以机器人指数ETF（560770）标的指数——中证机器人指数为例，据Wind显示，2025年、2026年、2027 年连续三年的营收和归母净利润增速将持续正增长。据Wind预测，中证机器人指数未来三年的归母净 利润增速将分别为43.70%、35.41%和24.42%。 此前，据中新网智元机器人10月16日发布了首批交付的精灵G2 ，据悉将用于汽车零部件产线。同时， 据优必选科技官方微信公众号，优必选再中标1.26亿元大单，Walker 人形机器人全年订单已超6.3亿 元。 受多重催化，机器人板块受资金关注。据Wind数据显示，机器人指数ETF（560770）连续7个交易日累 计"吸金"超5.6亿元。拉长时间来看，9月以来，该ETF获资金净流入9.88亿元，最新规模达18.91亿元， 再创上市以来新高。 从政策端来看，杭州、成都等地近期再度宣布将持续支持机器人企业的发展。据央视网，杭州市近期提 出2027年将实现各类具身智能机器人整机企业工业总产值超200亿元，产业链工业总产值超300亿元，并 拟出台具身智能产业的地方性立法，为机器人行业提供支持。成都方面，据成都发布消息，成都未来产 业创投基金已于近期正式启动 ...

[Table_Reportdate] 2025年10月20日 超配 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn [table_stockTrend] -24% -9% 6% 21% 36% 51% 66% 24-10 25-01 25-04 25-07 申万行业指数:机械设备(0764) 沪深300 [相关研究 table_product] 1.Figure03发布，感知能力升级—— 机械设备行业简评 2.杰克科技（603337）：AI赋能缝制 设备，新品牌艾图亮相——公司简评 报告 3.巨星科技（002444）：破局而立， 走向全球——公司简评报告 [Table_NewTitle 智元发布精灵 ] G2，优必选新获订单 ——机械设备行业周报（20251013-20251019） [table_main] 投资要点： ➢ 总体看，不管是政策端，还是国内外研发企业，对具身智能机器人的商业化落地更加重视。 研发创新着眼于规模化量产制造的目标，在实际场景中的部署应用也在探索推进中。 ➢ 《上海市智能终端产业高质量发展行动方案（2026-20 ...

感觉自己的老年生活有保障了？最近全球家用机器人快速更新，集体奔向第三代际。本期视频集中介绍 了8款"未来室友"，涵盖中美欧：Optimus、Figure03、Neo Gamma、齐家Q1、Booster T1、Astribot S1、 HIVA海娃、美的，并且对比中国与欧美家用机器人。 ...

Core Insights - Figure has launched its next-generation humanoid robot, Figure03, designed for mass production from the outset, marking a significant milestone in the humanoid robotics sector [1][4] - The company has established a "self-research + external support" supply chain model, collaborating with multiple domestic manufacturers to enhance production capabilities [5][6] - The robot is engineered for home environments, featuring soft fabric coverings and lightweight structures to improve safety and comfort during human-robot interactions [1][3] Technological Advancements - Figure03 integrates advanced features such as a dexterous hand with visual-tactile sensors, enabling stable operation in visually restricted environments [1][3] - The robot supports wireless charging through its feet, allowing for seamless operation and continuous learning while charging [3][4] - The hardware architecture is designed to maximize the capabilities of Helix, the robot's AI brain, facilitating end-to-end reasoning from visual perception to action control [3] Production and Market Strategy - Figure03 is the first humanoid robot designed with mass production in mind, shifting from high-cost CNC machining to more efficient mold-based processes [4] - The company plans to establish its BotQ smart factory with an initial production capacity of 12,000 units per year, aiming for a total capacity of 100,000 units within four years [4] - The anticipated valuation for Figure is projected to reach $39 billion by 2025, supported by significant investments from major tech companies [2] Supply Chain Integration - The supply chain strategy involves both self-designed and vertically integrated components, with partnerships established with global suppliers to support production goals [5][6] - The reliance on Chinese hardware suppliers is expected to deepen, benefiting those with engineering mass production capabilities and cost control advantages [6]

开源证券近日发布机械设备行业点评报告：资本层面，2025年C轮估值达390亿美元，投 资方包括英伟达、英特尔、高通、微软、亚马逊等科技巨头。参考海外人形机器人市场的估 值逻辑，我们认为板块正逐步形成新的估值体系。根据Figure规划四年内出货超10万台、对 应估值近400亿美元，特斯拉万亿薪酬计划中，Optimus机器人目标交付100万台，预计带来 约5000亿美元新增市值。 以下为研究报告摘要： 米波数据回传，消除了人工插拔的干预，实现了"边充边学"的连续作业，同时通过集成化设 计减轻了重量与复杂度，提升了整机续航与可靠性。（3）量产导向：Figure03是首个从设 计源头即以量产为导向的人形机器人，生产工艺从高成本CNC加工转向压铸、注塑和冲压 等模具化工艺。自建BotQ智能工厂计划首条产线年产能1.2万台，规划四年内总产能达10万 台，打通商业化落地的最后一道关卡。 国内供应链深度融入Figure量产链条 Figure目前采用"自研＋外部配套"供应链模式，在执行器、电池、传感器等关键模块采 用自主设计及垂直整合，同时与全球优质零部件厂商建立配套网络，支撑公司的扩产目标， 并与多家国内厂商建立了长期合作关 ...

Core Insights - Shanghai's Economic and Information Technology Commission has issued the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", emphasizing the enhancement of robotic terminal capabilities and the development of humanoid robots with emotional and cognitive skills [1] - The humanoid robot industry is entering a phase of rapid commercialization, with significant advancements in technology and increased participation from both domestic and international players [1][2] - The recent launch of Figure03 by FigureAI marks a significant step towards general intelligence in robotics, featuring upgraded perception systems and dexterous hands, indicating a shift towards mass production capabilities [2] Group 1 - The action plan aims to support the research and mass production of humanoid robots, focusing on core components like edge chips, dexterous hands, and batteries [1] - The emergence of AI companies like DeepSeek is driving the development of general-purpose humanoid models, leading to a diverse and competitive landscape in the humanoid robot industry [1] - The commercial viability of humanoid robots is becoming increasingly evident, with industrial applications gaining traction both domestically and internationally [1] Group 2 - FigureAI's Figure03 can autonomously handle household tasks such as laundry, cleaning, and dishwashing, showcasing advancements in sensory systems and dexterous manipulation [2] - The production capacity for Figure03 is projected to reach 10,000 units annually within four years, indicating a robust manufacturing strategy that moves away from CNC processing to more efficient methods [2] - The humanoid robot industry is expected to officially enter commercialization by 2026, with a focus on identifying high-quality companies within the supply chain for long-term investment opportunities [2]

Group 1 - The Shanghai Municipal Economic and Information Commission has issued the "Action Plan for High-Quality Development of the Intelligent Terminal Industry (2026-2027)", emphasizing the enhancement of robotic terminal capabilities and the development of humanoid robots with emotional intelligence and skills [1] - The report highlights a surge in domestic and international industry catalysts, with an increase in participants in the humanoid robot sector, and companies like Tesla and Figure AI accelerating their commercialization efforts [1] - The emergence of AI companies such as DeepSeek is driving the development of general-purpose robotic models, indicating a vibrant and competitive humanoid robot industry, with a clear trend towards industrial applications [1] Group 2 - Figure AI has officially launched Figure03, which can autonomously handle household tasks like laundry and cleaning, featuring upgrades in its perception system and dexterous hands [2] - The company has shifted its manufacturing approach from CNC processing to mold/injection/pressing techniques, with a production capacity of 12,000 units per year for the first generation and a target of 100,000 units over the next four years [2] - The humanoid robot industry is experiencing significant advancements, with a focus on short-term event-driven industry fluctuations and long-term attention on quality companies within the supply chain [2]

Figure 正式发布第三代人形机器人 Figure03 。 Figure03 专为 Helix 、家庭以及大规模应用而设计，具体主要包括：（ 1 ） Helix ： Figure03 具有完全 重新设计的感官套件和手部系统，专门用于实现 Helix-Figure 专有的视觉 - 语言 - 动作 AI ；（ 2 ）家居： Figure03 具有多项新功能，包括软商品、无 线充电、改进的语音推理音频系统以及电池安全改进，使其在家庭环境中更安全、更易于使用；（ 3 ）大规模生产： Figure03 的设计初衷是为了实现大批 量生产。为了扩大规模， Figure 在 BotQ 建立了新的供应链和全新的人形机器人制造流程；（ 4 ）规模化的世界：较低的制造成本和 Helix 所取得的进步 对于商业应用具有显著的益处 。 Figure03 的发布为真正的通用机器人奠定了基础。 Figure 的目标是打造一款真正的通用机器人 —— 能够执行类似人类的任务并直接向人类学习，为了实现 这一愿景， Figure 的工程和设计团队彻底重新设计了硬件和软件。我们认为 Figure03 代表了人形机器人从实验原型到可部署、可扩展产品 ...

Key Insights - The report emphasizes the importance of performance fundamentals during the earnings season, focusing on technology and resource sectors as key investment themes [5][6][7] - The mechanical equipment industry is experiencing upgrades in perception capabilities with the release of Figure03, a new humanoid robot that showcases enhanced functionalities for both household and commercial applications [10][11][12] - The fluorochemical industry is witnessing a price increase in refrigerants, with a recovery in the market for fluorite and hydrofluoric acid, indicating a positive outlook for the sector [16][17][18] Group 1: Earnings Season and Market Overview - Global stock markets mostly declined in the week ending October 10, 2025, with the Nikkei 225 leading gains due to policy expectations from Japan's new leadership [5] - The report notes a significant drop in oil prices due to OPEC+ production increases and trade tensions, while gold prices remain high due to safe-haven demand [5][6] - The domestic equity market saw a mixed performance, with 17 sectors rising and 14 falling, highlighting the volatility influenced by U.S.-China trade relations [6][7] Group 2: Mechanical Equipment Industry - Figure03, released by Figure AI, demonstrates significant advancements in robotic capabilities, including improved motion fluidity and precision in tasks such as household chores and logistics [10][11] - The design of Figure03 incorporates innovative materials and structures, enhancing its usability and maintenance, which reflects a shift towards practical applications in real-world scenarios [11][12] - The humanoid robot's sensory and visual systems have been upgraded, allowing for better interaction in complex environments, which is crucial for its operational reliability [12][13] Group 3: Fluorochemical Industry - The prices of third-generation refrigerants have increased, with R32, R125, and R134a showing significant year-on-year price rises of 64.47%, 55.22%, and 40.00% respectively [16][18] - The report indicates a tightening supply-demand relationship for refrigerants, driven by strong downstream demand and regulatory changes affecting production quotas [18] - The rising prices of raw materials such as fluorite and anhydrous hydrofluoric acid further support the optimistic outlook for the fluorochemical sector [17][18]

Group 1 - The mechanical equipment industry is experiencing multiple technological breakthroughs and policy support recently [1] - In the lithium battery equipment sector, a team from the Chinese Academy of Sciences has developed an anion regulation technology that addresses the contact issues between the electrolyte and lithium electrode in all-solid-state lithium batteries, significantly improving the cycle performance of prototype batteries [1] - The humanoid robot sector has seen the release of Figure03, the third-generation mass-produced model from Figure, featuring hardware upgrades in its visual system and foot design, which, along with a restructured supply chain and manufacturing process, promotes large-scale applications [1] Group 2 - The Robotics Industry ETF (159551) tracks the robotics index (H30590), which focuses on the robotics-related industry by selecting listed company securities involved in industrial automation, service robots, and artificial intelligence to reflect the overall performance of the robotics sector [1] - The index emphasizes high-tech manufacturing and the application of intelligent technologies, effectively reflecting the development trends and market dynamics of the robotics industry [1]