记者丨赵云帆 编辑丨朱益民 12月7日，备受A股特斯拉产业链投资者关注的特斯拉人形机器人团队中国"审厂"消息频传。 业内人士称，"审厂"或为配合明年一季度特斯拉Optimus Gen3机器人的发布进行量产准备。 这意味着，特斯拉机器人产业链在不断地"送样"，"测试"近两年后，或将迎来落地时刻。 近日，特斯拉方面似乎也急不可耐地向世界传递Optimus机器人的惊人之处。数天前，特斯拉一则过渡 型号机器人Optimus Gen2.5跑步视频走红网络，卓越运动能力让资本市场的焦点再度转向特斯拉。 然而，没过多久事情就出现了反转。 网络上，一位博主放出了其与特斯拉机器人的互动视频：特斯拉在向观众递杯之后向后倾倒，并在倾倒 过程中作出了一个"摘下VR眼镜"的动作。 恰恰是这个动作，被认为是特斯拉机器人在远处被操作员用VR技术遥控操作，而非"端到端"互动的证 据。 12月8日，特斯拉股价下跌3.39%，市值抹去约500亿美元，以上这则插曲也被戏称为"史上最贵的摔 跤"。12月9日，特斯拉股价一度猛拉近3%，截至当日收盘，跌幅回落。 其中"审厂"就是市场关注的重点。近日，部分消息称特斯拉机器人供应链后端检测设备审核完成，生 ...

记者丨 赵云帆 恰恰是这个动作，被认为是特斯拉机器人在远处被操作员用VR技术遥控操作，而非"端到端"互动的证据。 编辑丨 朱益民 12月7日，备受A股特斯拉产业链投资者关注的特斯拉人形机器人团队中国"审厂"消息频传。 业内人士称， "审厂"或为配合明年一季度特斯拉Optimus Gen3机器人的发布进行量产准备。 这意味着，特斯拉机器人产业链在不断地"送样"，"测试"近两年后，或将迎来落地时刻。 近日，特斯拉方面似乎也急不可耐地向世界传递Optimus机器人的惊人之处。数天前，特斯拉一则过渡型号机器人Optimus Gen2.5跑步视频走 红网络，卓越运动能力让资本市场的焦点再度转向特斯拉。 然而，没过多久事情就出现了反转。 网络上，一位博主放出了其与特斯拉机器人的互动视频：特斯拉在向观众递杯之后向后倾倒，并在倾倒过程中作出了一个"摘下VR眼镜"的动 作。 12月8日，特斯拉股价下跌3.39%，市值抹去约500亿美元，以上这则插曲也被戏称为"史上最贵的摔跤"。12月9日，特斯拉股价一度猛拉近 3%，截至当日收盘，涨幅回落。 量产的曙光 "特斯拉许多演示视频都是通过遥操来实现了，这在业界并不是秘密，几乎人尽皆知 ...

2025年人形机器人量产元年进入最后一个月，但其演绎方式却略显"纠结"。 12月7日，备受A股特斯拉产业链投资者关注的特斯拉人形机器人团队中国"审厂"消息频传。 "特斯拉许多演示视频都是通过遥操来实现了，这在业界并不是秘密，几乎人尽皆知。"一位深圳机器人 行业高管告诉记者，相对于需要耗费大量算力和研发强劲多模态人工智能模型的"端到端"具身智能，完 全模仿人类动作的VR/AR遥操，其实只需要一个轻量化的团队即可以完成。 但是，这并不意味着目前没有强劲"大脑"的人形机器人，就没有量产前景或好的应用场景。 21世纪经济报道记者了解到，目前优必选，宇树科技等头部人形机器人企业均在通过VR/AR遥操的方 式控制机器人或帮助机器人进行数据训练，以达到提升人形机器人运动控制能力接近人类的目标。 业内人士称，"审厂"或为配合明年一季度特斯拉Optimus Gen3机器人的发布进行量产准备。 这意味着，特斯拉机器人产业链在不断地"送样"，"测试"近两年后，或将迎来落地时刻。 近日，特斯拉方面似乎也急不可耐地向世界传递Optimus机器人的惊人之处。数天前，特斯拉一则过渡 型号机器人 Optimus Gen2.5 跑步视频走红网 ...

这意味着，特斯拉机器人产业链在不断地"送样"，"测试"近两年后，或将迎来落地时刻。 2025年人形机器人量产元年进入最后一个月，但其演绎方式却略显"纠结"。 近日，特斯拉方面似乎也急不可耐地向世界传递Optimus机器人的惊人之处。数天前，特斯拉一则过渡型号机器人Optimus Gen2.5跑步视频走 红网络，卓越运动能力让资本市场的焦点再度转向特斯拉。 然而，没过多久事情就出现了反转。 网络上，一位博主放出了其与特斯拉机器人的互动视频：特斯拉在向观众递杯之后向后倾倒，并在倾倒过程中作出了一个"摘下VR眼镜"的动 作。 12月7日，备受A股特斯拉产业链投资者关注的特斯拉人形机器人团队中国"审厂"消息频传。 业内人士称，"审厂"或为配合明年一季度特斯拉Optimus Gen3机器人的发布进行量产准备。 恰恰是这个动作，被认为是特斯拉机器人在远处被操作员用VR技术遥控操作，而非"端到端"互动的证据。 12月8日，特斯拉股价下跌3.39%，市值抹去约500亿美元，以上这则插曲也被戏称为"史上最贵的摔跤"。 量产的曙光 "特斯拉许多演示视频都是通过遥操来实现了，这在业界并不是秘密，几乎人尽皆知。"一位深圳机器人行业高 ...

Core Insights - The humanoid robot sector is experiencing a downturn, with key indices and leading stocks showing weakness and overall sentiment at a low point [1][2] - The recent performance of major indices, including the CSI 300 and STAR Market 50, has been negative, with declines of 1.08% and 3.85% respectively, while the core index of humanoid robotics fell by 4.13% [2] - The report highlights significant fluctuations among core stocks, with notable gainers and losers, indicating a challenging market environment [2] Industry Developments - Tesla is advancing its robotics initiatives, with plans for mass production of the Optimus robot by 2026 and a significant production capacity target of 10 million units annually by 2027 [2][3] - Xiaopeng has launched its new humanoid robot, IRON, showcasing advanced technology and integration with its electric vehicle and autonomous driving strategies [3] - Yuzhu has completed its IPO guidance, positioning itself as a potential leader in the humanoid robotics sector in A-shares, with a strong market presence and profitability [3] Market Outlook - The year 2026 is anticipated to be a pivotal year for domestic humanoid robot mass production, characterized by technological breakthroughs and initial commercialization efforts [4] - Investment opportunities are expected to arise from large-scale manufacturing, hardware supply chains, and standardization processes within the industry [4] Related Companies and Stocks - Beneficiary stocks include Lens Technology, Wazhou New Spring, and others across various components such as bearings, joints, and lightweight materials [5][6]

Investment Rating - The investment rating for the machinery equipment industry is "Positive" (maintained) [1] Core Insights - The humanoid robot sector is currently experiencing a downturn, with overall sentiment at a low point, indicating a phase of adjustment [3][13] - Significant advancements are being made in the industry, with Tesla clarifying its mass production timeline and capacity planning for humanoid robots, while domestic companies like Xiaopeng and Yuzhu are making notable progress [4][5][21] - 2026 is anticipated to be the year of mass production for domestic humanoid robots, characterized by accelerated technological breakthroughs and initial commercialization efforts [6][52] Summary by Sections Industry Dynamics - The humanoid robot sector is under pressure, with the core company index declining by 4.13% recently, while the broader market indices also showed weakness [3][12][13] - Tesla's recent shareholder meeting confirmed its commitment to evolving into an AI and robotics company, with a goal of delivering 1 million humanoid robots as a milestone [21][24] - Xiaopeng's humanoid robot IRON was launched, showcasing advanced humanoid capabilities and innovative hardware, positioning it competitively against Tesla [5][32][41] Key Developments - Tesla's Optimus Gen2.5 robot demonstrated advanced capabilities, including autonomous walking and interaction, with future iterations planned for 2026 and beyond [4][24][25] - Xiaopeng's IRON robot features over 80 degrees of freedom and is designed for high precision tasks, indicating a significant leap in domestic humanoid robot technology [32][35][41] - Yuzhu Technology is on track to become the first humanoid robot company listed on the A-share market, which could invigorate the sector [48][49] Investment Opportunities - The report highlights potential investment opportunities in the supply chain for humanoid robots, including components like joints, motors, and lightweight materials [29][30][52] - Specific companies recommended for investment include Blue Glass Technology, Wuzhou New Spring, and others involved in key components of humanoid robots [7][29][48]