出品：新浪财经创投Plus 编辑整理：shu 基于公开数据不完全统计，2025年11月新增登记的私募股权、创业投资基金管理人共11家，同比下降31.3%，环比小幅下降8.3%；新增备案私募股权投资基 金、创业投资基金分别为134只、270只，合计新增404只，与10月相比微增2.5%，较2024年同期上涨29.5%。 募资端加速出清，投资端"量增价减"。11月国内一级股权投资市场共发生614起融资事件，同比、环比分别增长40.5%、34.4%；披露总融资额约为282.27亿 元，较2024年11月和2025年10月显著减少49.0%、34.2%；平均单笔融资额同、环比降幅均在50%以上，规模仅为4597.25万元。 新浪财经创投Plus本月聚焦市场活跃度较高的3家机构，围绕其投资节奏、阶段、行业偏好以及被投项目等方面展开解读。 新基金或为联接基金 北上"双核心"布局明确 结合中国证券投资基金业协会、美国证券交易委员会（SEC）和天眼查公开披露的信息显示，红杉中国成立于2005年，专注投资科技、医疗健康和消费三大 领域。2023年，红杉中国启用新品牌"HongShan"独立运营，随后完成90亿美元募资，包括一支 ...

Core Viewpoint - Yushu Technology has completed its IPO guidance work and plans to apply for an IPO in China, marking a significant step towards becoming the first humanoid robot company listed in A-shares, which is expected to drive new development opportunities in the entire robotics industry chain [1] Group 1: IPO and Market Potential - The completion of Yushu Technology's IPO guidance reflects the accelerated capitalization of the robotics industry, showcasing a precise match between capital efficiency and technology cycles [1] - Yushu Technology's post-C round financing valuation reached 12 billion yuan, with major investments from China Mobile, Tencent, Alibaba, and others [1] - The market size for embodied intelligence in China is projected to reach 5.295 billion yuan by 2025, accounting for approximately 27% of the global market, while the humanoid robot market is expected to reach 8.239 billion yuan, representing about 50% of the global market [1] Group 2: Industry Collaboration and Supply Chain - The IPO of Yushu Technology is anticipated to lead to increased orders for related supply chain companies, fostering a positive ecosystem through upstream and downstream collaboration [2] - The humanoid robot industry encompasses various segments, with core components and sensors, AI algorithms, and application scenarios being critical areas of focus [3] - Yushu Technology's capitalized progress is expected to positively impact its supply chain partners through collaboration in supply chain cooperation, technology research, and market expansion [3] Group 3: Strategic Partnerships - Yushu Technology has established stable partnerships with several listed companies, including Giant Star Legend and Zhongdali De, enhancing its commercial application capabilities [3] - A joint venture, Yuxing Entertainment Technology Co., Ltd., has been formed between Yushu Technology and Giant Star Legend to develop globally influential interactive smart robot products [4] - The first product from this collaboration, "Giant Star Dog," has secured over 120 million yuan in orders, demonstrating the commercial potential of the "IP + robot + AI" integration model [5] Group 4: Supply Chain Contributions - Key suppliers for Yushu Technology include Zhongdali De, which provides core components, and Lingyun Light, which collaborates on developing embodied intelligence solutions [5][6] - Other suppliers include Aobo Zhongguang for 3D visual sensors, Zhaoyi Innovation for NOR Flash chips, and Weilan Lithium for lithium batteries [7] - Companies like iFlytek and Baotong Technology are also collaborating with Yushu Technology to enhance AI voice interaction and develop industrial robots for various applications [9]

Core Insights - The industry consensus indicates that achieving fully generalized embodied intelligence will take over ten years, suggesting a more feasible path is to first achieve "industry-level generalization" in specific verticals before expanding to broader capabilities [1][7] Company Overview - Wujie Power, a company focused on developing a "universal brain" and "operational intelligence" for robots, recently completed a 300 million yuan angel financing round led by Sequoia China and Linear Capital, with total angel financing expected to exceed 500 million yuan [2][3] - The founder and CEO, Zhang Yufeng, has a strong background in technology and engineering management, having previously held significant roles at Sony and ARM, and was instrumental in achieving a leading market share in China's autonomous driving sector during his tenure at Horizon Robotics [3][4] Investment Landscape - Sequoia China and Hillhouse Capital are actively investing in the embodied intelligence sector, with Sequoia having a broad portfolio that includes humanoid and industrial robots, and Hillhouse forming a comprehensive investment strategy covering the entire industry chain [5][6] Technological Development - Wujie Power is advancing its foundational model and expert model through a dual-path approach, aiming to create a universal embodied model capable of understanding the physical world and executing complex tasks in dynamic environments [7][8] - The company's first-generation robot platform has made significant breakthroughs in industrial manufacturing and commercial services, with plans to collaborate with international partners for deeper exploration of application scenarios [8]

为支持高效高质量的数据获取和基础模型的创新、迭代与验证，无界动力正建立一套"通用基础模型研 发"与"通用专家模型落地"双线驱动的闭环进化系统，以具备商用级任务成功率的通用专家模型实现规 模化落地应用，并借助其产生的真实数据与闭环反馈，持续推动通用基础模型在实战中进化。在具体运 行方式上，引入源自智能驾驶界的影子模式机制，通用基础模型作为"幕后大脑"，在实际场景中与专家 模型并行静默运行，在不干扰现役系统稳定性的前提下，精准采集错误案例、验证能力边界，为模型的 高效持续迭代提供来自真实世界的反馈与驱动。 红杉中国合伙人张涵表示，无界动力团队具备底层技术创新能力，更在工程化落地与商业生态构建上具 有丰富的经验和潜力，有机会在场景侧落地领先的应用。 11月10日，通用具身智能机器人公司无界动力完成首轮3亿元天使融资，由红杉中国、线性资本领投， 高瓴创投、地平线、华业天成、钟鼎资本、BV百度风投、同歌创投等跟投，在首次融资中集聚了顶级 财务投资机构与多元产业资本的双重认可。与此同时，天使+轮融资已接近完成，累计融资额超5亿 元。 据悉，无界动力2025年创立于北京，聚焦于构建机器人"通用大脑"与"操作智能"，突破手、 ...

点击下方 卡片 ，关注" 具身智能 之心 "公众号 无界动力2025年创立于北京，聚焦于构建机器人"通用大脑"与"操作智能"，突破手、眼、脑协同的关键瓶 颈，将具身智能转化为一种可广泛部署、持续进化的基础设施，以通用基础模型研发与通用专家模型落地 应用双线驱动，致力于为全球客户提供软硬一体、高可靠性的具身智能解决方案。 无界动力创始人兼CEO 张玉峰 创始人兼CEO张玉峰拥有从核心技术研发到大规模商业化落地的完整经历，是兼具技术深度与工程化管理 能力的跨界创业者，曾先后在Sony、ARM等全球顶尖科技企业总部从事研发管理，具备深厚的底层技术能 力。2017年加入地平线，曾任地平线副总裁、智能汽车事业部总裁、公司董事及经营管理委员会成员，期 间带领千人团队实现智能驾驶软件算法产品的研发突破、快速工程化落地与规模化交付，实现中国自主品 牌乘用车辅助驾驶市场份额第一的成绩，并主导与比亚迪、长安汽车、大众集团、大陆集团等国内外头部 企业的多起战略合作，具备卓越的国际化布局与产业化落地经验。 目前，无界动力已组建了具备前沿技术创新与工程落地能力的核心团队。联合创始人兼CTO许闻达为卡内 基梅隆大学机器人学博士，有长期的 ...

Group 1 - The core viewpoint of the news is that Wujie Power, a company focused on embodied intelligence robotics, has successfully completed its first round of angel financing amounting to 300 million yuan, led by Sequoia China and Linear Capital, with additional investments from several other firms [1][3] - The total financing amount for Wujie Power has exceeded 500 million yuan, as the company is nearing the completion of its angel+ round financing [1] - Founded in 2025 in Beijing, Wujie Power aims to develop a "general brain" for robots and operational intelligence, addressing key challenges in hand-eye-brain coordination to provide integrated intelligent solutions for global clients [3] Group 2 - The founder and CEO of Wujie Power, Zhang Yufeng, has extensive experience in technology development and large-scale commercialization, having previously worked at Sony and ARM [3] - Zhang Yufeng's leadership at Horizon Robotics, where he was involved in significant advancements in intelligent driving software, aligns with Wujie Power's mission to innovate in the field of embodied intelligence [3] - The recent financing will significantly accelerate the dual-path approach of "basic model research and expert model implementation," allowing the team to create immediate value for clients while advancing the long-term evolution of the general operational brain [3]

中国经济网讯（记者 黄春棉）11月10日，通用具身智能机器人公司无界动力完成首轮3亿元天使融资， 由红杉中国、线性资本领投，高瓴创投、地平线、华业天成、钟鼎资本、BV百度风投、同歌创投等跟 投，在首次融资中集聚了财务投资机构与多元产业资本的双重认可。与此同时，天使+轮融资已接近完 成，累计融资额超5亿元。 无界动力2025年创立于北京，聚焦于构建机器人"通用大脑"与"操作智能"，突破手、眼、脑协同的关键 瓶颈，将具身智能转化为一种可广泛部署、持续进化的基础设施，以通用基础模型研发与通用专家模型 落地应用双线驱动，致力于提供软硬一体、高可靠性的具身智能解决方案。 创始人兼CEO张玉峰拥有从核心技术研发到大规模商业化落地的完整经历，是兼具技术深度与工程化管 理能力的跨界创业者，曾先后在Sony、ARM等全球科技企业总部从事研发管理，具备深厚的底层技术 能力。2017年加入地平线，曾任地平线副总裁、智能汽车事业部总裁、公司董事及经营管理委员会成 员，期间带领千人团队实现智能驾驶软件算法产品的研发突破、快速工程化落地与规模化交付，并主导 与比亚迪（002594）、长安汽车、大众集团、大陆集团等国内外头部企业的多起战略 ...

Group 1 - Zhejiang Dafeng Industrial Co., Ltd. (Dafeng Industrial) and Alibaba Cloud Computing Co., Ltd. (Alibaba Cloud) signed a comprehensive cooperation agreement during the Cloud Habitat Conference on September 25 [2] - The collaboration focuses on deep synergy around full-stack AI and embodied intelligence technology, leveraging Dafeng Industrial's experience in various sectors such as entertainment, tourism, sports, and business, along with Alibaba Cloud's technological advantages in cloud computing and large models [2] - Both parties will establish an industry-specific model laboratory to develop highly adaptable lightweight models, aiming to lower the R&D threshold for entertainment and operational robots while enhancing task execution accuracy and multi-terminal collaboration efficiency [2] Group 2 - The partnership transcends traditional technology supply relationships, achieving a bidirectional drive of "scene defining technology and technology reconstructing scenes," marking a new phase in the integration of full-stack AI and embodied intelligence [3] - Future efforts will adhere to the principles of "joint technology research, co-creation of scenes, and shared ecosystems," continuously exploring new paths for the deep integration of artificial intelligence and the real economy, injecting new momentum into the digital transformation of global industries such as entertainment, tourism, and commerce [3]

Core Viewpoint - The article emphasizes the critical role of financial services in supporting the development of technology enterprises, highlighting the need for innovative financial solutions tailored to the unique challenges faced by these companies in their growth and international expansion [1][10]. Group 1: Financial Services for Technology Enterprises - Financial services are deemed a "necessity" for technology companies, as highlighted by the CEO of Qianlong Intelligent, who noted the importance of banking partnerships in overcoming challenges related to international business operations [2][3]. - The collaboration between Qianlong Intelligent and Shanghai Pudong Development Bank (SPDB) has facilitated effective management of overseas funds, enhancing the efficiency of capital utilization for the company's international expansion [3][4]. - SPDB has provided various financial products, including technology loans and services tailored to the company's evolving funding needs, demonstrating the bank's adaptability to the specific requirements of technology firms [3][4]. Group 2: Case Studies of Technology Companies - Estun Automation, a leading player in the industrial robotics sector, has benefited from a long-term partnership with SPDB, which has provided diverse financial products such as working capital loans and supply chain financing, enabling the company to expand its operations [5][6]. - The financial services landscape has improved for private manufacturing enterprises, with innovative products like technology loans and supply chain financing now available, which were previously difficult to obtain [6][7]. - Jiachen Xihai, a biotechnology company, received a comprehensive credit line of 60 million yuan from SPDB, which is crucial for maintaining a competitive edge in the rapidly evolving RNA drug and vaccine market [8][9]. Group 3: Importance of Financial Support in Innovation - Timely and stable financial support is essential for technology breakthroughs, as delays in funding can lead to significant competitive disadvantages in the innovation-driven pharmaceutical industry [8][9]. - The article illustrates that financial services play a pivotal role in the innovation journey of technology enterprises, enabling them to navigate critical development phases effectively [10].

Core Viewpoint - The article emphasizes the critical role of financial services in supporting the innovation and development of technology enterprises in China, particularly in the context of the ongoing global technological innovation wave and the country's goal of becoming a technology powerhouse [2][21]. Group 1: Financial Services and Technology Enterprises - Financial services are deemed a "necessity" for technology enterprises, as highlighted by the CEO of Qianlang Intelligent Technology, who discussed the importance of banking partnerships in overcoming challenges related to cross-border payments and funding efficiency [7][8]. - The collaboration between Qianlang Intelligent and Shanghai Pudong Development Bank showcases how tailored financial products can address specific needs of technology firms, enhancing their operational efficiency and international expansion [7][19]. - The article illustrates that the demand for financial services is not limited to funding but extends to comprehensive financial management solutions that adapt to the evolving needs of technology companies [7][8]. Group 2: Case Studies of Financial Support - Estun Automation, a leading player in the industrial robotics sector, has benefited from a long-term partnership with Shanghai Pudong Development Bank, which has provided various financial products, including working capital loans and supply chain financing [14][15]. - The financial services landscape has evolved, allowing private manufacturing enterprises like Estun Automation to access innovative financing options that were previously unavailable, thus facilitating their growth and development [14][15]. - The case of Jiachensihai Biotechnology illustrates the importance of stable financial support in the competitive landscape of innovative pharmaceuticals, where timely funding can significantly impact research and development progress [17][19]. Group 3: The Role of Financial Innovation - The article highlights the ongoing transformation within banks to better understand and meet the unique needs of technology enterprises, moving beyond traditional service models to offer more relevant financial solutions [21]. - Financial institutions are increasingly focusing on providing "warm" financial empowerment, which is crucial for the innovation pathways of technology companies, ensuring they have the necessary resources to thrive [21]. - The integration of financial services into the operational strategies of technology firms is seen as a key factor in achieving high-quality development within China's technology sector [21].