端侧部署定义高阶智能。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 深耕场景：让机器人大脑赋能千行百业 星源智的核心愿景是打造一个可跨越机器人本体的高泛化性通用大脑，其本质是连接数字智能与物理 世界的"物理AI"系统。据悉，公司创始团队汇聚了来自智源研究院、京东、北京大学、中科院等平 台的顶尖科学家与商业领袖，旨在让机器人不仅"看见"与"理解"世界，更能基于对物理环境的精准 认知，进行自主规划与实时决策。 为此，星源智构建了业内内涵最为丰富的全栈式具身技术体系，涵盖了从物理世界的多模态感知与数 字化重建、多模态具身世界模型，以及面向导航与操作任务的感知决策规划一体化模型等。这一完整 的技术栈，是实现机器从"感知智能"迈向"行动智能"的关键基础设施。 在通往物理AI的道路上，星源智不仅着眼星辰大海，也脚踏实地深耕场景落地——公司成立四个多月 来，与各大产业方的合作捷报频传。今年9月1日，北京亦庄机器人科技产业发展有限公司与星源智 签署战略合作协议，围绕具身智能机器人的技术研发、场景应用与市场推广展开全面合作，三年内完 成不低于五亿元订单； 11月11日，全球最大电动 ...

Group 1 - Goldman Sachs released a report on the outlook for the U.S. automotive and industrial technology sectors for 2026, indicating that both sectors outperformed the S&P 500 index in 2025, with industrial tech stocks expected to continue leading the market due to cyclical recovery and long-term growth opportunities in AI, energy infrastructure, and automation [1][3] - In 2025, the median stock price increase for automotive OEMs and suppliers was 23%, while industrial tech stocks saw a median increase of 63%, compared to a 16% rise in the S&P 500 index, reflecting strong end-demand trends and valuation multiple expansion [2] - For 2026, Goldman Sachs anticipates further interest rate cuts, which will support valuations, with a projected real GDP growth of 2-2.5% and a cyclical recovery in industrial tech stocks driven by the end of the inventory cycle and ongoing growth opportunities in data centers, AI, and automation [3] Group 2 - The automotive sector is advised to adopt a selective strategy due to historical production levels and expected modest growth in sales, with global automotive production and sales projected to maintain low single-digit growth in 2025 and 2026 [4] - Key automotive stocks recommended include General Motors (GM.US), BorgWarner (BWA.US), and Visteon (VC.US), as the sector benefits from declining interest rates, which will primarily enhance product pricing structures rather than sales growth [4] - Goldman Sachs highlighted the strong performance of the data center and AI infrastructure markets in 2025, with a focus on companies like Flex (FLEX.US), Jabil (JBL.US), and Vertiv Holdings (VRT.US) that are expected to see profit margin improvements due to new technologies and scale effects [5] Group 3 - In the autonomous driving and physical AI sectors, the commercialization of autonomous driving technology is accelerating, with the number of operational cities for leading companies increasing from 3 to 8 in 2025, and projected to reach around 20 by the end of 2026 [5] - For Tesla (TSLA.US), the company has a significant cost advantage in the autonomous taxi market, with software adaptability and mileage being key to profitability, while its focus on humanoid robots is expected to take several years for large-scale deployment [6] - Tesla's Optimus humanoid robot program is set to launch its third-generation production in 2026, with plans for fourth and fifth-generation products to be introduced gradually from 2027 to 2028, aiming for an annual production capacity of 1 billion units [6]

公开信息显示，极佳视界是一家专注物理世界通用智能的公司，不仅面向物理AGI的目标推出原生模型，也已于2025年11月26日发布相应本体，布局物理 AGI的终端业务。公司产品包括世界模型平台GigaWorld（驾驶和具身）、通用具身大脑GigaBrain、通用具身本体Maker等物理AI全栈软硬件产品。产品矩 阵从软硬件两端，系统化布局了物理AI的未来发展路径。 极佳视界创始人兼CEO黄冠博士，是清华大学自动化系创新领军工程博士，曾担任地平线机器人视觉感知技术负责人、鉴智机器人合伙人&算法副总裁，并 拥有三星中国研究院、微软亚洲研究院等顶尖研究机构工作经历。 黄冠博士完整经历过去十年物理AI的技术和产业发展历程，并带领团队不断做出突破性全球领先成果，在物理AI方向兼具行业领先的技术创新、产业落地 和连续创业经验。 随着原生模型和原生本体的不断进化，极佳视界已经和多个行业头部客户达成签约和量产合作，包括全球多个头部主机厂、多地人形机器人创新中心和实训 场、多个具身方向头部工业/服务/家庭场景公司等客户。 来源：猎云网 近日，极佳视界宣布完成2亿元A2轮融资，本轮融资由达晨财智领投，老股东华控基金联合领投，首发展创 ...

Investment Overview - The company Jijiashijie has recently completed a new round of financing, raising 200 million yuan in Series A2 funding, led by Dacheng Caizhi, with participation from several notable institutions [1][3] - This round of financing follows three previous rounds (Pre-A, Pre-A+, A1) completed within three months, totaling 500 million yuan in Series A funding [1][3] Company Focus and Products - Jijiashijie specializes in general intelligence for the physical world, aiming for physical AGI (Artificial General Intelligence) and has plans to release a corresponding ontology by November 26, 2025 [1][3] - The company's product offerings include the GigaWorld platform (for driving and embodiment), GigaBrain (general embodied brain), and Maker (general embodied ontology), representing a full-stack approach to physical AI [1][3] Model Development - The company has introduced a native paradigm of "world model + action model + reinforcement learning," where each component is driven by the world model [1][3] - The current trend in model architecture is converging towards general action models, with a shift in data sources to real machine data and world model-generated data [2][4] Industry Trends - The company believes that physical AI is entering a new critical era, with the next 2-3 years being a key window for breakthroughs in physical AGI [5] - The advancements in world models and action models are accelerating the arrival of a "ChatGPT moment" in the physical world [5]

Core Viewpoint - The article emphasizes the transition of Horizon Robotics from "striving for excellence" to "collaborating for excellence," focusing on empowering industries and making advanced driving technology accessible to the public [2]. Group 1: Event Overview - The Horizon Together 2025 technology ecosystem conference was held on December 8 in Shenzhen, featuring a keynote speech by Dr. Yu Kai, the founder and CEO of Horizon Robotics [2]. - The conference highlighted the significance of accelerating the entry of every enterprise and user into the era of smart vehicles and general robotics [2]. Group 2: Product Launch and Market Impact - The HSD (Horizon Smart Driving) system, first implemented in the vehicles Xpeng ET5 and Deep Blue L06, achieved over 12,000 activations within two weeks of launch, bringing advanced driving experiences to the mainstream market under 150,000 yuan [4]. - The HSD system's mass production marks a significant step in fulfilling Horizon's commitment to making high-level intelligent driving more accessible [4]. Group 3: Technological Advancements - Horizon Robotics introduced its fourth-generation BPU architecture named "Riemann," which enhances computing power by ten times for key operators and supports over ten times more high-precision operators, achieving a performance increase of over 1,000 times in ten years [8]. - The new compiler technology, OpenExplorer® 4.0, significantly improves compilation speed from hours to minutes and enhances model performance by 20% through AI-driven optimization strategies [10]. Group 4: Ecosystem and Collaboration - The HSD Together algorithm service model aims to reduce the human input, computing consumption, and time to market by 90% for partners, allowing them to focus on their strengths while leveraging Horizon's proven technology [14]. - Horizon's product family has seen a rapid reduction in time to market, with the latest series achieving a million units shipped in just 12 months [14]. Group 5: Robotics and AI Development - Horizon has become the largest consumer robotics computing platform in China, with over 100 products and connections to more than 100 partners and 100,000 developers [18]. - The company launched two open-source models for embodied intelligence: HoloMotion for motion intelligence and HoloBrain for spatial perception and task planning [18]. Group 6: Educational Initiatives - Horizon is committed to building a prosperous robotics ecosystem by collaborating with over 500 educational institutions to nurture future industry talent [20]. - The article shares inspiring stories of young developers, showcasing the inclusive nature of innovation and the importance of fostering a diverse talent pool [20].

Core Insights - The company, 极佳视界, has recently completed a new round of financing amounting to 200 million yuan in its A2 round, led by 达晨财智 and supported by various notable investors [1] - The company has successfully raised a total of 500 million yuan across four financing rounds within three months, indicating strong investor confidence and interest in its business model [1] - Established in 2023, 极佳视界 focuses on physical AI, aiming to develop general intelligence driven by world models, with a product lineup that includes GigaWorld, GigaBrain, and Maker [1] Financing Details - The latest financing round was led by 达晨财智, with participation from existing shareholders and several prominent investment firms [1] - The company has completed a series of financing rounds including Pre-A, Pre-A+, and A1, showcasing a rapid growth trajectory [1] Product and Technology Focus - 极佳视界's product offerings include a world model platform (GigaWorld), a general embodied brain (GigaBrain), and a general embodied ontology (Maker), representing a comprehensive stack of physical AI software and hardware [1] - The company emphasizes a native model paradigm that integrates world models, action models, and reinforcement learning, positioning itself at the forefront of physical AGI development [2] Industry Outlook - The company believes that the next 2-3 years will be a critical window for breakthroughs in physical AGI, with the integration of world models and action models accelerating advancements in the field [2] - The emergence of a scalable closed-loop iteration between sensors, actuators, data collection devices, and general models is seen as increasingly valuable in the context of physical AI [2]

有分析师对《证券日报》记者表示，地平线通过HSD方案有效压缩了高阶智驾的硬件与算法成本，为车 企提供了兼具性能与性价比的技术路径，进而推动智能驾驶从"可选"向"标配"演进，加速智能驾驶普 惠。 AI能力向物理世界延伸 在推动智能驾驶普及的同时，地平线也在夯实其AI计算的技术底座。会上，地平线正式发布第四代BPU 架构"黎曼"，并同步推出编译器"天工开物4.0"及智能驾驶大模型，构建起以BPU、编译器和基础模型为 核心的三大技术支柱。 12月8日，在2025地平线技术生态大会上，地平线创始人兼CEO余凯回顾了过去两年地平线在高阶辅助 驾驶领域持续发力的成果。 "从2021年起，地平线持续推动高阶驾驶向高而行，2024年4月24日征程6家族重磅发布、2025年4月18日 征程6P与HSD（地平线城区辅助驾驶系统）发布。2025年11月18日起，地平线智驾HSD正式首发量 产，降低了高阶智驾门槛。首搭HSD量产落地的星途ET5和深蓝L06上市仅两周，HSD激活量超12000 辆，市场反响热烈，展现出地平线在高阶辅助驾驶领域的强大实力与广阔前景。"余凯表示。 技术底座持续迭代 "传统的两段式端到端、一段式端到端+规则 ...

Core Viewpoint - Xpeng Motors is experiencing a significant year of technological and product advancements, yet the capital market has not responded positively, with a nearly 30% drop in market value since mid-November despite a 156% year-on-year increase in vehicle deliveries [1][5]. Group 1: Sales and Deliveries - From January to November, Xpeng Motors delivered a total of 391,900 vehicles, marking a year-on-year growth of 156% [1]. - The company aims to achieve 50% of its total sales from overseas markets within the next decade, indicating a shift towards global brand positioning [11]. Group 2: Technological Innovations - Xpeng has introduced several innovative technologies, including the second-generation VLA model, plans for three Robotaxi models by 2026, and the humanoid robot IRON, which has received public praise from competitors [1][4]. - The company is also in the trial production phase of flying cars and has announced plans for seven dual-energy vehicle models by 2026 [4]. Group 3: Market Perception and Challenges - Despite technological advancements, investor enthusiasm for Xpeng's commercial prospects remains low, leading to skepticism about the company's ability to balance ambitious projects with stable profitability [5][6]. - The market tends to evaluate Xpeng primarily as a car manufacturer, focusing on monthly sales fluctuations rather than recognizing its broader technological achievements [10]. Group 4: Comparison with Competitors - Tesla's market narrative, driven by its perceived role as a "technology platform," allows it to command a higher valuation despite many technologies still being in early stages [8][10]. - Xpeng's innovations are often viewed as secondary to its core automotive business, which contrasts with Tesla's ability to leverage current profits to support future innovations [15]. Group 5: Future Outlook - Xpeng is transitioning from being seen as "China's Tesla" in the electric vehicle sector to a global player in technology, with significant revenue from technology services [11]. - The company is positioned to benefit from China's robust supply chain and resource advantages, which could enhance its competitive edge in the global market [15].

Group 1 - The mechanical industry is expected to have significant investment opportunities in the technology innovation sector by 2026, with a focus on new infrastructure and applications driven by technological advancements [4][6] - The export sector faces uncertainties but is anticipated to benefit from structural opportunities as internationalization progresses and the Federal Reserve's interest rate cuts take effect [4][6] - Domestic demand is expected to stabilize, with potential for stock price rebounds as capacity clears and general enterprises transition to growth sectors [4][6] Group 2 - The AI infrastructure sector is experiencing high capital expenditure and rapid technological iterations, leading to new opportunities in the mechanical development space [4][6] - The demand for PCB and AIDC equipment is expected to continue growing due to overseas capital expenditure exceeding expectations, with a focus on domestic substitution opportunities [4][11] - The human-shaped robot industry is projected to accelerate production by 2026, with domestic companies like Yushu and Zhiyuan expected to go public and enhance their competitive edge [7][8] Group 3 - The engineering machinery sector is witnessing a significant increase in export volumes, with excavator exports rising from 34,000 units in 2020 to a peak of 109,000 units in 2022, reflecting a CAGR of 77.5% [19][21] - The internationalization of engineering machinery is expected to drive long-term profitability, with overseas gross margins typically exceeding domestic margins by 5-10 percentage points [19][23] - The fixed asset investment in railways remains high, with a 5.8% year-on-year increase, supporting new vehicle demand [24] Group 4 - The motorcycle sector is expected to capture 15-20% of the global market share for large-displacement motorcycles by 2025, driven by competitive pricing [39] - The oil service equipment sector is benefiting from high demand for natural gas compressors in the Middle East and North Asia, as well as for gas turbines in North America [41] - The general cyclical sector is expected to see a bottoming out of demand, with opportunities arising from structural changes in the market [44] Group 5 - The lithium battery equipment sector is anticipated to experience accelerated capital expenditure growth, driven by independent energy storage projects [55][58] - The solid-state battery technology is expected to create valuation elasticity in the sector, with significant advancements in production processes [58][59] - The photovoltaic equipment sector is focusing on industry recovery and the expansion of semiconductor-related business lines [60]

12月8日，极智嘉(02590)将正式纳入恒生综合指数。这不仅是资本市场对其技术及商业化实力的认可， 更是对中国机器人产业在全球竞争力的一次确认。 连获亿元大单，商业价值进入兑现期 从北京创业到服务全球40多个国家，从仓储机器人到物理AI的推动者，并连续7年蝉联全球自主移动机 器人(AMR)市场占有率第一的企业，极智嘉的进阶之路，既是技术壁垒持续构建的过程，也是中国科技 企业出海模式升级的典型样本。 "AI教母"、美国国家工程院院士李飞飞认为，空间智能定位为"AI下一个前沿"，而极智嘉作为物理AI产 业链核心标的，其价值已超越传统的机器人公司范畴。这家公司正在回答一个关键问题：中国AI与机 器人技术如何在全球市场实现规模化落地与商业价值闭环。 从全栈AI到具身智能，筑牢物理 AI护城河 极智嘉的核心竞争力，根植于其贯穿"算法-硬件-系统"的全栈AI技术架构。 在仓储自动化领域，大规模多机协同调度能力是衡量企业技术实力的关键指标之一，而极智嘉自研的 Hyper+核心算法平台，可支持单仓超5000台机器人并行作业，这一规模远超行业平均水平，成为其承 接全球大型仓储项目的"技术底气"。早在 2023年初，Bloom ...