哈喽，大家好，小圆这篇解读，主要聚焦前华为天才少年李元庆的独家专访，核心就是想跟大家聊 聊"中国造首款规模化具身智能产品"的可能性，以及他力挺的"多机异构"为啥是未来方向。 作为具身智能领域的顶尖人才，李元庆从华为离职加入乐享科技后的表态，无疑为行业发展提供了重要 参考，接下来咱们就系统梳理下他的核心观点，再说说小圆的一些理解。 世界模型与数据工厂的互补价值 技术多点突破 2025年具身智能赛道热潮涌动，科技巨头加码、初创公司拿融资成常态，在李元庆看来，这股热潮不是 凭空出现的，核心是未来发展的确定性倒推而来，资本市场遵循长期逻辑，清楚优质硬件产品和产业成 熟需要周期。 而且一二级市场联动明显，上市公司布局机器人领域，既能赋能传统制造业、提升投入产出比，还能打 造第二增长曲线、盘活团队，再加上国内政策导向的助力，赛道热度自然居高不下，更关键的是技术成 熟度的显著提升。 记得之前看2024年的人形机器人，轻轻一推就倒，稍微复杂点的环境就"歇菜"，完全是实验室里的演示 品，但2025年不一样了，宇树等企业的机器人越来越"抗造"，踢一脚、摔一下都不会倒，脚滑了也能稳 住，甚至能跳跳舞、打打武术。 值得一提的是，大模 ...

人民财讯1月8日电，1月8日，Faraday Future(简称FF)举办股东日活动，首次系统性阐述了其2026年规 划，并宣布正式推出具身智能机器人战略。据介绍，FF5年累计产销目标为40万辆至50万辆，主要来自 于FX Super One、FX4和规划中的其它车型，重点市场包括美国和中东地区等；力争3年时间通过Super One和FX4车型的量产交付，帮助公司达成经营性现金流为正的目标，且毛利率超过20%。2月4日，FF 将正式推出首批具身智能产品及面向公众的产品体验，并同步启动销售。 ...

证券日报网讯1月6日，汉王科技（002362）在互动平台回答投资者提问时表示，作为人工智能领域的技 术型企业，公司在视觉、听觉、嗅觉等感知及认知智能技术上有多种自研核心技术，相关技术根据行业 场景需要与具身智能产品结合之后，在行业应用方面，可能会形成一定的优势；目前该产品研发主要围 绕安防巡检领域，处于场景打磨期。 ...

Core Insights - The year 2025 is identified as the "Year of AI Applications," with significant investments and developments expected in the AI sector [2] - Major tech leaders and investors have reached a consensus that AI applications will see large-scale implementation in 2025, driven by decreasing costs of large model inference and increasing API call volumes [2][3] - A total of 930 AI application companies secured new financing amounting to 107.07 billion RMB in 2025, indicating a high level of investment activity [2][3] Investment Landscape - The top 10 application scenarios account for 73% of the total number of financing companies, indicating a high concentration of capital in these validated or promising areas [3] - Among the 930 companies, 194 focus on embodied intelligence, representing 20.9% of the total, as it aligns with capital's vision of "AI + physical world" [4] - The top three scenarios (embodied intelligence, autonomous driving, and general AI) account for over 51.6% of total financing, highlighting a trend of capital concentration [12][14] Financing Trends - The average financing amount for autonomous driving projects is 45.29 million RMB, significantly higher than other sectors, indicating a strong investment preference [18][19] - 36% of AI application companies are in early-stage financing, while 46% are in growth stages, suggesting that most companies are still proving their business models [20][21] - The majority of financing is directed towards B2B projects, with 62.17% of the top 10 scenarios being purely B2B, reflecting a shift in capital preferences [11] Geographic Distribution - Beijing leads with 226 AI application companies, accounting for 24.3% of the total, followed by Guangdong and Shanghai, indicating a concentration of talent and resources in these regions [23][24] - The geographic distribution of AI application companies reflects a competitive landscape driven by capital, talent, and supply chain dynamics [24] Industry Dynamics - The financing landscape reveals a merging of software and hardware boundaries, with top companies in embodied intelligence and autonomous driving demonstrating this trend [29] - The rapid growth in AI applications is accompanied by potential risks, as many companies may face challenges in achieving sustainable profitability [30] - The acquisition of Manus by Meta for $2 billion signals a global competition for AI talent and resources, reshaping the industry landscape [30]

Core Viewpoint - The competition for talent in the field of embodied intelligence is intensifying, with salaries reaching unprecedented levels, reflecting the industry's urgent need for skilled professionals [4][5]. Group 1: Talent Demand and Salary Trends - ByteDance's recruitment for senior algorithm experts in embodied intelligence offers salaries between 95,000 to 120,000 yuan per month, highlighting the high demand for talent [4]. - A recent graduate from a prominent embodied intelligence company is reportedly commanding an annual salary of 3 million yuan, excluding potential stock options [4]. - The demand for algorithm talent is particularly acute, with positions in the humanoid robotics sector seeing a fourfold increase in job postings year-on-year [5][6]. Group 2: Recruitment Strategies - Companies are employing aggressive recruitment strategies, including early engagement with PhD candidates and offering high signing bonuses and tailored projects to attract talent [6][7]. - The competition has led to candidates receiving multiple job offers, with some holding 20 to 30 offers at once, indicating a significant shift in the job market dynamics [7][8]. Group 3: Challenges in Talent Acquisition - The industry faces a severe imbalance between supply and demand for talent, particularly in the interdisciplinary field of embodied intelligence, which requires a unique skill set [8][9]. - Hardware talent is also in high demand, as the successful implementation of embodied intelligence products relies on effective hardware integration [9]. Group 4: Future Outlook - The year 2027 is anticipated to be a critical juncture for the embodied intelligence industry, with expectations for significant advancements in commercialization and production scalability [10][11]. - The current hiring frenzy is viewed as a necessary phase for attracting talent, but there are concerns about sustainability if companies fail to establish viable business models by 2027 [11][12].

然而，韧性之外，短板亦如影随形。欧盟碳关税的"绿色壁垒"已从钢铁、铝延伸至电池等多个领域，这 意味着我国超千亿欧元出口产品或将面临直接冲击。与此同时，高端芯片、精密仪器等"卡脖子"环节短 期内可能还会受制于人。更重要的是，占外贸企业总数九成以上的中小型企业，在海外合规、融资渠 道、数字化转型上面临的风险挑战，或将在全球经贸规则重构中被放大。综合来看，这些短板不是简单 的技术欠缺或成本问题，而是中国外贸从"规模扩张"转向"质量跃升"过程中必须跨越的深水区。 步入2026年，全球首个碳关税政策——欧盟碳边境调节机制（CBAM）正式实施。对于中国外贸来说， 碳关税不只是绿色贸易壁垒，也是倒逼行业绿色转型、锻造更强韧性与实力的重要机遇。当务之急，就 是要以碳管理能力提升为抓手，加快推动外贸绿色低碳转型。短期看，这是积极应对碳关税的必然选 择；长远看，也是实现碳达峰碳中和目标、加快贸易强国建设的内在要求。 尽管全年数据还未公布，但中国外贸出色完成全年目标任务已无悬念。过去一年，面对错综复杂的国际 经贸形势，中国外贸攻坚克难、顶压前行，进出口连续10个月保持增长，成为2025年中国经济答卷上的 最大亮点之一。 中国外贸的 ...

（来源：光明日报） 转自：光明日报 科研人员通过微米级脑机接口混合现实，精准呈现脑机接口与大鼠大脑主要血管和脑组织的空间位置关 系。新华社发 中科院合肥物质科学研究院聚变堆主机关键 系统综合研究设施的八分之一真空室及总体安装系统主体平台。新华社发 【圆桌对话】 主持人 湖南长沙，学生在校园科技节上体验"脑机星球"。新华社发 2025世界人形机器人运动会上，人形机器人正在进行自由搏击赛。新华社发 本报记者 陈之殷 与谈人 任声策 同济大学上海国际知识产权学院创新与竞争研究中心主任、教授 熊鸿儒 国务院发展研究中心创新发展研究部第三研究室主任、研究员 李艺铭 工业和信息化部赛迪研究院未来产业研究中心副所长、研究员 编者按 伴随着新一轮科技革命与产业变革，未来产业已成为各国抢占科技制高点、培育新增长极的核心赛 场。《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）明确提 出"前瞻布局未来产业，探索多元技术路线、典型应用场景、可行商业模式、市场监管规则，推动量子 科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点"， 这为我国未来产业锚定了清晰的发展方 ...

300756 金马游乐-投资者关系活动记录 广东金马游乐股份有限公司 投资者关系活动记录表 | | ■特定对象调研 □媒体采访 | □分析师会议 | | --- | --- | --- | | 投资者关系活动类别 | □业绩说明会 □路演活动 | □新闻发布会 | | | □现场参观 | ■其他 | | 时间 | 2025 年 12 月 | 30 日 17:00-18:00 | | 地点 | | 杭州国际会议中心洲际酒店 | | | （排名不分先后） 申万宏源证券、长江证券、国盛证券、国泰海通证券、东方财富证 | | | 参与单位名称 | 券、华西证券、招商证券、国泰基金、博时基金、方正证券、中信 | | | | 建投证券、上海国际信托、甬兴证券、华鑫证券、东吴证券、开源 | | | | 证券等 | | | | 金马游乐 邓志毅 | 董事长 | | 公司接待人员姓名 | 金马游乐 林泽钊 | 副总经理兼金马机器人公司总经理 | | | 金马游乐 曾庆远 | 副总经理兼董事会秘书 | | | 金马游乐 投关总监 卢璐 | | | | 主要交流内容： | | | | （一）活动基本情况介绍 | | | | 作为全 ...

Core Insights - The event "Future of Entertainment Strategic Upgrade and Ecological Partner Conference" was held in Hangzhou, co-hosted by Jinma Amusement, Lehua Entertainment, Weifeng Electronics, Beifeng Technology, and Maoxiao Bole [1] - A significant equity investment agreement was signed among the parties, forming a "super ecological alliance" that integrates amusement, entertainment, capital, technology, and industrial finance to boost the large-scale application of embodied intelligence technology [1] Group 1 - Jinma Amusement and Beifeng Technology, along with Maoxiao Bole, are collaborating to establish "Hangzhou Jinbei Electric Drive Technology Co., Ltd." to enhance the core technological barriers and market competitiveness of embodied intelligent products [1] - Jinma Amusement and Lehua Entertainment have further strengthened their strategic partnership by signing a cooperation agreement with Maoxiao Bole and Beifeng Technology to create "Hangzhou Jinle Cultural and Entertainment Technology Co., Ltd." [1] - The new company aims to integrate the business advantages of all parties in cultural tourism technology, entertainment IP, intelligent products, and channel resources, focusing on the research and application of embodied intelligent robots in cultural tourism and entertainment scenarios, as well as the production and promotion of trendy IP derivatives [1]

智通财经记者 | 伍洋宇 肖芳 智通财经编辑 | 文姝琪 在刚刚过去的2025年，来自一级市场的资本仍然谨慎，但方向似乎更为集中，个别赛道赢得投资人情绪 和行动双重意义上的强烈关注。 人工智能、具身智能、半导体、智能硬件与出海等，成为少数持续吸引资金、创业者和产业资源的主线 赛道。这些赛道仍表现出一定的概念先行、速度优先，但市场开始更加强调对技术水平与落地能力的判 断。 一个更为深刻的变化是，投资人正在一个新的全球叙事中，重新校准对中国科技创新的判断。在人工智 能、机器人等中美高度竞争的前沿领域，中国创业公司的工程创新、系统能力和产品化速度，开始被更 广泛地看见。 这种认知变化本身，具有极大的外溢价值。它直接带来了更多国际投资者开始重新关注中国、研究中 国、配置中国资产。今年无论是即将上市的MiniMax，还是逐渐被更多人注意到的具身智能公司、机器 人公司，本质上都受益于"全球重新相信中国创新"这一大叙事之下的结构性变化。 这种变化对一级市场的影响，至少体现在两个方面。 第一，是估值体系的迅速重构。当全球关注度上来、资金进来，优质项目的估值自然会被快速抬升。一 个非常典型的例子是：去年年末时，宇树的估值大约在 ...