Core Insights - The core viewpoint of the article highlights the recent completion of nearly 100 million yuan A-round financing by Juwei Technology, a quadruped robot company based in Hangzhou, aimed at product development, team building, and expanding application scenarios and ecosystem construction [2] Group 1: Company Overview - Juwei Technology was established in 2025 and focuses on the research and application of embodied intelligence technology [2] - The core R&D team comprises members from prestigious institutions such as Stanford University and Zhejiang University, providing a strong foundation for technological innovation and product iteration [2] - The company maintains close collaborations with top research institutions, including a partnership with Zhejiang University for industry-academia-research cooperation [2] Group 2: Product and Technology - The flagship product, MOVENEW T1, features self-developed AI automatic following, obstacle avoidance, and modular design, showcasing strong performance across various applications such as mountaineering, camping, and emergency rescue [4] - Juwei Technology focuses on special scenarios with "four defenses" (anti-magnetic, anti-explosion, waterproof, and freeze-proof) and operates effectively in a wide temperature range from -40°C to 85°C, achieving IP67 industrial protection level [4] - The company is the first in the industry to complete control and communication testing in a 1000 Gauss strong magnetic environment and is expected to obtain explosion-proof certification for its robotic dog by March this year [4] Group 3: Market Potential - The business scope of Juwei Technology covers nearly a thousand industry scenarios, including public security, emergency response, firefighting, oil, and coal, demonstrating a replicable growth trend in multiple vertical fields [4] - Industry analysis predicts that the quadruped robots could replace human operations in approximately 20 million scenarios that involve dangerous inspections, extreme environment operations, and high-load transportation [4]

Group 1 - The robot industry is experiencing rapid growth, significantly transforming human production and lifestyle, and injecting strong momentum into economic and social development [1] - The Ministry of Industry and Information Technology, along with sixteen other ministries, issued the "Robot+ Application Action Implementation Plan" at the beginning of 2023, aiming to double the density of manufacturing robots by 2025 compared to 2020 [1] - The "Guiding Opinions on the Innovative Development of Humanoid Robots" was released on November 12, 2023, indicating that humanoid robots are expected to become a disruptive product following computers, smartphones, and new energy vehicles, with mass production targeted for 2025 [1] Group 2 - A list of upcoming domestic and international events related to robots and artificial intelligence has been compiled for reference, highlighting the active engagement in the industry [1] - The 10th International Conference on Control Engineering and Artificial Intelligence (CCEAI 2026) is scheduled for January 30 to February 1, 2026, at Hong Kong Polytechnic University [2] - The 2026 Evolutionary Algorithms and Intelligent Control International Symposium (ISEAIC 2026) will take place in Beijing from January 30 to February 1, 2026 [2] - The 2026 China Automation and Artificial Intelligence Science Popularization Conference is set for January 31 to February 1, 2026, in Beijing [2] - The 18th International Conference on Machine Learning and Computing (ICMLC 2026) will be held from February 6 to February 9, 2026, at Nanjing Suning Sofitel Galaxy Hotel [2] - The Shandong Province Robot Spring Festival will occur on February 14, 2026, at Jining Grand Theatre [3]

Group 1 - The core point of the article is the establishment of Xiamen Zhike Mozo Technology Co., Ltd., which focuses on intelligent robotics and artificial intelligence services [1] - The company's business scope includes sales of intelligent robots, artificial intelligence hardware, and technical consulting services for AI public service platforms [1] - The company is jointly held by Zhishen Technology (Beijing) Co., Ltd. and Weike Technology among others [1]

Core Viewpoint - The Nanjing Municipal Government has issued policies aimed at accelerating the cultivation of new productive forces to promote high-quality development, focusing on attracting high-level chain-leading projects [1] Group 1: Policy Initiatives - The government plans to strengthen the city's industrial investment center and utilize specialized teams in industry, technology, and services for investment promotion [1] - Key events such as the JinQiao Conference and the World Intelligent Manufacturing Conference will be organized to enhance investment attraction [1] Group 2: Targeted Sectors - The focus will be on regions like Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, with an emphasis on new sectors such as "Artificial Intelligence +", smart connected vehicles, robotics, and low-altitude economy [1] Group 3: Investment Goals - The initiative aims to explore market-oriented approaches to deepen cooperation with business associations, professional intermediaries, and leading enterprises in the industry chain [1] - The goal is to attract 30 projects with an investment of over 1 billion yuan each throughout the year [1]

Core Viewpoint - Zhejiang Jiazhi Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to be listed on the main board as a specialized technology company, with China International Capital Corporation as the sole sponsor [1] Group 1: Business Overview - Founded in 2016, Jiazhi Technology is a leading global company in general-purpose intelligent mobile robots, focusing on full-scenario applications across various environments, industries, and tasks [2] - The company ranks among the top ten intelligent mobile robot companies globally by order volume and is in the top five in the industrial intelligent mobile robot sector, as well as among the top three in China [2] - Jiazhi Technology's operations extend to over 20 countries and regions, including China, Japan, South Korea, Southeast Asia, North America, and Europe, serving numerous global industry leaders, including over 20 Fortune 500 companies [4] Group 2: Competitive Advantages - The company's core competitiveness stems from its self-developed technology platform and diversified product matrix, structured around the "4C×M×N" framework [6] - "4C" represents four core technological pillars: high-performance core components, adaptive high-precision spatial perception and motion control technology, large-scale intelligent cluster scheduling systems, and intelligent configuration and application software systems [6] - "M" refers to a diversified robot product matrix, including Autonomous Mobile Robots (AMR), picking robots, outdoor mobile robots, and embodied intelligent products, with capabilities such as millimeter-level positioning accuracy and payload capacities up to 60 tons [8] - "N" indicates application solutions for all scenarios, providing one-stop solutions for internal logistics, general warehousing, and commercial applications across various industries [8][9] Group 3: Financial Performance - Jiazhi Technology has shown rapid growth, with revenues increasing from 74.95 million yuan in 2023 to 114.842 million yuan in 2024, representing a year-on-year growth of 53.2% [10] - The company's gross margin has improved from 19.7% in 2023 to 24.2% in 2024, reaching 28.0% in the first nine months of 2025 [10] - Despite the revenue growth, the company remains in a loss position, with losses of 113.8 million yuan in 2023, 117.9 million yuan in 2024, and 72.08 million yuan in the first nine months of 2025, primarily due to ongoing R&D and operational expenses [10] Group 4: Market Potential - The intelligent mobile robot industry is experiencing rapid growth, with the global market size expected to increase from 9.8 billion yuan in 2020 to 35.2 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 37.6% [10] - The Chinese market is projected to grow even faster, with a CAGR of 49.8%, reaching 88.1 billion yuan by 2030 [10] - The embodied intelligent robot segment shows significant potential, with the market expected to reach 3.656 billion yuan by 2030, growing at a CAGR of 109.9% from 2025 to 2030 [12] Group 5: Fundraising Purpose - The funds raised from the listing will be primarily used for five key areas: advancing core components and product R&D, capacity enhancement and digital upgrades, expanding global sales and service networks, seeking strategic alliances and investment opportunities in the robot industry chain, and general corporate purposes [13]

股票研究/[Table_Date] 2026.01.25 [Table_Industry] 计算机 银河通用"干活"机器人登春晚，具身智能 迎来主流时刻 | | | 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | 本报告导读： 1 月 25 日央视首次官宣 26 年春晚"指定具身大模型机器人"，银河通用从宁德时代、 博世等产线转战舞台，获评"打工人"代表。银河通用的轮式底盘+折叠腿的人形 Galbot，本质是一具身智能大模型的载体。春晚这一国民级 IP 绑定"干活型"具身智 能，有望 ...

2026-01-26 11:52:11 作者：狼叫兽 据《2025 人形机器人与具身智能产业研究报告》显示，中国已成为全球人形机器人产业核心增长极， 2025 年市场规模达 82.39 亿元，占全球份额近 50%，产业增速持续超 50%。步入 2026 年，行业正式从 "技术验证" 迈入 "规模量产" 关键期，集邦咨询预测全球出货量将突破 5 万台，同比激增 700%，国内 已形成 "上市企业筑牢量产根基、拟上市企业攻坚细分赛道" 的清晰格局。其中，A 股上市企业拓斯达 （300607.SZ）凭借全栈自研实力与规模化落地成果稳居工业赛道头部排名，近日公告拟发行 H 股并在 香港联交所主板上市，其国际化布局与全链落地能力引发行业高度关注。本文结合核心竞争力排名维 度，从品牌视角切入，通过上市状态、技术体系、商业化落地、产业链布局四大核心指标，解析国内重 点人形机器人企业的发展特色与核心优势，为行业观察提供客观参考。 一、已上市企业：头部排名稳固，领跑量产落地赛道 1. 拓斯达（300607.SZ）：工业赛道头部标杆，双上市规划加码全球竞争力 上市状态：2017 年于深圳证券交易所创业板上市，2025 年 11 ...

1月20日，在安徽省滁州市南谯区500千伏同乐变电站内，一台5G智能机器人与运维人员在零下4摄氏度 低温下对变电主设备进行巡检。这种5G智能巡检机器人拥有红外测温仪、可见光摄像机和DeepSeek大 模型等高科技装备，不受暴雪、极寒等恶劣天气影响，可辅助人工实现24小时不间断巡视检查。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference focused on advancements in the robotics and autonomous vehicle (AV) sectors, particularly in North America, highlighting the importance of AI-enabled consumer electronics manufacturing for competitiveness in commercial, industrial, and military applications [1][2]. Core Insights - **RoboFest Event**: The event showcased various firms pushing the boundaries of physical AI, emphasizing the need for the U.S. to lead in AI-enabled manufacturing [1]. - **Autonomous Construction**: Bedrock Robotics highlighted the significance of autonomous construction equipment, suggesting that human progress will depend on the ability to move earth and build structures efficiently [4]. - **Cobot Technology**: The potential of collaborative robots (cobots) was discussed, focusing on their ability to solve simple problems and gather data quickly [4]. - **Joby Aviation**: The company demonstrated pilotless electronic vertical take-off and landing flights, indicating advancements in urban air mobility [4]. - **Warehouse Automation**: Mytra's technology for warehouse automation was noted as a high ROI opportunity, capable of lifting heavy pallets efficiently [4]. - **Consumer AI**: Wayve's approach to consumer-owned AI-enabled autonomy was highlighted, with legacy OEMs taking notice of its potential [4]. - **Tesla's Robotaxi**: Tesla's decision to operate robotaxis without a driver, relying solely on cameras, was described as an 'AlphaGo moment' for autonomy, indicating a significant shift in the industry [4][5]. Market Dynamics - **Insurance Industry Impact**: The move by Lemonade AV insurance to price autonomous driving risk similarly to human driving risk could lead to a significant increase in AV adoption, as insurance companies base pricing on data rather than emotions [5]. - **Hyundai's Stock Performance**: Hyundai's shares increased by 70% year-to-date, driven by excitement around humanoid robotics, showcasing the untapped potential in unique datasets and advanced manufacturing beyond traditional automotive applications [5]. Additional Insights - **Investment Opportunities**: The discussions indicated a growing interest in robotics and autonomous technologies, suggesting potential investment opportunities in companies that are innovating in these areas [4][5]. - **Global Movement**: The RoboFest event is part of a broader global movement, with future stops planned in Israel, Los Angeles, Austin, and Miami, indicating the international interest in robotics [2]. Conclusion - The conference highlighted the transformative potential of robotics and autonomous vehicles, with significant implications for various industries, including construction, transportation, and insurance. The advancements in technology and shifts in market dynamics present both opportunities and challenges for investors and companies in these sectors.

据银河通用机器人官方微信公众号消息，1月25日，中央广播电视总台正式官宣，银河通用机器人正式 成为总台2026年春节联欢晚会指定具身大模型机器人。 据上海证券报，2025年12月，银河通用完成新一轮超3亿美元（约合21亿元人民币）融资，估值突破200 亿元。新一轮融资由中国移动链长基金领投，中金资本、中科院基金、苏创投、央视融媒体基金、天奇 股份等投资平台及产业巨头联合注资，并同步获得来自新加坡、中东的国际投资机构及老股东的加注。 此前于1月23日，中央广播电视总台与魔法原子携手官宣：魔法原子正式成为中央广播电视总台2026年 春节联欢晚会智能机器人战略合作伙伴。 据南方都市报，魔法原子旗下拥有通用人形机器人、四足狗，灵巧手等经典机器人，不过，对于具体是 哪款产品将登上春晚舞台，魔法原子方面表示，目前仍需保密。近期，魔法原子联合创始人顾诗韬也公 开表示，魔法原子最快可能在2026年在二级市场有新消息，公司正按照最快速度排上市时间表。 另外据公开报道，魔法原子于2024年12月25日完成了由追创创投领投的1.5亿元天使轮融资。追创创投 正是追觅科技旗下投资公司。2025年5月15日，公司又完成了数亿元的战略融资 ...