Group 1: Industry Overview - The 2023 China International Import Expo (CIIE) showcased a variety of advanced robotics, highlighting the growing interest and investment in robotics technology [1][2] - Companies presented innovative products, including humanoid robots and industrial robots, indicating a trend towards more interactive and capable robotic solutions [1][2] Group 2: Company Highlights - Yushu Technology showcased its entire family of robots, including the humanoid robot G1 and newly released R1 and H2 models, demonstrating their capabilities in martial arts and dance [1] - Neura Robotics introduced MAiRA, the world's first commercial cognitive robot, which utilizes integrated AI and non-contact safety monitoring technology, with plans for a €135 million investment in its new Chinese headquarters [1] - Immobot Keliqi presented a companion robot designed for the elderly, featuring proactive interaction capabilities and safety monitoring functions, enhancing the quality of life for seniors [2] - Shanghai Yunfan Intelligent Control Robotics unveiled a heavy-duty industrial robot capable of lifting 30 kilograms and featuring advanced visual recognition and sensing precision [2]

Group 1 - The core viewpoint is that humanoid robots are expected to take at least 8-10 years to enter household scenarios, with a focus on industrial applications in the near term [2][6]. - Experts predict that in the coming year, over 10,000 humanoid robots are expected to be delivered in the industrial sector, marking a significant milestone comparable to the early days of new energy vehicles [6]. - The ultimate goal of developing humanoid robots is to address practical problems in daily life and production, as long as the models can effectively solve these issues [6][5]. Group 2 - Safety and regulatory standards are critical challenges that need to be addressed before humanoid robots can be integrated into home environments [3][2]. - The initial deployment of humanoid robots is anticipated in industrial settings, with broader applications in commercial scenarios, such as hospitality, expected to follow in 3-5 years [2][5]. - The transition from technology development to practical application in various scenarios is seen as a key focus for the industry, with a need for scalable and replicable use cases [3][6].

11月5日，小鹏汽车董事长何小鹏表示，小鹏的目标是在2026年底实现规模量产高阶人形机器人。同 时，小鹏将开放机器人IRON的SDK，与全球开发者共建人形机器人应用生态。同时，宝钢将成为小鹏 机器人IRON的生态合作伙伴，在巡检等工业领域探索场景应用。 上海证券认为，人工智能公司的涌现推动了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，已是国内外确定 性较高的应用趋势，人形机器人商业化落地可期。 公司方面，据上证报表示， *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 绿的谐波：市占率超60%，Iron手部12个关节均采用其产品，2026年机器人业务或贡献35%营收。 银轮股份：液冷散热方案解决3000T算力芯片温控难题，获小鹏二期工厂独家订单。 ...

Core Viewpoint - The development and integration of humanoid robots into various sectors, particularly industrial and eventually household applications, is projected to take significant time, with experts estimating 8-10 years for household integration and a critical year for industrial applications in 2024 [2][3][9]. Group 1: Industry Predictions - Experts predict that humanoid robots will first be implemented in industrial settings, with expectations of over 10,000 units being delivered by companies in the coming year, marking a pivotal moment similar to the early days of the electric vehicle market [2][9]. - The transition from technology development to practical application in commercial settings is anticipated to occur within the next 3-5 years, particularly in standardized environments like logistics and service industries [7][9]. - The ultimate goal of humanoid robots is to address practical problems in daily life and production, with the focus on creating models that effectively solve these issues [9]. Group 2: Challenges and Considerations - The integration of humanoid robots into household environments will require addressing safety, legal, and regulatory standards, which are seen as more complex than the technological challenges [4][9]. - The industry is currently focused on finding replicable and scalable scenarios for humanoid robots to ensure successful deployment and acceptance in various sectors [4][6]. - The rapid advancement of technology, such as the development of AI models like GPT-5, is prompting a reevaluation of data research to explore new possibilities in the robotics field [9].

Group 1: Market Movements - Michael Burry, a well-known short-seller, has bet over $1 billion against Nvidia and other tech companies by purchasing put options, as disclosed in regulatory filings [1] - China Evergrande's stock surged by 103% in just 12 trading days, closing at 13.04 yuan per share with a market capitalization of 5.191 billion yuan [2][5] - Southbound funds recorded a net purchase of 10.373 billion HKD on November 5, with significant inflows into companies like Alibaba and Xiaomi [8] Group 2: Institutional Holdings - As of the end of Q3, the "national team" holds over 222 A-shares with a total market value close to 4 trillion yuan, predominantly in financial stocks [6][7] - Major holdings include China Bank, Agricultural Bank, and Industrial and Commercial Bank, with respective holdings of 1.03 trillion yuan, 967.73 billion yuan, and 930.27 billion yuan [6] Group 3: Fund Activity - In October, public fund institutions showed increased enthusiasm for research, with 159 institutions covering 632 stocks, resulting in 7,452 total research instances, a 60.57% increase from September [8] - The most active institution, CICC, conducted 302 research instances, focusing on sectors like pharmaceuticals and machinery [8] Group 4: Company Updates - Nomura raised its target price for Tencent Holdings, predicting a 12% year-on-year increase in non-IFRS net profit, driven by growth in gaming and WeChat advertising [9] - Huawei has officially open-sourced its UCM inference memory management technology, aimed at improving AI inference efficiency [10]

在另一条热门赛道——机器人领域，何小鹏称，其将优先进入商业场景，提供服务如导览、导购、导流等。 小鹏同样将开放机器人IRON的 SDK，与全球开发者共建人形机器人应用生态。宝钢将成为小鹏机器人IRON的生态合作伙伴，在巡检等工业领域探索场景应用。 此外，在低空飞行领域， 小鹏汇天带来了面向个人低空飞行的"陆地航母"和面向多人低空高效出行的全倾转混电飞行汽车A868。 据 悉，"陆地航母"已正式进入量产前夜，目前全球订单累计突破7,000台，而A868正式进入飞行验证的关键阶段。 在AI领域多维布局的小鹏汽车， 被行业视为"最像特斯拉"的车企。 "我们目前在追求的是科技和产品，确实和特斯拉有相似的地方，比如 物理 AI、机器人、汽车，但其实我们还有比特斯拉更快的产品。"小鹏汽车副董事长兼联席总裁顾宏地直言，小鹏汽车估值在资本市场不如 特斯拉，"但特斯拉更全球化。" 11月5日，小鹏汽车举行新一届AI科技日。在去年宣布升级为"小鹏AI汽车公司"后，小鹏在过去AI技术的积累也迎来爆发点，小鹏汽车董事长何小鹏 用"涌现"一词来描述今年科技日的发布内容。 当日，何小鹏介绍了小鹏在智能驾驶、Robotaxi、机器人和低空 ...

每经记者｜黄海 张韵 温雅兰 朱成祥 每经编辑｜贾运可 深秋时节，黄浦江畔，金桂飘香。上海国家会展中心，又迎四海宾朋。昨日（11月5日），第八届中国国际进口博览会（以下简称进博 会）暨虹桥国际经济论坛开幕式在上海举行。 据新华社报道，国务院总理李强在开幕式上发表主旨演讲。李强指出，进博会越办越好，很重要的是因为坚持"与天下同利"。 11月5日，第八届进博会现场，每经记者视频讲解特斯拉亚洲首发的无人驾驶车辆。 每经记者 温雅兰 摄 《每日经济新闻》记者在进博会现场看到，众多外国来宾或驻足交流，或合影留念，各个展台前人头攒动，交流氛围热烈。经济全球 化虽遭遇逆流，但共赴进博之约的"老朋友"与"新面孔"们正在用实际行动，对中国投下"信任票"。 进博朋友圈再扩容 11月5日早上8点，距离进博会开幕式正式举行还有近两个小时，主会场外已人声鼎沸。 时间尚早，来自各个国家和地区的来宾在会场外聊了起来。不少来宾拿出手机，以开幕式的大布景和进博会的LOGO（标志）墙为背 景，留下合影。 会场内部，以数字8为原型勾勒出的花卉图案随处可见。一位来自挪威的"老朋友"，操着一口流利中文，指着图案向身边的人说 道："8，我知道这个数字， ...

2025年11月5日，以"涌现Emergence"为主题的2025小鹏科技日在广州小鹏科技园成功举办。作为小鹏汽 车举办的第七届科技日，此次活动不仅是对过往十余年创新征程与六届科技日探索的总结。活动现场， 小鹏汽车围绕"物理AI"发布了四项重要应用，包括第二代VLA、Robotaxi、全新一代IRON人形机器 人，以及汇天两套飞行体系，清晰勾勒出物理AI未来出行的图景，更重要的是，这四项AI应用均已明 确量产计划，证明"物理AI"并非遥不可及的概念，而是人人触手可及的现实。 活动中，小鹏汽车董事长兼CEO何小鹏正式宣布了公司定位的重大升级：从以往的定位转变为"物理AI 世界的出行探索者，面向全球的具身智能公司"。这一定位是小鹏汽车构建的中国唯一全栈自研物理AI 体系——覆盖芯片、操作系统（大模型）、智能硬件等多个领域。 按照规划， 2026年第一季度面向小鹏Ultra车型全量推送；为加速物理AI的全球化应用与生态共建。何 小鹏还宣布第二代VLA将面向全球商业伙伴开源，大众汽车已成为其首发客户，同时小鹏图灵AI芯片 也获得大众定点，标志着技术合作进入实质性落地阶段。 小鹏计划2026年推出三款Robotaxi车 ...

每周 一 景：贵州千户苗寨 点击右上角菜单，收听朗读版 【策略 】 资产配置：国际新秩序与产业新变革——2026年全球大类资产配置年度展望 权益：全球权益表达生产力提高与财富效应。 （1）AH股：经济转型步伐加快，传统动能"L型"触底，无风险利率下沉带来资产管理需求井喷；资本市场改革 纵深提速，中国市场的可投资性与应对风险挑战的韧性增强。十五五开局之年，政策有望加力推进科技创新与周期消费转型，AI领域的强劲趋势强化了市场对 中国发展的信心。 战略看多中国A/H股票。 （2）美股：在AI产业发展与科技企业资本开支s扩张的背景下，预期2026年市场对美股的盈利预期有望上修，美 联储货币政策或趋于宽松，建议超配，但需警惕阶段性预期博弈加剧所带来的短期波动上行风险。（3）2026年欧元区经济有望温和复苏，经济景气度将震荡 上行，制造业或受益于产业链调整及财政开支提升，建议标配。（4）日本走出通缩后，景气度持续改善，财政货币双宽松概率较高，建议标配。（5）印度 经济仍面临不确定性与挑战，增长预期下修。印股中枢或将承压下行，建议低配。 中国"转型牛"的升势远未结束，放大牛市思维股市还有新高。 2025 年起，中国股市迎来 ...

明日主题前瞻 1、北斗导航 | 据"北京市经济和信息化局"网站消息，日前，北京市经济和信息化局、天津市工业和信息化局、河北省工业和信息化厅印发《京津冀协同推 进北斗时空产业发展行动方案(2025-2027年)》。《行动方案》明确，力争到2027年，推广应用各类新型北斗独立定位终端产品80万台(套)以上，三地实现北 斗应用总规模达到500万台(套)，引育行业头部企业10家，培育"专精特新"企业50家，打造超2000亿元产业规模的京津冀北斗时空产业集群。 点评：华泰证券认为，我国北斗导航应用产业前景广阔，伴随智能手机、消费电子以及特种行业需求放量，上游核心元器件、终端设备制造、软件服务和应 用等核心厂商业绩有望兑现。在技术、需求、政策共振下，卫星导航产业链有望迎来快速发展。 2、Robotaxi | 据经济参考网，11月5日，阿里巴巴旗下高德宣布入局Robotaxi，小鹏 Robotaxi将正式接入高德平台，共同为用户提供L4级自动驾驶出行服 务。这是行业首个"出行平台+前装量产 Robotaxi"的合作模式，也是高德全面转向空间智能后 AI能力跨界开放的重要一步，即致力于以"技术+生态"服务全 球客户，打造最大 ...