编辑：艾伦 【新智元导读】马斯克主动为Grok 5戴上「纯视觉感知」与「拟人延迟」的双重镣铐，彻底告别API读数据与暴力手速的作弊时代，向传奇战队T1发起挑 战。这是一场终极图灵测试，AI不再靠微操碾压，而是像人类一样通过「看」屏幕理解像素、依靠阅读战术与其后的逻辑推理来博弈。「醉翁之意不在 酒」，这场峡谷之战实为特斯拉Optimus机器人的练兵场——如果AI能看懂混乱团战，它就离看懂复杂的物理现实世界不远了。 马斯克再次向人类认知边界投下了一枚震撼弹！ 这一次，战场选在了《英雄联盟》的召唤师峡谷。 「让我们看看Grok 5能否在2026年击败最强的人类《英雄联盟》战队。」 新智元报道 这封战书不仅引爆了电竞圈，更让科技界屏息凝神。 如果说AlphaGo战胜李世石是计算力的暴力美学，那么Grok 5挑战T1战队（由传奇选手Faker领衔），则是一场关于「感知」与「直觉」的终极图灵测试。 但这不仅仅是一场游戏。马斯克为AI戴上了两层沉重的镣铐：纯视觉感知与人类级反应延迟。 这是让AI学会像人类一样「看世界」和「思考」。 为什么要给AI戴上镣铐 在理解这场对决的意义前，我们需要戳破一个泡沫：过去的游戏AI，某种意 ...

马斯克主动为Grok 5戴上「纯视觉感知」与「拟人延迟」的双重镣铐，彻底告别API读数据与暴力手速的作弊时代，向传奇战队T1发起挑战。这是一场终 极图灵测试，AI不再靠微操碾压，而是像人类一样通过「看」屏幕理解像素、依靠阅读战术与其后的逻辑推理来博弈。「醉翁之意不在酒」，这场峡谷 之战实为特斯拉Optimus机器人的练兵场——如果AI能看懂混乱团战，它就离看懂复杂的物理现实世界不远了。 马斯克再次向人类认知边界投下了一枚震撼弹！ 这一次，战场选在了《英雄联盟》的召唤师峡谷。 「让我们看看Grok 5能否在2026年击败最强的人类《英雄联盟》战队。」 这封战书不仅引爆了电竞圈，更让科技界屏息凝神。 如果说AlphaGo战胜李世石是计算力的暴力美学，那么Grok 5挑战T1战队（由传奇选手Faker领衔），则是一场关于「感知」与「直觉」的终极图灵测试。 但这不仅仅是一场游戏。马斯克为AI戴上了两层沉重的镣铐：纯视觉感知与人类级反应延迟。 这是让AI学会像人类一样「看世界」和「思考」。 为什么要给AI戴上镣铐 在理解这场对决的意义前，我们需要戳破一个泡沫：过去的游戏AI，某种意义上都在「作弊」。 API的原罪：全知 ...

正文： " 稚晖君 " 彭志辉 当上A股董事长的信息，刷屏行业圈！ 11月25日，[上纬新材](688585.SH)发布关于完成董事会换届选举及聘任高级管理人员的公告，简单概述为： 董 事会完成换届选举，彭志辉任董事长；聘任田华为总经理兼CEO、周斌为Co-CEO兼CTO、章彪CFO兼财务负责 人、李元为董事会秘书 。 至此，上纬新材原高管团队正式退出舞台；值的注意的是，核心团队除 了智元团队外皆具备华为背景。 温馨提示 ： 点击下方图片，查看6月原创报告，11月最新研报已上传星球内（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 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）； —— 田华：曾担任华为东北欧企业副总裁、计算产品线副总裁兼首席商业官等岗位；目前担任智元生态发展总 经理、首席供应官（2025年10月入职）； 周斌：曾担任华为昇腾计算CTO，早期曾先后担任英伟达高级工程师、Sense Time Corp深度学习科学 家、 Novumind Inc 全球研发副总裁； 章彪：具备20 ...

证券时报记者 梅双 在新能源汽车市场竞争日益激烈的今天，人形机器人更是被不少车企视作新的增长引擎。11月5日，在 小鹏科技日上，小鹏汽车CEO何小鹏在演讲中表示，机器人产业市场规模有望达到20万亿美元。 还有车企人士向证券时报记者表示，车企进入人形机器人领域是一场战略卡位战，越早在这一领域做出 成绩的企业，越能在消费者心中树立智能化、科技化的企业形象。"特斯拉曾凭借AI和机器人概念支撑 其高市值，在资本市场'汽车+机器人'的故事并不新鲜。"上述车企人士表示，部分车企布局人形机器人 不排除是"跟风"，还有部分车企希望通过布局机器人，成为未来"智能操作系统"的定义者，而不仅仅局 限于汽车制造商的角色。 自研与投资合作并行 主流车企纷纷进入人形机器人领域，入局方式也各有侧重。其中，自研和投资合作是两种较为常见的模 式。 当汽车工厂流水线上的机械臂将核心部件装配进一具仿生躯干，一场由车企主导的人形机器人卡位战已 悄然打响。 越来越多车企将它们在机械工程、动力系统和人工智能领域积累的经验倾注到人形机器人赛道。在近日 举行的第二十三届广州国际汽车展览会上，广汽集团、小鹏汽车等车企的新款机器人得以集中展示。此 外，多家车企 ...

Group 1 - The core viewpoint of the report is that the humanoid robot industry is expected to see significant growth, with a focus on companies that have strong order volumes and are positioned in valuable segments of the supply chain [1] - The report highlights the historical performance of the humanoid robot sector, noting that the first wave of growth was driven by Elon Musk's production targets, with expectations of mass production in 2025 and output levels of 50,000 to 100,000 units in 2026 [1][3] - The report suggests that the humanoid robot sector may have reached a bottom, with upcoming catalysts such as the release of Tesla's Optimus Generation 3 and the potential IPOs of domestic companies like Yushun Technology and Leju Robotics [1][3] Group 2 - The report estimates that if humanoid robots achieve large-scale production of 1 million units, the overall cost per unit is projected to be 140,000 yuan, leading to a market size of approximately 140 billion yuan [2] - The acceleration of humanoid robot industrialization is evident, with leading companies like Yushun Technology and UBTECH securing substantial orders, and the imminent IPOs of Yushun Technology and Leju Robotics indicating rapid progress in the sector [3]

财通证券指出，人形机器人板块预计将在2025年和2026年由特斯拉Optimus三代发布及量产推动新一轮 行情。若实现大规模量产（100万台），每台机器人的成本将降至约14万元，市场空间将达到1400亿 元。宇树科技、优必选等企业已获得大量订单，人形机器人产业化进程正在加速。 （文章来源：每日经济新闻） 机器人产业ETF（159551）跟踪的是机器人指数（H30590），该指数聚焦于机器人产业相关企业，从市 场中选取从事机器人研发、制造及应用的上市公司证券作为指数样本，涵盖机械制造、电子设备和信息 技术等领域。指数配置突出技术创新与工业自动化趋势，旨在反映智能装备和自动化解决方案领域的整 体发展表现。 ...

温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共235页） 说明： 欢迎约稿、刊例合作、行业交流 ， 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： 何小鹏大谈人形机器人，但二级市场并不买单！ 11月17日，[小鹏汽车]发布 三季度财报，何小鹏在财报电话交流会上，大谈AI、Robotaxi和人形机器人，其中人 形机器人占据近1/3时间，主营业务汽车反而聊得很少，表示：公 司新的十年愿景是让 小鹏汽车 成为面向全球的 具身智能公司。 小编视角： 人形机器人相关话术很熟悉，叙事结构也和马斯克在特斯拉三季度财报电话交流会基本一致，主要区 别是小鹏主营汽车业务至今未扭亏为盈，体量处于两个不同量级。 最终，二级市场完全不买单，小鹏美股收跌超10%，迎来四连跌（大跌），港股同样如此，同时小鹏机器人链们 也没有获得催化。 （注：小鹏机器人产业链核心标的（6家），小编已梳理到星球） 接下来简单梳理一下财报会议中人形机器人部分（未来展望）： 核心关键点： 1）计划于2026年底率先实现高阶人形机器人 ...

Core Viewpoint - Xiaopeng Motors is shifting its focus towards humanoid robots, with CEO He Xiaopeng discussing this vision extensively during the Q3 earnings call, while the market response has been negative, leading to a significant drop in stock prices [2]. Financial Performance - Xiaopeng Motors reported a Q3 loss, with the CEO emphasizing the company's new ten-year vision to become a global embodiment intelligence company, dedicating nearly one-third of the earnings call to humanoid robots [2]. Product Development - The new generation humanoid robot, IRON, was officially launched on November 5, 2025, showcasing its ability to walk in a human-like manner [4]. - The company plans to achieve mass production of high-end humanoid robots by the end of 2026, targeting commercial applications in guiding and front desk services [2][5]. Market Reaction - Following the discussions around humanoid robots, Xiaopeng's stock fell over 10%, marking a four-day decline, with no significant market catalysts for the associated supply chain companies [2][11]. - Despite the launch of the IRON robot, market interest remained low, with criticisms regarding the lack of practical applications demonstrated [7]. Industry Context - The humanoid robot sector is seeing increased competition, with 15 major automotive companies entering the field, and Xiaopeng Motors positioned as a leading contender for early mass production [11]. - The overall market for humanoid robots has faced challenges, with recent reports from Goldman Sachs and Morgan Stanley indicating skepticism about the industry's growth potential [12]. Future Outlook - The company aims to sell over one million robots annually by 2030, with a focus on commercial applications [2]. - The humanoid robot sector is currently in a "good news vacuum," with limited catalysts for growth, although some supply chain companies are beginning to receive positive developments [12].

Core Insights - The humanoid robot sector is undergoing a phase of adjustment, but short-term fluctuations have not altered the core growth logic of the industry, instead creating new investment opportunities [1][2][4] - Analysts believe the sector has transitioned from early thematic investment to a growth inflection point, with significant technological breakthroughs and product launches emerging [2][3] Market Performance - As of November 18, the Wind humanoid robot concept index fell by 0.81%, with several stocks like Hongying Intelligent and Funeng Technology seeing gains of over 3% [1] - Since June 23, the index has experienced a cumulative increase of over 41%, but has since entered a phase of adjustment, dropping more than 11% from its peak on September 18 [1] Investment Opportunities - The current market environment is seen as a "goose to truth" phase, where the focus shifts to genuine growth potential following a significant adjustment in October [2][4] - The industry is on the brink of a trend realization, with key developments such as Tesla's Optimus mass production orders and the release of Gen3 prototypes supporting market expectations [2] Industry Dynamics - The industry consensus has shifted from exiting the laboratory to rapid scaling, with breakthroughs across software, hardware, and supply chains [3] - Companies in the humanoid robot sector are increasingly linked to the new energy vehicle supply chain, leveraging existing technological advancements to reduce costs and accelerate production cycles [3] Future Outlook - The humanoid robot industry is expected to enter a phase of mass production by 2026, with companies like Tesla and Yushu set to launch production lines [4] - Over the next 5 to 20 years, humanoid robots are anticipated to reshape manufacturing, services, and household life, emerging as a significant growth sector [4] Investment Focus - Analysts recommend focusing on three main lines: high-probability "T-chain" targets, incremental opportunities from technological upgrades, and undervalued stocks with expected growth [4] - There is a strong emphasis on identifying companies within the "T-chain" and domestic supply chains that are well-positioned to benefit from policy guidance and capital operations [4]

Core Viewpoint - The article discusses the recent IPO progress of Yushu Technology, a leading humanoid robot company in China, and the competitive landscape among various startups in the humanoid robotics sector, highlighting the rush towards IPOs driven by funding needs and market positioning [2][4]. IPO Progress of Yushu Technology - Yushu Technology completed its IPO counseling on November 10 and is now in the acceptance phase, aiming to submit its IPO application and detailed financial data soon [2][4]. - The company is expected to be the first humanoid robot company listed on the A-share market, with a projected listing in the first half of 2026 [4]. Industry Trends and Competition - The article notes a surge in IPO activities among leading humanoid robot startups, with several companies like Leju Robotics and Zhiyuan Robotics also advancing their IPO processes [5]. - The rush for IPOs is seen as a response to the industry's lack of sustainable business models and the influx of new players, which has created a competitive environment [6][7]. Concerns and Challenges - There are concerns about the sustainability of the humanoid robotics market, as many startups have not achieved significant technological breakthroughs and are still in the early stages of commercialization [5][6]. - Reports of deceptive practices, such as companies presenting remote-controlled robots as fully autonomous, have raised red flags about the industry's integrity [6]. Financial Dynamics - Investors are pushing for IPOs due to high valuations achieved in previous funding rounds, with some stakeholders expressing urgency to go public to avoid potential buyback risks [7]. - The article highlights that the success of IPOs may not necessarily translate into long-term viability for the companies involved, as the market is still maturing [9]. Market Impact and Future Outlook - The article suggests that while the IPOs may provide short-term capital, the real challenge lies in achieving a sustainable business model post-listing [9][10]. - The performance of the humanoid robotics sector is currently influenced by external factors, including developments from major players like Tesla, which may overshadow the efforts of smaller startups [10][12].