科创板日报 . 科创圈都在关注的新型主流媒体，上海报业集团主管主办，界面财联社出品。 以下文章来源于科创板日报 ，作者黄心怡 王兴兴还提到如今多模态的融合不太理想，尽管单纯的语言或多模态模型表现优异， 但 在 机器人领域，用语言或图像、视频生成内容来控 制机器人仍存在重大挑战。 "机器人的运动怎样与视频、语言模型进行对齐，都是非常具有难点。我的观点是， 眼下硬件是足够用的，最大的问题还是AI模型本身的能 力不太够。没办法让硬件真正用起来，比如AI难以很好地控制灵巧手。 " 不过，王兴兴对于未来仍表示了看好。他提到2016年刚创业的时候，并未曾想科技会发展到这个地步。"我们对于AI模型的认知可以再激进 点，将其作为全能型的工具。把新的东西重新学，把过去的事情能忘了全忘了，太依赖过去的经验，会影响未来的决策。" 王兴兴也提到了人才和管理对科技企业发展的挑战。"目前非常缺少顶尖人才，另一大难点是管理，人多了反而效率更低。" "最近几年AI领域的发展非常快，很幸运给了我再一次机会来把握这个AI时代，推动AI真正落地能干活。" 下载财联社APP获取更多资讯 对于此前提到"人形机器人更大挑战在于不缺乏数据，而是机器人大模 ...

Group 1 - The core viewpoint of the article highlights the rapid growth in the robotics sector, particularly focusing on humanoid robots, with significant stock price increases among key companies [1] - The Guozheng Robotics Industry Index rose by 2.3% by 10:00 AM, with notable gains from companies such as Liyuanheng (over 12% increase), Hanwei Technology (over 7% increase), and Huazhong CNC and Zhaowei Electromechanical (over 4% increase) [1] - UBTECH announced a record procurement contract worth 250 million yuan for humanoid robot products and solutions, following a previous major order of nearly 100 million yuan [1] Group 2 - Huatai Securities noted that Chinese companies are significantly investing and acquiring in the humanoid robot sector, which is expected to lead to a rapid decrease in hardware costs [1] - The innovation in robotic models powered by AI is anticipated to accelerate the overall robotics industry trend [1] - The Guozheng Robotics Industry Index emphasizes humanoid robots and core components, with nearly 80% of related stocks, making it a leading index for humanoid robots [1]

Group 1 - The China Robot Index decreased by 1.71% as of September 4, 2025, with mixed performance among constituent stocks, led by Dongjie Intelligent up 3.99% and Kewos down [1] - The Robot ETF by Jiashi (159526) has seen a 12.80% increase over the past month as of September 3, 2025 [1][3] - The Jiashi Robot ETF recorded a turnover rate of 6.42% and a transaction volume of 38.57 million yuan, with an average daily transaction of 62.59 million yuan over the past week [3] Group 2 - The Jiashi Robot ETF's net asset value increased by 75.41% over the past year, with a maximum single-month return of 25.78% since inception [3] - The top ten weighted stocks in the China Robot Index account for 50.36% of the index, with Huichuan Technology and Keda Xunfei being the top two [3][5] - On September 3, 2025, UBTECH secured a 250 million yuan contract for humanoid robot products and solutions from a well-known domestic company [5] Group 3 - Huatai Securities suggests that the initial delivery order numbers are not the key indicators; the focus should be on forming correct model paradigms and data flywheels [6] - The large-scale layout of humanoid robots by Chinese manufacturing companies is expected to lead to a non-linear decrease in hardware costs, with AI-driven innovations being crucial for market demand expansion [6]

Core Viewpoint - The domestic humanoid robot industry is experiencing significant growth, with multiple companies securing large orders, indicating a shift towards commercialization and increased demand for humanoid robots [1][3][4]. Group 1: Company Developments - UBTECH Robotics announced a procurement contract worth 250 million yuan for its humanoid robot Walker S2, which features an autonomous hot-swappable battery system, with delivery expected to start this year [1]. - Excluding the Tian Gong Walker, UBTECH's Walker series has secured nearly 400 million yuan in contracts [1]. - UBTECH expects to deliver over 500 industrial humanoid robots this year, with an annual production capacity reaching 1,000 units [2]. Group 2: Industry Trends - The humanoid robot sector is entering a phase of large-scale commercialization, with companies like Tiantai Robotics and Zhiyuan Robotics announcing substantial orders, including a global first order for 10,000 humanoid robots [3]. - As of August 4, 2023, Zhiyuan Robotics has won nine projects, Yushu Technology has won 68 projects, and UBTECH has won 16 projects, indicating a strong order intake compared to last year [4]. - The commercialization of humanoid robots is expected to lead to a non-linear decrease in hardware costs, driven by innovations in AI and large model development [4]. Group 3: Investment Insights - The application of humanoid robots is expanding from education and research to industrial manufacturing, commercial operations, and government services, suggesting a broader range of deployment scenarios [5]. - Investment firms recommend focusing on new technology iterations and component market trends, anticipating a restart of the supply chain with various components like tactile sensors and high-power density motors becoming available in the second half of the year [5].

Group 1 - The 2025 World Robot Conference showcased over 200 domestic and international robot companies, with more than 1,500 exhibits and over 100 new product launches, highlighting the rapid growth and innovation in the robotics industry [1] - In 2024, China's industrial robot market is projected to sell 302,000 units, maintaining its position as the largest industrial robot market globally for 12 consecutive years [1] - China accounted for two-thirds of global robot patent applications in 2024, indicating a strong focus on innovation within the industry [1] Group 2 - The complete industrial system and diverse application scenarios are driving rapid iterations in China's robotics sector, particularly in humanoid robots, following the Ministry of Industry and Information Technology's guidance on innovation [1] - Domestic companies have achieved nearly 100% self-research and development in core components like joint modules and sensors, providing a competitive edge over international counterparts [1] - The rise of large models in recent years has further supported the robotics industry, with humanoid robots aiming for "general intelligence" and emphasizing a complete chain of perception, decision-making, and execution [1][2] Group 3 - The rapid evolution of large models in robotics is attributed to breakthroughs in both architecture and data, with models now capable of understanding tasks and generating actions [2] - A structured data support system has been established, combining internet, simulation, and real machine action data to enhance model capabilities in real-world applications [2] - Future developments in embodied large models are expected to focus on modal expansion, reasoning mechanisms, and data composition, potentially incorporating additional sensory channels [2] Group 4 - At the robot conference, over 50 complete machine companies presented hundreds of humanoid robot products, expanding application scenarios [3] - The evolution of robots is anticipated to accelerate, with general-purpose robots expected to gradually enter the consumer market within the next 3 to 5 years [3] - Two key value considerations for robots in practical applications are the data value of tasks and the economic value provided to customers by automating tedious and low-value labor tasks [3]

Core Viewpoint - The article discusses the advancements and challenges in the field of robotics, particularly focusing on the development of embodied intelligence models that can learn from failures and adapt their actions accordingly [3][5][7]. Group 1: Robotics Development - Recent observations of robots reveal instances of failure during tasks, such as bed-making, highlighting the need for continuous improvement and learning in robotic systems [4][5]. - The ability of robots to recognize their failures and attempt new solutions is a significant advancement in embodied intelligence, showcasing a shift from traditional programmed responses to data-driven learning [5][7]. - The industry is currently divided on the approach to model architecture, with some advocating for unified models while others prefer layered designs, leading to debates over computational efficiency and application scenarios [3][9]. Group 2: Market Dynamics - Companies like Xinghai Map and Ziyuan are competing to establish their dominance in the robotics market, focusing on data, computational power, and algorithms as key drivers of innovation [9][12]. - The mainstream direction for large models in the industry is the Vision-Language-Action (VLA) model, which integrates visual, linguistic, and action processing capabilities [9][10]. - The competition is not only about technology but also about who can define the performance evaluation standards for these models, which will shape the future competitive landscape [13][14]. Group 3: Benchmarking and Standards - The concept of a benchmark for evaluating the performance of embodied intelligence models is gaining traction, with companies like Xinghai Map releasing open datasets to facilitate comparison and improvement [14][15]. - Establishing a common standard for model evaluation could enhance the industry's ability to measure advancements and foster collaboration among developers [14][15]. - The ambition behind creating these benchmarks is to attract more participants to the ecosystem, positioning companies like Xinghai Map as platform-oriented entities [15][16]. Group 4: Future Outlook - The ongoing evolution of robotics technology is seen as a critical juncture, where maintaining speed and efficiency over time will be essential for success in the market [16][17]. - Companies are increasingly focusing on comprehensive ecosystems that encompass data, core components, and robotic models, moving beyond single-point capabilities [16][17].

Group 1 - The core viewpoint is that while robots like those from Yushu Technology have found applications in industrial settings, the current technology is not mature enough for significant value generation in labor-intensive tasks, making performance and entertainment scenarios more viable for immediate deployment [2][3] - Yushu Technology aims to develop versatile humanoid robots capable of performing various tasks, but for now, they are focusing on performance and entertainment to build brand recognition and technical expertise [2][3] - The current hardware for robots is largely mature, but the development of intelligent models (embodied intelligence) remains a bottleneck, limiting large-scale application [3][5] Group 2 - Humanoid robots are transitioning from level L3 to L4, which signifies a qualitative leap in intelligence, allowing for more autonomous operations in various fields such as manufacturing, security inspection, logistics, and service industries [5] - L4 robots can independently handle complex tasks in factory settings, enhancing production efficiency and quality, and can autonomously navigate and monitor environments in security applications [5][7] - The safety of humanoid robots is currently insufficient for collaborative work with humans, as they require extensive training to operate effectively in industrial environments [7]

Group 1 - The core focus of the 2025 World Robot Conference is shifting from mere "talent showcases" to emphasizing the "practical capabilities" of humanoid robots [1][4] - Over 200 domestic and international robot companies participated, showcasing more than 1,500 exhibits, with over 100 new products launched, including 50 humanoid robot manufacturers, marking a record for similar exhibitions [1] - The event highlighted the importance of high-quality data, advanced robot model levels, and mass production as significant challenges facing the industry [6] Group 2 - The competition showcased various types of robots, including "sports," "lifestyle," and "work" robots, demonstrating their capabilities in non-structured environments [2] - The emergence of robot-themed restaurants and interactive consumer scenarios indicates a growing trend towards integrating robots into everyday life, enhancing customer experiences [3] - Companies are now openly pricing humanoid robots, with costs ranging from tens of thousands to nearly one million yuan, reflecting a shift towards practical applications rather than just demonstrations [4] Group 3 - Sichuan enterprises showcased nearly 60 products, leveraging their industrial foundation and scene advantages to create unique competitive edges in various sectors, including elderly care, cultural tourism, and industrial applications [7][8] - The focus on collaboration among companies to enhance product competitiveness and build an ecosystem is evident, with many seeking partnerships to accelerate commercialization [9] - The government is also involved in strengthening the industrial chain, aiming to promote the development of robot prototypes, pilot testing, and collaborative industry growth [9]

Investment Rating - The report maintains a positive investment rating for the automotive industry, highlighting strong performance in the mid-to-high-end market and the potential for growth driven by supply and strong alpha companies [4][22]. Core Insights - The report emphasizes the significant advancements in robotics showcased at the World Robot Conference, indicating a strong potential for cost reduction and application in various sectors, including logistics and industrial automation [4][5]. - The automotive market is expected to see a surge in new model launches and deliveries in August, with a focus on mid-to-high-end market performance and strong alpha companies like NIO, JAC, Li Auto, and Xiaomi [4][22]. - The report notes a 5.24% increase in retail sales of passenger cars week-on-week, with a total of 462,000 units sold, while the penetration rate of new energy vehicles reached 53.03% [4][22]. Industry Updates - Retail sales of passenger cars for the week of July 28 to August 3, 2025, totaled 462,000 units, with traditional energy vehicles accounting for 217,000 units and new energy vehicles for 245,000 units, reflecting a year-on-year growth of 7.46% for new energy vehicles [4]. - The automotive industry recorded a total transaction value of 523.07 billion yuan for the week, marking an 11.53% increase compared to the previous week [4][22]. - The report highlights the rise in raw material prices for both traditional and new energy vehicles, with increases of 0.9% and 0.8% respectively over the past week [4]. Market Situation - The automotive industry index rose by 2.68% to 7283.17 points, outperforming the Shanghai Composite Index, which increased by 1.23% [4][22]. - A total of 259 automotive stocks rose, while 31 fell, with the largest gainers being Zhongma Transmission, Huami New Materials, and Aerospace Science and Technology, which saw increases of 49.5%, 34.0%, and 31.6% respectively [4][22]. Investment Recommendations - The report recommends focusing on strong alpha manufacturers such as Li Auto, NIO, Xiaomi, and Xpeng, as well as companies involved in the integration of technology and high-end products [4]. - It suggests monitoring state-owned enterprise reforms, particularly with SAIC and Dongfeng, and highlights component manufacturers with strong growth potential and overseas expansion capabilities [4].

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased over 150 humanoid robots, marking the largest collective exhibition of humanoid robots in China to date, with a focus on their operational capabilities in real-world scenarios [2] - Goldman Sachs predicts the global humanoid robot market could reach $154 billion by 2035, with a more optimistic estimate of $205 billion, while Morgan Stanley estimates China's robot market will grow to $470 billion in 2024, accounting for 40% of the global market [3] - The humanoid robot sector is experiencing significant interest from automotive companies, with 15 domestic car manufacturers and several international firms entering the humanoid robot space, indicating a growing trend in the industry [7] Industry Trends - The humanoid robot market is expected to grow rapidly, with China's market projected to reach $1,080 billion by 2028, reflecting a compound annual growth rate of 23% [3] - The report from CITIC Think Tank highlights the evolution of robot training methods towards end-to-end models, but notes challenges such as limited generalization capabilities and high supply chain costs that hinder large-scale commercialization [3][8] - The humanoid robot design is favored for its adaptability to human environments, task versatility, and lower psychological barriers in human-robot interaction [4][6] Company Developments - Tesla's humanoid robot, Optimus, is designed with a human-like structure and aims for mass production, planning to produce thousands of units by 2025 and scale up to 50,000-100,000 units by 2026 [5] - Domestic humanoid robot startups like Yushu Technology and Zhiyuan Robot are gaining attention, with valuations exceeding 120 billion yuan and forming a competitive landscape with multiple tiers of companies [7] Challenges in Commercialization - The humanoid robot industry faces significant hurdles for large-scale commercialization, including limited generalization capabilities of the robot's "brain," which restricts application scenarios [9][12] - Data acquisition for training humanoid robots is challenging, as they require extensive interaction data from real-world environments, which is currently scarce [12] - Issues such as structural design optimization, battery life, and high supply chain costs remain critical barriers to the widespread adoption of humanoid robots [13]