以下文章来源于镜相工作室 ，作者镜相作者 镜相工作室 . 商业世界的风向与人 人形机器人的冷与热。 文 ｜ 黄依婷 编辑 ｜ 卢枕 来源｜ 镜相工作室（ID：shangyejingxiang) 封面来源 ｜ IC Photo 2025开年，宇树机器人成为最忙"打工人"。央视春晚上的一场扭秧歌表演，把这个"人模人样"的大铁块捧上了"顶流"宝座，渴望流量的商场、展会、品牌争 相"邀请"它站台，哪怕只是走上两步也能收获不少关注。 人形机器人租赁在这样的需求下爆发。2月，第一批拿到宇树G1的老板们，以1.5万元一天的价格对外出租，供不应求，一个星期回本，半个月赚了二十几 万，档期排到了5月份。 在当时看来，这几乎是一本万利的生意，徐冲也想分一杯羹。3月，他先后订购了一台宇树G1和两台众擎PM01，前者5月上中旬到货，后者7月到货。 让徐冲感到不安的是，两个月过去，人形机器人租赁市场仿佛在萎缩，需求并没有他想象的那么多。3月至今，在他试探性发出宇树G1租赁广告后，联系他 的买家屈指可数，即使有妇女节、清明节、劳动节等节假日，3-4月真正达成的订单（包括5月的预订单）不过三四单。无奈没有现货，他把这些订单介绍给 了同行。 ...

□ 本报记者魏琳 继全球首个人形机器人半程马拉松在北京成功举办之后，一场史无前例的人形机器人运动会再次让世界 的目光聚焦到中国。 4月24日至26日，首届具身智能机器人运动会在无锡举行。100余家科研团队、知名企业及高校的代表携 150多台机器人参与比拼，贡献了机器人"选手"宣誓、2V2机器人足球赛、格斗机器人"近身搏击"、AI 下棋机器人"团战"人类等一个个"名场面"。 这场机器人版的"武林大会"，为无锡带来了泼天流量，也打开了这座工商名城产业创新的新天地 （301277）。站在人形机器人产业新赛道的起点，无锡面向未来立下"小目标"：力争在3年内集聚具身 智能机器人产业集群企业200家，打造重点行业典型应用场景不少于300个，建成300亿级产业规模的具 身智能机器人产业新高地。 更快：集智攻关汇聚技术创新"强磁场" 国内首台人形投篮机器人"铁墩"投篮精准，成功"打败"多位挑战者；机器人"小蟹"挥毫泼墨，用灵活的 机械臂控制着每个笔画的走向，颇有书法家的风范；全球首款"肌肉外甲机器人"为一位行动不便的体验 者提供助力，让体验者重获"独立行走能力"……首届具身智能机器人运动会上，多个"无锡造"具身智能 机器人" ...

Group 1: Trade Relations and Economic Policies - The Ministry of Commerce of China reiterated its stance against the unilateral imposition of tariffs by the U.S., emphasizing the need for the U.S. to prepare for actions such as canceling these tariffs to facilitate negotiations [1] - The EU is considering imposing tariffs on U.S. goods worth €95 billion if negotiations fail, with proposed tariffs covering a range of products including aircraft, automobiles, and agricultural goods [2] - The UK and the U.S. have reached an agreement on tariff trade terms, with the UK making concessions on imports of U.S. food and agricultural products in exchange for reduced tariffs on UK car exports [5] Group 2: Financial Sector Developments - China Merchants Bank and CITIC Bank announced plans to establish financial asset investment companies, with China Merchants Bank committing to invest RMB 15 billion and CITIC Bank planning to invest RMB 10 billion [1] - The low interest margin is putting pressure on banks, indicating a necessary shift towards investment capabilities, which may drive future growth in the banking sector [1] Group 3: Semiconductor Industry Performance - SMIC reported a Q1 2025 net profit of $188 million, a 161.9% year-on-year increase, driven by higher wafer sales and changes in product mix [2] - The company expects a revenue decline of 4% to 6% in Q2, marking the end of nearly two years of consecutive quarterly revenue growth [2] Group 4: Market Reactions and Economic Indicators - U.S. stock markets rose collectively, with the Dow Jones increasing by 254.48 points (0.62%) and the Nasdaq by 189.98 points (1.07%), driven by the agreement on tariffs between the U.S. and the UK [6] - The British central bank lowered interest rates by 25 basis points to 4.25%, marking the fourth rate cut in the current cycle, reflecting a divided vote among committee members [3] Group 5: Emerging Technologies and Investments - Huawei launched its first HarmonyOS-powered computer, completing its full-scenario ecosystem, which may enhance its competitive position in the technology market [10] - A strategic partnership was formed for the procurement of 100 eVTOL aircraft, indicating a significant investment in the low-altitude economy, which is projected to develop into a trillion-dollar industry [10]

美股继续大涨，道指收涨0.62%、纳指收涨1.07%、标普500收涨0.58%；大型科技股普涨，特斯拉、英特尔涨超3%，亚马逊、谷歌、微软涨超 1%，英伟达、Meta小幅上涨；奈飞跌约1%、量子计算概念股D-Wave收涨超51%。 英美就关税贸易协议条款达成一致，细节待敲定；特朗普称对英协议并非模板，10%或是最低，他国关税可能更高。 欧盟将就美关税向世贸组织提出诉讼，并准备对950亿欧元自美国进口产品采取反制措施，拿汽车、飞机和威士忌"开刀"。 春假期间短暂飙升后，美国上周首次申请失业救济人数降至22.8万人，略低于预期。 挑战沙特领导的OPEC+：哈萨克斯坦称未计划5月削减产油量。 印巴冲突升级，多地发生爆炸，巴基斯坦股市重挫7%，印度卢比兑美元创逾三年最大跌幅。 大家早上壕！ 先看海外要闻： OpenAI领导层重大变化！任命新应用CEO，奥特曼让出部分职权。 贸易局势恶化，海运巨头马士基下调全球集装箱市场增长预测。 重大突破！亚马逊推出"有触觉机器人"，能够抓取仓库中约四分之三的物品。 苹果正开发用于眼镜和AI服务器的专用芯片。 国内重大事件汇总： 1、中俄两国元首共同见证中俄双方交换20多份双边合作文 ...

机构指出，当前市场表现较预期更好带来良好情绪，类平准基金操作态度积极，下行空间有限。 | | 盘前必读 | 外盘怎么样 // | | --- | --- | --- | | 3 | | | | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指数 | 41368.45 | 254.48 | 0.62% | | 纳斯达克指数 | 17928.14c | 189.98 | 1.07% | | 标普500 | 5663.94 | 32.66 | 0.58% | 当地时间周四，美股三大指数集体收涨，纳指涨1.07%，道指涨0.62%，标普500指数涨0.58%。 大型科技股普涨，特斯拉、英特尔涨超3%，亚马逊、谷歌、微软涨超1%，英伟达、Meta小幅上涨；奈飞跌约1%。 热门中概股多数上涨，纳斯达克中国金龙指数收涨0.97%。理想汽车、蔚来涨逾3%，小鹏汽车、阿里巴巴涨超2%，富途控股涨近2%。 ►►据央视新闻，当地时间5月8日，美国总统特朗普表示，美国与乌克兰达成了稀土协议，该协议现已全部签署并批准，美国可以获得"大量非常高质量的 稀土"。 ►►美国企业家 ...

Group 1: Hongmeng PC - Hongmeng PC operating system was unveiled at a communication conference, with the first device set to launch on May 19, featuring AI capabilities integrated with hardware and software [1] - The system-level AI assistant, Xiaoyi, will assist in tasks such as creating PPTs and meeting summaries, enhancing productivity [1] - Analysts from Dongwu Securities and Zhongtai Securities express optimism about the potential of multimodal AI to reduce costs and drive efficiency in enterprises, while also predicting an expansion in computing power demand [1] Group 2: Robotics - Qianxun Intelligent Technology has welcomed new shareholders, including Huawei's Hubble Technology, which is expected to enhance funding and technical collaboration in the field of embodied intelligent robots [2] - Citic Securities forecasts that 2025 will mark the year of mass production for embodied intelligent robots, indicating a significant integration of AI and robotics [2] - The production of humanoid robots is anticipated to reach a scale that will address data scarcity issues, propelling the industry into a more practical phase [2] Group 3: Low-altitude Economy - China Bank and Zhongyin Financial Leasing have signed strategic agreements with Shanghai Volant Aviation to procure 100 eVTOL aircraft, marking a significant step in the low-altitude economy [3] - The partnership aims to leverage financing and management services to support the eVTOL sector, with a total credit line of no less than 1 billion yuan [3] - Recent orders for eVTOLs signal the beginning of a large-scale development phase for China's low-altitude economy, creating a trillion-level industrial ecosystem [3] Group 4: Macro and Industry News - President Xi Jinping and President Putin signed a joint statement to deepen the strategic partnership between China and Russia, exchanging over 20 cooperation documents [4] - The Ministry of Industry and Information Technology is seeking public input on the mandatory national standard for automotive door handle safety, aiming to enhance vehicle safety [4] - The Ministry of Commerce emphasizes the need to boost domestic demand, particularly in consumption, to drive economic growth [4] Group 5: Market Trends - The silicon industry is experiencing a downturn, with prices for components and batteries declining due to reduced downstream demand [5] - Chongqing Beer’s president expresses cautious optimism for the beer industry in 2025, anticipating a more favorable development environment [5] - Baidu Apollo and Shenzhou Car Rental are set to launch an autonomous vehicle rental service, indicating advancements in the autonomous driving sector [5] - CATL has released the world's first 9MWh energy storage system, showcasing innovation in energy solutions [5]

Core Viewpoint - The company demonstrates strong revenue growth and profitability, with strategic investments in both traditional and emerging markets, particularly in the smart robotics sector, indicating a positive outlook for future performance [1][2][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 971 million yuan, a year-on-year increase of 45.64%, and a net profit attributable to shareholders of 65 million yuan, up 34.47% [1]. - For Q1 2025, the company reported operating revenue of 286 million yuan, reflecting a year-on-year growth of 4.96%, and a net profit attributable to shareholders of 42 million yuan, which is a 36.13% increase [1]. Strategic Initiatives - The company is actively expanding its market presence and optimizing personnel allocation, resulting in increased sales and market share through partnerships with major supermarkets [2]. - A planned private placement aims to raise up to 785 million yuan for investments in new products, including lithium-powered garden machinery and smart robotics, alongside the establishment of a research center in Shanghai [2]. - The company has significantly increased its R&D investment, reaching 72.68 million yuan in 2024, a 137.55% increase year-on-year, focusing on innovation in garden machinery and smart robotics [2]. Growth Opportunities - The company is positioning itself in the smart robotics sector, having invested in the overseas robotics leader 1X and established partnerships with major international firms like SoftBank and OPENAI [3]. - The establishment of subsidiaries and collaborations, such as with Huawei, indicates a commitment to developing intelligent robotics, which is expected to become a new growth driver for the company [3]. Profit Forecast and Investment Outlook - The projected net profits for 2025-2027 are 102 million, 147 million, and 187 million yuan, respectively, with corresponding price-to-earnings ratios of 136, 95, and 75 times [4]. - The company is expected to enhance its market share in the overseas garden machinery sector while simultaneously expanding its smart robotics initiatives, which are anticipated to contribute positively to overall performance [4].

Market Overview - On May 7, 2025, the AI and robotics sector experienced a pullback, with the Huaxia AI ETF (589010) declining by 0.38%, led by stocks such as Zhongxin Yuan and Haitan Ruisheng [1] - The Robotics ETF (562500) fell by 0.11%, with ST Xinyuan, Xiasha Precision, and Yijiahe being the biggest losers [1] - The trading volume for the day was 1.214 billion yuan, making it the most active ETF in its category [1] Key News - A spokesperson from the U.S. Department of Commerce announced that President Trump plans to lift the restrictions on advanced AI chip exports established during the Biden administration, citing the complexity and bureaucratic nature of the existing rules as hindrances to innovation [1] - French AI startup Mistral AI launched a new model, Mistral Medium3, which reportedly performs at or above 90% of the Claude Sonnet3.7 benchmarks while being significantly cheaper, costing $0.4 per million tokens for input and $2 for output [1] Institutional Insights - Citic Securities predicts that 2025 will mark the year of mass production for embodied intelligent robots, emphasizing the significant integration of AI with the physical world, which is expected to drive a new wave of industrial revolution [2] - The report highlights that global governments, tech manufacturing giants, industry chain enterprises, research institutions, and capital are increasingly focused on and engaged in this sector, indicating a competitive landscape [2] Popular ETFs - The Robotics ETF (562500) is noted as the largest robotics-themed ETF in the market, providing investors with a straightforward way to invest in China's robotics industry [2] - The Huaxia AI ETF (589010) is described as the "brain" of robotics, offering a 20% price fluctuation range and capturing the "singularity moment" in the AI industry [2]

金十数据5月8日讯，中信证券研报表示，2025年将成为具身智能机器人产业的量产元年。从投资思路来 看：1）看好具身智能机器人板块，并且认为该板块已成为2025年及未来5-10年的最重要的科技产业机 会之一；2）建议关注核心产业链环节具备高竞争壁垒的公司的投资机会，在产业革命中持续兑现业绩 消化估值并穿越产业浪潮起伏；3）建议关注新进入玩家及潜在颠覆性技术路径带来的估值拉动，不仅 包括新进入的科技巨头和主机厂的相关公司，还包括各零部件环节的玩家。 中信证券：2025年将成为具身智能机器人产业的量产元年 ...

这座城市的金融机构正努力作出改变。他们不再只是坐在柜台后的资金提供者，而是带着各类金融工具 化身为硬科技发展的"跳板"，为深圳"20+8"产业集群注入强劲动能。 今年4月在北京亦庄机器人半马比赛中，夺得第一名的"天工"机器人赚足了眼球。作为"天工"背后北京 人形机器人创新中心的联合发起单位，深圳市优必选科技股份有限公司是全球唯一一家人形机器人上市 公司。其发展历程折射出多层次资本市场对高科技产业发展的重要性。 人形机器人企业需要持续不断研发投入，以保持其技术领先。2019年的优必选作为初创企业，在未盈利 的情况下便获得了中国银行深圳市分行的普惠金融贷款1000万元。"对于初创企业来说，每一分钱都重 要。"优必选首席财务官兼董秘张钜告诉记者，从开始的1000万元到如今全方位多品种的金融服务支 持，在企业发展的不同阶段，公司都得到了我国多层次资本市场的一路支持。 谈及如何让科技企业得到充足的金融"活水"，张钜建议，一是股权市场需要更多耐心资本和长期资本， 陪伴科技企业一路成长；二是债权市场也应增加包容性，加大对未盈利科技企业的授信支持，同时完善 好银行内部的考核考评机制和免责机制，尤其是进一步推动投贷联动机制，让 ...