[Table_Main] 行业研究|工业 证券研究报告 工业行业周报、月报 2025 年 11 月 24 日 [Table_Title] 星动纪元完成近 10 亿元 A+轮融资， Figure 02 已参与 3 万辆汽车生产 ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2025 年 11 月 16 日至 11 月 21 日，人形机器人概念指数下跌 5.68%， 相较沪深 300 指数跑输 1.91pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 57.83%，相较沪深 300 指数跑赢 41.26pct。 A 股人形机器人指数（iFinD 概念）相关个股中，伟创电气周涨幅 最大（+18.56%），芳源股份周跌幅最大（-21.32%)。 周度热点回顾 政策端，湖北省委书记王忠林指出要强化场景应用，着力构建"北斗 +低空经济""北斗+人形机器人""北斗+人工智能"等新场景；重庆市 经济和信息化委员会印发《重庆市加快推进人工智能终端产业创新蝶 变行动计划（2026—2030 年）》，推动具身智能机器人在企业智能化 改造、数字化转型项目中率先应用。 产品技术迭代方面，Fi ...

汽车与零部件行业 行业研究 | 行业周报 核心观点 国内外机器人公司持续迭代推进量产，调 整后继续关注机器人产业链 投资建议与投资标的 从投资策略上看，预计能确定进入特斯拉、Figure、国内机器人公司等配套产业链的汽零 将受益，具备竞争力的自主品牌及在智驾技术方面领先的企业将继续扩大市场份额。建 议持续关注人形机器人链、T 链、液冷产业链、华为产业链、智驾产业链公司。 相关标的：上汽集团、江淮汽车、比亚迪、赛力斯、中国重汽、宇通客车；银轮股份、 新泉股份、博俊科技、爱柯迪、拓普集团、嵘泰股份、经纬恒润、岱美股份、沪光股 份、保隆科技、精锻科技、华阳集团、华域汽车、伯特利、德赛西威、科博达、星宇股 份、三花智控、福耀玻璃、浙江荣泰等。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2025 年 11 月 23 日 中性（维持） | 姜雪晴 | 执业证书编号：S0860512060001 | | --- | --- | | | jiangxueqing@orientsec.com.cn | | 袁俊轩 | 执业证书编号：S0 ...

1、 智元远征A2创下吉尼斯世界纪录 11月20日，智元机器人宣布，智元远征A2（SNA210041BA00652号机器人）近日成功完成了从苏州金鸡 湖到上海外滩的百公里跨省行走挑战，创造了一项足以记录在全球机器人发展史上的新纪录。据称，11月 20日，吉尼斯世界纪录认证官向智元远征A2（SNA210041BA00652号机器人）颁发了认证证书，正式确 认智元远征A2全程行走距离为106.286km，成为"人形机器人行走最远距离/Longest journey walked by a humanoid robot"吉尼斯世界纪录保持者，得益于智元研发的快速热插拔换电系统，远征A2全程未关机、 连续运行完成了挑战。 2、 Figure AI公司正式停产Figure 02人形机器人 Figure 02型人形机器人在部署期间帮助生产了超过30,000辆宝马X3汽车，并装载了超过90,000个钣金零 件。它们的主要任务是将钣金零件从料箱中取出，并以5毫米的公差放置在焊接夹具上。放置完成后，传 统的机械臂进行焊接。人形机器人完成金属装载的周期为84秒，其中装载时间为37秒，精度保持在99%以 上。在最初的六个月内，这些 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the Robot ETF (562500), which has shown a slight increase of 0.1% in early trading, with a majority of its constituent stocks performing well, indicating a bullish trend in the robotics sector [1] - The ETF has seen significant capital inflow, with four out of the last five trading days recording notable net inflows, reflecting investor confidence in the robotics industry and presenting opportunities for further investment during market corrections [1] - Figure AI's announcement regarding the second-generation humanoid robot, Figure 02, which has participated in the production of 30,000 vehicles at BMW's Spartanburg plant, underscores the practical application and growing integration of robotics in manufacturing [1] Group 2 - CITIC Construction Investment Securities notes that investment in humanoid robots has transitioned from early thematic investment to a growth phase, with significant milestones expected from Tesla's AI prototypes leading to mass production plans by 2026 [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion, covering various segments such as humanoid robots, industrial robots, and service robots, facilitating investor access to the entire robotics supply chain [2]

Core Viewpoint - The key to breaking through in the robotics industry lies in collaborative development, with a growing focus on practical applications and mass production of robots as companies accelerate their efforts in the latter half of the year [5][15]. Group 1: Industry Developments - Major robotics manufacturers are pushing for mass production, with a notable example being UBTECH's recent announcement of mass production for its industrial humanoid robot, Walker S2, which has sparked controversy [5][7]. - Figure, a leading robotics company, recently completed over $1 billion in Series C funding, raising its valuation to approximately 270 billion [10]. - The industry is experiencing heightened expectations for mass production following significant advancements in motion capabilities since late last year, with many users expressing skepticism about the practical deployment of robots [16]. Group 2: Controversies and Responses - Figure's founder, Brett Adcock, publicly questioned the authenticity of UBTECH's mass production video, suggesting it may have been digitally enhanced, which led to further discussions among experts [8][10]. - In response to the criticism, UBTECH released two videos to clarify that the Walker S2's mass production is genuine, showcasing workers among the robots and providing unedited footage of the robots in formation [11][12]. Group 3: Future Outlook - The robotics industry is approaching a critical window for mass production of humanoid robots, with companies like Tesla planning to establish production lines capable of manufacturing 1 million units annually by 2026, and Xiaopeng aiming for large-scale production of advanced humanoid robots next year [18]. - The industry is still in its early stages, facing challenges related to data, models, and production costs, which necessitate global collaboration to overcome technical hurdles [21].

Core Insights - The traditional elderly care model is under increasing pressure due to a large elderly population of 300 million and a growing shortage of caregivers, leading to a shift towards C-end products for home care robots [1][9] - Investment in "hard technology" related to elderly care robots is gaining momentum, with several companies successfully securing funding for C-end products aimed at family scenarios [2][4] Group 1: Investment and Market Trends - Companies like Huaxi Technology and Ruisen Robotics are attracting significant investment for their C-end elderly care robots, indicating a growing confidence in the market [2][4] - The global market for C-end home care robots is heating up, with notable investments from major tech companies like Nvidia and Intel in products like Figure AI's humanoid robot, which has reached a valuation of approximately $39 billion [6][7] Group 2: Demand and Supply Dynamics - By the end of 2024, China's elderly population aged 60 and above is expected to exceed 310 million, highlighting a critical demand for elderly care solutions [9] - The shortage of caregivers in China is severe, with a reported gap of 5.5 million caregivers and a high turnover rate of 40% to 50% among new hires [9][10] Group 3: Technological Advancements and Standards - The Chinese robotics industry is transitioning from quantity to quality, with significant advancements in technology and a robust supply chain for components essential for elderly care robots [12][13] - The establishment of international standards for elderly care robots, led by China, is expected to enhance industry development and set benchmarks for future products [12][13] Group 4: Future Outlook and Market Penetration - The penetration rate of smart elderly care robots is projected to reach 8% by 2025, with various segments like rehabilitation robots and emotional companionship robots showing significant growth potential [16][17] - The current environment presents an optimal opportunity for companies to develop consumer-grade robots, as demand has been validated and the industry chain is maturing [16][17]

Core Viewpoint - The article discusses the emerging competition between China and the United States in the field of humanoid robotics, highlighting the strengths of each country's technological ecosystem and the implications for the market [5][6]. Group 1: Technology Comparison - The competition is characterized by China's manufacturing and engineering advantages represented by the humanoid robot R1 from Yuzhu Technology, priced at $5,900, which is aimed at researchers and developers [6]. - In contrast, the U.S. is represented by Figure AI's Figure 03, which focuses on household tasks and is expected to see its price drop from $150,000 to a range of $20,000 to $30,000, showcasing the ambition of American companies in industrial automation and home applications [6]. Group 2: Market Dynamics - The introduction of these humanoid robots marks the beginning of a price war aimed at making robotics more accessible, indicating a shift towards mass production and consumer adoption in both markets [6]. - The competition is described as a "final showdown" between the two tech giants, emphasizing the significance of this moment in the evolution of humanoid robotics [6].

2025年11月4日 目 录 CONTENTS 证券研究报告 人形机器人的2026："1-10"时刻开启 机械行业2026年度投资策略 姓名：孟鹏飞（分析师） 证书编号：S0790522060001 邮箱：mengpengfei@kysec.cn 1 2026：海内外共振，人形机器人即将开启"1-10"时刻 2 特斯拉：关注V3量产时间线，聚焦"供应链确定性"和"技术升级" 3 国产机器人：资本化提速，掘金"整机"和"生态链" 4 投资建议 5 风险提示 1.1 特斯拉迭代加速，V3定型渐近 我们对特斯拉机器人后续节奏展望： 图表：特斯拉为马斯克设计10年期薪酬计划（部分） 数据来源：每日经济新闻 1、12月中旬V3图纸有望冻结，同时推动供应链加速国内+海外产能建设 2、2026年2月底到3月量产版本定型并批量下单 3、2026年8月供应商确定，开启大规模制造准备 4、2026年3-8月硬件收敛，技术路线确定 5、2026年10月量产，机器人开始规模化走下产线 数据来源：特斯拉官网、凤凰网科技、 中国机器人网、人形机器人发布等、开源证券研究所 特斯拉人形机器人历次迭代 时间 2021.09 2022.04-2 ...

Core Viewpoint - The article discusses the delays in the production and release of Tesla's Optimus Gen3 humanoid robot, highlighting the challenges faced by the company in the competitive landscape of humanoid robotics, particularly in relation to its competitors like Figure AI and 1X [3][6][27]. Group 1: Tesla's Optimus Gen3 - The release of Optimus Gen3 has been postponed to Q1 2026, with mass production now expected to start in late 2026, contrary to earlier plans for 2025 [3][6]. - Tesla's ambitious production targets included 5,000 units in 2025 and 50,000 units in 2026, but these are now deemed unattainable due to design optimization needs and supply chain issues [3][6]. - The main technical challenge cited is the insufficient lifespan of the dexterous hand, which is critical for the robot's functionality [4][5]. Group 2: Competitors' Developments - Figure AI launched its third-generation humanoid robot, Figure 03, which is designed for household tasks and features significant improvements in safety and functionality [9][10]. - Figure 03's AI model, Helix, has shown promising results in household tasks, with the company planning to start alpha testing for home use earlier than expected [14][16]. - 1X introduced its humanoid robot, Neo, which operates under remote control and is positioned as a consumer product, with a focus on safety and privacy [21][22]. Group 3: Market Dynamics and Future Outlook - The competition in the humanoid robot market is intensifying, with companies like Figure AI and 1X making strides in product development and market readiness [6][19][24]. - Tesla's current technological advantage is not as pronounced as it once was, and the company faces increasing pressure to innovate and catch up with competitors [7][27]. - The article suggests that the path to successful humanoid robots involves overcoming significant technical challenges and that the timeline for widespread adoption may extend beyond current expectations [27].

Core Insights - The article discusses the rapid development and commercialization of quadruped robots, particularly focusing on the launch of the Rover X1 by Yuejiang, which targets the consumer market with a price of 7499 yuan [1][2]. Market Overview - The quadruped robot market in China reached 470 million yuan in 2023, showing a year-on-year growth of 42.68%, with projections to expand to approximately 660 million yuan in 2024 and potentially exceed 850 million yuan by 2025 [2]. - The market has transitioned from early technology exploration to practical applications, indicating a growing consumer demand for functional robots [2]. Competitive Landscape - Yushun Technology leads the consumer-grade market with a projected market share of 32.4% in 2024, while Yunshenchu ranks second with an 18.9% share. International competitors like Boston Dynamics maintain significant technological advantages [3]. - The market is not yet monopolized, with several international companies holding shares of 12.2%, 6.6%, and 5.5% respectively [3]. Application Scenarios - The Rover X1 is designed for various household applications, including outdoor adventures, home security, programming education, and daily interactions, enhancing its integration into family life [4]. - Specific use cases include carrying equipment during outdoor activities, conducting night patrols for security, and facilitating programming education through an open system [4]. International Developments - International companies are also exploring the home robotics market, with products like the NEO from Norway and Figure 03 from the USA, although they are still in early stages of development [5]. - These products aim to assist with household chores but face challenges in achieving full autonomy [5]. Challenges and Future Outlook - Current household robots are primarily focused on emotional and companionship value rather than functional capabilities, with expectations for price reductions and improved technology in the coming years [7]. - The market faces a supply-demand mismatch, with high-end products priced out of reach for average consumers and low-end products lacking practical functionality [7]. - The ability to perform complex tasks autonomously remains a significant challenge, with current technology limited to predefined workflows [8]. Conclusion - The future of household robots will depend on advancements in technology and the ability to meet practical consumer needs, with a focus on vertical applications and cost reduction being critical for widespread adoption [8][9].