报告名称：富士康与英伟达联手，有望打造人形机器人具身智能落地标杆 报告日期：2025.06.25 报告作者： 肖群稀 （分析师），登记编号： S 0880522120001 毛冠锦 （ 分析师 )，登记编号：S 0880525040081 合作意义重大，有望成为"具身智能"落地标杆项目。 我们认为，若实现英伟达 AI 大模型与具身智能技 术、富士康实体制造能力的结合，将有望突破人形机器人应用场景的瓶颈，并向其他产业领域拓展。若该 应用场景成功落地，有望推动制造业从自动化向自主化升级，而机器人自主制造闭环所形成的市场空间将 更为广阔。 风险提示： 人形机器人机器人产业化不及预期、产品技术路线尚不完全明确，市场竞争加剧。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告导读： 英伟达与富士康商谈休斯顿工厂人形机器人部署，具身智能 / 人形机器人场景 落地望成行业里程碑。 投资建议： 据路透社报道，英伟达和富士康正在就人形机器人在富士康休斯顿新工厂的部署进行商谈，目 标于 2026 年第一季度前完成部署。我们认为，人形机器人未来发展的关键在于应用场景的实质性落地， 而场景落地深度依赖具身智能技术的迭 ...

作者丨 机器之心 编辑丨 机器之心 点击下方 卡片 ，关注" 具身智能之心 "公众号 >> 点击进入→ 具身 智能之心 技术交流群 从春晚舞台上扭秧歌、转手绢，到稳健完整跑完半程马拉松…… 过去半年，一系列炫酷的表演，把人们对 机器人的认知从想象拉进了现实。 但当 AI 圈、车圈、互联网圈大佬们纷纷跻身到具身智能时，每个人都绕不开以下几个灵魂拷问：具身智能 还有哪些技术瓶颈？到底怎么落地？应该先从哪些场景开始落地？要解决用户哪些真实需求？能够做到怎 样的量产成本…… 在行业的「iPhone 时刻」真正到来前，没有人能够精准给出上述问题的全部答案。 把创新技术转化为具有商业价值的实际产品，固然需要长期的探索实践。如何尽可能缩短这条探索路径的 周期、降低成本，反而是现在具身智能赛道玩家更加关注的话题。 去年以来，面向具身智能机器人的计算开发平台，成为国内外平台型企业争相布局的全新赛道。英伟达推 出 Jetson Thor，高通、英特尔紧随其后。在国内，脱胎于地平线的地瓜机器人，去年亮相的 RDK S100 算控 一体化开发者套件也在本月正式发布。所有企业的目标只有一个，「征服」每一个机器人开发者和厂商。 在一众产 ...

机器之心发布 机器之心编辑部 从春晚舞台上扭秧歌、转手绢，到稳健完整跑完半程马拉松…… 过去半年，一系列炫酷的表演，把人们对 机器人的认知从想象拉进了现实。 但当 AI 圈、车圈、互联网圈大佬们纷纷跻身到具身智能时，每个人都绕不开以下几个灵魂拷问：具身智能 还有哪些技术瓶颈？到底怎么落地？应该先从哪些场景开始落地？要解决用户哪些真实需求？能够做到怎 样的量产成本…… 在行业的「iPhone 时刻」真正到来前，没有人能够精准给出上述问题的全部答案。 把创新技术转化为具有商业价值的实际产品，固然需要长期的探索实践。如何尽可能缩短这条探索路径的 周期、降低成本，反而是现在具身智能赛道玩家更加关注的话题。 去年以来，面向具身智能机器人的计算开发平台，成为国内外平台型企业争相布局的全新赛道。英伟达推 出 Jetson Thor，高通、英特尔紧随其后。在国内，脱胎于地平线的地瓜机器人，去年亮相的 RDK S100 算控 一体化开发者套件也在本月正式发布。所有企业的目标只有一个，「征服」每一个机器人开发者和厂商。 在一众产品当中，RDK S100 的 80 TOPS 算力并不算「拔尖」，但却已经覆盖了 20 + 头部具身智 ...

Group 1: Foreign Exchange and Gold Reserves - As of May 2025, China's foreign exchange reserves reached $32,853 billion, an increase of $36 billion from April, representing a growth rate of 0.11% [1] - By the end of May, China's gold reserves stood at 7,383 million ounces (approximately 2,296.37 tons), with a month-on-month increase of 60,000 ounces (about 1.86 tons), marking the seventh consecutive month of gold accumulation [1] Group 2: A-Share Market Analysis - After the "fill the pit" market phase, A-shares are expected to experience a strong upward trend driven by policies, external events, industry rotation, and market sentiment [2][3] - Historical data shows that after seven instances of rapid declines followed by rebounds since 2015, the average duration of subsequent market fluctuations lasted 86 trading days, with five out of seven instances leading to price increases [2] - Current positive policies and external events, including a recent call between the leaders of China and the U.S., have reduced concerns regarding U.S.-China tensions, contributing to a favorable market outlook [3] Group 3: Economic Indicators - Industrial profits for large-scale enterprises grew by 3% year-on-year in April, with a cumulative growth of 1.4% from January to April, indicating a continued positive trend [5] - The manufacturing PMI for May rose to 49.5%, reflecting an improvement in manufacturing activity, with production indices exceeding the critical threshold [5][6] - The market remains cautious about the impact of U.S. tariffs, but the overall economic indicators suggest a supportive environment for market stability [6] Group 4: Industry Configuration and Investment Recommendations - Short-term investment strategies should focus on technology, new consumption, and undervalued blue-chip stocks, with an emphasis on sectors like computing, communication, and innovative pharmaceuticals [4] - The technology and advanced manufacturing sectors are highlighted as key areas for investment, supported by ongoing policy initiatives and market trends [6] - Companies in the U.S. and Hong Kong, such as Circle and Coinbase, as well as A-share companies like Sifang Jingchuang and Zhongke Jincai, are identified as potential investment targets in the context of stablecoins and RWA [7][9] Group 5: NVIDIA's Robotics Ecosystem - NVIDIA is focused on developing platforms and tools for robotics, emphasizing the creation of a foundational development ecosystem [10] - The company has introduced a comprehensive solution for robotics that integrates training, optimization, and execution through its various computing platforms [11][12] - Investment recommendations include companies involved in automotive robotics, such as Top Group and Bertly, which are expected to benefit from NVIDIA's advancements in the robotics sector [13]

智通财经APP获悉，民生证券发布研报称，NVIDIA提出机器人三大计算平台协同解决方案，形成从训 练到优化再到执行的完整体系，已经与众多解决方案与服务提供商、机器人操作系统企业、机器人传感 器制造商、机器人本体制造企业等达成合作，共建机器人生态系统，有望加速全行业进化历程。 民生证券主要观点如下： NVIDIA侧重开发平台和工具，打造底层开发生态 方案：三计算机解决方案 机器人的开发框架 NVIDIA 2014年起布局智能机器人领域，主要围绕通用算力、开发平台、大模型三大核心领域展开，主 攻机器人"大脑"，向机器人公司提供主控芯片(Jetson Thor)、仿真训练平台(Isaac Lab)和工具(GR00T模 型)，帮助开发人员构建、部署和管理机器人，打造机器人底层开发生态，自上而下入注机器人设计。 生态：多款机器人搭载GR00T 构建强大生态圈 2025年CES大会上14款搭载GR00T模型的机器人亮相，涉及中国企业6家、美国企业4家，其他国家企业 4家。同时NVIDIA与人行机器人厂商、机床厂商、核心零部件企业持续接触，逐渐构建人行机器人供 应链体系，构建基于NVIDIA解决方案、开发平台、大模型、Je ...

► NVIDIA侧重开发平台和工具，打造底层开发生态。 NVIDIA2014年起布局智能机器人领域，主要围绕通用算力、开发平台、大模型三大核心领域展开，主攻机器 人"大脑"，向机器人公司提供主控芯片（Jetson Thor）、仿真训练平台（Isaac Lab）和工具(GR00T模型)，帮助开发人员构建、部署和管理机器人，打造机器人底层开发 生态，自上而下入注机器人设计。 ► 方案：三计算机解决方案 机器人的开发框架。 黄仁勋表示每家机器人公司都必须构建三台计算机协同的解决方案：DGX（集NVIDIA软件&硬件专长）、AGX（机 器人和嵌入式边缘AI应用平台）、Omniverse with Cosmos（基于AI驱动的系统），以形成从训练到优化再到执行的完整体系。NVIDIA的人形机器人通用模型GR00T主 要依托计算平台Jetson Thor提供算力、并基于Omniverse的Isaac Lab仿真训练平台进行训练，最终实现人形机器人仅通过自然语言指令即可完成与真实世界的交互。 ► 平台：Isaac Lab平台 机器人开发的加速器。 Isaac Lab平台由NVIDIA CUDA加速库（Isaac ROS）、 ...

Group 1 - Nvidia's CEO Jensen Huang emphasized the impracticality of training robots in the physical world, advocating for training in a virtual environment that adheres to physical laws [1] - Nvidia is collaborating with DeepMind and Disney Research to develop a cutting-edge physics engine called Newton, which will be open-sourced in July [1] - The Newton engine supports GPU acceleration and features high differentiability and ultra-real-time operation capabilities, enabling effective learning through experience [1] Group 2 - Nvidia is advancing robotic systems in the automotive industry using the Isaac Groot platform, powered by a new processor named Jetson Thor, designed for a wide range of robotic applications [3] - The Isaac operating system manages neural network processing, sensor processing, and data pipelines, enhancing system capabilities with pre-trained models developed by specialized teams [3] - Nvidia's end-to-end autonomous vehicle technology stack is a comprehensive solution developed entirely in-house, facilitating collaboration with various partners to promote the commercialization of autonomous vehicles [3] Group 3 - Nvidia is applying its AI models to autonomous vehicles, launching a fleet in collaboration with Mercedes globally, aiming for implementation of end-to-end autonomous driving technology this year [5]

Core Insights - Advantech is showcasing its integration capabilities with NVIDIA Jetson Thor at COMPUTEX 2025, focusing on intelligent mobility, Vision Language Model (VLM) at the edge, and humanoid robotics [1][6] - The MIC-743 Edge AI platform is highlighted for its compact, rugged design and optimized performance for edge applications [1][5] Edge AI Architecture - The system integrates a full sensor-to-inference pipeline, supporting various camera interfaces and utilizing NVIDIA Holoscan Sensor Bridge for low latency applications [2][3] - Data is processed through Advantech's high-speed sensor switch and streamed into the MIC-742, which is built on the NVIDIA Jetson Thor module [3][4] MIC-743 Features - The MIC-743 is designed for harsh environments, offering higher AI performance, lower power consumption, and a smaller footprint compared to traditional x86 systems [5][9] - It supports a range of applications from heavy-duty machinery to humanoid robotics, enabling real-time performance for vision-based decision-making [6][9] Ecosystem Integration - Advantech's experience in edge architecture allows for a ready-to-deploy Edge AI solution, reducing system complexity and deployment time [6][9] - The integration of AI hardware, sensor infrastructure, and networking facilitates multi-tasking capabilities [6][9] Product Specifications - The NVIDIA Jetson Thor Module features 2,070 FP4 TFLOPS AI performance, 128GB LPDDR5X memory, and various I/O options for high-bandwidth sensor input [8] - The rugged design of the MIC-743 allows for operation in temperatures from -10°C to 60°C and withstands vibrations [8]

在今日举行的技术发布会上，英伟达(NVDA.O)创始人兼CEO黄仁勋发表一系列重磅声明，全面描绘了 英伟达在人工智能时代的新战略定位。他表示，英伟达已不再只是传统意义上的科技公司，而是"AI基 础设施公司"，将在全球构建面向未来的计算、机器人和智能系统生态，"AI基础设施市场将以数万亿美 元计量，tokens产能未来将以小时为单位衡量。" 推出多款新品，构建全面AI生态 黄仁勋宣布推出新一代AI个人计算设备DGX Spark与DGX Station工作站，并将Blackwell RTX Pro6000主 板推向量产，配合NVLink CX8互联技术，打造支持800Gbps通信带宽的高速GPU集群系统。同时，新 一代超算架构也同步曝光，其带宽高达130TB，搭载72颗处理器或144颗GPU，构建起全球最大规模的 人工智能算力平台之一。 AI机器人"全民化"：移动设备将变为智能体 黄仁勋强调，未来所有移动设备都将成为机器人，这将引发工业革命。"我们正在与汽车行业并行推进 Isaac Groot机器人系统，该系统由Jetson Thor驱动，可适配自动驾驶与人机协作平台。" 英伟达已与梅赛德斯合作，在全球部署搭载端 ...