新华财经上海12月17日电（记者杜康、龚雯）在日前举办的2025全球开发者先锋大会上，机器人在插 花、搬运、救灾等真实场景中"各显神通"。冷冰冰的技术参数，在这里化作了鲜活的技能比拼。当然， 大赛也暴露了具身智能"笨拙"的一面：在叠衣服、拧螺丝等精细操作背后，不少机器人仍连着"遥操 作"的手柄。 恰恰是在这"能"与"不能"的缝隙中，公众得以窥见这一火热领域的技术边界与未来方向。 从机器人的"能"里看技术进阶 回望过去一年，中国具身智能领域"快步疾行"：智元远征A2人形机器人完成无间断百公里跨省行走， 充分证明了机器人能够"走得稳"；行业商业化"大单"频现，机器人真正进入工厂，负责分拣、上下料； VLA（视觉-语言-动作）模型的进化，则让机器人大脑更聪明，能够听懂人的需求。 在2025全球开发者先锋大会上，观众再一次真切看到了机器人的"能"。 更棘手的是环境干扰。"光照变化、桌子周边物体的摆放、强光下周边物体在桌子上的倒影等，都有可 能让机器人'智商下线'，操作不准。这种难以将目标与'背景噪音'剥离的困境，折射出当下具身智能在 物理场景理解能力上的短板——泛化性不足。"参赛队员对记者表示。 ——拧螺丝等精细活儿 ...

Core Viewpoint - The Zhiyuan Expedition A2 humanoid robot successfully completed a 106.286 km cross-province walking challenge from Suzhou Jinji Lake to Shanghai Bund, setting a Guinness World Record for the longest journey walked by a humanoid robot [1]. Group 1: Challenge Details - The challenge began at the landmark "Oriental Gate" in Suzhou and involved navigating through various terrains, including urban areas, scenic spots, national and provincial roads, and diverse environmental challenges such as asphalt roads, tiled paths, bridges, and poor nighttime lighting [7]. - The robot operated continuously without shutting down, utilizing Zhiyuan's rapid hot-swappable battery system, and completed the journey without any falls [9]. Group 2: Robot Performance and Technology - The robot used for the challenge was the same unit taken directly from the production line, without any modifications or special footwear, and showed only minor wear on the rubber sole after the journey [8]. - The robot's performance has improved significantly, with over 1,000 units deployed commercially this year, indicating increased reliability and stability, which has led to repeat purchases from clients [10]. Group 3: Industry Implications - The successful completion of the challenge demonstrates the maturity of the robot's hardware performance, balance algorithms, and durability, laying the groundwork for large-scale commercial deployment [10]. - The current battery technology limits the robot's operational time to about 2 hours of walking, indicating a need for further advancements in battery performance to enhance endurance [10].

上海首家人形机器人量产企业——智元创新(上海)科技有限公司(以下简称智元机器人)方面表示，这场 全球首次全尺寸人形机器人24小时户外行走挑战，其核心目标在于验证人形机器人技术实用化的关键能 力：自主行走稳定性、环境适应性及硬件可靠性。 中国已成为全球机器人第一大生产国，拥有全产业链布局。官方最新数据显示，2025年上半年，中国机 器人产业营业收入同比增长27.8%。与此同时，中国人形机器人产业发展迅速，正逐步从概念设想迈向 实际应用。 在深圳宝安区，政务人形机器人"上夜班"接力人工柜台提供服务，已实现高龄补贴申领、合同备案等 275项业务的夜间受理；8月11日，智元机器人与富临精工股份有限公司达成合作，近百台智元远征A2- W轮式通用机器人将落地工厂产线，接替工人完成车间内高频、重复的搬箱工作。 "人形机器人起步时是偏科研的，随后走到了半商业化半科研的阶段。"同济大学电子与信息工程学院教 授印真表示，人形机器人"一路走来"迭代迅速，部分中国人形机器人企业的商业化步伐也比想象中更 快。 在印真看来，人形机器人在场景落地中需满足"降本增效""危险替代""体验升级"三大核心需求。目前， 人形机器人已在"展厅讲解"" ...

Market Overview - The AI and robotics sectors experienced a strong rally, with the Huaxia Sci-Tech AI ETF (589010) closing up 1.20% and a 5-day increase of 6.14% [1] - Among the 30 component stocks, 28 saw gains, with Lanke Technology leading at 4.56% and Stone Technology rising 4.03% [1] - The Robotics ETF (562500) rose by 2.13%, with a significant increase in trading volume, totaling 1.695 billion yuan [1] - The latest scale of the Robotics ETF reached 17.078 billion yuan, setting a new record [1] Key Developments - The Zhiyuan Expedition A2 humanoid robot successfully completed a 24-hour live stream challenge in high temperatures, marking a global first for autonomous long-duration walking in such conditions [2] - The Shenzhou 20 crew utilized the "Wukong AI" model during a 6.5-hour extravehicular activity, enhancing operational support for astronauts [2] - The "Embodied Tiangong Ultra" robot won the championship in the 100-meter sprint at the first humanoid robot sports event, clocking in at 21.50 seconds [2] Institutional Insights - Guojin Securities anticipates a surge in applications for robots with simple movements but high flexibility in the third and fourth quarters of this year, with a gradual increase in efficiency expected through data and model optimization [3] - The logistics, apparel, and healthcare sectors are seeing increased participation from application enterprises, supported by favorable policies [3] Popular ETFs - The Robotics ETF (562500) is the only fund in the market with a scale exceeding 10 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Huaxia Sci-Tech AI ETF (589010) is positioned as the brain of robotics, capturing the "singularity moment" in the AI industry with a 20% fluctuation range and small-cap elasticity [4]

Group 1 - Xiaomi plans to open 10,000 stores overseas in the next five years as part of its global retail strategy [5] - Xiaohongshu's valuation has surged to $26 billion, significantly increasing from the previous $20 billion, driven by a recent transaction [5] - Sweetlala has opened 10 new stores in Indonesia, bringing its total to 127, indicating a strong market expansion strategy [5] Group 2 - Miniso is evaluating the potential spin-off of its toy business for independent listing to optimize shareholder value [6] - Stone Technology plans to issue H-shares and list on the Hong Kong Stock Exchange, pending shareholder approval [6] - Jinjiang Hotels intends to issue H-shares for further overseas expansion, with a focus on Southeast Asia [6] Group 3 - Meituan has launched its first regular drone delivery route in Hong Kong, enhancing its logistics capabilities [7] - BYD is set to launch a micro electric vehicle in Japan next year, indicating its commitment to international markets [8] - Aisida plans to invest up to 150 million yuan in Vietnam for the production of kitchenware and small appliances [8] Group 4 - NIO reported Q1 revenue of 12.03 billion yuan (approximately $1.66 billion), a year-on-year increase of 21.5% [8] - Jovi, a Chinese smartphone brand, has officially launched its products in Brazil, marking a significant step in its global expansion [9] - TikTok has opened its first offline selection center in Vietnam, enhancing its engagement with local businesses [9] Group 5 - Tencent Cloud has successfully migrated Gojek's services to its platform, showcasing its capabilities in handling complex cloud transitions [10] - ZhiYuan Robotics' A2 humanoid robot has become the first to receive certifications from China, the EU, and the US, highlighting its international compliance [10] - Keling AI has achieved an annualized revenue run rate exceeding $100 million within ten months of its launch [10] Group 6 - The service trade in China reached 26,320.6 billion yuan in the first four months of 2025, reflecting an 8.2% year-on-year growth [13] - Trade between China and South Asian countries is expected to approach $200 billion in 2024, doubling over the past decade [14] - The Hong Kong government is investing over HKD 10 billion to develop the AI industry, aiming to enhance its innovation capabilities [15] Group 7 - The global AI app downloads reached 280 million in May 2025, a decrease of 16.4% from April [16] - The African small appliance market is projected to reach $26 billion by 2025, driven by urbanization and a growing middle class [16] - BoCui Recycling has completed over 100 million yuan in Series B financing to enhance its battery recycling solutions [17]

Core Insights - The report indicates a rebound in the A-share market, with the Shanghai Composite Index closing up 0.43% at 3361.98 points, and the Shenzhen Component Index rising 0.16% [1][6] - The report highlights that the manufacturing sector in China has entered a contraction phase, with the Caixin Manufacturing PMI for May dropping to 48.3, marking the first contraction in eight months [2][7] - The report notes that the beauty care and textile industries led the gains in the market, while the home appliance sector lagged behind [1][6] Industry Highlights - The report discusses the significant achievement of Zhiyuan Robotics, whose A2 humanoid robot has received certifications from China, the EU, and the US, making it the first humanoid robot to achieve such recognition globally [8][9] - The A2 robot's certifications reflect a technological breakthrough and have implications for the industry's development and commercialization [9][10] - The report emphasizes that the A2 robot's global certification marks a milestone in safety and reliability, enhancing China's competitiveness in the robotics sector [10][12]

Core Viewpoint - The mechanical equipment index decreased by 0.43% last week, while the Shanghai-Shenzhen 300 index fell by 1.08% and the ChiNext index dropped by 1.40%. The mechanical equipment sector ranked 21st among all 31 industries in terms of performance [2][4]. Market Performance - The mechanical industry valuation level (overall method) stands at 31.0 times [2][4]. - The top three performing segments in the mechanical industry last week were oil and gas development equipment, testing services, and shipping equipment [2][4]. - Year-to-date, the top three performing sub-segments are wind power equipment, machine tools, and engineering machinery [2][4]. Industry Insights - The manufacturing PMI for May is at 49.5%, showing a month-on-month increase of 0.5 percentage points, but still in the contraction zone. The production index is at 50.7%, indicating a return to expansion [4][5]. - The cumulative production of metal cutting machine tools from January to April 2025 reached 264,000 units, a year-on-year increase of 16.8%. The cumulative production of industrial robots was 221,000 units, with a year-on-year growth of 34.1% [4][5]. Investment Recommendations - Focus on the infrastructure and real estate chain driven by policy efforts, recommending engineering machinery and urban rail signaling systems [5]. - Suggest attention to cyclical general equipment, including industrial control, machine tools, industrial gases, and testing services, as domestic demand recovers [5]. - New quality productivity development is expected to drive new demand for machine tools, with recommended stocks including Haitan Precision, Neway CNC, and Kede CNC [5].

Core Viewpoint - The article highlights that the Zhiyuan Robot's "Expedition A2" humanoid robot has become the first in the world to obtain certifications from China (CR), the European Union (CE-MD, CE-RED), and the United States (FCC), marking a significant milestone in the humanoid robotics industry [2][3][5][7]. Group 1: Certifications and Achievements - The Expedition A2 humanoid robot is the first globally to receive CR certification, which is a high-end certification promoted by the Chinese government, ensuring safety and performance standards [3]. - The robot has also achieved CE-MD certification, which assesses mechanical safety and risk protection measures, confirming its compliance with international safety standards [5]. - Additionally, the Expedition A2 has passed the FCC certification, which ensures electromagnetic compatibility and radio frequency safety, allowing it to enter the U.S. market [7]. Group 2: Technical Specifications and Applications - The Expedition A2 is designed based on ergonomic principles, enabling it to autonomously navigate and interact in complex environments [9]. - It stands at a height of 170 cm and features over 50 degrees of freedom, equipped with safety monitoring and dual control systems, making it suitable for various applications such as marketing services, exhibition explanations, and supermarket guidance [9]. - The robot's safety features include PLd-level protection, ensuring its reliability in diverse operational scenarios [9].