建立健全具身智能行业准入退出机制 ● 本报记者 熊彦莎 11月27日，国家发展改革委政策研究室副主任、新闻发言人李超在国家发展改革委11月份新闻发布会上 表示，近期，国家发展改革委正在积极推动基础设施REITs进一步扩围至城市更新设施、酒店、体育场 馆、商业办公设施等更多行业领域和资产类型。 支持更多符合条件的项目发行上市 李超介绍，基础设施REITs工作自2020年启动以来，国家发展改革委会同证监会，持续推动基础设施 REITs市场扩围扩容。在工作开展初期，将仓储物流、收费公路、市政设施、产业园区等纳入发行范 围；后续，在此基础上，又逐步增加了清洁能源、数据中心、保障性租赁住房、水利设施、文化旅游、 消费基础设施等行业领域和资产类型。 "目前，发行范围已涵盖了12大行业的52个资产类型，其中10个行业领域的18个资产类型已经实现了首 单发行上市。"李超说。 李超透露，近期，国家发展改革委正在积极推动基础设施REITs进一步扩围至城市更新设施、酒店、体 育场馆、商业办公设施等更多行业领域和资产类型。同时，将继续加强与证监会的协同配合，进一步优 化申报推荐流程，动态完善有关项目申报要求，提高工作质效，在严防风险 ...

随着股权投资市场的持续复苏，上市公司参设各类基金的热情也日益高涨。 为何上市公司参设基金热情高涨？以产业基金为例，盘古智库高级研究员江瀚在接受《证券日报》记者 采访时表示，产业基金通常由专业投资机构管理，且具备独立法人身份。上市公司以这种方式进行投 资，不仅能借助机构的投资经验，提高项目筛选成功率；还能在公司和项目间设置"防火墙"，有效隔离 潜在亏损风险。 记者梳理发现，不少上市公司通过参设基金进行"延链补链"。以惠丰钻石股份有限公司为例，公司于11 月21日公告称，拟作为有限合伙人投资设立深圳市深基宏图创业投资合伙企业（有限合伙）。该基金为 专项基金，标的公司为一家全球领先的算力基础设施与算力服务提供者。本次投资有望增强公司在金刚 石功能性应用与下游产业链的协同发展。 11月8日，武汉达梦数据库股份有限公司（以下简称"达梦数据"）公告称，公司拟出资1亿元参与设立产 业基金。该基金投资方向为数据库产业链企业，将重点围绕达梦数据的强链、补链、拓链进行前瞻性布 局。 与此同时，参设基金也是企业探索新兴赛道的重要手段。11月25日，主营智能电动床业务的麒盛科技股 份有限公司公告称，公司全资子公司麟盛投资（海南）有限 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is focusing on promoting the healthy and standardized development of the embodied intelligence industry, emphasizing the establishment of industry standards, evaluation systems, and mechanisms for market entry and exit [1][3]. Group 1: Industry Development - The NDRC aims to prevent the oversaturation of humanoid robot products in the market, as over 150 humanoid robot companies currently exist in China, with more than half being startups or from other industries [2][3]. - The NDRC will accelerate the construction of industry standards and evaluation systems, creating a fair competitive market environment to ensure orderly industry development [3]. - There is a focus on addressing key technological challenges and promoting the integration of technology and application scenarios to facilitate the practical application of embodied intelligence [3][7]. Group 2: Infrastructure and Investment - The NDRC is actively promoting the expansion of infrastructure REITs to include more sectors such as urban renewal facilities, hotels, sports venues, and commercial office facilities [6]. - Since the launch of infrastructure REITs in 2020, the NDRC has progressively included various sectors, enhancing the support for the real economy [6]. - The NDRC plans to allocate significant special bonds for hard investment projects, reflecting a strategic and forward-looking approach to infrastructure development [4][5]. Group 3: Regulatory Reforms - The NDRC will collaborate with relevant departments to advance reforms in market access, application scenarios, and resource allocation to remove barriers to industry development [7]. - There is an emphasis on optimizing the market access environment and supporting the cultivation of application scenarios to enhance efficiency and effectiveness [7]. - The NDRC aims to explore innovative market mechanisms for resource allocation, ensuring that advanced resources flow smoothly to support new productive forces [7].

Group 1: Infrastructure REITs Development - The National Development and Reform Commission (NDRC) is actively promoting the expansion of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [1] - Since the launch of infrastructure REITs in 2020, the NDRC and the China Securities Regulatory Commission (CSRC) have been working to broaden the market, initially including logistics, toll roads, municipal facilities, and industrial parks, and later adding clean energy, data centers, affordable rental housing, water conservancy, cultural tourism, and consumer infrastructure [1] - Currently, the issuance scope of infrastructure REITs covers 12 major industries and 52 asset types, with 18 asset types from 10 industries having completed their first issuance [1] Group 2: "Two Major" Construction Progress - The NDRC, in collaboration with relevant departments and local governments, has made progress in the "Two Major" construction, focusing on major national strategies and key areas of safety capability construction [2] - In the past two years, the NDRC has allocated 700 billion yuan and 800 billion yuan in special long-term bonds to support 1,465 and 1,459 "hard investment" projects respectively, reflecting strategic and forward-looking planning [2] - Future plans include integrating the "Two Major" construction into the 14th Five-Year Plan to provide stronger support for the modernization of China [2] Group 3: Development of Embodied Intelligence Industry - The NDRC is conducting in-depth research to promote the healthy and orderly development of the embodied intelligence industry, focusing on policy guidance, accelerating technological breakthroughs, and promoting the application of results [2] - Key initiatives include establishing industry standards and evaluation systems, creating fair competition environments, and ensuring orderly industry development [3] - The NDRC aims to accelerate the construction of training and pilot platforms to facilitate the integration and open sharing of embodied intelligence technology and resources nationwide [3]

Group 1: Humanoid Robot Industry - The National Development and Reform Commission (NDRC) emphasizes the need to prevent a "bubble" in the humanoid robot industry by avoiding the oversaturation of similar products in the market, promoting healthy and regulated development of the embodied intelligence industry [1][5] - The embodied intelligence industry, represented by humanoid robots, is experiencing rapid growth, with a projected market size reaching 100 billion yuan by 2030, driven by innovation and demand [2][3] - Currently, there are over 150 humanoid robot companies in China, with more than half being startups or companies from other sectors, indicating a positive trend for innovation but also highlighting the risk of product redundancy [5] Group 2: Policy and Infrastructure Development - The NDRC is conducting in-depth research to strengthen policy guidance, accelerate technological breakthroughs, and promote the application of results in the embodied intelligence industry [5] - Key initiatives include establishing industry standards and evaluation systems, accelerating core technology development, and promoting the construction of training and pilot testing platforms to facilitate the integration and sharing of resources across the industry [5] - The NDRC encourages various innovative entities to participate in the construction and operation of national artificial intelligence application pilot bases, which are crucial for technology innovation and result transformation [7][8] Group 3: Infrastructure REITs - The NDRC is actively promoting the expansion of infrastructure Real Estate Investment Trusts (REITs) to include more asset types such as urban renewal facilities, hotels, sports venues, and commercial office facilities [10] - Since the launch of infrastructure REITs in 2020, the NDRC has expanded the issuance scope to cover 12 major industries and 52 asset types, with 18 asset types from 10 industries already achieving their first issuance [10] - The NDRC plans to continue collaborating with the China Securities Regulatory Commission to optimize the project application process and support more eligible projects for issuance, thereby enhancing the role of infrastructure REITs in supporting the real economy [10]

作者 | 第一财经 祝嫣然 继大模型后，具身智能成为今年科技界的新热点，被认为是新一波人工智能浪潮中的重点方向。 国家发展改革委政策研究室副主任李超27日在发布会上表示，"速度"与"泡沫"一直是前沿产业发展 过程中需要把握和平衡的问题，这对于具身智能产业来讲，也是一样的。 近年来，在创新引领和需求释放的双重作用下，以人形机器人为代表的具身智能产业规模，正在以超 50%的增速跨越式发展。根据市场调研机构预测，2030年将达到千亿元市场规模。 李超表示，当前人形机器人在技术路线、商业化模式、应用场景等方面尚未完全成熟，随着新兴资本 加速入场，我国目前已有超过150家人形机器人企业，这个数量还在不断增加，其中半数以上为初创 或"跨行"入局，这对鼓励创新来讲是一件好事；但也要着力防范重复度高的产品"扎堆"上市、研发 空间被压缩等风险。 面对机遇与挑战并存的局面，关键在于合理引导。目前，国家发展改革委已会同有关部门进行深入研 究，围绕强化政策牵引、加快技术攻关、推动成果应用等开展系统谋划。 2025.11. 27 本文字数：2393，阅读时长大约4分钟 三是推动训练与中试平台等基础设施建设，促进全国范围内具身智能技术、 ...

Group 1: Core Insights - The development of embodied intelligence, particularly humanoid robots, is experiencing rapid growth, with a projected market size reaching 100 billion yuan by 2030, driven by over 50% annual growth [2][22] - There are currently over 150 humanoid robot companies in China, with more than half being startups or from other industries, raising concerns about product redundancy and market saturation [2][22] Group 2: Policy and Regulatory Framework - The National Development and Reform Commission (NDRC) plans to establish industry standards and an entry-exit mechanism for the humanoid robot sector to ensure fair competition and orderly development [3][22] - The NDRC aims to accelerate key technology breakthroughs and support collaboration among enterprises, universities, and research institutions to address industry bottlenecks [3][22] Group 3: Infrastructure and Investment - The NDRC has allocated 700 billion yuan and 800 billion yuan in special long-term bonds for hard investment projects in the past two years, supporting 1465 and 1459 projects respectively [5][10] - The infrastructure REITs market has expanded to cover 12 industries and 52 asset types, with ongoing efforts to include more sectors such as urban renewal and commercial facilities [7][15][16] Group 4: Energy and Technology Development - New energy storage installations in China have exceeded 100 million kilowatts, representing over 40% of the global total, with plans to further develop hydrogen energy and storage technologies [4] - The NDRC is promoting the establishment of artificial intelligence application pilot bases to facilitate technology transfer and application in various industries [19][20]

Group 1: Development of Embodied Intelligence Industry - The embodied intelligence industry in China is rapidly developing, driven by emerging capital and technological advancements, with a projected market size reaching hundreds of billions by 2030 [16] - The government aims to promote healthy and standardized development of the embodied intelligence industry by establishing industry standards, evaluation systems, and mechanisms for market entry and exit [16][1] - Key technological breakthroughs are being supported, focusing on collaborative models, computational power adaptation, and data integration to address industry bottlenecks [16][1] Group 2: Infrastructure REITs Expansion - The National Development and Reform Commission (NDRC) is actively expanding the scope of infrastructure REITs to include urban renewal facilities, hotels, sports venues, and commercial office facilities [10][9] - Currently, the issuance scope covers 12 major industries and 52 asset types, with 18 asset types from 10 industries having achieved initial public offerings [2][9] - The NDRC is working to optimize the application process and improve project approval efficiency while ensuring quality and risk management [10][9] Group 3: Credit Repair Management - The NDRC has introduced a Credit Repair Management Method, effective from April 1, 2026, to streamline the credit repair process and enhance the rights of credit subjects [17] - The method categorizes credit information into three types: minor, general, and serious, aiming to improve the efficiency of credit restoration [17] - A unified mechanism through the "Credit China" website will facilitate the repair process, ensuring timely updates and transparency [17] Group 4: Two Major Construction Projects - The NDRC has allocated significant funding for major construction projects, with 7 trillion yuan in 2022 and 8 trillion yuan in 2023 to support 1465 and 1459 "hard investment" projects respectively [5][6] - The focus is on enhancing urban infrastructure, transportation networks, and food security through large-scale irrigation projects [6][5] Group 5: AI Application Testing Bases - The establishment of national AI application testing bases aims to bridge the gap between technological innovation and practical application across various industries [13][14] - These bases are designed to facilitate resource integration, supply-demand matching, and promote the commercialization of AI technologies [15][14] Group 6: Emerging Industries and Future Development - The NDRC is addressing challenges in emerging industries such as embodied intelligence, low-altitude economy, and biomanufacturing by improving market access and regulatory frameworks [26] - The focus is on optimizing market entry conditions, supporting scenario cultivation, and enhancing resource allocation mechanisms to foster innovation [26]

Core Viewpoint - The article highlights the strategic partnership between ROBOTERA and the United Nations Industrial Development Organization (UNIDO), marking a significant step in promoting embodied intelligence technology as a core support for global inclusive industrial development [2][11]. Group 1: Strategic Cooperation - ROBOTERA is the only Chinese embodied intelligence company to sign a strategic cooperation agreement with UNIDO during the 21st General Conference held in Riyadh, Saudi Arabia [2]. - The cooperation aims to explore potential collaborations in the fields of humanoid robots and technological innovation, supporting the UN's 2030 Sustainable Development Goals (SDGs) [2][11]. Group 2: Collaboration Paths - The partnership focuses on three main collaboration paths: 1. **Technology Implementation**: Targeting essential scenarios to create sustainable solutions in manufacturing, logistics, and commercial services, enhancing operational efficiency and lowering the barriers for SMEs to adopt intelligent technologies [5]. 2. **Global Connectivity**: Strengthening international collaboration through top-tier global robotics projects, promoting key projects and innovative solutions, and facilitating cross-border technology exchange [6]. 3. **Ecosystem Co-creation**: Utilizing the Beijing Digital Economy Centre as a core collaboration platform to build a joint humanoid intelligence laboratory and expand a multi-stakeholder partnership network [8][7]. Group 3: Alignment with Global Goals - The collaboration aligns with UNIDO's mission of supporting inclusive industrial modernization and responds to core SDG-9 goals related to industry, innovation, and infrastructure [11]. - The founder of ROBOTERA emphasized the importance of this partnership in resonating with global responsibilities and the vision of humanoid robots as new industrial infrastructure [11].

Group 1 - Sinovac has signed a ten-year vaccine cooperation agreement with Brazil, marking the largest international order for a Chinese vaccine company, valued at over $700 million for approximately 60 million doses of varicella and rabies vaccines [1] - The partnership involves collaboration with local Brazilian partners Tecpar Institute and Eurofarma to enhance local vaccine production capabilities [1] Group 2 - Starry Era has established a strategic cooperation agreement with the United Nations Industrial Development Organization (UNIDO) during the 21st Industrial Development Conference, focusing on potential collaboration in the field of embodied intelligent humanoid robots and technological innovation [2] Group 3 - Suno, an AI platform, has reached a cooperation agreement with Warner Music Group to jointly develop a new generation of licensed AI music, resolving previous legal disputes over copyright infringement [4] Group 4 - Alibaba's Qianwen has integrated with the new Quark AI browser, becoming a desktop-level intelligent assistant, with over 110 million installations, marking a significant step in expanding its capabilities beyond a single app [5] Group 5 - Bain & Company predicts that the global humanoid robot market will enter a golden development period in the next 5 to 10 years, with annual sales potentially reaching 6 million units and a market size exceeding $120 billion by 2035, with an optimistic scenario suggesting sales could exceed 10 million units and a market size of $260 billion [5] Group 6 - ByteDance's Tomato series business is expected to exceed 30 billion yuan in revenue in 2024, with a projected overall revenue of over 60 billion yuan this year, primarily driven by Tomato Novel [6] Group 7 - ByteDance plans to launch a new generation of PICO products in 2026, featuring a self-developed chip for low-latency, high-precision processing of high-definition video [7] Group 8 - Guohai Securities' chief economist predicts that the A-share market is likely to continue a slow bull trend, with technology remaining a key focus, supported by strong liquidity from household deposits [8] Group 9 - China Galaxy Securities acknowledges the existence of an AI bubble but considers the overall risk to be manageable at this time, drawing comparisons to the internet bubble [8] Group 10 - The Ministry of Industry and Information Technology and other departments have outlined plans to optimize the supply structure of consumer goods by 2027, aiming to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [9] Group 11 - The Chengdu-Dazhou-Wanzhou high-speed railway, a significant project in China's high-speed rail network, has achieved over 98% completion in its foundation engineering, with the main bridge successfully capped [9]