2月11日晚间，上纬新材公告称，预计2025年年度实现归属于母公司所有者的净利润与上年同期（法定 披露数据）相比，将减少3300万元到4800万元，同比减少37%—54%。 公告中，上纬新材还称，公司具身智能机器人业务专注于面向个人与家庭场景的产品开发（未面向工商 业领域），目前仍处于产品开发阶段，尚未实现量产及规模化销售，相关业务尚未形成营收及利润，后 续仍需要大量投入，预计不会对2025年度业绩产生正向影响。 公司具身智能机器人业务目前尚为研发阶段样机产出，处于宣发初期，公司新产品研发到实现规模量产 尚需一定的周期和验证流程，产品研发最终能否成功、产品上市时间以及产品上市后市场推广情况均具 有一定不确定性，存在研发进度放缓、市场环境变化、竞争加剧、市场推广与客户开拓不足等导致产品 效益不及预期的风险，公司尚不能预测对2026年度营收及盈利的影响情况。 同时，上纬新材发布异动公告称，公司股票价格自2025年7月以来累计涨幅较大，期间多次触及异常波 动及严重异常波动，公司已就上述股票交易情况进行两次停牌核查，目前股价情况已严重脱离当前基本 面。 同日，据上交所消息，2026年1月19日至2026年1月23日， ...

Core Viewpoint - The company has issued a risk warning regarding its embodied intelligent robot business, which is currently focused on product development for personal and household applications, and is not targeting the commercial sector [1] Group 1: Business Development - The embodied intelligent robot business is still in the product development stage and has not yet achieved mass production or scaled sales [1] - The related business has not generated any revenue or profit, and significant investment will be required moving forward [1] - The company does not expect this business to positively impact its performance in 2025 [1] Group 2: Product and Market Uncertainty - The current output consists of prototypes, and the company is in the early stages of product promotion [1] - There is a considerable timeline and validation process required before new product development can lead to mass production [1] - The success of product development, the timing of product launches, and market promotion are uncertain, with risks including slowed development progress, changing market conditions, intensified competition, and insufficient customer acquisition [1] Group 3: Future Revenue and Profitability - The company is unable to predict the impact of its embodied intelligent robot business on revenue and profitability for 2026 [1]

记者丨曾静娇 编辑丨江佩霞 2月11日晚间，上纬新材公告称，预计2025年年度实现归属于母公司所有者的净利润与上年同 期（法定披露数据）相比， 将减少3300万元到4800万元，同比减少37%—54%。 公告中，上纬新材还称，公司具身智能机器人业务专注于面向个人与家庭场景的产品开发（未 面向工商业领域），目前仍处于产品开发阶段，尚未实现量产及规模化销售，相关业务尚未形 成营收及利润，后续仍需要大量投入， 预计不会对2025年度业绩产生正向影响。 公司具身智能机器人业务 目前尚为研发阶段样机产出，处于宣发初期 ，公司新产品研发到实 现规模量产尚需一定的周期和验证流程，产品研发最终能否成功、产品上市时间以及产品上市 后市场推广情况均具有一定不确定性，存在研发进度放缓、市场环境变化、竞争加剧、市场推 广与客户开拓不足等导致产品效益不及预期的风险，公司尚不能预测对2026年度营收及盈利的 影响情况。 同时，上纬新材发布异动公告称，公司股票价格自2025年7月以来累计涨幅较大，期间多次触 及异常波动及严重异常波动，公司已就上述股票交易情况进行两次停牌核查，目前股价情况已 严重脱离当前基本面。 同日，据上交所消息，202 ...

具身智能技术从实验室走向规模化落地，一个万亿级的城市机器人市场正加速觉醒。如今，具身智能已经正在渗透进城市场景中的方方面面。 酷哇科技作为一家已经创立10年的城市通用AI机器人服务提供商，其核心思路是利用智能机器人技术，解决智慧城市治理中的实际问题。 在业务布局上，酷哇科技以Physical AI（物理人工智能）为技术底座，聚焦智慧城市管家、智慧物业及智慧出行三大核心场景。其中，城市管家领域以"麒 麟"X3、"独角兽"X1智能环卫机器人为核心产品；智慧物业领域依托轮足机器人R0与四足机器人D0的协同组合，服务于高端楼宇及园区配送；智慧出行领 域则凭借自研L4级自动驾驶小巴CooBus，致力于解决城市交通"最后三公里"的接驳痛点。 近日，酷哇科技更是发布了Coowa WAM 2.0(World-Action Model)通用世界模型底座，并披露公司订单储备已超过50亿元，且公司已经实现经营性盈利。 酷哇科技CTO廖文龙在与财经网科技等交流时表示："酷哇科技的初衷一直是做通用机器人。早期控制理论不够通用，现在AI让机器人逐步具备了通用能 力。我们不局限是"车"还是"人"，核心是通用的AI能力。" "当下城市通用A ...

截至收盘，中证智能电动汽车指数上涨0.5%，国证机器人产业指数下跌1.1%，中证消费电子主题指数下跌1.3%，中证物联网主题指数下跌1.4%，资金逆势 布局，机器人ETF易方达（159530）全天净申购超7000万份。Wind数据显示，截至昨日，机器人ETF易方达（159530）已连续7个交易日获资金布局，合计 7.6亿元。 中信证券指出，当前，机器人产业正处于从"技术愿景"向"产业实景"跃迁的关键奇点，这不仅是一场关于算力、算法与精密制造的技术竞赛，更是一场关于 国家意志与制度效率的战略长跑。 每日经济新闻 ...

1. Report's Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The US ETF market has witnessed continuous and rapid growth in scale, with an increasing proportion of alternative products. Newly issued products show characteristics such as a focus on single - stock products, a higher number of active products than passive ones, and a significant increase in strategy complexity and comprehensiveness. - The US ETF market presents trend - like features, including intense competition among core broad - based products, significant differences in fees based on strategy complexity and scarcity, large differences in institutional ownership among different product types, and managers' forward - looking layout of potential market concerns. - For the domestic ETF business, it is necessary to focus on management details for highly crowded broad - based products, make forward - looking layouts for industry - themed products, and strengthen the "timely promotion" of different products [2]. 3. Summary According to the Directory 3.1 US ETF Scale Continues to Break Through Rapidly, and the Proportion of Alternative Products Increases - In 2025, the total scale of US ETFs reached $13.45 trillion, with a scale increase of 30%. The number of newly issued ETFs reached 1,078, and the total number of all US ETFs reached 4,814, a net increase of 950 compared to the end of 2024. The proportion of alternative products in the newly issued products increased significantly, driving the proportion of alternative products in the entire market to reach 30%. Newly issued bond and money - market funds also had good scales [2][8][10]. - **Single - stock products become the focus of issuance**: Single - stock products were first issued in 2022, and the number of newly issued products in 2025 was the highest. Leveraged products had the largest scale and number, followed by option products. These products are more and more widely distributed, covering different sectors, and the market capitalization of the underlying stocks is also decreasing. The issuance is related to market attention. The single - stock Covered Call products are mainly for high - volatility stocks, aiming to achieve more certain returns through stable high - option premium dividends [18][19]. - **The number of active products exceeds that of passive products**: As of the end of 2025, the number of active ETF products in the US reached 2,682, exceeding the 2,132 passive products, with a total scale of $1.5 trillion. Alternative products are the category with the highest proportion in terms of both quantity and scale. The scale of option - strategy products exceeds $200 billion, making it the most important type of active ETF. The scale of active ETFs has grown rapidly in the past two years, with a compound annual growth rate of 57% from 2019 to 2025 [24][29]. - **The complexity and comprehensiveness of strategies are significantly improved**: As of the end of 2025, there were 697 option - strategy products in the US, with a scale of $224.727 billion, and 221 new products were issued in 2025. Option strategies are increasingly used as an "add - on" to traditional strategies to increase returns. Other types of products also have more complex strategies, and the standardization of ETF strategies is decreasing [34][38][40]. 3.2 Trendy Features of US ETFs - **Intense competition among core broad - based products, and returns have a certain impact on scale**: In 2025, the scale ranking of S&P 500 ETFs changed significantly. The long - time leader, SPY, was continuously surpassed by VOO and IVV, and the gap widened rapidly. Over the past 10 years, VOO has been the best - performing product in 7 years. In 2025, the total inflow of US ETFs was $1.4753 trillion, with significant inflows into broad - based stock and bond ETFs, and the inflow proportion of alternative products mainly based on option strategies significantly exceeded their scale proportion [43][49]. - **Fees vary greatly based on strategy complexity and scarcity**: As of 2025, the scale - weighted average fee of US ETFs was about 0.17%, with the lowest fee as low as 0.01% and the highest exceeding 5%. Most types of active products have an average fee more than 20 basis points higher than passive products, and alternative products have the same average fee. Different asset types also have different fee levels, with broad - based stock and bond products having the lowest fees, and more focused industry - themed products and alternative option - strategy products having higher fees [53]. - **Large differences in institutional ownership among different product types**: Active products generally have a higher institutional ownership than passive products. Different types of products target different customer groups. For example, leveraged products in alternative products are mainly for individual customers with high - risk preferences, while more complex option - strategy products are mainly for institutional customers [56][59]. - **Managers' forward - looking layout of potential market concerns**: US managers continue to actively layout, and the layout direction is often closely related to market concerns and future possible events. For example, in response to the possible concentration risk of the S&P 500, some managers have launched improved S&P 500 ETFs, which have received recognition from institutional customers [60][61]. 3.3 Thoughts on the Domestic ETF Business - **Focus on management details for highly crowded broad - based products**: As of December 2025, domestic non - monetary ETFs had a total scale of 5.8 trillion yuan and 1,369 products. Broad - based products account for 44% of the total scale, but the homogenization competition is fierce. In the competition of domestic broad - based products, after the fee reduction, the competition has entered a stage of "competing on tracking error" and "competing on excess returns". Lower tracking error and higher excess returns are more likely to attract capital inflows [64][71][72]. - **Continue to make forward - looking layouts for industry - themed products**: Although the number of products tracking the same target is relatively small compared to broad - based products, domestic industry - themed products are numerous, widely distributed, and highly segmented, with fierce competition. Some products that were initially unpopular may attract large - scale capital inflows when the market conditions arrive. Therefore, it is still valuable to make early layouts in long - term promising niche segments, but in - depth fundamental research is required before layout [75][80]. - **Strengthen the "timely promotion" of different products**: In addition to early layout, it is also crucial to promote products reasonably at appropriate times. Overseas institutions' Model Portfolio marketing model has had an important impact on ETFs. Domestic managers are also beginning to try ETF portfolio strategies and investment research services to improve investors' investment experience, and this area still has great development potential [81][82][84].

本报讯(记者刘晓一)2月9日，首届全球人形机器人自由格斗联赛(Ultimate Robot Knock-out Legend，以下 简称"URKL")发布会圆满举办。本次发布会由深圳众擎机器人科技股份有限公司(以下简称"众擎")发 起，深圳拳明星机器人科技有限公司协办，众多全球科技领域精英、高校科研团队代表及海内外主流媒 体齐聚现场，共同见证这一兼具技术深度与产业价值的科技体育盛事正式启幕。 发布会上，众擎机器人创始人兼CEO赵同阳、众擎赛事团队代表以及拳明星机器人赛事负责人张锐、泰 国拳王播求等多位嘉宾先后登台发言，全面解读URKL联赛的核心价值、赛事规划、技术支撑与生态布 局。 本次发布会上，赵同阳宣布URKL联赛将为最终冠军团队颁发价值1000万元的纯金金腰带，这不仅是赛 事荣誉的最高象征，更是对全球顶尖技术实力、极致创新精神的重磅嘉奖。众擎希望以这份沉甸甸的荣 誉为纽带，吸引全球更多优质技术团队投身具身智能领域，让赛事成为技术创新的"试金石"与人才发掘 的"孵化器"，推动更多硬核技术从实验室走向实战场景。 URKL联赛是一个集技术协同、资源整合、人才孵化与资本联动于一体的全链条生态聚合平台。依托这 一 ...

Group 1 - The company, Fule New Materials, is responding to investor inquiries about the use of electronic skin in industrial robots, indicating that it tailors product technology solutions based on specific customer needs [2] - The flexible sensor business has established a multi-dimensional application layout in "robotics + industrial inspection + new energy + consumer electronics" [2] - The humanoid robot electronic skin is a strategic core direction for the company and has entered the mass delivery phase [2] Group 2 - Progress in industrial inspection and consumer electronics is accelerating, with smooth customer validation and project introduction [2] - The new energy battery inspection business is also advancing with technical integration [2] - Currently, these business segments contribute a small proportion to the company's overall revenue, and investors are advised to be cautious of investment risks [2]

春节临近， 走进位于两江新区的 重庆精金机器人有限公司 （以下简称"精金机器人"）， 一键下单、AI视觉识别、灵巧手取放...... 身高1.7米的智能售货机器人 仍在繁忙地进行训练调试。 江小妹了解到， 精金机器人计划在全市开设 1000家"24小时不打烊"的科技驿站， ▲汪栩同 摄 将覆盖社区、商业、景区、学校等多元场景， 首家样板店预计 将于2026年第一季度正式亮相。 精金机器人董事长万友洪介绍，作为"具身智能机器人技术＋场景化零售"的融合体，门店定位为"科技体验型迷你商业空间"，将主要选址高流量的城市公 共空间，售卖AI机器人产品、科技玩具、文旅产品、饮料零食和应急药品等商品。 "千店联动不仅能为市民提供'24小时不打烊'的即时消费便利，让新质生产力更好服务民生；还能带动上游核心零部件制造、下游运营服务等产业链环节 协同发展，助推机器人从实验室更快走入千家万户。"万友洪表示，公司今年力争实现500－1000家门店开设。 ▲汪栩同 摄 精金机器人依托与重庆大学等高校共建的联合实验室，打造了集AI视觉识别、智能选品、无人结算于一体的智能售货机器人，其商品识别准确率突破 99％。 目前这款机器人专为商业场 ...

Core Insights - The article highlights the importance of technological self-reliance and innovation in China's development, particularly in the context of the AI and robotics industry [7][13] Group 1: AI Robotics Electronic Architecture - The self-controllable AI robotics electronic architecture developed by Dongtu Technology is a fundamental technological guarantee for the safe, high-end, and sustainable development of China's robotics industry [3][10] - This architecture consists of three core capabilities: the Hongdao operating system, the AUTBUS two-wire broadband industrial bus technology, and a fully domestic tool software system, which together create a leading, safe, and controllable technical barrier [3][10] - The Hongdao operating system is a national-level innovation operating system that undertakes key tasks for the Ministry of Industry and Information Technology [3][10] Group 2: Intelligent Controller - Dongtu Technology's self-developed intelligent controller serves as a strategic node for the deep integration of industrial internet and artificial intelligence, supporting national initiatives for AI and manufacturing [6][12] - The intelligent controller is recognized as the world's first and has been awarded for technological innovation, showcasing its significance in the industrial sector [6][12] - The product has been successfully applied in leading domestic semiconductor companies and is gradually being promoted across more key industries [6][12] Group 3: Future Directions - The company aims to align with national strategic deployments, focusing on independent innovation and the development of core technologies in industrial AI, robotics, and industrial internet [7][13] - Dongtu Technology is committed to strengthening the foundation of China's industrial intelligence and robotics industry through self-controllable key technologies [7][13]