国务院国资委日前召开的地方国资委负责人会议介绍，"十四五"时期，我国国有企业质量效益全面提 升，国资系统监管企业资产总额从235万亿元增至387万亿元，年均增长10.5%，有力支撑了我国经济社 会持续健康发展。 国务院国资委主任张玉卓在会上表示，2025年，国资国企科技创新持续强化，创新机制不断完善，创新 生态持续优化，在推进科技自立自强中实现了新突破。16个地方国资委建立研发投入产出评价制度；湖 南省全年完成85项关键核心技术攻关，取得全球最大吨位4000吨级全地面起重机、世界首台（套）220 吨级纯电矿用自卸车等18项重要成果。 传统产业提质升级，新兴产业培育壮大，未来产业前瞻布局，在建设现代化产业体系中展现新作为。例 如，河南省制定实施煤炭、钢铁、煤化工等重点行业转型升级方案，大力推动企业技术改造、行业资源 整合、产业布局优化；山东省开展战略性新兴产业培育发展三年行动、梯次培育行动，遴选170余个项 目，实行分级管理和精准赋能；北京市积极布局脑机接口、具身智能等未来产业，"北脑二号"填补国内 脑机接口技术空白，全国首个通用人形机器人母平台"天工"正式运行。 "国有企业发展质量效益的高低，直接关系我国经济 ...

Core Insights - The commercialization of embodied intelligence is on the verge of explosion, with expectations for large-scale application by 2026 and significant growth within 5-10 years as costs and demand dynamics change [1][4]. Industry Outlook - Industry experts agree that while the commercialization of embodied intelligence is imminent, widespread adoption will take time. Predictions suggest that 2026 will mark the beginning of accelerated commercialization, with a full rollout requiring long-term efforts over the next 5-10 years [4][5]. - The key threshold for commercialization is when the comprehensive cost of robots aligns with the annual wages of industrial workers or service staff, which will trigger mass demand and lead to explosive growth in the industry [5]. Company Perspectives - Companies like Galaxy General and Crowd Intelligence are positioning themselves as leaders in the market, with Galaxy General aiming to be a frontrunner in typical scenario applications and Crowd Intelligence targeting an annual production of over 100,000 units by 2030 [5]. - Titanium Tiger Robotics has already begun receiving hundreds of orders for applications in settings like unmanned restaurants, indicating that 2025 could be a pivotal year for application [4][5]. Technological Development - The development of embodied intelligence is a collaborative effort involving three main components: "brain" (intelligent algorithms), "cerebellum" (motion control), and "body" (hardware and components). This requires deep cooperation among various stakeholders [7]. - Investment strategies focus on a systematic layout across the entire spectrum of "brain, body, and components" to accelerate technological breakthroughs and commercialization processes [7]. Hardware and Standardization - The emphasis on deep standardization and process innovation in components is crucial for cost reduction and efficiency, with potential cost decreases of over 70% achievable through self-research and stringent process control [8]. - The focus on component-level standardization is seen as more manageable than whole machine production, allowing companies to specialize and effectively address foundational issues in robotics [8].

10 月 26 日，松延动力宣布完成的 Pre-B 轮融资中，投资方包括央视融媒体基金；12 月 9 日，云深处科技宣布完成的 C 轮融资，央视融媒体基金也参与其 中；12 月 19 日，央视融媒基金也参与了银河通用的新一轮融资。 央视融媒体基金于 2021 年在上海成立，由中央广播电视总台所属中国国际电视总公司，以及中国电信、中国文化产业投资母基金等 26 家企业共同发起设 立。 各家具身智能竞逐春晚背后，也意味着这一行业进入了新的发展阶段。 马年春晚引来一批具身智能公司的竞逐，但没有公司获得独家赞助权益，最终将会是数家公司共同出现在春晚舞台上。 「想要获得独家权益，价格预计在 5 亿左右，这超出了任何一家具身智能公司的承受能力。」有接近竞标的人士说，「最终大约有五家左右的具身智能公 司一起上春晚，每家出资 1 亿左右。」 据了解，宇树、智元、银河通用、松延动力、云深处等公司均对春晚舞台表现出了浓厚的兴趣。 对于还处在初创阶段、并没有走出成熟商业模式的具身智能公司而言，1 亿元的单笔市场营销费用是相当激进的投入。 「一些公司全年营销费用也没有 1 亿。」有具身智能领域从业者说，「1 亿元的合作，还是非独家， ...

Group 1 - The core viewpoint emphasizes the importance of technological innovation and industrial integration in driving China's economic growth, with a strong focus on artificial intelligence and its applications [1][11][13] - The Ministry of Industry and Information Technology (MIIT) plans to enhance the quality of technological supply and elevate the role of enterprises in innovation, aiming for a transformation of technological achievements [7][9] - Key sectors identified for growth include integrated circuits, new materials, aerospace, biomanufacturing, embodied intelligence, and 6G technology [7][9] Group 2 - The MIIT is implementing a new round of central financial support policies for specialized and innovative small and medium-sized enterprises (SMEs) to boost R&D investment and enhance their vitality [11] - The ministry aims to create a national pilot service network for manufacturing to bridge the gap between laboratories and production lines, promoting seamless integration of innovation and industry [9] - The focus on artificial intelligence is highlighted as a competitive edge for China, with expectations for significant advancements and surprises in the future [11][13]

穹彻智能成立于2023年11月，由非夕科技集团战略孵化，联合创始人卢策吾在斯坦福人工智能实验室的 博士后期间，师从李飞飞和美国工程院院士 Leo Guibas，目前已获得5轮投资，阿里、红衫等均参投。 （智通财经记者 秦盛） 1月12日，智通财经记者获悉，具身智能企业穹彻智能正式推出口袋机采（RoboPocket）。 据介绍，通过智能手机和 App，用户可以直接成为数据采集的参与者，完成任务并上传数据。 Robopocket能即时诊断每一帧数据的质量、智能指导采集员调整动作，还能通过实时互动动态评估数据 价值，避免无效数据进入后处理环节，并为后处理提供筛选依据。同时，RoboPocket 还支持第一人称 视角，通过多机快速对齐实现同一空间坐标。 数据质量直接影响着的训练效果，具身智能业都在布局数据采集，穹彻智能此前在2023年便发布了 RH20T大规模具身智能数据集，2025年发布CoMiner伴随式数据采集系统。 ...

Core Viewpoint - The 2026 China Chief Economist Forum highlighted a significant shift in the perception of Chinese assets, moving from "overseas optional" to "globally unavoidable," driven by policy certainty, industrial innovation, and unprecedented support from capital markets [2] Policy Determination - The high degree of policy certainty is seen as a core support for Chinese assets, with foreign investors shifting their views from "China is not investable" to "Chinese assets are unavoidable" as they recognize the successful achievement of strategic goals set in the 14th Five-Year Plan [2] - The "15th Five-Year Plan" is characterized by clearer future directions and specific deployments across traditional and emerging industries, indicating a strong internal momentum for the modern industrial system [3] Capital Market Development - The development of capital markets is crucial, with unprecedented policy support for the stock market and a favorable liquidity environment expected to lead to a stable and healthy market operation in 2026 and beyond [4] Industrial Innovation - A robust traditional manufacturing sector is essential for nurturing emerging industries, with the ability to transform technology potential into commercial value being a key advantage for China [5] - The AI sector exemplifies this, where a complete industrial ecosystem is necessary to create a positive economic cycle from substantial initial capital investments [5] Investment Opportunities - Investment focus areas include development, people, and security, emphasizing the need for new productive forces and the importance of investing in human capital and safety across various sectors [7] - Specific investment opportunities identified include mergers and acquisitions, overseas expansion of Chinese companies, technology innovation, and real estate investment trusts (REITs) [7] Market Focus - The stock market remains a focal point, with a core strategy centered around technology sectors, which are expected to continue their structural trends in the first half of the year [8]

Quantum Technology - The report highlights the clear positioning of the NISQ (Noisy Intermediate-Scale Quantum) era, indicating that current quantum devices are operational but limited in capability, lacking fault tolerance and scalability. Experts estimate that small-scale fault-tolerant quantum computers will take about ten years to develop [8][9] - The collaboration between Argonne National Laboratory and Intel has successfully deployed a 12-qubit silicon-based quantum processor, demonstrating the value of mature silicon technology in scaling quantum computing [10] - D-Wave has showcased a scalable on-chip low-temperature control gate model quantum bit, significantly reducing wiring costs and addressing a major bottleneck in the industry [12][14] Biomanufacturing - Micro Yuan Synthesis has secured nearly 300 million yuan in financing to accelerate the development of methanol biomanufacturing, which addresses the reliance on food-based raw materials in traditional biomanufacturing [15][16] - The first gene-consistent human "lung chip" has been developed, providing a new tool for personalized treatment of respiratory diseases and potentially revolutionizing drug development by reducing reliance on animal models [18] Hydrogen Energy and Nuclear Fusion - Policies in Shanghai and other regions are reducing the operational costs of hydrogen vehicles through subsidies and free highway access, which is expected to significantly boost the adoption of hydrogen fuel cell vehicles [19][20] - The report notes that hydrogen energy is transitioning from being a major electricity consumer to a "regulator" of the grid, enhancing the consumption of renewable energy and long-term storage capabilities [25][28] - The Energy Singularity's "Honghuang 70" nuclear fusion device has achieved a 120-second steady-state operation, marking a significant milestone in commercial nuclear fusion technology [31] - Dongsheng Fusion has completed a multi-hundred million yuan angel round of financing to develop a "deuterium-helium-3" fusion route, which is considered safer and more cost-effective than traditional methods [32][33] Brain-Computer Interface - Strong Brain Technology has raised 2 billion yuan to scale brain-computer interface technology, aiming to help one million disabled individuals regain social functionality within five to ten years [38][39] - Sichuan Province has set maximum prices for brain-computer interface medical services, which will take effect in April 2026, facilitating the clinical application of this technology [40][41] - The first brain-computer interface deep brain stimulator surgery in Southwest China has been successfully performed, providing new treatment options for Parkinson's disease [42][43] Embodied Intelligence - NVIDIA has released several physical AI models and frameworks that support robots in understanding physical laws, enhancing the industrialization of robots across various scenarios [5][13] - Chinese companies represent nearly 25% of robot exhibitors at CES 2026, with humanoid robots making up over 50% of the exhibition area, showcasing the competitive edge of Chinese firms in this sector [5][13] Sixth Generation Mobile Communication (6G) - Nanjing has launched a special plan to build a 6G industrial ecosystem, aiming for full coverage of 6G non-cellular networks by 2027 and the establishment of over 50 vertical industry scenarios [5][14]

Core Insights - Shanghai aims to accelerate the transformation and upgrading of its advanced manufacturing industry over the next three years, targeting the establishment of 100 new manufacturing enterprises with an annual output value exceeding 1 billion yuan by 2028 [2] - The plan emphasizes the development of emerging sectors such as low-altitude economy, commercial aerospace, embodied intelligence, biomanufacturing, and smart terminals, positioning them as new growth points for the industry [2][3] Group 1: Advanced Manufacturing Transformation - The action plan outlines structural optimization and upgrading actions, including enhancing traditional industries and promoting the growth of key and emerging sectors [2] - Shanghai has established five national-level industrial clusters and four trillion-yuan industrial clusters, focusing on integrated circuits, biomedicine, new energy vehicles, large aircraft, and marine engineering equipment [2][3] Group 2: New Growth Areas - The plan identifies five new growth areas: low-altitude economy, commercial aerospace, embodied intelligence, biomanufacturing, and smart terminals, with a goal for these sectors to reach a scale of 1 trillion yuan by the end of the 14th Five-Year Plan [3] - Specific targets include achieving a scale of 100 billion yuan in the low-altitude economy and 500 billion yuan in embodied intelligence by 2027, with projections of 1 trillion yuan by 2030 for the latter [3][4] Group 3: Financial Support and Innovation - The plan includes financial incentives for companies increasing their R&D investments, with subsidies ranging from 200,000 to 1 million yuan based on the level of investment [5] - It also promotes the "AI + manufacturing" initiative, aiming for full coverage of intelligent applications in large enterprises by 2027 and increasing robot density to 600 units per 10,000 people by 2028 [5][6] Group 4: Industrial Ecosystem and Talent Development - The Shanghai Industrial Internet Association emphasizes the need for collaboration among government, industry, academia, and research to tackle challenges in the "AI + manufacturing" sector [6] - The initiative aims to build a comprehensive standard system for "AI + manufacturing" and enhance the cultivation of industrial intelligent talent [6]

Core Viewpoint - Mobileye, a leading global supplier of autonomous driving solutions, is entering the field of embodied intelligence by acquiring a humanoid robotics company, Mentee Robotics, for $6.3 billion [4]. Group 1: Industry Developments - The acquisition by Mobileye signifies a significant investment in humanoid robotics, highlighting the growing intersection between autonomous driving and embodied intelligence [4]. - NVIDIA has been advancing the development of embodied intelligence-related models and infrastructure, including the GR00T series models and embodied simulation frameworks [7]. - Tesla has been focusing on the development of its Optimus humanoid robot, indicating that a substantial portion of its future profits will come from this robotics business [8]. Group 2: Market Trends - Companies like Waymo are actively developing embodied intelligence technologies, and there are reports of Xiaopeng Robotics planning to achieve mass production this year [9]. - Major automotive manufacturers in China, such as Geely, BYD, SAIC, and GAC, are increasingly establishing or investing in various humanoid robotics companies [9]. - The technological similarities in perception, localization, and planning between autonomous driving and embodied intelligence suggest that cross-industry integration will become more frequent [10].

Group 1 - The core viewpoint of the news is the release of the "Guangzhou Plan for Accelerating the Construction of a Strong Advanced Manufacturing City (2024-2035)", which aims to double the industrial added value by 2035 and establish Guangzhou as a globally competitive advanced manufacturing hub [1][2] - By 2030, Guangzhou plans to build several world-class advanced manufacturing clusters and achieve significant breakthroughs in key core technologies, positioning itself at the high end of the global value chain [1][2] - The plan outlines four strategic positions for Guangzhou's advanced manufacturing development: a world-class advanced manufacturing base, a global manufacturing innovation center, a benchmark city for digital-physical integration, and a model city for new-type industrialization [1][2] Group 2 - The plan specifies development directions for emerging pillar industries, including the intelligent connected new energy vehicle sector, which aims to reach a trillion-level scale by 2035, establishing Guangzhou as a "Smart Car City" [2] - In the ultra-high-definition and new display sector, the industry scale is projected to reach 300 billion by 2035, while the intelligent equipment and robotics sector is also expected to achieve a scale of 300 billion [2] - The plan emphasizes the introduction and cultivation of leading enterprises in the semiconductor and integrated circuit fields, as well as the development of key aerospace bases in the low-altitude economy sector [2][3] Group 3 - The spatial layout of advanced manufacturing is defined by "one axis, three poles, and multiple points," with the "one axis" representing the innovation development axis that connects key national development zones [3] - The "three poles" refer to important advanced manufacturing bases in Nansha New Area, Eastern Center, and Northern Growth Pole, which will drive the transformation of manufacturing towards high-end, intelligent, and green directions [3] - The "multiple points" strategy aims to leverage key industrial platforms to create high-quality industrial clusters by linking surrounding advantageous industries [3]