在2024至2025年间，具身智能与灵巧操作已然成为资本与产业界的共同焦点。如果说算法是机器人的"大 脑"，那么灵巧手则是决定其是否真正可用的核心环节，被业内形象地称为打通人形机器人落地应用的"最后一 厘米"。 目前，行业内已达成普遍共识：衡量一款机器人硬件产品是否成熟，关键不在于实验室里的完美演示， 而在 于其能否从 "样机" 阶段 跨越到 "规模化交付" 阶段 。 这一转型的实现，不仅是技术突破的标志，更是衡量 产品进入商业化成熟期的重要分水岭。 ▍ 万台级订单：市场对 "高自由度 灵巧手 "的真实投票 近日， 成立一年的曦诺未来 (Xynova) 交出了一份 亮眼的 成绩单： 成功获得 多家 行业 头部 客户 总计 超 万台高自由度灵巧手的订单。 由于 高自由度 灵巧手结构极其复杂，涉及精密传动、多传感器集成及复杂 运 控 算法，实现高度集成与稳定运行的难度极大。对比行业现状，目前绝大多数高自由度灵巧手仍处于 "研发 样机"验证阶段 ，曦诺未来的万台级订单实属惊艳。 从技术发展来看， 高自由度灵巧手 的技术路线已趋于收敛至 "绳驱方案" ，而微型电缸则是其最核心的动力 零部件 。曦诺未来通过满足小体积、 ...

湘财证券指出，2025年12月我国制造业PMI较前值回升0.9个百分点至50.1%，重回扩张区间，生产、新 订单和新出口订单等分项指数均有不同程度回升，主要系政策效果持续落地及春节备货等因素所致。展 望2026年，随着国内政策持续发力，叠加"反内卷"等措施有望带动制造业盈利能力修复，制造业景气度 有望逐渐回升，从而带动上游机械设备总体需求持续好转。在机器人领域，2025年国内人形机器人出货 量或超1.8万台，灵心巧手完成A++轮融资，成为全球唯一量产千台高自由度灵巧手的公司，占全球市 场份额80%以上。人形机器人产业快速发展为行业带来巨大成长空间。 （文章来源：每日经济新闻） 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机及关键零部件制造的上市公司证券作为指数样本，以反映机床制造相关行业的整体表现。该指数成分 股呈现中小盘风格，主要集中于机械设备行业，同时涵盖信息技术与原材料等领域的上市公司证券。 ...

机器人产业ETF（159551）跟踪的是机器人指数（H30590），该指数从市场中选取涉及机器人研发、制 造及应用相关业务的上市公司证券作为指数样本，涵盖工业机器人、服务机器人及相关零部件制造等领 域。指数成分聚焦机器人产业链核心环节，旨在反映机器人行业上市公司证券的整体表现，兼具科技创 新属性与长期成长空间。 湘财证券指出，2025年12月我国制造业PMI较前值回升0.9个百分点至50.1%，重回扩张区间，生产、新 订单和新出口订单等分项指数均有不同程度回升，主要系政策效果持续落地及春节备货等因素所致。展 望2026年，随着国内政策持续发力，叠加"反内卷"等措施有望带动制造业盈利能力修复，制造业景气度 有望逐渐回升，从而带动上游机械设备总体需求持续好转。机器人领域方面，2025年国内人形机器人出 货量或超1.8万台，灵心巧手完成A++轮融资，成为全球唯一量产千台高自由度灵巧手的公司，占全球 市场份额80%以上。 1月5日，机器人产业ETF（159551）涨超1%，制造业景气回升或提振需求 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成 ...

Group 1 - The core achievement of GESON Technology in the 2025 Shenzhen Intelligent Robot Dexterous Hand Competition, winning the championship by setting a new limit for long-range delivery tasks, is supported by RoboSense's VLA model and advanced sensor systems [1][3][9] - The competition showcased the industry's leading capabilities in robot-eye coordination technology, emphasizing the commercial strength of creating industrial value through collaboration [3][9] - The event attracted 53 high-level teams from various regions, highlighting the significance of the competition in the context of the "robot mass production year" [9] Group 2 - RoboSense's recent video release demonstrated the robot's ability to perform complex tasks, indicating the integration of its core technologies aimed at flexible automation in delivery, manufacturing, and logistics [5][13] - The competition tested robots under real-world conditions, including human traffic and elevator sharing, emphasizing the challenges faced in the last 100 meters of delivery [11][13] - The success of GESON Technology illustrates the potential for RoboSense's AI robot technology to support autonomous completion of complex tasks, establishing a comprehensive technological barrier from foundational technology to application [11][13]

Group 1 - The core achievement of GESUN Technology in the Shenzhen Intelligent Robot Dexterous Hand Competition is the successful completion of long-range delivery tasks, showcasing the advanced capabilities of RoboSense's VLA model and Active Camera technology [2][8] - The competition attracted 53 high-level teams from various regions, emphasizing the significance of dexterous hand technology in the context of the "last centimeter" operational capabilities [8] - GESUN Technology's victory demonstrates the effectiveness of RoboSense's AI robotic technology, which supports autonomous completion of complex tasks, establishing a comprehensive technological barrier from foundational technology to application [10][12] Group 2 - The rapid development of the unmanned delivery industry is highlighted, with existing applications in warehousing and transportation, but challenges remain in the "last 100 meters" delivery due to complex terrain and human interference [12] - The competition was designed to address real-world challenges in last-mile delivery, including human traffic and shared elevator usage, providing high application-oriented value [12] - The innovative hand-eye coordination technology showcased in the competition indicates the potential for expanding applications beyond immediate delivery to areas like smart elderly care and smart home services [12]

Core Viewpoint - Lens Technology (300433) (06613) experienced a nearly 6% increase in stock price, currently trading at 25.3 HKD with a transaction volume of 228 million HKD, following the announcement of its high-freedom dexterous hand and head assembly for humanoid robots to be unveiled at CES 2026 [1] Group 1: Product Development and Market Strategy - The company will debut its high-freedom dexterous hand and head assembly for humanoid robots at CES 2026, showcasing its commitment to innovation in robotics [1] - Lens Technology offers flexible cooperation models ranging from complete machine customization to independent supply of core modules, enhancing its market adaptability [1] - The company aims to achieve an annual production capacity of 500,000 embodied intelligent robots at its Yong'an Park, indicating significant scaling in production capabilities [1] Group 2: Future Goals and Industry Positioning - According to the company's "Three-Year Offensive Plan," it targets to maintain a leading position in global shipments of humanoid robots and quadruped robotic dogs by 2027 [1] - The company plans to continuously reduce overall machine costs through large-scale manufacturing, which will facilitate the commercialization of the industry [1] - The CES exhibition will highlight the company's transition from precision manufacturing to an ecosystem approach involving "hardware + algorithms + scenarios," potentially leading to a revaluation of the global technology supply chain [1]

Core Viewpoint - Lens Technology (06613) is set to unveil its high-freedom dexterous hand and head assembly for humanoid robots at CES 2026, indicating a significant step in its strategic focus on AI hardware and robotics [1] Group 1: Company Developments - Lens Technology's stock rose nearly 6% towards the end of trading, currently at 25.3 HKD with a trading volume of 228 million HKD [1] - The company aims to produce 500,000 embodied intelligent robots annually at its Yong'an Park, showcasing its manufacturing capabilities [1] - By 2027, Lens Technology plans to rank among the top global suppliers of humanoid robots and quadruped robotic dogs as part of its "three-year offensive plan" [1] Group 2: Industry Impact - The CES 2026 presentation will address pain points in AI hardware evolution, covering areas such as embodied intelligence, AI data centers, consumer electronics, and smart cockpits [1] - Lens Technology's transition from precision manufacturing to an ecosystem approach combining hardware, algorithms, and scenarios may lead to a revaluation of the global technology supply chain [1] - The company's future goal is to become a leading manufacturer in the AI edge hardware sector, emphasizing its commitment to innovation and market leadership [1]

Core Overview - The company emphasizes the deep integration of "AI + hardware," positioning itself as a key player in the supply chain and a core engine driving the trillion-dollar AI physical world [4] Core Highlights - The company introduced high-degree-of-freedom dexterous hands and head assemblies, utilizing magnesium-aluminum alloy for lightweight structures, marking a strategic transition from a "precision manufacturing leader" to an "embodied intelligence ecosystem architect" [5] - As a leading developer of next-generation server cabinets, the company showcased a full-stack liquid cooling solution and high-precision cabinets, providing a stable physical foundation for AI model training while addressing carbon reduction [6] - The company presented advanced manufacturing techniques such as UTG, 3D glass, liquid metal, and next-generation VC cooling technology, aimed at creating ultra-thin and efficient hardware for the next generation of AI smartphones and PCs [7]

Core Viewpoint - The Robot ETF (159770) has shown significant performance with a turnover of 5.37% and a total transaction volume of 563 million yuan, reflecting a positive trend in the robotics sector as indicated by the increase in the underlying index and constituent stocks [1][3]. Group 1: ETF Performance - As of December 29, 2025, the Robot ETF (159770) reached a new high with a total size of 10.527 billion yuan and 10.263 billion shares outstanding [3]. - The Robot ETF experienced a net inflow of 33.8468 million yuan, with a total of 206 million yuan net inflow over the past five trading days [3]. - The underlying index, the CSI Robot Index (H30590), has risen by 0.76%, achieving a four-day cumulative increase of 4.9% [1]. Group 2: Key Stocks Performance - Notable constituent stocks of the Robot ETF include: - Ruishun Technology (688090) increased by 20.01% - Buke Co., Ltd. (688160) also rose by 20.00% - Hongying Intelligent (001266) gained 10.01% - Bozhong Precision (688097) increased by 8.12% - Fengli Intelligent (301368) rose by 4.86% [1][3]. Group 3: Product Highlights - The Robot ETF (159770) is the largest robot-themed ETF in the Shenzhen market, covering various segments such as humanoid robots, industrial robots, and service robots, providing investors with a comprehensive exposure to the robotics industry [4]. - The Tianhong Sci-Tech Index ETF (589860) closely tracks the Sci-Tech Index and includes leading technology companies with strong brand advantages and research capabilities [4]. Group 4: Recent Events - Lingxin Qiaoshou completed its fifth round of financing in 2025, with investments from Sequoia China and CCV, aimed at enhancing product technology and production capacity [7]. - Dou Shen Education launched its first AI companion robot, which sold out within an hour, indicating strong market interest in educational AI hardware [8]. Group 5: Institutional Insights - Dongguan Securities suggests that continuous government support for robotics, combined with technological advancements, will lead to increased demand for core components in the robotics sector [9].

Investment Rating - The report maintains a "Recommended" investment rating for the humanoid robot industry [2][32]. Core Insights - The humanoid robot index increased by 5.34% from December 22 to December 26, 2025, outperforming major indices such as the CSI 300, which rose by 1.95% [12][14]. - UBTECH is set to become the first humanoid robot company listed on both A-share and H-share markets, having acquired a 43% stake in Fenglong Co., a Shenzhen-listed company, using self-raised funds totaling 3.1 billion yuan [6][18]. - Yundongchu Technology has officially initiated its IPO process, with guidance from CITIC Securities, marking it as the third company in the sector to start IPO counseling this year [6][19]. - The National Venture Capital Guidance Fund has been launched, focusing on investing in high-growth sectors, including embodied intelligence, with a total fund size of 100 billion yuan [22]. Industry Dynamics - The humanoid robot sector is experiencing significant financing activities and capacity expansion, with companies like Galaxy General Robotics securing orders for over 1,000 robots from Baida Precision Manufacturing [23][24]. - Star Dust Intelligent has begun mass delivery of its rope-driven humanoid robots, marking a significant milestone in the commercial service sector [25]. - The report highlights the importance of technological advancements, such as Fourier's new six-dimensional force sensor designed for humanoid robots, which is expected to lower production costs significantly [23][24]. Company Dynamics - Zhenyu Technology plans to issue convertible bonds to raise up to 1.88 billion yuan, focusing on expanding its humanoid robot components and enhancing production capacity [28]. - Xino Future, backed by CATL Capital, has completed a funding round exceeding 100 million yuan to accelerate the development of its high-freedom dexterous hands and related technologies [29][31]. Investment Recommendations - The report suggests focusing on companies such as Top Group, Sanhua Intelligent Control, Zhejiang Rongtai, and others, indicating a positive outlook for their growth in the humanoid robot sector [32].