以下文章来源于字母PRO ，作者薛亚萍 字母PRO . 了解互联网巨头们的一切。 IPO还是活下去， 具身智能行业迎来两极分化的2026。 文 ｜ 薛亚萍 编辑 ｜ 王靖 来源｜ 字母PRO（ID：molibang168） 封面来源 ｜ 视觉中国 有业内人士感叹，1亿元的合作，还是非独家，太疯了。 要知道，当年阿里击败微信拿下2016年春晚独家互动合作伙伴时，赞助费是2.69亿元。 但若回看宇树在2025年春晚后的发展轨迹，便不难理解这场看似疯狂的投入。 2025年，宇树不仅凭借春晚舞台破圈，更踩准行业节奏，完成多次融资与上市辅导，成为这个行业最接近上市的明星企业。 从"一家独舞"到"多家共演"，这本身也是具身智能在2025年的真实写照，更是中国具身智能产业以整体力量崛起的缩影。 据开源证券统计，截至2025年10月，具身智能领域融资总金额较2024年全年增长超400%。 不过，花团锦簇之下，泡沫也随之滋生。真正跑出来的企业屈指可数，更多公司还在生死线上挣扎，盈利模式模糊，依赖一轮轮融资续命，唯恐因为融不 到钱而资金断裂。 如果说2025年的春晚是宇树科技的一家独秀，那么2026年春晚，可能成为整个具身智能行 ...

人民日报记者 刘志强 1月20日，国务院新闻办举行新闻发布会，邀请国家发展改革委有关负责同志围绕"落实中央经济工 作会议精神，推动'十五五'实现良好开局"介绍有关情况。 加快打造形成全球科技创新高地和新兴产业重要策源地 1月19日，2025年中国经济成绩单发布。"成绩来之不易，彰显我国经济基础稳、优势多、韧性强、 潜能大的特征。"国家发展改革委国民经济综合司司长周陈认为，展望2026年，经济结构将持续向优、 发展动能持续向新、整体发展态势持续向好。 新技术新产品新场景蔚然成势。新能源、新材料、航空航天、量子科技、生物制造、具身智能等新 的经济增长点蓄势待发，新型储能装机规模超1亿千瓦、占全球比重超40%。人工智能加速从数字世界 走向物理世界，将带动高端制造、新兴消费、新业态新模式爆发式增长。2025年，高技术制造业增加值 占规模以上工业增加值比重超17%。一批"十五五"时期的高技术产业标志性引领性重大工程正在谋划推 进。 创新链产业链人才链加速融合。我国有完整的产业体系，有14亿多人口的超大规模市场，也有全球 规模最宏大、门类最齐全的人才资源，科学、技术、工程和数学专业毕业生每年超500万人，具备将创 新成果 ...

Core Insights - The 2026 Shanghai International Embodied Intelligence Industry Expo (referred to as "Expo") will be held from July 2 to 4 at the National Exhibition and Convention Center (Shanghai Hongqiao) [2] - The Expo aims to serve as a significant platform for industry exchange following the elevation of embodied intelligence to a national strategy, focusing on the deep integration of the automotive and robotics sectors, both valued in trillions [2] - The exhibition area will expand to 35,000 square meters, significantly larger than previous editions, featuring four core exhibition zones: intelligent driving, smart cockpits, core hardware, and vehicle-road collaboration [2] - Over 300 companies have confirmed participation, including automotive manufacturers, smart hardware producers, AI algorithm service providers, and infrastructure suppliers [2] - The event will host 20 professional forums addressing industry hot topics such as the implementation of edge large models, multimodal interaction technology, and cross-domain supply chain collaboration [2] Industry Focus - The Expo will emphasize a dual focus on "technology exchange + business matching," providing practical cooperation channels for upstream and downstream of the industry chain through interactive areas like technology testing zones and scenario simulation experience areas [3] - Specialized discussions will be organized to address key issues in the automotive industry, such as core technology breakthroughs and standard formulation, facilitating the large-scale application of independently controllable technological achievements [3]

Core Insights - The Shanghai International Embodied Intelligence Industry Expo (CIEI 2026) marks a pivotal moment for China's embodied intelligence industry, transitioning from technological exploration to large-scale application, injecting new momentum into global industrial development [1][3] Industry Overview - The global technological revolution and industrial transformation are accelerating, with embodied intelligence serving as a crucial bridge between the digital and physical worlds, becoming a core battleground in the new wave of technological competition [3] - China has established a complete embodied intelligence industry ecosystem, with continuous improvement in innovation capabilities across the entire chain, leading to a steady increase in the penetration rates of core products such as humanoid robots, bionic robots, and industrial embodied intelligence equipment [3] Market Potential - The global market for embodied intelligence is projected to reach 19.525 billion yuan by 2025, with China laying a solid foundation for high-quality industrial development in this field [3] - There is a pressing need for a high-level platform to facilitate resource aggregation, technological collision, and supply-demand matching, which CIEI 2026 aims to address [3] Event Details - CIEI 2026 will serve as a comprehensive international display and cooperation platform for the embodied intelligence industry, leveraging the extensive economic and trade resources of the Shanghai International Trade Promotion Committee [4] - The expo will cover nine core areas, including embodied intelligence entities, perception systems, decision-making cognitive systems, execution systems, battery storage systems, intelligent connected vehicles, platform organizations, technology transfer, and manufacturing equipment [4] Industry Trends - The ongoing release of market demand provides vast opportunities for the development of the embodied intelligence industry, driven by the need for flexible manufacturing, care for an aging society, and rising labor costs [4] - CIEI 2026 is expected to become a "barometer" for industry development, integrating global innovation resources and building a collaborative platform for industry, academia, research, and application [6]

Group 1 - The Ministry of Finance will continue to implement a more proactive fiscal policy in 2026, focusing on increasing total volume, optimizing structure, improving efficiency, and enhancing momentum to support employment, enterprises, markets, and expectations [1] - The A-share market has seen structural opportunities emerge, particularly in popular sectors such as brain-computer interfaces, commercial aerospace, and embodied intelligence, with several listed companies becoming attractive to institutional investors [1] - Despite recent market fluctuations, industry insiders believe that investment opportunities in sectors like brain-computer interfaces and satellites remain significant due to policy support and technological breakthroughs [1] Group 2 - In 2025, quantitative index enhancement strategies performed exceptionally well in the A-share market, with an average return rate of 45.08%, and nearly 90% of products achieving positive excess returns [2] - Small and mid-cap index enhancement strategies have outperformed, highlighting the continued prominence of industry leaders, while AI integration in strategy design has become mainstream [2] - The private equity industry anticipates structural opportunities in 2026, but also warns of challenges from strategy crowding and style shifts [2] Group 3 - The Ministry of Finance has introduced six policies to support small and micro enterprises, including loan interest subsidies and investment guarantees, aimed at boosting private investment and consumption [3] - Major listed insurance companies are expected to see growth in premium and profit metrics in 2025, benefiting from a strong equity market performance [3] - The overall performance of listed insurance companies is projected to maintain high growth due to favorable market conditions in 2025 [3] Group 4 - Shanghai has launched an action plan to enhance the competitiveness of non-ferrous metal commodities, aiming to strengthen the link between spot and futures markets [4] - The action plan is designed to elevate Shanghai's global pricing influence in the non-ferrous metals sector [4] Group 5 - As of January 20, 2025, 525 A-share companies have disclosed earnings forecasts, with around 200 expecting growth and over 100 projecting net profit increases exceeding 100% [5] - The technology sector, particularly driven by AI, is maintaining high growth, while industries like photovoltaics and liquor are facing performance pressures due to market fluctuations [5] - The global precious metals market has shown strength, with gold and silver prices reaching new historical highs [5] Group 6 - The industrial application of silver is significant, with over 60% of demand coming from industries like photovoltaic energy, which is currently facing cost pressures due to rising silver prices [7] - Companies in the photovoltaic sector are exploring alternatives to silver, such as copper and aluminum, due to cost considerations [7] Group 7 - The high-tech manufacturing sector in China is experiencing robust growth, particularly in robotics, with significant increases in the production of gear reducers and various types of robots [8] - The market for reducers is projected to grow to 151 billion yuan by 2025, with specific increases in the sales of harmonic and RV reducers [8] - Several listed companies are actively expanding their operations in the robotics reducer market [8]

1月20日，国务院新闻办举行新闻发布会，邀请国家发展改革委有关负责同志围绕"落实中央经济工作会 议精神，推动'十五五'实现良好开局"介绍有关情况。 加快打造形成全球科技创新高地和新兴产业重要策源地 1月19日，2025年中国经济成绩单发布。"成绩来之不易，彰显我国经济基础稳、优势多、韧性强、潜能 大的特征。"国家发展改革委国民经济综合司司长周陈认为，展望2026年，经济结构将持续向优、发展 动能持续向新、整体发展态势持续向好。 新技术新产品新场景蔚然成势。新能源、新材料、航空航天、量子科技、生物制造、具身智能等新的经 济增长点蓄势待发，新型储能装机规模超1亿千瓦、占全球比重超40%。人工智能加速从数字世界走向 物理世界，将带动高端制造、新兴消费、新业态新模式爆发式增长。2025年，高技术制造业增加值占规 模以上工业增加值比重超17%。一批"十五五"时期的高技术产业标志性引领性重大工程正在谋划推进。 创新链产业链人才链加速融合。我国有完整的产业体系，有14亿多人口的超大规模市场，也有全球规模 最宏大、门类最齐全的人才资源，科学、技术、工程和数学专业毕业生每年超500万人，具备将创新成 果从"书架"推上"货架"的 ...

（来源：工人日报） 此外，着力解决群众"急难愁盼"，民生福祉实现新提升。进一步加强普惠性、基础性、兜底性民生建 设，努力促进高质量充分就业，全年城镇调查失业率平均为5.2%，有序实施育儿补贴制度，逐步推行 免费学前教育，推动优化节假日安排，让千家万户有实打实的获得感，以惠民生为牵引，打开发展新空 间。 结构向"优"、动能向"新"、态势向"好" 2026年是"十五五"开局之年，中国经济核心潜力主要体现在哪些方面？又该如何充分挖掘？ 国家发展改革委国民经济综合司司长周陈介绍，展望2026年，我国经济结构将持续向"优"、发展动能持 续向"新"、整体发展态势持续向"好"，新质生产力稳步发展，消费与投资、科技与产业、城乡与区域都 将释放出巨大的发展潜能。他表示，具体可以从点、线、面3个角度来看。 2026年是"十五五"开局之年。如何充分挖掘中国经济潜能？2026年宏观政策将如何施策？今天，国务院 新闻办举行新闻发布会，介绍落实中央经济工作会议精神，推动"十五五"实现良好开局有关情况。国家 发展改革委有关负责人对当前经济热点问题进行了解读。 "十四五"实现圆满收官 1月19日，国家统计局发布数据显示，2025年中国国内生 ...

Group 1 - The core viewpoint of the news is that the Ministry of Finance will implement a more proactive fiscal policy in 2026 to support employment, businesses, markets, and expectations, ensuring a good start for the 14th Five-Year Plan [1][2] - The fiscal policy will focus on increasing total expenditure, optimizing expenditure structure, improving efficiency, and enhancing economic momentum [2][4] - Specific measures include maintaining necessary levels of fiscal deficit, debt, and total expenditure, ensuring that overall expenditure increases and key areas are strongly supported [2][3] Group 2 - A package of policies will be introduced to stimulate domestic demand, with a focus on increasing private investment and promoting consumer spending [5][6] - The six policies include four aimed at supporting private investment and two focused on promoting consumption, such as interest subsidies for loans to small and micro enterprises and optimizing consumption loan policies [6][7] - The government plans to enhance the effectiveness of the "Two New" policies by optimizing support scope and subsidy standards, improving implementation mechanisms, and managing projects and funds comprehensively [9] Group 3 - The government is planning to promote high-tech industries and significant projects during the 14th Five-Year Plan, with a focus on new technologies and products [7][8] - The aim is to address the current issues of insufficient demand and supply, promoting a dynamic balance and virtuous cycle between supply and demand [8] - The government will also enhance the coordination of reform and innovation policies, improving the market access environment for new industries and new business models [10][11]

Group 1: Economic Policy Initiatives - The Chinese government is focusing on policies to stimulate consumption, stabilize investment, and cultivate emerging industries as part of the 2026 economic strategy [1][2] - The National Development and Reform Commission (NDRC) is planning to implement significant high-tech industry projects and develop a strategy for expanding domestic demand from 2026 to 2030 [1][3] - A comprehensive package of policies was released by the Ministry of Finance, including optimizing personal consumption loan subsidies and implementing special guarantees for private investment [1][2][4] Group 2: Consumer and Investment Support - The Ministry of Finance aims to enhance consumer spending and private investment through various measures, including a 1% subsidy on personal consumption loans and expanding the scope of eligible financial institutions [4][5] - A total of 625 billion yuan has been allocated for the first phase of the "old for new" consumption support program, which has already been initiated in several provinces [3][4] - The government is also focusing on increasing the loan limits for businesses and expanding the categories of supported consumption areas to stimulate economic activity [5][8] Group 3: Focus on High-Tech Industries - The government is prioritizing investments in high-tech sectors, with the National Entrepreneurship Investment Fund set to attract over 1 trillion yuan in investments for projects in fields like quantum technology and biomedicine [10][11] - The share of high-tech manufacturing value added in industrial output has exceeded 17%, indicating a growing emphasis on innovation and technology [11][12] - Policies are being developed to support technological innovation and enhance the capabilities of small and medium-sized enterprises in high-tech sectors [12]

Group 1 - The core viewpoint is that China's economy is expected to reach a total volume of 140 trillion yuan by 2025, maintaining a growth rate of 5%, which positions it among the leading global economies [1] - In 2026, there is a focus on fully unleashing development potential to create new economic momentum and growth, setting a strong foundation for the "14th Five-Year Plan" [1] Group 2 - New economic growth points are emerging, particularly in sectors such as new energy, new materials, aerospace, quantum technology, biomanufacturing, and intelligent wearable technology [2] - The installed capacity of new-type energy storage has surpassed 100 million kilowatts, accounting for over 40% of the global total [2] - Artificial intelligence is projected to drive explosive growth in high-end manufacturing, emerging consumption, and new business models [2] - The added value of high-tech manufacturing is expected to exceed 17% of the industrial output above designated size [2] Group 3 - China possesses a complete industrial system and a vast market of over 1.4 billion people, along with the world's largest and most diverse talent resources [4] - There is a full-chain advantage in pushing innovation results from "shelf" to "market" [4] - By 2025, the added value of the digital economy is anticipated to reach 49 trillion yuan, accounting for approximately 35% of GDP [4] - The integration of digital consumption, digital trade, and micro-short dramas is expected to foster concentrated development in innovation, industry, and talent [4]