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 ...

Group 1: Asset Allocation Strategy - The article emphasizes the importance of adapting asset allocation strategies in response to the evolving global order and industrial transformations, projecting significant changes by 2026 [2][17]. - It suggests a bullish outlook on Chinese A/H stocks due to accelerated economic transformation and enhanced market resilience against risks [3][8]. - The report anticipates a moderate recovery in the Eurozone economy and a stable outlook for Japanese markets, while recommending a cautious approach to Indian equities due to uncertainties [3][4]. Group 2: Equity Market Insights - The article highlights the potential for a "transformation bull market" in China, driven by capital market reforms and economic restructuring, with expectations for the Shanghai Composite Index to surpass 4000 points [8][9]. - It identifies three main drivers for this transformation: the decline of risk-free returns, significant capital market reforms, and increased certainty in China's economic transition [9][10]. - The report recommends focusing on sectors such as technology, manufacturing, and cyclical consumption, with specific stock picks in internet, robotics, and electric vehicles [10]. Group 3: Bond Market Outlook - The report predicts a slight upward trend in Chinese government bond yields due to a stable yet slightly easing monetary policy, while U.S. Treasury yields are expected to decline moderately [4]. - It notes that the risk appetite is recovering, which may lead to upward pressure on interest rates in China, while U.S. inflation expectations are gradually decreasing [4]. Group 4: Commodity Market Analysis - The article expresses a bullish long-term view on gold, driven by the diversification of global central bank reserves and the weakening of the U.S. dollar [5]. - It indicates that oil prices are under pressure due to oversupply, while copper prices are supported by structural demand from AI infrastructure and grid upgrades [5]. Group 5: Currency and Exchange Rate Trends - The article anticipates a continued weak dollar scenario, with the Chinese yuan expected to stabilize or appreciate slightly due to steady domestic economic momentum [6]. - It highlights potential short-term fluctuations in the dollar due to geopolitical factors and domestic economic conditions [6]. Group 6: Pharmaceutical Sector Insights - The report indicates a significant increase in the market value of pharmaceutical stocks held by public funds, rising from 300.9 billion to 409 billion yuan, reflecting a 35.9% increase [13]. - It notes that the proportion of pharmaceutical stocks in public fund holdings has increased, with chemical preparations and other biological products being the most significant segments [13][14]. - Key stocks in the pharmaceutical sector include Heng Rui Medicine, Innovent Biologics, and Mindray Medical, with substantial increases in their market values [14].

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 ...

Core Insights - Midea is strategically focusing on the robotics sector, as evidenced by the renaming of its subsidiary to KUKA Robotics Automation (Guangdong) Co., Ltd., and prioritizing robotics in its business scope [1] - The company's robotics strategy for 2025 includes AI+robotics, humanoid robot development, and core component production, with several strategic intelligent products already launched [1][4] - Despite the focus on robotics, the current contribution of this segment to overall revenue remains modest compared to traditional home appliance businesses [5][6] Financial Performance - In Q3 2025, Midea achieved total revenue of 1119.33 billion yuan, a year-on-year increase of 10.06%, and a net profit of 118.7 billion yuan, up 8.95% [3] - For the first three quarters, Midea's cumulative revenue reached 3630.57 billion yuan, with a net profit of 378.83 billion yuan, reflecting year-on-year growth rates of 13.82% and 19.51% respectively [3] - The To B segment, including robotics, contributed 226 billion yuan in revenue, with a growth rate of 9%, which is lower than other To B sectors [4][6] Robotics Business Development - Midea's robotics business has seen a slight increase in revenue contribution from 6% to approximately 6.22% of total revenue, indicating it is still in the early stages of development [5][6] - The company has established a humanoid robot innovation center and is focusing on core component research, household appliance upgrades, and complete robot development [6][8] - Midea's humanoid robot "Mei Luo" has begun operations in its washing machine factory, performing tasks such as information collection and equipment maintenance [8][11] Research and Development - Midea has invested over 43 billion yuan in R&D over the past three years, with 87.67 billion yuan allocated in the first half of 2025, marking a 14.4% increase [9] - The increased R&D investment indicates a commitment to advancing technology in robotics and other sectors [9][11] Future Outlook - The company is expected to gradually realize the potential of its robotics business as technology matures and application scenarios expand, although this may take time [11]

北京商报讯(记者陶凤王天逸)11月4日，据四川省公共资源交易信息网公示，深圳市优必选科技股份有 限公司中标"自贡数投人形机器人数据采集中心项目设备采购"项目，中标金额约1.59亿元，项目控制价 约1.62亿元。 ...