南方财经21世纪经济报道记者赖镇桃 走在有着"中国科技第一展"的深圳高交会，隐约有种在参加广交会或者香港展会的错觉——因为来逛展 的外国人面孔越来越多。他们会被人形机器人这些国产高科技吸引驻足，不时掏出手机拍照、和机器人 击掌互动；看到合适的展厅再走进去询问，互换联系方式后再拿着一叠资料走出来继续逛。 来自法国的采购商ali maher dalati在香港经营着自己的公司，他告诉21世纪经济报道记者，他已经来过 好多次深圳、广州等内地城市，也参加过全球很多科技和行业展会，但"许多新技术、新产品都是在高 交会才见到"。他坦言，今年关税、保护主义让生意变得难做了，但是一些领域还有新机会在出现，关 税、价格变贵不是问题的全部，我们还有技术和科技。 在高交会现场，记者和几家新能源、人形机器人公司的工作人员聊了聊，他们普遍看好海外市场的增 长，无论是在发达国家还是新兴市场，都面临一些或共性或细分的需求，比如人形机器人出海的一大背 景正是全球人力成本上升和制造业升级，新能源走出去则既要解决中东的风沙也要适应俄罗斯的高寒气 候。这些中企能做的就是精准抓住需求、用技术打磨产品，时至今日，一些竞争规则依旧没有改变。 ...

Core Viewpoint - The "Humanoid Robot Opportunities and Challenges Youth Technology Salon" focuses on the significant opportunities and challenges in the humanoid robotics field, emphasizing the transition from laboratory to industrialization and the integration of AI technologies to enhance interaction and task understanding capabilities [3][7]. Event Overview - The event is organized by the Beijing Science and Technology Association and the Zhongguancun Rongzhi Special Robot Industry Alliance, with support from the "Robot Technology and Applications" magazine [4]. - The salon will feature expert reports, dialogues, and roundtable discussions, inviting scholars from prestigious universities such as Tsinghua University and Beijing Institute of Technology, thereby influencing the entire humanoid robot industry chain [3][7]. Key Challenges - Humanoid robots face critical challenges, including achieving stable and reliable motion control in complex environments, overcoming cost barriers for scalability, and establishing effective ethical and safety frameworks [3][7]. Agenda Highlights - The event will take place on November 19, 2025, from 9:00 AM to 12:10 PM at the Zhongguancun National Independent Innovation Demonstration Zone Conference Center [5][11]. - The agenda includes presentations on the opportunities and challenges of humanoid robots, discussions on the development history of humanoid robots, and a roundtable forum featuring various experts in the field [11][12].

Group 1 - The core viewpoint is that domestic sales have gradually surpassed the previous high point of 2017, and the resilience of continued growth needs to be observed, with expectations of stable domestic demand if there are still certain levels of central and local subsidies [1] - In the new energy sector, technological innovation and model iteration on the supply side are driving an increase in penetration rates, while facing a phase of pre-purchase tax policy withdrawal by the end of 2025, with expectations of double-digit growth in domestic new energy vehicle sales [1] Group 2 - For commercial vehicles, the growth space is opened up by overseas markets, with a focus on the trend of electric intelligence; the heavy truck scrapping and updating policy may continue in 2026, with domestic demand still supported, and export growth driven by strong demand in Asia, Africa, and Latin America, with an industry total expected to increase by 5% year-on-year to 1.05-1.1 million units [1] - The penetration rate of new energy heavy trucks in domestic sales is expected to reach about 30% by 2026, with L2+ level assisted driving heavy trucks achieving a breakthrough from 0 to 1, with a penetration rate expected to reach single digits by 2026 [1] Group 3 - The auto parts industry may shift growth potential from domestic to overseas markets, with a focus on trends in obtaining orders for new energy vehicle components from European automakers by 2026 [2] - The humanoid robot sector is gradually entering the mass production stage, with leading and core assets emerging, while software iteration is a key focus for future development [3] - With the improvement of regulations in the intelligent driving industry, 2026 may mark the year of mass production for L3 vehicles, which is expected to drive continuous improvement in the penetration rate of the intelligent driving industry chain [3]

Group 1 - The 2025 Global Investment Promotion Conference for the Guangdong-Hong Kong-Macao Greater Bay Area commenced on November 3 in Guangzhou [1] - The event highlighted robotics companies showcasing their latest humanoid models, marking this sector as a standout feature of the conference [1] - A notable interaction occurred when a robot was asked why global investors trust the Greater Bay Area, indicating the region's appeal to investors [1]

The only two tasks 1X showed Neo accomplishing autonomously in its pre-order announcement were opening the door and putting away dishes, though it didn't actually show the putting away part. For everything else, 1X has employees at the ready to teley operate the robot to do the chores for you, a feature the company calls expert mode. I teleoperated my first humanoid at Foundation earlier this year, and there's definitely a bit of a learning curve.So, it makes sense to have an experienced telea operator behi ...

Core Viewpoint - Tesla Inc (NASDAQ:TSLA) has been downgraded to Sell by Garrett Nelson from CFRA due to high earnings expectations and stock valuation concerns, particularly following a significant rally in the stock price [1] Group 1: Earnings and Valuation - The stock is currently trading over 200 times the EPS estimate for the next year, reflecting high valuation concerns after a rally of over 100% since early April [1] - The impact of recent legislation, particularly related to emissions tax credits, has significantly affected Tesla's revenue, which was approximately $2.8 billion from auto regulatory credits [1] - Analysts believe that the earnings impact of the new legislation is not fully understood, leading to potentially inflated Q3 estimates and projections for the next four to six quarters [1] Group 2: Sales Performance - Tesla is expected to report strong delivery numbers for Q3, driven by increased customer demand for EVs amid tariffs and the expiration of EV tax credits [2] - However, long-term auto sales may weaken as Tesla faces increasing competition, with global sales falling 14% year over year in Q2 [2] - In California, Tesla's sales dropped about 12% year over year in 2024, resulting in a decrease in market share from 60.1% in 2023 to 52.5% in 2024 [2] Group 3: Market Developments and Innovations - Despite macroeconomic challenges, Tesla's shares rose following the limited commercial rollout of its robotaxi business in Austin, indicating a potential shift in the automotive industry [3] - The company has introduced a refreshed Model Y with design and performance upgrades and plans to unveil new mass-market models in the upcoming quarter [3] - Tesla is also progressing in scaling production of its humanoid robot, which adds another dimension to its long-term growth strategy [3]

Group 1 - Tesla stock experienced a decline, dropping as much as 5.4% during trading, and closing down 4.3% [1] - The company is shifting its focus towards artificial intelligence (AI) and robotics, but concerns remain regarding slowing electric vehicle (EV) sales [1][5] - Tesla's sales in the European Union fell by 37% year over year, indicating a loss of market share to competitors [3] Group 2 - BYD, a Chinese competitor, saw its sales triple year over year in August and outsold Tesla in Europe for the second consecutive month [4] - Year-to-date, BYD's European sales increased by 280%, while Tesla's sales declined by 33% compared to the previous year [4] - Despite a 25% increase in Tesla's stock over the last month, the ongoing decline in EV sales has led some investors to take profits [5] Group 3 - Tesla's CEO Elon Musk is emphasizing the company's autonomous driving and robotics technologies, but these products are not yet realized [6] - The potential success of Tesla's robotaxi fleet and robotics aspirations could drive future stock performance, but current investor sentiment reflects skepticism [6] - The focus on AI potential over EV sales may not be sufficient to maintain investor confidence amid increasing competition [8]

This Humanoid Robot Is Cheaper Than Rivals—And Full of Security Flaws, Researchers Say► https://t.co/aORECFj4rP https://t.co/aORECFj4rP ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Humanoid Robotics** industry, with a focus on the **Humanoid 100** list established by Morgan Stanley, which includes companies involved in humanoid robotics and related technologies [1][2][4]. Performance Metrics - The **Humanoid 100** list has increased by **25%** since its inception on **February 6, 2025**, outperforming the **S&P 500** (+9%) and **MSCI China** (+29%) [1][2]. - Over the past **3 months**, the Humanoid 100 has risen by **23%**, driven largely by performance in **China** and **rare earths** [2][3]. - China-based constituents of the Humanoid 100 have appreciated by **40%** in the last 3 months, compared to **21%** for the MSCI China index [3][4]. Key Contributors - The top contributors to the Humanoid 100's performance include rare earth companies such as **MP Materials** (+174%), **Lynas Rare Earths** (+118%), **Northern Rare Earths** (+114%), and **JL Mag** (+113%) since their addition to the list [3][5][21]. - Notably, **14 out of the top 20 performing stocks** in the Humanoid 100 are based in China, highlighting the region's dominance in this sector [3]. Events and Developments - The **World Robot Conference** and the **World Humanoid Robot Games** held in Beijing in August 2025 showcased significant advancements in humanoid robotics, indicating China's commitment to becoming a leader in this field [4]. - The events featured over **200 global robotics companies** and **500+ humanoid robots**, emphasizing the rapid progress in autonomous humanoid robot development [4]. Tesla Inc Insights - **Tesla Inc** is viewed as an "anchor tenant" in the Humanoid 100, with expectations for significant milestones and commercial developments following a proposed **$1 trillion** long-term incentive plan for CEO **Elon Musk** [9]. - Tesla's stock performance is increasingly linked to the broader **physical AI/humanoid theme**, as the company diversifies beyond its core automotive business [9]. Market Capitalization and Stock Ratings - As of September 17, 2025, Tesla's market capitalization stands at **$1,498.6 billion**, with a stock price of **$425.86** and a price target of **$410.00** [6]. - The company is rated as **Overweight** by Morgan Stanley, indicating a positive outlook on its stock performance [6]. Additional Insights - The Humanoid 100 list is dynamic and will continue to evolve with industry developments, reflecting Morgan Stanley's views on companies most exposed to the AI-enabled robotics theme [10]. - The performance of the Humanoid 100 is a clear indication of local investors' excitement for the theme and China's competitive edge in the global market for embodied AI [4]. Conclusion - The Humanoid Robotics industry is experiencing significant growth, particularly in China, with key players like Tesla positioned to benefit from this trend. The recent events in Beijing have further solidified China's commitment to leading in this innovative sector, while the performance metrics of the Humanoid 100 reflect a robust investment opportunity in the coming years [4][9].

Summary of Conference Call Notes on Greater China Industrials (Humanoid Robots and Autonomous Driving) Industry Overview - The humanoid robot and autonomous driving (AD) sectors in China are expected to experience rapid expansion over the next decade, with significant growth anticipated in factory settings within 2-3 years and further opportunities in commercial and household applications in the long term [1][1] - The current bill of materials (BOM) cost for a fully-functional humanoid robot is approximately US$50-60k, with expectations for rapid cost reductions in the next five years due to improved product design and economies of scale [1][1] - Stricter regulations in the AD sector are anticipated to create more opportunities for AD components, particularly for LiDAR technology, which will benefit from new long-distance object detection requirements [1][1] Key Players and Developments Dobot - Dobot is a leading global collaborative robot (COBOT) brand, achieving a 47% year-over-year growth in 6-axis COBOT sales in the first half of 2025, indicating market share gains [8][8] - The company has entered the humanoid robot market, launching its first prototype in early 2025 and planning deployment in manufacturing and business scenarios [9][9] RoboSense - RoboSense is focusing on its new EMX LiDAR products, which offer superior precision and detection distance compared to competitors, with expectations to ship 600-700k units in 2025 and 1.5 million units in 2026 [10][10] - The company is also exploring opportunities in the lawn mower, unmanned delivery, and robotaxi industries, with significant partnerships established [11][11] Zhaowei Machinery & Electronics - Zhaowei has launched new dexterous hand models for humanoid robots and aims for a 10-15% global market share in this segment [12][12][13][13] - The BOM cost of the dexterous hand is estimated to account for 20-30% of the total BOM cost of a humanoid robot [13][13] Googol Technology - Googol Technology specializes in high-end control systems for advanced manufacturing and sees strong growth potential in humanoid robots due to its expertise in multi-degree-of-freedom (DoF) controlling [14][15] Minieye - Minieye is making progress with its smart driving solutions, including iPilot and iRobo, and anticipates significant growth in the penetration of front-view camera modules and driver monitoring systems due to new safety regulations [16][17] Leju Robotics - Leju targets to deliver over 1,000 units of robotics in 2025, focusing on stability and durability for large-scale applications [18][18] Orbbec - Orbbec is a leading player in robot vision systems, holding over 70% market share in 3D vision systems for service robots in China [21][21][22][22] UBTECH - UBTECH aims to ship 500 humanoid robots in 2025 and 2,000-3,000 units in 2026, with expectations for BOM cost reductions in the coming years [23][23][24][24] LK Tech - LK Tech is focusing on magnesium alloy technology for humanoid robots, which offers lightweighting and other advantages, and has signed cooperation agreements for R&D projects [25][26][26] Technology Insights - The competition between VLA (Vision-Language-Action) and world model technologies for embodied AI is highlighted, with data availability being a key bottleneck [3][3] - The vision system of humanoid robots is evolving, with depth cameras becoming the mainstream choice for enhancing sensing and navigation capabilities [22][22] Market Outlook - The humanoid robot market is expected to grow significantly, with projections of 3 million units shipped by 2030, leading to substantial opportunities for component suppliers [13][13] - The average selling price (ASP) of humanoid robots is expected to decline to approximately RMB150k (~US$20k) by 2026-2028 due to scale effects [20][20] Conclusion - The humanoid robot and AD sectors in Greater China are poised for significant growth, driven by technological advancements, regulatory changes, and increasing market demand. Key players are actively innovating and expanding their product offerings to capture market share in this rapidly evolving landscape.