Core Viewpoint - The article discusses the advancements in embodied intelligence, particularly focusing on Lingchu Intelligent's development of the Psi R1 model, which enables robots to perform complex tasks in dynamic environments, such as playing Mahjong with humans [3][6][17]. Company Overview - Lingchu Intelligent was founded in 2024 by a team with extensive experience in robotics and artificial intelligence, including CEO Wang Qibin, who has a background in product management, and other notable figures from Stanford University and the robotics field [5][6]. - The company has established a joint laboratory with Peking University to enhance its research capabilities in embodied intelligence [5]. Technology and Innovation - The Psi R1 model represents a significant advancement in robot capabilities, allowing for "action perception-environment feedback-dynamic decision-making" in a closed-loop system [3][6]. - The transition from Vision Language Models (VLM) to Vision Language Action Models (VLA) is highlighted, with VLA enabling robots to understand and execute physical actions based on visual and textual information [7][14]. - The company aims to address the challenges of long-range operations in semi-open environments, which are crucial for practical applications in logistics and retail [8][14]. Market Position and Strategy - Lingchu Intelligent positions itself as a provider of stable and cost-effective robotic solutions, focusing on practical applications rather than superficial demonstrations [5][10]. - The company has plans to deliver products to overseas logistics clients within six months, indicating a clear market strategy [7][21]. - The target market includes manufacturing processes and logistics operations, with a focus on tasks such as material inspection and handling [21]. Financial Outlook - The company anticipates achieving sales of several hundred million by the end of 2026, reflecting a strong growth trajectory [22]. - Pricing strategies are designed to be competitive, aiming to keep robot costs below two years' worth of labor costs for similar positions [23]. Industry Trends - There is a growing expectation from investors for clear commercialization pathways in the field of embodied intelligence, contrasting with previous years [8][25]. - The article notes that while there is significant investment in the sector, the focus is shifting towards sustainable and viable technological advancements [25][26].

市场表现：本周（4.28-5.02）我们构建的国信人形机器人指数上涨3.21%，强于沪深300 指数3.64pct， 强于上证综合指数3.7pct，年初至今上涨16.5%。 投资建议：总成环节：拓普集团、三花智控；减速器环节：双环传动、精锻科技等；其他相关：银轮股 份、均胜电子、瑞鹄模具、美力科技等。 行业动态：1）奇瑞220 台人形机器人首次全球批量交付；2）宇树直播人形机器人长跑，118 分钟跑 13.2 公里；3）优必选正式签署小批量人形机器人采购合同；4）灵初智能发布Psi R1 大模型；5）联合 包裹服务（UPS）与Figure AI 洽谈部署人形机器人；6）数字华夏发布全球首款双形态人形机器人；7） 魔法原子、天奇自动化等与无锡政府达成战略合作，人形机器人即将"上岗"；政府新闻：1）习近平总 书记前往上海考察，强调加快建成具有全球影响力的科技创新高地，智元代表具身智能行业汇报进展； 2）上海具身智能基金正式注册成立；3）广东省人民政府办公厅引发《广东省进一步激发市场主体活力 加快建设现代化产业体系的若干措施》；4）广西发布2025 年首批16 个"人工智能+"开放场景；融资动 态：1)因时机器人完 ...