证券日报网12月17日讯 索辰科技在12月16日回答调研者提问时表示，物理AI通过将物理规律融入AI模 型中，为具身智能系统提供更高的稳定性、可解释性和现实适应性。2025年7月索辰发布具身智能虚拟 训练平台，平台具备高效的算法迭代加速能力。通过物理AI核心体系与计算物理引擎的深度融合，平 台能精准复刻物理世界的各项参数，从物体的材质、重力的影响到光线的变化，从外部气流变化到电磁 干扰感知，从结构接触响应到电池能源管理，都与真实环境高度一致；将真实世界感知数据与虚拟世界 训练数据链路无缝衔接，实现真正意义的虚实交融，避免因虚拟与现实差异过大而导致的训练成果失效 问题，彻底打通真实世界与虚拟世界的数据壁垒，实现"采集-训练-生成-评估"的完整链路，让机器人训 练更经济、更高效、更真实、更简单。 （编辑 袁冠琳） ...

Core Viewpoint - The company, Wuyi Vision, is positioned as the "first stock of Physical AI" in the Hong Kong market, focusing on the rapidly evolving Physical AI sector, which is expected to be significantly larger than content AI [1] Group 1: Company Overview - Wuyi Vision has made substantial investments in three key areas: 3D graphics, simulation, and artificial intelligence, leading to the development of three core businesses: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform) [1] - The company has established a strong competitive barrier through long-term technological accumulation and successful case studies, positioning itself to provide infrastructure-level empowerment across various industries [1] Group 2: Market Position and Collaborations - Wuyi Vision is recognized as a significant player in the Physical AI market, which is projected to be worth trillions, with industry leaders predicting it to be the next wave of AI development [1] - The company has formed a deep collaborative ecosystem with Moer Thread, known as "China's Nvidia," providing essential landing scenarios for advanced GPU chips and benefiting from a vast amount of scene data accumulated over the years [2] Group 3: Financial Performance - Wuyi Vision's revenue has grown rapidly from 170 million yuan in 2022 to an estimated 287 million yuan in 2024, reflecting a compound annual growth rate of 30.02% [3] - In the first half of 2025, the company achieved approximately 54 million yuan in revenue, representing a significant year-on-year increase of 62%, indicating a strong growth trajectory [3] Group 4: Investment Appeal - The company's IPO is expected to elevate it as the "first stock of Physical AI," providing a unique opportunity for investors to share in the emerging benefits of the Physical AI industry [3] - With the gradual release of Physical AI market dividends and accelerated technological value transformation, Wuyi Vision is anticipated to experience a resonance of growth and valuation, positioning it as a premium asset in the next generation of AI [3]

Core Viewpoint - The company, Wuyi Vision, is positioned as the "first stock of Physical AI" in the Hong Kong market, focusing on the rapidly evolving Physical AI sector, which is expected to be significantly larger than content AI [1][3]. Group 1: Company Overview - Wuyi Vision has made substantial investments in three key areas: 3D graphics, simulation, and artificial intelligence, leading to the development of three core businesses: 51Aes (digital twin platform), 51Sim (synthetic data and simulation platform), and 51Earth (digital earth platform) [1]. - The company has established a strong competitive barrier through its long-term technological accumulation and successful case studies, positioning itself to provide infrastructure-level empowerment across various industries [1]. Group 2: Market Position and Collaborations - Wuyi Vision is recognized as a significant player in the Physical AI market, which is projected to be worth trillions, with industry leaders like Jensen Huang predicting it to be the next wave of AI [1][2]. - The company has formed a deep collaborative ecosystem with Moer Thread, known as the "Chinese Nvidia," which enhances the application of advanced GPU chips in Physical AI solutions [2]. Group 3: Financial Performance - Financial data indicates that Wuyi Vision's revenue grew from 170 million yuan in 2022 to an estimated 287 million yuan in 2024, reflecting a compound annual growth rate of 30.02% [3]. - In the first half of 2025, the company achieved approximately 54 million yuan in revenue, marking a significant year-on-year increase of 62%, demonstrating a strong growth trajectory [3]. Group 4: Investment Appeal - The company's IPO is expected to solidify its status as the "first stock of Physical AI," providing investors with a unique opportunity to benefit from the anticipated boom in the Physical AI sector [3]. - The backing from prominent investors and industry leaders indicates strong confidence in Wuyi Vision's fundamentals, technological capabilities, and future commercial value [2].

Group 1 - The core viewpoint of the articles revolves around the insights of He Xiaopeng, Chairman of XPeng Motors, regarding the competition in AI between China and the US, emphasizing the differences in entrepreneurial focus and technological development in robotics and AI applications [1][2]. - He Xiaopeng highlights that the US has a strong emphasis on startups in AI, biotechnology, and finance, particularly in the fields of SaaS and physical AI robotics, with high valuations observed in these sectors [1]. - In contrast, Chinese robotics companies tend to focus on joints and control, while US companies are more model-oriented, indicating a competitive landscape where humanoid robots will be a key area of competition among major players [1]. Group 2 - XPeng Motors is set to host its 2025 Technology Day in mid-November, where He Xiaopeng will introduce the concept of "Physical AI" and unveil four significant applications, including the second-generation VLA, Robotaxi, a new generation of IRON, and two flight systems [1]. - The company asserts that these AI applications have clear mass production plans, suggesting that "Physical AI" is not a distant concept but a tangible reality accessible to everyone [1]. - He Xiaopeng expresses optimism about the future of AI, stating that while there may be bubbles in technology phases, the overall market for AI presents significant opportunities, with China focusing more on market applications compared to the US's emphasis on cutting-edge research [2]. Group 3 - He Xiaopeng discusses the concept of AGI (Artificial General Intelligence), noting that current AI primarily relies on imitation learning and reinforcement learning, lacking true creativity [3]. - He emphasizes that true AGI will require advancements in multi-modal learning, world modeling, continuous learning, and long-term planning capabilities, which are still years away from full realization [3]. - The recent shift in XPeng's corporate positioning from "future mobility explorer" to "physical AI world mobility explorer" reflects a broader market perspective that views XPeng as a global technology company driven by AI [3].

Core Insights - The future of humanoid robots is expected to be a competitive arena for major players, while specialized robots will see numerous successful opportunities [3] - Significant breakthroughs in physical AI are anticipated within the next three years, with autonomous driving potentially reaching Level 4 capabilities [4][5] - The current AI landscape is viewed as being in its early stages, with a rational perspective on the so-called AI bubble, suggesting that the market holds substantial opportunities [6] Group 1: Industry Trends - There is a noticeable divergence in the development paths of AI robotics between China and the United States, with the U.S. focusing on software and algorithm breakthroughs, while Chinese companies emphasize hardware and control technologies [3] - The competition in humanoid robots is expected to be intense due to high entry barriers, whereas various players will emerge in specialized robot sectors [3] Group 2: Future Predictions - Major advancements in physical AI are predicted, with autonomous driving and humanoid robots likely to achieve rapid progress from Level 1 to Level 4 capabilities [5] - The transition from language models to multimodal and world models is anticipated, indicating a shift in the focus of AI development [4] Group 3: Company Strategy - The company has recently repositioned itself as an "explorer of physical AI world mobility," unveiling several new technologies including the second-generation VLA model, Robotaxi, and flying cars [7] - Recognition from industry leaders, such as Huawei's founder praising the company's innovative approach, highlights the growing attention on its technological direction [7]

Group 1 - The core viewpoint of the article revolves around the competitive landscape of AI between China and the US, with a focus on the advancements in robotics and the concept of "Physical AI" as a transformative force in the industry [1][4] - He Xiaopeng, the chairman of XPeng Motors, emphasizes that the US has a higher concentration of startups in AI, particularly in SaaS and physical AI robotics, with high valuations, while Chinese companies focus more on joint and control aspects [1][2] - The upcoming XPeng Technology Day in mid-November 2023 will showcase significant applications of "Physical AI," including the second-generation VLA, Robotaxi, and new flight systems, all with clear mass production plans [1][4] Group 2 - He Xiaopeng discusses the future of AI, predicting breakthroughs in "Physical AI" over the next three years, particularly in areas like autonomous driving and humanoid robots, which may achieve significant advancements [2][3] - The article highlights that while there may be bubbles in technology sectors, the overall AI market presents substantial opportunities, with Chinese valuations being more reasonable compared to the US [3] - The concept of AGI (Artificial General Intelligence) is explored, with He Xiaopeng noting that current AI primarily relies on imitation and reinforcement learning, and true AGI will require further advancements in multi-modal learning and world modeling [3][4]

Group 1 - The core viewpoint of the articles revolves around the insights of He Xiaopeng, Chairman of XPeng Motors, regarding the competition in AI between China and the US, emphasizing the differences in entrepreneurial focus and technological development in robotics and AI applications [1][2][3] - He Xiaopeng highlights that the US has a strong emphasis on startups in AI, biotechnology, and finance, particularly in the fields of SaaS and physical AI robotics, with high valuations observed in these sectors [1] - In contrast, Chinese robotics companies tend to focus on joints and control, while US companies are more model-oriented, indicating a competitive landscape where humanoid robots will be a key area of competition among major players [1] Group 2 - XPeng Motors is set to host the 2025 XPeng Technology Day in mid-November, where He Xiaopeng will introduce the concept of "Physical AI" and unveil four significant applications, including the second-generation VLA, Robotaxi, a new generation of IRON, and two flight systems [1] - The company asserts that these AI applications have clear mass production plans, suggesting that "Physical AI" is not a distant concept but a tangible reality accessible to everyone [1] - He Xiaopeng expresses optimism about the future of AI, stating that while there may be bubbles in technology phases, the overall market for AI presents significant opportunities, with China focusing more on market applications compared to the US's emphasis on cutting-edge research [2]

12月17日，小鹏汽车CEO何小鹏在微博发文称，近日在美国，和差不多近三十位AI领域的外部和内部 朋友聊天，并分享了一些感受。 何小鹏称，任何科技时代都是阶段或局部有泡沫的，无论是互联网时代，还是新能源汽车时代，但是这 是一个市场从混沌到有序的必然竞争过程。"整体来说，AI必然会推动整个社会巨大的变革，今天还是0 到0.1的最开始阶段。如果一定要说泡沫，感觉中国估值比较合理，美国估值实在有一点高；中国更关 注市场应用，美国更关注前沿研究。" 整体来说，何小鹏指出，当前没有AI泡沫，未来AI的市场有着巨大机遇。 关于AGI的到来 何小鹏表示，今天的AI主要是类似人类的模仿学习（例如学习课本上的知识，学习别人如何操作一个 事情）+ 强化学习（例如反复刷题，反复将一个事情的效果和效率做好最快）。类似自动驾驶，因为可 以快速从百万人的驾驶习惯中学习，所以会看到很快可以比大部分人开车更好更安全，以及出现全新的 涌现能力，但是这些并不是真正的创造力。 关于美国的新创业和机器人 何小鹏表示，美国在AI，生物，金融方面的创业多。而AI方面的创业，从硅谷看，在SaaS和物理AI机 器人领域特别多，估值也特别高，非常集中。中国的 ...

12月17日，小鹏汽车CEO何小鹏在微博发文称，近日在美国，和差不多近三十位AI领域的外部和内部 朋友聊天，并分享了一些感受。 关于美国的新创业和机器人 何小鹏表示，美国在AI，生物，金融方面的创业多。而AI方面的创业，从硅谷看，在SaaS和物理AI机 器人领域特别多，估值也特别高，非常集中。中国的机器人公司很多是从关节和控制入手，而美国的机 器人公司很多是从模型入手。 他认为，人形机器人将来会是巨头的竞争，而不同的专用机器人则会有大量不同领域的选手，且会有非 常多的成功机会。 关于物理AI 维特根斯坦曾经说过，"语言即世界"。语言是知识的总结，信息的传递，但某种程度也束缚了对世界的 想象。很多事情靠语言很难想象和学习，例如小朋友如何学习行走，如何学习游泳，主要都必须依靠对 世界的观察，模仿和强化。所以，大家都在期望从语言大模型，走向多模态甚至世界模型。 在何小鹏看来，未来3年，最有可能有大突破的不一定是在数字世界，反而有可能在物理AI领域会产生 大变局，例如自动驾驶会直接到达准L4或完整L4；人形机器人会实现从类自动驾驶的L1到L4初阶的快 速跨越，这些反而会产生巨大的突破。"物理AI的发展速度会比数字AI ...

2025年下半年，AI泡沫的讨论从边缘话题演变为市场焦点。美股前10大市值的公司，已有8家是AI相关 科技公司，AI集中度远高于互联网泡沫时期。 资本流动更是呈现极端化特征。一方面，科技巨头开启"军备竞赛"，另一方面，机构投资者纷纷获利了 结。一时间，"泡沫论"甚嚣尘上。 他还以自动驾驶举例，因为可以快速从百万人的驾驶习惯中学习，所以会看到很快可以比大部分人开车 更好更安全，以及出现全新的涌现能力，但是这些并不是真正的创造力。 在何小鹏看来，"真正的AGI还需要很多能力，例如从多模态到世界模型（类似我们的知其所以然，或 者类似自动驾驶世界模型的左右互搏学习的升级版），例如持续学习，例如长时序洞见和规划能力等都 还没有完全到来，可能还需要数年时间以及等待部分底层能力的再次提高。" 何小鹏对于AI泡沫等方面的看法，与当前行业的不少分析类似。 瑞银证券报告显示，中国互联网龙头资本支出占收入比例（10%）显著低于美国同业的27%。在应用 端，垂直领域存在较高的服务能力壁垒，头部公司主动将AI功能整合至自有应用中。 12月17日，小鹏汽车董事长、CEO何小鹏在朋友圈分享了自己在美国出差后的一些感受，谈到对机器 人、AI ...