越来越多车企将它们在机械工程、动力系统和人工智能领域积累的经验倾注到人形机器人赛道。在近日 举行的第二十三届广州国际汽车展览会上，广汽集团、小鹏汽车等车企的新款机器人得以集中展示。此 外，多家车企还给出了人形机器人的量产时间表。 当汽车工厂流水线上的机械臂将核心部件装配进一具仿生躯干，一场由车企主导的人形机器人卡位战已 悄然打响。 受访人士认为，汽车产业与人形机器人在技术、制造方面存在契合之处，车企布局人形机器人领域是为 了寻找新的增长点，也是为了能在智能产业中占据一席之地。总体而言，车企布局机器人是一场围绕技 术、成本、合规的长期竞赛，距离真正的应用落地和规模化交付还有很长的一段路要走。 车企加速布局人形机器人 从实验室走向各大展会展台，人形机器人正以前所未有的速度，驶入车企的未来蓝图。在广州车展，一 辆辆新车旁，科技感十足的人形机器人已成为展台上的"新主角"。在第八届进博会，特斯拉展台上，两 台人形机器人Tesla Bot与无人驾驶电动车Cybercab同台亮相。 值得一提的是，多家车企明确地发出了人形机器人量产信号。不久前，小鹏汽车宣布，计划在2026年底 实现人形机器人IRON的规模化量产。今年以来， ...

近日，广汽集团在互动平台向投资者表示，本公司始终坚持立足全球汽车市场发展趋势，通过持续完善 差异化品牌及产品矩阵，精准覆盖不同消费群体，提升公司整体竞争力与抗风险能力。目前公司自主品 牌包括传祺、埃安、昊铂，以及与华为合作推出的启境，围绕电动化、智能化和高端化，已形成完整产 品矩阵，并覆盖燃油、纯电、增程、插混等所有主流新能源动力形式。 在具身智能机器人方面，本公 司已推出第二代载人轮足机器人GoMove、服务机器人GoSide、第三代人形机器人GoMate及第四代人 形机器人GoMate Mini，并于2025年上半年在康养、安防场景展开示范应用，计划年内在广州设立全球 首个具身智能人形机器人示范区，2026年完成商业模式验证，2027年启动大规模量产，力争到2030年实 现机器人产业链产值突破10亿元。2025年1至9月，广汽集团实现营收662.72亿元，同比下降10.49%；净 亏损43.12亿元，亏损同比扩大3691.33%。 ...

[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 ...

今日早盘，机器人板块低开高走，截至11:15，中大力德、格灵深瞳、航天智装涨超4%，国证机器 人产业指数上涨0.5%，中证汽车零部件主题指数微跌0.1%，机器人ETF易方达（159530）盘中成交额近 2亿元。 在国内外多家车企的战略规划中，"机器人"已成为高频词汇。在特斯拉年度股东大会上，马斯克称 人形机器人Optimus将是"史上最庞大的产品，预计市场规模达数十亿台"；广汽今年推出了自主研发的 第三代具身智能人形机器人GoMate，并计划在2025年实现自研零部件的批量生产；小鹏汽车则在不久 前宣布，计划在2026年底实现人形机器人IRON的规模化量产；比亚迪、奇瑞等也竞相入局机器人赛 道。 机器人ETF易方达（159530）、汽车零部件ETF（159565）分别跟踪以上指数，为投资者提供了把 握机器人产业链整体发展与细分领域机遇的便捷工具。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@st ...

Core Insights - The unveiling of XPeng's humanoid robot Iron has sparked widespread debate about its authenticity, with many questioning whether it is a real robot or a human in disguise [1][2] - XPeng's CEO, He Xiaopeng, demonstrated Iron's capabilities, including its flexible skin and advanced mechanics, aiming to dispel doubts about the robot's identity [1][2] - The humanoid robot market is rapidly expanding, with approximately 18 automotive companies entering the field, driven by technological synergies and commercial motivations [4][6] Technical Features - Iron features 82 degrees of freedom, allowing it to perform complex movements like a model walk, significantly surpassing the 19 degrees of freedom of a previously showcased robot [2][3] - The robot is equipped with three Turing AI chips, providing a processing power of 2250 TOPS, and utilizes a self-developed physical world model for enhanced multi-modal coordination [3][6] - The design of Iron incorporates a bionic spine and flexible skin, contributing to its human-like movement and appearance [2][3] Industry Trends - The automotive industry is increasingly investing in humanoid robots as a means to leverage existing technologies from electric vehicles, with cost advantages estimated to be 30%-50% lower than tech companies [6][8] - The competition in the electric vehicle market has intensified, prompting companies to explore new narratives, with humanoid robots seen as a more imaginative venture [8][10] - The commercialization of humanoid robots is expected to progress faster than that of autonomous driving, due to more controllable environments and lower risks [8][10] Strategic Implications - Automotive companies are not just creating robots for novelty; they aim to reshape a new intelligent ecosystem that integrates vehicles, robots, and energy systems [10][11] - Companies like Tesla and XPeng envision their robots as extensions of AI ecosystems, with applications in various sectors including manufacturing and home assistance [11][12] - The development of humanoid robots is viewed as a competition for energy efficiency, with the potential for solid-state batteries to enhance the capabilities of these robots [11][12]

Core Insights - The automotive industry is increasingly venturing into the humanoid robotics sector, with companies like Xiaopeng Motors, Xiaomi, GAC Group, Chery, and BYD developing their own robotic products or collaborations [2][3][4] Group 1: Industry Trends - Xiaopeng Motors unveiled its next-generation humanoid robot, IRON, at the Xiaopeng Technology Day, showcasing a design closely resembling human anatomy [2][3] - Tesla has been a pioneer in this field, launching its first humanoid robot, Optimus, in September 2022, and continues to enhance its capabilities [3] - The humanoid robot market is projected to grow significantly, with an expected sales volume exceeding 5 million units and a market size surpassing 400 billion yuan by 2035, reflecting a compound annual growth rate of 51.7% from 2025 to 2035 [5] Group 2: Strategic Advantages - Automotive companies possess inherent advantages in humanoid robot development due to the shared underlying technologies between electric vehicles and intelligent robotics [6] - The automotive supply chain can reduce costs significantly, with components like lidar and motor reducers being 30% cheaper than those from startup robotics firms [6] - Established experience in electromechanical system integration and large-scale production capabilities allows automotive companies to effectively manage manufacturing costs [6] Group 3: Market Dynamics - The trend of cross-industry collaboration is evident, with various sectors, including e-commerce and technology, also exploring new product lines, indicating a shift towards a more integrated smart ecosystem [7] - The move into humanoid robotics is not merely a response to declining automotive profits but a proactive strategy to capture the potential of emerging markets and enhance resilience against risks [7]

Core Insights - Figure AI, a humanoid robot startup, raised over $1 billion in Series C funding, achieving a valuation of $39 billion, making it one of the most valuable humanoid robot companies globally and setting a new record for single-round financing in the sector [1] - The influx of capital from major tech companies like Nvidia, Intel Capital, and LG signals strong market growth expectations for humanoid robots, which are seen as the ultimate convergence of artificial intelligence and the physical world [3][5] - The humanoid robot market is projected to grow significantly, with China's market expected to increase from 2.76 billion yuan in 2024 to 75 billion yuan by 2029 [5] Industry Trends - The capital surge indicates an impending industrial transformation, with significant financing already reported in the humanoid robot sector in the first half of 2025 [1][3] - The Chinese government is actively promoting the humanoid robot industry through various policies, recognizing it as a key area for future industrial development [8] Market Dynamics - The humanoid robot industry features a complex supply chain, with upstream components like actuators and sensors being crucial for performance, while downstream applications span various sectors including industrial, medical, and service industries [5][11] - The cost of humanoid robots is decreasing rapidly, with domestic companies achieving significant cost advantages in core components, which could facilitate mass production and market penetration [10][18] Investment Opportunities - Investors are encouraged to consider a diversified approach by investing in indices that include leading companies in the humanoid robot supply chain, rather than betting on individual brands [21][23] - The National Robot Industry Index, which includes 50 leading companies in the humanoid robot sector, has shown strong performance, nearly doubling in value over the past year [23][26] Future Outlook - The humanoid robot industry is entering a "golden development period" driven by policy support, technological breakthroughs, commercial viability, and capital investment, reminiscent of the pre-iPhone era in technology [10][19] - As global labor costs rise and demographic changes occur, the commercial value of humanoid robots is becoming increasingly apparent, positioning China as a key player in this industrial revolution [26]

Core Viewpoint - The report emphasizes the rapid development and commercialization of humanoid robots in China, driven by policy support, technological advancements, and capital investment, with a strong expectation for mass production to begin in 2025 [2][8][30]. Policy Support - Central and local governments are actively promoting the humanoid robot industry through various policies, including the "three-step" strategy outlined by the Ministry of Industry and Information Technology, aiming for significant technological breakthroughs and mass production by 2025 [9][15]. - Regions are developing differentiated strategies, with eastern areas focusing on high-end research and western regions emphasizing supply chain localization and cost control [19][22]. Technological Innovation - Significant advancements in core components and lightweight design have been achieved by domestic companies, while foreign competitors maintain a lead in hardware design and AI decision-making systems [2][4]. - Companies like Unitree Technology and the "Gongga No.1" have made notable progress in lightweight design and structural innovation, enhancing market competitiveness [9][10]. Commercialization Progress - A surge in startup companies in the humanoid robot sector is expected in 2024, with several firms already achieving large-scale deliveries and partnerships with well-known automotive and logistics companies [3][4]. - 2025 is projected to be a pivotal year for mass production, with companies like Unitree and Zhiyuan Robotics expected to sell over a thousand units [3][4]. Investment Landscape - The investment environment for humanoid robots is highly active, with significant funding directed towards early-stage projects, particularly in core technology development [24][29]. - Major tech companies and local governments are establishing funds to support the growth of the humanoid robot industry, with investments ranging from 2 billion to 100 billion yuan [25][29]. Competitive Landscape - The humanoid robot market features three main types of players: automotive companies, startups, and tech giants, each with unique advantages and challenges [32][34]. - Automotive companies leverage their manufacturing experience and supply chain capabilities to reduce costs and enhance application scenarios, while startups focus on rapid product iteration and technological specialization [34][35].

Core Viewpoint - The article discusses the development of embodied intelligent robots in Guangzhou, highlighting the city's initiatives to promote innovation and growth in this emerging industry through various supportive measures and funding strategies [4][6][10]. Industry Overview - Embodied intelligent robots are identified as a key area for future industrial development, integrating artificial intelligence with the manufacturing sector [4]. - Guangzhou has approximately 1,800 AI-related companies and nearly 50,000 robot-related firms, indicating a robust ecosystem for the development of embodied intelligent robots [4]. Policy Measures - The Guangzhou Municipal Bureau of Industry and Information Technology released a draft policy aimed at fostering the innovation and development of the embodied intelligent robot industry through 11 specific measures [4][6]. - The policy includes an annual allocation of no less than 30 million yuan for technology innovation, focusing on core technologies such as multi-modal perception and lightweight materials [6]. Financial Support - The measures propose financial incentives, including a maximum reward of 500,000 yuan for the first set of key technological equipment and up to 30% of fixed asset investment or 10% of service procurement costs for demonstration application projects [7][8]. - A plan to establish a tiered fund system to support the entire lifecycle of technology transfer and growth of tech companies is also outlined [7]. Talent and Ecosystem Development - The policy emphasizes the need for a collaborative ecosystem, focusing on talent cultivation, financial support, and spatial capacity to enhance the industry's growth [7][11]. - Initiatives include the establishment of a nurturing plan for companies in the embodied intelligent robot sector and the creation of a database for key enterprises [7][11]. Application and Innovation - The measures encourage enterprises to open application scenarios across various sectors, including manufacturing, logistics, and healthcare, to validate new technologies and solutions [8]. - The policy aims to enhance public awareness and participation in the embodied intelligent robot industry through events and exhibitions [8]. Expert Insights - Experts suggest that Guangzhou should focus on technological innovation, scene innovation, and ecological innovation to build a high-quality development environment for the embodied intelligent robot industry [10][11]. - The proposed measures are seen as systematic and forward-looking, aiming to create a supportive framework for the rapid commercialization of technologies [10].

Core Viewpoints - The automotive industry is expected to achieve a valuation uplift from manufacturing to embodied intelligence under the wave of digital revolution and AI [3][27][32] - The human-shaped robot industry is in a transitional phase from 0 to 1, with significant potential for commercialization and application in various sectors [40][37] Group 1: Industry Trends - The human-shaped robot industry is anticipated to follow a path from specialized applications to general scenarios, with initial deployments in B-end specialized environments [10][13] - The automotive sector is a major application scene for AI, with the potential for significant valuation increases as companies transition from traditional manufacturing to AI-driven applications [3][27] - The overlap in supply chains between automotive components and human-shaped robots presents opportunities for industry upgrades, as many components are interchangeable [4][29][22] Group 2: Company Developments - Major automotive and tech companies, including Tesla, BYD, and Xiaomi, are entering the human-shaped robot market, leveraging their manufacturing capabilities and technological expertise [5][26][32] - Companies are actively developing human-shaped robots, with Tesla's Optimus expected to begin mass production by 2026, and other firms like BYD and Chery also making significant strides in this area [19][25][37] - The government is supporting the human-shaped robot industry through policies aimed at fostering innovation and development, indicating a strong future for this sector [43][44] Group 3: Market Dynamics - The transition from traditional vehicles to electric vehicles and now to AI-driven smart vehicles and robots represents a significant industry evolution, with companies that adapt early likely to benefit the most [35][28] - The expected demand for human-shaped robots is projected to reach millions, similar to the automotive market, creating a substantial market opportunity for companies involved in both sectors [22][37] - The integration of AI capabilities into automotive applications is expected to accelerate the development and deployment of human-shaped robots, enhancing their functionality and market readiness [15][16][32]