Group 1 - The National Robot Industry Index decreased by 0.7%, while the China Securities Intelligent Electric Vehicle Index fell by 1.6%. In contrast, the China Securities Consumer Electronics Theme Index rose by 0.4%, and the China Securities Internet of Things Theme Index increased by 0.3% [1][4][8] - The EasyOne ETF for robots saw a net subscription of 12 million units in half a day, indicating strong investor interest in the sector [1] - Huajin Securities believes that with the release of Xpeng's IRON, the industrialization of humanoid robots is accelerating, and the design of fully covered flexible skin and specific humanoid shapes may become the next trend in humanoid robots [1] Group 2 - The Intelligent Electric Vehicle Index is expected to represent a significant direction for embodied intelligence, covering various industry chain links including power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production [4] - The Consumer Electronics Index focuses on AI hardware, which is currently a major category of smart terminal products, involving companies engaged in component production and complete brand design and manufacturing [6]

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [1][3]. Core Insights - The company has a strong foundation in the linear drive industry, with products spanning smart home, office, medical, and automotive sectors. It has maintained vertical integration in manufacturing and has begun global expansion [1][7]. - The company has made early investments in the robotics sector, focusing on key components such as motors and reducers, and is expected to achieve breakthroughs in this area [1][7]. - The financial statements indicate solid performance, with a healthy cash position and potential for new business development, despite recent profit margin declines due to external factors [7][21]. Financial Performance - The company’s total revenue is projected to grow from 1,234 million RMB in 2023 to 1,774 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 15% [2]. - Operating profit is expected to fluctuate, with a peak of 131 million RMB in 2023, followed by a decline to 61 million RMB in 2025, before recovering to 143 million RMB in 2027 [2]. - The net profit attributable to shareholders is forecasted to decrease from 108 million RMB in 2023 to 49 million RMB in 2025, with a recovery to 117 million RMB by 2027 [2]. Business Overview - The company has established itself as a leading player in the domestic linear drive industry, with a comprehensive manufacturing system that includes mold development, core component production, and complete assembly [7][32]. - The company has successfully expanded from home applications to automotive components, particularly in electric tailgate systems, which are now part of the supply chains for several major automotive manufacturers [37]. Market Position - The global linear actuator market was valued at approximately 2.32 billion USD in 2020, with expectations to reach around 3.2 billion USD by 2024, indicating a robust growth trajectory [18]. - The company holds an estimated market share of 6% in the linear actuator market, with competitors like Jiechang Drive holding a larger share of approximately 15.7% [18]. Future Prospects - The company is well-positioned to leverage its existing capabilities in linear drive systems to penetrate the robotics market, with ongoing development of specialized components for robotic applications [41]. - The establishment of a new manufacturing base in Vietnam and ongoing projects in the U.S. are expected to enhance the company's global footprint and operational efficiency [33].

（原标题：蚂蚁集团连续三次领投 深圳绳驱机器人开辟"AI+文旅"新蓝海） 21世纪经济报道记者 石恩泽 深圳报道 11月18日，全球首个实现量产的绳驱AI机器人公司——星尘智能（Astribot）宣布完成数亿元A++轮融资。 同时，围绕"绳驱"优势，公司已构建"顶尖本体-领先遥操-高效模型"具身智能全栈平台，以及针对商业服务场景更新DuoCore全身VLA模型。 国科投资董事总经理周晓峰表示："星尘智能是市场稀缺的具备量产绳驱本体能力的具身智能企业。" 本轮融资由蚂蚁集团与国科投资联合领投，Bloom Advance Capital、时代伯乐（金马游乐产业基金管理人）、南山战新投等知名财务机构及产业 资本跟投，老股东锦秋基金继续追投。华兴资本担任本轮独家财务顾问。 值得注意的是，这已是蚂蚁集团作为老股东在一年内连续第三次领投星尘智能，包括今年4月完成的A轮及A+轮融资，显示出其对星尘智能技术 路径和商业化前景的坚定看好。 本轮融资将重点用于研发人才梯队建设、绳驱本体的规模化制造准备、多场景解决方案深化与产业化能力提升，加速具身智能的工程化与商业化 落地。星尘智能创始人兼CEO来杰表示，开放场景的规模化部署是检 ...

截至目前，问界累计交付已突破85万辆，问界M9、M8分别占据50万级与40万级豪华车市场销量榜首； 全新问界M7上市仅41天，大定订单突破9万辆，持续验证其市场号召力。 更具前瞻性的是，赛力斯正积极布局具身智能领域，推动人工智能与汽车产业深度融合，致力于构建下 一代智能出行生态，有望形成公司第二增长曲线。西部证券也指出，未来赛力斯将进一步扩大其在豪华 新能源赛道的领先优势，引领中国汽车行业迈向更高质量发展的新阶段。 当前，市场对赛力斯港股上市的讨论已超越"打新"层面，更多聚焦于其商业模式闭环与全球竞争力的深 度解析。有投资者指出，超1700亿港元的融资认购，反映了国际资本对"中国智造"实力与品牌溢价的广 泛认可。赛力斯正站在重塑"中国豪华车"乃至"全球豪华车"市场格局的关键节点，资本市场的持续看 好，正是对一家技术科技驱动型车企长期价值的坚定投票。 本报讯 （记者冯雨瑶）自11月5日成功登陆港股以来，赛力斯（601127）以140.16亿港元的净募资额刷 新国内车企IPO纪录，并获得22家基石投资者超1700亿港元的热烈追捧。依托"A+H"双资本平台，赛力 斯正加速推进全球化战略布局，开启国际化新征程。西部证 ...

温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共235页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微信； 若有侵权、改稿 请联系编辑运营（微信：li_sir_2020）； 正文： 周末，[宇树科技]完成上市辅导，进入辅导验收阶段的信息刷屏行业圈， 接下来小编多视角聊一聊头部创企们为何争相推进IPO。 11月15日，据证监会官网最新显示，国内头部人形机器人公司[宇树科技股份有限公司]（以下简称"宇树科技"）已于11月10日完 成上市辅导，进入辅导验收阶段。 | | | | 全国一体化在线政务服务平台 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 中国证券监督管理委员会网上办事服务平台（试运行） | | | | | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 | 备案时间 | 辅导状态 | 派出机构 | 报告类型 报告标题 | | 1 | 北京 - | 天津 | 广东昊辉新材料股份有限公 li ...

记者获悉，蓝思科技旗下蓝思智能机器人位于浏阳经开区的永安园区今日正式投产，此次启用的蓝思智 能机器人永安园区占地400亩，厂房面积约18.9万平方米，具备年产1万台/套大型自动化设备以及50万 台具身智能机器人等AI硬件产品的能力，实现从新材料研发、核心部件制造到整机组装完整生态链的 产业布局。据了解，公司已切入北美及国内多家头部机器人企业的供应链，关节模组、灵巧手、结构件 已批量交付。（智通财经） ...

Group 1 - Taobao's Double 11 global sales results show that dozens of brands achieved over 10 million in overseas transactions, with more than 200,000 contracted merchants doubling their sales, outpacing the overall growth rate of Taobao's international market by three times [2] - The number of daily overseas orders during the Double 11 period experienced double-digit growth, indicating the success of the globalized "Double 11" model [2] Group 2 - Indonesia plans to impose an export tax of 7.5% to 15% on gold products starting in 2026, with different tax rates based on the processing level of the gold to support domestic refining and processing industries [3] - From January to October, China's general public budget revenue reached 186.49 billion, a year-on-year increase of 0.8%, with tax revenue at 153.36 billion, up 1.7%, while non-tax revenue fell by 3.1% [4] Group 3 - Meituan Health and SF Express have established a pharmaceutical e-commerce air logistics center in Ezhou, Hubei, which is the first of its kind to operate in close proximity to a cargo airport, enabling same-day delivery to 35 cities and next-day delivery to 318 cities [5] - ByteDance's researcher was dismissed for leaking confidential information through paid interviews, highlighting the importance of information security within the company [6] Group 4 - Morgan Stanley predicts that the yield on 10-year U.S. Treasury bonds will decline to 3.75% by mid-2026, with a potential 50 basis point rate cut by the Federal Reserve [7] - A new joint venture, Hengyuan Zhiyi Intelligent Technology, has been established to focus on the development of intelligent robots and AI applications, indicating growth in the robotics sector [8] Group 5 - Tesla is set to go to court against Wuyou Media over a contract dispute, with the hearing scheduled for November 24 [9] - Ubisoft is rumored to have been acquired, following a sudden halt in stock trading and a delay in financial report release, suggesting significant developments within the company [10] Group 6 - Alibaba's new AI application, Qianwen, faced service interruptions due to overwhelming user traffic, which quickly became a trending topic on social media [11] - Peter Thiel has completely divested from Nvidia, indicating a significant shift in investment strategy [12] Group 7 - Yum China aims to increase KFC's store count by approximately one-third to over 17,000 by 2028, targeting a high single-digit annual compound growth rate in system sales from 2026 to 2028, with a goal of surpassing 10 billion RMB in operating profit by 2028 [13]

新方法大幅提升了具身智能的成功率、处理效率。 完全使用真实世界数据训练的具身智能，具备什么级别的能力？ 本周，美国具身智能创业公司 Physical Intelligence（简称 PI 或 π）发布了旗下的最新机器人基础模型 π*0.6。 PI 是一家总部位于旧金山的机器人与 AI 创业公司，其使命是将通用人工智能从数字世界带入物理世界：他们的首个机器人通用基础模型名为 π₀，让同一 套软件控制多种物理平台执行各类任务。 在 2024 年，PI 获得超过 4 亿美元融资，估值突破 20 亿美元，成为具身智能赛道最受瞩目的玩家之一。 PI 的技术路线强调 「视觉 - 语言 - 动作」（VLA）模型，通过大规模机器人感知与动作数据训练出具备泛化能力的策略，使机器人不再局限于预设动 作，而能在未知环境中灵活执行。 作为人类，想要快速高效地完成这个任务，首先你应该会请人教你一些基础知识：哪些方法有效，常见的错误有哪些，以及正确的技巧是什么。其次，一 位优秀的老师不仅会演示如何操作，还会指导你，纠正你自行操作时犯的错误。但是，仅仅依靠指导是不够的：最终熟能生巧，成为纸箱组装大师的第三 步是反复练习，直到熟练掌握，成为 ...

小鹏汽车仍然没能盈利，但亏损进一步收窄了。 2025年第三季度财报显示，小鹏汽车该季度亏损为3.8亿元，同比收窄将近80%，环比收窄20.3%。 小鹏汽车正处于一个关键转折点，亏损收窄的速度超出预期。不过，摆在何小鹏面前的挑战还有很多。 在国内新能源车企业对马斯克的"模仿秀"大赛中，何小鹏是目前为止学得最像的那个，但小鹏汽车毕竟尚未盈利，说小鹏"活到决赛圈"可能还为时尚 早。 A 虽然亏损收窄，交付量猛增，但很显然，市场对小鹏的期待远远高出了这份成绩单。 财报显示，第三季度小鹏汽车总交付量为116007辆，同比增长149.3%；营收203.8亿元人民币，同比增长101.8%。这一增速与特斯拉早期扩张阶段相当 ——2018年第三季度，特斯拉凭借Model 3的放量，营收从40亿美元跃升至68亿美元，同比增长129%。 从单月数据来看，小鹏汽车的增长势头同样强劲。8月交付37709辆，同比增长169%；9月交付约41600辆，同比增长95%，突破4万大关，刷新了小鹏的 单月交付纪录；10月继续突破，交付42013辆，同比增长76%，单月交付量再次创下历史新高，并连续两个月突破4万辆大关。 小鹏三季度毛利率达到20 ...

点击下方 卡片 ，关注" 具身智能 之心 "公众号 作者丨 Physical Intelligence团队 编辑丨具身智能之心 本文只做学术分享，如有侵权，联系删文 >> 点击进入→ 具身智能之心 技术交流群 更多干货，欢迎加入国内首个具身智能全栈学习社区 ： 具身智能之心知识星球 (戳我) ， 这里包含所有你想要的。 11月17号！Physical Intelligence团队正式发布 ，从经验中学习的VLA。 项目链接：https://www.pi.website/blog/pistar06 论文链接：https://www.pi.website/download/pistar06.pdf VLA模型如何通过强化学习在现实部署中实现自我改进？ 提出了一种通用方法RECAP：基于经验与校正的优势条件策略强化学习，该方法通过优势条件机制 实现VLA模型的强化学习训练。 该方法将异构数据整合到自我改进过程中，包括演示数据、在线收集数据以及在自主执行期间专家远程干预数据。RECAP方法首先通过离线强化学习预训练通用型 VLA模型（记为 ），该模型随后可通过机器人现场数据收集实现下游任务的专业化性能提升。 实验表明 ...