中金发布研报称，预计极智嘉-W(02590)2025-2026年EPS分别为0.06/0.17元。该行认为极智嘉布局AI智 慧仓储行业具有场景领先落地、格局清晰特征，是仓储AMR解决方案龙头，商业模式稳定，AI赋能增 厚天花板。公司PS估值介于工业与人形机器人之间，基于可比估值法，给予公司2026年10x的P/S，对 应目标价格32.8港元，涨幅空间32%，首次覆盖给予"跑赢行业"评级。与市场不同，该行认为公司已成 为具备AI+场景化能力的综合智能体。 全球AMR解决方案龙一，经营拐点已现 中金主要观点如下： 1)公司基于三个专有技术平台，软硬件全自研，为AI融入仓储路径规划、供应链优化、数字孪生等提供 底层打通基础;2)三大仓储方案+三大场景，提供各行业高性能方案;3)长期积累770名终端客户，积累了 大量运营数据与历史订单数据，打造向AI转型的数据壁垒;4)集中资源布局具身智能，已推出通用机械 臂及具身智能底座Geek+ Brain。 仓储环节具备领先AI落地优势 潜在催化剂：公司盈利扭亏、加入恒生综合指数及港股通。 极智嘉成立于2015年，是全球化布局的AMR解决方案龙头，海外市场收入占比近年来超70% ...

极智嘉成立于2015年，是全球化布局的AMR解决方案龙头，海外市场收入占比近年来超70%。根据招 股书，按收益计2024年极智嘉仓储AMR解决方案全球第一，市场份额9%。公司2025H1实现EBITDA转 正，达0.12亿元，标志公司经营层面财务拐点正式出现。 智慧仓储新范式国内引领者 1)公司基于三个专有技术平台，软硬件全自研，为AI融入仓储路径规划、供应链优化、数字孪生等提供 底层打通基础;2)三大仓储方案+三大场景，提供各行业高性能方案;3)长期积累770名终端客户，积累了 大量运营数据与历史订单数据，打造向AI转型的数据壁垒;4)集中资源布局具身智能，已推出通用机械 臂及具身智能底座Geek+ Brain。 智通财经APP获悉，中金发布研报称，预计极智嘉-W(02590)2025-2026年EPS分别为0.06/0.17元。该行 认为极智嘉布局AI智慧仓储行业具有场景领先落地、格局清晰特征，是仓储AMR解决方案龙头，商业 模式稳定，AI赋能增厚天花板。公司PS估值介于工业与人形机器人之间，基于可比估值法，给予公司 2026年10x的P/S，对应目标价格32.8港元，涨幅空间32%，首次覆盖给予"跑赢行 ...

2025年深圳国际人工智能展览会上，一台名为"小量"的机器人正有条不紊地忙碌着：精准地拿起杯子， 熟练地接取冰块，细致地添加各类小料，整个流程一气呵成，仅用两分钟就呈上一杯色泽诱人的果味冰 沙。周围人群的惊叹声此起彼伏，而更令人瞩目的，是这台机器人背后那股强大的力量——2023年12月 才成立的深圳初创公司自变量机器人。这家公司虽成立时间不长，却已成功斩获8轮融资，累计金额超 20亿元，成为具身智能赛道上一匹耀眼的"黑马"。而这一切成就的背后，离不开阿里、美团等巨头的鼎 力支持，以及一位清华学霸多年坚守的机器人梦想。 在自变量机器人创始人兼CEO王潜的宏伟蓝图中，单点任务不过是通用机器人走向广泛应用的一个小小 开端，他真正的目标，是让通用机器人真正走进千家万户，成为人们生活中不可或缺的一部分。 初心：跨界逐梦的机器人情怀 孤勇：坚守端到端路线的突围 自变量机器人自成立之初，便毅然选择了一条与众不同的技术赛道——"大小脑统一的端到端大模型"路 线。这一选择在当时饱受争议，甚至遭到业内专家的直接质疑。 多年前，当王潜首次提出端到端思路时，一位知名机器人教授当面否定："端到端虽然很有意思，但可 能永远只是个玩具，难 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司在机器人领域有涉及吗？ 辰奕智能（301578.SZ）12月8日在投资者互动平台表示，公司暂无人形机器人相关业务，公司致力于打 造业内领先的智能化、自动化生产基地，公司设置有"自动化产品部"，进行研发制造工业自动化机器人 系统和自动化生产线。 ...

12月8日，鹿明机器人宣布完成Pre-A1和Pre-A2两轮融资，金额数亿元。其中，Pre-A1轮由鼎晖投资领 投，南京创投、金景资本、金固股份跟投，Pre-A2轮由申能诚毅投资。本轮融资将用于公司在具身智能 数据和硬件领域的持续投入。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Global Manufacturing - **Company**: Morgan Stanley Asia Limited Core Insights and Arguments 1. **China's Dominance in Global Manufacturing**: China accounts for 15% of global exports and 28% of global manufacturing GDP, maintaining a trade surplus with 177 out of 225 economies [2][111] 2. **Projected Export Market Share**: China's global export market share is projected to increase to 16.5% by 2030, up from 15% currently, driven by its strengths in advanced manufacturing and emerging sectors like EVs, batteries, and robotics [1][4][92] 3. **Export Growth in Key Segments**: From 2019 to 2024, China's export growth outpaced global growth in 11 out of the 15 fastest-growing export segments, capturing 19% of the incremental export market revenue in these categories [2][23] 4. **Geopolitical Concerns and Diversification Efforts**: Trade partners are concerned about China's dominance, leading to efforts to diversify supply chains away from China, particularly by the US and EU [3][4] 5. **China's Strategic Industrial Policies**: China's industrial policy is characterized by robust execution, financial backing, and regulatory support, enabling rapid scaling of new industries [9][10] 6. **Talent Pool and Education**: The number of university graduates in China has increased by 42% from 2019 to 2024, with a significant share in STEM fields, enhancing the country's manufacturing capabilities [10][18] 7. **Automotive Sector Evolution**: China has transformed from a net importer of auto parts to the world's largest exporter of autos, with a trade surplus in this sector growing from US$40 billion in 2017 to US$116 billion in 2025 [56] 8. **Innovation in EVs**: Chinese companies are leading in EV production and battery manufacturing, with over 50% of global EVs sold being from China [56][57] 9. **Impact of Global Industrial Policies**: A resurgence in global industrial policies has been noted, with 75% of major economies implementing trade and industry-oriented interventions [58][59] Additional Important Insights 1. **China's Export Market Share Dynamics**: While China's share in US imports has decreased, its global export market share (excluding the US) has risen from 13.2% in 2017 to 17% currently [75][111] 2. **Challenges and Risks**: Risks include persistent deflationary pressures due to overcapacity and the effectiveness of protectionist measures that may hinder China's ability to maintain its market share [106][110] 3. **Regional Implications**: Countries like Japan and Korea face increased competitive pressure, while Vietnam, Malaysia, and India may benefit from supply chain diversification but remain dependent on China for critical inputs [96][98][99] This summary encapsulates the key points discussed in the conference call regarding China's position in global manufacturing and the implications for the industry and other economies.

Investment Rating - The report indicates a bullish outlook on the robotics industry, projecting significant growth in revenues and unit sales through 2050, with a total of $25 trillion in combined robot revenues anticipated by that year [2][38]. Core Insights - The Morgan Stanley Robot Almanac serves as a comprehensive guide to the physical AI sector, detailing the expected adoption of robotics and its impact on the global economy, potentially multiplying the $115 trillion global GDP over time [2][11]. - The report introduces the Global Robot Model (GROM), which forecasts the total addressable market (TAM) for robotics, including unit sales and revenue across various form factors such as autonomous vehicles, industrial robots, and drones [11][37]. - The report emphasizes the importance of AI-enabled robotics in driving the 3rd Industrial Revolution, with projections of 1.4 billion annual robot unit sales by 2050 [35][38]. Summary by Sections Overview of Robotics - The report outlines the dynamic nature of physical AI and its integration into various sectors, highlighting the potential for transformative impacts across industries [2][4]. Market Projections - By 2050, the report estimates that there will be 6.5 billion robots in operation globally, with significant contributions from home robotics, industrial robots, and autonomous vehicles [12][39]. - Revenue estimates indicate a steady increase, with projections of $91 billion in 2024 growing to $25 trillion by 2050, reflecting the expanding market for robotics [41][42]. Robotics Adoption and Demand - The GROM model provides detailed projections for robotics demand across key components, including cameras, lidar, and semiconductors, essential for the development of various robotic applications [11][37]. - The report categorizes robotics into several verticals, including autonomous cars, drones, humanoids, and industrial robots, each with distinct growth trajectories and market dynamics [7][13]. Regional Insights - The report highlights regional differences in robotics adoption, with the USA, China, and the Rest-of-World showing varying growth patterns and market sizes [42][43]. - Specific revenue and unit sales forecasts are provided for each region, indicating a robust growth outlook particularly in China and the USA [42][43].

December 7, 2025 10:30 PM GMT Tesla Inc | North America Beyond the Wheel – Mapping Tesla's Journey into Physical AI | What's Changed | | | | --- | --- | --- | | Tesla Inc (TSLA.O) | From | To | | Rating | Overweight | Equal-weight | | Price Target | $410.00 | $425.00 | Tesla under Elon Musk's leadership is poised to be a market leader across autonomous mobility, renewable energy, and robotics. However, with the stock trading at 30x 2030 EBITDA (48x on MSe), downside to NTM cons. estimates, and non-auto cata ...

December 7, 2025 09:00 PM GMT The Robot Almanac Vol. 1: AI Gets Physical; Cambrian Explosion of Bots Morgan Stanley Global Embodied AI Team December 2025 The content addressing private companies is being provided for informational purposes only and does not constitute a solicitation or imply future research coverage if the company goes public. Content is based on unaudited information. No investment recommendation is provided as there is limited public information available for private companies. Investors ...

天眼查App显示，12月5日，苏州灵慧智新数字科技有限公司成立，法定代表人为李二普，注册资本500 万人民币，经营范围包括工业互联网数据服务、大数据服务、物联网技术服务、工业控制计算机及系统 销售、智能机器人销售等。股东信息显示，该公司由苏州灵猴机器人有限公司、吴江东运创业投资有限 公司、智元创新（上海）科技股份有限公司共同持股。 ...