Investment Rating - The report maintains a positive outlook on the humanoid robot industry, emphasizing the importance of software development for commercialization [3][4]. Core Insights - The report identifies that the hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization. It highlights the need for advancements in algorithms, data, and control systems to drive the industry forward [3][5][6]. Summary by Sections 1. Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [3][11][18]. - The report discusses the evolution of control algorithms, noting a shift from traditional methods to modern approaches like reinforcement learning (RL) and imitation learning (IL) [3][19][29]. - The VLA (Vision-Language-Action) model is highlighted as a significant advancement in upper-level control, enabling robots to understand and execute tasks through natural language processing [3][36][40]. 2. Data: The Foundation of Algorithm Learning - Data quality and diversity are crucial for algorithm performance, with sources categorized into real data, synthetic data, and web data. Real data is the most accurate but least abundant [3][74][76]. - The report emphasizes the importance of remote operation and motion capture technologies for collecting high-quality real data [3][79]. 3. Control Systems: The Foundation of Embodied Intelligence - The control system is described as the "brain" of humanoid robots, consisting of hardware (SoC chips, CPUs, GPUs, NPUs) and software components [3][3][3]. - The report notes that the industry lacks a unified consensus on the structure of the "brain" and "cerebellum" in humanoid robots, which are essential for executing complex algorithms and tasks [3][3][3]. 4. Investment Opportunities - The report identifies several key companies in the humanoid robot industry worth monitoring, including: - Controller segment: Tianzhun Technology, Zhiwei Intelligent, Desay SV [4][4]. - Motion control technology: Huichuan Technology, Xinjie Electric, Leisai Intelligent, Gokong Technology, Tosida [4][4]. - Chip manufacturers: Rockchip, Horizon Robotics [4][4]. - Data collection equipment: Lingyun Optical, Aofei Entertainment [4][4].

破解 "只学不练" 与 "只练不学" 的难题 想象你准备参加一场高水平的数学竞赛。如果你只是反复背诵往年题目的标准答案，从不亲自动手解题，那么一旦遇到新题型，很可能束手无策；反过来，如果 你闭门造车，只凭自己反复试错而从不参考老师和高手的解题经验，进步又会异常缓慢。这就好比 AI 模型 训练中长期存在的两种极端： 「 模仿学习 」 只顾照搬 示范却缺乏自我实践， 「强化学习 」 一味自我探索却不借鉴现有经验。 这两种 「只学不练 」 和 「只练不学 」 的策略各有弊端：前者往往学得快但 泛化差 ，后者可能探索勤但 效率低 。那么，有没有两全其美的办法，让模型既能借 鉴高手经验又能保持自主探索？最近，上海 AI 实验室联合西湖大学、南京大学和香港中文大学的研究团队提出了一种全新的强化学习范式： LUFFY（Learning to reason Under oFF-policY guidance） 。 论文链接：https://arxiv.org/abs/2504.14945 代码仓库：https://github.com/ElliottYan/LUFFY 图表 1. 在六项竞赛级数学推理基准上的整体表现。在 A ...

Core Insights - The article discusses the return of Luo Jianlan to China and his role as the Chief Scientist at Zhiyuan, focusing on the development of embodied intelligence, a field that is increasingly attracting younger talent in China [1][3]. Group 1: Background and Career - Luo Jianlan has a strong academic background, having spent eight years in academic research after obtaining his PhD and postdoctoral degree from Berkeley, and previously worked at Google X and Google DeepMind [1]. - He is a proponent of Reinforcement Learning (RL) over Immitation Learning (IL), arguing that the uncertainty in the real world makes achieving high accuracy in IL nearly impossible [2]. Group 2: Research Center and Philosophy - At Zhiyuan, Luo Jianlan established the "Zhiyuan Embodied Research Center," which aims to bridge the gap between fundamental research and industrial application, emphasizing problem-driven research rather than merely publishing papers [3][14]. - The center is designed to be a middle platform that connects basic research with real-world deployment, avoiding strict boundaries between research and application [14][15]. Group 3: Industry Comparison - The article highlights a significant difference between the U.S. and China in the field of embodied intelligence, with the U.S. focusing heavily on basic research while China is more pragmatic and faster in commercializing technology [4][11]. - Luo Jianlan notes that the Chinese environment is more conducive to hardware development and data acquisition, which benefits the application of embodied intelligence [11][12]. Group 4: Challenges and Future Directions - The main challenge in the field remains manipulation, which involves accurately responding to the complexities and uncertainties of the external world [6][21]. - Luo Jianlan suggests that the future of embodied intelligence should focus on creating useful robots that can solve multiple tasks rather than striving for a universal robot [21].

文｜ 朱秋雨 赖丁萌（实习生） 编辑｜ 向由 值班编辑 ｜ 宝珠 视觉 | 顾芗 中国人形机器人赛道最近"好消息"不断。 前有深圳的众擎机器人完成全球首例前空翻，后有杭州宇树科技机器人实现720度回旋踢。3月11日，前 华为天才少年"智晖君"创立的智元机器人，发布了人形机器人灵犀X2。在视频里，机器人不仅可以像人 一样走路、跑步，还能玩滑板车、骑自行车。 人们正通向"机器人养老"的美好愿景，而现在，一个新工种随着具身机器人的火爆而出现。在Boss直 聘、实习僧等求职APP上，一些公司正招聘学历要求大专以上，名叫"机器人数据采集员"的岗位。 在Boss直聘等求职APP上，一些公司正招聘"机器人数据采集员"的岗位 这份工作的主要内容包括：负责机器人数据采集工作、控制机器人正确移动、保护机器人处于安全状 态，等等。 除此以外，很多岗位还列出了对人的外形的要求，有的是，"不戴眼镜，没有高度近视"；有的要求"男生 身高170-175，体重65公斤以内；女生160-168，体重55公斤内"；还有的公司要求，"不能有小肚子，身 体协调性较好，细心、灵活、有控制力"。 这些岗位成功引起了众人的注意。人们不禁好奇：机器人的数据 ...