衡宇 发自 凹非寺 量子位 | 公众号 QbitAI 一个 （暂时） 只做具身大脑的公司，抛出了一个 只有2.4B参数 的具身模型。 目前行业风向标如Physical Intelligence的π 0总计约33亿参数，π 0.6的参数量也约莫在50亿以上。 在一个甚至连硬件形态都还没定型的行业里，2.4B参数到底够不够用？ 这家公司给出的答案是，够用。 而且 足以支撑它实时处理三视角的728x728画面，推理延迟仅60毫秒；配合强化学习机制，它还能在真机上不断试错进化。 这就是具身智能创企原力灵机推出的首个具身原生模型产品DM0。 2.4B的轻量小蛋糕， RTX 5090就能跑。 因为从零训练以及对具身数采有不同于行业的看法等原因，该公司称它为"首个具身原生大模型"。 与模型同时发布的还有开源具身原生框架Dexbotic 2.0，以及具身原生量产工作流 DFOL。 这具身软件三件套背后技术路线的操盘手，是原力灵机合伙人、负责大模型的周而进。 他在AI圈早已名声在外。 周而进现在才33岁，但 这人已经在AI领域出名13年了 —— 早在2013年，深度学习和人工智能还是冷门的时候，大二的旷视实习生周而进就以一作身 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 智能体和具身智能是通向通用人工智能（AGI）的必经之路！ 今日（2月13日），港股智谱盘初快速拉升，涨超20%，股价再创新高。过去5个交易日，该股最大涨幅 达142%。2月12日凌晨，智谱发布新一代模型GLM-5。火遍全球的神秘模型"Pony Alpha"揭开面纱。 业界称，这是继DeepSeek后，国产AI大模型春节档的又一爆款。 智能体与具身智能的融合，是AGI的必经之路，也是打开具身智能市场容量的必要环节。近期，机器人也 在预热当中。宇树科技创始人王兴兴谈及具身智能赛道时表示，未来热度或是现在的1000倍，远超移动 互联网。 智能体彻底爆发 今日早盘，智谱盘初快速拉升涨超20%，股价一度达到492港元/股，再创上市以来新高，与上周五（2月 6日）的收盘价203.2港元/股相比，最近一周累计涨幅达142%。今日消息面显示，此前Coding Plan连 续包月、连续包季、连续包年套餐全部售罄。 智能体的进化必将为具身智能的发展提供重大支撑。二者融合能让机器既拥有强大的语言与推理能力（来 自大模型），又能像人一样在物理 ...

Group 1 - The global humanoid robot shipment is expected to reach approximately 18,600 units in 2025, with Chinese companies dominating the market, particularly Yushu Technology and Zhiyuan Robotics, each shipping around 5,000 units, together accounting for over half of the global total [1] - By 2026, global humanoid robot shipments are projected to surge to 120,000 units, with China's market share exceeding 50%, and the average price of complete machines dropping to $120,000, marking a transition from technology validation to commercialization [1] - The Ministry of Industry and Information Technology has set a target for an 80% localization rate of core components by the end of 2026 and plans to nurture 3-5 globally leading companies, providing subsidies of up to 50 million yuan for relevant R&D projects [1] Group 2 - Intelligent manufacturing is identified as the core carrier for the development of the robotics industry, with mass production of humanoid robots expected to further upgrade the intelligent manufacturing sector, creating a mutually beneficial relationship [2] - The Tianhong CSI Robotics ETF Fund, established on July 11, 2023, aims to closely track the robotics ETF index, minimizing tracking deviation and error [2] - The fund manager emphasizes that humanoid robots are currently in the design phase, requiring collaboration between R&D teams and manufacturers to redesign core components, with a focus on domestic manufacturers' sample submissions and production progress [2] Group 3 - As of February 10, 2026, the top ten weighted stocks in the CSI Robotics Index account for 54.51%, with a significant concentration of companies related to humanoid robots [3] - The Tianhong CSI Robotics ETF Fund had a product scale of 2.746 billion yuan as of December 31, 2025, providing reliable liquidity support [3] - The fund's historical performance for 2025 shows impressive returns, with Class A at 28.92% and Class C at 28.67% [3]

Core Insights - The article discusses the launch of WorldArena, a unified evaluation system for embodied world models, developed by leading institutions, aiming to shift the focus from visual quality to functional reliability in robotics [1][4][8]. Evaluation Framework - WorldArena introduces a six-dimensional visual assessment framework that includes visual quality, action quality, content consistency, physical adherence, 3D accuracy, and controllability, emphasizing the importance of physical understanding for robots [5][21][25]. - The system also incorporates three embodied tasks to evaluate whether models can effectively participate in real-world tasks, revealing that many visually high-scoring models perform poorly in practical applications [5][27]. EWMScore - EWMScore is a comprehensive scoring system that consolidates various evaluation metrics into a single score, showing a high correlation with human subjective assessments, thus providing a more accurate reflection of model capabilities [6][30][41]. - The correlation between EWMScore and task performance indicates that visual realism does not equate to functional reliability, highlighting a significant gap between visual generation and task execution capabilities [32][44]. Challenges and Future Directions - The article emphasizes that while world models have made significant strides in visual generation, they still face fundamental shortcomings in supporting embodied intelligence tasks and long-term decision-making [33][40]. - The conclusion stresses the need for world models to understand physical laws and maintain consistency in complex environments to transition from being mere visual models to functional embodied intelligence systems [41][45].

出品丨21财经客户端 21世纪经济报道 编辑丨陈泽楷 黎雨桐 光伏龙头巨额封单跌停，市值一日蒸发20亿，昨日10分钟涨停 半导体集体爆发，港股科网股下挫，智谱5天狂飙超120% SFC 21君荐读 目前，具身智能赛道有多火？对此，宇树科技创始人、CEO王兴兴表示："目前机器人产业或 具身智能产业，背后最大的驱动因素或不确定因素，基本都是由AI主导，但增长曲线可能越来 越陡峭。 如果未来几年，有真正大规模应用的具身智能AI模型和机器人技术突破，那时候热 度可能会比现在至少高100倍，甚至1000倍。 而这个热度， 我觉得会远超移动互联网。 所 以，我觉得当下阶段绝对不是最热，目前可能还是处于爬坡或爬坡阶段的平台期。" ...

| 对外投资 50 | | 对外投资(间接) 61 历史对外投资 1 | | | 持股比例 - | 登记状态 ▼ | 更多筛选 · | 请输入企业名称 | Q 取消 | 國 导出 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 被投资企业名称 | 状态 | 成立日期÷ | 持股比例 ÷ | 认缴出资额 ÷ | 间接持股比例 | 所属地区 | 所属行业 | 关联产品/机构 | | 1 | 製品 | 上海觅蜂具身智能科技有限公司 | 存续 | 2026-02-03 | 75% | 375万元 | | 上海市浦东新 区 | 科学研究和技 术服务业 | | | 2 | 智元 创新 | 智元创新 (成都)科技有限公司 | 存續 | 2026-01-30 | 100% | 100万元 | | 四川省成都市 | 信息传输、软 件和信息技术 服务业 | | | 3 | 德曼 | 北京德塔源创智能科技有限公司 | 存续 | 2026-01-16 | 2% | 2万元 | | 北京市海淀区 | 科学研究和技 术服务业 | ...

Investment Rating - The report assigns a "Buy" rating for the company, Weichuang Electric (688698), marking its first coverage [2][9]. Core Insights - The company is focusing on consolidating its main business while expanding overseas, strategically positioning itself in the robot-driven components market [5][6]. - The company aims to deepen industry demand and continuously promote globalization, with a strong emphasis on technological innovation and market expansion through partnerships [6]. - Revenue projections for 2025-2027 are estimated at 19.77 billion, 24.44 billion, and 31.08 billion yuan respectively, with net profits expected to be 2.88 billion, 3.46 billion, and 4.19 billion yuan [8][9]. Summary by Sections Business Development - The company is enhancing collaboration to drive technological innovation in robot-driven components, including establishing joint ventures in Thailand and other regions [6]. - It plans to implement a three-pronged strategy focusing on comprehensive product offerings, entering new markets, and efficient collaboration to enhance its product structure [6]. Global Expansion - The company is optimistic about overseas market potential, particularly in regions like Asia, Africa, and Latin America, and is committed to expanding its market presence while solidifying existing markets [6]. Financial Forecast - The company anticipates revenue growth rates of 26%, 21%, 24%, and 27% for the years 2024 to 2027, with net profit growth rates of 28%, 18%, 20%, and 21% respectively [8][9]. - Key financial metrics include projected earnings per share (EPS) of 1.14, 1.35, 1.62, and 1.96 yuan from 2024 to 2027, with a return on equity (ROE) expected to rise from 12% to 14% over the same period [8][9].

君逸数码战略投资并签约银河通用机器人 近日，君逸数码通过产业基金对北京银河通用机器人股份有限公司进行了股权投资， 双方签署《渠道合作伙伴合作协议》，在特定垂直行业确立深度代理合作关系，以资 本 + 业务双重纽带，深化具身智能生态布局。 投资要点： [Table_Report] 相关报告 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 股票研究/[Table_Date] 2026.02.13 本报告导读： 计算机《银河通用"干活"机器人登春晚，具身 智能迎来主流时刻》2026.01.25 计算机《上海发布"模速 ...

Core Viewpoint - The new mission of Li Auto is "Be Proactive, Change the World," with a vision to become a global leader in embodied intelligence [1] Group 1: Company Evolution - Li Auto's previous mission focused on creating a mobile home and happiness, which has now shifted towards a broader technological ambition [1] - The company is evolving from being perceived solely as an automotive manufacturer to being recognized as an AI company, emphasizing the integration of AI with physical products [2][10] - The leadership of Li Auto, particularly CEO Li Xiang, is characterized by a commitment to continuous growth and learning from past experiences [3][4] Group 2: Leadership Insights - Li Xiang's personal growth journey includes learning the importance of communication and focusing on user needs rather than competitors [5][8] - Significant past experiences, such as challenges during the automotive industry and previous ventures, have shaped Li Xiang's approach to leadership and decision-making [6][7] - The transition to focusing on AI and embodied intelligence reflects a strategic pivot based on industry trends and personal insights gained over time [11][12] Group 3: AI Integration - By December 2024, Li Xiang recognized the critical role of foundational models in AI, understanding that they serve as a key entry point for various products and services [12] - The company is actively engaging in AI research and development, with a focus on integrating AI capabilities into its automotive offerings [13][14] - Li Auto is preparing to address the challenges of robotics and AI, indicating a proactive stance in seizing market opportunities in these emerging fields [15][16]

Core Viewpoint - The establishment of the first embodied intelligence super factory in the Beijing-Tianjin-Hebei region by Lingyi iTech is a significant advancement in smart manufacturing and innovation in the area [1] Group 1: Factory Overview - The super factory will integrate smart manufacturing, research and development innovation, and lean production [1] - It aims to provide a one-stop embodied intelligent manufacturing service, covering precision structural components, core modules, and assembly testing [1] Group 2: Production Goals - The main factory design and renovation are planned to be completed within the year [1] - The factory is expected to achieve an annual production of 10,000 embodied intelligent robots this year, with a target of 500,000 units by 2030 [1] - The factory is positioned to set a global benchmark and lead the industry in terms of intelligence and automation [1]