June 20, 2025 04:03 AM GMT 中国的新兴前沿 从轮式到步式⸺汽车如何跨 足人形机器人 汽车公司，从主机厂到供应商和经销商，都在利用汽车行业 经验在蓬勃发展的人形机器人市场中分得一杯羹。在行业发 展初期，我们更看好具有订单可见性或业务协同性的公司。 我们将三花的评级上调至超配 (OW)，将旭升的评级上调至平 配 (EW)。 我们认为人形机器人将为汽车零部件供应商带来第三波增长：过去十年，汽车行 业出现了两次机遇，培育了一批优质零部件供应商：1）2021-22年汽车电动化推动 三电系统相关供应商的收入增长和估值提升；2）自2022年以来，汽车智能化一直 是汽车电子供应商的主要推动力。 从长远来看，我们认为人形机器人提供了第三个机会。 在本报告中，我们希望推 动人形机器人的讨论。我们利用摩根士丹利在人形机器人和中国新兴前沿领域的 研究，探索中国汽车行业的机遇。我们识别潜在的参与者，应用SWOT框架来评估 竞争，形成投资结论。 汽车公司可以将哪些优势用于人形机器人？ 特斯拉和小鹏汽车等车企采用智能驾 驶基础模型来训练人形机器人"大脑"，并且机器人最初可以在车间工作。汽车 零部件供应商生产车规级 ...

Domestic News - Huawei announced the open-source release of its Cangjie programming language on July 30, aimed at full-scene application development and supporting operating systems like Euler and Harmony [2] - Yushu Technology completed a C round financing of approximately 700 million RMB, achieving a post-financing valuation of about 12 billion RMB, and is actively pursuing an IPO, primarily targeting the A-share market [3][32] - Huawei launched its new generation Ascend AI cloud service based on the CloudMatrix384 super node, which integrates 384 Ascend NPUs and 192 Kunpeng CPUs, achieving a single-card inference throughput of 2300 Tokens/s [4] - Dingjie Smart released the "2025 Generative AI Enterprise Application Practical Report," analyzing ten major applications of generative AI in enterprises [5] - Ant Group established a new technology company in Hangzhou with a registered capital of 30 million RMB, focusing on software development and data processing services [6] - Huawei introduced the CloudRobo embodied intelligence platform, which integrates various capabilities for data synthesis, model development, and cloud-edge collaboration [7] - Yuxin Technology submitted its listing application to the Hong Kong Stock Exchange [8] - Zhongke Xingtou resumed participation in military material engineering service procurement activities after a suspension [9] - RIK Chemical plans to establish a joint venture for intelligent computing technology with a registered capital of 40 million RMB [10] - Juchip Technology announced the successful promotion of its new AI audio chips, achieving significant market traction [11] - The first two data center REITs in China have been approved, marking a significant expansion in the public REITs market [12] International News - Microsoft plans to lay off thousands of employees, primarily in the sales department, with the announcement expected after the end of the fiscal year [22] - OpenAI is offering discounts on its ChatGPT enterprise version, with expected annual revenue from enterprise clients nearing $15 billion by 2030 [23] - Intel appointed new executives to enhance its sales and engineering leadership [24] - South Korea plans to invest 16.1 trillion KRW in artificial intelligence over the next five years [27] - Elon Musk's AI company xAI's acquisition of X is under investigation by the EU, with potential fines expected [29] - Medical technology company Semler Scientific appointed a Bitcoin strategy director, planning to hold 105,000 Bitcoins by the end of 2027 [30] - TerraPower, founded by Bill Gates, completed a $650 million financing round with participation from Nvidia's venture capital arm [31] Policy & Trends - Over 300 cities in China have achieved 5G-A coverage, with more than 10 million users [38] - The Ministry of Education in China emphasized the need to enhance population quality in the western regions through education [39] - The National Internet Information Office reported that 433 large models have been registered in China [40] - China Mobile's chairman stated that silicon-based life forms will surpass humans in number, creating a new "population dividend" [41] - Huawei's chairman noted that the telecom market is entering a phase of demand fragmentation and technological iteration [42] - The China Securities Regulatory Commission announced support for more frontier technology companies to apply for the Sci-Tech Innovation Board [43] - Wuhan introduced measures to support talent development in the AI sector [44] - The Central Cyberspace Administration of China launched a campaign to address the misuse of AI technology, achieving significant progress in the first phase [45]

今年三季度，"荆楚"机器人就要批量上岗。这距《湖北省人形机器人产业发展突破工程实施方案》发布不过一年多时间。 丁汉院士去年领衔人形机器人整机和零部件突破工程，半年即出原理样机，今年2月亮相一代机后迅速产业化。 一年起步、三年见效、五年成势——长江日报调研组（以下简称调研组）历经1年多走访发现，通过有组织创新，一个个人形机器人 项目加速从实验室走向新场景。 以武汉为核心，串联鄂州、黄石等五城的"机器人谷"轮廓清晰浮现。当前，湖北武汉正以人形机器人产业创新突破为引擎，在加快建 成中部地区崛起的重要战略支点中当好龙头、走在前列。 光谷东智机器人在会议室摆放物品。 机器人下线 10分钟就能到"学校" 6月19日，调研组来到光谷筑芯科技产业园8号楼，超万平方米的东智机器人一期生产线已完成建设，投产在即。 距离工厂不到10分钟车程，就是光谷东智人形机器人数据采集工厂，坐落于湖北人形机器人创新中心三楼。 在这里，日常生活中的超市、餐厅、住宅等14个细分场景全都还原，40多名人形机器人"学员"聚集在此，"日复一日"练习商品抓取、 摆排送餐、熨烫衣物…… 依托"15分钟创新圈"，整机组装、场景测试等环节实现空间集聚，企业可针对 ...

Group 1 - Yushu Technology has completed its Series C financing round, raising approximately 700 million RMB, with a post-financing valuation of about 12 billion RMB [2][3][4] - The company has changed its name from "Hangzhou Yushu Technology Co., Ltd." to "Hangzhou Yushu Technology Co., Ltd." as part of its restructuring, which is seen as a step towards preparing for an IPO [2][9] - Yushu Technology is actively pursuing an IPO, with a preference for listing on the A-share market, followed by the Hong Kong stock market [10] Group 2 - The company has undergone significant capital injection, with its registered capital increasing from 2.889 million RMB to 364 million RMB, reflecting a growth of over 125 times [5] - Yushu Technology has received a total of 10 rounds of financing since its inception, with notable investors including Tencent, Alibaba, and Sequoia Capital [8] - The company is recognized as one of the top three in global shipment volume within its industry, with over 500 technology patents and a significant reduction in core component costs by 80% since 2019 [16] Group 3 - Yushu Technology's latest humanoid robot, Unitree G1, is priced at 99,000 RMB, making it one-fifth the cost of similar international products, and has gained popularity in various applications [15] - The company has developed two main product lines: quadruped robots and humanoid robots, with the latter being showcased at major events like the CES and the CCTV Spring Festival Gala [13][15] - The quadruped robot B2-W has been utilized in sectors such as power inspection and emergency rescue, enhancing operational efficiency by over 30% in collaboration with Daotong Technology [15]

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Yushu Technology, a leading humanoid robot company in China, highlighting its financial performance, market presence, and the challenges it faces in the humanoid robotics sector [1][2][6]. Group 1: Company Developments - On May 30, Yushu Technology changed its name to Yushu Technology Co., Ltd. and appointed a new board member, signaling preparations for an IPO [1]. - On June 19, Yushu Technology announced the completion of its Series C financing round, with a pre-investment valuation exceeding 10 billion yuan, officially entering the unicorn club [1]. - The company has maintained profitability since 2020, with projected revenues of approximately 200 million yuan in 2023 and 400 million yuan in 2024, and net profits ranging from 10 million to 70 million yuan [2]. Group 2: Market Performance - Yushu Technology's humanoid robots gained significant attention after their appearance on the Spring Festival Gala in early 2025, leading to increased interest in the stock market and related companies [6]. - The company has secured numerous contracts, with a notable order from Shanghai Tongji University for 10 humanoid robots valued at 825.66 million yuan [3][13]. - As of March 2025, Yushu Technology's project wins have nearly matched the total for the entire year of 2024, indicating strong market demand [3]. Group 3: Industry Challenges - Despite initial success, the humanoid robotics market faces challenges, including a lack of substantial commercial applications and a tendency for companies to focus on showcasing capabilities rather than practical uses [16][19]. - The rental market for humanoid robots has seen a surge, but there are concerns about sustainability as interest may wane once the novelty wears off [16]. - The industry is criticized for prioritizing physical capabilities over advanced AI and practical applications, which are essential for long-term success [19][20].

Financing Overview - A total of 19 financing events occurred in Shanghai this week, with 9 disclosing amounts totaling approximately 976 million yuan [4][10] - The majority of financing events were concentrated in the Pudong New Area, which had 8 occurrences [4] - Angel rounds and Series A rounds were the most common, each accounting for 8 events [7] Hot Financing Highlights - Enjing Intelligent Control completed a strategic financing round of several hundred million yuan, led by Guotou Investment and followed by Xiaomi Technology. The company focuses on automotive intelligent access systems and has seen a 67% year-on-year sales growth in Q1 2025 [11][12] - Yizhi Electronics secured 250 million yuan in strategic investment from Hesheng New Materials, specializing in ARM server processor chips with applications in AI, cloud computing, and edge computing [13][14] - VAST, a 3D model technology developer, completed a multi-million dollar Pre-A+ round led by Beijing AI Industry Investment Fund, serving over 200,000 3D creators and 700 large enterprises [15][17] - Zhisheng Energy announced a successful 50 million yuan angel round financing, focusing on energy management solutions [18][19] - Yijian Health completed a 40 million yuan Series A financing, providing gene testing services and equipment [20][21] - DsLink, a generative AI model developer, raised 30 million yuan in angel financing from British Capital, focusing on industry-specific solutions [22][23] - YaoLe Technology secured several million yuan in strategic financing from Xiaomi Investment, specializing in flexible fabric tactile sensors [24][25] - KOPAI Robotics completed several million yuan in angel financing, developing humanoid interactive robots for various applications [26][27] - UPDF raised several million yuan in Pre-A+ financing, focusing on AI PDF editing software [28][29] Industry Focus - The advanced manufacturing sector saw 4 financing events this week, covering wearable devices, smart home technology, smart manufacturing equipment, and intelligent sensors [30] - The 11th China (Shanghai) International Technology Import and Export Fair was held, highlighting Shanghai's position as a leading hub for intelligent manufacturing solutions, with total industrial output exceeding 600 billion yuan [31] - The Ministry of Industry and Information Technology announced the "Artificial Intelligence + Manufacturing" initiative to accelerate smart upgrades in key industries [32]

Core Viewpoint - The article discusses the development cycles of autonomous driving and embodied intelligence, suggesting that the latter may achieve commercialization faster due to anticipated breakthroughs in algorithms and data [1]. Group 1: Industry Development - The autonomous driving industry has been scaling and commercializing for nearly 10 years since 2015, while the robotics industry has been evolving for many years, with expectations for significant advancements in the next 5-8 years [1]. - Companies like Zhiyuan and Yushu are preparing for IPOs, which could greatly invigorate the entire industry [1]. Group 2: Community Building - The goal is to create a community of 10,000 members within three years, focusing on bridging academia and industry, and providing a platform for rapid problem-solving and industry influence [1]. - The community aims to facilitate technical exchanges and discussions on academic and engineering issues, with members from renowned universities and leading robotics companies [8]. Group 3: Educational Resources - A comprehensive entry route for beginners has been organized within the community, including various learning paths and resources for those new to the field [2]. - For those already engaged in research, valuable industry frameworks and project proposals are provided [4]. Group 4: Job Opportunities - The community continuously shares job postings and opportunities, contributing to the establishment of a complete ecosystem for embodied intelligence [6]. Group 5: Knowledge Sharing - The community has compiled a wealth of resources, including over 40 open-source projects, nearly 60 datasets related to embodied intelligence, and mainstream simulation platforms [11]. - Various learning routes are available, covering topics such as reinforcement learning, multi-modal models, and robotic navigation [11].

蚂蚁集团近一周内新增三笔具身智能赛道投资，成为出手最活跃的互联网大厂之一。这三笔投资涵盖人 形机器人本体厂商宇树科技、钛虎机器人，以及灵巧手零部件公司灵心巧手。 另据记者了解，蚂蚁近期还投资了位于上海的钛虎机器人。6月18日，这笔投资完成工商信息变更，投 资主体为蚂蚁全资持有的上海云玡企业管理咨询有限公司。公开信息显示，钛虎机器人成立于2020年8 月，主要研发高性能一体化关节，并在此基础上推出了多款双足和轮式的人形机器人。这家公司此前已 获梅花创投、经纬创投等知名市场化机构押注。 6月16日，蚂蚁全资持有的上海云玚企业管理咨询有限公司，成为灵心巧手的新股东。这是灵心巧手的 天使轮融资，和蚂蚁一同加入的还有中金资本。此前4月，灵心巧手完成种子轮融资，红杉种子基金等 领投，金额超亿元。灵巧手是人形机器人上岗干活的关键零部件，技术研发难度极高。灵心巧手公司目 前主打的多款灵巧手款式，价格从0.88万至9.99万元不等。 此前，蚂蚁已在具身智能赛道布局了星海图、星尘智能等创业公司。2024年11月，星海图完成超2亿元 的Pre-A轮融资，蚂蚁即为领投方之一。今年2月，蚂蚁又独家领投了星海图3亿元的A轮融资。随后的4 ...

央视网消息：今年3月，"具身智能"首次被写入两会政府工作报告，成为国家未来重点培育产业，其中，人形机器人是具身智 能的典型代表。近年来，人形机器人越来越灵活，应用场景也越来越广泛。产业升级发展的背后离不开一个新职业——具身智能 训练师。他们是如何让机器人变得越来越"能干"呢？一起去上海的一家人形机器人训练场看一看。 采集到的视频数据，还要转化为机器人能"看得懂"的精确数据，这就来到了机器人训练的第二步，数据审核。具身智能训练 师宋子文的工作是进行机器人数据审核，他每天要审核上百条数据，不到一年时间，他和小伙伴们就审核了400多万条的真机数 据。 身着动作捕捉设备，手把手教授机器人的这位"动作老师"，是朱绵锐。 他正在进行的工作是采集数据，这也是机器人训练的 第一步。根据任务难易程度，一个采集师每天会产出50-200条数据。 宋子文口中提到的算法同事就是杨树开。现在他正在机器人上测试模型的表现，这个模型正是昨天他收到数据后，用算法训 练而来。 数据采集岗的几个小伙儿来自湖北，是计算机专业的应届毕业生。 具身智能训练师并非某一个人，想要完成机器人的训练，要3个主要岗位共同配合。 已经具备基础擦桌子能力的机器人，想 ...

唯一一家清华大学占股的人形机器人企业。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，清华系具身智能企业「星动纪元」日前推出了一款超拟人服务机器人星动Q5。 基于曼妙"小蛮腰"设计 ，被业内戏称为机器人界"小腰精" 。 不妨补充一点， 成立于2023年8月的星动纪元由清华大学交叉信息研究院孵化，是唯一一家清华大 学占股的人形机器人企业。本次星动Q5的发布，某种程度上标志着服务机器人行业正式迈入 "交互 体验升级" 新阶段，并已与海尔智家、世纪金源、天悦酒店等来自制造、连锁零售、连锁酒店、文 旅、养老医疗等业务的企业达成战略签约，意向订单超百单 。 带着服务机器人从拼"功能" 迈入卷"体验" 时代。 对比来看，传统服务机器人动作僵硬、人机交流冰冷，很难引起人们主动与其交流的意愿。星动Q5 靠全身44个高自由度，打造超拟人的外观和动作系统。独特设计"小蛮腰"不但让重心下移，移动更 稳，还让它的身形更贴近真人，高自由度使它能够实现扭腰、握手、摆臂、转头等接近人类肢体的动 作，让人机交互更加自然生动，尤其和老人、小孩互动时，亲和力直接拉满。 搭配拟人化语 ...