不少新研发的机器人都来到训练中心学习。在训练中心里，机器人已经掌握搬运、巡检、配送等20多项技能，执行成功率超过95%。未来，这些机器人将 走上更多岗位，承担危险、繁重及高精度工作，为高质量发展注入新活力。 这也从机器人企业近段时间来的增长趋势上得到反馈。数据显示，从企业注册数量趋势来看，近五年间，机器人相关企业的注册数量呈现出逐年增长的态 势，并在2025年达到顶峰。 封面新闻记者 欧阳宏宇 去年，我国最大的人形机器人训练场在北京石景山正式投用后，进入1月下旬，已有数百台机器人在此接受集中培训。据悉，该训练场占地超1万平方米， 1:1还原了工业智造、智慧家庭等四大类16个细分场景，为机器人提供实景训练环境，助力其掌握各类技能。 从"会干活"到"干好活"，机器人上岗未来可期，也带来了人形机器人企业的加速落地。1月22日，天眼查专业版公布工商信息数据显示，截至目前我国现 存在业、存续状态的机器人相关企业超105.8万家。其中，2025年新增注册相关企业超26.1万余家。 从区域分布来看，广东省、江苏省机器人相关企业数量位居前列，两个省市数量总和超过32.7万余家，占企业总数的30.92%。排在其后的是山东省、浙 ...

Group 1 - The Robot ETF (562500) opened with a high volatility, reaching a maximum increase of 0.81% during the day, with a latest price of 1.119 yuan, up 0.09% from the opening price. Among the 66 constituent stocks, 33 showed an increase, with CITIC Heavy Industries rising over 10% [1] - The trading volume of the Robot ETF (562500) reached 258 million yuan, with a turnover rate of 0.98%, indicating normal trading activity [1] - Apple plans to significantly revamp Siri into its first AI chatbot, codenamed Campos, to compete with generative AI leaders like OpenAI and Google. The chatbot is expected to be deeply integrated into iPhone, iPad, and Mac operating systems, with a showcase at the WWDC in June and a formal release in September [1] Group 2 - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots, allowing investors to easily access the entire robot industry chain [2] - Following the adjustment of constituent stocks, the humanoid robot content in the index tracked by the Robot ETF (562500) has increased to nearly 70%. The recent rebalancing effectively removed underperforming stocks and included quality stocks, achieving a "retain the strong, remove the weak" strategy [2]

Group 1 - The Robot ETF (562500) opened strong but experienced a decline, with a peak increase of 0.99% and a latest price of 1.110 yuan, down 0.53% from the opening price [1] - Among the 66 constituent stocks tracked by the ETF, 40 stocks showed a decline, with Keri Technology dropping over 5%, while a few stocks performed well [1] - The trading volume of the Robot ETF reached 1.024 billion yuan, with a turnover rate of 3.90%, indicating a high level of trading activity [1] Group 2 - Baidu officially released the Wenxin large model 5.0, which features 2.4 trillion parameters and supports various forms of information understanding and output, including text, images, audio, and video [1] - The investment opportunities in the AI sector are gradually emerging as policies favoring artificial intelligence have been frequently announced this year, aligning with the development of new productive forces [1] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion, covering various segments such as humanoid robots, industrial robots, and service robots, facilitating investors' access to the entire robot industry chain [1] Group 3 - The adjustment of constituent stocks in the Robot ETF has increased the humanoid robot content to nearly 70%, successfully removing underperforming stocks and incorporating quality candidates, achieving a "retain the strong, remove the weak" strategy [2]

Core Insights - The number of humanoid robot manufacturers in China has exceeded 140, with over 330 products launched in the year [1] - The year 2025 is anticipated to be a milestone for mass production of humanoid robots, showcasing their applications in various sectors from entertainment to manufacturing [1] - The development of core technologies such as large models, integrated joints, and computing chips has laid a solid foundation for the industry [1] Industry Development - The humanoid robot industry is experiencing rapid evolution, driven by technological advancements and the establishment of a standardization committee by the Ministry of Industry and Information Technology in 2025 [1] - Over 70 leading companies and research institutions are collaborating to build a standard system, fostering a healthy ecosystem for the industry's growth [1] - Humanoid robots are increasingly becoming integral to production lines, replacing hazardous manual labor and enabling flexible manufacturing [1] Future Outlook - The continuous maturation of technology and expansion of application scenarios are expected to cultivate more dynamic new entrants in the humanoid robot sector [2]

Economic Growth Overview - Hangzhou's GDP reached 2.3011 trillion yuan in 2025, growing by 5.2% year-on-year, surpassing the national growth rate [5] - The city aims to achieve a GDP of 3 trillion yuan and a per capita GDP exceeding 30,000 USD by 2030, laying a solid foundation for these targets [5] Industrial Performance - The industrial added value for large-scale industries grew by 6.0%, with high-tech industries, strategic emerging industries, and high-end equipment manufacturing increasing by 7.5%, 10.0%, and 9.5% respectively [5] - The computer communication and other electronic equipment manufacturing sectors saw a growth of 13.4%, while the automotive manufacturing sector experienced a significant increase of 36.7% [5] Emerging Technologies - New energy vehicle production surged by 383.0%, while industrial robot and 3D printing equipment production increased by 38.6% and 15.1% respectively, showcasing the success of Hangzhou's "digital-physical integration" strategy [6] Service Sector Contribution - The service sector's added value reached 1.6997 trillion yuan, accounting for 73.8% of GDP, with a growth rate of 5.3% [6] - Key digital economy enterprises like Alibaba and Ant Group are driving growth, with Alibaba's "cloud + AI" strategy supporting the national large model industry [6] Export and Domestic Demand - Total foreign trade exports reached 646.9 billion yuan, growing by 8.7%, driven by local enterprises expanding overseas [7] - Domestic consumption also showed strong growth, with retail sales of consumer goods reaching 949.9 billion yuan, reflecting a shift towards high-end, intelligent, and quality products [8] Overall Economic Strategy - Hangzhou's economic growth is characterized by a systemic high-quality development driven by new productive forces, integrating industrial upgrading with service innovation [8] - The city is positioned as a hub for private economic development, with local enterprises playing a crucial role in market innovation [9]

Summary of the Conference Call on China Humanoid Robotics Industry Industry Overview - **Industry Focus**: The humanoid robotics industry in China is expected to undergo significant commercialization in 2026, with component suppliers poised to benefit first from this growth [1][4] - **Sales Forecast**: The sales volume forecast for China humanoid robots has been doubled from 14,000 to 28,000 units for 2026, with business sales expected to be the primary driver [2][32] Key Highlights for 2026 1. **Revenue Growth**: Component companies are anticipated to see increased revenues and profits from humanoid robots, with Leaderdrive expected to contribute 25%-30% of its revenue from humanoids in 2026/27 [4][21] 2. **Market Dynamics**: The industry is experiencing a shake-out and consolidation phase, with a focus on finding viable commercialization cases for integrators [9] 3. **Cost Deflation**: The average Bill of Materials (BoM) costs in China are projected to decline by 16% year-over-year, despite increasing specifications, due to economies of scale [9][49] 4. **Technological Focus**: The development of 'brain' technology is becoming a key focus, shifting from hardware to software advancements [9] 5. **Global Expansion**: As commercialization begins in China, the industry is expected to go global [9] 6. **Stock Market Volatility**: The market is likely to experience catalyst-driven volatility, particularly with humanoid integrator IPOs [9] 7. **Non-Humanoid Forms**: Non-humanoid robots are expected to see faster near-term commercialization, offering better immediate ROI [9] Financial Projections - **Market Size**: The humanoid market in China is projected to grow to $480 billion by 2040, with a compound annual growth rate (CAGR) of 72% [34][35] - **Component Market**: The global humanoid component market is expected to reach $780 billion by 2040, with a CAGR of 52% [39][20] Risks and Challenges - **Commercialization Delays**: Key risks include potential delays in commercialization and production by leading humanoid companies, as well as changes in technology routes [4] - **Market Sentiment**: The market sentiment may be affected by the fading hype around R&D and entertainment applications, which are expected to weaken in 2026/27 [31] - **Data Bottlenecks**: The effectiveness of humanoid robots is still limited by data availability and the need for robust foundational models [56] Stock Implications - **Updated Stock List**: A total of 46 companies are included in the updated China humanoid value chain stock list, with notable mentions such as Hengli Hydraulic, Inovance, and Shuanghuan [4][28] - **Investment Recommendations**: Companies like Leaderdrive are expected to benefit significantly from the humanoid market, with specific revenue contributions forecasted [4][21] Conclusion The humanoid robotics industry in China is on the brink of significant growth, with a strong emphasis on commercialization and technological advancements. However, potential risks related to delays and market sentiment must be closely monitored as the industry evolves.

Summary of Key Points from the Conference Call Industry and Companies Involved - **Industry**: Humanoid Robotics - **Companies Mentioned**: - Veichi Electric (688698.SS) - Hengli Hydraulic (601100.SS) - Leader Drive (688017.SS) - Rongtai Electric (603119.SS) Core Insights and Arguments 1. **Veichi Electric's Confidence**: Management expressed greater confidence in the production ramp of a leading US humanoid robot maker compared to Chinese clients, citing rigorous product development progress [1] 2. **Production Capacity Projections**: The US client's capacity requirement is projected to increase tenfold in 2027, from 1,000 units per week in 2026 to 10,000 units per week [1][3] 3. **Joint Venture in Thailand**: Veichi announced a joint venture with Rongtai Electric in Thailand to meet the US client's requirement for components produced outside of China [3] 4. **Micro Motor Requirements**: The latest version of the US humanoid robot requires 44 micro motors for dexterous hands, with a configuration of 22 degrees of freedom (DoF) per hand [3] 5. **Capacity Readiness Timeline**: The US client has requested Veichi to prepare its capacity by the first half of 2026, aligning with industry expectations [3] Additional Important Information 1. **Investment Preferences**: The report suggests a preference for component makers like Hengli Hydraulic and Leader Drive, which are positioned to benefit from the growth in the US humanoid robotics market [1] 2. **Valuation Metrics**: - Target price for Hengli Hydraulic is set at Rmb135.0 based on a P/E ratio of 52x for 2026E [6] - Target price for Leader Drive is Rmb233, reflecting a P/E of 233x for 2026E [8] 3. **Risks Identified**: - For Hengli Hydraulic: Risks include weaker demand for components and lower profitability due to production scale issues [7] - For Leader Drive: Risks include slower growth in the automation market and higher raw material costs [9] This summary encapsulates the key points discussed in the conference call, highlighting the developments in the humanoid robotics industry and the strategic positioning of the companies involved.

清华MARSLab团队 投稿 量子位 | 公众号 QbitAI 实现人形机器人高速跑步（2.5m/s）跨越障碍物/翻越较高障碍 核心定位：为"本能级"运动智能研究而生 人形机器人的"本能级"智能，指的是像人类一样无需预设轨迹，能通过实时感知自主应对复杂环境的能力——比如看到障碍自动调整跳跃姿 势，踩在楼梯边缘下意识保持平衡。 但长期以来，这类研究面临两大痛点：一是 "感知与运动割裂" ，要么能感知地形却只会简单行走，要么能做高难度动作却"眼盲"；二是 "工具链不通用" ，高动态动作与野外locomotion研究需单独搭建环境，适配成本极高。 如何让机器人同时具备"本能反应"与复杂运动能力？ 清华大学交叉信息研究院与上海期智研究院联合推出的Project-Instinct框架，给出了一个新答案。 ——专为"本能级"人形机器人运动智能研究设计，以模块化、可灵活配置的全链路工具包，让科研人员无需重复造轮子，专注突破核心技 术。 Project-Instinct旨在以"统一框架+灵活配置"打破僵局： 整套工具包从算法设计、环境搭建到真机部署，全链路围绕"本能级"智能核心，既支持高动态多接触动作的精准训练，也能适配野外 ...

Group 1 - The Ministry of Industry and Information Technology (MIIT) will continue to promote innovation and iterative upgrades in humanoid robot technology, aiming to drive the development of the broader computing intelligence industry [1] - The MIIT plans to enhance support for humanoid robots through the National Artificial Intelligence Industry Investment Fund and establish an open-source community for humanoid robots [1] - The humanoid robot industry is expected to open up a market space broader than that of automobiles, presenting significant investment opportunities as the industry transitions from "0 to 1" [1] Group 2 - The humanoid robot industry is accelerating, with advancements announced at CES, including NVIDIA's new models and platforms aimed at enhancing robot learning and training processes [2] - Major companies, both domestic and international, are expected to achieve breakthroughs in perception, decision-making, and execution, seizing first-mover advantages in the humanoid robot sector [2] - The industry is poised to transition from laboratory experiments to large-scale commercial applications, marking a new phase in humanoid robotics [2]

Core Insights - The article highlights the rapid development of the robotics industry in Guangdong, showcasing its transformation into a world-class industrial cluster, particularly in humanoid robots and automation solutions [1][2][6] Group 1: Industry Growth and Market Position - Guangdong holds approximately 63% of the global humanoid robot supply chain, with significant contributions from local manufacturers [1] - The region has over 160,000 robotics-related enterprises, leading the nation in this sector [1] - The speed of innovation in the Greater Bay Area is reportedly 30 times faster than Silicon Valley, with costs being only a fraction of those in the U.S. [2] Group 2: Technological Advancements and Ecosystem - Companies in Guangdong have achieved breakthroughs in core technologies and key components for robotics, enabling rapid prototyping and order fulfillment [2][4] - The unique mechanism of talent flow between academia and industry fosters innovation, allowing for effective commercialization of intellectual property [4] Group 3: Strategic Development Plans - Guangdong aims to develop "Artificial Intelligence + Robotics" into a high-tech, high-growth, and large-scale industrial cluster, targeting the creation of multiple trillion-yuan and hundred-billion-yuan industry clusters [7]