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 ...

中国"十五五"期间预计将从技术研发（AI 大模型、算力、传感器等）、 场景应用（工业、物流、医药等）、金融支持和人才引进等多维度系统 性支持人形机器人产业发展，包括培养链主企业，建立行业标准和伦理 治理政策。 智元发布新一代精灵 G2，计划投产年产 3,000 台生产线，2025 年出 货目标 4,000 台以上，2026 年目标 1 万台以上，并预计 2026 年香港 上市，估值 50~60 亿美元；优必选近期累计接单约 6.3 亿元，主要集 中在汽车、高校和科研领域。 四季度国产人形机器人市场存在多重催化剂，包括四中全会可能带来的 "十五五"产业政策预期，以及宇树智元和乐聚等头部厂商可能登陆资 本市场。 当前三花拓普、恒立液压、长盈精密、双环传动等 T 料核心标的估值回 调至相对舒适位置，成交金额占 A 股比例从 9 月中旬的 12%回调至 7.7%，提供较好的买入时点。 优必选 2025 年出货量目标接近千台 Worker S2 系列，定价几十万元； 2026 年预计提升至 2000-3,000 台。 Q&A 如何看待中国人形机器人产业在未来 5 至 10 年的发展前景？ 人形机器人产业-国产链进展解读 ...

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]