Core Viewpoint - The 2025 World Robot Conference will take place from August 8 to 12 in Beijing, featuring the world's first comprehensive competition for humanoid robots, the World Humanoid Robot Games, scheduled for August 15 to 17 [1][3]. Group 1: Event Overview - The World Humanoid Robot Games will include a main event and peripheral events, showcasing the diversity, innovation, and practicality of robotic applications through 19 projects across three main categories: competitive events, performance events, and scenario events [3][4]. - The competitive events will consist of 11 categories, including athletics and team sports, testing the robots' movement capabilities, coordination, and teamwork [3][4]. - The performance events will feature solo and group dance competitions, demonstrating real-time coordination and group collaboration of humanoid robots [4]. Group 2: Scenario Events - The scenario events will focus on practical applications of humanoid robots, with six projects in industrial, hospital, and hotel settings, showcasing the robots' practical skills and intelligence [4][5]. - Specific tasks include material handling in factories, drug sorting in hospitals, and concierge and cleaning services in hotels, providing real-world application cases for commercial use [5]. Group 3: Participation Requirements - Robots must be self-developed or procured by the participating teams, be independent units, and meet specific physical and operational criteria [6]. - Teams can consist of various organizations, including enterprises, universities, and clubs, with the ability to enter multiple events but not switch robots during competitions [7]. Group 4: Industry Impact - The event aims to push the boundaries of humanoid robot technology, enhancing mechanical structure optimization and movement algorithm upgrades, reflecting the continuous progress in robotics and human-machine harmony [7]. - The conference will also feature a robotics expo with nearly 200 companies showcasing their latest innovations, indicating a strong industry presence and collaboration [17][19]. Group 5: Future Prospects - Beijing's rich resources and established ecosystem for humanoid robots position it as a leading hub for innovation, with the potential for future events to further enhance the industry's development [20].

Core Viewpoint - The company Fourier aims to focus on human-centered embodied intelligence in the next decade, emphasizing the importance of human-robot interaction and the development of robots that can understand and cooperate with humans in complex environments [2][10]. Group 1: Company Background and Development - Fourier was founded in 2015 in Zhangjiang, starting with rehabilitation robots, with its first product being an exoskeleton robot [5]. - The company has developed full-sized humanoid robots GR-1 and GR-2, and recently launched a smaller humanoid robot, Fourier N1, which includes an open-source resource package and basic operational software code [8]. Group 2: Future Directions and Focus Areas - The future direction will focus on rehabilitation scenarios, enhancing the naturalness and friendliness of human-robot interaction, and improving the robots' autonomous execution efficiency [9]. - The company aims to integrate interaction experience with motion functions and provide stable, open hardware support [9]. Group 3: Achievements and Collaborations - Fourier has entered over 3,000 hospitals globally and has developed over 30 rehabilitation robot products, establishing a professional team for operation and medical support [11][13]. - The company has launched the Galileo system for quantifying human movement and rehabilitation, with deployments in various hospitals and the first overseas delivery in Malaysia [15][16]. Group 4: Technological Innovations and Partnerships - Fourier collaborates with NVIDIA to explore imitation learning and generalization training, deploying NVIDIA's humanoid robot open base model on its robots [21]. - The company has partnered with SenseTime to enhance language interaction capabilities in robots and with Apple's robotics team to validate gesture generation and non-verbal communication [23]. Group 5: Philosophical Foundation - The name "Fourier" is inspired by the mathematician Fourier, whose transformation theory suggests that complex signals can be decomposed into simple sine waves, reflecting the company's mission to decode the complexities of life through robotics [25][26].

Core Viewpoint - The humanoid robot industry is facing significant challenges in commercialization and sustainable operations, despite ongoing investments and innovations in the sector [2][3][11]. Group 1: Industry Challenges - The commercialization path for humanoid robots remains unclear, with notable figures in the investment community expressing skepticism about the industry's future [2]. - Major companies in the humanoid robot sector, such as Dalu Robotics, are experiencing operational difficulties, including unpaid wages, highlighting broader issues within the industry [2]. - The lack of clear commercial applications and insufficient training data are identified as primary obstacles to the industry's growth [4][5]. Group 2: Investment Activity - Despite challenges, the humanoid robot sector has seen significant investment activity, with 54 companies in the field raising a total of 6.046 billion yuan in the first three months of 2025, surpassing one-third of the total funding for 2023 and 2024 combined [2]. - Recent investments have been made by firms like KKR Capital in companies such as Xinghai Map and Weita Power, indicating continued interest in the sector [10]. Group 3: Market Perspectives - There is a consensus among industry experts that humanoid robots are at least five years away from achieving commercial viability [3]. - The industry is divided on the valuation of humanoid robot projects, with some investors believing that current valuations are inflated, while others see this as a necessary phase for industry maturation [11]. Group 4: Data and Development - The industry faces a "chicken and egg" dilemma regarding data collection, as the lack of widespread humanoid robots limits the ability to gather necessary training data for further development [6]. - Companies like Fourier Intelligence are exploring open-source approaches to enhance data availability and facilitate development in the humanoid robot space [9]. Group 5: Entrepreneurial Insights - Entrepreneurs in the humanoid robot sector express a belief in the potential of the technology, contrasting with the more cautious perspectives of investors [7]. - The experience gained in the service robot field is being leveraged by companies like Qianlong Intelligent to transition into humanoid robotics, focusing on specific applications to accelerate commercialization [8].

特斯拉2025 年将生产首批Optimus ，正大力扩充机器人团队。4月10 日，据环球网报道，在特斯拉2025 年第一季度全体会议上，其首席执行官埃隆·马斯克表示，公司将于今年生产首批Optimus机器人。从特 斯拉招聘页面来看，招聘信息涵盖了设计、软件和制造等多个部门的职位空缺。截至目前，特斯拉的招 聘页面显示约有80 个与 Optimus 相关的职位。这些职位分布在特斯拉位于美国的生产基地。 投资建议重点关注机器人整机厂商及机器人核心零部件供应商，包括：1）执行器和电机：推荐标的为 兆威机电、鸣志电器、捷昌驱动和曼恩斯特；2）驱控类：相关标的拓斯达；3）减速器：受益标的中大 力德、瑞迪智驱；4）丝杠类：推荐标的为恒立液压、贝斯特和长盛轴承，受益标的为丰立智能和震裕 科技；5）丝杠设备类：受益标的为华辰装备、日发精机、秦川机床和浙海德曼；6）传感器： 推荐标的为东华测试，受益标的为柯力传感、安培龙等。 均普智能与智元机器人成立合资公司。4 月7 日，均普智能旗下均普人工智能与人形机器人研究院和上 海智元共同成立的合资公司——宁波普智未来机器人有限公司。普智机器人公司机器人第一期生产线占 地约2000 平方 ...

核心观点 市场表现： 2025年4月7日-4月11日，我们构建的国信人形机器人指数下跌8.43%，弱于沪深300指数5.55pct，弱于上证综合指数5.32pct，年初至今上涨14.1%。拓普集团下跌 12.49%，三花智控下跌10.57%，中鼎股份下跌11.22%，银轮股份下跌9.45%，北特科技下跌13.07%，双林股份上涨6.35%，贝斯特下跌8.98%，浙江荣泰下跌10.47%，祥鑫科技 下跌8.64%，双环传动下跌6.9%，斯菱股份下跌11.77%，豪能股份下跌9.05%，精锻科技下跌10.06%，蓝黛科技下跌12.18%，凌云股份下跌5.32%，旭升集团下跌11.79%，肇民 科技下跌12.19%，爱柯迪下跌9.84%。均胜电子下跌10.93%，征和工业下跌7.3%，美力科技下跌4.98%。 资料来源:wind,国信证券经济研究所整理 注:机器人股票指数 所选择公司为 50 家在公告或公开发布的投资者交流记录或交易所 互动平台信息中披露机器人相关业务的公司,如拓普集团、三花智 控、北特科技、鸣志电器等,并以 23/1/1 为 100 基点进行设置, 按照市值加权,后续本指数股票池会保持更新、调整。 ...

消息面上，近日，通用机器人公司傅利叶宣布正式发布首款开源人形机器人Fourier N1，并同步开放涵 盖物料清单、设计图纸、装配指南、基础操作软件在内的完整本体资源包。 万联证券认为，傅利叶N1的开源策略通过降低技术门槛、加速生态共建和聚焦实际需求，为人形机器 人商业化落地提供了新思路。Fourier N1开源了完整的硬件设计图纸、物料清单、装配指南、控制代码 及算法模块，打破了少数企业对核心技术的垄断，推动行业从"单点突破"转向"集体智慧"驱动的生态竞 争，开发者可"乐高式"复刻或二次创新，降低了人形机器人开发的技术门槛。 资金流入方面，机器人ETF(562500)最新资金净流入491.77万元。拉长时间看，近5个交易日内有3日资 金净流入，合计"吸金"5.08亿元，日均净流入达1.02亿元。规模方面，机器人ETF(562500)近1周规模增 长11.89亿元，实现显著增长，新增规模位居可比基金1/6。份额方面，机器人ETF近1周份额增长3.78亿 份，实现显著增长，新增份额位居可比基金1/6。 机器人ETF（562500）是全市场规模最大的机器人主题ETF，紧密跟踪中证机器人指数，助力投资者一 键布局机器 ...

Investment Rating - The industry investment rating is "outperforming the market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [9]. Core Insights - Fourier N1, the first open-source humanoid robot from Fourier, features a compact structure and lightweight design, standing at 1.3 meters tall and weighing 38 kilograms, with 23 degrees of freedom and a maximum running speed of 3.5 meters per second [2]. - The open-source strategy of Fourier N1 aims to lower technical barriers and accelerate ecosystem development, providing a new approach for the commercialization of humanoid robots [3]. - The humanoid robot industry is at a critical juncture for technological breakthroughs and commercialization, with expectations for mass production by 2025, driven by policy support and advancements in AI [4]. Summary by Sections Product Overview - Fourier N1 has undergone over 1,000 hours of outdoor testing, demonstrating its stability and adaptability in complex environments, with a continuous operation capability of up to 72 hours [2]. - The robot is equipped with an integrated actuator and self-developed control system, enhancing motion stability and impact resistance [2]. Open-source Strategy - The open-source initiative includes complete hardware design documents, material lists, assembly guides, and control algorithms, breaking the monopoly of a few companies on core technologies [3]. - This approach encourages collective innovation and lowers the technical barriers for developers, fostering a collaborative ecosystem [3]. Market Outlook - The humanoid robot industry is expected to see significant growth, with increasing entrants and advancements in AI models, potentially leading to a breakthrough in commercialization by 2025 [4]. - Cost remains a significant barrier to widespread adoption, suggesting a focus on high-quality domestic component manufacturers that could benefit from large-scale applications of humanoid robots [4].

61岁的马云近半年来密集地在国内公开露面。 马云现身阿里 "高科技绝不仅是征服星辰大海，更应该呵护人间烟火。"4月10日，阿里巴巴创始人马云出现在阿里云 新财年启动会上并进行了演讲。他表示，未来不是让AI取代人类，而是应该让AI解放人类，更懂人 类，服务好人类，"我们不是去追求让机器像人，而是让机器去理解人类，像人类一样去思考，做人类 做不到的事情。" 点评：61岁的马云近半年来正密集地在国内公开露面，走入蚂蚁集团和阿里巴巴园区，关注夸克、闲 鱼、盒马、阿里云等业务的发展。AI是他最为关心的话题之一。马云强调AI必须帮助普通人，能否找 到技术变革中由人们生活便利需求催生的创新业务形态，对阿里云来说或许将是一项更长远、深刻的挑 战。 京东、盒马推"出口转内销"扶持计划 4月11日，京东宣布将推出2000亿元出口转内销扶持计划。未来一年内，京东将大规模采购不低于2000 亿元的出口转内销商品。 同一天，盒马宣布面向中国外贸企业开放入驻通道。盒马表示，将为外贸企业开通绿色通道，24 小时 专人加急处理，简化认证流程，缩短审核认证周期，盒马后续将上线"外贸专区"。对于有意愿创新研发 的外贸企业，盒马计划协同开发更贴合 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30]. Core Insights - The humanoid robot concept index experienced a decline of 6.94% from April 6 to April 11, 2025, underperforming the CSI 300 index by 4.07 percentage points. However, year-to-date, the humanoid robot index has increased by 23.53%, outperforming the CSI 300 index by 25.35 percentage points [2][11]. - The first batch of national standards for humanoid robots has been officially established, focusing on technical requirements such as dexterous operation, leg movement, dual-arm operation, and multi-machine collaboration [3][19]. - Despite a recent collective pullback in the humanoid robot industry due to global tariff increases, the long-term growth trend remains positive, with key components like linear and rotary joints stabilizing and cost reduction progressing as expected [5]. Weekly Market Review - From April 6 to April 11, 2025, the humanoid robot concept index fell by 6.94%, while the year-to-date performance shows a rise of 23.53% [11]. - The report highlights significant developments in the policy sector, including the establishment of national standards for humanoid robots and a symposium on embodied intelligence in Shenzhen [3][19]. - In terms of product technology, Fourier has launched its first open-source humanoid robot, and there are plans for a robot boxing live stream by Yushu Technology [3][23]. Key Company Announcements - Junpu Intelligent and Zhiyuan Robotics have established a joint venture with an expected annual production capacity of 1,000 units [4][25]. - Sanhua Intelligent has repurchased 1.5068 million shares at a cost of approximately 35.97 million yuan [4][26]. - Silver Wheel's chairman proposed a share buyback plan with a total amount not less than 50 million yuan [4][27]. Investment Opportunities - The report suggests focusing on companies such as Fengli Intelligent, Hanwei Technology, and Leisai Intelligent, which are expected to benefit from the ongoing development in the humanoid robot industry [5].

4月11日，通用机器人公司傅利叶正式发布首款开源人形机器人Fourier N1，并同步开放涵盖物料清单、 设计图纸、装配指南、基础操作软件在内的完整本体资源包。作为傅利叶"Nexus开源生态矩阵"的首个 落地项目("N1"即"Nexus-01")，N1将为全球机器人和具身智能开发者提供一个开放创新的技术基座，加 速高泛用性运动控制器、多模态模型结合以及具身载体的未来形态推演等前沿研究开发工作的验证落 地。 ...