21世纪经济报道记者邓浩上海报道 人形机器人正成为资本市场投资主线之一。但市场的高预期与技术演进的弱现实，形成极大的张力。 去年，仅国内就有至少总规模数百亿元的产业基金成立，但4月的北京机器人半马比赛却揭示出，当下 人形机器人产业化还面临不小的技术挑战。 5月6日盘后，2024年度科创板机器人行业集体业绩说明会举行，瑞松科技、步科股份、埃夫特、奥比中 光、兰剑智能等产业公司集中参会。 投资者关心的话题聚焦在AI应用情况及国产化率，某种程度反映了目前市场对于技术演进的乐观和对 具身智能产业是否受到中美关税战影响的担忧。 整体而言，前述上市公司大多表示AI已与产品研发深度融合，采购则基本实现国产，原材料供应链保 持稳定。这与记者此前的调研基本相符，某头部机器人本体公司销售负责人称现在行业国产化率已达八 成左右。 AI深度融合机器人制造 生成式AI的出现，让机器人具备了自主进化的潜力。机器人与AI结合，进一步形成具有具身智能的人 形机器人、新型复合机器人、服务机器人等各种形态机器人。 步科股份主要为各类机器人提供动力解决方案，基于i-Kinco集成技术平台，以电机技术为核心，组合 驱动器、编码器、减速机、轮毂等多种 ...

Investment Rating - The report does not explicitly state an investment rating for the specialized equipment industry or the specific company, Buke Co., Ltd. [1] Core Insights - Buke Co., Ltd. has achieved a high market share in the domestic industrial mobile robot sector and is expanding into overseas markets, successfully acquiring leading clients in several countries [18] - The company is actively developing its product offerings in industrial robotic arms and collaborative robots, with positive progress in partnerships with global leaders [19] - The anticipated growth in the collaborative robot market is promising, with the company making significant advancements in this area [19] - The company is focusing on cost reduction and weight reduction for its products, while increasing R&D investments to strengthen its market position [20] - Buke Co., Ltd. has established a direct sales model for key overseas clients, primarily targeting Europe and Asia, with plans to expand into North America [20] Summary by Sections 1. Research Basic Information - The research was conducted on Buke Co., Ltd., which operates in the specialized equipment industry, on March 12, 2025 [13] 2. Detailed Research Institutions - The research involved several institutions, including Taikang Asset, ICBC Credit Suisse, Changjiang Securities, Huatai Securities Strategy Meeting, and Dacheng Fund [14] 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [16] 4. Main Content Information - Buke Co., Ltd. has made significant strides in the industrial mobile robot sector, with a focus on expanding its market presence and product offerings [18] - The company is optimistic about the growth potential in the collaborative robot market and is actively pursuing partnerships with leading global clients [19] - The company is also preparing for the next stage of humanoid robot development, emphasizing cost as a critical factor [20][21]