报告导读： 国内商业航天IPO指引推出，商业航天与人形机器人共构宏大叙事。 投资建议 ： 重点关注机器人整机厂商及机器人核心零部件供应商， 包括： 1 ）执行器和电机； 2 ）减速器； 3 ）丝杠类； 4 ）丝杠设备类； 5 ）轴承； 6 ）传感器； 7 ）整机。 法律声明 本公众订阅号(微信号: GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研究所依法设立、独立运营的唯一官方订阅号。其他机构或个人在微信平台上以国泰海通研究所名义注 册的，或含有"国泰海通研究"，或含有与国泰海通证券研究所品牌名称相关信息的其他订阅号均不是国 泰海通证券研究所官方订阅号 本订阅号不是国泰海通证券研究报告发布平台 本订阅号所载内容均来 国内商业航天 IPO 指引推出，长八甲火箭六站六捷。 1 ） 12 月 26 日，上交所发布《上海证券交易所发行上市审核规则适用指引第 9 号——商业火箭企 业适用科创板第五套上市标准》，支持正处于大规模商业化关键时期的商业火箭企业； 2 ） 12 月 26 日，由火箭院研制的长征八号甲运载火箭（简称"长八 甲火箭"）在海南商业航天发射场一号工位点火升空，发 ...

22 December 2025 | 11:56PM HKT Equity Research Sanhua Intelligent Controls (002050.SZ): FY25 pre-announcement in line; continue to expect two qtrs of growth moderation while FY26 Sanhua 2025 pre-announcement in line with GSe: On Dec 22 post market close, Sanhua pre-announced 2025 net income to land in the range of Rmb3,874mn-4,649mn, or up 25%-50% yoy (vs. GSe of Rmb4,273mn, +38% yoy at the mid-point). Implied 4Q25 net profit lands in the range of Rmb634mn-1,406mn, ranging from -21% to +76% yoy (vs. GSe of ...

How it started vs how it’s going@Tesla_Optimus is going to change the worldhttps://t.co/6TUFLEwdkr ...

Elon Musk and @Tesla_Optimus dance after the decisions from the Tesla shareholder meetinghttps://t.co/UMQy8LdwHV ...

RT Tesla UK (@tesla_uk)First trip across the pond for @Tesla_Optimus https://t.co/BvNZaRN64r ...

Global Robotics Global Markets Research EQUITY: TECHNOLOGY 2026 humanoid and quadruped robots outlook China leads on volume, Tesla share uncertain; selectively positive on names with visible growth in core business Tesla Optimus 2026F: 60–80k units with uncertainties around supply chain share The global market for humanoid robots and quadruped robots remains in nascent stages, with mass production timelines progressing more slowly than initial projections amid persistent supply chain complexities and techno ...

RT TesLatino (@TesLatino)Brief fun moment with @Tesla_Optimus in Miami https://t.co/MIea7JfCl1 ...

Event Details - Tesla is hosting "The Future of Autonomy Visualized" event at Tesla Miami Design District [1] - The event showcases Autopilot technology and Tesla Optimus [1] - Event dates: December 6-7 [1] - Event times: 11am-5pm (Saturday), 11am-8pm (Sunday) [1] - Attendance requires RSVP due to limited capacity [1]

SpeedTesla Optimus (@Tesla_Optimus):2.5 years ...

Core Insights - Yann LeCun, a Turing Award winner, announced his departure from Meta to establish a new company focused on Advanced Machine Intelligence (AMI), marking a significant shift in his career and the AI landscape [1][2] - LeCun criticizes large language models (LLMs), labeling them as a "dead end" for achieving human-like intelligence, emphasizing their lack of real-world understanding and limitations in reasoning and action [3][4] Group 1: Critique of Large Language Models - LeCun argues that while LLMs perform well in language tasks, they do not possess true understanding of the world, lacking common sense and causal reasoning [5][6] - He highlights that the performance of LLMs is reaching a saturation point, where increasing model size does not equate to enhanced intelligence [6][7] - The training data and computational costs are approaching their limits, leading to diminishing returns in understanding [7][8] - LLMs are described as being unable to plan or take action effectively, with LeCun providing examples of how human-like intelligence involves more than just language skills [12][13] Group 2: The Concept of World Models - LeCun proposes that the next generation of AI should focus on building "world models" that allow AI to understand and interact with the physical world [14][15] - He introduces the Joint Embedding Predictive Architecture (JEPA) as a new learning paradigm that contrasts with LLMs by enabling AI to learn from multi-modal inputs and develop an internal representation of the world [16][17] - JEPA emphasizes the importance of action and planning, moving beyond mere language processing to a more holistic understanding of the environment [18][19] Group 3: Diverging Paths in AI Development - Both LeCun and former OpenAI chief scientist Ilya Sutskever are questioning the current trajectory of AI, but they propose different solutions: LeCun focuses on world models, while Sutskever emphasizes safety and control in AI systems [25][26] - The industry is witnessing a shift towards new architectures and approaches, as evidenced by significant investments and developments in embodied intelligence and robotics [34][35] - The future of AI is seen as a marathon rather than a sprint, with both LeCun and Sutskever acknowledging that their proposed directions will take years to mature [38][40] Group 4: Implications for Entrepreneurs and Developers - LeCun's transition signals that larger models do not necessarily equate to better intelligence, highlighting the need for architectural innovation [41] - There are opportunities in vertical applications, particularly in fields requiring physical interaction, such as robotics and autonomous driving [42] - The importance of open-source development is emphasized, as LeCun's new company will continue to support this approach, allowing smaller teams to contribute to new paradigms [43]