8月8日，2025年世界机器人大会（下称"2025 WRC"）在北京开幕，汇聚了国内外200余家机器人企业，其中包括50余家人形机器人整机企业，展出上 千件展品，首发新品过百。 展区热闹非凡：宇树科技的格斗赛人头攒动、众擎机器人穿着"钢铁侠"涂装走秀……吸睛场面比比皆是。 与此同时，企业不再只推单一产品，多品类组合正成趋势——从"人形+机器狗"到"人形+灵巧手"，甚至上百台灵巧手集中亮相。 融资热度依旧，不过投资人的关注点已从技术参数转向实际出货量和落地能力。多位企业负责人告诉经济观察报，今年具身智能赛道的融资呈现"滚动 式"特点，老股东加码、快速推进。 在2025 WRC大会的展馆，不少香港及海外的资本方投资人穿梭其间寻找机会。目前，谈判周期和准入门槛都在抬高，有企业甚至在现场婉拒了投资意 向邀约。 与热度一同变化的，还有资本的关注重点——从早期看技术参数，转向评估出货能力与场景落地。投资机构更青睐能够落地、具备差异化优势的项目， 并建议有全球化目标的公司在成长期主动接触海外资本，利用资金和当地资源，切入国际市场。 京东、美团等通过资金、平台和技术赋能，把机器人推向更多 真实场景，加速商业化落地。这些变化， ...

Market Overview - Investors are awaiting earnings reports from major tech companies like Google and Tesla, while digesting tariff-related news, leading to declines in semiconductor and AI sectors, which ended the Nasdaq's seven-day rally [2] - General Motors fell over 8% due to performance decline impacted by Trump tariffs in Q2, while Texas Instruments provided a pessimistic Q3 outlook, causing its stock to drop over 11% after hours [2] - The 10-year U.S. Treasury yield fell nearly 3 basis points, and the dollar declined for three consecutive days, dropping nearly 0.5% [2] Key News - Bessent forecasts that tariff revenues could reach $2.8 trillion over the next decade, supporting Powell's continued tenure [3] - Trump announced a trade agreement with the Philippines, imposing a 19% tariff, which is lower than the previously threatened 20% [3] - The U.S. and Indonesia reached a preliminary trade agreement, allowing at least $50 billion in U.S. goods market access and easing restrictions on key mineral exports [3] - Malaysia seeks a 20% tariff but is unwilling to compromise on electric vehicle incentives and foreign ownership limits [3] - Thailand is close to a trade agreement with the U.S., potentially reducing new tariff rates to around 20% [3] Domestic Commodity Market - The domestic commodity market saw a collective surge, with six major products hitting the daily limit, driven by government signals against "involution" and expectations of supply tightening due to coal mine production inspections [12][20] - Coal stocks experienced a surge, with reports confirming the authenticity of a notice regarding coal mine production inspections [20] Company Performance - Medpace's Q2 performance exceeded expectations, with revenue and EBITDA both growing over 10% year-on-year, leading to a nearly 55% stock price increase [14] - SAP's cloud sales fell short of expectations, leading to a 3% drop in stock price post-earnings, attributed to currency fluctuations and tariff uncertainties [13] Industry Developments - OpenAI announced a partnership with Oracle to expand a 4.5GW data center, enhancing its Stargate project capacity [13] - The human-shaped robot industry is entering a competitive phase, with a focus on who can secure orders first to validate commercial value [14] - The TDI market is expected to transition from passive to active inventory replenishment due to supply tightness and seasonal demand [24]