股 票 研 究 本报告导读： Gemini 3.0+π*0.6 发布，具身大脑发育提速，人形机器人企业确定量产目标，产业 融资呈现加速状态。 投资要点： [Table_Report] 相关报告 机器人《Optimus 德州工厂规划千万台产能，宇 树轮式人形 G1-D 首发》2025.11.16 机器人《1X NEO 机器人开启预定；乐聚开启上 市辅导》2025.11.01 机器人《特斯拉拟 26Q1 发布 Optimus V3；宇树 科技发布全尺寸仿人机器人 H2》2025.10.25 机器人《宇树新款人形机器人 H2 亮相，关注生 态链机会》2025.10.22 机器人《小鹏新一代机器人将首发，智元精灵 G2 落地新产能》2025.10.18 证 券 研 究 报 告 Gemini 3.0 与π*0.6 发布：具身大脑发育提速 [Table_Industry] 机器人 机器人行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | ...

本周观点 投资建议 建议关注国内生成式大模型龙头科大讯飞；AI 硬件有望成为应用落地的新载体，建议关注海康威视、虹软科技、 禾赛等；AI 相关功能打磨能够带动付费率、Arpu 值提升，建议关注迈富时等。 风险提示 行业竞争加剧的风险；技术研发进度不及预期的风险；特定行业下游资本开支周期性波动的风险。 11 月 17 日，阿里巴巴上线了一款名为「千问 APP」的 C 端人工智能应用，该产品为面向全球的个人 AI 助手， 将阿里自研的通义千问大模型能力整合到一个统一的入口中。千问 APP 基于阿里最新发布的 Qwen3 系列大 模型构建，包括在 SWE-Bench 等基准测试中表现优异的 Qwen3-Max 基础模型，以及在代码、视觉理解和全 态交互方面具有竞争力的专用模型。11 月 19 日，谷歌 DeepMind 近日发布了多模态 Al 模型 Gemini 3 系列， 并推出了面向智能体开发的 Google Antiqravity 平台，以此提升模型的推理能力、多模态理解及代码开发效率。 Gemini 3 系列包含 Gemini 3 Pro 和 Gemini 3 DeepThink 模式。该模型在多模态推理任 ...

Core Insights - The core contribution of the π*0.6 model lies in its introduction of a more intuitive learning method called RECAP, which allows robots to learn from their mistakes rather than merely imitating correct actions [3][8][24] - The model demonstrates a high success rate of over 90% in tasks such as making espresso, folding clothes, and assembling packaging boxes, showcasing its practical capabilities [1][20] Group 1: RECAP Methodology - RECAP consists of three main phases: offline reinforcement learning (RL) using diverse demonstration data, fine-tuning with human guidance, and online execution where robots learn from sparse rewards and expert corrections [10][20] - The methodology leverages a value function to evaluate actions and an advantage-conditioned strategy to update policies, allowing for efficient learning from both successful and unsuccessful experiences [13][16][42] Group 2: Model Architecture and Performance - The π*0.6 model builds upon previous versions, expanding its backbone from Gemma (2.6 billion parameters) to Gemma3 (4 billion parameters), and increasing Action Expert parameters to 860 million [20] - In challenging tasks, RECAP has doubled the throughput (successful task completions per hour) and reduced failure rates by approximately 50% compared to models that only utilized supervised fine-tuning [20] Group 3: Learning from Mistakes - The RECAP approach emphasizes the importance of learning from errors, enabling robots to recover from mistakes through expert intervention and self-correction, which is crucial for real-world applications [24][28] - By utilizing a value function to assess the quality of actions, the model can identify key steps and sources of errors, enhancing its ability to adapt and improve in complex environments [39][41]

在 π*0.6 的加持下，这些任务的成功率都达到了 90% 以上。 然而，仔细阅读论文就会发现，比起 连做13个小时咖啡， π*0.6真正的突破在于引入了一种更直觉的学习方法——Recap： 这彻底扭转了过去机器人只会逼近 "真值" 的模仿学习模式，让机器人能从自己的错误中成长。 Physical Intelligence 刷屏全网的机器人基础模型 π*0.6 ，一亮相就秀出了实力： 让机器人连续一整天制作意式浓缩咖啡，数小时不间断折叠各类衣物，还能精准组装工厂所需的包装纸箱。 henry 发自 凹非寺 量子位 | 公众号 QbitAI 看似轻描淡写，实则力透纸背。 就连网友也直呼： 从错误中学习，这不比人都强？ 指导：用人类示范教它基础动作 辅导：纠错指导让它修正错误 练习：从自主经验中不断优化、变得更强 最强VLA模型——π*0.6 π*0.6 延续了Physical Intelligence此前一贯的 VLA（视觉-语言-动作模型）路线 ，是今年四月份发布 π0.5 以来最新的VLA模型。 总的来说， π*0.6 的核心贡献在于提出了一种通用训练方法—— 基于优势条件策略的经验与纠偏强化学习 （RL w ...

Group 1: AI Developments - xAI's Grok 4.1 model has achieved the highest ranking on LMArena with an Elo score of 1483 for the Thinking version and 1465 for the non-reasoning version, surpassing Gemini 2.5 Pro [1] - The model scored 1586 Elo on the EQ-Bench emotional intelligence test, showing a significant improvement in creative writing and a threefold reduction in hallucination rates [1] - Google is developing a multi-agent system for Gemini Enterprise that can generate and rank around 100 ideas through a tournament-style evaluation, demonstrating L3-level AI capabilities [3] Group 2: New Ventures and Funding - Jeff Bezos has launched Project Prometheus, serving as co-CEO, with an initial funding round of $6.2 billion, focusing on applying AI to robotics, drug design, and scientific discovery [2] - MiniMax M2 has introduced a programming package for only 9.9 yuan, achieving a top-five position in token usage on the OpenRouter platform, with performance comparable to Claude Sonnet 4.5 [6] Group 3: Robotics and Automation - Physical Intelligence has released the π*0.6 robot model, which significantly improves success rates and processing efficiency in complex tasks, achieving over 90% success in tasks like coffee making and clothing folding [4] - Ant Group has launched a multi-modal AI assistant named "Lingguang," capable of generating small applications in 30 seconds and supporting various forms of content output [8] Group 4: Gaming Innovations - Gambo AI has introduced the world's first "atmospheric programming" agent, allowing users to create a complete game from a single sentence input within 5-10 minutes, integrating art, animation, and monetization features [9] Group 5: Climate Prediction - DeepMind has launched WeatherNext 2, a climate prediction model that generates forecasts at eight times the speed of its predecessor, with a resolution of up to one hour [10][11] Group 6: Market Trends - A CB Insights report indicates that AI agent startups are projected to raise $3.8 billion in 2024, with Voice AI being the fastest-growing sector, having raised $400 million by 2025 [12]