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 ...

12月5日，ICPC（国际大学生程序设计竞赛）官方公布了华为创始人任正非与全球参赛选手、教练的座 谈会纪要，任正非大谈其对AI时代到来的看法，并点名了物理AI领域"新星"——小鹏汽车自主研发的人 形机器人Iron，点赞以小鹏汽车为代表的公司"代表了未来的世界"。 任正非表示，小鹏机器人走"猫步"太像真人引发社会质疑，最终迫使小鹏在发布会现场剪开机器人外皮 露出内部"钢铁"以自证，这说明机器人产业发生了很大进步，这些公司对外展示了一个未来的世 界。"这个世界总要有人向未来探索，人类社会就是从一次又一次的失败中成功起来的。中国三、五年 后会有较大的进步。中国强大了，有利于世界繁荣的。"任正非认为。 图片源自ICPC官网。 值得一提的是，在"五界两境"之外，目前，小鹏汽车也与华为建立了"暧昧关系"。公开信息显示，今年 2月，小鹏汽车董事长、CEO何小鹏就曾亲自拜访任正非，向其请教"科技、企业、文化、治理"方面的 思考和建议。今年6月，小鹏汽车与华为首次就AR-HUD技术达成战略合作。 谈及双方未来合作更多可能性，顾捷表示，双方的合作是没有上限和边界的，未来会在共同理念、共同 路线、共同认知的情况下不断加强合作，最终 ...

【国产GPU第一股诞生！摩尔线程正式登陆科创板】智通财经12月5日电，摩尔线程智能科技（北京） 股份有限公司（简称：摩尔线程，股票代码：688795.SH）正式在上海证券交易所科创板挂牌上市，成 为中国首家登陆资本市场的全功能GPU企业。摩尔线程作为国内稀缺的全功能GPU领军企业，始终以自 主创新为根基，以前瞻视野为导向，持续深耕全功能GPU芯片的设计与研发。公司的发展道路，与国家 推动高水平科技自立自强、构建安全可靠算力体系的战略方向同频共振。 依托"全功能+MUSA"协同驱 动的技术体系，摩尔线程构建了坚实的差异化优势与全栈技术能力。这不仅确立了公司在行业中的独特 地位与竞争力，更使其具备了应对具身智能、数字孪生、物理AI及AI for Science等未来计算场景的关键 架构能力，实现从芯片、计算卡到智算集群的多元布局，形成了覆盖人工智能、科学计算与图形渲染等 完整的计算加速产品矩阵，全面支持"云-边-端"全场景。 转自：智通财经 ...

Core Insights - Moore Threads officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, becoming the first fully functional GPU company in China to enter the capital market, marking a significant milestone in its five-year entrepreneurial journey [1] - The listing is a recognition of the company's commitment to independent innovation and rapid product iteration in the GPU computing power sector, symbolizing a new starting point for the independent development of high-end GPUs in China [1][4] Company Development - Since its establishment in 2020, Moore Threads has focused on independent innovation and has made significant advancements in the design and research of fully functional GPU chips, aligning with national strategies for technological self-reliance and building a secure computing power system [4][5] - The company has successfully mass-produced five chips and iterated four generations of GPU architectures and intelligent SoC products, creating a comprehensive product matrix that supports AI, scientific computing, and graphics rendering across various scenarios [5][8] Technological Advancements - Moore Threads has developed the MUSA unified system architecture, achieving breakthroughs that allow a single chip to support AI computing acceleration, graphics rendering, physical simulation, scientific computing, and ultra-high-definition video encoding [5] - The company has established a strong differentiation advantage and full-stack technical capability, positioning itself uniquely in the industry and enabling it to address future computing scenarios such as embodied intelligence and AI for Science [5][6] Market Performance - From 2022 to 2024, the company's revenue grew at a compound annual growth rate of 208.44%, with 2025's first half revenue reaching 702 million yuan, surpassing the total of the previous three years [8] - The AI computing business contributed 94.73% of the revenue, reflecting the company's focus and leading advantage in its core sector [8] Strategic Positioning - The national strategy emphasizes high-end chips as a key area for development, establishing GPUs as essential components in driving industrial upgrades and shaping future competitiveness [10] - The funds raised from the IPO will be directed towards the research and development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, aiming to strengthen the company's technological leadership in AI computing and graphics [10]

历经五年创新深耕，摩尔线程已成功量产五颗芯片，迭代四代GPU架构和智能SoC产品，实现从芯片、 计算卡到智算集群的多元布局，形成了覆盖人工智能、科学计算与图形渲染等完整的计算加速产品矩 阵，全面支持"云-边-端"全场景。与此同时，公司持续强化自主知识产权体系，截至2025年6月，公司 已获得授权专利514项，数量位居国内GPU企业前列。（文猛） 责任编辑：宋雅芳 新浪科技讯 12月5日上午消息，摩尔线程智能科技（北京）股份有限公司（简称：摩尔线程）今日在上 海证券交易所科创板挂牌上市。据悉，本次发行股份7000.00万股，发行价格为114.28元/股，首发募集 资金80.00亿元，募集资金将主要投向摩尔线程新一代自主可控AI训推一体芯片研发项目、摩尔线程新 一代自主可控图形芯片研发项目、摩尔线程新一代自主可控AISoC芯片研发项目、补充流动资金等。 新浪科技讯 12月5日上午消息，摩尔线程智能科技（北京）股份有限公司（简称：摩尔线程）今日在上 海证券交易所科创板挂牌上市。据悉，本次发行股份7000.00万股，发行价格为114.28元/股，首发募集 资金80.00亿元，募集资金将主要投向摩尔线程新一代自主可控A ...

2014年创立的小鹏汽车，日前迎来11岁"生日"。此时恰逢其搬进岑村新总部及第100万台整车下线，小 鹏汽车在"新家"开起了"司庆家年华"。这是小鹏汽车成立以来规模最大的一次家庭日活动，同时也是新 总部首次向员工家属开放参观。据悉，当日有超2万名员工及家属到场参与。 南都·湾财社记者当日观察到，小鹏汽车整座科技园连带8万平公园人声鼎沸：剪腿版IRON机器人以静 态形式亮相，鹏厂吃喝玩乐集市、顶校学霸面对面、相亲角等多个互动区域成为活动亮点。 何小鹏还首次以"向同学和家人们汇报"的方式，分享了公司十一年的创业成果以及员工背后的支持力 量，并介绍了小鹏在员工关怀、工作环境与组织成长方面的最新进展。 从大学城车库起步，到近40万平方米的新总部，小鹏汽车已汇聚全球2.8万名的同学，服务超过100万名 用户，业务覆盖52个国家和地区。 尤其今年，小鹏汽车发展迅猛，多款产品赢得市场青睐，交付量屡破记录。在刚刚过去的11月，小鹏汽 车交付新车36728台，前十一月共计交付391937台，率先完成年度目标，同比增长超过1倍。11月21日， 小鹏汽车迎来第100万辆整车下线，市场规模开始显现。 另据日前发布的三季报显示，前三季 ...

清华系汽车芯片"夫妻店"，冲刺港股： 曦华科技，刚刚向港交所递交招股书，估值28.44亿人民币。 细分赛道并不常引人关注，却至关重要——MCU：之前的汽车"芯片荒"，就是国际MCU大厂波动导致。 自主汽车MCU，尤其是跟智能汽车、物理AI浪潮紧密关联的创业玩家，曦华科技是第一个走到IPO时刻的。 估值近30亿，曦华科技经营状况如何 根据招股书披露，曦华科技从2022年起的营收分别为： 年均研发投入一亿左右，但研发投入占超过35%，远高于行业平均。 不过研发的投入产出比并不算高，比如2024年研发投入8683万元仅产出专利12项，平均每项专利成本723万元，研发转化效率低于行业均值（同业平均每 项专利成本约300万元）。 这说明，曦华科技押注的AI Scaler、TMCU等等，尚未转化成核心竞争力，也解释了为何现阶段毛利偏低——高强度的技术投入，尚未能形成与之匹配的 市场竞争力和定价权。 2022–2024年复合年增长率达67.8%，而2025年前三个季度，就已经追平了2024全年营收，所以从这个层面看，曦华科技业务是高速迅猛扩张的。 不过相对于半导体行业，尤其是Fabless模式的半导体公司来说，曦华科技目前 ...

2、 曹操X越疆，人形机器人上岗"Robotaxi" 1、 清华大学成立具身智能与机器人研究院！ 近日，清华大学具身智能与机器人研究院正式成立。清华大学自动化系主任张涛任具身智能与机器人研究 院院长。清华具身智能与机器人研究院挂靠科研院，自动化系、机械系、电子系、计算机系共同建设。研 究院将集中校内外优势团队开展协同攻关，重点突破"强健本体+智慧大脑"全栈技术的"0到1"原始创新。 同时依托北京市产业生态资源，构建"技术研发-中试验证-场景应用"全链条转化枢纽，加速技术成果落 地。 曹操出行与越疆科技正式签署战略合作协议，双方围绕 Robotaxi 运营场景深化合作，推动运维体系向自 动化、智能化升级。当日，曹操出行在杭州投用行业首创的 "绿色智能通行岛"，越疆具身智能人形机器人 Atom 作为首批 "智能员工" 入驻，完成 AI 导览交互、无人化运维、多智能体协同等多场景应用验证。根 据协议，双方还将共建智能化运营场站，构建数据闭环迭代算法，并探索智能出行与智慧消费的会员联 动。越疆机器人全球部署量超 10 万台，已服务 80 家世界 500 强企业。业内认为，此次合作既为 Robota xi 规模化落地提 ...

Core Insights - The recent Q3 2025 financial reports from Chinese automakers highlight the competitive landscape and strategic shifts within the industry, particularly among the leading new energy vehicle (NEV) companies NIO, Xpeng, and Li Auto [1][4] Financial Performance - Xpeng Motors reported a record revenue of 20.38 billion yuan, a year-on-year increase of 101.8%, and achieved a gross margin of 20.1%, surpassing NIO's 13.9% and Li Auto's 16.3% [2][3] - NIO's Q3 revenue reached 21.79 billion yuan, up 16.7% year-on-year, with a gross margin of 13.9%, but still faced a net loss of 3.48 billion yuan, the highest among the three [2][3] - Li Auto generated 27.4 billion yuan in revenue, a decline of 36.2% year-on-year, and reported a net loss of 624 million yuan, ending its streak of 11 consecutive profitable quarters [2][3] Strategic Adjustments - NIO is shifting its focus to core automotive operations, reducing investments in non-core businesses, and controlling sales and management expenses [4][5] - Xpeng is pursuing a strategy of "technology integration into the market," expanding into the range-extended vehicle market while maintaining its focus on smart driving [5] - Li Auto is transitioning from a "family-oriented" brand to an "AI-focused" strategy, aiming to build an "embodied intelligence" ecosystem [5] Competitive Landscape - The competition among NEV companies remains intense, with no clear leader emerging in profitability, as companies continue to vie for market share through cost-effectiveness and technological advancements [3][6] - New entrants like Leap Motor and Xiaomi are gaining traction, further intensifying the competitive environment [6] - The industry is evolving from a focus on product features to a comprehensive assessment of product definition, cost control, and brand strategy [6] Future Outlook - The immediate focus for NIO and Xpeng is achieving stable profitability, while Li Auto aims to recover from the MEGA recall incident and ramp up production of its electric models [7] - Long-term success will depend on technological advancements and the ability to adapt to global markets, with companies like Xpeng and NIO already expanding their international presence [7][8] - The NEV sector is entering a new phase of consolidation, where the ability to deliver on profitability promises and navigate technological changes will be crucial for survival [8]

Core Viewpoint - The Trump administration is actively promoting the robotics industry, indicating a strategic shift towards robotics as a key area for competition with other major economies, following the focus on artificial intelligence (AI) [1][4]. Group 1: Government Support and Initiatives - U.S. Secretary of Commerce, Gina Raimondo, has been meeting with robotics CEOs to express full support for the industry's development, with plans for an executive order on robotics next year [1][3]. - The U.S. Department of Transportation is preparing to announce the establishment of a robotics task force, highlighting growing congressional interest in the robotics sector [4]. - The commitment to robotics is seen as essential for bringing critical manufacturing back to the U.S., following a previous AI acceleration plan [3][4]. Group 2: Investment and Market Potential - Significant investment is anticipated in the robotics sector, with projections indicating that funding could reach $2.3 billion by 2025, doubling from the previous year [5]. - Goldman Sachs estimates that the global humanoid robotics market could reach $38 billion by 2035, showcasing the potential for growth in this industry [5]. Group 3: Industry Perspectives and Challenges - The robotics industry is advocating for government tax incentives and federal funding to help integrate advanced automation technologies and strengthen supply chains [6]. - Apptronik, a humanoid robotics startup, emphasizes the need for a national robotics strategy to maintain competitiveness in this emerging sector [6]. Group 4: Technological Integration and Future Outlook - Major tech companies are investing in "physical AI," which encompasses robotics and autonomous driving technologies, indicating a broader trend in the industry [7]. - SoftBank's CEO, Masayoshi Son, has expressed the belief that physical AI will significantly impact global GDP, suggesting a transformative potential for the economy [8]. Group 5: Economic Implications - Tesla CEO Elon Musk argues that AI-driven robots are the only viable solution to address the U.S. debt crisis, emphasizing their potential to enhance productivity and output [9]. - Musk predicts that advancements in AI and robotics could lead to deflation, as production increases outpace monetary supply growth [9][10].