国泰海通证券认为，近期人形机器人产业在国内外持续取得重要进展，标志着产业正在快速实现商业化 落地，人形机器人行业短期需要重点关注由事件催化的行业景气度波动，而长期则需重点关注产业链上 具备确定性的优质公司。 国海证券认为，电动化与智能化浪潮下，国内外人形机器人产品问世并不断迭代，有望开辟比汽车更广 阔的市场空间，人形机器人产业链将迎来"从0至1"的重要投资机遇。机器人从本体到零部件商持续开展 产品迭代，同时快速推进业务合作和场景应用，积极探索人形机器人规模化量产和商业落地，人形机器 人产业或迎来"ChatGPT时刻"。 上海证券认为，近期国内外产业端迎来密集催化，产业潮起入局者明显增多，国内多数企业纷纷加码具 身智能，海外特斯拉、Figure AI等加速商业化量产步伐。DeepSeek等人工智能公司的涌现推动通用机器 人大模型的发展，助力人形机器人实现具身智能，人形机器人产业链进入"百花齐放，百家争鸣"阶段， 目前人形机器人进入工业场景，已经成为国内外确定性较高的应用趋势，人形机器人商业化落地可期。 近期，人形机器人领域迎来密集利好，头部企业动作频频，产业已开启从技术研发到商业化落地的关键 跨越，A股上市公司 ...

Group 1 - The core viewpoint of the articles highlights the significant surge in the robotics sector, driven by expectations of upcoming U.S. government support policies for the industry [1][3] - Nauticus Robotics saw its stock price soar over 115%, while iRobot's stock increased by 73%, indicating strong market interest in robotics companies [1] - The U.S. federal government is planning to accelerate its focus on the robotics industry, viewing it as a key area for enhancing advanced manufacturing and global competitiveness [3] Group 2 - U.S. Commerce Secretary Gina Raimondo has been meeting with CEOs from the robotics industry, indicating a strategic push towards developing a national robotics strategy [3] - There are plans for an executive order on robotics technology to provide guidance for national strategic development, with a potential announcement expected next year [3] - The establishment of a dedicated robotics task force by the U.S. Department of Transportation is also in the works, reflecting legislative interest in the sector [3] Group 3 - The International Federation of Robotics reports that the global robotics market, particularly in industrial robotics, is highly competitive, with the U.S. leading in robot density but facing competition from other major economies [4] - Goldman Sachs predicts that the global humanoid robot market could reach a valuation of $38 billion by 2035, indicating substantial growth potential in this field [4]

田新扬 何汝明 让机器从执行命令的"孤岛"，成为懂得协作的群体？让机器人安全走进人类生活？今天要介绍的两 位在杭博士后，致力于为机器装上智能"机械脑"，让未来的机器人更聪明、更可靠。 来自杭州智元研究院的何汝明，用博弈论为无人机群装上"大脑"，使机群能像雁阵般自主编队、灵 活补位，实现高效的群体协作。 来自北京航空航天大学杭州创新研究院的田新扬，注重为机器人打造"小脑"，确保它与人类交互时 始终保持安全、可控与稳定。 一个主攻"协作"，一个专注"安全"。他们正以不同的科研路径，实现同样的智能愿景：推动智能机 器从一个聪明的个体，进化为一个高效、安全的整体，不断拓展人机共生的未来边界。 "单个机器的能力终究有限，但若能让它们默契配合，有的负责探测目标，有的专攻救援执行，甚 至在队友'掉线'时主动补位，任务效率会呈几何级提升。"何汝明口中的研究核心，正是多智能体博弈 技术。 通俗来讲，这门技术就是让多个具备自主决策能力的智能机器，在同一环境中通过策略互动，最终 实现共同目标——就像训练一支足球队，每个球员都有自主判断，但始终围绕整体战术运转。 让无人机学会"思考" 当一群协同搜救的无人机呼啸升空，若仅简单划定各自 ...

| 代码 | 名称 | 涨幅％v | 现价 | | --- | --- | --- | --- | | 920100 | 三协电机 | +15.96% | 67.13 | | 301550 | 斯菱股份 | +12.26% | 118.49 | | 3000095 | 华伍股份 | +10.67% | 10.37 | | 688360 | 德马科技 | +10.15% | 22.03 | | 603386 | 骏亚科技 | +10.03% | 15.14 | | 600592 | 龙溪股份 | +10.00% | 27.38 | | 603933 | 睿能科技 | +10.00% | 28.71 | | 603286 | 日盈电子 | +10.00% | 61.93 | | 002520 | 日发精机 | +9.97% | 6.40 | | 688500 | 慧辰股份 | +9.45% | 70.20 | | 002196 | 方正电机 | +7.81% | 13.53 | | 301261 | 恒工精密 | +7.34% | 91.45 | | 300882 | 海昌新材 | +6.71% | 22.74 ...

December 4, 2025 12:51 AM GMT 人形机器人 | Asia Pacific 中国人形机器人调查：采用意 愿高，等待产品成熟 M 我们首次针对中国各行业高管开展AlphaWise调查。在本报告 中，我们将分享关键结果，其中一些颇具意味，甚至令我们 感到意外。 要点 更多调查细节： 目前仅约 10% 的受访企业正在评估或启动试点项目，因此我们认 为采用计划和品牌偏好仍主要是意向性。到 2027 年底 62% 的采用意愿可能性偏 乐观，因为样本企业均为收入超过人民币 10 亿元且已使用其他机器人技术。 即便 如此，这次调查仍反映出强烈的采用意愿。令人意外的是，在整体满意度偏低的 情况下，制造业企业的满意度高于工业及服务业。最希望有改善的方面集中在工 作能力，包括人机协作、物联网集成、自学习功能及灵巧度。价格仍是一大障 碍，92% 的受访者认为单价需低于人民币 20 万元（约 2.8 万美元）才能实现大规 模采用。品牌选择方面，大多数企业仍处于观望状态，显示对不同供应商保持开 放态度。 投资启示：调查结果强化了我们对人形机器人长期积极观点，但目前仍处于早期 阶段，规模化需要时间。我们预计人形 ...

今日截至9:55，机器人ETF(562500) 逆势上涨0.53%，表现显著优于上证指数。持仓股方面多头活跃， 固高科技爆发大涨超13%，伟创电气、江苏雷利等权重股联袂拉升超4%。开盘不足半小时，成交额已 突破4.2亿元，交投十分活跃。 每日经济新闻 东吴证券表示，具身智能仍是产业关注度最高的方向之一。在企业层面，小米发布跨具身智能与自动驾 驶的基座模型MiMo-Embodied，实现从室内任务规划到道路环境感知的统一智能框架，说明国内头部厂 商正在加速探索具身智能的"通用智能底座"。但在政策层面，国家发改委要关注具身智能泡沫，强调对 具身智能产业既要鼓励创新也要防范同质化竞争，指出当前企业数量快速上升、资本大量涌入背景下需 警惕低水平重复建设。这一信号体现了政策对行业长期健康发展的重视，有利于资源向技术能力强、产 业化路径清晰的企业集中，推动我国具身智能产业从单纯的概念热度迈向体系化建设。 机器人ETF(562500) 是全市场唯一规模超两百亿的机器人主题ETF，成分股覆盖人形机器人、工业机器 人、服务机器人等多个细分领域，帮助投资者一键布局机器人上中下游产业链。场外联接(华夏中证机 器人ETF发起式联接A ...

Group 1 - The A-share market indices showed strong performance, particularly in the robotics sector, driven by news regarding potential government support for the industry [1] - The automotive parts ETF (562700) rose by 1.54%, with significant gains in constituent stocks such as Aerospace Electromechanical and Slinco, indicating a positive market sentiment towards automotive components [1] - The U.S. government, under the Trump administration, is considering an executive order to accelerate the development of the robotics industry, with the Commerce Secretary actively engaging with industry CEOs [1] Group 2 - The automotive parts ETF tracks the CSI Automotive Parts Theme Index, which is heavily weighted towards automotive parts, automation equipment, and consumer electronics, with a notable 50.97% concentration in humanoid robots [2] - Key holdings in the ETF include companies like Inovance Technology, Sanhua Intelligent Controls, and Top Group, which are also categorized as robotics concept stocks [2]

Economic Overview - U.S. private employers cut 32,000 jobs in November, reversing October's gains and indicating renewed labor-market weakness [1] - The ADP data showed broad declines led by small businesses and major sectors like manufacturing and professional services, with pay growth continuing to slow [1] Market Reaction - The Dow Jones Industrial Average rose over 400 points, closing nearly 0.9% higher at 47,882.90, driven by expectations of an upcoming rate cut [2] - The S&P 500 and Nasdaq also saw gains, closing at 6,849.72 and 23,454.09 respectively [2] Company Performance: Salesforce - Salesforce reported third-quarter revenue of $10.26 billion, slightly below expectations, but adjusted earnings of $3.25 per share exceeded estimates of $2.86 [3] - Remaining performance obligations increased by 11% to $29.4 billion, with AI-driven products generating $1.4 billion in ARR [3] - The company raised its full-year revenue and earnings outlook [3] Company Performance: Snowflake - Snowflake's stock increased by 2.05%, closing at $265, but dropped 7.9% in after-hours trading to $244.05 [4] - The company posted third-quarter revenue of $1.21 billion, with adjusted earnings of 35 cents, beating estimates [5] - Revenue rose 29% year-over-year, and remaining performance obligations jumped 37% to $7.88 billion, although slower fourth-quarter operating margins were forecasted [5] Company Performance: UiPath - UiPath shares rose 3.92%, closing at $14.86, and jumped 6.5% in after-hours trading to $15.82 [6] - The company reported third-quarter revenue of $411 million and adjusted earnings of 16 cents per share, exceeding expectations [7] - ARR increased by 11% year-over-year to $1.78 billion, with strong margins and positive free cash flow reported [7] Company Performance: iRobot - iRobot's stock surged by 73.85%, closing at $3.39, following reports of a potential executive order from the Trump administration to boost the robotics industry [8] - The stock reached a high of $3.50 and a low of $2.12, but slipped 2.4% in after-hours trading [8] Company Performance: Netflix - Netflix shares fell by 4.93%, closing at $103.96, with an intraday high of $106.87 and a low of $102.03 [9] - The company reportedly explored acquiring Warner Bros. Discovery's studios and streaming operations, framing the deal as a consumer cost-cutting bundle with HBO Max [10] - The merger discussions faced political pushback, including criticism from the Pentagon and GOP objections over Netflix's potential market power [10]

Core Viewpoint - The A-share market's robotics sector experienced a significant surge, with multiple stocks showing substantial gains, driven by potential government support for the robotics industry in the U.S. [1][3] Group 1: Stock Performance - The robotics concept stocks in the A-share market opened high, with notable increases: - Gogo Technology rose by 12.39%, with a total market value of 15.2 billion [2] - Ruineng Technology increased by 10%, valued at 5.96 billion [2] - Weike Technology saw an 8.5% rise, with a market cap of 9.977 billion [2] - Other companies like Stai Co. and Kaito Co. also reported gains exceeding 6% [1][2] Group 2: U.S. Government Support - Reports indicate that the Trump administration is considering an executive order to support the robotics industry next year, reflecting a shift from tech giants' involvement to government-level backing [3] - The U.S. Department of Commerce is actively engaging with robotics CEOs to accelerate industry development, emphasizing the importance of robotics and advanced manufacturing for bringing critical production back to the U.S. [3] Group 3: Market Implications - The focus on robotics in North America is linked to the trend of "reshoring" manufacturing, with the U.S. government aiming to bolster the robotics sector as part of a broader strategy [3] - This development is expected to create a competitive landscape in the robotics sector, potentially leading to significant advancements similar to the electric vehicle market [3]

智通财经APP获悉，机器人概念股涨幅居前，截至发稿，德昌电机控股(00179)涨6.47%，报30.62港元； 三花智控(02050)涨6.16%，报34.46港元；优必选(09880)涨3.39%，报113港元；越疆(02432)涨3.29%，报 40.2港元。 消息面上，据报道，特朗普政府力推机器人产业发展。据三位知情且匿名透露细节的人士透露，美国商 务部长霍华德·卢特尼克一直在与机器人行业的CEO会面，并全力以赴加速行业发展。据两位知情人士 透露，政府正在考虑明年发布关于机器人的行政命令。据一位熟悉规划的人士透露，美国交通部也正准 备宣布机器人工作组，可能在年底前成立。该部门发言人未回应置评请求。 花旗最新研报表示，2026年全球人形机器人产量将进入指数级增长阶段，预计至少较2025年翻倍。产业 链各环节增长路径明确，上游核心部件单机价值量高、需求刚性，整机企业订单与量产进度加速，行业 正从技术验证迈向规模量产，具备高确定性的长期投资价值。 ...