高盛月内发布的一份供应链调研报告，给火热的人形机器人赛道泼下一盆冷水。北京商报记者从业内人 士处获得该份《中国人形机器人供应链调研》，报告指出，三花、拓普、荣泰、双环等9家核心供应链 企业已普遍规划10万—100万台级年产能，却无一家确认获得大额确定性落地订单——高盛将这份报告 题目定为《产能乐观前置，待实际订单落地》，并认为这种落差是行业当前的典型特征。 5天后，"人形机器人第一股"优必选在社交平台发布自家人形机器人Walker S2的量产交付视频，重点展 示机器人方阵换电和列队行进等能力，以实景回应行业对"交付真实性"的疑虑。视频发布后，美国 Figure AI创始人布雷特·阿德科克在社交平台公开"打假"称"后排机器人为电脑特效"。 权威机构调研揭示的行业矛盾，叠加头部企业间的公开博弈，让人形机器人行业的"交付大考"提前进入 公众视野。 一场纷争 优必选发布的交付视频本是其产品落地进程的一次公开展示，却因前有高盛报告、后有同行质疑，成为 赛道争议焦点。 布雷特·阿德科克在个人社媒直指视频"后排机器人为电脑特效"，并以"前后排反光差异"为依据，称"前 面的机器人是真的，后面的一切都是假的"。 面对指控，优必 ...

消息一出，市场情绪应声波动：万得机器人指数在11月6日收涨1.12%后，于报告发布次日开始连续下行调整，跌幅最大的11月7日单日下挫1.15%。 报告发布5天后的11月12日，"人形机器人第一股"优必选在社交平台发布了自家人形机器人Walker S2的量产交付视频，重点展示了机器人方阵换电和列队行 进等能力，以实景回应行业对交付真实性的疑虑。次日（11月13日），万得机器人指数结束调整，回升0.52%。 但一波未平一波又起，优必选视频发布后，美国Figure AI创始人布雷特・阿德科克在社交平台公开"打假"称"后排机器人为电脑特效"。权威机构调研揭示的 行业矛盾，叠加头部企业间的公开博弈，让人形机器人面临的"交付大考"提前进入公众视野。 01.一场纷争 优必选发布的交付视频本是其产品落地进程的一次公开展示，却因前有高盛报告、后有同行质疑，成为赛道争议焦点。 布雷特・阿德科克在个人社媒直指视频"后排机器人为电脑特效"，并以"前后排反光差异"为依据，称"前面的机器人是真的，后面的一切都是假的"。 面对指控，优必选于11月14日上线由穿越机拍摄的一镜到底无剪辑素材，辅以工厂环境音、机器人脚步声等实证细节；后续布雷特 ...

在日前第十五届全运会田径项目的第三个比赛日，一场吉祥物和机器人的赛跑在奥体中心上演，在观众 的欢呼声中，优必选人形机器人Walker S2以稳定的步伐和节奏，完成了一次百米跑。 这样充满"科技感"的画面正全方位地出现在全运会赛会各环节之中。开幕式上，人形机器人奏响青铜句 鑃；赛场上，AI相机捕捉高光时刻；赛场下，AI数字人24小时提供赛事服务。 作为首次由粤港澳三地联合承办的国家级体育盛会，十五运会和残特奥会也体现了粤港澳大湾区的高水 平科技创新能力。11月19日，南方财经记者在"科技全运"专题新闻发布会了解到，十五运会中，广东赛 区执委会协同广州、深圳等地市赛区共同遴选了130多款高科技产品，构建起科技赋能体育的广东范 式。 赛事之后，这些赛场上的"黑科技"还将继续赋能社会民生和产业发展，实现科技创新与城市发展的双向 奔赴。 科技赋能全运场景 广东作为全国科创产业高地，科技感是办赛的一大亮点。 十五运会广东赛区执委会高科技产品展示专班副组长、广东省科学技术厅二级巡视员夏奇峰表示，本届 全运会，立足广东在人工智能、机器人、新一代信息技术等领域的产业积淀与创新优势，协同广州、深 圳等地市赛区共同遴选了130多款 ...

Core Insights - The company UBTECH released a video showcasing the mass production delivery of its humanoid robot Walker S2, demonstrating capabilities such as battery swapping and coordinated movement [1] - A claim was made by Brett Adcock, CEO of Figure, suggesting that the video contained computer-generated effects, which UBTECH refuted by releasing an unedited video showing numerous humanoid robots on-site [3][6] - UBTECH's CBO, Tan Min, attributed skepticism towards the company's capabilities to a lack of understanding of China's intelligent manufacturing and supply chain systems, urging critics to observe the industry firsthand [8] Industry Context - Goldman Sachs reported that the humanoid robot industry is experiencing a "capacity futures frenzy," predicting that UBTECH will deliver only 10 humanoid robots in 2024, resulting in a loss of 1.16 billion yuan [8] - In response, Tan Min explained that the limited deliveries in 2024 are due to the company focusing on training single units for various applications, with plans to expand into multi-unit applications by 2025 [8]

Group 1 - UBTECH's humanoid robot Walker S2 production video was questioned for authenticity by Figure's CEO, who claimed that the video contained computer-generated effects. UBTECH responded by releasing a continuous video showing real robots in action, emphasizing the strength of China's manufacturing capabilities [4][5] - UBTECH's CBO stated that skepticism about Chinese manufacturing stems from a lack of understanding and encouraged critics to visit China to witness the industry's growth firsthand. The company has reported a total of 800 million yuan in orders, holding itself accountable to shareholders and the public [5] - New Oriental's founder, Yu Minhong, faced employee backlash after a trip to Antarctica, leading him to announce plans for a youth exploration center focused on natural education [7][8] Group 2 - Fat Donglai announced a compensation of 359,000 yuan for employees who faced disrespect from customers, highlighting the importance of respecting personal dignity in the workplace. Other companies like Meituan and Xibei are also implementing similar support measures for their employees [10][12] - Tencent filed a lawsuit against Competitive World and Taobao for trademark infringement related to the game "JJ Happy Landlord," leading to an apology and the removal of the infringing game from the market [14] - Canopus Robotics has filed for an IPO in Hong Kong, aiming to raise funds for R&D, brand building, and market expansion. The company reported revenues of 197 million yuan in 2022 and projected growth in subsequent years [16] Group 3 - Xiaopeng Motors reported a total revenue of 20.38 billion yuan for Q3 2025, with a year-on-year growth of 101.8%. CEO He Xiaopeng believes the robotics market has greater potential than the automotive sector, with plans for significant growth in robot sales by 2030 [16][17] - ByteDance has established a new department for transactions and advertising in China, consolidating its engineering teams to enhance efficiency in e-commerce and advertising [19][20] - Geely is expected to complete the acquisition of Zeekr by the end of the year, following a plan to integrate resources and enhance competitiveness within the group [21] Group 4 - Alibaba launched the Qianwen app, directly competing with ChatGPT, while Ant Group introduced the Lingguang AI assistant, showcasing advancements in AI technology [21][22] - Xiaomi's 17 series smartphones achieved sales of over 200,000 units within five days of launch, positioning them as a strong competitor against Apple's iPhone [24] - Baidu reported Q3 revenue of 31.17 billion yuan, with its autonomous driving service, "Luobo Kuaipao," experiencing a significant increase in usage [28][29] Group 5 - BYD's sales in the UK surpassed 50,000 vehicles, with a notable increase in sales in October, indicating strong market performance [38] - Jeff Bezos has launched a new AI startup named "Project Prometheus," which has raised $6.2 billion in funding, focusing on AI applications in various industries [33][34] - Tesla's CEO Elon Musk criticized Bezos's new venture, calling it a copycat initiative [34]

Core Insights - The opening ceremony of the 15th National Games of the People's Republic of China showcased the technological advancements in humanoid robotics, particularly by UBTECH Robotics, highlighting the intersection of traditional culture and technological innovation [1][2] Group 1: Technological Achievements - UBTECH's humanoid robots, Walker S2, demonstrated significant technical breakthroughs, performing a complex musical piece using ancient bronze instruments, which required precise coordination and timing [1][2] - The robots achieved a striking accuracy with a strike error of no more than 2 millimeters and a coordination error of within 2 milliseconds, showcasing advanced capabilities in motion and response [2] Group 2: Industry Implications - The event illustrated the collaborative strength of Guangdong's robotics industry, transitioning from technical demonstrations to practical applications in various sectors, including smart manufacturing [3] - UBTECH's humanoid robots are already deployed in automotive factories for tasks such as quality inspection and logistics, indicating a growing integration of robotics in industrial processes [3] - The company aims to foster a trillion-yuan industrial cluster in the Greater Bay Area by focusing on humanoid robots as a key driver for advancements in artificial intelligence [3]

Group 1 - The core viewpoint of the articles highlights significant advancements in the field of embodied intelligence, with multiple billion-level orders being announced in October, indicating a growing market demand for intelligent robots [1][2] - Zhiyuan Robotics and Longqi Technology have entered a strategic partnership, with Longqi placing a multi-billion yuan order for nearly 1,000 Zhiyuan Spirit G2 robots, primarily for application in consumer electronics assembly lines [1] - The collaboration between Yuanli Wuxian Intelligent Technology and Shihua Cultural Tourism Group aims to create a model project for intelligent scenic areas, with a project value of 260 million yuan [1] Group 2 - In the second half of this year, several billion-level orders for humanoid robots have emerged in China, including a strategic cooperation between Shenzhen Huizhi Wulian and Zhishifang, involving over 1,000 embodied intelligent robots with an order value close to 500 million yuan [2] - UBTECH announced a procurement contract worth 250 million yuan for humanoid robot products and solutions, focusing on the Walker S2 model, set to commence delivery within the year [2] - The domestic progress in robot mass production is complemented by international developments, such as Figure's upcoming release of the Figure 03 humanoid robot model [2] Group 3 - The Figure 03 humanoid robot is expected to feature advanced design updates, including a body covered with a gray mesh fabric, touch sensors in the fingers, and a small camera in the palm for enhanced object manipulation and feedback capabilities [5] - The robot's design includes a hollow arch and articulated toes to improve balance and achieve a more natural gait, with indications of "inductive charging" on the heel [5] - Guojin Securities predicts that companies like Tesla and Figure will achieve small-scale production of humanoid robots by 2025, moving towards mass production in 2026, with vertical scene applications being crucial for the commercialization of embodied intelligence [5]

Market Performance - The STAR 50 index reached a new high during the trading session on September 16, with a 1.52% increase, while the Shanghai Composite Index fell by 0.1% to 3856.45 points [1] - The A-share market recorded a half-day trading volume of 1.5 trillion yuan [1] Sector Highlights - The AI worker marketplace MuleRun was officially launched, marking the first global AI Agent trading market [3] - BYD unveiled its third-generation electric bus technology platform, promoting the transition to electric public transport [3] - The Douyin concept stocks led the market gains, with significant increases in related stocks [3] Stock Performance - Hanwei Technology is providing electronic skin and fingertip sensors to multiple robot manufacturers, indicating a growing business layout in robotics [8] - Hengshuai Co. is focusing on humanoid robots and robotic dogs, developing customized solutions based on harmonic magnetic field motor technology [8] - Rujing Technology is increasing investment in key technology research and brand building to drive new growth [8] - Hongchang Technology is establishing a smart manufacturing plant for joint modules and reducers, with significant growth potential as production ramps up [9] Financial Operations - The central bank conducted a 287 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net injection of 40 billion yuan for the day [2]

Core Viewpoint - The article highlights the growing significance of carbon materials in the development of humanoid robots, emphasizing their role in enhancing performance through lightweight, high-strength, and reliable components, as well as energy storage and thermal management solutions [4][5][6]. Group 1: Market Opportunities - UBTECH, the first humanoid robot company, secured a procurement contract worth 250 million yuan for its Walker S2 humanoid robot, marking the largest disclosed order in the global humanoid robot sector [4]. - The Walker series has garnered nearly 400 million yuan in contracts, with expectations to deliver over 500 industrial humanoid robots this year, aiming for an annual production capacity of 1,000 units [4]. - The global humanoid robot market is projected to exceed 2 million units by 2035, with a potential market space of $30 billion to $50 billion, and could reach $1.4 trillion to $1.7 trillion by 2050 [4]. Group 2: Material Innovations - Carbon fiber and its composites are identified as the most mature options for structural lightweighting, providing equivalent or superior stiffness and strength compared to metals, thus widely used in robot frameworks and components [5]. - The carbon fiber production capacity in China is increasingly directed towards applications in robots, UAVs, and automotive lightweighting, with key players working on integrated solutions from raw materials to composite parts [5]. - In thermal management, diamond and carbon-based high thermal conductivity films are emerging as solutions to address heat dissipation challenges in high-power robots, enhancing reliability and reducing weight [6]. Group 3: Energy Storage and Integration - Carbon materials serve as active materials in batteries and conductive agents, with a focus on high-capacity, long-cycle-life anode materials being crucial for humanoid robots' operational efficiency [6]. - The large-scale industrialization of silicon-carbon anodes is expected to significantly enhance energy density, thereby extending operational time or reducing battery size for robots [6]. - Companies are actively expanding production capacities in this area, indicating a rapid industrialization process [6][8]. Group 4: Functional Applications - Graphene and carbon nanotubes are highlighted for their potential in flexible sensors, conductive electrodes, and EMI shielding, transitioning from laboratory research to application-driven development [8]. - The integration of porous carbon materials and graphene-modified coatings is becoming increasingly important in robotic applications, contributing to tactile feedback, noise control, and structural design [8]. - The multi-functional characteristics of carbon materials enable them to fulfill various roles within a single robot, optimizing material, structure, and function [8].

Market Performance - The Guozheng Robotics Industry Index decreased by 1.9%, while the CSI Smart Electric Vehicle Index increased by 3% this week [1] - The CSI Consumer Electronics Theme Index fell by 3.7%, and the CSI Internet of Things Theme Index also dropped by 1.9% [1] - The E Fund Robotics ETF (159530) attracted over 600 million yuan this week, bringing its total size to approximately 6.3 billion yuan [1] Company Developments - UBTECH announced a new record contract worth 250 million yuan for humanoid robot products and solutions with a well-known domestic company, following a previous major order of nearly 100 million yuan in July [1] - The contract focuses on the Walker S2 humanoid robot, with delivery set to commence within this year [1] Industry Insights - The CSI Smart Electric Vehicle Index is expected to represent a significant direction for embodied intelligence, covering various segments of the industry chain including power systems, perception systems, decision-making systems, execution systems, communication systems, and vehicle production [3] - The CSI Consumer Electronics Theme Index focuses on AI hardware, which is currently a major category of smart terminal products, involving companies engaged in component production and complete machine brand design and manufacturing [4] - The CSI Internet of Things Theme Index emphasizes the importance of IoT as a foundational element for achieving connectivity among smart terminals, comprising stocks from companies involved in information collection, transmission, and IoT applications [5]