【市场复盘】 上周五 （12月26日），科创人工智能ETF华夏（589010） 上涨0.66%，全天维持红盘震荡态势，盘中多 头情绪积极。持仓股方面呈现普涨格局，芯原股份领涨超5%，云天励飞-U、寒武纪-U等核心标的联袂 大涨超4%，有效提振了板块人气。流动性方面，全天成交额突破8400万元，显示出资金对人工智能赛 道长期价值的认可，在震荡市场中依旧保持了较高的活跃度。机器人ETF（562500）上涨0.81%，全天 走出探底回升的坚韧走势，日内均线支撑强劲。持仓股方面掀起"涨停风暴"，瑞松科技、步科股份联袂 斩获20%涨停板，昊志机电飙涨超15%，丰立智能、云天励飞、禾川科技等个股涨幅均超4%，板块赚钱 效应显著。流动性方面，全天成交额突破15.52亿元，资金交投活跃。 3. 格力博今日在投资者互动平台表示，公司2022年变更营业执照，经营范围增加"智能机器人销售、服 务消费机器人制造"等内容，是基于对人形机器人领域的长期关注与布局储备，与智元的合作仍聚焦技 术探索与场景验证。对于新品的研发和投放以及与相关机器人公司的合作，公司坚持"以商业价值为核 心"的原则，"成熟一代、推广一代"，待技术成熟度与盈利模式 ...

开源证券认为，回顾2025年，人形机器人产业从"0—1"开始走向"1—10"，核心是"技术收敛"。展望 2026年，人形机器人将跨越"1—10"拐点，走向"10—100"，核心是"量产和商业化"。1)2025年产业"0— 1"开始走向"1—10"，核心是"技术收敛"，板块围绕特斯拉机器人的技术迭代和升级方向展开。从丝 杠、电机、轻量化(PEEK材料等)、到灵巧手、结构件、轴承等，寻找技术端的确定性，在此过程中早 期纯题材标的关注度下降；从"送样"到"配合开发"再到"产能建设"逐渐缩圈并走向清晰。2)2026年跨 越"1—10"拐点，走向"10—100"，核心是"量产和订单"。特斯拉Gen2.5机器人或已完成硬件平台的锁 版，设计基本冻结，关键总成预计需小步优化，为2026年量产版本Gen3筑牢基础；Gen3解决安全防护 结构件和灵巧手后就将定型，判断2月份之内将会完成。后期节奏展望：2026年3月份开启批量订单，8 月份开启大规模制造，在此期间推动核心供应链标准化产能建设。2026年人形机器人从政策端和产业端 有望实现中美共振，板块迎来主升浪。 国元证券认为，2025年成为全球人形机器人由"技术展示期"迈向" ...

Core Viewpoint - The current market environment favors large-cap stocks, but the VictoryShares Small Cap Free Cash Flow ETF (SFLO) highlights the potential of small-cap investments, particularly in companies like Symbotic Inc. [1] Company Overview - Symbotic Inc. is a leader in AI-enabled robotics technology for the consumer goods supply chain and is positioned for significant growth [2]. - As of December 11, 2025, Symbotic is included in SFLO, which tracks a focused index that emphasizes companies with strong free cash flow [1][2]. Financial Metrics - SFLO aims to track the Victory U.S. Small Cap Free Cash Flow Index, which screens for companies with robust free cash flow (FCF) [3]. - FCF is defined as the remaining funds after operating cash flow minus capital expenditures, serving as a key indicator of financial health [4]. - Symbotic has a high expected FCF yield of 13.64%, significantly outperforming the Russell 2000 Value Index's yield of 3.56% [5]. - The growth rate for Symbotic is 37.32%, compared to 5.62% for the Russell 2000 Value Index, indicating strong growth potential [5]. Investment Strategy - SFLO's index methodology focuses on forward-looking FCF rather than trailing cash flows, allowing it to target companies with high FCF yield and growth potential [5]. - Companies like Symbotic, which focus on innovation and disruptive technology, are essential for identifying investment opportunities in the small-cap sector [6]. Index Characteristics - The Victory U.S. Small Cap Free Cash Flow Index selects high-quality companies based on profitability and strong free cash flow yield, rebalancing quarterly [14]. - Expected FCF is calculated as the average of trailing 12-month FCF and next 12-month forward FCF, divided by enterprise value [14].

Core Viewpoint - Tesla is a highly polarizing stock, influenced by CEO Elon Musk's behavior and political involvement, leading to a divided perception among investors [1][2]. Group 1: Market Position - Tesla has dropped to the third-largest electric vehicle (EV) maker globally, overtaken by two Chinese competitors [5]. - Currently, only 40% of U.S. EV sales are attributed to Tesla, a significant decline from its near-monopoly status during the early pandemic [5]. Group 2: Growth Potential - The bull case for Tesla's growth hinges on its autonomous driving, robotics, and AI divisions, which are expected to outpace the core EV business [6]. - CEO Elon Musk's new $1 trillion pay package is linked to achieving aggressive growth targets in these key segments, suggesting a shift in market perception towards Tesla as a tech/AI company rather than just an automobile manufacturer [7]. - The potential for vertical integration with AI offerings and increased deliveries in key markets like China could drive Tesla's growth in the coming years [8]. Group 3: Future Business Prospects - If the Optimus project becomes a significant business, it could represent 80% of Tesla's current sales, indicating substantial future growth potential [9]. - Investor confidence in Musk's ability to realize his vision will be crucial, as past market reactions have penalized those who doubted his ideas [9].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Physical AI** journey of **Big Tech** companies, particularly in the context of robotics and automation, highlighting the transition from digital to physical applications of AI technology [29][33]. Core Insights - **Total Addressable Market (TAM)** for embodied AI is substantial, with estimates suggesting: - **Manufacturing**: $15-20 trillion - **Transportation**: $10-15 trillion - **Energy**: $2-5 trillion - **Healthcare**: $10-15 trillion - This indicates a significant opportunity for growth in the robotics sector, potentially exceeding global GDP [30][31]. - **Big Tech's Transition**: Companies are beginning to invest heavily in physical AI, with a timeline indicating: - 2022-2024: Chat-bots - 2025-2026: Wearables with cameras - 2027-2028: Devices that move (e.g., tabletop robots) - 2029-2030: Initial dexterous robots - 2030-2035: Humanoid robots [34]. Company-Specific Developments - **Amazon**: - Transitioned from a ratio of 5 humans per robot in 2017 to near parity by 2025, indicating a significant increase in automation [124]. - Plans to develop approximately 40 next-generation robotic warehouses by 2027, which aligns with forecasts for increased automation in fulfillment centers [130]. - Potential for $10 billion in annual savings from robotics improvements in fulfillment costs [133]. - **Meta**: - Formed an AI robotics division within Reality Labs, focusing on consumer humanoid robots [86]. - Significant investments in AI and robotics talent, including hiring experts from leading tech companies [103][108]. - Aiming for a revenue opportunity of $300 billion from humanoid robots alone, indicating a strong commitment to this sector [199]. - **Apple**: - Reportedly assembling next-generation home devices, including a tabletop robot, in collaboration with BYD in Vietnam [204]. - Has been quietly building capabilities in robotics, with a focus on integrating AI into consumer products [178][199]. Additional Insights - The competition among major tech firms in the AI and robotics space is intensifying, with companies like OpenAI and Google also making significant strides in robotics development [239][240]. - The report emphasizes the importance of real-world vision data capture and the integration of AI with augmented reality, suggesting that future devices may move beyond traditional screens [233][234]. Conclusion - The landscape of robotics and AI is rapidly evolving, with significant investments and innovations from major tech companies. The potential market opportunities are vast, and the competition is likely to drive further advancements in technology and applications across various sectors.

Market Overview - The Shanghai Composite Index has achieved a nine-day winning streak, but there are signs of market cooling, including high differentiation in the commercial aerospace sector and collective corrections in previously strong sectors like batteries and resources [1] - The market is experiencing a shift in marginal buying, indicating hesitation among investors, rather than a peak [2] Currency and Foreign Investment - The pace of RMB appreciation has slowed, and the Hong Kong stock market opened high but closed lower, suggesting foreign investors are becoming cautious as year-end approaches [1] - The A500 ETF is under scrutiny, with some funds showing signs of reluctance to invest aggressively [1] Sector Analysis - The current market phase is characterized by a significant turnover of positions after an overbought condition, with core sectors like AI, humanoid robots, and high-end manufacturing remaining strong [2] - Humanoid robots have shown strength in the afternoon session, indicating that capital is still present in the market but is reallocating [2] Company-Specific Insights - Fivezhou Xinchun, a company specializing in high-precision bearings and transmission components, is highlighted for its essential role in humanoid robots, suggesting a strong profit potential as demand increases [2] - Huawei's announcement regarding the launch of its Ascend 950 AI chip in South Korea has attracted significant capital inflow, with a net inflow of 17.44 billion, indicating strong market interest [4] Investment Sentiment - The current market sentiment reflects a more selective approach to investments, with reduced momentum but unchanged direction [6] - The focus is shifting from mere risk-taking to structural judgment, emphasizing the importance of strategic investment decisions as the year closes [6]

今年以来，优必选持续领跑人形机器人商业化进程。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，优必选（9880.HK）于12月29日发布公告，公司创始人、董事会主席兼CEO周 剑承诺自2025年12月29日起的12个月内，不会以任何形式减持其个人持有的优必选7057.435万H 股。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 值得一提的是，这是周剑第二次发布自愿禁售承诺，体现了管理层对于公司及行业未来发展前景的坚 实信心。 今年以来，优必选持续领跑人形机器人商业化进程。截至目前，优必选人形机器人2025年全年订单 已近14亿元，工业人形机器人Walker S2全年交付超500台，产能超1000台。 随着优必选柳州机器人超级智慧工厂即将全面投产，2026年，优必选人形机器人产能将达到10000 台。日前，优必选还宣布拟以16.65亿元人民币，以"协议转让+要约收购"的组合方式收购深交所上 市公司锋龙股份（002931.SZ）43%的股份，以完善产业链布局、强化核心竞争力。 随着人形机器人产业发展进 ...

Group 1 - MiniMax and Zhizhu AI are making significant technological advancements as they prepare for their IPOs in Hong Kong, with MiniMax launching the M2.1 text model and Zhizhu AI releasing the GLM-4.7 model, both achieving state-of-the-art performance in various benchmarks [2][3] - The U.S. has adjusted its chip tariff policy towards China, signaling a stable bilateral relationship, which allows domestic chip companies like Moore Threads to focus on building sustainable hardware and software ecosystems [3] - Galaxy General Robotics has completed a record financing round of over $300 million, reaching a valuation of $3 billion, marking a significant milestone in the humanoid robotics industry in China [4] Group 2 - Moore Threads, after its IPO, held its first developer conference to promote its new GPU architecture "Huagang" and announced plans for AI training and high-performance graphics rendering chips [3] - The financing by Galaxy General Robotics emphasizes its focus on practical applications in the fields of unattended pharmacies and industrial manufacturing, with hundreds of pharmacy orders already secured [4] - The overall trend in the AI and chip sectors indicates a shift from product performance to ecosystem development, highlighting the importance of continuous innovation and commercialization potential for companies in these industries [2][3]

Core Insights - Huawei's talent Li Yuanqing has officially joined Lexiang Technology, focusing on innovation business strategy and core technology development [2] - Lexiang Technology's core technology team consists of members from top institutions, with over 80% of the team engaged in R&D, including a CTO with 20 years of experience in the robotic vacuum industry [3] - The company has developed two core product platforms: an outdoor tracked robot and a household embodiment intelligent robot, with the former already securing over a thousand pre-sale orders across various industries [3] Group 1 - Li Yuanqing's background includes significant achievements in EVTOL design and leading projects at Huawei, indicating a strong technical foundation for his role at Lexiang Technology [2] - The outdoor robot integrates various practical functions such as mobile energy storage and security, showcasing the company's innovative approach to robotics [3] - The household robot is designed for indoor use, featuring 20 degrees of freedom and customizable modules to meet diverse family needs, highlighting the adaptability of Lexiang's products [3] Group 2 - Lexiang Technology's founder, Guo Ranjie, emphasizes the importance of top talent in driving innovation and aims to build a global talent platform [4] - The market for embodiment intelligence is heating up, but true commercialization remains a challenge, with many companies exploring viable applications for household companion robots [4]

Core Viewpoint - The article discusses the limitations of traditional aerial robotic arms and introduces a breakthrough in omnidirectional aerial robotic arms (OAM) that can perform complex tasks with enhanced flexibility and stability [1][2]. Group 1: Limitations of Traditional Aerial Robotic Arms - Traditional aerial robotic arms are often mounted on under-actuated multi-rotor drones, limiting their movement directions and making it difficult to perform complex tasks [4]. - The small working space of traditional aerial robotic arms restricts their ability to reach objects in confined spaces or at awkward angles, leading to potential collisions [6]. - Control and planning systems of traditional aerial robotic arms face significant challenges, including singularity issues and lack of coordination between the drone and the robotic arm [7]. Group 2: Innovations in Omnidirectional Aerial Robotic Arms - The research team from Seoul University developed the omnidirectional aerial robotic arm, featuring a unique omnidirectional multi-rotor base that allows for any orientation in the air [8]. - The system includes a multi-degree-of-freedom robotic arm with four rotational joints and a gripper, creating a highly flexible operational platform [10]. - To achieve practical application, the researchers focused on two core issues: stable control and intelligent planning [11]. Group 3: Control and Planning Mechanisms - The gRITE controller was developed to handle three-dimensional rotational geometry, avoiding traditional Euler angle singularity issues and maintaining stability during operations [12][14]. - An innovative two-step planning method was proposed, where the first step involves offline planning of the end-effector trajectory, and the second step involves real-time planning of the entire robot's movements [17][18]. - This two-level planning architecture ensures global optimization while allowing real-time responsiveness, with a planning frequency exceeding 10Hz [19]. Group 4: Experimental Validation - The research team conducted multiple experiments to validate the capabilities of the omnidirectional aerial robotic arm, demonstrating superior performance in tasks that traditional systems could not accomplish [20]. - In comparative experiments, the gRITE controller outperformed five other controllers in terms of disturbance resistance and tracking accuracy, especially at extreme angles [23]. - The omnidirectional aerial robotic arm successfully executed tasks such as grabbing and moving objects from various angles, showcasing its versatility compared to traditional systems [26][29].