近日，具身智能领跑企业千寻智能 Spirit AI 宣布完成5.28亿元人民币Pre-A轮融资。本轮融资由阿美风 险投资旗下Prosperity7 Ventures(P7)领投，招商局创投、广发信德、靖亚资本、东方富海、华控基金等 多家资本深度参与，华发集团、浙江省科创母基金与上市公司浙江东方在杭州共同发起设立的善富科创 子基金战略加持，为千寻智能在具身智能领域的产业布局注入了强大动力。 此外，老股东达晨财智、柏睿资本、弘晖基金以及千乘资本在本轮持续加码，进一步凸显资本市场对千 寻智能的高度认可。本轮融资后千寻智能将持续加速具身大模型的迭代、机器人本体的进化以及人才团 队的构建。 千寻智能(Spirit AI)成立于2024年2月，是国内领先的AI+机器人全栈生产力级技术能力的具身智能公 司。公司团队成员来自UC Berkeley、CMU、清华大学、北京大学等顶尖高校，以及字节、小米、腾讯 等知名企业。成立短短一年多，千寻智能凭借卓越的技术实力和创新理念，已成功完成多轮融资，并致 力于打造世界级通用人形机器人和下一代具身大模型与学习算法，让通用的机器人伙伴走进千家万户， 驱动世界迈向智能机器人时代。 技术突破 ...

1.2亿美元！这家公司刷新具身智能行业天使轮融资 纪录 首席科学家丁文超，是具身智能领域青年科学家、复旦大学机器人研究院研究员，曾入选华为"天 才少年"项目，曾从0到1主导华为智驾端到端决策网络，打造复旦大学首个人形机器人。 该公司首席架构师陈同庆，是原华为ADS智能导航部部长，空间感知首席技术专家；其首席战略官 Vincent，曾任华为、百度关键技术岗位负责人。 天眼查数据显示，今年3月6日，它石智航的注册资本发生变更，由原本的100万元增至约136万元。 与此同时，高瓴、启明创投、蓝驰创投、线性资本、联想创投、襄禾资本、恒旭资本等知名投资机构亦 成为其股东。 当前，具身智能领域正在加速发展。从市场规模来看，据麦肯锡预测，到2030年，全球具身智能市 场规模可能达数十万亿元。 今年的《政府工作报告》提出，建立未来产业投入增长机制，培育生物制造、量子科技、具身智 能、6G等未来产业。这也是"具身智能"首次被写入《政府工作报告》中。 3月26日，具身智能初创公司它石智航（TARS）宣布完成天使轮1.2亿美元融资。 本轮融资由蓝驰创投、启明创投共同领投，线性资本、恒旭资本、洪泰基金、联想创投、襄禾资 本、高瓴创投 ...

陈亦伦、李震宇领衔创立。 本文为IPO早知道原创 它石智航创始人兼CEO陈亦伦博士表示："它石智航的使命是以物理世界AI和通用机器人技术为核 心，构建可信赖的超级具身智能系统，让高性能AI规模化地融入人类社会的生产与生活中。"陈亦伦 判断，未来十年，具身智能将成为全球产业升级的关键引擎。它石智航将持续突破物理世界的智能化 边界，探索具身智能无限潜力。 它石智航创始人兼董事长李震宇表示，"依托成熟的智能硬件产业链基础、持续升级的人工智能技术 储备，叠加丰富的应用场景与顶尖人才资源矩阵，具身智能领域正处于高速发展阶段。感谢投资人的 信任与支持。它石智航团队将始终保持创业初心，尊重创业基本规律，期待与全球具身智能企业携手 共进，通过加速关键核心技术攻关，推动具身智能产业实现可持续发展。" 蓝驰创投管理合伙人朱天宇表示 ，"在具身智能赛道，蓝驰创投进行了长期的系统性布局，并成为多 家独角兽的首位投资人。这样的坚定来自于我们对中国比较优势的笃信——当增长的第一动能发生转 变，中国在供应链、人才和场景上的优势迎来提升，我们相信中国企业必将创造世界一流的科技产品 和服务。 它石智航是市场中AI全栈能力极强的团队：团队具备全 ...

报道 I 投资界PEdaily 正在招人 作者 I 刘博 投资界获悉，具身智能初创公司它石智航（TARS）已完成1 .2亿美元天使轮融资——由 蓝驰创投、启明创投共同领投，线性资本、恒旭资本、洪泰基金、联想创投、襄禾资本、 高瓴创投跟投。值得一提的是， 此次创下中国具身智能行业天使轮最大融资额纪录。 正式成立不足两个月，它石智航身后的创始人团队浮出水面——前华为车BU 自动驾驶 CTO陈亦伦、前百度智能驾驶事业群总裁李震宇一同联手，标志着具身智能领域迎来真 正的AI玩家。 此时此刻，具身智能无疑是创投圈最火赛道，一笔笔超级融资预示着一个激动人心的时刻 即将到来。它石智航创始人兼CEO陈亦伦介绍，它石智航的使命是以物理世界AI和通用 机器人技术为核心，构建可信赖的超级具身智能系统，让高性能AI规模化地融入人类社 会的生产与生活中。他判断，未来十年，具身智能将成为全球产业升级的关键引擎。 序幕已经拉开。 顶级机构云集。 大牛集结，他们联手创业 这是它石智航团队首次正式亮相。 翻看履历，CEO陈亦伦博士是中国具身智能、自动驾驶领域技术及产业的领军人，曾任 清华大学智能产业研究院智能机器人方向首席科学家，华为自动驾驶 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The economic situation for 2025 is characterized by increased challenges and a shift in focus towards boosting domestic demand [3][4] - The government aims for a GDP growth target of around 5%, maintaining the same level as the previous year, with a focus on employment and risk prevention [6][5] - The fiscal policy is set to be the most aggressive in over a decade, with a deficit rate of 4.0% and a total deficit amounting to 5.66 trillion yuan, an increase of 1.6 trillion yuan from the previous year [6][7] - Monetary policy will be moderately accommodative, with expectations for liquidity to remain ample and potential adjustments based on international economic conditions [6][9] Economic Goals - The key economic targets for 2025 include: - GDP growth rate of around 5% [6][15] - CPI inflation target set at around 2%, down from 3% [6][15] - Urban employment target of over 12 million new jobs, consistent with the previous year [6][15] - Urban unemployment rate targeted at around 5.5% [6][15] - A reduction in energy consumption per unit of GDP by 3.0% [6][15] Policy Focus - The report emphasizes the importance of expanding domestic demand, which has risen to the top priority in government tasks [6][10] - The government plans to enhance consumer spending through various measures, including increasing residents' income and improving the supply of quality goods and services [6][10] - There is a strong focus on new productive forces, integrating technological and industrial innovation to foster emerging industries and enhance traditional sectors [11][12] Real Estate Sector - The government will continue to support the real estate market to stabilize and recover, with policies tailored to local conditions [12][13] - Measures include reducing restrictive policies, promoting the renovation of old housing, and managing land supply effectively [12][13] Other Areas of Development - The report outlines initiatives in education, reform, rural revitalization, and ecological civilization, indicating a comprehensive approach to national development [14]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The 2025 government work report emphasizes the importance of boosting consumption and expanding domestic demand as a key strategy for economic growth in the face of external uncertainties [4][7] - The report outlines economic development targets for 2025, including a GDP growth rate of around 5%, an urban unemployment rate of approximately 5.5%, and a consumer price index (CPI) increase of about 2% [5][6] - The government plans to issue 300 billion yuan in special bonds to support the replacement of consumer goods, indicating a strong push towards stimulating consumer spending [11] - The report highlights the need for continued support for the real estate market to stabilize expectations and release wealth effects, with a focus on local government initiatives to acquire and repurpose existing properties [23][24] Summary by Sections Economic Development Goals - The 2025 targets include a GDP growth rate of around 5%, urban unemployment at 5.5%, and a CPI increase of about 2% [5][6] - The fiscal deficit is projected at 4% of GDP, with a total deficit scale of 5.66 trillion yuan [5] Consumption and Investment - The government prioritizes consumption as a means to drive economic growth, with measures introduced to stimulate domestic demand [7][12] - The retail market is expected to benefit from government policies aimed at enhancing consumer spending, with significant growth in categories like home appliances and electronics [11][12] Real Estate Market - The report emphasizes the need for policies to stabilize the real estate market, including the acquisition of existing properties and the promotion of urban renewal projects [23][24] - Local governments are expected to play a crucial role in revitalizing the real estate sector through special bonds and land acquisition initiatives [24][25] Technological Innovation and New Industries - The report outlines a commitment to fostering technological innovation and the development of modern service industries, with a focus on emerging sectors such as low-altitude economy and biomanufacturing [17][18] - The growth of the low-altitude economy is projected to reach 850 billion yuan by 2025, with an annual growth rate exceeding 30% [17] Foreign Investment - The government aims to encourage foreign investment in sectors such as telecommunications, healthcare, and education, reflecting a broader strategy to enhance openness and collaboration with international markets [31] Environmental Sustainability - The report highlights the importance of transitioning to a green economy, with a focus on reducing carbon emissions and promoting sustainable development practices [32]

Group 1 - The overall agenda of the Two Sessions in 2025 remains largely unchanged compared to 2024, with significant legislative activities including the review and approval of the revised National People's Congress and local people's congresses representative law [1][10][15] - The government work report sets a fiscal deficit target of around 4%, the highest since 2010, indicating a proactive stance on leveraging debt [3][17] - The emphasis on stabilizing asset prices, particularly in the real estate and stock markets, is a notable shift in macroeconomic management [4][5] Group 2 - The monetary policy continues to emphasize "appropriate easing," with plans for potential reserve requirement ratio (RRR) and interest rate cuts to maintain liquidity [2][24] - The government aims to implement a more active fiscal policy, with a focus on increasing public spending and supporting consumption through special bonds [3][19] - The report highlights the acceleration of reforms in the capital market, with a focus on enhancing the health of the stock market and supporting strategic industries [4][18] Group 3 - The real estate sector is undergoing a transformation towards higher quality and sustainability, moving from "incremental expansion" to "stock quality improvement" [5][19] - Employment stability is prioritized, with initiatives aimed at improving job matching efficiency and supporting entrepreneurship [6][18] - The government is set to support emerging industries such as quantum technology, embodied intelligence, and 6G, indicating a shift in focus towards future industries [7][18]

Economic Overview - The economic situation for 2025 is clearer, with increased challenges and a focus on boosting domestic demand[3] - The GDP growth target is set at around 5%, consistent with the previous year, to address employment and risk prevention[6] - The CPI target is adjusted to around 2%, down by 1 percentage point from the previous year, reflecting low inflation pressure[6] Fiscal Policy - The fiscal deficit rate is increased to 4.0%, up by 1 percentage point from last year, with a total deficit amount of CNY 5.66 trillion, an increase of CNY 1.6 trillion[6] - Total public budget expenditure is CNY 29.7 trillion, an increase of CNY 1.2 trillion from the previous year[7] - Special government bonds issuance is set at CNY 1.3 trillion, up by CNY 300 billion from last year, aimed at major strategic projects[9] Employment and Social Stability - The target for urban new employment is set at over 12 million, consistent with the previous year, to address the employment pressure from a record high of 12.22 million college graduates[6] - The urban survey unemployment rate is targeted at around 5.5%, maintaining the same level as last year[6] Investment and Infrastructure - Central budget investment is planned at CNY 735 billion, an increase of CNY 35 billion from last year, emphasizing effective investment[12] - Local government special bonds are set at CNY 4.4 trillion, an increase of CNY 500 billion, focusing on infrastructure and social projects[9] Real Estate Market - Policies will be implemented to stabilize the real estate market, including reducing restrictive measures and promoting the renovation of old housing[12] - The focus will remain on managing existing real estate inventory while controlling new land supply[12]

Investment Rating - The report maintains a positive outlook on the industry, emphasizing the importance of stabilizing the stock and real estate markets as part of the overall economic strategy [4][8]. Core Insights - The report highlights that the long-term positive trend of the economy remains unchanged despite current challenges, with a focus on enhancing consumer demand and stabilizing employment [4][9]. - It emphasizes the need for a combination of fiscal and monetary policies to support economic growth, with specific targets set for GDP growth, employment, and inflation [9][10][14]. Summary by Sections Economic Outlook - The report assesses the economic situation as complex and severe, with external shocks impacting trade and technology sectors, while internal challenges include insufficient effective demand and local government financial difficulties [4][5]. - The GDP growth target for 2025 is set at around 5%, consistent with previous years, aimed at balancing short-term employment needs and long-term development goals [9]. Employment and Inflation Targets - The employment target remains at over 12 million new urban jobs, with a target urban unemployment rate of around 5.5%, reflecting the ongoing challenges in the job market [10][13]. - The inflation target is set at around 2%, the lowest since 2004, indicating a cautious approach to managing price levels amid current economic conditions [14][15]. Fiscal and Monetary Policies - Fiscal policy is projected to be more proactive, with a total fiscal space expanding to 13.86 trillion yuan, a 26.5% increase from the previous year [16][20]. - Monetary policy aims to maintain liquidity while supporting economic growth, with expectations for social financing and money supply growth around 8% [21][22]. Key Initiatives - The report prioritizes boosting consumption as a key driver for economic growth, with specific actions planned to enhance consumer spending [28][32]. - It emphasizes the integration of technological innovation with industrial development, particularly in emerging sectors such as AI and biotechnology [33][34]. Capital Market Insights - The report indicates a shift in the A-share market from concept-driven to performance-driven dynamics, particularly in the technology sector, with a focus on real earnings rather than speculative growth [62][63]. - It suggests that the bond market may experience short-term interest rate increases but will trend downwards in the medium term due to continued monetary easing [72]. Regional Development and Urbanization - The report outlines strategies for promoting new urbanization and regional coordination, aiming to enhance public services for migrant populations and stimulate housing demand [56][57]. - It highlights the importance of fostering new growth areas through coordinated regional strategies, particularly in economically significant provinces [61].

Investment Rating - The report indicates a positive outlook for investment, suggesting a "moderate recovery + structural transition" in the economy for 2025 [57]. Core Insights - The 2025 government work report emphasizes the need to boost consumption, enhance investment efficiency, and expand domestic demand comprehensively [5][57]. - Key development goals include a GDP growth target of around 5%, a focus on employment, and a commitment to ecological improvement [5][7]. - The report outlines a proactive fiscal policy with a total new government debt scale of 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [5][23]. Summary by Sections 1. Overview of the 2025 Government Work Report - The report sets a GDP growth target of approximately 5%, with urban unemployment around 5.5% and over 12 million new urban jobs [5]. - It highlights the implementation of a more proactive fiscal policy and a moderately loose monetary policy [5]. 2. Interpretation of the 2025 Government Work Report Consumption - Durable goods consumption is expected to double from 150 billion yuan in 2024 to 300 billion yuan [13]. - The report aims to enhance service consumption in health, elderly care, and childcare sectors [13]. - New consumption models will be promoted, focusing on digital, green, and intelligent consumption [13]. Fixed Asset Investment - The report emphasizes the need for effective investment, with a proposed central budget investment of 735 billion yuan for 2025 [29]. - It encourages private investment in major infrastructure and social welfare projects [30]. - The focus will be on digital economy innovation, particularly in AI and 5G applications [31][32]. Government Purchases - The report outlines plans to expand high-quality public services in education and healthcare, including reforms in public hospitals and medical services [36]. Net Exports - The report aims to stabilize foreign trade and investment, promoting service trade innovation and encouraging foreign investment in various sectors [41]. 3. Investment Guidance from the 2025 Government Work Report - The report identifies key investment directions, including technology innovation, green economy, consumption upgrades, and infrastructure [57][68]. - It highlights the importance of supporting strategic emerging industries, particularly in aerospace, low-altitude economy, and biomanufacturing [59]. - The green economy is emphasized, with a focus on renewable energy, energy storage technologies, and carbon capture [60]. - Consumption upgrades are targeted to stimulate domestic demand, with specific measures to enhance consumer confidence and spending [61][62].