（文章来源：证券日报） 证券日报网2月26日讯 ，海天瑞声在接受调研者提问时表示，公司非常看好具身智能数据领域作为高增 长的新兴赛道，已组建具身智能数据专项团队开展相关业务，并开始在全国多个城市启动专项公司的选 址。一方面，国家已将具身智能列为未来产业予以重点培育。另一方面，控制机器人认知决策等"大 脑"仍处于发展早期，大模型在泛化能力上仍有不足，因此想实现规模化落地将依赖大量高质量、细颗 粒度的训练数据，因此这一领域市场潜力巨大。当前，国内、外多家头部科技企业已启动具身智能数据 的规模采购，需求涵盖机器人在真实场景下的交互数据、构建仿真世界模型所需数据等。同时，部分地 方政府也在积极规划建设"具身智能训练场"，旨在工程化生产高质量具身数据，赋能科研与产业应用。 目前，公司已与多家机器人本体厂商展开合作，并与若干家头部科技大厂及地方政府启动订单需求对 接，正在推进相关样例数据交付与训练场方案的设计与落地，为下一步具身智能数据业务的加速发展奠 定坚实基础。 ...

Core Insights - Since 2026, sectors such as brain-computer interfaces, commercial aerospace, and embodied intelligence have seen structural opportunities in the A-share market, attracting significant institutional interest [1][5] - Despite recent market fluctuations, the long-term investment value in these sectors remains noteworthy due to policy support, industry events, and ongoing technological breakthroughs [5][6] Group 1: Brain-Computer Interfaces - Xiangyu Medical, a leading company in the brain-computer interface sector, has received 208 institutional visits since the beginning of 2026, indicating strong interest [2] - The company is focused on the commercialization of its brain-computer interface products, which are expected to quickly enter rehabilitation scenarios, supported by collaborations with hospitals [2][3] - Analysts believe that 2026 marks a critical year for the commercialization of brain-computer interfaces, with expectations for non-invasive applications to see significant growth [6] Group 2: Commercial Aerospace - Chaojie Co., Ltd. has also garnered attention, receiving nearly 130 institutional visits in a short span, with a focus on its commercial aerospace rocket structure business [3][4] - The company plans to complete its riveting production line by mid-2024, with an annual capacity of 10 rockets, and is prepared to scale production based on demand [4] - The commercial aerospace sector is expected to benefit from policy support and advancements in technology, with a focus on the development of reusable rocket technology [6] Group 3: Embodied Intelligence - Haitan Ruisheng has received 207 institutional visits, showing strong interest in its embodied intelligence data business [3] - The company is optimistic about the growth potential in the embodied intelligence data field and has established a dedicated team to drive this initiative [3]

Core Viewpoint - The company is expanding its overseas operations and focusing on high-growth areas such as embodied intelligence data, leveraging its capabilities in data annotation and management to meet increasing global demand for high-quality training data [1][2][3][4][5][8]. Group 1: Overseas Base Development - The company plans to integrate a Southeast Asia-based annotation center with over 1,000 personnel by 2024, expecting to generate millions in revenue by 2025 [1][3]. - A second local delivery base in Southeast Asia is planned for 2026, which will add approximately 500 personnel to support the outbound business of Chinese tech companies and customized orders from North American clients [1][3]. Group 2: Traditional Training Data Business Drivers - The demand for high-quality, multilingual, and scenario-based training data is driven by the rapid deployment of global AI applications [4][5]. - Key product lines include multilingual speech recognition data, handwritten data for financial document recognition, and multilingual text data for natural language understanding [4][5]. Group 3: Government Business Collaboration - The company has established a clear collaboration model with local governments, focusing on building high-quality industry datasets based on local characteristics and ensuring data security [7]. - Recent projects include partnerships with cities like Chengdu and Changsha, and the completion of initial data deliveries in Hohhot and Guangxi [7]. Group 4: Embodied Intelligence Data Business - The company views embodied intelligence data as a high-growth emerging sector and has formed a dedicated team to explore opportunities in various cities [8]. - Collaborations with robotics manufacturers and tech giants are underway to meet the demand for high-quality training data in real-world scenarios [8]. Group 5: Competitive Advantages in Training Data - The company has developed a dual-mode service product model, which significantly contributes to revenue and gross profit, ensuring scalability and high profit margins [9]. - Investment in technology and supply chain management enhances the company's capabilities in algorithm development and data security compliance [9][10]. - The company has achieved important certifications, including ISO/IEC 27001, ensuring robust data security and compliance with international regulations [10]. Group 6: Pricing and Market Dynamics - The pricing model for customized services is based on cost-plus pricing, while product pricing follows a demand-driven approach [11][12]. - Market dynamics dictate that scarce data types maintain premium pricing, while more mature segments face price competition, prompting the company to focus on high-barrier, high-margin niches [12].

Core Viewpoint - The company is expanding its overseas operations and focusing on high-growth areas such as embodied intelligence data, leveraging its capabilities in data annotation and management to meet increasing global demand for high-quality training data. Group 1: Overseas Base Development - The company plans to integrate a Southeast Asia-based annotation center with over 1,000 personnel by 2024, expected to generate millions in revenue by 2025, and aims to establish a second base in the region by 2026, adding approximately 500 personnel [1][3] - This expansion supports the company's ability to handle outbound business for Chinese tech firms and customized orders from leading North American clients [3] Group 2: Traditional Training Data Business Drivers - The demand for high-quality, multilingual, and scenario-based training data is driven by the rapid deployment of global AI applications [4] - Key product lines include multilingual speech recognition data, handwriting data for financial document processing, and multilingual text data for natural language understanding [4][5] Group 3: Government Business Collaboration - The company has established a clear collaboration model with local governments, focusing on building high-quality data sets based on local characteristics, ensuring data security, and developing data trading platforms [7] - Recent projects include partnerships with cities like Chengdu and Changsha, and the completion of initial data sets for Hohhot and the Guangxi ASEAN corpus [7] Group 4: Embodied Intelligence Data Business - The company views embodied intelligence data as a high-growth sector and has formed a dedicated team to explore opportunities in various cities [8] - Collaborations with robotics manufacturers and tech giants are underway to meet the demand for high-quality training data in real-world applications [8] Group 5: Competitive Advantages in Training Data - The company has developed a dual-service product model, with significant contributions from productization, ensuring high profit margins and scalability [9] - Emphasis on technological development, supply chain management, and data security compliance has strengthened its competitive position [9][10] - The company has achieved important certifications, enhancing its reputation and compliance with international and domestic regulations [10] Group 6: Pricing and Revenue Models - Custom services are priced using a cost-plus model, while product pricing is demand-driven, allowing flexibility based on market conditions [12] - The pricing strategy is influenced by supply and demand dynamics, with high-value data maintaining premium pricing, while more mature segments face price competition [12]

Core Viewpoint - The company is optimistic about the emerging field of embodied intelligence data, which is seen as a high-growth sector, and has established a dedicated team to develop related business initiatives [2] Group 1: Business Development - The company has initiated site selection for specialized companies in multiple cities across the country to support its embodied intelligence data business [2] - The company has formed partnerships with several leading robotics manufacturers and is engaging with major tech firms and local governments to align on order demands [2] Group 2: Market Potential - The national government has prioritized embodied intelligence as a key industry for future development, indicating significant market potential [2] - There is a growing demand from both domestic and international tech companies for large-scale procurement of embodied intelligence data, which includes interaction data for robots in real-world scenarios and data needed to build simulation models [2] Group 3: Collaboration and Infrastructure - Local governments are actively planning the construction of "embodied intelligence training grounds" to collect high-quality data, which will empower research and industrial applications [2] - The company is currently advancing the design and implementation of sample data delivery and training ground solutions to lay a solid foundation for the accelerated development of its embodied intelligence data business [2]

Core Viewpoint - The company is optimistic about the emerging field of embodied intelligence data as a high-growth sector and has established a dedicated team to develop related business initiatives [1] Group 1: Market Potential - The national government has prioritized embodied intelligence as a future industry for focused cultivation [1] - The market potential is significant due to the early-stage development of cognitive decision-making in robots and the need for high-quality, granular training data for large models to achieve scalable implementation [1] Group 2: Industry Demand - Numerous leading technology companies, both domestically and internationally, have begun large-scale procurement of embodied intelligence data, which includes interaction data for robots in real-world scenarios and data needed to construct simulation world models [1] - Local governments are actively planning the establishment of "embodied intelligence training grounds" to collect high-quality data, enhancing research and industrial applications [1] Group 3: Company Initiatives - The company has partnered with several robot manufacturers and initiated order demand connections with major technology firms and local governments [1] - The company is advancing the delivery of sample data and the design and implementation of training ground solutions, laying a solid foundation for the accelerated development of its embodied intelligence data business [1]

Core Viewpoint - The company is optimistic about the emerging field of embodied intelligence data as a high-growth sector and has established a dedicated team to develop related business initiatives [1] Group 1: Market Potential - The national government has prioritized embodied intelligence as a future industry for development [1] - The market potential is significant due to the early-stage development of cognitive decision-making in robots and the need for high-quality, granular training data for large models [1] Group 2: Industry Demand - Numerous leading technology companies, both domestically and internationally, have begun large-scale procurement of embodied intelligence data, which includes interaction data for robots in real-world scenarios and data needed to build simulation world models [1] - Local governments are actively planning the construction of "embodied intelligence training grounds" to collect high-quality data for research and industrial applications [1] Group 3: Company Initiatives - The company has partnered with several robot manufacturers and initiated order demand connections with major technology firms and local governments [1] - The company is advancing the delivery of sample data and the design and implementation of training ground solutions, laying a solid foundation for the accelerated development of its embodied intelligence data business [1]

Core Viewpoint - The article emphasizes the importance of high-quality data in the development of embodied intelligence, highlighting that this data must be collected in real or simulated environments to train robots effectively, similar to teaching a child through demonstration and correction [1][5]. Group 1: Data Collection and Training - In Beijing, various companies and institutions are establishing data collection centers for embodied intelligence, with a focus on creating immersive environments that replicate real-life scenarios for robots to learn tasks like opening refrigerators and serving tea [3][4]. - The training process involves thousands of data collectors who perform repetitive tasks to teach robots to execute actions naturally and accurately, with a significant emphasis on the quality of the data collected [4][22]. - The Beijing Human-Robot Innovation Center has created a 1:1 replica of various environments, such as kitchens and supermarkets, to facilitate realistic training for robots [6][8]. Group 2: Economic Value of Data - High-quality embodied intelligence data is now recognized as having clear economic value, being tradable and eligible for government subsidies, which can aid in financing and expanding applications [5][12]. - The Beijing Economic and Technological Development Zone has introduced measures to incentivize data collection, including financial rewards for high-quality data sets and the issuance of "data vouchers" to support businesses [17][18]. Group 3: Technological Approaches - The industry is currently exploring diverse technological routes for data collection, with some companies focusing on real-world data while others prioritize synthetic data for efficiency and cost-effectiveness [29][30]. - Companies like Galaxy General are adopting a "virtual-real combination" approach, using synthetic data primarily while supplementing it with real data for fine-tuning, which significantly enhances training efficiency [30][31]. Group 4: Workforce and Training Roles - The role of data collectors, now termed embodied intelligence trainers, is crucial in the data collection process, requiring physical capability and coordination to perform tasks that robots will eventually learn [24][25]. - The job market for data collectors is evolving, with companies seeking individuals who can adapt to the physical demands of the role, and there is a growing trend of remote data collection systems being implemented [26][28].

Group 1 - The core viewpoint emphasizes the importance of high-quality datasets for the development of embodied intelligence, as highlighted by Liu Liehong, the head of the National Data Bureau [1] - The National Data Bureau aims to provide high-quality datasets for the embodied intelligence industry, viewing this as a breakthrough for the marketization and valuation of data elements [1] - Liu Liehong encourages leading companies in the field, such as Ruierman and Galaxy General Robotics, to actively explore data value and open up the domestic embodied intelligence data market [1] Group 2 - The focus is on the standardization, practicality, and productization of simulation and real data within the industry [1] - The initiative aims to foster industry consensus and promote the release of data element value [1] - The visit included discussions with representatives from Ruierman and Galaxy General Robotics, indicating a collaborative approach to advancing the industry [1]

Group 1 - The core viewpoint is that embodied intelligence data is driving growth in the computer and software development industry, with a notable increase in the computer sector, as evidenced by the computer ETF (512720) rising over 1.4% [1] - Embodied intelligence data is categorized into real data, which is costly but highly authentic, and simulated data, which is cost-effective but has limited authenticity [1] - The industry faces challenges due to the scarcity of high-quality and diverse datasets, necessitating the establishment of standardized datasets to support model generalization [1] Group 2 - Open-source datasets like AgiBot World and Open X-Embodiment have emerged, covering multiple scenarios and tasks [1] - Simulation data technology paths include synthetic video combined with 3D reconstruction and end-to-end 3D synthesis, with companies like Qunkong Technology and Hillbot making strides in this area [1] - The establishment of data collection standards, such as the "Embodied Intelligence Data Collection Specification," is expected to accelerate positive industry development, with future training likely to use a mix of both data types to balance cost and effectiveness [1]