2026-01-26 11:52:11 作者：狼叫兽 据《2025 人形机器人与具身智能产业研究报告》显示，中国已成为全球人形机器人产业核心增长极， 2025 年市场规模达 82.39 亿元，占全球份额近 50%，产业增速持续超 50%。步入 2026 年，行业正式从 "技术验证" 迈入 "规模量产" 关键期，集邦咨询预测全球出货量将突破 5 万台，同比激增 700%，国内 已形成 "上市企业筑牢量产根基、拟上市企业攻坚细分赛道" 的清晰格局。其中，A 股上市企业拓斯达 （300607.SZ）凭借全栈自研实力与规模化落地成果稳居工业赛道头部排名，近日公告拟发行 H 股并在 香港联交所主板上市，其国际化布局与全链落地能力引发行业高度关注。本文结合核心竞争力排名维 度，从品牌视角切入，通过上市状态、技术体系、商业化落地、产业链布局四大核心指标，解析国内重 点人形机器人企业的发展特色与核心优势，为行业观察提供客观参考。 一、已上市企业：头部排名稳固，领跑量产落地赛道 1. 拓斯达（300607.SZ）：工业赛道头部标杆，双上市规划加码全球竞争力 上市状态：2017 年于深圳证券交易所创业板上市，2025 年 11 ...

Core Viewpoint - The listing of Zhipu AI, referred to as the "first stock of global large models," is set to fill a gap in the capital market for large model companies, marking a significant milestone for the Hong Kong stock exchange with its focus on AGI foundational models [1] Group 1: Company Overview - Zhipu AI was established in 2019, originating from technology developed at Tsinghua University, and is projected to rank first among independent general large model developers in China by revenue in 2024, with a market share of 6.6% [2] - The company plans to issue 37.42 million H-shares, with a fundraising target of approximately HKD 4.3 billion, leading to an expected market capitalization of over HKD 51.1 billion [2] Group 2: Financial Performance - Zhipu AI's revenue for the years 2022, 2023, 2024, and the first half of 2025 is reported as RMB 57.4 million, RMB 124.5 million, RMB 312.4 million, and RMB 190 million respectively, with adjusted net losses of RMB 97.4 million, RMB 621 million, RMB 2.4656 billion, and RMB 1.752 billion [3] - The company's gross margins for the same periods are 54.6%, 64.6%, 56.3%, and 50%, with significant R&D investments totaling approximately RMB 4.4 billion [3] Group 3: Business Model and Strategy - Zhipu AI's business model primarily revolves around a MaaS (Model as a Service) platform, which began development in 2021, aiming to deliver "general intelligence" rather than customized projects, facilitating rapid scaling of model usage [3] - The company intends to maintain its local deployment revenue while increasing the revenue share from its MaaS platform to enhance its scaling capabilities [3] Group 4: Market Impact and Partnerships - Zhipu AI's upcoming IPO is expected to positively influence related publicly listed companies, particularly those with equity ties or business collaborations, such as Dianguang Media, which has been a significant early investor [4] - Several companies, including Mango Super Media and Youke De, have established partnerships with Zhipu AI, and the company is also venturing into robotics, collaborating with various firms to innovate in the AI terminal field [5]

Core Viewpoint - The 138th Canton Fair showcases Dongguan's new industrial image as a "City of Manufacturing Aesthetics," attracting global attention and increasing order intentions from participating enterprises [1][2]. Group 1: Manufacturing Aesthetics - Dongguan organized a "Manufacturing Aesthetics" tour during the Canton Fair, allowing buyers and media to explore local manufacturing companies and their innovative products [1][3]. - The concept of "Manufacturing Aesthetics" has empowered Dongguan enterprises, leading to a noticeable increase in intended orders during the fair [1][2]. - Companies like Haixin Intelligent and Ge Tian Na are highlighted for their unique approaches to product design and manufacturing, integrating aesthetics into their offerings [2][3]. Group 2: Global Trade and Partnerships - International buyers, including those from Argentina and Brazil, expressed interest in collaborating with Dongguan manufacturers due to their competitive advantages in design and production [2][3]. - The emphasis on aesthetics in manufacturing is seen as a key factor in attracting global buyers, as it enhances the perceived value of products [2][3]. Group 3: Industry Transformation - The transformation of Dongguan's manufacturing sector is exemplified by companies like Weimei Ceramics, which has integrated aesthetic and cultural elements into its product lines [4][5]. - The shift from traditional manufacturing to high-end and intelligent manufacturing is a model for other industrial cities in China [5][6]. - Companies like Weimei Ceramics and Weishi Technology are leading the way in combining cultural creativity with technological innovation, showcasing the potential of "Manufacturing Aesthetics" [5][6]. Group 4: Future Prospects - Dongguan's efforts in promoting "Manufacturing Aesthetics" are expected to enhance its position in the global market, contributing to foreign trade growth [6]. - The Canton Fair serves as a starting point for Dongguan to continue leveraging its aesthetic manufacturing approach to gain global market recognition [6].

Core Insights - The article discusses the launch of the new AI model GLM-4.6 by Zhipu, highlighting significant advancements in various capabilities and its compatibility with domestic chips [1][2][3] Group 1: Model Enhancements - GLM-4.6 features improvements in advanced coding capabilities, aligning its code performance with Claude Sonnet 4 in public benchmarks and real programming tasks [1] - The context length has been increased from 128K to 200K, allowing for better handling of longer code and intelligent agent tasks [1] - The model's reasoning ability has been enhanced, now supporting tool invocation during inference [2] - Search capabilities have been improved, enabling better tool invocation and search intelligence within the intelligent agent framework [2] - Writing capabilities have been upgraded, making the model's style, readability, and role-playing scenarios more aligned with human preferences [3] Group 2: Commercialization and Market Activity - GLM-4.6 has been launched on the Zhipu MaaS platform and will be open-sourced on Hugging Face and ModelScope under the MIT license [3] - Following the release of the previous model GLM-4.5, Zhipu's MaaS platform API commercialization saw over a tenfold increase [3] - The AI sector is experiencing heightened activity, with stocks of companies like Haitai Ruisheng, Dou Shen Education, and Fabben Information seeing significant gains [8] - Recent collaborations include Kevin Education's joint venture with Zhipu to develop AI educational products, with a registered capital of 50 million yuan [8] - Tuo Si Da announced its humanoid robot "Xiao Tuo," developed in collaboration with Zhipu, capable of autonomous reasoning and decision-making for complex tasks [8] - UCloud has signed a cooperation agreement with Zhipu to enhance model deployment, cloud service optimization, and industry application [8]

Group 1 - The 2025 World Cantonese Business Conference opened in Guangzhou, hosted by the Guangdong Provincial Government, attracting representatives from 60 countries and regions, including Fortune 500 companies and experts [2][4] - The theme of the conference is "Cantonese Connects the World, Business Creates the Future," featuring a format of "1+5+N" with one opening ceremony, five thematic sessions, and numerous supporting activities [2][4] - The conference aims to promote high-quality development and encourage Cantonese businesses to seize opportunities for collaboration and investment [9][10] Group 2 - The conference recognized 100 outstanding builders of the non-public economy in Guangdong, highlighting the importance of the private sector in driving economic growth and social responsibility [5][6] - The awards are given every three years, with criteria focusing on political quality, development capability, social responsibility, and public reputation [5][6] - Among the awardees, 78 are leaders of medium and small enterprises, and 38 companies received the Guangcai Award for significant contributions to public welfare [6] Group 3 - The Guangdong Provincial Federation of Industry and Commerce released a report on innovative entrepreneurial cases among young Cantonese entrepreneurs, showcasing their contributions to innovation and entrepreneurship [7] - The conference also presented the "Global Cantonese Business Cooperation Initiative," calling for unity among Cantonese businesses to enhance development and contribute to their hometowns [8] Group 4 - The conference highlighted the 2025 Guangdong Province's top 100 private enterprises, with an entry threshold of 12.332 billion yuan, and 24 projects signed at the conference totaling 44.458 billion yuan [9][10] - The top 100 list includes companies with revenues exceeding 400 billion yuan, with significant representation from cities like Shenzhen and Guangzhou [10] Group 5 - Industry leaders emphasized the need for businesses to expand globally while strengthening internal capabilities, advocating for a shift from product output to capability output [11][12] - The conference underscored the importance of collaboration between Hong Kong and Guangdong enterprises to leverage their respective strengths in technology and manufacturing [13] - The event served as a rallying point for Cantonese businesses to align with national strategies and engage in global cooperation [14]

Core Insights - The report from Shanghai Securities highlights a surge in the humanoid robot industry, with significant participation from both domestic and international players, indicating a trend towards commercialization and mass production of humanoid robots [1] Industry Developments - Major companies such as Huawei, ByteDance, BYD, Xiaomi, and Ant Group are increasing their investments in embodied intelligence, while international firms like Tesla and Figure AI are accelerating their commercialization efforts [1] - The humanoid robot industry is entering a phase of diverse innovation, with a clear trend towards industrial applications, suggesting a high degree of certainty in future commercialization [1] Company Highlights - **Tuosda**: Recently launched its first wheeled humanoid robot "Xiao Tuo," which features a four-stewart wheel design and can perform complex tasks autonomously [1] - **Zhiyuan Robotics**: Successfully demonstrated the "Webster Flip," becoming the first humanoid robot to perform this complex gymnastic move, showcasing advanced motion control capabilities [2] - **Moliang Technology**: Completed a Pre-A round financing of tens of millions, aimed at expanding production lines and enhancing delivery capabilities across various sectors [3] - **Figure**: Secured over $1 billion in Series C funding, reaching a valuation of $39 billion, which will support the growth of its humanoid robots and AI platform [4] - **Tesla**: CEO Elon Musk's recent stock purchase and a new compensation plan linked to the delivery of 1 million humanoid robots is expected to catalyze production efforts [5] - **Luxiao Technology**: Announced a partnership with Kepler Robotics to develop AI-integrated home service robots, targeting sales of at least 1 million units in the next three years [6][7]

Industry Overview - The humanoid robot industry is experiencing a surge in activity, with numerous domestic and international players entering the market, including major companies like Huawei, ByteDance, BYD, Xiaomi, and Ant Group in China, as well as Tesla and Figure AI abroad. This indicates a phase of "a hundred flowers bloom, a hundred schools of thought contend" in the industry [1][8] - The emergence of AI companies like DeepSeek is driving the development of general-purpose robotic models, facilitating the realization of embodied intelligence in humanoid robots [1][8] Company Developments - Tuosda has launched its first wheeled humanoid robot, "Xiao Tuo," which features a four-stewart wheel design and supports 360-degree omnidirectional movement, leveraging the company's expertise in high-end servo technology [2] - Zhiyuan Robotics has successfully demonstrated its Lingxi X2 humanoid robot performing the complex "Webster flip," showcasing advanced motion control and dynamic balance capabilities [3] - Modulus Technology has completed a Pre-A round financing of tens of millions, which will be used to expand production lines and enhance delivery capabilities across various sectors, including robotics and smart vehicles [3] - Figure has raised over $1 billion in its Series C funding round, achieving a valuation of $39 billion, with participation from notable investors such as Nvidia and Qualcomm Ventures. This funding is crucial for expanding their AI platform and manufacturing scale [4][5] - Tesla's CEO Elon Musk has set a target of delivering 1 million humanoid robots, which is part of a new compensation plan potentially worth nearly $1 trillion [5] - Luxiao Technology has partnered with Kepler Robotics to develop AI-enabled household service robots, aiming to sell at least 1 million units in Europe and the U.S. over the next three years [6] Collaborative Efforts - Figure is collaborating with Brookfield to develop a humanoid robot dataset, which will involve collecting human video data across Brookfield's extensive real estate portfolio. This data will be used to train Figure's proprietary Helix model [7] Investment Recommendations - The humanoid robot industry is expected to see significant commercial applications, with a focus on domestic component manufacturers benefiting from this trend. Key companies to watch include: - Assemblies: Sanhua Intelligent Control, Top Group - Reducers: Shuanghuan Transmission, Zhongdali De - Motors: Mingzhi Electric - Companies in the Seris Robot supply chain: Yongmaotai, Longsheng Technology - Companies in the Huawei robot supply chain: Tuosda, Zhaowei Electromechanical, Zhongjian Technology, Hechuan Technology, Aifute [8][9]

Group 1 - The founder of Xibei, Jia Guolong, stated that the company will adopt a transparent approach and learn from Pang Donglai [3][4] - Jia acknowledged his previous handling of a situation was incorrect and emphasized the need for improvement [4] - Xibei has temporarily suspended kitchen tours in response to controversies regarding the use of pre-made dishes [6][7] Group 2 - The National Health Commission is set to publicly solicit opinions on the draft national standards for pre-made dishes, marking a significant regulatory shift in the industry [7][8] - The new housing rental regulations in China, effective from September 15, aim to address key issues in the rental market [7] - Didi announced an average commission rate of 14% for all orders in 2024, clarifying that this does not equate to profit [8]

Core Viewpoint - The article discusses the entry of TuoSiDa into the humanoid robot market with the launch of the TuoXingJi series, which aims to fill a gap in the industrial sector by providing intelligent robots capable of autonomous reasoning and decision-making in complex tasks [1][2]. Group 1: Company Overview - TuoSiDa, a pioneer in the industrial robot sector, has transitioned from injection molding machinery to robotics, becoming the first listed company in Guangdong's robot industry [1]. - The company has experienced a significant revenue decline of nearly 40% in the first half of the year, prompting a strategic shift to divest from its smart energy and environmental management systems business [2][15]. - TuoSiDa has established the "TuoSiDa Humanoid Robot Ecological Innovation Alliance" to integrate resources across various sectors and accelerate the application of humanoid robots in diverse scenarios [2]. Group 2: Product Development - The TuoXingJi series includes wheeled humanoid robots and dual-arm robots, designed for warehouse and factory environments, capable of performing complex tasks autonomously [1][12]. - The first wheeled humanoid robot, "Xiao Tuo," has been validated in injection molding workshops, demonstrating capabilities such as real-time quality inspection and automated operations [1][12]. - TuoSiDa's humanoid robots are built on a self-developed control system, which integrates AI models and hardware, providing over 400 user-programmable interfaces and achieving industry-leading real-time performance [9][10]. Group 3: Market Potential - The humanoid robot market in China is projected to reach 38 billion yuan by 2030, indicating significant growth potential for TuoSiDa's new product line [6]. - The company aims to expand the application of its wheeled humanoid robots into assembly and inspection scenarios, targeting the automation equipment market valued in the hundreds of billions [2]. Group 4: Strategic Vision - TuoSiDa's founder, Wu Fengli, emphasizes the importance of integrating craftsmanship with real-world applications to create a sustainable business model for humanoid robots [4]. - The company is focused on enhancing its core technologies in industrial robots, CNC machine tools, and injection molding machines, aiming to improve operational quality and build a competitive industrial chain [15][16]. - TuoSiDa plans to leverage its advancements in humanoid robotics to eventually extend applications into service industries, healthcare, education, and public safety [17].

Group 1 - Google is in talks to build a large data center in Teesside [1] - The UK and US plan to sign a technology agreement focusing on key technologies such as AI and quantum computing [1] - TuSimple's first humanoid robot product "Xiao Tuo" has completed multiple rounds of validation in the injection molding workshop [1]