本报（chinatimes.net.cn）记者石飞月 北京报道 没有订单，谈何商业？在被称为"人形机器人元年"的2025年，订单数据无疑是商业化能力最有力的证 明。近日，星动纪元披露其最新订单数据：总订单额破5亿元。与优必选今年11亿元的订单相比，这个 数据不算多，但在已公布订单的众多人形机器人企业中，这个数据也不容小觑。"全球TOP10市值科技 巨头中除特斯拉之外的9家，都是我们的客户。"11月25日，星动纪元相关负责人向《华夏时报》记者透 露。 今年以来，各路人形机器人厂商纷纷亮出订单，使整个产业呈现出一种看似繁荣的盛况。上述负责人指 出，其实现在具身智能整体的发展速度虽然很快，但在真正"能干活、真应用"的场景上，依然存在落地 场景不清晰、技术发展略显迟缓、应用能力上限较低的问题。因此，该公司坚持"具⾝⼤脑"与"⼈形本 体"软硬⼀体的产品策略，而不是只做人形机器人整机。 客户横跨国内外行业巨头 "我们的订单包括灵巧手、人形机器人整机，也有软硬一体以解决方案形式交付的订单。"星动纪元相关 负责人告诉本报记者，全球TOP10市值科技巨头中除特斯拉之外的9家，海内外机器人公司如SKILD AI、字节跳动机器⼈实 ...

Group 1 - Ondas Holdings Inc. (NASDAQ:ONDS) experienced a significant stock increase of 29.47%, closing at $8.72, following a $35 million investment in Performance Drone Works, an advanced robotics company [1][3] - The investment aims to enhance capabilities for warfighters, focusing on targeting, surveillance, sensing technology, and force protection [2] - Ondas plans to increase production of its C100 and AM-FPV systems, create new engineering jobs, and acquire essential components to support this initiative [3] Group 2 - Ondas secured a $20.9 million contract with the US Army for its C100 UAS and Multi-Mission Payloads (MMP) as part of the "Transformation in Contact" initiative [4] - The company completed the acquisition of Sentrycs CS Ltd., which specializes in Cyber-over-RF (CoRF) and Protocol-Manipulation counter-UAS technology [4] - Sentrycs' CoRF technology is designed to identify, track, and control unauthorized drones without disrupting communications, with 200 deployments across 25 countries [5]

Core Viewpoint - Tesla, Inc. is recognized as a significant AI stock on Wall Street, with Piper Sandler maintaining an Overweight rating and a $500 price target following a recent investor meeting that highlighted advancements in its full self-driving (FSD) technology [1][2]. Group 1: Investor Meeting Insights - The investor meeting at Tesla's Fremont facility included a test drive of the latest FSD software, which was described as a "truly impressive product" that outperforms the average American driver [2]. - A flawless robo-taxi ride during the meeting reinforced confidence in Tesla's FSD capabilities and development efforts [3]. - The meeting featured over 75 minutes of Q&A, focusing on FSD, Tesla's in-house chip development, the Optimus robot, and stationary storage batteries [3]. Group 2: Company Overview - Tesla, Inc. operates in the automotive and clean energy sectors, utilizing advanced artificial intelligence in its autonomous driving technology and robotics initiatives [4].

小编团队2025年第三版全球人形机器人领域深度调研报告，来了！！！ 小编及团队于2025年11月25日，整理原创报告 【2025全球人形机器人领域深度调研报告】第九版（2025年第 三版）（共260页） 目前报告已上传至星球 "机器人头条"知识星球 " 本报告是在第八版报告（5月30日发布）基础上， 更新、精简并新增诸多新内容，报告分为四大章节：1）全球 人形机器人产业概览；2）全球主流人形机器人公司梳理；3）技术瓶颈：机器人"大、小脑"；4）人形机器人核 心零部件及产业链公司梳理；着重增加了上市和非上市核心零部件及供应链公司梳理、投资分析内容；报告内容 与星球内容联系更紧密，部分页面附有星球内原创文章链接，方便查看相应文章。 第八版报告 已加入星球的成员可以星球内直接查看下载（高清无水印版），未加入星球读者，可以扫描下方星球二维码加 入， 与1300+位行业从业者一起， 深度了解具身智能赛道。 —— 具身智能赛道更多解读： DeepSeek正重构人形机器人和具身大模型赛道！ 全球人形机器人交流纪要（H1） 黄仁勋：人形机器人是唯一会成功的通用机器人样式！ 特斯拉、智元机器人、宇树科技三重催化，产业链上市公司 ...

Group 1 - Figure AI's former product safety chief Robert Grendel has filed a lawsuit claiming that the company's humanoid robots could cause skull fractures and alleges he was fired for raising safety concerns [1] - Grendel warned CEO Brett Adcock and chief engineer Kyle Edelberg about the robots' deadly performance, highlighting an incident where a robot caused a quarter-inch crack on a steel refrigerator door [1] - After submitting documented safety complaints, Grendel was terminated in September, claiming he was asked to prepare a safety roadmap for potential investors, which was later abandoned [1] Group 2 - The emergence of humanoid robots in crowded public events raises significant safety risks due to the lack of comprehensive international or industry standards, leading to compatibility and safety issues [3] - An incident at the 2025 World Humanoid Robot Games involved a robot colliding with an engineer, emphasizing the risks associated with humanoid robots [3] - The insurance industry faces challenges in providing risk coverage for robot companies, including complex risk assessments due to rapid technological advancements and the dynamic nature of risk characteristics [3][4] Group 3 - The lack of long-term risk data in the emerging field of robot insurance complicates accurate risk assessment and premium pricing, as traditional actuarial models are not directly applicable [6] - Insurers are developing innovative financial products to mitigate risks in the robot industry, with major companies like Ping An and China Pacific Insurance launching specialized insurance products for humanoid robots [6][7] - The insurance products available include property insurance, machinery damage insurance, third-party liability insurance, and cybersecurity insurance, aimed at covering various risks associated with robot operations [7] Group 4 - The first breakthrough in robot insurance occurred in early 2022 with the launch of the "Mobile Robot Quality Liability Insurance" by PICC, addressing various product quality issues [8] - In 2023, a pilot project in Changzhou provided insurance for local robot companies, demonstrating regional support for the robot insurance market [8] - By 2025, the insurance industry is transitioning from policy formulation to implementation, with various events and initiatives promoting insurance coverage for robots [10] Group 5 - Local governments are responding to the need for robot insurance, with policies in cities like Ningbo and Hainan promoting the development of humanoid robot application insurance [10][11] - Insurance products are being tailored to cover risks from design defects, operational failures, and cyberattacks, with a focus on third-party liability [11][12] - New insurance offerings include specialized products for exoskeleton robots and smart agricultural robots, indicating a growing market for tailored insurance solutions [12][14] Group 6 - The insurance industry views robot insurance as a means to provide comprehensive risk coverage across the entire lifecycle of humanoid robots, addressing various operational scenarios [15][16] - Insurers are adapting their pricing and claims processes based on accumulated data from existing industrial robots, but face challenges due to the rapid evolution of humanoid robots and the lack of historical data [16]

Market Overview - A-shares experienced significant adjustments this week, with major indices showing weekly changes of -3.77% for CSI 300, -5.99% for ChiNext 300, -5.54% for STAR 50, -5.78% for CSI 500, and -5.80% for CSI 1000, with ChiNext 300 showing the most pronounced decline [1] Company Performance - In the humanoid robot sector, stock performance was mixed, with the top five gainers being Weichuang Electric, Shida Group, Longxi Co., Henggong Precision, and Anpeilong, while the top five losers included Siling Co., Fangyuan Co., Baichuan Energy, Fulim Precision, and Xingyun Co. [1] Recent Events - Yushu Technology has completed its IPO guidance report, with CITIC Securities noting that the company has established the necessary governance structure, accounting practices, and internal controls to qualify for listing, and that its management and major shareholders are well-versed in the legal responsibilities and obligations of public companies [1] Industry Insights - Humanoid robots are considered a significant downstream application of AI technology, with China's industrial manufacturing capabilities leading globally, creating substantial scale effects. As companies like Tesla and Zhiyuan continue to innovate, the industry chain is expected to accelerate [2] - The Intel Technology Innovation and Industry Ecosystem Conference held on November 19 introduced a dual-path cold plate liquid cooling server, developed in collaboration with several companies, which utilizes domestic memory to enhance reliability while reducing energy consumption and operational costs [2] - The application of diamond heat dissipation is gaining recognition among downstream clients, as the semiconductor industry progresses towards smaller nodes, necessitating effective heat management to maintain chip performance and reliability [2]

Group 1 - The core viewpoint of the article highlights that the global flexible unmanned intelligent factory solution provider, Fariland, has completed its Series B financing round, primarily funded by the Wuhan Economic and Technological Development Zone Junshan New City Technology Investment Group, with the total financing expected to exceed 100 million yuan [2][3] - In 2022, Bojiang Capital led Fariland's Series A financing, which amounted to nearly 50 million yuan [3] - Fariland was established in August 2020 and holds nearly 300 patents, with core technologies such as navigation algorithms and scheduling systems developed entirely in-house [3] Group 2 - Fariland is dedicated to providing global industrial clients with comprehensive flexible unmanned intelligent factory solutions, with a product line that includes mobile robots and humanoid robots, covering various aspects of industrial manufacturing [3] - The company is a leader in the application of embodied intelligence technology in the industrial sector, with multiple embodied intelligent robot products already delivered to customers [3] - Fariland serves over 100 clients, including renowned global companies such as Mercedes-Benz, Dongfeng, FAW, Wuling, Seres, Lantu, and Faurecia [3]

Core Insights - Huayan Robotics will showcase its latest innovations at the International Robot Exhibition (iREX) 2025, focusing on human-robot collaboration to address global manufacturing challenges and societal issues [1][6] Product Highlights - The S50 Heavy Payload Robot will be introduced, featuring a 50 kg payload, 2,000 mm reach, and palletizing speeds of up to 13 cycles/min, aimed at logistics, warehousing, and food & beverage sectors [3] - The Elfin High-Speed Cobot will also be launched, offering 1.5 times faster motion for applications like sorting and loading, enhancing agility and operational consistency [3] - An intelligent automated welding solution based on the E10-Pro cobot will be presented, featuring drag-teaching, real-time seam tracking, and automatic deviation correction for various industries [4] - A high-precision vision inspection system, co-developed with KEYENCE, will be showcased, capable of capturing multi-dimensional data in 0.2 seconds for quality control [5] Company Commitment - CEO Guangneng Wang will engage with global experts at iREX 2025, emphasizing the company's commitment to international collaboration and the development of a smarter manufacturing ecosystem [6] - Huayan Robotics is trusted by partners in over 40 countries, focusing on cobot solutions that enhance efficiency, flexibility, and streamline operations for global manufacturers [8]

财通证券指出，人形机器人板块预计将在2025年和2026年由特斯拉Optimus三代发布及量产推动新一轮 行情。若实现大规模量产（100万台），每台机器人的成本将降至约14万元，市场空间将达到1400亿 元。宇树科技、优必选等企业已获得大量订单，人形机器人产业化进程正在加速。 （文章来源：每日经济新闻） 机器人产业ETF（159551）跟踪的是机器人指数（H30590），该指数聚焦于机器人产业相关企业，从市 场中选取从事机器人研发、制造及应用的上市公司证券作为指数样本，涵盖机械制造、电子设备和信息 技术等领域。指数配置突出技术创新与工业自动化趋势，旨在反映智能装备和自动化解决方案领域的整 体发展表现。 ...

Group 1 - The National Robot Industry Index (980022) has increased by 1.70%, with significant gains from key stocks such as Huichuan Technology (1.2%), iFlytek (1.2%), and Stone Technology (1.1%) [1] - The robot ETF E Fund (159530) has attracted over 230 million in the last five days and has seen a net inflow of over 7.1 billion in the last 60 days, with the latest fund size reaching 11.574 billion [1] Group 2 - UBTECH announced a successful bid for a humanoid robot data collection and testing center project in Fangchenggang, Guangxi, with a contract value of 264 million, primarily featuring the latest Walker S2 robot [3] - This contract brings UBTECH's total orders for the Walker series robots to 1.1 billion by 2025, setting a new record for the highest single order amount for humanoid robots globally [3] - CITIC Securities noted that the recent pullback in the robot sector is mainly due to market sentiment and rumors, while R&D and product launches in the industry continue to progress steadily [3] Group 3 - The National Robot Industry Index is characterized by a high concentration of humanoid robot companies, with a significant weight in the index compared to similar indices [3] - The index focuses on leading companies with high growth potential, with the top ten weighted stocks accounting for approximately 40%, including Huichuan Technology, iFlytek, and Stone Technology, which have strong technological barriers and market competitiveness [3] Group 4 - The robot ETF E Fund (159530) provides investors with an efficient tool to gain exposure to the entire robot industry chain [4] - The E Fund robot ETF also has off-market fund shares available, including Link A (020972) and Link C (020973) [4]