels in visual language understanding and real-time execution capabilities [5] - Alibaba's DAMO Academy has released the RynnBrain model, which significantly enhances robotic intelligence by introducing spatial reasoning and memory capabilities, outperforming leading models like Google's Gemini Robotics ER 1.5 [5] Group 3: Market Trends and IPO Activity - There is a surge in companies focused on embodied intelligence initiating IPO processes, with three companies already advancing their A-share listings as of February 10 [6] - The robotics industry is compared to the electric vehicle sector, with both undergoing a phase of technological validation and expected to benefit from policy support and market demand [7][8] Group 4: Investment Insights - The investment focus in the humanoid robotics sector is shifting from thematic investments to expectations of mass production, with key milestones anticipated from Tesla's developments in humanoid robots [8] - The industry is expected to see a reduction in the timeline from technology validation to commercial rollout compared to the electric vehicle sector, due to the accumulated resources and capital in the robotics field [8]

Group 1: Company Listings and Developments - 澜起科技 successfully listed on the Hong Kong Stock Exchange on February 9, becoming one of the few global suppliers offering complete solutions from DDR2 to DDR5 memory [1] - 极物思维 submitted its IPO application to the Hong Kong Stock Exchange, marking a new phase in its capital development [2] - 麦得发 completed a Series B financing round, with funds aimed at R&D and global market expansion of PHA biodegradable materials [6] Group 2: Product Innovations and Recognitions - 真健康's four products were included in the 11th batch of the "Excellent Domestic Medical Equipment Product Directory," marking a significant recognition in the field of percutaneous puncture surgery robots [3] - 一微科技 ranked 436th in the "2025 China Enterprise Patent Strength Top 500" list, showcasing its strong patent capabilities and innovation in robotics [4][5] Group 3: Market Expansion and Strategic Initiatives - 极物思维 is enhancing its headquarters functions and regional collaboration to establish 横琴 as a key hub connecting national store networks and capital markets [2] - 大横琴星文旅公司 launched a cross-border flower market service model, facilitating a seamless purchasing experience for consumers between 珠海 and 澳门 [7]

Core Insights - The article discusses the strategic positioning and investment plans of Jiyuan Capital, highlighting a significant increase in investment scale and team growth, indicating a strong return to the market [3][5]. Investment Strategy - Jiyuan Capital plans to invest 2.5 times more in 2025 compared to 2024, targeting a total investment of 2.5 billion RMB, with over 2 billion RMB already returned from exits [3]. - The firm aims to focus on AI applications and embodied intelligence, with a substantial portion of the investment directed towards these sectors [10]. Team Development - The team at Jiyuan Capital has grown from 73 to 82 members, with two new partners promoted from within, indicating a commitment to internal talent development [4]. - The leadership emphasizes the importance of connecting Chinese entrepreneurs with Asian and overseas markets, positioning the firm as a "super node" in the investment landscape [5]. Market Trends - The article notes that the current generation of AI entrepreneurs is perceived as exceptionally talented, influenced by figures like Elon Musk, and is expected to address deeper value questions regarding the future of work [7][8]. - Jiyuan Capital recognizes the shift in investment paradigms from mobile internet to AI, while maintaining a consistent logic in selecting people to invest in [6][10]. Sector Focus - The firm is particularly interested in vertical applications that address specific needs, with a preference for strong teams and reliable founders [10]. - Hardware investments are gaining traction, driven by a combination of supply-side talent density and demand for innovative product experiences [11]. Future Outlook - Jiyuan Capital is preparing to organize an AI robotics Demo Day in Singapore, aiming to connect promising Chinese companies with local resources and government entities [14]. - The firm believes that the current competitive landscape requires a focus on consolidating resources in the most promising sectors, rather than spreading investments too thinly [14].

Group 1: Company Listings and Developments - 澜起科技 successfully listed on the Hong Kong Stock Exchange on February 9, becoming one of the few global suppliers offering a complete range of memory solutions from DDR2 to DDR5 [1] - 极物思维 submitted its IPO application to the Hong Kong Stock Exchange, marking a new phase in its capital development [2] - 麦得发 completed its Series B financing round, with funds aimed at R&D and market expansion of PHA biodegradable materials [6] Group 2: Product Innovations and Recognitions - 真健康's four products were included in the 11th batch of the "Excellent Domestic Medical Equipment Product Directory," marking a significant recognition for its innovative surgical navigation systems [3] - 一微科技 ranked 436th in the "2025 China Enterprise Patent Strength 500" list, showcasing its strong patent capabilities in the robotics sector [4] - 一微科技 has applied for over 2000 intellectual property rights, focusing on core technologies in robotics and AI [5] Group 3: Market and Regional Developments - 极物思维 aims to strengthen its headquarters' functions and regional collaboration, positioning 横琴 as a hub connecting national store networks and capital markets [2] - 大横琴星文旅公司 launched a cross-border flower market event, introducing a new service model for flower purchases between 横琴 and 澳门 [7]

Group 1 - China North Industries Group's subsidiary, Beifang Chuangye, signed a contract with China National Railway Group for C70E general open cars and X70 container flat cars, amounting to 348 million yuan [1] - Beifang Chuangye aims to enhance its railway product industry through technological innovation, core capability upgrades, market expansion, and digital transformation, focusing on high-quality development [1] - North Heavy Industries Group successfully won a supply contract for six major pipeline materials for the expansion project of Datang Fuzhou Power Plant, contributing to a benchmark energy project in Jiangxi Province [1] - North Heavy Industries has undertaken nearly 200 projects related to ultra-supercritical and 660,000 kW units, maintaining industry-leading operational stability [1] Group 2 - Special Energy Group's Jiangyang Blasting Company signed a contract for a 2.4 million tons/year open-pit mining project for limestone used in flux, with a total annual stripping volume of approximately 8 million tons over a service period of 10 years [2] - Jiangyang Blasting Company plans to leverage its mature technology in large-scale open-pit mining to expand its market presence and optimize its business structure [2] Group 3 - North Vehicle Group's Beibei Cableway has entered the market application phase with the completion of its first external sales contract for the detachable cableway model [3] - The Beibei Cableway model replicates the operational logic and core structure of a real detachable cableway, primarily used for technical demonstrations, training, and educational purposes [3] Group 4 - The Information Institute's Computing Institute has been approved to establish a key laboratory for "Ground-Air Collaborative Embodied Intelligent Unmanned Systems" to research applications in emergency rescue [4] - The laboratory focuses on creating a technology loop that includes perception, understanding, decision-making, collaboration, and verification, aiming to develop a highly autonomous and intelligent rescue system [4]

Core Viewpoint - The article highlights the launch of the new generation general-purpose robot platform, "Embodied Tiangong 3.0," by the Beijing Humanoid Robot Innovation Center, emphasizing its advancements in motion control, stability, and open software-hardware interfaces, which significantly lower the development barriers for humanoid robots [1][15]. Group 1: Product Features and Performance - The "Embodied Tiangong 3.0" is the first humanoid robot to achieve high dynamic motion control with touch interaction capabilities, showcasing significant breakthroughs in stability and motion control [1][14]. - The robot demonstrated impressive agility and balance by successfully performing complex tasks such as single-handedly climbing over a one-meter wall, which requires precise weight distribution and dynamic stability [2][4]. - In a full demonstration, the robot executed a variety of challenging movements, including single-handed support, push-ups, and flips, showcasing its advanced motion capabilities [7][11]. - The robot's hand dexterity is notable, as it can perform tasks like juggling ping pong balls and responding to fast-moving baseballs, highlighting its balance and real-time control abilities [9][11]. Group 2: Open Software-Hardware Ecosystem - The "Embodied Tiangong 3.0" addresses high development barriers in the humanoid robot industry by providing an open software-hardware ecosystem, allowing developers to easily integrate various external tools and adapt to diverse operational scenarios [15][16]. - The hardware design includes multiple expansion interfaces, enabling quick adaptation for special operations, industrial manufacturing, and commercial service applications [15]. - The software ecosystem, based on the "Wisdom Open Object" platform, offers comprehensive development documentation and tools, significantly reducing development costs and time for partners [15][16]. Group 3: Market Position and Financing - The Beijing Humanoid Robot Innovation Center has recently completed over 700 million yuan in market financing, indicating strong investor confidence in its commercialization potential [19][21]. - The center has established a humanoid robot pilot verification platform capable of producing 5,000 units annually, marking a critical phase for market entry [17][21]. - Recent collaborations with various companies in sectors such as pharmaceuticals, automotive manufacturing, and energy indicate a strategic push towards practical applications of humanoid robots in real-world scenarios [23][24].

Group 1 - The core point of the article is the establishment of Guanghe Tong Embodied Intelligent Technology (Suzhou) Co., Ltd., which is fully owned by Guanghe Tong (300638) and has a registered capital of 30 million RMB [1][2][3] - The company’s business scope includes research and development of intelligent robots, sales of intelligent robots, sales of artificial intelligence hardware, manufacturing of service consumer robots, and development of various artificial intelligence software [1][2] - The legal representative of the company is Ying Lingpeng, and it is registered under the Suzhou Industrial Park Administrative Approval Bureau [2][3] Group 2 - The company is classified as a limited liability company with a focus on software development and artificial intelligence applications [2][3] - The company is part of the National Small and Medium-sized Enterprise Development Fund, indicating potential support and resources from government initiatives [2][3] - The business operations are set to continue indefinitely, with no fixed expiration date for the business license [2]

Core Insights - Xiaomi's founder, chairman, and CEO Lei Jun announced the milestone research achievement of the Xiaomi Robotics team: the intelligent VLA model Xiaomi-Robotics-0, which has achieved optimal results in several mainstream testing sets and has been open-sourced [1] Group 1 - Xiaomi has been investing in the robotics business for a long time and is committed to promoting open-source technology and transparent results [1] - The newly released open-source VLA model Xiaomi-Robotics-0 features 4.7 billion parameters, combining visual language understanding with high-performance real-time execution capabilities, setting new state-of-the-art (SOTA) benchmarks [1] - The model has excelled in three major mainstream simulation tests and has demonstrated physical intelligence generalization in real-world tasks, exhibiting coherent actions and responsive reactions, while achieving real-time inference on consumer-grade graphics cards [1]

Core Insights - The article discusses the delivery performance of Li Auto in January 2026, highlighting a total delivery of 27,668 vehicles, with 9,358 being range-extended and 18,310 being pure electric [1][2] - It mentions a significant organizational restructuring within Li Auto, transitioning from a Huawei IPD model to a Toyota CE model [1] - The article also notes the introduction of two product lines within Li Auto, with specific leadership assigned to each line [3] Delivery Performance - In January 2026, Li Auto delivered a total of 27,668 vehicles, which includes 9,358 range-extended vehicles and 18,310 pure electric vehicles [1][2] - The delivery numbers for previous months show fluctuations, with December 2025 having the highest at 44,246 vehicles, and a notable decrease in January 2026 [2] Organizational Changes - Li Auto is restructuring its product lines into two main categories: one focusing on MEGA, L9, L8, and L7, and the other on the i series and L6 [3] - Leadership changes include汤靖 overseeing the first product line and 李昕旸 managing the second [3] Market Position and Strategy - The article indicates that Li Auto is focusing on enhancing user experience over the initial purchase experience, as stated by the company's founder [3] - There is a mention of Li Auto's strategic goal for 2028, emphasizing the importance of AI and agent technology in their future plans [4] Industry Context - The article references a broader industry context where Li Auto is seen as a leader in self-developed materials and applications within the automotive sector [4] - It also highlights the competitive landscape, noting that the performance of other brands in the market, such as AITO, has been better in the 300,000+ market segment compared to Li Auto [3][5]