当时间的刻度指向2026，一个崭新的五年征程即将启幕。 此刻，我们立足承前启后的交汇点，"十四五"即将圆满收官。回顾2025年，在多重压力之下，中国经济再次走过了"很不平凡"的一年，并展现出强大韧性和 活力。 刚刚闭幕的中央经济工作会议深刻指出，做好2026年经济工作，要"坚持稳中求进工作总基调"，在政策取向上，"要坚持稳中求进、提质增效"，着力稳就 业、稳企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实现"十五五"良好开局。 启新程，当乘势而上，更须砥砺前行。站在"十五五"新程待启的关键时点，如何看待2026年的经济形势？2026年经济工作怎么干？新京报贝壳财经推出《看 2026：十五五·启新程》专题报道，汇聚监管部门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。2026，我们携手出发。 新京报贝壳财经：中央经济工作会议在部署"人工智能+"的同时，特别强调了要"完善人工智能治理"。随着机器人在更多商业乃至家庭场景中应用，越疆如 何看待其带来的安全、伦理和隐私保护问题？是否有相应的治理框架或设计原则？ 当人形机器人企业争相冲刺资本市场时，越疆科技已悄然成为港股"协作机器 ...

机构：中信建投证券 研究员：许光坦/籍星博 核心观点 越疆作为全球协作机器人领域的领先企业，凭借全栈自研技术体系、多元化产品矩阵及全球化布局，构 建起显著竞争优势。公司深耕协作机器人赛道，截至2025 年8 月公司协作机器人累计出货量达10 万 台，位居中国第一、全球前二。在巩固协作机器人优势的同时，公司积极布局具身智能赛道，已构 建"机械臂+人形机器人+机器狗"多形态具身智能产品矩阵。公司积极进行技术研发，持续推动协作机 器人与具身智能的商业化落地，看好其在协作机器人市场深耕与具身智能增量市场突破的双重增长潜 力。 摘要 全球协作机器人领军企业，产品矩阵完善、出货量国内第一。产品矩阵覆盖六轴、四轴及复合机器人， 应用场景渗透工业、商业、医疗、科教等领域。截至2025 年8 月，公司协作机器人累计出货量达10 万 台，位列中国第一，全球前二。核心技术上，关键部件自主研发、通用控制、安全技术、机器人技术、 AI 技术五大技术集群支撑产品性能，运动学全参标定补偿技术实现0.229 毫米绝对定位精度，SafeSkin 安全技术满足高速人机协同需求。 协作机器人发展前景广阔，公司多方位优势享受行业增长红利。 政策支持 ...

加入高工机器人专业行业群，加微信：18565829548，出示名片，仅限机器人及智能制造产业链相关企业。 *本文共约 2947字，阅读完成需 6分钟。 以"感知-决策-执行"闭环为特征的具身智能，成为2025年行业焦点。从深耕制造业的工业机器人巨头，到探索智能驾驶边界的科技新贵，再到手握尖端芯 片技术的行业巨擘与锐意进取的初创力量，不同赛道的先锋企业正将目光投向工业具身智能领域。 但工业具身智能应用需要制造业、机器人行业、算法界的深度协同。单一企业的单打独斗难以应对复杂的技术挑战，跨界合作、产业链上下游协同成为主 流模式。2026年无疑是迈向更智能、更融合、更实用机器人时代的关键一年。 在此背景下，12月15日，2025（第十二届）高工机器人年会、2025（第六届）高工移动机器人年会暨高工金球奖颁奖典礼在深圳机场凯悦酒店盛大举行。 在会议即将拉开帷幕之际，高工机器人董事长张小飞博士率先发表致辞。张小飞博士表示，回望2025这一年，汽车、3C、新能源这三大支柱行业，依然 是机器人应用的主战场，但下游行业的周期性轮动已成常态，需求的结构性分化也更加明显。面对这样的环境，机器人行业展现出了强大的韧性，不是在 周期中 ...

田新扬 何汝明 让机器从执行命令的"孤岛"，成为懂得协作的群体？让机器人安全走进人类生活？今天要介绍的两 位在杭博士后，致力于为机器装上智能"机械脑"，让未来的机器人更聪明、更可靠。 来自杭州智元研究院的何汝明，用博弈论为无人机群装上"大脑"，使机群能像雁阵般自主编队、灵 活补位，实现高效的群体协作。 来自北京航空航天大学杭州创新研究院的田新扬，注重为机器人打造"小脑"，确保它与人类交互时 始终保持安全、可控与稳定。 一个主攻"协作"，一个专注"安全"。他们正以不同的科研路径，实现同样的智能愿景：推动智能机 器从一个聪明的个体，进化为一个高效、安全的整体，不断拓展人机共生的未来边界。 "单个机器的能力终究有限，但若能让它们默契配合，有的负责探测目标，有的专攻救援执行，甚 至在队友'掉线'时主动补位，任务效率会呈几何级提升。"何汝明口中的研究核心，正是多智能体博弈 技术。 通俗来讲，这门技术就是让多个具备自主决策能力的智能机器，在同一环境中通过策略互动，最终 实现共同目标——就像训练一支足球队，每个球员都有自主判断，但始终围绕整体战术运转。 让无人机学会"思考" 当一群协同搜救的无人机呼啸升空，若仅简单划定各自 ...

2025年12月2日下午，GIS全球人工智能+具身机器人峰会在香港举行。来自智元机器人、云深处科技、 赛博格机器人等顶尖企业的行业领袖与学术专家齐聚一堂，围绕具身智能技术突破、场景应用落地、全 球产业布局及伦理治理等核心议题展开深度分享，共同见证机器人产业从实验室走向规模化商业化的关 键跨越。 本次峰会聚焦"AI+机器人"融合发展趋势，全方位展现了具身智能在技术创新与产业应用上的最新成 果。智元机器人合伙人王闯在演讲中透露，成立仅两年多的智元已实现全尺寸人形机器人规模化量产， 2025年预计营收达1010亿元，全球出货量稳居全尺寸人形机器人领域首位。其旗舰产品远征A2作为全 球唯一获得中美欧认证的全尺寸人形机器人，已在讲解接待、文娱商演、品牌代言等场景实现商业化部 署，合作客户涵盖中国移动（600941）、奇瑞汽车、中国农业银行等知名企业，海外市场布局已覆盖中 东、北美、东南亚及欧洲等地区。 本次峰会不仅集中展示了中国企业在具身机器人领域的全球领先实力，更勾勒出技术从单点突破到生态 协同的产业升级路径。随着老龄化加剧、劳动力结构变化及政策资本持续加持，具身机器人已进入万亿 级赛道的黄金发展期。从工业运维到民生 ...

Core Insights - Morgan Stanley's survey reveals a strong interest among Chinese enterprises in deploying humanoid robots, with 62% planning to implement them within three years, indicating significant market potential. However, only 23% of respondents are satisfied with current products, highlighting a critical need for improvements in flexibility, functionality, and pricing [1][4][14]. Deployment Plans - Among 86 surveyed companies, 62% are categorized as "potential adopters," with plans to initiate humanoid robot pilot projects or major deployments within three years. Specifically, 12% plan to invest in 2025, 29% in 2026, and 21% in 2027 [4][3]. - The adoption rate for composite robots (mobile base + robotic arm) is expected to be the fastest, with 21% of companies planning deployment by 2025, increasing to 64% by 2027. In contrast, wheeled humanoid robots will see deployment rates of 8% in 2025, 37% in 2026, and 58% in 2027, while bipedal robots will have rates of 6%, 17%, and 41% respectively [3][7][9]. Product Maturity and Satisfaction - Despite strong market demand, product maturity is a significant constraint on the large-scale application of humanoid robots. Only 23% of respondents express satisfaction with current products, while 53% are neutral and 25% dissatisfied [14][16]. - Satisfaction levels vary by industry, with manufacturing firms showing relatively higher satisfaction compared to industrial and service sectors, which exhibit net dissatisfaction [16]. Performance Expectations - Among potential adopters, only 42%-57% rated various performance indicators as "excellent/good," indicating substantial room for improvement. The most anticipated enhancements include human-robot collaboration (70%), IoT integration (57%), fine manipulation (57%), and self-learning capabilities (49%) [18][24]. - Cost remains a critical barrier, with 92% of respondents believing that the price of humanoid robots must drop below 200,000 RMB (approximately 28,000 USD) for widespread adoption, and 40% identifying the ideal price range as 100,000-200,000 RMB [18]. Market Landscape - Chinese brands dominate the market, with Yushutech being the most engaged integrator, having contact with 60% of potential adopters, followed by Yundongchu (28%), UBTECH (23%), and Midea (17%) [20][22]. - The current brand preferences reflect visibility and media exposure rather than actual performance, as evidenced by Yushutech's high visibility despite lacking manufacturing capabilities [25]. Investment Recommendations - Morgan Stanley maintains a positive long-term outlook for humanoid robots but emphasizes that the market is still in its early stages, with scaling requiring time. The firm suggests prioritizing investments in component suppliers, as these companies are expected to benefit earlier from industry growth [27]. - The anticipated drivers for market interest in 2026 include new product launches by tech giants like Tesla, expanded government subsidies, and IPOs of related companies [27].

Core Viewpoint - The emergence of wheeled humanoid robots represents a significant trend in the embodied intelligence robotics sector, indicating a collective preference for this design approach among companies, with over 80% of new products adopting this configuration [1][3]. Group 1: Industry Trends - The current wave of wheeled humanoid robots is characterized by a focus on practical applications, with 45 out of 55 new products featuring a wheeled chassis and humanoid upper body design [1][3]. - The wheeled humanoid robots are seen as a rational choice in the industry, balancing technological feasibility and commercial viability, allowing companies to quickly validate application scenarios and accumulate operational data [3][4]. Group 2: Product Highlights - Several representative wheeled humanoid robots have been launched in 2023, showcasing their application in various sectors such as industrial manufacturing, warehousing logistics, and commercial services [4][5]. - Notable products include: - **Cruzr S2** by UBTECH, featuring a height of 176 cm, capable of carrying 15 kg, and equipped with advanced vision and motion control systems [7]. - **G2** by Zhiyuan Robotics, designed for high-precision tasks in automotive parts production, utilizing reinforcement learning for task optimization [9]. - **Q5** by Xingdong Jiyuan, with 44 degrees of freedom and advanced navigation capabilities for service applications [11][12]. - **ATOM-W** by Dobot, integrating immersive remote operation with high precision for flexible manufacturing needs [15]. - **XMAN-R1** by Qinglang Intelligent, designed for service tasks in high-traffic environments, featuring advanced interaction capabilities [17]. - **DexForce W1 Pro** by Kuawei Intelligent, offering modular development options and high-precision task execution [19]. - **X1-PRO** by Xiangong Intelligent, featuring a flexible design for complex operational environments [22]. - **巡霄** by Youai Zhihui, designed for high-value material handling with a focus on precision [24]. - **ZERITH-H1** by Zero Degree, capable of performing household tasks with advanced perception [26]. - **Quanta X2** by Zivariable Robotics, featuring a high degree of freedom for versatile applications [28].

Group 1 - The Chinese government is actively engaging in international discussions to enhance cooperation in capital markets, with the China Securities Regulatory Commission (CSRC) chairman visiting France and Brazil to discuss regulatory dynamics and investment opportunities [10][11]. - The Ministry of Commerce is urging the Netherlands to present substantial solutions to stabilize the semiconductor supply chain, indicating China's commitment to global supply chain security [12]. - The People's Bank of China reported that the social financing scale reached 437.72 trillion yuan by the end of October, with a year-on-year growth of 8.5%, reflecting a stable financial environment [14]. Group 2 - Alibaba has launched the "Qianwen" project to develop a personal AI assistant, aiming to compete directly with ChatGPT, which signifies a strategic move to enhance its position in the global AI market [20][21]. - Tencent reported a strong third-quarter performance with revenues of 192.87 billion yuan, exceeding expectations, and is in constructive discussions with Apple regarding payment agreements for mini-program games [22][23]. - Bilibili's third-quarter net revenue reached 7.69 billion yuan, marking a 5% year-on-year increase, with significant growth in advertising revenue [24]. Group 3 - The automotive industry is experiencing intensified competition as 17 major brands, including Li Auto and NIO, have announced plans to subsidize purchase taxes for consumers ahead of the end of full tax exemptions for new energy vehicles [26]. - The semiconductor sector is seeing increased activity with the approval of IPO registrations for companies like Muxi Co., indicating a push for innovation and development in the domestic chip industry [28]. - Evergrande Auto has faced legal challenges as a court has accepted bankruptcy petitions from creditors against its subsidiary, highlighting ongoing financial difficulties within the company [29].

Market Overview - The A-share market indices collectively strengthened, with the Shanghai Composite Index rising by 0.73%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.55% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 20,420 billion yuan, an increase of 969 billion yuan compared to the previous day [1] - The number of rising stocks outnumbered falling stocks, with 3,953 stocks rising and 1,338 falling, and the median increase of individual stocks was 0.61% [1] Index Performance - The Shanghai Composite Index reached a new high, confirming an upward trend from the right side, while the left side confirmation began with a divergence starting on November 5 [1] - The ChiNext Index's rise was primarily driven by the lithium battery industry chain, forming a small double bottom pattern [2] Sector Highlights - The lithium and energy storage sectors were the biggest market hotspots, with 118 stocks hitting the daily limit or rising over 10%, of which 56 belonged to these two sectors [2] - Major stocks in these sectors, such as CATL, saw significant gains, with CATL closing up 7.56% [2] Price Movements and Industry Drivers - The rise in the lithium and energy storage sectors was driven by several factors, including price increases in upstream products like electrolyte additives [3] - Strategic partnerships, such as the one between Haibo Shichuang and CATL, confirmed strong global demand for energy storage [3] - Recent policy support from the National Energy Administration aimed at promoting the integration of new energy sources further bolstered the sectors [3] Future Outlook - The market is expected to continue its upward trend, but there are resistance levels around 4,000 to 4,184 points from mid-July to mid-August 2015, which may slow the pace of growth [2] - The battery sector is projected to maintain a growth rate of 25% to 30% next year, with leading companies having reasonable valuation levels [3] Related Industries - The electrical equipment sector index rose by 4.04%, leading the industry sector gains, driven by the increasing scale of new energy installations [4] - The non-ferrous metals and chemical sectors are also experiencing significant growth, driven by the demand for materials essential for green energy transition [5] - Analysts are optimistic about these sectors, with expectations of sustained high profits and reasonable valuations [6]

Core Insights - The integration of artificial intelligence (AI) in healthcare is transforming medical practices, making advanced technologies like surgical robots and AI-assisted diagnostics a reality [2][3][5] Group 1: AI in Surgical Procedures - AI is enhancing surgical precision, with robots now capable of performing complex procedures that previously required multiple doctors, thus shifting from open surgeries to minimally invasive techniques [3] - The development of intelligent microsurgical robots allows for precise operations in ophthalmology, surpassing human limitations in stability and accuracy [5] Group 2: AI in Medical Research - The concept of creating digital models of entire biological systems for virtual clinical trials is becoming feasible, driven by the integration of vast datasets and advanced AI algorithms [6] - Challenges remain in standardizing medical data and ensuring quality control, which are critical for maximizing the value of healthcare data [6] Group 3: AI in Healthcare Services - AI is positioned as a "super assistant" to doctors, enhancing accessibility to quality healthcare services, particularly in chronic disease management [8] - Innovative applications of AI, such as real-time dietary feedback for diabetes management, demonstrate significant improvements in patient compliance and cost-effectiveness [8] Group 4: Future of AI in Healthcare - The ongoing development of humanoid robots for elderly care and automated pharmacy services indicates a growing trend towards automation in healthcare settings [11] - The "Healthy China 2030" initiative aims to position China as a leader in health technology innovation, promoting a more equitable and intelligent healthcare system [11]