在当前具身智能产业化过程中，众多企业面临典型的 "技术、成本、规模" 三角困境 ， 三者存在 内在关联 又 相 互制约：技术需通过场景验证，而场景对技术可控性有要求；同时，若没有量产规模，技术成本的可控性便无法 实现 。 链主企业如何帮助被投资企业来平衡一个理想的技术和现实之间的差异？ 图注：圆桌现场 9月5日，由智友·雅瑞 科创平台主办的"2025科技创变者大会"在北京 成功举办。在圆桌对话环节，主持人 广发 证券投行业务管理委员会委员、董事总经理孟晓翔 与 长城资本总经理唐杰，讯飞创投合伙人徐剑，徐工产投投资 总监欧志培， 联想创投史晨星 共同探讨 了 产投视角下具身智能的规模化落地与攻坚 。 孟晓翔：具身智能是人工智能向物理世界延伸的关键载体，近两年已从实验室研究成果逐步进入产业领域。 当 前， 技术突破是具身智能产业发展的最重要因素，生态构建也是产业发展的重要推进力，其需覆盖感知、决策到 执行各环节，实现从单点技术突破到整体集成、从示范场景到规模商用的推进。 但是 生态构建面临技术成熟度、 供应链安全、商业闭环、资本协同多方面的挑战 ， 需要 链主企业的支持。 图注： 广发证券投行业务管理委员会委员、 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2][6] Core Viewpoints - The humanoid robot industry is experiencing dual-driven growth from both industrial and capital sectors, accelerating the process of embodied intelligence industrialization [3] - The report anticipates that by 2030, the combined demand for humanoid robots in the manufacturing and domestic service sectors in China and the US will reach approximately 2.03 million units, representing a market space of about 318.5 billion RMB [3] - The overall market space for the entire industry chain is estimated to be around 300 billion RMB, with significant growth potential in core components such as planetary roller screws, harmonic reducers, and dexterous hands [3] Summary by Sections Recent Events - On June 25, Zhiyuan Robotics and Yushu Technology won a bid for a humanoid biped robot contract worth approximately 124 million RMB (including tax) [3] - Zhiyuan's bid includes a full-size humanoid biped robot with a budget of 78 million RMB, while Yushu's bid includes a small-size humanoid robot and other components with a budget of 46.05 million RMB [3] - On July 8, Yuwai New Materials announced that Zhiyuan's new venture plans to acquire at least 63.6% of its shares [3] - Cloud Deep announced the completion of nearly 500 million RMB in new financing on July 8 [3] Market Dynamics - The report highlights that the humanoid robot industry is entering a phase of rapid expansion, driven by both international giants and domestic leaders [3] - The demand for humanoid robots is expected to significantly increase, with the market for core components showing high value ratios, particularly in planetary roller screws and six-dimensional force sensors [3] Investment Recommendations - The report suggests focusing on established leaders and undervalued stocks, emphasizing the importance of management commitment, past performance validation, and future application scenarios [3] - Key recommended stocks include Shanghai Yanpu, Hangcha Group, and others across various segments such as complete machines, dexterous hands, and sensors [3][4]