"无需遥控"和"自主完成"对应的是稳定可靠的本体能力、对真实环境的空间理解能力，以及围绕用户需求运作的Agent 能力。 "无需遥控"和"自主完成"对应的是稳定可靠的本体能力、对真实环境的空间理解能力，以及围绕用户需求运作的Agent 能力。 Vbot 超能机器狗的电量容量594Wh，续航可以满足95%单日出行需求。肢体长度足以应对日常出行常见的复杂路面， 可以覆盖生活空间中超过 95% 的台阶地形。全自研的N45高永磁关节电机峰值扭矩达 24.5 Nm，单颗重量仅 0.4 kg， 可以在更小体积下提供更充沛的动力，提升Vbot 超能机器狗应对不同地形的通过能力。它的最高速度为13.3 km/h，相 当于4分30秒马拉松配速，最大负重达到12kg，最大可拖拽100kg物体。 维他动力在展馆人流最密集时演示了Vbot 超能机器狗的自然穿行、主动避让能力。依托于强感知，全方位覆盖的传感 器架构以及端侧 AI 算力平台的实时推理能力，Vbot 超能机器狗不需要遥控也能理解周围环境并精准规划路径。得益 于维他动力自研的全场景空间基座模型，Vbot 超能机器狗具备了空间理解能力。 模型将基于视觉和雷达的图像与信号，拆解 ...

摘要： 除了与波士顿动力正面PK的中国机器人军团，还有放在兜里的机器人、和孩子全天对话的AI、会爬上爬下的机器狗，这里是全球科技春晚CES首日深度 揭秘。 走进拉斯维加斯CES2026展馆，一分神可能会以为自己在中国。作为规模再次刷新的一届，今年有超4000家企业参展。但在这个全球性的盛会，中国企业 的含量却多达四分之一，不少展台边被清一色的华人面孔围观包场。 去年，就有不少人吐槽，CES已经从消费电子展变成了AI展，火爆的展台几乎都和AI原生相关。今年，照例出现了不少新鲜玩意——AI吊坠、AI陪伴玩 偶、心理治疗舱、AI台灯等，但要说最大的变化，还是中国机器人企业组团亮相规模史上最大的一次。据展商分布图，数量达到了21家，在总计38家参 展商中占比58.8%——这一数字几乎是美国参展企业数量的4倍，而韩国仅有5家，日本、德国、英国、法国则各仅有1家代表。 一位现场的参展商感叹，到拉斯维加斯三天，连续两天熬夜到夜里4点，"干完国内的干国外的"，另一位参展商也对凤凰网科技表示，"今年CES，中国企 业的强度直接拉满"。 如果说去年的AI还有点悬浮和假想，今年的产品让我们看到，AI已经和硬件真正融为了一体。那些看 ...

Investment Highlights - The automotive sector has shown positive performance this week, with the SW passenger vehicle and SW auto parts sectors leading with gains of +3.3% each, followed by SW automotive (+2.7%) and SW commercial vehicles (+1.1%), while SW commercial passenger vehicles declined by -2.2% [4][12] - The top-performing stocks this week include Yatong Co., Hengshuai Co., Xusheng Group, Yinlun Co., and Shuanghuan Transmission [4][12] Research Outcomes - The team has released a strategy report for automotive parts for 2026 and a monthly report on buses [5][12] Industry Core Changes 1. Xiaopeng Motors collaborated with Peking University to publish a paper at the international AI conference AAAI 2026, addressing the core contradiction of high computational load and precise decision-making in autonomous driving, showcasing both technological breakthroughs and commercial feasibility [6][12] 2. Horizon Robotics launched the S100P mass production of the Digua robot and officially released the Vbot super robot dog [6][12] 3. The Zhiji brand is expected to achieve full-cost profitability for the first time by December 2025 [6][12] Current Automotive Sector Configuration - The automotive industry is entering a new crossroads phase, with the end of the electric vehicle (EV) dividend and the dawn of automotive intelligence, while robotics innovation is in the 0-1 stage. Three main investment opportunities are emerging during this transition [8][13] - **AI Smart Vehicle Main Line**: Focus on Robotaxi/van, with downstream application core targets including: - **Robotaxi Perspective**: Integrated models like Tesla, Xiaopeng Motors, and Qianli Technology; technology providers with operational sharing models like Horizon Robotics and Baidu; transformation of ride-hailing/taxi services with companies like Cao Cao Mobility, Didi, and others [8][13] - **Robovan Perspective**: Key focus on Desay SV and others [8][13] - **C-end Vehicle Sales Perspective**: Whole vehicles from Xiaopeng Motors, Li Auto, Huawei, Xiaomi, etc. [8][13] - **Upstream Supply Chain Core Targets**: B-end vehicle manufacturing by companies like BAIC Blue Valley, GAC Group, and SAIC Group; core suppliers in testing, chips, domain controllers, sensors, and more [8][13] - **AI Robotics Main Line**: Preferred components from Top Group, Junsheng Electronics, Xinquan Technology, and others [8][13] - **Dividend & Good Pattern Main Line**: Focus on buses (Yutong Bus), heavy trucks (China National Heavy Duty Truck Group, Weichai Power), and two-wheelers (Chunfeng Power, Longxin General) [9][13]

证券研究报告 汽车周观点： 小鹏联合北大发布FastDriveVLA，继续看好汽车板块 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2025年12月29日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2025.12.22-2025.12.28 2 ◼ 本周细分板块涨跌幅排序：SＷ乘用车(+3.3%) =SW汽车零部件（+3.3%）>SW汽 车(+2.7%) >SW商用载货车(+1.1%) > SW商用载客车(-2.2%) 。本周已覆盖标的亚 太股份、恒帅股份、旭升集团、银轮股份、双环传动涨幅前五。 （ ◼ 本周团队研究成果：外发2026汽车零部件策略报告、客车月报。 ◼ 本周行业核心变化：1）小鹏联合北大发布论文登国际AI顶会AAAI 2026，解决自动 驾驶 VLA 模型计算负荷大与精准决策的核心矛盾，成果兼具技术突破性与商业落地 可行性；2）地平线地瓜机器人S100P量产首发，Vbot超能机器狗正式发布；3）智 己品牌在2025年12月首次实现全成本口径盈利。 板块最新观点 3 ◼ Q4重视AI智能车投 ...

以下文章来源于混沌创新院 ，作者创新院 混沌创新院 . 培养新商业文明的创新者，事业战略笃定，人生使命笃定。 12 月 23 日，国内首个消费级 具身智能公司 Vbot 维他动力 举行产品发布会，正式推出面向家庭和个人的消费级具身智能产品 — Vbot 超能机器狗。 作为全球首款无需遥控的智能机器狗， Vbot 超能机器狗能自主完成全场景随行、载物、跟拍等多项能力， 让智能机器人真正走入日常生活空间。 就在不久前， 维他动力创始人兼 CEO， 同时也是 混沌学园六期同学的余轶南博士 曾来到混沌创新院第三模块的线下课堂，为大家做了主题为「具体智 能：舍九取一的战略思考」的精彩分享。 Vbot 超能机器狗是在怎样的背景下诞生的？ 一年时间，60人团队 ， 维他动力 如何完成从战略抉择到产品量产面市的全流程突破？ 维他动力的成功之道在哪里？如何在内卷的机器人赛道中独辟蹊径，找到属于自己的「精准点位」？ 以下内容为 余轶南博士分享的精彩内容回顾： 我们正共同面临着巨大的时代机遇 先简单介绍一下我个人的背景。 我 读书的时候学的 是模式识别与人工智能，主要研究方向 是 计算机视觉与机器学习，整体上比较偏学术。 维他动力 ...

快鲤鱼 . 以下文章来源于快鲤鱼 ，作者快鲤鱼 创业邦旗下AGI矩阵号，寻找海内外创新性的AGI高成长公司，记录AGI商业领袖的成长轨迹。 全球AI产业周报 为你精选过去一周（12.20-12.26）最值得关注的AI新闻和 国内外热门AI投融资事件 ，帮助大家及 时了解全球AI市场动向。 本周人工智能热点资讯 最快上市AI公司诞生？MiniMax通过港交所聆讯，成立不足四年 12月21日，全球领先的通用人工智能（AGI）公司MiniMax（稀宇科技）首次刊发其聆讯后资料集 （PHIP）版本的招股书资料，有望刷新记录，成为从成立到IPO 历时最短的AI公司，标志着中国力量 在国际资本市场迈出关键一步。 MiniMax成立于2022年初，是一家"生而全球化"的AI公司，致力于研发具备国际竞争力的通用模 型。基于自研大模型，MiniMax 成功打造了覆盖C端与B端的AI原生产品矩阵，包括海螺AI、Talkie 和星野等，并为企业用户和开发者提供开放平台服务。 截至2025年9月30日，MiniMax已有超过 200个国家及地区的逾2.12亿名个人用户以及超过100个国家的13万企业客户。值得关注的是，其 2025年 ...

Core Viewpoint - Vbot's successful pre-sale of the Vbot Super Dog marks a significant milestone in the consumer-grade embodied intelligence market, demonstrating a shift from niche robotics to mainstream consumer products [1][3][35] Group 1: Product Launch and Market Response - Vbot announced its public testing phase on December 25, 2025, coinciding with the company's one-year anniversary [1] - The product received over 1,000 orders within 52 minutes of its launch, exceeding initial expectations and showcasing strong consumer interest [3] - A clear timeline for public testing and order fulfillment was established, with the first round of public testing set for January 12, 2025 [3] Group 2: Market Dynamics and Consumer Behavior - The Vbot Super Dog was priced at 9,988 yuan, achieving over 10 million yuan in sales on its first day, setting a record in the robotics industry [6][24] - Social media discussions highlighted the product's user-friendly features, such as not requiring a remote control and being suitable for all family members [8] - The market for quadruped robots in household settings is growing at a compound annual growth rate of 68%, with consumer-grade products contributing over 55% to the market in 2023 [13] Group 3: Technological Advancements - Vbot Super Dog utilizes advanced technology, including a 128TOPS AI processing capability, enabling it to understand its environment in three dimensions [27][29] - The integration of 360° Lidar and UWB positioning allows the robot to navigate complex environments autonomously, reducing reliance on user input [29] - The product's design emphasizes safety and user interaction, with features like a 594Wh battery providing 5 hours of runtime and a quick charge time of 2.5 hours [20][22] Group 4: Future Implications - Vbot's approach signifies a paradigm shift in robotics, moving from being seen as toys for enthusiasts to becoming intelligent companions in everyday life [15][35] - The product's success illustrates the potential for embodied intelligence to integrate into various aspects of daily living, from companionship to educational tools for children [33]

Group 1: Generative AI Developments - Anthropic has officially open-sourced the Skills project on GitHub, which includes 16 production-grade skill libraries covering document processing, creative design, and development technologies [1] - The Skills project features a skill-creator meta-skill that helps users create new skills, significantly lowering the customization barrier [1] - ByteDance's Seed team launched Seed Prover 1.5, achieving a score of 35/42 in the IMO 2025 top problems within 16.5 hours, utilizing a new Agentic Prover architecture [2] Group 2: Voice Interaction Models - Tongyi Bailing has open-sourced the Fun-Audio-Chat-8B voice interaction model, achieving state-of-the-art results in multiple authoritative benchmarks [3] - The model employs an innovative dual-resolution end-to-end design, reducing audio frame rates to the industry's lowest at 5Hz, saving nearly 50% GPU computation [3] - Fun-Audio-Chat-8B demonstrates excellent empathetic dialogue capabilities, automatically sensing user emotions without the need for emotional labels [3] Group 3: AI in Social Interaction - Second Me 1.1 has transformed the dialogue framework, allowing AI to proactively deliver content based on context and emotional temperature [4] - The platform utilizes a unique identity modeling approach, enabling users to leverage real identity information for content creation [4] - The upgrade from "social graph" to "context graph" enhances privacy through strict memory boundary delineation [4] Group 4: Robotics and AI Integration - Vbot's super-powered robotic dog achieved over 1,000 orders within 52 minutes of its launch, setting a record for high-end intelligent products [5][6] - The robot features 128 TOPS edge AI computing power, which is more than three times that of mainstream competitors, and supports 240W fast charging [6] - Priced at 9,988 yuan, Vbot aims to redefine consumer-grade embodied intelligence standards [6] Group 5: AI Perspectives and Future Trends - Turing Award winner Bengio argues that cognitive jobs are more susceptible to AI replacement, emphasizing the need for AI safety investments [7] - Google’s annual summary, led by Jeff Dean and Hassabis, predicts 2025 as a pivotal year for AI agents and scientific discovery, with Gemini 3 Pro leading benchmark tests [8] - Notion's CEO envisions AI as a transformative force in the knowledge economy, enhancing productivity significantly [9] Group 6: AI Growth and Market Insights - Epoch AI's year-end report indicates a significant acceleration in AI capabilities since April 2024, with reasoning models and reinforcement learning gaining prominence [10] - Key insights include a tenfold decrease in LLM reasoning costs and a rapid doubling of Nvidia chip computing power every ten months [10][11] - The report suggests that the greatest value of AI may come from widespread automation in economic systems rather than accelerated research [11]

文｜富充 编辑｜苏建勋 2023年底，AI芯片独角兽"地平线"的一场战略会后，时任地平线智能驾驶总裁的余轶南和CEO余凯、CTO黄畅、副总裁苏菁等高管在聚餐里聊起对于机器 人的未来畅想。作为公司英文名"Horizon Robotics"的直译，地平线的终极愿景其实是机器人。 这是一场没有共识的讨论：有人是"降临派"，认为机器人最终将像三体人一样占领地球；也有人是"统制派"，认为人类将创造大量的干活机器人，并加以 管理。 余轶南站在第三个位置：他更愿意把机器人当成"伙伴"，一个能够一起生活、平等相处的"新物种"。 带着这份理想主义，一年后，余轶南离开地平线，创立具身智能企业"维他动力"，做面向C端的消费级机器人。 12月23日，维他动力发布"Vbot超能机器狗"，预售价格9988元。从功能上，这只被昵称为"大头BoBo"的四足机器狗，目前能涵盖三类人群的使用场景： 对儿童，它可以聊天，到户外跑跳玩耍；也可以陪护、记录生活。 对老人，能够买菜（负重）、引路，也能夜间照明，可以全天候陪同遛弯；也可以自主在家中巡视。 对极客人群，它的拓展背板可以装载置物篮，在露营时能够帮忙搬运；还可以通过遥控它执行任务，比如到小区快 ...

"机器人可以让生活变得更好，前提是要先让机器人走进生活，让人们在生活空间中可以自然的和机器 人相处"。近日，消费级具身智能公司Vbot维他动力召开产品发布会，正式推出其首款产品——Vbot超 能机器狗。该公司创始人兼CEO余轶南博士在发布会上的发言表明，这家公司正试图打开家庭机器人应 用的商业化突破口。 Vbot超能机器狗定位"家庭生活伙伴，以12988元定价、9988元创始权益价切入消费市场，凭借"本体智 能+空间智能+Agent智能"三层架构，可实现自主随行、载物、跟拍等全场景能力。值得注意的是，该 产品宣称实现了"无需遥控"的自主行动能力，这在全球消费级机器狗领域尚属首次。 即日起，用户在"Vbot维他动力"官方小程序及"Vbot京东自营旗舰店"上便可参与预订。维他动力表示该 产品将于2026年1月启动公测，3月起进入批量交付阶段。据悉，这款机器狗上线52分钟订单便超过了 1000台，火热程度超出预期。 从生活搭子到社交神器 在社交媒体上，提前尝鲜的媒体人已经展示了Vbot机器狗的各种玩法：让其背着饮料箱一起跟去露营、 拉着坐了小孩的车子在公园溜达、在背上安装摄像头对主人一路跟拍、远程遥控用"狗狗视角" ...