【头条要闻】 美联储或连续降息3次，每次25个基点，套息交易员已加大对新兴市场押注 随着市场押注美联储将在下月启动降息，美元走弱并刺激了对高收益货币的需求，套息交易在新兴市场 投资者中再度流行。从路博迈集团到安本集团，基金经理们正大量买入巴西、南非和埃及等国的货币。 他们表示，美元走弱和波动性下降，为套息交易策略创造了成熟的环境 —— 在该策略中，交易员借入 低收益率货币，买入高收益率货币。 今年，套息交易实现了两位数的回报，但在 7 月美元反弹时一度停滞。如今，在美国就业报告表现惨淡 引发政策制定者将不得不在下月降息以避免经济衰退的押注后，套息交易再次升温。近日，双线资本和 瑞银等机构加入了唱空美元的行列，称看空美元的说法 "重新生效"。 超5万元现金存取或无需登记！反洗钱监管转向风险为本 增量资金来了！MSCI指数调整新纳入14股（名单） 全球知名指数公司MSCI宣布了2025年8月份的指数审议结果。在本次调整中，MSCI中国指数新纳入地 平线机器人、老铺黄金、网易云音乐、三生制药等14只股票，剔除17只股票。本次调整将于8月26日收 盘后生效。值得注意的是，本次MSCI中国指数调整新增港股标的显著增多， ...

2025 世界机器人大会（2025 WRC）博览会上，人形机器人产业链上下游企业纷纷携最新产品亮相，展示 前沿技术， 人形机器人无疑成为了全场最大焦点。 近年来，人形机器人行业发展势头极为迅猛，众多科研团队与企业持续发力，推动技术突破不断涌现。从核心 零部件到整机解决方案，从机械结构的优化升级到智能化水平的显著提升，人形机器人技术成熟度持续提高， 正逐步从概念走向现实应用。在这一进程中， 灵巧手 作为人形机器人与环境交互的最终执行端，其综合性能 不仅 是衡量整机可用性的关键指标之一，更成为下一阶段产业链竞逐的核心技术焦点。 由中国科学院院士、吉林大学教授、国际仿生工程学会名誉理事长任露泉院士，与英国曼彻斯特大学终身教 授、国家特聘专家、教育部长江学者任雷教授共同创立的北京达奇月泉仿生科技有限公司 （以下简称 "月泉 仿生"），长期致力于推动仿生科技领域的创新与突破。前不久，月泉仿生 正式对外推出了仿生拉压体灵巧手 应手 Y-Hand M1 。 该灵巧手不仅 以 38个自由度创下全球最高纪录，更在力量、速度、精度、柔顺性、灵 活性五个维度实现了五位一体的性能突破 ， 彻底革新了仿生灵巧手的技术边界，为该领域的发 ...

上海的人工智能大会 （WAIC） 热浪刚退，8月初北京亦庄的展馆又再次亮起机甲霓虹——世界机器人大会 （WRC） 正火热进行中。 在2025年的WAIC上，具身智能开始成为主角。往年没有那么受关注的二层展区，今年被80家具身智能公 司"包场"，格斗机器人、小型机器狗、疾跑的双足机器人随处可见。 而WRC 更是直接把所有舞台都给了"能走路、能干活、能对话"的钢铁居民。搬运货物、制作香囊、卖冰糖 葫芦、玩五子棋……身怀绝技的机器人们让大会充满了"烟火气"。 今年两大展会的亮点更偏向于 机器人各类落地应用场景 的展示——绝大多数的机器人不再炫技，而是面向 产线分拣、零售取货、矿区勘查等真实任务。 性能参数退到幕后，落地场景成了主角。 接下来，本文将用一篇文章带你逛逛两大会展，看看各大机器人企业都有哪些亮眼表现。 大模型融合与高精度动态性能丰富了应用场景 在上海WAIC中，最热闹的要数 宇树科技 的展台。两台人形机器人G1穿戴专业的拳击手套和保护头盔，在 展台里上演"拳王争霸"，吸引了数千人的围观。凭借全身29个灵活关节、智能平衡算法和软硬件高度耦合的 实时控制策略，G1在展台表演了拳击连招、回旋踢等高难度动作，灵敏 ...

Core Viewpoint - The article discusses the recent A-series financing of the humanoid robot startup "Paxini Sensory Technology (Shenzhen) Co., Ltd." led by JD.com, highlighting the growing interest and investment in the humanoid robotics sector, particularly from major automotive and technology companies [2][5][6]. Financing Overview - Paxini Sensory completed a new round of A-series financing on August 5, 2025, led by JD.com, with participation from various funds and existing shareholders [2][4]. - Since April 2025, the company has raised over 1 billion yuan across three rounds of A-series financing, with BYD being a significant external shareholder [4][5]. Company Background - Paxini Sensory was established in June 2021, focusing on multi-dimensional tactile sensing technology, and is recognized as the first company to commercialize multi-dimensional tactile sensors globally [9][10]. - The core founding team has strong academic backgrounds from Waseda University in Japan, with expertise in robotics and sensor technology [10]. Core Technology and Products - The company has developed a unique 6D Hall array sensing technology, enabling high-precision tactile data collection at a frequency of 1000Hz [12][17]. - Its product line includes multi-dimensional tactile sensors, dexterous hands, and humanoid robots, forming a comprehensive ecosystem for embodied intelligence [14][18]. Market Position and Commercialization - Paxini's tactile sensors are widely used by domestic humanoid robot manufacturers, leading the market in multi-dimensional array tactile sensors [26]. - The company is building a super data factory to collect high-quality multi-modal interaction data, addressing the challenges in the embodied intelligence field [23]. Industry Trends - Major automotive manufacturers and tech giants are increasingly investing in the humanoid robotics sector, with JD.com being a notable example of a company pursuing both investment and self-research strategies [6][7]. - The article emphasizes the importance of dexterous hands in humanoid robots, which are crucial for performing complex tasks and enhancing the robots' operational capabilities [29][30].

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 国家统计局：7月份核心CPI同比持续回升，PPI环比降幅收窄 国家统计局城市司首席统计师董莉娟解读2025年7月份CPI和PPI数据：7月份，扩内需政策效应持续显现，居民消费价格指数（CPI）环比由上月下降0.1%转 为上涨0.4%，同比持平，扣除食品和能源价格的核心CPI同比上涨0.8%，涨幅连续3个月扩大。受季节性因素叠加国际贸易环境不确定性影响，工业生产者 出厂价格指数（PPI）环比下降0.2%，国内市场竞争秩序持续优化，环比降幅比上月收窄0.2个百分点，同比下降3.6%，降幅与上月相同。 少林寺管理处8月9日情况通报显示，近期，网上传言少林寺有30名僧人集体辞职，属不实言辞，望大家不信谣、不传谣。 特朗普和内塔尼亚胡讨论"接管加沙城计划" 当地时间8月10日，美国总统特朗普与以色列总理内塔尼亚胡通话，讨论以色列关于"接管加沙地带剩余哈马斯据点以结束军事行动"的计划。 美韩将举行联合军演 朝鲜：强烈谴责 严正警告 朝鲜国防相努光铁当地时间10日发表谈话，谴责美韩即将开始举行的"乙支自由护盾"联合军演。谈话称，美韩毫不掩饰地暴露出对朝 ...

Group 1 - The core viewpoint of the article highlights the significant progress in the commercialization of humanoid robots, with major orders indicating strong market demand and technological advancements [2][4][20] - Humanoid robots are now entering practical application scenarios, with expectations of substantial changes in the next 3 to 5 years, reflected in increased shipment volumes and the growth of major companies in the field [2][4] - Companies like UBTECH and others have secured landmark contracts worth nearly 100 million yuan, validating the demand in industrial settings such as automotive and logistics [4][19] Group 2 - The 2025 World Robot Conference showcased a shift in the market, with manufacturers openly pricing humanoid robots, ranging from tens of thousands to nearly a million yuan, indicating a move away from the previous "price-sensitive" approach [4][6] - The emergence of the first physical store for humanoid robots, featuring over 100 products from more than 40 manufacturers, marks a significant step in the commercialization process [4][6] - Companies are exploring various business models, including using humanoid robots in service scenarios, such as robot restaurants and cultural tourism complexes, to enhance consumer engagement [6][7] Group 3 - Different companies are targeting various application scenarios, with some focusing on industrial uses while others cater to service-oriented markets, indicating a diverse approach to commercialization [7][9] - The consensus among industry players is to prioritize deploying humanoid robots in workplaces before expanding into home environments, as the latter presents more complex challenges [7][9] - The timeline for humanoid robots entering home environments is estimated to be at least ten years due to the complexities involved [9][10] Group 4 - Humanoid robots are seen as a solution to fill a 30% labor gap in advanced manufacturing, where traditional robotic solutions may not suffice [13][14] - The flexibility of humanoid robots allows them to adapt to existing factory layouts without requiring significant changes, making them a viable option for many industries [14][19] - The long-term cost of humanoid robots is expected to be lower than human labor, as they can operate continuously with minimal operational costs after initial investment [14][19] Group 5 - The industry faces challenges related to AI development and data training, which are critical for advancing humanoid robot capabilities [18][19] - Current hardware capabilities are sufficient, but the lack of breakthroughs in AI models limits the functionality of humanoid robots [18][19] - The need for a robust ecosystem and optimized supply chain costs is essential for making humanoid robots more affordable and accessible to consumers [19][20]

"不同于去年大会的机器人技能展示，今年最明显的感受是'落地'。"一名参展商对中国证券报记者感慨 道。2025世界机器人大会上，机器人在商超零售、物流分拣、上下料等不同场景中，演示着各自的应用 潜力。 当然，机器人目前仅具有在有限场景执行简单任务的能力，还不足以应对复杂现实场景的挑战。记者采 访多位参会企业高管与专家后发现：距离机器人真正走进更多场景"打工"，行业仍需攻克机器人"大 脑"能力这一核心关卡。对此，部分企业已展开积极探索，力求在具身智能大模型性能上实现突破。与 此同时，开放场景中"边做边学"、用合成数据破解"数据荒"等，都是行业探索者正在进行的实践。 让一部分场景先商业化 在8月8日至12日举办的2025世界机器人大会上，机器人公司纷纷展示落地应用场景。在银河通用的银河 补给站，机器人往返于货架为观众取商品；越疆机器人戴上橡胶手套，"望着"面前的物料分拣箱，时刻 准备"上岗"；乐聚机器人"夸父"步行到货架，精准地取下物料；星尘智能Astribot S1面对围观人群泡起 了咖啡。 据介绍，本届大会共有200多家国内外机器人公司参会，全场共展出了1500多台机器人产品，创国内机 器人展会之最。 相关企业 ...

Core Insights - The discussion at the World Robot Conference highlighted the potential of physical AI and robotics to connect the digital and physical worlds, with a focus on the significant market opportunities in industries like transportation, manufacturing, logistics, and healthcare [4][5][6] - China is positioned uniquely to excel in the robotics sector due to its large pool of AI talent and unmatched electronic manufacturing capabilities [4][5] - NVIDIA's strategy involves developing specialized computers for robotics, including embedded systems, AI factory computers, and simulation computers to enhance robot training and deployment [5][6] Group 1: Industry Trends - The total scale of the IT industry is approximately $5 trillion, which is a small fraction compared to the global market exceeding $100 trillion, indicating vast untapped potential in physical industries [4] - The market for humanoid robots is expected to grow significantly, with projections suggesting a tenfold increase in production every three years, potentially surpassing the total output of industrial robotic arms [7][14] - The integration of synthetic data is crucial for the rapid deployment of embodied intelligence in robotics, with current real-world data only accounting for 1% of training data [6][7] Group 2: Technological Developments - NVIDIA's Jetson Thor platform enhances computational capabilities for robotics, allowing for more complex neural networks and faster processing of sensor data [15] - The focus on simulation technology is essential for training robots in safe environments, with advancements in AI expected to automate the data generation process for training [8][10][20] - The development of humanoid robots is seen as a key area for future growth, with the potential for widespread application in various sectors, including industrial and service industries [16][18] Group 3: Market Dynamics - The cost of humanoid robots is decreasing, with recent models priced around 39,000 RMB, making them more accessible for commercial use [6][11] - The primary challenges for scaling humanoid robots include enhancing the versatility and practicality of embodied intelligence models [12][29] - The future of humanoid robots is expected to involve significant advancements in their ability to perform tasks, with a focus on improving capabilities in grasping, mobility, and precision [29][30] Group 4: Collaboration and Ecosystem - NVIDIA emphasizes collaboration with partners to enhance simulation accuracy and bridge the gap between simulation and real-world applications [20][23] - The unique ecosystem in China, characterized by a large talent pool and manufacturing capabilities, supports rapid innovation and deployment in the robotics sector [34] - Companies like Yushutech and Galaxy General are leveraging NVIDIA's technology to enhance their robotic solutions, indicating a strong partnership model within the industry [5][6][34]

Core Viewpoint - The emergence of physical AI and robotics is set to revolutionize industries by connecting the physical and information worlds, with significant potential for growth in the trillion-dollar market of physical industries [3][5][32]. Group 1: Industry Insights - The IT industry's total scale is approximately $5 trillion, which is a small fraction compared to the global economy exceeding $100 trillion, indicating that the real value lies in industries that interact with the physical world such as transportation, manufacturing, logistics, and healthcare [3][5]. - The development of physical AI is crucial for enabling machines to operate effectively in the physical world, with robots serving as a bridge for this transition [5][32]. - China possesses unique advantages in the field of AI and robotics, including a large pool of AI researchers and developers, unmatched electronic manufacturing capabilities, and a vast manufacturing base for large-scale deployment and testing [5][32]. Group 2: Technological Developments - NVIDIA aims to create three types of computers to support robotics: embedded computers in robots, AI factory computers for data processing and model training, and simulation computers for generating data and testing robots [5][6]. - The collaboration between companies like宇树科技 and 银河通用 with NVIDIA has led to the development of advanced humanoid robots capable of performing complex tasks in industrial settings [6][8]. - The next generation of humanoid robots is expected to see exponential growth, with projections indicating a tenfold increase in production every three years, potentially surpassing the total output of industrial robotic arms [8][14]. Group 3: Market Potential - The humanoid robot market is anticipated to reach a scale that could exceed the combined output of all industrial robots, with estimates suggesting a market value of over 1 trillion yuan in the next decade [8][14]. - The current focus on humanoid robots is driven by their ability to integrate into human environments and perform a variety of tasks, which is essential for their widespread adoption [14][27]. Group 4: Challenges and Future Directions - Key challenges in deploying humanoid robots include enhancing their operational capabilities, particularly in tasks like object manipulation and sorting, which require precision and speed comparable to human workers [18][27]. - The gap between simulation and real-world application (Sim2Real) remains a significant hurdle, necessitating advancements in simulation accuracy and efficiency to ensure reliable robot performance in real environments [19][20]. - The industry is exploring various approaches to improve data generation and training processes, including the use of AI to automate synthetic data creation, which could significantly enhance the training of robots [11][20][22].

Important Market News - The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly released a draft for public consultation regarding the management of customer due diligence and the preservation of customer identity data and transaction records, notably removing the previous requirement for individuals to disclose the source or purpose of cash transactions exceeding 50,000 yuan [1] - In July, the Consumer Price Index (CPI) rose by 0.4% month-on-month, reversing a 0.1% decline in June, with year-on-year growth remaining flat. The increase was influenced by seasonal travel, with airfares, tourism, hotel accommodations, and vehicle rentals rising by 17.9%, 9.1%, 6.9%, and 4.4% respectively, contributing approximately 0.21 percentage points to the CPI increase [1] Industry Insights - Huawei is set to unveil groundbreaking technology in AI reasoning at the 2025 Financial AI Forum on August 12, which may reduce China's reliance on High Bandwidth Memory (HBM) technology and enhance the performance of domestic AI models [2] - Huawei announced the full open-sourcing of CANN, its AI programming language, which is comparable to NVIDIA's CUDA, allowing for efficient utilization of its Ascend processors. The Mind suite includes over 200 pre-adapted models [2][3] - The Chinese commercial space sector is experiencing rapid growth, with a market size projected to increase from 9.2 billion yuan in 2020 to 310 billion yuan by 2024, reflecting a compound annual growth rate exceeding 100% [4][5] - The Beijing Economic and Technological Development Zone has launched a series of measures to support the development of embodied intelligent robots, aiming to capture a leading position in the global robotics industry [6] Stock Movements - Several companies have announced plans for share reductions by major shareholders, including Hainan Zhongcheng Investment, which intends to reduce its stake in Furen Energy by up to 4.8 million shares, representing 0.37% of the total share capital [7] - Other companies such as Huizhiwei and Yinbaoshanxin have also disclosed similar intentions to reduce their shareholdings through various trading methods [7][8]