温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 京东、阿联酋磊石资本等 多家国内外知名机构联合投资， 国 内头部人形机器人创企[逐际动力]完成2亿美元B轮 融资！ 2月2日，国内头部人形机器人公司[逐际动力LimX Dynamics]（公司全称"深圳逐际动力科技有限公司"）宣布完 成 2亿美元 （约13.9亿元人民币）B轮融资，刷新2026年国内具身智能行业单笔最高融资记录。 本轮融资由多家国内外知名机构投资人参与，包括阿联酋磊石资本（ Stone Venture ）、东方富海、基石资本、 天创资本、广发信德、合肥创新投、国泰君安创新投资、中信建投、唐兴资本 、 财鑫资本 ；战略产业投资人包 括京东、中鼎股份、光洋股份、东土科技；老股东 上汽集团旗下尚颀资本 、彼岸时代、蔚来资本、明势 创投 持 续加码。 —— 公司成立以来就备受产业资本和投资机构青睐，此前已完成多轮融资，去年7月 ...

硬氪独家获悉，人形机器人公司逐际动力LimX Dynamics已完成2亿美元的B轮融资。 本轮融资的机构投资方包括阿联酋磊石资本（Stone Venture）、东方富海、基石资本、天创资本、广发信德、合肥创新投、国泰君安创新投资、中信建投 （601066）、唐兴资本、财鑫资本；战略产业投资人包括京东、中鼎股份（000887）、光洋股份（002708）、东土科技（300353）；老股东上汽集团 （600104）旗下尚颀资本、彼岸时代、蔚来资本、明势创投持续加码。 具身智能，这个在过去两年里被密集讨论的赛道，正步入一个关键的十字路口。实验室Demo和互动舞台上的炫目演示之后，如何让机器人真正走进产业端 和实现批量化稳定交付，在千变万化的真实物理世界里自主、可靠地工作，成为衡量一家公司技术价值的新标尺。 简单理解，它像一个高度工程化的"机器人乐高"，允许企业用户及开发者根据任务需要，快速组合出不同的形态。 比如家庭备餐或实验室样品处理等需要精细操作的场景，其双臂形态可以具备类人般的灵活度。单臂7自由度的设计提供精准控制，70厘米的臂展覆盖广阔 工作空间，10公斤的负载能力足以应对大多数日常物品。 TRON 2执行精 ...

据IPO早知道消息，逐际动力LimX Dynamics日前完成2亿美元的B轮融资。本轮融资由多家国内外 知名机构投资人参与，包括阿联酋磊石资本（Stone Venture）、东方富海、基石资本、天创资 本、广发信德、合肥创新投、国泰君安创新投资、中信建投、唐兴资本、财鑫资本；战略产业投资人 包括京东、中鼎股份、光洋股份、东土科技；老股东上汽集团旗下尚颀资本、彼岸时代、蔚来资本、 明势创投持续加码。 接下来将加大研发投入和拓展全球市场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 在新老股东和合作伙伴的大力支持下，逐际动力2026年将加大研发和市场投入。基于本体硬件设计 和制造、小脑基础模型、具身Agentic OS三大核心能力，逐际动力聚焦具身智能大小脑融合核心技 术的突破，推动通用人形机器人和模块化基座机器人的原始创新，通过产品工程化与供应链生态体系 建设，进一步拓展中国和全球市场。 其中，通过原创的模块化设计，TRON 2 支持多种形态的灵活组合，实现移动和操作一举两得，使 开发者和行业用户能够根据不同应用场景快速构建合适的机器人形态，而无需为单一任务反复定制 ...

Core Insights - The humanoid robot industry is transitioning from functional exploration to commercial implementation by 2026, with significant technological differentiation and market expansion observed globally [2] - The focus has shifted from pure hardware development to integrated soft and hard solutions, driven by advancements in key components like high-capacity memory and electronic skin [2] Industry Dynamics - Developers are now prioritizing the practical application of humanoid robots, moving towards mass production and real-world use cases [3] - Companies like Figure AI and 1X are targeting the home market with robots that feature soft fabric coverings, while Chinese firms such as Yushu, Xiaopeng, Midea, and others are focusing on diverse forms to enhance operational efficiency in specific industrial or outdoor scenarios [3][8] Key Component Analysis - The cost structure of the humanoid robot supply chain is becoming clearer, with the motion layer accounting for approximately 55% of the BOM cost, followed by the cognitive layer at 23%, the sensing layer at 15%, and the power layer at 7% [4] - Memory specifications are increasing due to AI model demands, starting from 32GB and moving towards a mainstream of 64-128GB; core actuation components like planetary roller screws are becoming essential for high thrust requirements [4] Quarterly Trend Outlook - The first quarter of 2026 shows a trend towards practical and structural transformation in the humanoid robot industry, with manufacturers focusing on task execution capabilities post soft-hard integration [5] - Products with simpler designs that lower manufacturing barriers and provide commercial value are emerging, creating a faster path to mass production [5]

Core Viewpoint - MiniMax has successfully launched on the Hong Kong Stock Exchange with an IPO price of 165 HKD per share, experiencing a surge of over 70% on its opening day, leading to a market capitalization exceeding 900 billion HKD. The public offering was oversubscribed by 1,837 times, attracting top-tier institutional investors globally [2][3]. Group 1: Company Background and Founding - MiniMax was founded in 2022 by Yan Junjie, a former executive at Shangtang, and has quickly become one of the fastest AI unicorns from establishment to IPO. Yan, born in 1989, is seen as a prominent figure in China's AI wave [2][3]. - The company aims to create intelligence collaboratively with everyone, as stated in its mission [8]. Group 2: Investment Journey - The investment journey of MiniMax has been marked by significant backing from prominent investors, with Mingshi Venture Capital participating in six funding rounds, making it the most involved institution in MiniMax's investment history [9]. - Mingshi's investment decision was influenced by the belief in the potential of AI, despite the market being at a low point for AI investments at the time [7][9]. Group 3: Strategic Insights and Innovations - MiniMax has adopted a unique approach by investing in a multi-modal development strategy, which carries inherent risks but reflects a commitment to innovation [8]. - The company has made significant strides in AI model development, particularly with the introduction of the MoE architecture, which has set a precedent for large-scale commercial deployment [11][12]. Group 4: Market Recognition and Future Outlook - The successful IPO of MiniMax is seen as a validation of the capabilities of Chinese AI companies on the global stage, with expectations for more undervalued Chinese tech firms to emerge [12][21]. - Mingshi Venture Capital believes that the next decade will see the rise of at least 150 Chinese tech companies among the world's top 500, with aspirations to partner with a third of these emerging leaders [21].

Group 1: Machinery Industry - In November 2025, sales of construction machinery showed mixed results, with 8 products experiencing year-on-year growth while 4 declined, particularly driven by strong demand for cranes, which saw sales growth of 16.6% for truck cranes, 44.6% for all-terrain cranes, and 66.2% for crawler cranes, largely due to wind power installations and electrification trends [2][3] - Excavator sales in November increased by 13.9% year-on-year, with domestic sales up 9.1% and exports up 18.8%, attributed to recovering demand in Europe and the US, as well as sustained high demand in mining [2][3] - The loader segment also saw significant growth, with total sales up 32.1% year-on-year, driven by replacement demand and electrification, with electric loader penetration reaching approximately 25.7% in November [2][3] - Forklift sales rose by 14.1% year-on-year in November, with domestic sales increasing by 23.9%, primarily due to equipment upgrades and electrification [3] - The outlook for the machinery industry remains positive, with expectations of continued growth in domestic sales driven by major projects and overseas demand from emerging markets and mineral-rich countries [2][3] Group 2: Machine Tool Sector - In November 2025, the production of metal cutting machine tools was approximately 71,000 units, reflecting a year-on-year decline of 2.7%, while cumulative production from January to November reached 783,000 units, showing a year-on-year increase of 12.7% [4][5] - The production of metal forming machine tools in November was about 15,000 units, up 7.1% year-on-year, with cumulative production for the year at 161,000 units, also showing a year-on-year increase of 7.3% [4][5] - Fixed asset investment in the manufacturing sector grew by 1.9% year-on-year, maintaining positive growth, while manufacturing profits increased by 7.7% year-on-year, although the growth rate has slowed [5] Group 3: Robotics Industry - Industrial robot production in November 2025 reached approximately 70,000 units, marking a year-on-year increase of 20.6%, with cumulative production from January to November at 674,000 units, up 29.2% [5] - Strategic partnerships in the robotics sector are emerging, such as the collaboration between UBTECH and Texas Instruments, which aims to enhance the deployment of humanoid robots in manufacturing [5] - The introduction of innovative humanoid robots, such as the TRON 2 by Zhijidongli, showcases advancements in modular design and adaptability for various operational tasks [5] Group 4: Investment Recommendations - The manufacturing PMI in November rose by 0.2 percentage points to 49.2%, indicating a recovery in production and new orders, driven by the end of the National Day holiday effects and positive outcomes from US-China trade talks [6] - The report maintains a "buy" rating for the machinery sector, highlighting the potential for sustained growth in the construction machinery segment and the burgeoning humanoid robotics market [6]

Core Viewpoint - The TRON 2 robot, developed by LimX Dynamics, represents a groundbreaking innovation in the field of embodied intelligence, featuring a modular design that allows for multiple configurations, making it the world's first "universal base for embodied robots" [1][4]. Industry Challenges and Solutions - The current state of the industry shows a separation between AI algorithm development and robotic hardware platforms, creating significant development bottlenecks due to the need for multiple independent hardware systems for testing algorithms across different physical forms [6][12]. - TRON 2 addresses this by offering a "universal base" that allows for rapid assembly into various configurations, such as bipedal, wheeled, and dual-arm setups, thus redefining the hardware paradigm [7][9]. - The design includes open APIs and standardized hardware interfaces, enabling seamless integration of multimodal perception suites, which liberates developers from the complexities of hardware construction and optimization [11]. Performance Optimization for VLA - TRON 2's dual-arm system is optimized for VLA (Visual-Language-Action) tasks, featuring a humanoid structure with 7 degrees of freedom and a spherical wrist for enhanced flexibility and precision in confined spaces [15]. - It boasts a reach of 70 cm and can handle loads of up to 10 kg, with a maximum body weight capacity of 60 kg, catering to a wide range of applications from home service to industrial use [15]. - The robot is designed to be compatible with leading VLA models, providing datasets and training examples to facilitate quick deployment without extensive adjustments [15]. Adaptability to Real-World Environments - Many robots struggle in unstructured environments, limiting their capabilities; TRON 2 enhances mobility with a design that allows for seamless switching between bipedal and wheeled forms, effectively navigating complex terrains [16][17]. - It can carry loads of up to 30 kg and has a battery life of 4 hours, enabling efficient execution of tasks across various environments [18]. Development Efficiency - The industry faces challenges in development speed due to the time-consuming setup and configuration processes; TRON 2 aims to streamline this with comprehensive development resources that allow for quick onboarding and deployment [21][22]. - By providing a stable and efficient development platform, TRON 2 levels the playing field for different teams, allowing them to focus on application learning and algorithm innovation rather than hardware adaptation [23]. Value Proposition - TRON 2 transitions from a specialized device to a "scene validation prototype," allowing companies to validate business models and technical solutions at a lower cost and risk before large-scale commercialization [25][26]. - This innovation reflects a deep understanding of industry needs and positions Chinese robotics firms as capable of original and disruptive innovations, addressing global industry pain points with unique solutions [28].

Investment Rating - The report assigns an "Overweight" rating to the robotics industry [4]. Core Insights - The robotics industry is experiencing significant advancements in technology and commercialization, with domestic companies accelerating mass production and completing multiple rounds of financing [2]. - Tesla's Robotaxi has achieved true operation without a safety driver, indicating a breakthrough in AI capabilities to handle real-world scenarios independently [6]. - The report emphasizes the importance of focusing on both complete robot manufacturers and core component suppliers, highlighting specific companies in various categories such as actuators, motors, reducers, and sensors [20]. Summary by Sections Industry News and Company Dynamics - Tesla's Robotaxi has begun testing without a safety driver, showcasing AI's ability to operate in unpredictable environments [6]. - Agility Robotics has secured a commercial order from Mercado Libre, marking a significant step for humanoid robots in logistics [6]. - Schaeffler launched a planetary gear actuator designed for humanoid robots, emphasizing high precision and reliability [7][9]. - The first mass production line for humanoid robots has been established at CATL, demonstrating the application of embodied intelligence in manufacturing [10]. - The Shanghai Humanoid Robot Pilot Alliance has been formed to enhance the commercialization and industrialization of humanoid robots [12]. Investment Dynamics - Galaxy General completed a financing round exceeding $300 million, bringing its total funding to approximately $800 million [15]. - Other companies like Glanro and Simple Intelligence have also secured significant funding to advance their humanoid robot technologies [15]. Investment Recommendations - The report recommends focusing on key suppliers in the robotics sector, including: 1. Actuators and motors: Recommended companies include Zhaowei Electromechanical, with related companies like Mingzhi Electric and Jiechang Drive. 2. Reducers: Notable companies include Ruidi Intelligent Drive and Haoneng Co., Ltd. 3. Lead screws: Recommended company is Hengli Hydraulic, with others like Zhejiang Rongtai and Best Technology. 4. Sensors: Recommended companies include Donghua Testing and Anpeilong [20].

Group 1 - OpenAI has launched the "App Store" feature for ChatGPT, allowing users to access applications categorized into "Featured," "Lifestyle," and "Productivity" [3][4][5] - The applications available include Adobe Photoshop, Apple Music, Canva, and Figma, enabling users to perform various tasks directly within the chat interface [4][5] - Developers can submit applications for review and publication, with OpenAI providing resources such as best practice guidelines and a dedicated UI library [4][5] Group 2 - The iPhone 17 Pro Max is now available at a tax-free price of 9,299 yuan in Hainan, which is 700 yuan cheaper than e-commerce platforms, with significant discounts due to tax exemptions and consumer coupons [8][10] - The Hainan Free Trade Port has implemented a policy of "one line open, two lines controlled, and free flow within the island," enhancing the convenience of goods and people movement [9][10] - The tax-free shopping list has expanded to include 6,600 items, nearly tripling the previous number, with new categories such as robotic vacuum cleaners and mini drones [10] Group 3 - Micron Technology predicts that the global memory shortage will continue until after 2026, driven by increased demand from AI applications [21][22] - The company reported a record revenue of $13.64 billion for the last fiscal quarter, significantly up from $8.71 billion year-over-year, largely due to AI-driven demand [21][22] - Micron plans to increase DRAM and NAND shipments by approximately 20% next year, but this will still not meet the widespread market demand [21][22] Group 4 - MiniMax and Zhiyu AI have completed the Hong Kong Stock Exchange hearing, with MiniMax planning to go public in January 2026, potentially becoming one of the fastest AI companies to IPO [22][23] - MiniMax's revenue structure heavily relies on consumer products, with projected revenue of approximately $70 million in 2024, largely from its interactive product Talkie [23][24] - Zhiyu AI has completed 16 rounds of financing since its establishment in 2019, with a latest valuation of around 40 billion yuan [24] Group 5 - OpenAI is in preliminary talks for a new funding round that could reach up to $100 billion, aiming for a valuation of approximately $750 billion [25][27] - This potential funding would significantly increase OpenAI's valuation from about $500 billion in October 2023, marking a nearly 50% rise [27] Group 6 - Honda plans to halt or reduce production in its Japanese and Chinese factories due to semiconductor shortages, affecting its output in the coming months [30][28] - The company expects a reduction in operating profit by 150 billion yen (approximately 6.78 billion yuan) due to lower production levels caused by the semiconductor shortage [30] Group 7 - Xiaohongshu has undergone a significant organizational restructuring to focus on "high-quality mid-to-long videos," aiming to enhance user engagement and growth [32] - The platform's daily active users (DAU) target is set to increase from 100 million to 300 million [32][33]

Group 1: TikTok and ByteDance Developments - TikTok CEO Zhou Shouzi announced the formation of a new joint venture, TikTok USDS Joint Venture LLC, with ByteDance and three investors to manage data protection, algorithm security, content review, and software assurance for TikTok's U.S. operations [2] - ByteDance's other entities in the U.S. will continue to handle e-commerce, advertising, and market operations [2] Group 2: AI Industry Updates - OpenAI is in preliminary talks for funding that could value the company at approximately $750 billion, with potential to raise up to $100 billion [3] - NVIDIA CEO Jensen Huang stated that the company has not yet made any payments to OpenAI as part of a planned $100 billion investment [4] - Tencent responded to allegations regarding its AI product Yuanbao, asserting that all comments marked as "AI-generated" are indeed produced by the AI without human intervention [3] Group 3: Technology Product Launches - ByteDance launched the Doubao large model 1.8, which has shown significant growth in token usage, exceeding 50 trillion tokens daily, a tenfold increase from the previous year [5] - Xiaomi announced the upcoming release of the Xiaomi 17 Ultra, featuring advanced optical systems and a Leica-certified telephoto lens [6] - Google introduced the Gemini 3 Flash model, a more efficient and cost-effective version of its flagship AI model, outperforming its predecessor in benchmark tests [15] Group 4: Financial Performance and Market Predictions - Micron Technology reported a first-quarter revenue of $13.643 billion and a net profit of $5.24 billion, significantly up from the previous year [10] - Morgan Stanley predicts a 10% to 15% revenue growth for the semiconductor industry in 2026, with a 50% increase in capital expenditures for data centers [12] - Chipmaker Xilinx reported that over 83% of its current orders come from system manufacturers and large internet companies [11] Group 5: Strategic Investments and Partnerships - Momenta announced a strategic investment from Grab to advance autonomous driving technology in Southeast Asia [13] - Woan Robotics has initiated a global offering to become the first publicly listed AI-driven household robot company, aiming to raise up to HKD 1.8 billion [14]