智慧服务机器人解决方案供应商优必选（09880.HK），被指中标觅亿（上海）汽车科技有限公司的逾 九千万元机器人设备采购项目，股价于7月21日大涨5.25%，报90.25港元，创近两月以来新高。 当投资者沉浸在喜悦与憧憬中，优必选将凭借大单有力推升市场预期，股价有望一举突破关键压力位， 彻底打开上行通道，投资收益随之水涨船高…… 然而，优必选决策层却向市场泼了一盆冷水，令好不容易升腾起来的交投情绪急速冷却至谷底。 7月22日，在港股盘前，优必选宣布了折价配股计划。受此拖累，优必选7月22日低开3.60%，现跌 5.98%，报84.85港元，市值374.85亿港元。 对于优必选这种炒作，不少投资者直言难以理解，甚至感到这种操作令人不齿…… 而回望配股记录，优必选一直都在融资路上，折让配售筹资家常便饭。 配股不断的优必选 或可推断，尽管优必选已实现变现，并取得大型订单，但要通过规模效益降低支出，实现经营现金流收 支平衡或仍需一些时间，估计这也是其持续配售融资以资助其运营开支的原因。 其他同行也忙着融资 在我们之前的《见好继续收，机器人募资忙》一文中已有提及，协作机器人制造商越疆（02432.HK） 近日也通过配股 ...

Group 1 - A significant wave of financing is flowing into the robotics industry, with over 20 billion RMB raised by ten companies from July 7 to July 15 [1][2] - Notable companies involved in this financing round include Zhiyuan Robotics, Blue Dot Touch, and others, with several companies announcing new product launches during the same period [1][2] - The majority of the financing is concentrated in A and B rounds, with several companies raising over 1 billion RMB [2] Group 2 - Companies like Blue Dot Touch have reported over 100% year-on-year revenue growth for two consecutive years, with a projected market share of over 70% for their core product in 2024 [4] - The valuation of companies in the robotics sector is increasing, with some companies seeing their valuations triple since the beginning of the year [3] - Investors are becoming more pragmatic, focusing on actual business progress rather than extreme optimism or pessimism [3] Group 3 - New product announcements include MagicBot Z1 by Magic Atom, which targets various industry applications, and has received significant customer interest [5][6] - The deployment of robots in industrial settings is a key challenge, with companies like Magic Atom employing strategies to simplify complex processes [6] - The current delivery cycle for robotic solutions is approximately one week, with a focus on data collection and model adjustments before deployment [6]

重视垂直应用，短期零部件仍占优 ——从一级市场看机器人变化趋势 核心观点 投资建议与投资标的 我们看到目前机器人一级市场融资项目仍然较好，行业的景气度仍在上升。从 25 年以来 融资情况看，我们发现垂直应用场景依然重要、区域集中、零部件短期占优但整机格局 走向集中。建议重视应用场景细分领域、重点区域公司、短期零部件及中长期整机厂。 建议关注：（1）整机和总成：优必选、越疆、埃斯顿、拓斯达、埃夫特-U、中坚科技、 亿嘉和、永创智能、杰克股份、领益智造、拓普集团、三花智控、信质集团；（2）零部 件：五洲新春、北特科技、震裕科技、金沃股份、绿的谐波、斯菱股份、捷昌驱动、兆 威机电、祥鑫科技、步科股份、唯科科技、南山智尚、汉威科技、凌云光；（3）场景和 应用：中邮科技、德马科技、音飞储存、安徽合力、杭叉集团、诺力股份 机械设备行业 行业研究 | 动态跟踪 风险提示 场景需求落地不明确导致低于预期、国家政策变化导致行业发展放缓、海外龙头厂商生 产不及预期、行业融资不及预期、模型发展和数据采集慢于预期。 国家/地区 中国 行业 机械设备行业 报告发布日期 2025 年 06 月 08 日 看好（维持） | 杨震 | 02 ...

Market Overview - The humanoid robot market is experiencing a surge in interest, with financing in the sector exceeding 7 billion yuan in 2024 [1][3] - The early financing market is particularly active, with over 20 billion yuan raised by humanoid robot developers in the first two months of 2025, significantly higher than the 12 billion yuan raised in the same period last year [2][3] Industry Challenges - The humanoid robot supply chain is complex, facing issues such as non-standardized hardware, which leads to inefficiencies and slow deployment in real-world applications [1][8] - The lack of unified technical standards across different hardware routes is a significant bottleneck for commercialization [8][9] Investment Trends - Companies are increasingly investing in humanoid robot components, with notable investments from firms like Meili Technology and Hengli Hydraulic [6][7] - The year 2025 is anticipated to be a pivotal year for the commercialization of humanoid robots, particularly in service industries [7] Standardization Efforts - Recent initiatives are underway to establish industry standards, such as the "Humanoid Robot Electric Drive Integrated Joint Interface Specification," which aims to enhance compatibility and reduce integration difficulties [9][10] - The establishment of unified standards is expected to foster healthy competition and innovation within the humanoid robot industry [10]