Core Viewpoint - Weishi Jiajie (00856) has seen a significant stock increase of over 9%, currently trading at 10.77 HKD with a transaction volume of 260 million HKD, indicating strong market interest and confidence in the company's growth potential [1] Group 1: Business Overview - Weishi Jiajie's operations encompass three main sectors: enterprise systems, consumer electronics, and cloud computing [1] - The company established its cloud computing division in 2013, marking its entry into the cloud business [1] - Since 2015, Weishi Jiajie has formed partnerships with major cloud providers including Microsoft, Alibaba Cloud, Amazon, Huawei, and VMware [1] Group 2: Strategic Acquisitions and Partnerships - In 2020, the company acquired Yunxing Data, a software technology firm focused on cloud management and AI intelligent scheduling, now known as Jiajie Yunxing [1] - As a strategic partner of NVIDIA in Southeast Asia, Weishi Jiajie has supported the implementation of several key projects [1] - Jiajie Yunxing serves as a software supplier for Huawei Cloud, providing products and services for 7 out of 9 national intelligent computing centers approved by the Ministry of Science and Technology [1] Group 3: Recent Developments - On August 21, Weishi Jiajie announced a significant partnership with Zhiyuan Robotics at the inaugural partner conference, becoming the official platform VAP for Zhiyuan Robotics [1] - This collaboration marks the company's first foray into the field of embodied intelligence [1] - According to Zhonghang Securities, the dual-engine business development model being cultivated by the company is expected to enhance its value creation capabilities [1]

Core Viewpoint - The stock of Weishi Jiajie (00856) has increased by over 9%, currently trading at 10.77 HKD with a transaction volume of 260 million HKD, indicating strong market interest and potential growth in its business segments [1] Business Segments - Weishi Jiajie operates in three main sectors: enterprise systems, consumer electronics, and cloud computing [1] - The company established its cloud computing division in 2013 and began collaborations with major cloud providers such as Microsoft, Alibaba Cloud, Amazon, Huawei, and VMware starting in 2015 [1] - In 2020, the company acquired a software technology firm focused on cloud management and AI scheduling, now known as Jiajie Yunxing [1] Strategic Partnerships - In Southeast Asia, Weishi Jiajie serves as a strategic partner for NVIDIA, contributing to the implementation of several key projects [1] - The subsidiary Jiajie Yunxing acts as a software supplier for Huawei Cloud, providing products and services for 7 out of 9 national intelligent computing centers approved by the Ministry of Science and Technology [1] Recent Developments - On August 21, the company announced a significant partnership with Zhiyuan Robotics at the first partner conference, marking its entry into the embodied intelligence sector [1] - According to Zhonghang Securities, the dual-engine business expansion model being developed by the company is expected to enhance its value creation capabilities [1] - The comprehensive market layout in emerging sectors such as cloud computing, AI, and embodied intelligence is seen as having long-term growth potential [1]

具身智能之心是国内具身领域优秀的创作平台，致力于推动具身产业的发展、人才的培育。 我们高度重视产业和学术领域的最新进展，持续创作最新内容。一个产业的发展需要众人不断地持续推 进，具身智能之心诚邀学术界&工业界大佬加入我们一起创作，为全行业带来最专业和最有深度的工 作，让更多人受益。 主要创作内容 最新技术/paper分享、核心技术模块讲解、行业类分析文章、深度的技术栈分享； 联系我们 提供一定的稿费支持和个人IP扶持，加入我们的圈子和我们一起共享行业资源。更多详细内容欢迎添加 微信：oooops-life咨询。 ...

本报记者 张文湘 见习记者 占健宇 港股市场的支持力度同样强劲。"港交所为特专科技公司开辟上市绿色通道，大幅降低尚未盈利企业的上市门槛，契合具 身智能领域'高投入、长周期'的特性。"何兆烽指出。 "当前中国具身智能行业正处在'政策托底、产业筑基、资本接力'的关键阶段，技术从实验室走向产业场景的步伐正在加 快。"近日，安永大中华区上市服务主管合伙人何兆烽在接受《证券日报》记者专访时，对具身智能产业发展态势作出判断。 作为深耕资本市场与新兴产业交叉领域的资深人士，何兆烽从产业竞争力、资本适配性与商业化落地等维度，解析了行业 发展的核心逻辑。 政策与产业链共振 在何兆烽看来，中国具身智能企业的全球竞争力源于政策与产业生态的深度协同。"今年，'具身智能'首次被写入《政府工 作报告》，各地也持续出台相关支持政策，国家人工智能基金亦为产业创新发展提供长期、稳定的资金要素保障。"这种自上 而下的政策支持体系，为行业发展奠定了稳定基础。 产业端的全链条布局更让优势进一步凸显。"中国具身智能行业形成了'核心零部件-本体制造-场景应用'的全产业链布 局。"何兆烽表示，"例如深圳具备全球最完善的硬件供应链，伺服电机、传感器等关键组 ...

从核心技术上看，具身智能硬件中，灵巧手、高精度关节等成果涌现；软件方面，多模态感知算法等不 断优化。 今年以来，具身智能IPO热潮涌动，多家明星企业在冲刺IPO前的股改动作频频。 对此，何兆烽表示，股改常是企业走向更高透明度和治理标准的信号，有助于提升投资者信心，降低治 理风险。具身智能企业仍处于技术验证和应用推广的关键阶段，具备长期增长潜力。因此，一级市场的 融资热度预计将一定时间内持续。同时，投资者应关注企业财务健康度、商业化可行性和技术落地能 力。 安永和复旦大学共同举办的"2025最具潜力企业"评选近日揭晓结果，26家企业荣膺"最具潜力企业奖"， 8家企业获颁"最具潜力种子企业奖"。其中，14家企业来自具身智能赛道，成为本次评选的最大亮点， 它们主攻家庭服务、教育场景的通用机器人、制造业协作机器人等方向。 对于上述企业，何兆烽谈到，它们拥有全产业链协同、部分关键技术突破等优势，有望立于不败之 地。"中国具身智能行业形成了'核心零部件—本体制造—场景应用'的全产业链布局，比如深圳具备全 球最完善的硬件供应链，伺服电机、传感器等关键组件可在本地快速匹配，大幅降低研发成本。" 近两年，具身智能赛道群雄逐鹿， ...

人工智能浪潮下，具身智能、智能辅助驾驶正载着AI开启一场从数字世界穿梭到物理世界，Agentic AI 时代正在到来，一场新的竞赛也正在开启。 "过去这一年，AI的兴起让我们看到一个比较大的赛道涌现，就是自动驾驶与具身智能。"2025云栖大会 上，阿里云大数据AI平台负责人汪军华告诉记者，阿里云对这两个行业非常关注，这不仅体现在资本 层面的投入，更重要的是进行了高强度的基础设施技术栈投入。 阿里云大数据AI平台解决方案负责人魏博文观察到，传统自动驾驶基本只要TP到几个PB的数据就能支 撑模型训练，而当前主流智驾企业单次模型训练的数据量要达 10P-30P，数据已限制当前车企模型的快 速迭代，需要整体大数据并发能力的提升。 具身智能面临的问题还要更复杂。自变量机器人创始人兼CEO王潜表示，具身智能的核心是让机器具备 理解物理世界、执行复杂动作的能力，它不仅需要视觉、语言能力，还需掌握摩擦、形变等物理规律， 复杂性远超其他领域。 当前，具身智能正从实验室走向产业，机器人、工业自动化、服务领域成为首批落地场景，但数据分 散、算力需求特殊、通信要求苛刻等问题，让许多企业陷入研发困境，从算力到数据的处理，再到平台 工具 ...

Core Viewpoint - The rise of AI is leading to a new era characterized by embodied intelligence and intelligent assisted driving, marking the beginning of a competitive landscape in the Agentic AI era [1] Group 1: End-to-End Transformation - The transition from modular to end-to-end architectures in intelligent assisted driving is a significant shift, allowing for rapid iteration and adaptation to complex scenarios [3][4] - The end-to-end architecture requires exponential growth in data volume and computational power, with current mainstream intelligent driving companies needing 10P-30P of data for single model training [4] - The embodied intelligence sector faces even greater complexity, requiring machines to understand physical laws and execute intricate actions, which presents unique challenges in data handling and computational needs [4] Group 2: Cloud Infrastructure and AI Integration - Companies are increasingly seeking a unified cloud AI infrastructure that integrates computational power, big data, and AI platforms to support embodied intelligence [5] - Alibaba Cloud has upgraded its intelligent assisted driving solutions, achieving significant efficiency improvements, such as a 2-3 times increase in task management and scheduling capabilities [7] - The integration of NVIDIA's tools into Alibaba Cloud's AI platform aims to enhance the development of embodied intelligence applications, showcasing a comprehensive support system for data processing and model training [9] Group 3: High Demand and Future Outlook - The demand for high availability and extreme communication capabilities in embodied intelligence is pushing cloud providers to innovate beyond traditional models, leading to a new "network-storage-computation integration" requirement [10] - Alibaba Cloud is positioning itself as a leader in the AI infrastructure space, with ambitions to build a super AI cloud that can support the future needs of various industries [11][12] - The future may see a limited number of super cloud computing platforms, with Alibaba Cloud aiming to be a key player through substantial investments in AI infrastructure [11]

新华财经上海9月27日电 今年以来，A股市场上具身智能行业公司的股价强劲上涨，近几个月增速更是 明显加快。同时，在一级市场，具身智能赛道正迎来前所未有的投资热潮。26日，安永、复旦大学共同 揭晓"2025最具潜力企业"评选结果，26家企业获"最具潜力企业奖"，8家企业获"最具潜力种子企业 奖"。值得关注的是，有14家企业来自具身智能赛道，彰显出中国在实体智能领域的强劲创新活力。 安永大中华区业务主管合伙人毕舜杰表示，创新是企业成长潜力的核心源泉，而资本赋能则是实现高增 长的关键支撑。作为人工智能与现实世界交互的重要载体，具身智能正推动智能技术从"感知"走向"行 动"，越来越多的创新企业积极布局、加速进场。 何兆烽表示，纵观全球具身智能的发展格局，中国企业的优势在于，政策支持力度大、商业化落地能力 强，且具有全产业链协同优势。"中国具身智能行业形成了'核心零部件—本体制造—场景应用'的全产 业链布局。例如具备很完善的硬件供应链，伺服电机、传感器等关键组件可在本地快速匹配，大幅降低 研发成本。目前具身智能的应用场景涵盖工业制造、家庭服务、危险作业等多个领域，中国企业在这些 场景的商业化落地方面表现突出。" （文章 ...

Core Viewpoint - Embodied intelligence is emerging as the next battleground for smart driving entrepreneurs, with significant investments and developments in the sector [2][4]. Market Overview - The global embodied intelligence market is on the verge of explosion, with China's market expected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market [3][21]. - The humanoid robot market is projected to reach 8.239 billion yuan, representing about 50% of the global market [3]. Industry Trends - Several smart driving companies, including Horizon Robotics and Zhixing Technology, are strategically investing in embodied intelligence through mergers, acquisitions, and subsidiary establishments to seize historical opportunities [4]. - The influx of talent from the smart driving sector into embodied intelligence has been notable since 2022, with many professionals making the transition in 2023 [13]. Technological Integration - The integration of smart driving and embodied intelligence is based on the concept of "embodied cognition," where intelligent behavior is formed through continuous interaction with the physical environment [6]. - The technical pathways for both fields are highly aligned, with smart driving vehicles functioning as embodied intelligent agents through multi-sensor perception, algorithmic decision-making, and control systems [6]. Technical Framework - The technical layers of smart driving applications and their migration to embodied intelligence include: - Perception Layer: Multi-sensor fusion for environmental modeling and object recognition [7]. - Decision Layer: Path planning and behavior prediction for task planning and interaction strategies [7]. - Control Layer: Vehicle dynamics control for motion control and execution [7]. - Simulation Layer: Virtual scene testing for skill learning and adaptive training [7]. Investment and Growth Potential - The embodied intelligence market is expected to maintain a growth rate of over 40% annually, providing a valuable channel for smart driving companies facing growth bottlenecks [21]. - The dual development pattern of humanoid and specialized robots allows smart driving companies to leverage their technological strengths for market entry [22]. Profitability Insights - The gross profit margins for embodied intelligence products are generally higher than those for smart driving solutions, with professional service robots achieving margins over 50%, compared to 15-25% for autonomous driving kits [23][25]. - This profit difference arises from the stronger differentiation and lower marginal costs of embodied intelligence products, allowing for rapid market entry and reduced development costs [25]. Future Outlook - The boundaries between smart driving and embodied intelligence are increasingly blurring, with companies like Tesla viewing autonomous vehicles as "wheeled robots" and developing humanoid robots based on similar AI architectures [26]. - Early movers in this transition are likely to secure advantageous positions in the future intelligent machine ecosystem [26].

海外的具身智能赛道，出现了一只超级独角兽。 Figure获得了10亿美元C轮融资，投后估值达到390亿美元。 本轮融资由Parkway Venture Capital领投，重要的参投机构包括Brookfield Asset Management、NVIDIA、Macquarie Capital、Intel Capital、Align Ventures、 Tamarack Global、LG Technology Ventures、Salesforce、T-Mobile Ventures以及Qualcomm Ventures。 在2024年2月，它获得6.75亿美元B轮融资，由Microsoft、OpenAI Startup Fund、杰夫·贝索斯等参投，C轮融资的主要参与者Parkway Venture Capital、Intel Capital、Align Ventures也均参与B轮投资。 尽管无论是海外还是中国市场，具身智能都是最热的赛道之一，但是连获两轮巨额融资的Figure仍然是现象级的，颇有大模型领域OpenAI的势头，那为什 么这么多顶尖的投资机构青睐它，它的竞争优势和护城河又是什么？ 软硬件结 ...