"今年春晚的人工智能含量比我的论文还高。" "春晚下机器人了？" "这哪里是机器人在练武术，分明是我的涨停板在跳舞。" …… 2026年马年央视春晚一经播出，率先冲上热搜榜的不再是对笑点、槽点、温情时刻的大盘点，而是 机器人过大年。 在春晚舞台上，宇树科技人形机器人实现了多项全球"首次"：全球第一次连续花式翻桌跑酷、第一 次弹射空翻、第一次单脚连续空翻、第一次集群快速跑位……"这一系列突破不仅刷新了人形机器人运 动表现的技术边界，也标志着其在爆发力、灵活性、协调性与可靠性方面全面迈入新高度，为机器人在 工业、服务等场景中实现全身动态操作与多机协同作业提供了可迁移的技术底座。"宇树科技有关人士 告诉《金融时报》记者。 来自魔法原子、宇树科技、松延动力、银河通用4家机器人公司的具身智能机器人同台竞技，这对 春晚而言是史无前例的，也令绝大多数观众耳目一新。 小品、武术、歌曲、贺岁微电影，4种表演形态，4家公司。机器人在春晚舞台上展现出的不只是精 准的运动控制，还有细腻的互动、情感的传递以及真正融入人类叙事语境的无限可能。 "今年的节目在动作复杂度、编排逻辑、人机交互方式等方面均有明显升级。"有专注机器人领域的 投资 ...

Core Viewpoint - The competition in the field of embodied intelligence is intensifying among major internet companies, with JD.com and Meituan adopting distinct strategies to capture this emerging market [1][2]. Group 1: JD.com's Strategy - JD.com is implementing a vertical integration strategy, aiming to create a complete ecosystem from AI brain to robot body and scene implementation [3][5]. - The establishment of the "JoyInside" platform allows JD.com to combine its technological advantages with partners' hardware capabilities, forming a virtuous cycle of technology output, product sales, and data feedback [3][5]. - During the 618 shopping festival, sales of embodied intelligence robots on JD.com's platform increased by 17 times year-on-year, indicating the initial success of its systematic layout [3][4]. Group 2: Meituan's Strategy - Meituan is pursuing a broad investment strategy, having made eight investments in the field of embodied intelligence since 2024, including companies like Self-Variable Robotics and Galaxy General [7][8]. - This strategy aims for comprehensive coverage of "embodied brain + body," allowing Meituan to explore various technological routes and solutions [8][9]. - Meituan's extensive local service network, comprising 7 million delivery riders and 3.6 million merchants, positions embodied intelligence as a key tool for cost reduction and efficiency improvement [8][9]. Group 3: Competitive Dynamics - The competition between JD.com's vertical integration and Meituan's broad investment strategy is not a zero-sum game; both can learn from each other and coexist [10][13]. - JD.com's model allows for precise targeting in scene implementation, leveraging its supply chain and consumer electronics expertise to create a commercial closed loop [10][11]. - Meituan faces challenges in matching various technological routes with its business needs, requiring strong resource integration capabilities [11][12]. Group 4: Ecosystem Development - JD.com's vertical integration fosters a closed-loop ecosystem, enhancing its competitiveness and attracting more partners [12][13]. - Meituan's broad investment strategy necessitates building an open ecosystem, which requires coordination among various stakeholders to ensure stability and health [13][14]. - The competition in the embodied intelligence sector is expected to drive innovation and breakthroughs, benefiting society as a whole [15][16].

Core Insights - JD.com has completed investments in three leading companies in the field of embodied intelligence, emphasizing its focus on technological hotspots like embodied intelligence and large models to drive innovation in supply chain scenarios [1][4] - The influx of capital into the embodied intelligence sector is driven by technological advancements, market demand, and capital investment, with the potential to reduce labor costs and enhance service quality [3][6] - JD.com is strategically positioning itself in the embodied intelligence market through a three-dimensional approach of investment, self-research, and ecosystem co-construction, with a focus on retail, logistics, and service applications [4][7] Investment Activities - JD.com led a 600 million yuan Pre-A+ round financing for Qianxun Intelligent Technology Co., Ltd., with participation from notable institutions [2] - Shenzhen Zhongqing Robot Technology Co., Ltd. announced two rounds of financing, with JD.com as the lead investor in the A1 round [2] - Shenzhen Zhujidong Technology Co., Ltd. completed a new round of financing led by JD.com, aimed at deepening collaboration in retail, logistics, and services [2] Market Potential - The Chinese embodied intelligence market is projected to reach 863.4 billion yuan in 2024 and 973.1 billion yuan in 2025, indicating significant growth potential [4] - JD.com has established relevant business departments to capitalize on this market opportunity and has previously invested in companies like Beijing Xianglu Technology Co., Ltd. and Shanghai Zhiyuan New Technology Co., Ltd. [4] Competitive Advantages - JD.com’s rapid advancement in the embodied intelligence sector aligns with its strategic focus on "supply chain technology + service ecosystem," with a threefold increase in sales of intelligent robots during the "618" shopping festival [6] - The company benefits from long-term technological accumulation, deep insights into user behavior, and synergies with existing home appliance and furniture businesses [6][7] - The dual approach of investing in leading companies while conducting internal research accelerates technological iteration and builds ecological barriers, facilitating the transition from technology validation to commercialization [6]