在汽车行业的创新浪潮中，人形机器人成为了各大车企竞相追逐的新热点。半年前，宣布涉足机器人领域的车 企，往往在资本市场上收获估值翻倍的佳绩，汽车零部件供应商也同样受益匪浅。这股热潮的源头，可追溯至特 斯拉发布的人形机器人视频，随后，包括小鹏、小米、广汽在内的多家车企纷纷推出了自己的机器人产品，而理 想、蔚来等也在积极筹备或调研中。 车企涉足机器人领域的理由看似简单明了——特斯拉已经先行一步，且其行动为行业提供了三大有力支撑：硬件 的高度复用性，如摄像头、激光雷达等；软件层的迁移能力，即车企在自动驾驶研发中的算法和数据闭环能力在 机器人领域的再应用；资源共享，包括制造和销售资源，这些都能为机器人提供实际应用场景。立德研究院发布 的报告预测，中国人形机器人市场规模将在2029年达到750亿元，中金公司则预计2030年中国人形机器人出货量有 望达到35万台。 上海车展期间，小鹏展出的人形机器人IRON成为了一大亮点，这是国内少有的车企公开推出的机器人产品之一。 然而，尽管车企们纷纷展示了自己的机器人产品，但这些机器人目前更多是作为车展的模特出现，而非进入工厂 工作。与让机器人进入工厂相比，车展上的展示显然缺乏足够的想 ...

出品丨虎嗅汽车组 一是硬件层的高度服用性，包括摄像头、激光雷达等； 作者丨肖漫 头图丨视觉中国 二是软件层的迁移，车企在自动驾驶研发上的算法和数据闭环能力在机器人领域再利用； 三是资源共享，包括制造、销售资源等都能够给机器人提供实际应用场景。 这是一座尚待挖掘的金矿，也是比汽车更具增长空间的好生意。据立德研究院发布的《人形机器人产 业研究报告》预测，中国人形机器人市场规模在2024年约为27.6亿元，2029年将达到750亿元。中金 公司研报则表示，预计2030年中国人形机器人出货量有望达到35万台。 各家车企虽参与程度不同，但机器人赛道已经车企寻求新业务增长点的重要抓手。 半年前，机器人还是车企提升估值的特效药。当时，如果一家车企宣布要做机器人，资本市场给它的 估值就会翻一倍，汽车的零部件供应商同理。 在特斯拉发布机器人视频后，十多家车企都蹭上机器人概念。小鹏、小米、广汽已经推出了机器人产 品；理想表达了进场的意图、蔚来处在调研阶段；赛力斯、长安、比亚迪等已经设立团队并开启招 聘，赛力斯在重庆和上海机器人团队已有近 200人；上汽、北汽、奔驰则是重在投资参与。 车企做机器人，最简单的理由就是特斯拉已经做了， ...

Core Insights - The article highlights the entry of major global companies, particularly Nvidia and Tesla, into the embodied intelligence sector, with Tesla being recognized as a leader in humanoid robotics through its Optimus project [1][6] - Tesla's Optimus robot shares technological roots with its vehicles, utilizing the same Full Self-Driving (FSD) system and hardware, which positions it uniquely in the market [1][6] - The article notes that 15 well-known automotive manufacturers have entered the humanoid robotics space, with 11 of them based in China, indicating a competitive landscape [2][3] Group 1 - Tesla's Optimus is expected to become one of its most important products, with Musk predicting a future where humanoid robots could number in the billions, highlighting significant economic potential [6][12] - The humanoid robotics sector is becoming increasingly crowded with automotive companies and industry leaders, forming a strong faction within the embodied intelligence space [3][4] - The article discusses the challenges faced by companies like Xiaomi and Xpeng in the humanoid robotics market, including delays and team restructuring, while emphasizing their potential to commercialize humanoid robots [14][15][24] Group 2 - Xpeng has made significant strides in humanoid robotics, with its Iron robot being positioned to potentially achieve commercial production ahead of competitors [15][21] - The article outlines the development history of Xpeng's humanoid robot, including acquisitions and team expansions, while also noting the challenges faced in terms of commercialization and team stability [16][24] - Xiaomi's CyberOne was one of the first humanoid robots to be publicly showcased, indicating its early entry into the market, but it has faced challenges in visibility and progress [25][27]

淡出"政坛，工作重心回归[特斯拉]的马斯克近日频繁现身各大经济论坛和接受媒体访谈，并大谈特斯拉自动驾驶 和人形机器人Optimus。 说明： 欢迎约稿、刊例合作、行业人士交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ） 微信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 在沙特-美国投资论坛上，马斯克表示：我预测人形机器人数量，最终将达到数百亿，每个人都希望拥有自己的私 人机器人，具备巨大经济潜力。接受CNBC采访时，马斯克重申Optimus将成为特斯拉最重要的产品之一；同时 表示，波士顿动力这些公司已经证明制造引人注目的人形机器人是可能的，但目前缺失的是足够的智力（人工智 能"大脑"）来实现通用，而这正是特斯拉非常擅长的。 详细解读，查看往期文章： 人形机器人，少些"炫技"，多些"落地" 温馨提示 ： 点击下方图片，查看运营团队2025年最新原创报告（共210页） 近日，摩根士丹利发布最新人形机器人研报 「摩根士丹利」最新人形机器人研报：5万亿美元全球市场和最佳商 业模式解读（附报告 ） 中指出，在人形机器人核心价值链中，拥有机器 ...

Core Viewpoint - Xiaopeng Motors has shown significant growth in Q1 2023, with a 330.8% year-on-year increase in delivery volume, leading to improved revenue and gross profit, positioning the company on the brink of profitability [2][3]. Financial Performance - In Q1 2023, Xiaopeng's total revenue reached 15.81 billion yuan, a 141.5% increase year-on-year, with automotive sales revenue accounting for 14.37 billion yuan, up 159.2% [3]. - The company delivered 94,000 vehicles in Q1, contributing to a gross margin of 15.6%, with automotive gross margin at 10.5% [3]. - The average cost per vehicle was 137,000 yuan, while the average selling price was 153,000 yuan, resulting in a vehicle gross profit of approximately 16,000 yuan [3]. Investment in R&D and Expenses - Xiaopeng increased its R&D expenditure to 1.98 billion yuan, a 46.7% rise, primarily for expanding its product lineup and developing new technologies [5]. - Selling, general, and administrative expenses rose to 1.95 billion yuan, a 40.2% increase, driven by higher commissions due to increased sales [5]. - The net loss for Q1 was 660 million yuan, but this represented a 51.5% reduction year-on-year due to rapid delivery growth [5]. Future Outlook - For Q2 2023, Xiaopeng expects vehicle deliveries between 102,000 and 108,000 units, a year-on-year increase of 237.7% to 257.5%, with total revenue projected between 17.5 billion and 18.7 billion yuan [5]. - The company aims for over double the sales volume for the full year 2025 and anticipates achieving positive free cash flow by the end of the year [5]. New Product Launches - Xiaopeng plans to upgrade five models in Q2 and introduce two new models in Q3, focusing on higher price segments with better gross margins [6]. - The MONA M03 Max will be launched on May 28, featuring advanced AI driving assistance, while the G7 SUV will be pre-released in June [7]. International Expansion - Xiaopeng aims to enter over 60 countries and regions by the end of the year, targeting 50% of sales from overseas markets in the next decade [9]. - In Q1, the company exported 7,615 vehicles, with overseas sales increasing by over 370% year-on-year, and opened more than 40 new stores internationally [9].

当"人形机器人即未来" 这一确定性目标成为行业公约数，抵达未来的路线图却呈现多元叙 事。当前产业正经历一场激烈的认知交锋。 在确定性目标下探索不确定性路径，已成为现阶段人形机器人整机厂商的行业缩影。 作为新质生产力的核心载体，人形机器人及具身智能产业正以不可逆的向上姿态，肩负着重构生产关系 的历史使命。这一确定性共识，既源于全球产业升级的底层逻辑，亦根植于技术革命与劳动力结构变革 的双重驱动。 一方面，劳动力市场正面临结构性矛盾，低端重复劳动岗位的持续性缺口亟待破解，供需错配下为人形 机器人的规模化应用打开了现实切口。 另一方面，技术跃迁和产业链逐步成熟则为产业落地提供了底层支撑，技术红利正加速转化为产业动 能，让人形机器人在物理世界中从能用进化成好用。 当"人形机器人即未来" 这一确定性目标成为行业公约数，抵达未来的路线图却呈现多元叙事。当前产 业正经历一场激烈的认知交锋： 前有朱啸虎率先"开团"，强势抛出反方观点，表明因"商业化不清晰"，正批量退出人形机器人领域的投 资项目； 后有众擎机器人创始人、董事长赵同阳挺身而出，对朱啸虎的做空言论予以有力回击称，人形机器人在 五年之内将几乎无处不在，是人类学会制造 ...

Core Insights - Domestic brands are undergoing a significant transformation, moving from brand elevation to brand renewal, with a focus on innovation and change as common goals [2][3][12] - The Shanghai Auto Show showcased new products and technologies from domestic brands, indicating a shift from product upgrades to value reconstruction [2][4] Brand Development - Domestic brands have transitioned through three stages: overcoming difficulties, brand elevation, and now brand renewal, which emphasizes higher levels of appeal, influence, and emotional connection [2] - SAIC Motor's brand renewal strategy, termed "Glocal," aims to integrate global vision with local craftsmanship, marking a significant shift in its approach [3][10] - Chery and Dongfeng are also focusing on showcasing their latest technologies and products, indicating a competitive landscape [3][5] Technological Advancements - Changan Automobile emphasizes its advantages in smart technology, global presence, and energy diversification as key factors for success in the automotive industry [5] - NIO is entering a new product cycle with nine new models planned for release, highlighting its focus on technological innovation [4][5] - Huawei's ADS 4 aims for level 3 autonomous driving, with multiple partnerships with car manufacturers, showcasing its leading position in the smart automotive sector [6][9] Ecosystem and User Experience - Companies are increasingly focusing on enhancing user experience and building an ecosystem around mobility, integrating AI and smart technologies into their offerings [8][9] - The emergence of AI robots and smart devices at the auto show reflects a shift towards creating a more integrated and user-friendly automotive experience [8][9] Globalization and Standards - SAIC's global strategy includes launching 17 new overseas models in the next three years, indicating a strong commitment to international markets [10][11] - The collaboration between SAIC and Volkswagen to develop models specifically for the Chinese market signifies a new phase in technology output and collaboration [11] Industry Trends - The Chinese automotive industry is experiencing a shift towards standardization and ecological restructuring, with domestic brands capturing over 60% market share [12] - The competitive landscape is intensifying, with brands needing to innovate and differentiate themselves to survive in a saturated market [12][13] - The focus on product differentiation and user-centric design is becoming increasingly important as companies seek to meet diverse consumer needs [13][14]

人形机器人系列（九）： 从Components到Functions，看手 眼协作、大小脑协同的投资机会 长江证券研究所机械研究小组 2025-05-06 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师 赵智勇 分析师 倪蕤 分析师 刘晓舟 SAC执业证书编号：S0490517110001 SAC执业证书编号：S0490520030003 SAC执业证书编号：S0490524030001 SFC执业证书编号：BRP550 分析师及联系人 %% %% research.95579.com 2 01 人形机器人产业快速推进，仍存 在应用痛点 02 Functions仍有瓶颈约束，视觉+ 运控+手眼协同为重要细分架构 目 录 %% research.95579.com 3 01 人形机器人产业快速推进，仍存在应用痛点 %% %% %% %% %% %% research.95579.com 4 人形机器人首先是要造好一个人形机器人本体 01 ➢ 2022年10月特斯拉提出人形机器人OPtimus硬件设计方案，遵循第一性原理，包括14个旋转 ...

2025 年 04 月 30 日 车展见闻 看好 ——一周一刻钟，大事快评（W104） 本期投资提示： 业 及 产 业 汽车 ⚫ 核心风险：原材料价格波动风险，地缘政治风险，行业复苏不及预期 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 行 业 研 究 / 行 业 点 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 评 ⚫ 在本次车展展现了新能源汽车行业的重要变化。首先，在科技与智能化方面，中国供应 链在国际舞台上竞争力显著提升，展现出引领技术发展的潜力。合资品牌也在新能源转 型中积极突破，展现出高"含华量"。随着本地供应链渗透，预计合资新能源车将在价格 与竞争力上取得突破，合资品牌触底反弹的可能性值得关注。此外，理想、坦克等品牌 在不同价格带的强势表现，进一步体现了中国制造与供应链优势。细分市场竞争加剧， 今年将是新能 ...

核心观点 市场表现： 本周（4.21-4.25）我们构建的国信人形机器人指数上涨5.99%，强于沪深300指数5.61pct，强于上证综合指数5.43pct，年初至今上涨12.9%。拓普集团上涨9.29%，三 花智控上涨5.69%，中鼎股份上涨4.4%，银轮股份上涨7.01%，北特科技上涨17.04%，双林股份上涨16.53%，贝斯特上涨3.46%，祥鑫科技上涨10.36%，双环传动上涨7.61%， 斯菱股份上涨21.78%，豪能股份上涨16.01%，精锻科技上涨5.2%，蓝黛科技上涨7%，凌云股份上涨8.52%，旭升集团上涨6.14%，肇民科技上涨41.44%，爱柯迪上涨10.19%， 均胜电子上涨6.35%。征和工业上涨11.94%，美力科技上涨5.31%。 行业动态 ： 1）特斯拉2025年第一季度更新报告发布，展示Optimus人形机器人试生产线，表示到25年底生产数千台，目标29-30年年产百万台；2）特斯拉机器人大规模招聘； 3）小鹏Iron机器人亮相上海车展；4）首届具身智能机器人运动会在无锡开幕；5）智元发布具身智能一站式开发平台Genie Studio、发布并开源仿真评测工具Genie Si ...