科创板日报 . 以下文章来源于科创板日报 ，作者赵昊 科创圈都在关注的新型主流媒体，上海报业集团主管主办，界面财联社出品。 该计算机处理由车辆采集的数据，以快速改进特斯拉的算法。投行摩根士丹利曾于2023年表示，Dojo或可为特斯拉增加多达5000亿美元的 估值，因其可能成为关键的竞争优势。 需要指出的是，在上月的财报电话会上，马斯克就曾暗示公司战略可能正在转向，他提到未来的内部芯片开发可能与合作伙伴的技术实 现"融合"。 去年，马斯克曾承认，公司可能不会永远推进Dojo项目，而是更依赖外部合作伙伴，"我们同时走英伟达和Dojo这两条路。但我认为Dojo更 像是一次赌博。" 知情人士透露，特斯拉公司正在解散其Dojo超级计算机团队，团队负责人将离职。这一决定打乱了这家电动汽车制造商自主研发无人驾驶芯 片的计划。 知情人士表示，特斯拉首席执行官埃隆·马斯克已下令关闭这一项目，Dojo负责人彼得·班农（Peter Bannon）将离开公司。 他们还表示， 未来特斯拉将更加依赖外部技术伙伴，包括英伟达、AMD提供计算能力，以及三星电子提供芯片制造。 就在上周，特斯拉宣 布与三星签署了一项价值165亿美元的协议。 分 ...

Core Insights - The K2 Bumblebee humanoid robot achieved an 8-hour endurance live broadcast challenge, setting a new industry standard for humanoid robot endurance [1] - The K2 Bumblebee's endurance is attributed to its self-developed rotary actuators and planetary roller screw linear actuators, which combine high load capacity, precision, and low power consumption [1] - The K2 Bumblebee can carry a single arm load of 15 kilograms and a dual arm load of up to 30 kilograms, which is the highest in the industry [3][5] Comparison with Competitors - The K2 Bumblebee's dexterous hand supports a quick-change mechanism, allowing it to adapt to different end-effectors for various tasks, enhancing its utility in industrial scenarios [3] - The K2 Bumblebee is reported to have superior working capabilities in industrial settings compared to Tesla's Optimus robot, particularly in load capacity [5] - Cost control is a significant advantage for the K2 Bumblebee, as many core components are self-developed, benefiting from China's robust supply chain, resulting in lower costs compared to Optimus [5]

Group 1 - Tesla announced significant progress on its Optimus robot, with plans to launch a prototype within three months and begin mass production in early 2026, potentially revitalizing supply chain opportunities [1] - The focus on Metal Injection Molding (MIM) technology is highlighted as a key area of interest, especially for the production of complex precision components [3] - The demand for high-precision, complex, and high-strength parts is expected to increase due to advancements in humanoid robots, AI devices, smart wearables, and high-end manufacturing, positioning MIM technology for a blue ocean market [3] Group 2 - The A-share market has 11 listed companies related to MIM, with some stocks, such as Tonglian Precision, experiencing significant price increases, including a "20cm" limit up on July 24, reaching a historical high [3] - Meihua Co., a subsidiary of Suzhou Light, specializes in powder metallurgy and MIM technology, serving major clients like Tesla and BorgWarner, and has seen its stock price rise nearly 104% this year [4] - Other companies like Mingyang Technology and Haichang New Materials have also reported stock price increases exceeding 50% this year [4]

Group 1 - The core viewpoint of the articles highlights the increasing orders and interest in humanoid robots in China, with significant contracts being awarded to companies like UBTECH and others in the industry [1][2][5] - UBTECH has secured a major humanoid robot procurement project worth 90.515 million yuan, marking the largest single contract in the humanoid robot sector in China [1] - The global humanoid robot market is projected to reach $15 billion by 2030, with a compound annual growth rate of 71% from 2021 to 2030 [2] Group 2 - UBTECH's Walker S series robots are currently being tested in various automotive factories, including BYD and FAW-Volkswagen, with plans for mass deployment by 2025 [3][5] - The company aims to produce 1,000 humanoid robots by 2025, with optimistic projections suggesting thousands of units could be delivered by 2026 and potentially reaching tens of thousands by 2027 [5] - Challenges remain in the industry, particularly regarding the delivery capabilities and mass production of humanoid robots, which are not as standardized as consumer electronics [1][4][5] Group 3 - Major global players, including Tesla and Boston Dynamics, are heavily investing in humanoid robot development, intensifying competition in the market [2] - The development of Tesla's Optimus robot has faced setbacks, with production currently paused for design adjustments, impacting its previously set production goals [1][5] - The industry is facing significant financial barriers, with successful companies needing substantial funding (over 1 billion yuan) and time for research and development to overcome technological challenges [6]

Core Viewpoint - Neuralink, led by Elon Musk, is making significant advancements in the brain-computer interface (BCI) field, with plans to enhance its technology and expand its applications in the coming years [2][3][20]. Company Developments - As of June 27, Neuralink has seven participants in its trials, including four with spinal cord injuries and three with amyotrophic lateral sclerosis (ALS), who are using the devices for an average of 50 hours per week, with peaks exceeding 100 hours [5][10]. - The company aims to implant devices in the speech cortex by Q4 2025 to decode silent "intent speech" and plans to increase the number of electrodes in implants to 3,000 by 2026 [12][13]. - By 2027, the number of electrodes is expected to reach 10,000, allowing for multiple device implants across different brain areas [14]. - The ultimate goal is to create a "full brain interface" that connects biological brains with external machines, potentially revolutionizing the treatment of neurological diseases and enhancing human capabilities [16][17]. Industry Insights - The global BCI market is projected to grow at a compound annual growth rate (CAGR) of 25.22%, reaching $7.63 billion from 2025 to 2029 [3][22]. - The market size increased from $1.2 billion in 2019 to $1.98 billion in 2023, with expectations to reach $2.48 billion in 2024, reflecting a growth rate of 25.25% [21]. - The medical health sector is currently the most developed area for BCI applications, with potential market sizes ranging from $15 billion to $85 billion for serious medical applications and $25 billion to $60 billion for consumer medical applications [22]. - In China, over 2,000 patents related to BCI have been filed, indicating a growing interest and investment in this technology [23].

Group 1 - Tesla released a video showcasing its humanoid robot Optimus, highlighting advancements in "Sim-to-Real" training code and reinforcement learning for training [1] - Tesla aims to deploy thousands of Optimus robots by the end of the year, with a long-term goal of producing 1 million units within five years [1] - The production of Optimus robots at Tesla's Fremont factory is expected to boost profit expectations for domestic listed companies in the robotics industry [1] Group 2 - The robotics sector is experiencing a rebound in the A-share market, with significant gains in stocks such as HaiMuxing and HuaDong CNC [1] - The Robot ETF fund (562360) has seen a high trading volume, averaging 24.91 million yuan over the past 20 trading days, indicating strong market interest [1] - The Robot ETF fund tracks the CSI Robot Index, which overlaps 63% with the Wind Humanoid Robot Index, covering not only humanoid robots but also digital workshops and production line system integrators [1] Group 3 - The rapid evolution of technologies like artificial intelligence and embodied intelligence is expanding the application of robots beyond traditional industrial settings [2] - The domestic production process of robots is accelerating, with key technological breakthroughs in core components being essential for achieving autonomy in downstream industries [2] - The robot industry is poised for long-term growth opportunities driven by policy support and market demand, with high valuation elasticity due to ongoing technological advancements and application expansions [2]

Key Points - The U.S. April CPI year-on-year is at 2.3%, the lowest since February 2021, with market expectations at 2.4% [2] - Goldman Sachs raised the S&P 500 index year-end target for 2025 from 5900 to 6100 [2] - JPMorgan reports that the risk of a U.S. recession has now fallen below 50%, with expectations for the Federal Reserve to cut rates in December instead of September [2] Company News - SEA's stock rose over 10% pre-market, with Q1 revenue increasing by 29.6% to $4.84 billion [2] - JD.com reported Q1 earnings with a net profit of 10.89 billion yuan, a year-on-year increase of 52.73% [2] - Honda expects a 59% drop in annual profits due to tariffs and has postponed its electric vehicle investment plan in Canada [2] - Amazon and FedEx have resumed their partnership, reaching an agreement for large item delivery [2] - Huya reported Q1 total revenue of 1.51 billion yuan, with a net profit of 24 million yuan [2] - Tencent Music's Q1 net profit attributable to equity holders was 4.29 billion yuan, a year-on-year increase of 201.8% [2] - Coinbase's stock rose over 10% pre-market as the company is set to be included in the S&P 500 index on May 19 [2] - UnitedHealth's stock fell nearly 10% pre-market after the CEO announced resignation and the 2025 earnings guidance was withdrawn [2] - Tesla released a video of its humanoid robot Optimus dancing, optimizing the training code for "simulation to reality" [2]

Investment Rating - The report indicates a positive outlook for the humanoid robotics industry, suggesting that it is on the verge of industrialization and presents significant investment opportunities [11]. Core Insights - Tesla's robot team has initiated a large-scale recruitment drive, with approximately 80 positions related to the Optimus robot, primarily focused on artificial intelligence and robotics technology [1]. - The launch of Genie Studio by Zhiyuan Robotics aims to address common challenges faced by developers in the field of embodied intelligence, providing a comprehensive solution from data collection to deployment [2]. - A strategic partnership has been established between Fengli Intelligent and Yingboer to enhance collaboration in various sectors, including new energy vehicles and smart manufacturing [3]. - During Tesla's Q1 earnings call, CEO Elon Musk expressed optimism about deploying thousands of Optimus robots in factories by 2025, with a target of producing one million units annually by 2030 [4]. - The Shanghai Embodied Intelligence Fund has been officially registered with a target size of 1 billion RMB, focusing on the development of key components in the embodied intelligence and robotics industry [5]. Summary by Sections Recruitment and Development - Tesla's recruitment for its robot team has reached an unprecedented level, with 66% of the roles focused on AI and robotics technology [1]. Technological Advancements - Genie Studio has been introduced to streamline the development process for embodied intelligence, featuring four core modules that simplify data collection and model training [2]. Strategic Collaborations - Fengli Intelligent and Yingboer have signed a strategic cooperation agreement to leverage their respective strengths in various technological fields [3]. Production Goals - Tesla aims to deploy thousands of Optimus robots in factories by 2025, with a long-term goal of producing one million units annually by 2030, despite supply chain challenges [4]. Investment Initiatives - The Shanghai Embodied Intelligence Fund, with an initial fundraising of 560 million RMB, aims to accelerate technological innovation and industrialization in the robotics sector [5].

Core Viewpoint - Tesla's production of humanoid robots, "Optimus," is impacted by China's export controls on rare earth materials, specifically affecting the supply of rare earth magnets necessary for the robots' servo motors [1][2][3]. Group 1: Impact of Export Controls - China's Ministry of Commerce announced export controls on seven categories of heavy rare earth materials, including samarium, gadolinium, and dysprosium, effective April 4 [3]. - The purpose of these controls is to safeguard national security and fulfill international obligations, reflecting China's commitment to maintaining global peace and stability [3]. Group 2: Demand for Rare Earth Materials - Tesla plans to produce thousands of "Optimus" robots this year, with each robot requiring approximately 3.5 kg of high-performance neodymium-iron-boron magnets [3][10]. - The demand for rare earth materials in humanoid robots is projected to be significant, with Goldman Sachs predicting that humanoid robot shipments could reach 890,000 units by 2030, representing a compound annual growth rate of 53% from 2025 to 2030 [9][10]. Group 3: Market Reaction - Following the announcement of export controls, rare earth permanent magnet stocks surged, with companies like Jinli Permanent Magnet and Longmag Technology seeing significant stock price increases of over 10% and 7.79%, respectively [4][6][7].

泡沫之外。 作者 I 吴琼 报道 I 投资界PEdaily "这是迄今全球估值最高的人形机器人公司。" 当 国 内 具 身 智 能 赛 道 被 泡 沫 声 音 笼 罩 着 ， 另 一 个 名 字 频 频 出 现 在 投 资 人 的 交 流 里 —— Fi gu r e，一家成立于20 2 2年的硅谷具身智能独角兽。 创 始 人 Br e tt Adc oc k ， 曾 联 手 Ope nAI 打 造 出 全 球 首 款 Cha tGPT 机 器 人 。 成 立 短 短 三 年，Fi gu r e集结了硅谷豪门，如今正在筹集新一轮融资，估值飙升至4 00亿美元（约29 00 亿元人民币）。 几乎没人再提曾经红极一时的波士顿动力，反而Fi gur e正在成为风投圈的宠儿。金沙江创 投朱啸虎将具身智能泡沫争议摆上台面，Fi gur e 则让人看到更激进的一幕。有人向左， 有人往右。 全球最火的人形机器人 Fi gu r e身后，站着一位创业狂人——Br e tt Adc oc k。 出生于1 9 8 6年，Br e tt Ad c oc k在一个农场家庭长大。早在中学时期，Br e tt Adc oc k就开 始尝 ...