证券研究报告·行业点评报告·机械设备 机械设备行业点评报告 银河通用完成新一轮 3 亿美元融资，重视模 型端推动机器人产业化加速 2025 年 12 月 19 日，银河通用完成新一轮 3 亿美元融资，最新估值已 达 30 亿美元（超 200 亿元），位列中国人形机器人行业第一。本轮融资由 中国移动链长基金领投，中金资本、中科院基金、苏创投、央视融媒体基 金、天奇股份等投资平台及产业巨头联合注资，并同步获得来自新加坡、 中东的国际投资机构及老股东的加注。 ◼ 银河通用专注机器人模型端开发，为机器人商业化落地核心一环 现阶段人形机器人尚未实现大规模产业化落地，核心为模型端智能性 与泛化性能力不足。银河通用专注机器人"大脑"开发，是具身大模型公 司。公司专注于机器人软件层面上的开发，从最基础的移动、抓取、放置 技能入手，开发了 GraspVLA 模型，致力于提高机器人的任务执行层面能 力。面对现阶段机器人高质量数据集不足，Scaling Law 难以兑现的背景下， 公司押注仿真数据路线，取得了模型端可观的进展。 在工业制造领域，公司已与天奇股份、宁德时代、博世集团、丰田汽 车、韩国现代、北汽集团、上汽集团、极氪汽车 ...

● 本报记者 郑萃颖 12月6日，2025科创投资大会在安徽合肥举行。四川具身人形机器人科技有限公司首席执行官、首席技 术官冯振宇在会上表示，人形机器人是第四次工业革命的最佳载体，有望成为未来生产力的重要因素。 他认为，人形机器人行业进入量产关键时期，各家企业积极探索商业化落地路径，以当前技术水平判 断，情感陪伴场景更易落地。 情感交互成商业化破局关键 冯振宇表示，2025年成为人形机器人量产元年，相关技术已迈过及格线，但产业发展仍面临多重瓶颈。 比如操作精度方面，上肢末端操作精度存在厘米级差异，难以满足高精度场景需求；核心部件领域，在 当前功率半导体与材料技术限制下，全尺寸高功率密度关节尚未实现市场化应用。此外，具身智能大模 型性能仍需提升等因素制约着人形机器人的大规模落地。 从应用场景来看，冯振宇认为，全尺寸人形机器人进军工业生产线仍需时日。他分析称，工业场景对操 作精度要求极高，毫米级误差便可能导致生产事故，而当前技术水平尚无法完全满足这一刚性需求，乐 观估计仍需三至五年的技术攻坚。与之形成对比的是，情感交互陪伴场景展现出更强的落地可行性。 技术创新是企业发展的核心驱动力。四川具身科技依托四川省人形机器 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) is becoming a key destination for Chinese robotics companies seeking IPOs, with over 20 firms planning to list by 2025 [1] - The surge in IPOs is driven by two main types of companies: A-share listed firms pursuing a dual listing to enhance international financing and brand influence, and companies benefiting from the new Chapter 18C of the listing rules, which allows unprofitable tech firms to access the market [1][3] - The robotics industry is at a critical juncture, transitioning from technological breakthroughs to large-scale commercialization, prompting increased interest in capital markets [1][10] Industry Trends - As of October 31, 2025, HKEX completed 78 IPOs, raising approximately 210.63 billion HKD, largely due to recent reforms aimed at attracting tech companies [2] - Nearly 30 companies from the robotics supply chain have submitted IPO applications, showcasing a diverse range of firms including new entrants and established A-share companies seeking dual listings [2][3] - The introduction of the Chapter 18C listing rules has created a significant appeal for unprofitable tech companies, with at least 26 firms in the queue for listing [3][5] Financial Strategies - Many companies are focusing their fundraising efforts on technology development, with a high percentage of funds allocated to R&D and product development [8][9] - For instance, Stand Robot plans to allocate 65% of its raised funds to develop a new generation of mobile robot platforms, reflecting the competitive pressures in the industry [8][9] - Established firms like Estun are also using IPO proceeds to optimize financial structures and invest in overseas capacity expansion and next-generation robotics technology [8] Market Dynamics - The HKEX's unique market positioning and diverse regulatory advantages attract global investors and facilitate efficient capital inflow from mainland China [3][4] - The market's liquidity and valuation recovery have created favorable conditions for tech companies to raise funds [4] - However, the influx of companies raises concerns about whether they can secure sufficient capital in a tightening liquidity environment [10] Regulatory Environment - The Chapter 18C rules significantly lower the barriers for unprofitable tech firms, allowing them to list without meeting traditional profitability requirements, provided they meet certain R&D spending criteria [5][6] - Companies must demonstrate substantial R&D investment and secure backing from experienced independent investors to qualify for listing [6][7] - The rules emphasize technological attributes and market potential over profitability, making it a crucial financing channel for robotics firms still in the investment phase [7] Future Outlook - The robotics market in China is projected to exceed 150 billion CNY by 2025, with a compound annual growth rate of 18%, driving companies to pursue IPOs aggressively [10] - The success of these IPOs will depend on the companies' ability to leverage raised funds for technological advancements and market expansion [10][11] - Ultimately, the HKEX serves as a critical platform for companies to enhance their growth potential, but sustainable success will hinge on their core technological capabilities and commercialization strategies [11][12]

浦东新区司法局局长黄爱武：五年当中，进一步扩大法律服务业的对外开放，现在浦东的律师事务 所可以聘请外国律师事务所的外国律师作为法律顾问，可以提供全方位的不同法域的法律服务，有利于 外资企业走进来，也有利于我们中国的企业"走出去"。 今年4月底，习近平总书记在上海考察时发表重要讲话，要求上海加快建成具有全球影响力的科技 创新高地，并释放加快发展人工智能的积极信号。 央广网北京11月23日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，2020年11月， 习近平总书记出席浦东开发开放30周年庆祝大会并发表重要讲话，赋予浦东打造社会主义现代化建设引 领区这一新的重大战略使命。 五年来，浦东统筹推进高质量发展、高水平改革开放、高品质生活、高效能治理，加快把习近平总 书记为浦东绘就的宏伟蓝图变为实景画。 在上海市浦东新区政务服务中心，企业工作人员20分钟就办完了食品经营许可证的申请手续。高效 的流程，源于浦东持续巩固深化"一业一证"改革。改革后，平均审批时限压减近90%，申请材料减少近 70%。 浦东新区区政府办公室政府职能转变协调处处长郭颖：我们不断地推出一系列的改革创新举措来推 动政府职能的转变。比如说"一 ...

Core Insights - Humanoid robots are rapidly evolving, moving away from their early clumsy forms to exhibit human-like appearances and diverse functionalities [1][4] - The industry is driven by technological advancements, capital investment, and market demand, with China being the largest industrial robot application market globally [3] Design and Functionality - Mainstream humanoid robots feature a human-like structure with a torso, head, neck, and limbs, utilizing dexterous hands, two-fingered claws, or wheeled designs to balance cost and functionality [1] - The capabilities of humanoid robots span performance, labor, and interaction, including dance, household chores, and basic conversational abilities [1][2] Technical Limitations - Current humanoid robots face significant technical limitations, including repetitive dance movements and slow task execution in household settings [1][2] - Interaction capabilities are restricted, relying on remote control, joint mapping, or voice commands, lacking true AI autonomy [2] Market Segmentation - The application of humanoid robots is divided into enterprise-level (To B) and consumer-level (To C) markets, with the To B sector focusing on entertainment, industrial manufacturing, and healthcare [2] - The To C market aims to replace traditional household roles, but current offerings have limited practical value compared to existing automation solutions [2] Industry Dynamics - The robot industry is experiencing growth in revenue and production, with over 20 leading companies planning IPOs, 16 of which are Chinese [3] - Competitive strategies vary, with companies like Yushu Technology focusing on affordable models and Galaxy General leveraging retail scenarios for intelligent service [3] Future Outlook - The humanoid robot industry is still in its early stages, facing challenges in intelligence and cost, but advancements in synthetic data and simulation technologies are paving the way for improved decision-making and adaptability [3][4]

Group 1 - NVIDIA is hosting the Global Technology Conference (GTC 2025) in Washington, D.C. from October 27 to 29, focusing on "Physical AI and Robotics" [1] - Physical AI is transforming the foundational logic of robot training from "empiricism" based on real data to "rationalism" grounded in physical laws [1] - NVIDIA is building a complete ecosystem from cloud training to edge deployment, facilitating the transition of Physical AI from laboratories to industrial, medical, and home applications [1] Group 2 - The market potential for Physical AI is vast, with future developments expected to integrate embodied intelligent large models with edge computing [1] - Sorchin Technology has launched a full-scenario solution for Physical AI development and application, including a platform for application development and a training platform for robot design [1] - Lingyun Optical's AI capabilities have penetrated four major business sectors: smart devices, visual systems, intelligent equipment, and smart factories, achieving scalable application results in consumer electronics, printing, and new energy industries [1]

Core Viewpoint - Jiangsu Baoxin Technology Co., Ltd. is undergoing a strategic transformation, focusing on the dual-driven model of "new energy + robotics" to navigate short-term performance fluctuations [1][3] Financial Performance - In the first three quarters of 2025, the company reported revenue of 150 million yuan and a net loss of 54.45 million yuan, indicating a phase of adjustment during its strategic transformation [1] - Suzhou Jicui, the robotics subsidiary, achieved revenue of 8.591 million yuan in the first half of 2025, significantly up from 3.0315 million yuan for the entire year of 2024, and turned a profit with a net income of 225,000 yuan [2] Strategic Initiatives - The company completed a capital increase of 18 million yuan to gain an 81.82% stake in Suzhou Jicui, which will be consolidated into its financial statements [1] - Suzhou Jicui has established competitive advantages in core technologies, including collaborative robots suitable for various industrial applications and humanoid robots with advanced features [1][2] Industry Positioning - The integration of robotics technology is expected to enhance the intelligence of new energy production scenarios, creating a unique closed-loop of "intelligent manufacturing + new energy applications" [2] - The construction of a 3,000-unit collaborative robot production base is underway, utilizing AI scheduling systems to significantly reduce delivery times and increase production capacity [2] Long-term Growth Potential - The company's strategic shift from a single new energy equipment manufacturer to a comprehensive service provider in "new energy + intelligent equipment" is anticipated to yield long-term growth benefits [3] - The current performance fluctuations are viewed as temporary, with the strategic layout expected to deliver value in the future [3]

Group 1 - The robotics training industry is evolving from industrial customization to a virtual-physical integration and AI-driven universal training paradigm [1][2] - Early robotics training relied heavily on physical devices for specific scene training, but advancements in AI and simulation technology are shifting this focus towards virtual environments [2] - The current phase of the robotics industry is moving towards full-scene coverage driven by embodied intelligent large models, emphasizing the importance of training both the robotic brain and nervous system [2] Group 2 - Generative AI is reshaping the training paradigm, significantly enhancing data generation efficiency [3] - Generative AI allows users to quickly create new content based on various inputs, transitioning the data requirement from "data collection" to "data generation" [3] - Models like NVIDIA's Dream Gen and Qunke Technology's Spatial LM can generate diverse training data from a small number of samples, reducing data acquisition costs by 80% [3] Group 3 - Physical AI is transforming the underlying logic of robotics training from reliance on real data ("empiricism") to a basis in physical laws ("rationalism") [4] - NVIDIA is building a complete ecosystem from cloud training to edge deployment, facilitating the transition of physical AI from laboratory settings to industrial, medical, and domestic applications [4] - The integration of embodied intelligent large models with edge computing will enable robots to penetrate various human activities, aiming for the ultimate goal of thinking like humans but executing tasks more efficiently [4]

Core Insights - The development of dexterous hands is crucial for humanoid robots, with their engineering complexity potentially accounting for half of the overall robot development effort [1] - The dexterous hand market is experiencing a surge in product launches and funding, indicating a promising industry outlook [1][2] Industry Overview - The dexterous hand sector is currently in its "iPhone era," with significant growth potential as it is expected to account for over 30% of the robot's value [1][2] - As of March 2025, there are over 40 companies in the domestic dexterous hand market, including startups and established leaders like Zhaowei Electromechanical and Hechuan Technology [2] Technological Advancements - Dexterous hands are evaluated based on their degrees of freedom (DoF), with current models achieving over 20 DoF, significantly improving from earlier versions [3] - Tesla's Optimus third-generation dexterous hand has achieved 22 DoF, while domestic products like Dex5 and DexHand021 Pro also feature high DoF configurations [3] Market Trends - The global market for multi-finger dexterous hands is projected to exceed $5 billion by 2030, with a compound annual growth rate (CAGR) of 64.6% from 2024 to 2030 [5] - Recent funding rounds for companies like Aoyi Technology and Yinshi Robotics indicate strong investor interest in the dexterous hand sector [5][6] Product Development - Companies are focusing on balancing freedom, cost, lifespan, and reliability in their dexterous hand designs, with self-research and partnerships being key strategies [4][7] - The L10 product from Lingxin Dexterous Hand is priced at approximately 19,900 yuan domestically, significantly lower than overseas competitors priced between 60,000 to 100,000 yuan [4] Integration of Hardware and Software - The dexterous hand industry is characterized by competition among various technical solutions, with a focus on integrating hardware components like drive, transmission, and perception systems [7] - Companies are encouraged to pursue a software-hardware integrated approach to enhance competitive advantages, including the development of proprietary databases and dexterous operation models [7] Future Outlook - The industry is at a pivotal moment where dexterous hands must transition from experimental stages to widespread application, with ongoing improvements in both hardware and software [5][8]

Core Viewpoint - The humanoid robot sector is experiencing significant growth, driven by favorable news and market optimism, marking this year as a "commercialization year" for the industry, with potential to become a trillion-dollar global market [2][4]. Market Performance - The humanoid robot sector has seen varied performance in the stock market, with different leading stocks in two recent rallies, indicating a shift from broad speculation to stock selection based on fundamentals, orders, and performance [2][9]. - Several funds focused on humanoid robots have outperformed their peers, with notable returns exceeding 60% year-to-date [3][4]. Industry Forecast - According to a report from the China Academy of Information and Communications Technology, the number of humanoid robots in use in China is expected to exceed 100 million by 2045, with a market size reaching approximately 10 trillion yuan [4]. - The global automotive market is projected to exceed 90 million units in 2024, suggesting that humanoid robots could surpass this figure in the future [4]. Investment Opportunities - The manufacturing sector is presenting investment opportunities, with companies like Weike Technology and Zhejiang Rongtai emerging as significant players in the humanoid robot supply chain [6]. - The Chinese market is expected to capture over 50% of the global humanoid robot market growth due to supportive policies, advanced manufacturing capabilities, and a large domestic market [7]. Key Segments for Investment - Investment opportunities are identified in three main areas: core component domestic substitution, supply chain position enhancement, and leveraging scale and cost advantages to capture global market share [8]. - Companies with technological breakthroughs in perception, decision-making, and execution are highlighted as key investment targets [8]. Market Dynamics - The recent market rally is characterized by a focus on companies with verified orders and production plans, contrasting with earlier speculative phases driven by technological breakthroughs [9][10]. - Companies in the humanoid robot supply chain are beginning to see significant order growth, indicating a transition from research and development to commercialization [10][11]. Future Focus Areas - Attention is drawn to high-value components such as reducers and sensors, which have significant import substitution potential and high technical barriers [12][13]. - The importance of companies that can integrate systems and provide complete solutions is emphasized, as they are likely to benefit from the industry's growth [12][13].