国泰海通晨报 2025 年 10 月 21 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【政策研究】："十五五"时期是我国迈向 2035 年远景目标的关键攻坚期，必须坚持以新质生 产力为核心驱动，通过科技创新和产业升级推动高质量发展，同时在复杂多变的国际环境中统筹 改革开放、安全发展与民生福祉。 2、【海外科技研究】海外科技：OpenAI 动作频频：再签 10GW 博通算力订单，布局底层硬件能 力；ChatGPT 接入沃尔玛、计划推出消费级硬件产品，持续探索更多商业模式。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 李明亮(分析师) 021-23185835 limingliang@gtht.com S0880525040001 纪尧(分析师) 021-23185836 jiyao@gtht.com S0880525040003 孙欣欣(分析师) 021-38038562 sunxinxin@g ...

Summary of the Human-Robot Industry Conference Call Industry Overview - The human-robot industry in China is expected to receive systematic support during the "14th Five-Year Plan" period, focusing on technology research and development, application scenarios, financial support, and talent introduction [1][2] Key Companies and Developments - **Zhiyuan**: Launched the new generation of the Spirit G2 robot, with a production line targeting an annual output of 3,000 units. The shipment target for 2025 is over 4,000 units, and for 2026, it is over 10,000 units. The company plans to go public in Hong Kong in 2026, with a valuation of $5-6 billion [1][4] - **UBTECH**: Received orders totaling approximately 630 million yuan, mainly in the automotive, education, and research sectors. The shipment target for 2025 is close to 1,000 units of the Worker S2 series, with a price in the hundreds of thousands yuan range. The target for 2026 is to increase shipments to 2,000-3,000 units [1][7] - **Yushun**: Aims for a shipment target of 4,000-5,000 units in 2025, primarily consumer products, with expectations to exceed 10,000 units in 2026. The company plans to submit an IPO application in Q4 2025 [3][8] - **Xiaopeng**: Plans to release the fifth generation of human robots in November 2025, with a production target of 50,000 units annually starting in the second half of 2026 [3][9] - **Xiaomi**: Plans to deliver 100 robots in 2025, with an expected shipment of over 1,000 units in 2026 [3][10] - **Changan Automobile**: Plans to invest 50 billion yuan over the next five years, focusing on human-robot technology and aims for mass production by 2028 [3][11] Market Catalysts - The fourth quarter is expected to see multiple catalysts for the domestic human-robot market, including potential policy support from the upcoming Fourth Plenary Session and the anticipated IPOs of leading companies like Yushun and Leju [1][5] Investment Opportunities - Current valuations of core T-material companies such as Sanhua Top, Hengli Hydraulic, Changying Precision, and Shuanghuan Transmission have adjusted to more comfortable levels, providing better buying opportunities. The transaction amount of tracked human-robot companies has decreased from 12% to 7.7% of the total A-share transaction amount since mid-September [1][6] Policy Developments - Hangzhou has introduced the first national regulations for embodied intelligent robots, aiming to achieve mass production of at least three human robots and five bionic robots by the end of 2027, with a total output value exceeding 20 billion yuan and an industry scale reaching 50 billion yuan by 2029 [12][13]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry [1] Core Insights - The humanoid robot industry is expected to experience significant investment opportunities as it evolves from 0 to 1, driven by the electric and intelligent transformation trends. The recent launch of the industrial-grade humanoid robot "G2" by Zhiyuan and a major order for the "Walker S2" by UBTECH highlight the industry's growth potential. The report suggests that the humanoid robot sector may be on the verge of a "ChatGPT moment" [18][10][5] Industry Performance - The humanoid robot industry is witnessing rapid product iterations and business collaborations, with a focus on scaling production and commercial applications. The report emphasizes the importance of companies with core component capabilities and active involvement in humanoid robotics [18][10][5] Key Events and Developments - Zhiyuan launched the new industrial-grade humanoid robot "G2," which showcases advanced capabilities in various industrial applications, including automotive and consumer electronics [5] - UBTECH secured a procurement agreement worth 32 million yuan for the "Walker S2" humanoid robot, adding to its previous large order, bringing the total contract value to nearly 500 million yuan [10] - XenseRobotics completed a significant Pre-A round of financing to enhance its technology and market presence in the humanoid robotics sector [6] - Beijing Yunji Technology officially listed on the Hong Kong Stock Exchange, raising approximately 5.41 billion yuan, positioning itself as a leader in the global robot market [8] Investment Focus - The report recommends focusing on companies with core component expertise and active engagement in humanoid robotics, including Sanhua Intelligent Control, Top Group, and others involved in actuator assemblies and precision components [18][19]

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) showcased advancements in robotics, highlighting a future of human-robot coexistence with various applications from labor to companionship [2][12] - A significant forum titled "New Opportunities for Embodied Intelligence from a Global Perspective" featured leading experts from academia and industry discussing the intersection of research and practical applications in embodied intelligence [4] Group 1: Technological Developments - Yao Maoqing from Zhiyuan Robotics introduced a comprehensive framework for embodied intelligence, integrating robot body, motion intelligence, interaction intelligence, and operational intelligence into a closed-loop system [5][7] - Zhiyuan Robotics launched the "Genie Envisioner" platform, an open-source world model for dual-arm robots, which provides an end-to-end solution for robots to transition from perception to action [7][10] - The company also unveiled the first universal embodied base model, "Qiyuan," capable of adapting to various heterogeneous robot bodies [9] Group 2: Practical Applications - Zhiyuan Robotics has successfully implemented its technology in four key areas: industrial manufacturing, warehousing logistics, power inspection, and interactive guidance, demonstrating significant advancements in operational efficiency [10] - Robots equipped with the GE-Act platform have completed tasks such as making sandwiches and using microwaves with success rates exceeding industry averages, showcasing unprecedented precision and robustness [10] Group 3: Academic Contributions - Leading academics discussed breakthroughs in embodied intelligence, with Google scientist Stefan Schaal addressing challenges in high-performance AI-driven robotic operations [11] - Tsinghua University researcher Su Hang elaborated on how base models can facilitate the transition of robots from virtual training to real-world applications [11] - The roundtable discussion featured insights from various experts on the opportunities and challenges in the transition from automation to intelligence in the industry [11]