转自：前瞻产业研究院 1、苏州市具身智能产业政策环境 ——苏州市具身智能产业重点政策梳理 苏州市已构建起系统化的具身智能产业政策体系，以《三年行动计划》明确百亿产业规模与关键技术突破目 标，以《若干措施》提供从技术研发到应用推广的全链条专项支持，并最终在《"人工智能+"城市行动方 案》中将其提升为城市级战略，清晰展现了从产业规划到生态构建的纵深推进路径。 ——苏州市具身智能产业各区域政策 苏州市在具身智能产业领域已形成清晰的区域分工：苏州工业园区作为核心策源地，系统布局整机、关键技 术及核心部件，并设定了明确的产业规模目标;吴中区则聚焦应用生态培育，通过平台建设、场景开放与资 金补助等方式强化产业支撑，两者共同构建起从技术研发到市场应用的协同发展格局。 | 区域 | 政策名称 | 重点内容 | | --- | --- | --- | | 苏州工业园区( | 《苏州工业园区具身智能 | 园区将重点布局具身智能整机、智能系统关键技术和核心部组件等三大方 | | | 机器人产业发展行动计划 | 向,高水平建设中新具身智能产业园,着力打造具身智能机器人本体制造 | | | (2025-2027年)》 e | 集聚区、 ...

Core Insights - The commercialization of embodied intelligence is expected to reach a critical milestone in 2025, with significant orders already secured by leading manufacturers, although challenges remain in scaling applications across various industries [1][2] Group 1: Industry Progress and Developments - Several leading manufacturers have secured orders exceeding 1 billion yuan, with applications primarily in research, education, cultural entertainment, and data collection sectors. As of November 2025, companies like UBTECH and Zhiyuan Robotics have received over 800 million yuan and 520 million yuan in orders, respectively [1] - The supply chain is becoming clearer as manufacturers approach mass production, with Chinese suppliers actively establishing production capabilities in overseas hubs like Thailand to support Tesla's 2026 production plans [2] - Chinese tech giants are diversifying their investments in the embodied intelligence sector, with companies like Huawei focusing on foundational infrastructure such as chips and computing power, while others like Meituan and JD.com are integrating Physical AI into their existing business models [2] Group 2: Future Directions and Market Outlook - The industry is expected to continue its long-term progress despite short-term fluctuations, with Tesla planning to release the Optimus V3 in Q1 2026, aiming for a target of 1 million units sold [3] - The Hong Kong stock market is becoming a hub for new players in the embodied intelligence sector, with companies like UBTECH and Yuejiang successfully listing, which is anticipated to stimulate further capital expansion [3] - The fundamental breakthroughs in embodied intelligence models will depend on the scale effects of data and computing power, with a focus on enhancing model performance through larger datasets [4]

"十四五"以来， 广东省上市公司总市值突破30万亿元大关，五年间净增超过14万亿元市值，与广东省2024年GDP相当； 广东省A股上市公司总数达到887家，总市值攀升至19万亿元； 广东省新增上市公司255家，其中，科创板、创业板、北交所上市公司分别净增加60家、117家和30家。 截至11月18日，A股共有13家公司总市值超过1万亿元，其中广东3家； 在A股超千亿市值的公司中，广东有25家。 截至2025年8月底，广东上市公司知识产权总量突破59万项，位居全国第一； 专利数量占知识产权总量的85%，其中发明专利授权量排名全国第一。 11月18日，南网数字登陆创业板，成为广东今年来第18家新上A股公司。由此，广东A股上市公司"军 团"总数达到887家，总市值攀升至19万亿元。 A股公司总数逼近900家、境内外上市公司总数超过1200家——"十四五"以来，广东在资本市场不断取 得量的突破，更有"价"的提升——境内外上市公司总市值突破30万亿元大关，五年间净增超过14万亿 元，与广东省2024年GDP相当。 这，是独属广东的资本市场新"粤"章；这，也是一个让人刮目相看的新奇迹。 号角催征，步履铿锵。2024年，广 ...

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference commenced on November 26, focusing on high-quality development in the cultural industry with over 120 investment institutions and 336 cultural enterprises participating [1][3] Group 1: Conference Highlights - The previous two conferences showcased 58 projects, with 28 successfully securing financing, achieving a nearly 50% conversion rate and raising over 9.5 billion yuan, averaging about 340 million yuan per funded project [3] - This year's conference attracted 14 institutions with over 10 billion yuan in asset management, highlighting the increased quality and targeted nature of the projects, with 65 selected from over 300 submissions [3][6] Group 2: Investment Trends - The investment focus is on four key areas: cultural technology integration, digital creative production, cultural manufacturing, and new cultural consumption, indicating new development opportunities [4] - Five major trends in cultural industry development were identified: consumption stratification, industrial culturalization, full-chain digital intelligence, emerging scenarios, and market globalization, with "industrial culturalization" being particularly significant [4][5] Group 3: Investment Opportunities - Current investment directions are categorized into three main tracks: content, technology, and platforms, with specific interests in film, gaming, animation, cultural tourism, and non-heritage IP in the content sector [5] - The technology focus includes cultural vertical models, AI-assisted creative agents, AR/VR, and smart consumer terminals, while platform interests center on vertical content platforms, intelligent recommendation platforms, and cross-border cultural platforms [5] Group 4: Conference Structure and Mechanisms - The conference introduced an "entrepreneur mentor" mechanism and featured eight specialized investment and financing roadshow sessions, aligning with the six major directions of the Guangdong cultural industry policy package [6] - The event utilized a "1+8+N" activity model, comprising one opening ceremony, eight roadshow sessions, and various supporting activities, aiming to create a one-stop, low-cost transaction platform [6]

中新网南京11月27日电 (记者 朱晓颖)27日，作为2025世界智能制造大会的重要配套活动，世界智能制 造博览会在南京开展。 机器人"扎堆"亮相 世界智能制造博览会南京开展 松延动力(北京)科技有限公司市场相关负责人介绍，此次他们带来多款仿生机器人、双足人形机器人、 具身智能机器人等产品。在他看来，人形机器人市场将成为消费端市场，可类比新能源汽车，最终人形 机器人将进入社会、走进千家万户。 机器人整机的制造涉及复杂零部件品类，分为传感系统、控制系统、动力单元、机械结构四大系统，包 含工控自动化、动力传动、元器件、结构件、紧固件、中低压配电等细分品类，形成了相当复杂的品类 矩阵，而每个部件的品质和供应都会影响到整机的制造，商品管理复杂、交付履约难等供应链问题也成 为机器人制造业发展中必须解决的问题。在这样的背景下，一批如京东工业等供应链平台崛起，旨在打 通机器人等产业的上下游链条。 今年在南京举办的世界智能制造大会已是第十届，该平台成为中国深度参与全球智能制造合作交流的高 端平台，以及展示江苏制造业高质量发展成效的重要窗口。世界智能制造博览会期间，将举办系列金融 路演、新品发布、技术交流、产教合作等专场活动， ...

长安汽车在路演活动中称，机器人业务方面，围绕核心场景，以"1+N+X"战略布局智能汽车机器人技术 和业务。人形机器人领域，联合头部合作伙伴共同研发人形机器人，突破机器人"大脑""能源""驱动"等 核心技术。产品布局方面，以人形机器人技术研发以及高端应用为落脚点，牵引和赋能其它智慧出行/ 汽车机器人。基于工厂、门店、家庭和特种应用场景，按近-中-远期三步走的方式，做面向商业+技术 闭环的整合商，打造多款具身智能机器人产品。 ...

2025年作为"机器人IPO元年"，已有不下20家机器人公司争相申请港股上市。如今，"机器人上市大 军"再添一员。 11月17日，成都卡诺普机器人技术股份有限公司（下称"卡诺普机器人"）向港交所递交招股书，拟 香港主板IPO上市，国泰君安国际为独家保荐人。 机器人上市潮 早在2021年12月，卡诺普机器人就曾与中金公司签订辅导协议，徐徐推进在上交所科创板上市的计 划，今年4月刚刚完成第十三期上市辅导。 时值今年众多机器人公司开始密集开启IPO之旅，不仅北交所、深交所内，机器人公司排满了队等 待上市，港交所"18C章"更是对主营业务为新一代信息技术、先进硬件与软件、新能源、新材料、机器 人、自动驾驶、AI芯片等的公司降低上市门槛，因而吸引大量机器人企业转道港股。 其中，仙工智能、斯坦德机器人、翼菲科技、优艾智合、卧安机器人、乐动机器人、兆威机电、双 林股份等公司向港交所递交申请。2025年以来，极智嘉、三花智控、云迹科技等机器人产业链公司已完 成港股上市之举。 卡诺普机器人也于今年10月终止了中金公司的辅导，转而前往港股上市，保荐人变更为国泰君安国 际。 事实上，除了受港交所上市门槛影响，中国机器人产业还受到了 ...

Core Viewpoint - Li Auto's third-quarter financial results show a significant decline in revenue and a shift from profit to loss, raising concerns about the company's current operational challenges and future direction [1] Financial Performance - Li Auto reported third-quarter revenue of 27.4 billion yuan, a year-on-year decrease of 36.2% [1] - The company incurred a net loss of 620 million yuan, compared to a net profit of 2.8 billion yuan in the same period last year [1] - Gross margin for the third quarter was 16.3%, with a gross profit of 4.469 billion yuan; excluding the impact of the MEGA recall, the gross margin would have been 20.4% [1] - The MEGA recall event is estimated to have caused a loss of approximately 1.113 billion yuan for the third quarter [1] Recall Information - In October, Li Auto announced a recall of 11,411 MEGA vehicles to replace components such as coolant and power batteries due to insufficient corrosion resistance, which could lead to thermal runaway risks [1] Strategic Direction - CEO Li Xiang stated that for the next decade, Li Auto's products will evolve from electric vehicles and smart terminals to embodied robots [1] - The company plans to return to a "startup management model," moving away from a professional manager system [1] - Li Auto aims to redefine its products as "embodied intelligent" robots, focusing on AI's understanding of the physical world and proactive service capabilities [1] - The self-developed M100 chip AI system is expected to be delivered by 2026, marking a shift from passive functionality to proactive automated services [1]

智通财经APP获悉，理想汽车-W(02015)绩后涨超2%，截至发稿，涨1.95%，报73.1港元，成交额6.74亿 港元。 消息面上，理想汽车发布三季度财报，第三季度该公司营收274亿元，同比下跌36.2%；净亏损为6.2亿 元，上年同期净利润为28亿元，由盈转亏。财报称，三季度该公司毛利率16.3%，毛利为44.69亿元；若 剔除MEGA召回支出影响，则毛利率为20.4%。由此计算，MEGA召回事件导致理想汽车第三季度损失 约11.13亿元。今年10月底，理想汽车宣布召回11411辆MEGA，将更换冷却液、动力电池等部件，主要 因冷却液防腐性能不足可能导致动力电池热失控风险。 值得关注的是，CEO李想在此次财报电话会上表示，未来十年，理想的产品将不再是电动车或智能终 端，而是具身机器人。在电话会上，李想宣布理想汽车面向第二个十年将坚定回归"创业公司管理模 式"，摒弃职业经理人体系；将产品重新定义为"具身智能"机器人，聚焦AI对物理世界的理解与主动服 务能力。李想明确指出，搭载自研M100芯片的AI系统将于2026年交付，核心变革在于让汽车从"被动功 能堆砌"转变为"主动自动化服务"。 ...

Group 1 - The core viewpoint of the article highlights the increasing trend of cultural investment in the Guangdong-Hong Kong-Macao Greater Bay Area, driven by a new investment conference format and supportive policies [1][3][4] - The upgraded "1+8+N" series of activities at the cultural investment conference includes 8 specialized investment and financing roadshows, connecting over 300 cultural enterprises with more than 100 investment institutions [1][3] - The cultural industry is experiencing a new investment boom, with a focus on sustainable industry ecosystems and continuous engagement beyond the traditional event format [3][6] Group 2 - The Guangdong government launched a comprehensive "policy package" in May, covering six key areas of the cultural industry, which has stimulated market potential and investment enthusiasm [4][5] - The cultural industry is evolving to incorporate digital technology, cross-industry integration, and user experience, with a strong emphasis on "cultural + technology" sectors [2][5] - The investment conference has adopted a "3+365" model, promoting ongoing services to build long-term connections between investors and cultural enterprises [3][5] Group 3 - Projects presented at the conference focus on emerging technologies such as intelligent robots, AR/VR/MR devices, AIGC content production, and AI applications in film, aligning with industry upgrade trends [2][5] - The conference aims to empower innovative small and medium-sized cultural enterprises through mentorship programs, fostering a supportive environment for growth [5][6] - The shift from a one-time event to a sustainable ecosystem reflects the evolving landscape of cultural investment, positioning the Greater Bay Area as a focal point for future cultural industry innovation [6]