28 1275 y 8759 TRE S 工程 作者 | 小燕 编辑 | 郑可君 来源 | 腾讯科技 图片｜资料图 这届人形机器人，都在拼命求"营生"。 8月9日-10日，在2025世界机器人大会（WRC 2025）上，人形机器人出现了与以往截然不同的画风。 在过往的世界机器人大会上，人形机器人通常以类似"玩物"的身份出现：或是一左一右由人类"护法"牵着，或是被绳索"吊"着，抑或是被"锁"在玻璃罩里 当标本。 （WRC 2024人形机器人形态） 而WRC2025上的人形机器人，不仅脱离了过往的"护法"和"枷锁"，还能展示自己的"十八般武艺"： 千寻智能Spirit AI在现场叠衣服： 灵生科技的机器人拾取爆米花： 高擎机电和加速进化的机器人现场玩起踢足球，展示娱乐场景的应用： 它们的共同点是都在忙于证明自己"有用"，这也意味着人形机器人从过去的"秀Demo"开始走向"秀肌肉"。 不仅中国，国际知名人形机器人企业对外的产品展示，也都从"表演型"转向"功能型"，比如人形机器人鼻祖波士顿动力旗下的电动Atlas，去年出厂时还在 秀运动，今年放出的视频则是秀"干活"；Figure今年出来的视频，也不再局限于与人类进行 ...

Group 1 - The Shanghai Future Industry Fund, with a total scale of 10 billion yuan, aims to promote disruptive innovation and interdisciplinary integration in technology [2][5][6] - The fund focuses on six future industries: future information, future space, future manufacturing, future health, future energy, and future materials, seeking to accelerate industrial applications through import substitution or upgrades [1][6][7] - The fund adopts a model of "direct investment + sub-fund investment," establishing a market-oriented fund management platform led by Shanghai Guotou Company [6][7] Group 2 - The fund emphasizes the importance of institutionalized incubation models for disruptive technology, which have become more aggressive and systematic in recent years [4][5] - Historical trends show that technological waves have led to capital booms, with a positive feedback loop between innovation and market capitalization [3][4] - The fund aims to create a more inclusive and diverse innovation ecosystem, facilitating collaboration among scientists, project managers, entrepreneurs, and investors [7]

Core Insights - Hydrogen energy is viewed as the next major opportunity following wind power, photovoltaics, and new energy storage, but it faces skepticism and challenges in commercialization [2][3] - Despite potential short-term downturns, hydrogen energy is considered a long-term viable sector, with significant growth expected around 2035 [3][16] Investment Strategy - Focus on companies with core technologies that can dominate future markets, and projects that can generate stable short-term revenue to withstand downturns [3][11] - Emphasis on sectors with large market sizes and minimal competition, particularly those that can effectively address the "West-to-East hydrogen transport" challenge [9][11] Technological Development - The hydrogen industry is experiencing rapid technological advancements, particularly in electrolyzers and hydrogen storage, but commercial viability remains to be proven [6][10] - The economic viability of hydrogen is closely linked to carbon pricing, with European carbon prices significantly higher than those in China, influencing market dynamics [6][12] Market Dynamics - The hydrogen sector's valuation is affected by global economic conditions and geopolitical factors, which can slow down climate and decarbonization policy implementation [12][13] - The importance of "correct subsidies" is highlighted, advocating for support directed towards leading technology companies to enhance overall industry competitiveness [4][5] Application Scenarios - Key application areas expected to see early breakthroughs include hydrogen-powered mining trucks and electricity peak shaving, driven by the increasing reliance on renewable energy sources [17][10] - The potential for natural hydrogen exploration in coastal regions of China is noted, with competitive production costs compared to traditional hydrogen sources [9][11]