在这场"跨省行走"中，人形机器人需要应对柏油马路、瓷砖路、桥梁、盲道、坡道及夜间照明不足等地 形与环境挑战。 中新社上海11月20日电(记者李姝徵)从苏州金鸡湖到上海外滩，上海首家人形机器人量产企业——智元 创新(上海)科技有限公司(简称：智元机器人)研发的人形机器人，近日完成了百公里跨省行走。 11月20日，吉尼斯世界纪录认证官向智元远征A2(SNA210041BA00652号机器人)颁发了认证证书，正式 确认智元远征A2全程行走距离为106.286千米，成为"人形机器人行走最远距离"吉尼斯世界纪录保持 者。 该机器人从苏州金鸡湖畔著名地标"东方之门"出发，中途穿越市区、景区、国道、省道等多种复杂路 段，最终抵达上海外滩。挑战从11月10日夜间持续至13日清晨。 智元机器人合伙人、高级副总裁王闯表示，此次"跨省行走"直观地展现了人形机器人技术的可靠性与稳 定性，证明本体硬件、平衡算法及耐久性已趋成熟。 据悉，挑战所用的远征A2为量产商用版本，加装了双GPS模块，并搭配激光雷达、红外深度相机等多 重传感器。一路上，人形机器人成功处理了红绿灯识别、狭窄通道穿行、人群及电动车避让等复杂情 况。 历经这场"跨省行走 ...

近日，智元远征A2(SNA210041BA00652号机器人)成功完成了从苏州金鸡湖到上海外滩的百公里跨省行 走。11月20日，吉尼斯世界纪录认证官向智元远征A2(SNA210041BA00652号机器人)颁发了认证证书， 正式确认智元远征A2全程行走距离为106.286km，成为"人形机器人行走最远距离/Longest journey walked by a humanoid robot"吉尼斯世界纪录保持者。 据了解，得益于智元研发的快速热插拔换电系统，远征A2全程未关机、连续运行完成了挑战。本次挑 战自苏州金鸡湖畔著名地标"东方之门"起，中途穿越市区、景区、国道、省道等多种复杂路段，应对柏 油马路、瓷砖路、桥梁、盲道、坡道及夜间照明不足等多样化地形与环境挑战，全程遵守交通规则，最 终抵达上海外滩。 智元机器人合伙人、高级副总裁王闯表示，此次跨省长途行走旨在向公众直观展示人形机器人技术已达 到了极高的可靠性与稳定性水平。证明A2本体硬件性能、"小脑"平衡算法及耐久性已趋于成熟，为大 规模商用奠定了基础。 王闯认为，行走能力只是机器人基础能力的一部分，远征A2目前已具备多语言交互、人脸记忆和识 别、自主导览 ...

证券日报网讯玉禾田（300815）11月20日在互动平台回答投资者提问时表示，深圳玉树智能机器人有限 公司为集团旗下子公司，致力于在环卫等特定场景中应用智能化无人清扫装备，并开展集群化智慧环卫 作业场景的方案，同时聚焦于在环卫作业场景的运行数据的挖掘和探索。集团计划通过与智元机器人合 作，进一步推动人形机器人技术与城市服务场景深度交融，提升作业效率与安全性。未来将持续围绕核 心业务夯实基础、拓展数智化应用，不断增强市场竞争力。 ...

Core Insights - Shanghai RoboParty Technology Co., Ltd. has completed a business registration change, increasing its registered capital from 1 million to 1.4444 million yuan [1] - New shareholders include Xiaomi's Hanting Venture Capital Co., Ltd. and Lighthouse Founders Fund L.P. [1] - The company, established in February 2025, focuses on humanoid robot technology [1] Company Overview - RoboParty is associated with the development of bipedal walking, environmental perception, and human-machine interaction technologies [1] - Target application scenarios include home services and commercial guidance [1] Shareholder Structure - Following the recent changes, Shanghai Robot Enterprise Management Consulting Partnership (Limited Partnership) now co-holds shares with Hanting Venture Capital and Lighthouse Fund [1]

Core Viewpoint - The total market value of public funds heavily invested in the SW power equipment industry has significantly rebounded in Q3 2025, with a total market value of 204.972 billion yuan, reflecting a quarter-on-quarter increase of 58.76% and a year-on-year increase of 3.61% [2][3] Group 1: Fund Holdings and Allocation - The total market value of public funds in the SW power equipment industry accounts for 12.33% of the total market value of heavy holdings in A-shares, with a quarter-on-quarter increase of 2.44 percentage points and a year-on-year decrease of 0.01 percentage points [2][3] - The overweight ratio for the SW power equipment industry is 4.87%, showing a quarter-on-quarter increase of 0.91 percentage points and a year-on-year decrease of 1.24 percentage points, indicating a rebound in the overweight ratio [2][3] Group 2: Market Concentration - The fund holding market value ranking for the SW power equipment industry has risen, ranking second among 31 Shenwan primary industries, only behind electronics [3] - The concentration of holdings has increased, with the top 5, top 10, and top 20 stocks in the SW power equipment industry accounting for 58.61%, 67.07%, and 78.34% of the total market value, respectively, with quarter-on-quarter increases of 1.62, 1.42, and 0.69 percentage points [3] Group 3: Performance of Major Stocks - The top ten stocks in the SW power equipment industry have all seen strong increases, with significant gains in stocks such as Sunshine Power, Tianci Materials, and Yiwei Lithium Energy [4] - The total market value of fund holdings in the battery, photovoltaic equipment, and other power equipment sectors has significantly rebounded, with respective market values of 133.642 billion, 38.308 billion, and 13.292 billion yuan, reflecting quarter-on-quarter increases of 65.95%, 65.52%, and 11.90% [4][5] Group 4: Stock Adjustments - In the battery sector, individual stock adjustments show a mixed trend, with Yiwei Lithium Energy, Xinwangda, and Tianci Materials seeing increases in holdings, while leading companies like CATL and Keda Li experienced reductions [6] - The photovoltaic equipment sector has seen overall increases in holdings, with significant increases in stocks like Canadian Solar and JA Solar, while Sunshine Power and Deye Co. faced notable reductions [6] Group 5: Investment Recommendations - The SW power equipment industry shows a clear rebound in fund holdings and overweight ratios, with significant increases in the battery, photovoltaic equipment, and other power equipment sectors [7] - The lithium battery industry is currently active, with some material prices stabilizing, suggesting opportunities for profit recovery in leading stocks [7] - The wind power equipment sector is expected to grow due to high installation growth and overseas project expansion, recommending attention to leading stocks in this sector [7]

Core Insights - Goldman Sachs recently released a field research report on the supply chain of humanoid robots in China, indicating that most companies plan to gradually scale up after receiving actual orders, suggesting that current plans may not imply an imminent risk of oversupply [1] - The report highlights a positive long-term outlook for humanoid robot technology, but emphasizes the need to monitor the performance of key robotic products and specific end applications to assess whether a technological inflection point is approaching [1] Summary by Sections Company Insights - The report surveyed nine companies in the Chinese robotics industry chain, including Sanhua Intelligent Controls, Top Group, and Shuanghuan Transmission, none of which confirmed receiving significant large orders or provided clear mass production timelines [1] - These companies are actively planning production capacity both domestically and overseas, with annual capacity plans ranging from approximately 100,000 to 1 million units of robots [1] Industry Trends - Goldman Sachs forecasts a global shipment of 1.38 million robots by 2035, contrasting with the optimistic capacity planning of supply chain companies, which raises concerns about potential "oversupply" in the market [1] - An industry analyst cautioned against prematurely concluding "oversupply," noting that the specific application scenarios and technological paths for humanoid robots are still in exploratory development [2] - The current "order vacuum" should be understood as a natural phase in the early development of the industry, where trial and error costs and time are expected [2] - The analyst believes that proactive capacity planning by supply chain companies is a necessary preparation for potential demand surges, and that the future demand volume and technological evolution remain highly variable [2]

Core Insights - The human-shaped robot sector is experiencing a clash between optimistic expectations and the current reality of order shortages, as highlighted by a recent Goldman Sachs report on the Chinese supply chain [1][2] Industry Overview - Goldman Sachs conducted a survey from November 3 to 6, involving nine Chinese companies in the robot supply chain, revealing that none confirmed receiving large orders or clear mass production timelines [2][3] - The surveyed companies are planning annual production capacities ranging from 100,000 to 1,000,000 units, indicating a positive outlook on industry growth despite the lack of confirmed orders [2][3] Company Responses - Companies like Top Group and Sanhua Intelligent Control have stated that their production capacity planning is based on guidance from major clients, despite not having received specific orders [5][6] - Sanhua Intelligent Control is focusing on technological improvements and product development, while Top Group is preparing capacity in anticipation of future demand [5][6] Capacity Expansion Plans - Top Group plans to establish production lines in Thailand, Mexico, and the U.S., with a projected annual capacity of 1,000,000 units and an investment of approximately 7 to 8 billion yuan [3] - Sanhua Intelligent Control has acquired land in Thailand for assembling humanoid robot actuators and has initiated capacity for humanoid robots [3] - Minth Group has completed a production line with an annual capacity of 10,000 sets for head and facial assemblies, expecting to achieve mass production by Q1 2026 [4] Market Sentiment - There are concerns about potential overcapacity in the robot supply chain due to the aggressive capacity expansion without confirmed demand [2][6] - Industry analysts suggest that the current order vacuum should not lead to premature conclusions about overcapacity, as it is typical for emerging industries to experience initial trial and error phases [7]

Investment Rating - The industry is rated as outperforming the market, with an expected relative increase of over 10% in the next six months [4][44]. Core Insights - The total market value of public funds heavily invested in the SW power equipment industry reached 204.97 billion yuan in Q3 2025, reflecting a quarter-on-quarter increase of 58.76% and a year-on-year increase of 3.61% [1][15]. - The allocation ratio for the SW power equipment industry increased to 12.33%, ranking second among 31 Shenwan primary industries, with a quarter-on-quarter increase of 2.44 percentage points [2][16]. - The overweight ratio for the industry is 4.87%, showing a quarter-on-quarter increase of 0.91 percentage points [1][15]. Summary by Sections Overall Industry - The Q3 2025 fund holdings in the SW power equipment industry showed a significant recovery in both total market value and overweight ratio, with the latter rising to 4.87% [1][15]. - The concentration of holdings among the top 5, 10, and 20 stocks in the industry increased, with respective market values of 120.14 billion, 137.47 billion, and 160.58 billion yuan, indicating a continuous rise in concentration [2][22]. Sub-sectors - The battery, photovoltaic equipment, and other power equipment sectors saw significant increases in fund holdings, with total market values of 133.64 billion, 38.31 billion, and 9.65 billion yuan, respectively, reflecting quarter-on-quarter increases of 68.95%, 65.52%, and 77.23% [3][25]. - The battery sector's market value share increased to 65.20%, while the photovoltaic equipment sector's share decreased to -1.28% [26][30]. Stock Trends - The top ten stocks in the SW power equipment industry all experienced strong price increases, with notable gains from companies like Ningde Times, Yiwei Lithium Energy, and Sunshine Power [3][34]. - The top ten stocks that saw increased holdings included Ningde Times, Yiwei Lithium Energy, and Sunshine Power, indicating a strong focus on the battery and other power equipment sectors [35][36]. Investment Recommendations - The report suggests a positive outlook for the lithium battery industry, with active production schedules and stabilizing material prices, recommending attention to leading companies in lithium materials [41][42]. - The wind power equipment sector is expected to maintain high growth, driven by accelerated offshore projects, with recommendations to focus on leading companies in this area [41][42]. - Emerging technologies, such as AI and solid-state battery advancements, are anticipated to drive demand in the power equipment sector, presenting investment opportunities [41][42].

Core Insights - Xiaopeng Motors' chairman He Xiaopeng publicly addressed the skepticism surrounding their humanoid robot, IRON, during the "X9 Super Extended Range Technology Launch" by demonstrating its internal structure [1][3] - Elon Musk's endorsement of the demonstration on X platform has sparked global discussions about advancements in humanoid robotics in China [1] Group 1: Product Features - The IRON robot stands 178 cm tall, weighs 70 kg, and features 62 active degrees of freedom, with hands designed to match human dimensions and tactile feedback capabilities [6] - The core processor is equipped with a self-developed "Turing AI chip," achieving a computing power of 3000 TOPS, capable of running a 30 billion parameter model locally [6] - Compared to the version released in November 2024, the new IRON includes a humanoid spine, fully covered flexible skin, and a 3D curved display on the head, significantly enhancing movement fluidity [6] Group 2: Production Plans - Musk recently announced that Optimus V3 will integrate the Grok voice assistant, with plans for mass production of 5,000 units by 2025 [8] - Xiaopeng Motors aims to achieve large-scale production of the IRON robot by the end of 2026, with initial applications in factory assembly and showroom guidance [8] - Currently, the IRON robot is undergoing training at the Guangzhou factory, capable of performing tasks such as material handling and equipment inspection [8]

Core Insights - Xiaopeng Motors officially entered the extended-range electric vehicle market with the launch of its new technology solution, the Kunpeng Super Range, and announced the pre-sale of its first super range model, the Xiaopeng X9 [4][14] Group 1: Product Launch and Technology - The Kunpeng Super Range technology aims to address the five major pain points of traditional extended-range vehicles, including short pure electric range and slow charging speed [15][17] - The new model features a combination of "super fast charging large battery + large fuel tank" and is equipped with a third-generation 1.5T high-efficiency turbocharged engine [15][17] Group 2: Market Positioning and Strategy - Xiaopeng Motors is positioning itself as a global AI automotive company, catering to users in regions with weak electricity infrastructure and extreme climate conditions [15][18] - The company conducted market research in Mexico and Australia, identifying challenges in the adoption of pure electric vehicles due to inadequate charging infrastructure and vast uninhabited areas [15][18] Group 3: Public Perception and Trust - CEO He Xiaopeng publicly demonstrated the internal structure of the humanoid robot IRON to dispel doubts about its authenticity, showcasing the company's commitment to transparency [2][5][12] - The demonstration was part of a broader effort to rebuild trust after initial skepticism regarding the robot's design and functionality [5][12]